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Eldorado Resorts, Inc.$47.67$1.974.31%

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 Eldorado Resorts’ Fourth Quarter Combined Net Revenue Rises 2.3% to $214.3 Million and Combined Adjusted EBITDA Increases 21.1% to $32.2 Million
   Thursday, March 10, 2016 4:05:01 PM ET

Eldorado Resorts, Inc. (ERI ) ("Eldorado," "ERI," or "the Company") today reported operating results for the three and twelve months ended December 31, 2015. Net revenues and Adjusted EBITDA for all periods summarized below include the operations of Silver Legacy and Circus Circus Reno, which were acquired by ERI on November 24, 2015 ("the Acquisition Date"), as if the acquisition occurred on January 1, 2014 and the operations of MTR Gaming Group, Inc. ("MTR"), which merged with the Company on September 19, 2014 ("the Merger Date"), as if the merger occurred on January 1, 2014.

 
     ($ in thousands)                                                                             Total Net Revenue                                                                                                                                           Total Net Revenue
                                                                                                                                       Three Months Ended                                                                                                                                                                                Twelve Months Ended
                                                                                                                                          December 31,                                                                                                                                                                                      December 31,
                                                                        2015          2014        Change          2015          2014        Change
                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------------------------------ -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ----------
  Reno Tri-Properties (1)                                                              $  76,010                        $  69,901       8.7 %                                                                $ 309,474                        $ 298,410       3.7 %
  Eldorado Shreveport                                                                     32,422                                                                 31,838                                             1.8 %                                                                  136,342                                                                133,960                                             1.8 %
  Scioto Downs                                                                            39,087                                                                 35,329                                            10.6 %                                                                  157,525                                                                148,480                                             6.1 %
  Mountaineer                                                                             32,989                                                                 40,057                                           (17.6 )%                                                                 155,608                                                                184,848                                           (15.8 )%
  Presque Isle Downs                                                   33,820        32,471       4.2 %         142,507       142,717      (0.1 )%
                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ----- --- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ----- ---
Total Net Revenue (4)                                                                  $ 214,328                        $ 209,596       2.3 %                          $ 901,456                        $ 908,415      (0.8 )%
                                                                    ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ===== === ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ===== ===
 
       ($ in thousands)                                                                             Adjusted EBITDA                                                                                                                                                  Adjusted EBITDA
                                                                                                                     Three Months Ended                                                                                                                                                                  Twelve Months Ended
                                                                                                                        December 31,                                                                                                                                                                        December 31,
                                                      2015         2014        Change        2015          2014                Change
                                                   -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------------------------------ -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ---------------------------
  Reno Tri-Properties (1) (2)                                         $  9,030                                           $  5,812                         55.4 %                                           $  49,939                                           $  35,335                         41.3 %
  Eldorado Shreveport                                                    6,324                                                                 4,158                                            52.1 %                                              29,026                                                                 24,142                                            20.2 %
  Scioto Downs                                                          12,720                                                                11,551                                            10.1 %                                              53,980                                                                 49,345                                             9.4 %
  Mountaineer                                                            2,714                                                                 5,240                                           (48.2 )%                                             21,268                                                                 30,412                                           (30.1 )%
  Presque Isle Downs                                                     5,248                                                                 3,670                                            43.0 %                                              20,311                                                                 19,415                                             4.6 %
  Corporate                                          (3,806 )                        (3,818 )                       (0.3 )%      (14,364 )                        (12,022 )                       19.5 %
                                                   -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ----- --- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ----- --------------------
Total Adjusted EBITDA (3) (4)                                         $ 32,230                        $ 26,613      21.1 %                        $ 160,160                        $ 146,627       9.2 %
                                                   ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ===== === ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                   
(1)   Reno Tri-Properties includes the operations of Eldorado Reno, Silver
                         Legacy and Circus Circus Reno for all periods.
(2)                      Reno Tri-Properties increase in Adjusted EBITDA for the twelve
                         months ended December 31, 2015 reflects the reallocation of
                         corporate expenses. If corporate expenses had been reallocated in
                         the twelve months ended December 31, 2014, the Adjusted EBITDA
                         percentage increase would have been 30.8%.
(3)                      Adjusted EBITDA is not a generally accepted accounting principle
                         ("GAAP") measurement and is presented solely as a supplemental
                         disclosure because the Company believes it is a widely used measure
                         of operating performance in the gaming industry. See "Reconciliation
                         of GAAP Measures to Non-GAAP Measures" below for a definition of
                         Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA
                         to net (loss) income, which the Company believes is the most
                         comparable financial measure calculated in accordance with GAAP.
(4)                      The combined basis reflects operations of MTR for periods prior to
                         the merger and Silver Legacy and Circus Circus Reno prior to the
                         acquisition combined with the operations of Eldorado Resorts, Inc.
                         Such presentation does not conform with GAAP or the Securities and
                         Exchange Commission rules for pro forma presentation; however, we
                         have included the combined information because we believe it
                         provides a meaningful comparison for the periods presented.

"Eldorado’s strong fourth quarter and full year financial results mark the conclusion of another successful and active year for the Company. With fourth quarter revenue and EBITDA gains at all but one of our properties, Eldorado’s consolidated Adjusted EBITDA rose 21.1%. Furthermore, with Adjusted EBITDA growth of more than 10% at six of our seven properties, the strength across our portfolio in the fourth quarter was broad based. Our fourth quarter and full year adjusted EBITDA margin growth reflects the impact of property enhancement initiatives that target product and service offering upgrades across our entire portfolio while exercising cost discipline and extracting operating efficiencies. For example, the opening of The Brew Brothers, our restaurant and microbrewery at Scioto Downs, drove a meaningful increase in traffic and slot revenues. We believe our continued focus on margin expansion combined with the strength of our properties in their respective markets provides a basis for continued near- and long-term financial growth and the enhancement of shareholder value," said Gary Carano, Chairman and Chief Executive Officer of Eldorado.

"During the quarter we closed on the acquisition of the 50% of Silver Legacy and all of the assets of Circus Circus Reno which was immediately accretive to our free cash flow. The acquisition of these properties complements our already strong position in downtown Reno and is consistent with our strategy to expand our scale through strategic, accretive transactions. Eldorado’s Tri-Property Reno complex completed an extraordinary year, with fourth quarter Adjusted EBITDA growth of 55.4%.

"2015 was a transformative year for Eldorado as we fully integrated MTR Gaming’s operations into the Eldorado portfolio and completed significant enhancements through prudent, return-focused capital allocation at each of our properties. At Scioto Downs, we built and opened The Brew Brothers. At Presque Isle Downs and Casino, we completed the $5.0 million five-phase design and facility enhancement program that added a new casino center bar, an improved high limit gaming area and exciting new slot product. At Eldorado Reno, over 200 rooms were remodeled and we completely refurbished the exterior of Eldorado Shreveport. At Mountaineer Casino, Racetrack & Resort, a new smoking patio was added with 261 slot machines and six table games. We are excited as we look forward to 2016, especially in the Reno market as job growth for Northern Nevada is projected to more than double the historical average. We are pleased to report that our operating momentum has continued in the first quarter."

Balance Sheet and Liquidity

At December 31, 2015, Eldorado had $78.3 million in cash and cash equivalents and $5.3 million in restricted cash. Outstanding indebtedness at December 31, 2015 totaled $891.4 million, including $93.5 million outstanding on the Company’s revolving credit facility. We spent $11.0 million in capital expenditures in the fourth quarter, and $35.5 million for all of 2015. We anticipate capital spending of $50 million in 2016, with approximately $15 million allocated to project cap-ex and the remaining $35 million for maintenance cap-ex.

"After careful review of our financing options for the Silver Legacy and Circus Circus Reno acquisition, we chose to fund the final piece of the transaction with existing revolver capacity, in lieu of an equity offering," said Tom Reeg, President of Eldorado. "We remain committed to reducing our debt in 2016 with free cash flow, as we realize revenue and cost synergies across the Reno Tri-Properties. Our announced cost savings program has been a success as we both exceeded our projected $10 million target of annual cost savings, and did so a full quarter ahead of plan. Our cost savings helped drive an Adjusted EBITDA margin increase of approximately 230 basis points in the fourth quarter."

Summary of 2015 Fourth Quarter Property Results and Facility Enhancements

Nevada

Net revenues of $76.0 million at the Reno Tri-Properties for the quarter ended December 31, 2015 increased 8.7% over the prior-year period while Adjusted EBITDA of $9.0 million increased 55.4% from the same period in 2014. The increased revenue and Adjusted EBITDA were driven by increased casino volumes as well as increased occupancy and a higher ADR. Eldorado Reno’s performance also reflects the Company’s expense management programs and we expect to generate further revenue and expense synergies across the three properties in 2016. The Northern Nevada economy continues to prosper as taxable sales rose by 8.2% in 2015 compared to the prior year, while single-family homes sold and the median price increased 14.6% and 15.3%, respectively, over the same time period. Net revenue and Adjusted EBITDA for the fourth quarter 2015 were $47.8 million and $6.9 million, respectively, with the 38 days of operations from Silver Legacy and Circus Circus Reno and full quarter from Eldorado Reno.

Louisiana

Net revenues at Eldorado Shreveport rose 1.8% to $32.4 million in the fourth quarter of 2015. Adjusted EBITDA from the property increased 52.1% to $6.3 million from $4.2 million in the comparable quarter of 2014 with adjusted EBITDA margins increasing by approximately 645 basis points to 19.5%. Reflecting the margin enhancement, Eldorado Shreveport delivered substantial EBITDA growth on a modest revenue gain, despite sustained weakness in energy prices during the fourth quarter and throughout 2015.

Eastern Properties

Net revenues at Scioto Downs Racino increased 10.6% to $39.1 million in the fourth quarter of 2015 from $35.3 million in the fourth quarter of 2014. Scioto Downs’ fourth quarter 2015 Adjusted EBITDA increased 10.1% to $12.7 million from $11.6 million in the comparable prior year period. The addition of The Brew Brothers microbrewery and restaurant was a key factor in driving additional visitation and slot revenue in the quarter. During the quarter, the property was rebranded as "Eldorado Gaming Scioto Downs" with new signage throughout the facility, including a large pylon sign with an electronic message board in front. Finally, the Company and its joint venture partner broke ground on a 118-room Hampton Inn hotel in October, which is expected to open in the fourth quarter of 2016. We have begun construction of a second smoking patio with 120 new VLTs with a targeted opening date of June 1.

Fourth quarter 2015 net revenues of $33.8 million at Presque Isle Downs & Casino increased 4.2% from $32.5 million in the fourth quarter of 2014. Adjusted EBITDA increased 43.0% to $5.2 million in the fourth quarter of 2015 from $3.7 million in the same comparable quarter with adjusted EBITDA margin rising approximately 420 basis points to 15.5%. Net revenue and adjusted EBITDA benefited from the implementation of marketing strategies that target the local Erie market. Adjusted EBITDA also benefited during the quarter from the cost savings program implemented during the second quarter of 2015.

Net revenues at Mountaineer Casino, Racetrack & Resort declined 17.6% to $33.0 million in the fourth quarter of 2015 from $40.1 million in the fourth quarter of 2014. Adjusted EBITDA from the property declined 48.2% to $2.7 million from $5.2 million in the comparable quarter of 2014. Net revenue and Adjusted EBITDA continues to be impacted by the Hancock County Clean Air Regulation that went into effect July 1, 2015 and prohibits smoking in enclosed public places. The smoking patio at Mountaineer continues to be very well received by patrons and is helping mitigate the impact of the new smoking ban. During the quarter, the Company added 61 slot machines to the smoking patio, bringing the total number of slot machines to 261.

Reconciliation of GAAP Measures to Non-GAAP Measures

Adjusted EBITDA (defined below), a non GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. Adjusted EBITDA represents operating income (loss) before depreciation and amortization, stock based compensation, (gain) loss on the sale or disposal of property, equity in income of unconsolidated affiliates, acquisition charges, S-1 expenses and other regulatory gaming assessment, to the extent that such items existed in the periods presented. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with U.S. GAAP, is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

Fourth Quarter Conference Call

Eldorado will host a conference call at 4:30 p.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/457-1512, conference ID 4113414 (domestic and international callers). In addition, a live audio webcast of the call will be accessible to the public on Eldorado’s web site, http://www.eldoradoresorts.com/ and a replay of the webcast will be archived on the site for 90 days following the live event.

About Eldorado Resorts, Inc.

Eldorado Resorts is a casino entertainment company that owns and operates seven properties in five states, including the Eldorado Resort Casino, the Silver Legacy Resort Casino and Circus Circus Resort Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Scioto Downs Racino in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA. For more information, please visit www.eldoradoresorts.com.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as "anticipates," "believes," "projects," "plans," "intends," "expects," "might," "may," "estimates," "could," "should," "would," "will likely continue," and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. Such risks, uncertainties and other important factors include, but are not limited to: our substantial indebtedness the impact of such obligations on our operations and liquidity; competition; our geographic concentration; our ability to integrate the operations of Circus Circus Reno, the Silver Legacy and the MTR Gaming properties; sensitivity of our operations to reductions in discretionary consumer spending and changes in general economic and market conditions; governmental regulations and increases in gaming taxes and fees in jurisdictions in which we operate; risks relating to pending claims or future claims that may be brought against us; the effect of disruptions to our information technology and other systems and infrastructure; construction factors relating to maintenance and expansion of operations; our ability to attract and retain customers; weather or road conditions limiting access to our properties; the effect of war, terrorist activity, natural disasters and other catastrophic events; and competition to attract and retain management and key employees.

In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

- tables follow -

 
                                                                          ELDORADO RESORTS, INC.
                                                                        CONSOLIDATED BALANCE SHEETS
                                                                             ($ in thousands)
 
                                                                 December 31, 2015                      December 31, 2014
                                                                             -------------------------------                     ------------------------------------------
                         ASSETS
-------------------------------------------------------
CURRENT ASSETS:
  Cash and cash equivalents                                                                     $    78,278                                         $               87,604
  Restricted cash                                                                                     5,271                                                          5,734
  Accounts receivable, net                                                                            9,981                                                          7,112
  Due from affiliates                                                                                     -                                                            362
  Inventories                                                                                        11,742                                                          7,234
  Prepaid income taxes                                                                                  112                                                              -
  Prepaid expenses and other                                                      10,795                                       9,447
                                                                             -------------------- ---------                      -------------------- --------------------
      Total current assets                                                                          116,179                                                        117,493
RESTRICTED CASH                                                                                           -                                                          2,500
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES                                               1,286                                                         14,009
PROPERTY AND EQUIPMENT, NET                                                                         625,416                                                        456,139
GAMING LICENSES AND OTHER INTANGIBLE ASSETS, NET                                                    492,033                                                        491,913
NON-OPERATING REAL PROPERTY                                                                          16,314                                                         16,419
GOODWILL                                                                                             66,826                                                         66,826
OTHER ASSETS, NET                                                                  6,954                                       6,260
                                                                             -------------------- ---------                      -------------------- --------------------
      Total assets                                                                              $ 1,325,008                                         $            1,171,559
                                                                             ==================== =========                      ==================== ====================
 
          LIABILITIES AND STOCKHOLDERS’ EQUITY
-------------------------------------------------------
CURRENT LIABILITIES:
  Current portion of long-term debt                                                             $     4,524                                         $                   32
  Accounts payable                                                                                   17,005                                                         12,021
  Due to affiliates                                                                                     129                                                            187
  Accrued property, gaming and other taxes                                                           19,424                                                         15,782
  Accrued payroll and related                                                                        17,852                                                          9,443
  Accrued interest                                                                                   14,978                                                         27,469
  Income taxes payable                                                                                    -                                                            137
  Deferred income taxes                                                                                   -                                                          2,608
  Accrued other liabilities                                                       31,798                                      24,165
                                                                             -------------------- ---------                      -------------------- --------------------
      Total current liabilities                                                                     105,710                                                         91,844
LONG-TERM DEBT, LESS CURRENT PORTION, NET OF DISCOUNT                                               861,713                                                        775,059
DEFERRED INCOME TAXES                                                                                78,797                                                        144,439
OTHER LONG-TERM LIABILITIES                                                        8,121                                       8,595
                                                                             -------------------- ---------                      -------------------- --------------------
      Total liabilities                                                        1,054,341                                   1,019,937
                                                                             -------------------- ---------                      -------------------- --------------------
                                                                                                                                  
STOCKHOLDERS’ EQUITY:
      Total stockholders’ equity                                                 270,667                                     151,622
                                                                             -------------------- ---------                      -------------------- --------------------
Total liabilities and stockholders’ equity                                                      $ 1,325,008                                         $            1,171,559
                                                                             ==================== =========                      ==================== ====================
                                                                                                                                                       
 
                                                                                                                                                                 ELDORADO RESORTS, INC.
                                                                                                                                                          CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                         ($ in thousands, except per share data)
 
                                                                                                        Three Months Ended                                                                                                               Twelve Months Ended
                                                                                                                               December 31                                                                                                                                         December 31
                                                                          2015             2014                                2015             2014     
                                                                     -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------                      -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Revenues:                                                                                                                                                                                                                                                   
  Casino                                                                                $    153,420                                                              $    142,568                                                              $    614,227                                                              $    298,848
  Pari-mutuel commissions                                                                        989                                                                     1,540                                                                     9,031                                                                     1,986
  Food and beverage                                                                           28,023                                                                    22,885                                                                    97,740                                                                    68,233
  Hotel                                                                                       12,795                                                                     7,260                                                                    37,466                                                                    28,007
  Other                                                                     8,613                               5,683                              26,077                              13,198  
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                             203,840                                                                   179,936                                                                   784,541                                                                   410,272
  Less: promotional allowances                                            (17,680 )                                              (15,841 )                                              (64,757 )                                              (48,449 )
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
      Net operating revenues                                              186,160                             164,095                             719,784                             361,823  
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                    
Expenses:
  Casino                                                                                      89,290                                                                    83,915                                                                   357,572                                                                   167,792
  Pari-mutuel commissions                                                                      1,559                                                                     1,891                                                                     9,973                                                                     2,411
  Food and beverage                                                                           16,222                                                                    14,522                                                                    52,606                                                                    37,411
  Hotel                                                                                        4,464                                                                     2,567                                                                    11,307                                                                     8,536
  Other                                                                                        4,812                                                                     3,601                                                                    15,325                                                                     9,348
  Marketing and promotions                                                                     8,906                                                                     7,834                                                                    31,227                                                                    21,982
  General and administrative                                                                  26,988                                                                    23,521                                                                    96,870                                                                    58,738
  Corporate                                                                                    4,756                                                                     3,818                                                                    16,469                                                                     4,617
  Depreciation and amortization                                            14,467                              15,086                              56,921                              28,643  
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
      Total operating expenses                                                               171,464                                                                   156,755                                                                   648,270                                                                   339,478
                                                                                                                                                                                                                                                                                                    
LOSS ON SALE OR DISPOSAL OF PROPERTY                                                              (4 )                                                                     (81 )                                                                      (6 )                                                                     (84 )
ACQUISITION CHARGES                                                                           (1,735 )                                                                    (495 )                                                                  (2,452 )                                                                  (7,411 )
EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES                                 324                                (314 )                                                3,460                               2,705  
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
OPERATING INCOME                                                           13,281                               6,450                              72,516                              17,555  
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                    
OTHER INCOME (EXPENSE):
  Interest expense, net                                                                      (12,612 )                                                                 (17,336 )                                                                 (61,558 )                                                                 (30,734 )
  Gain on valuation of unconsolidated affiliate                                               35,582                                                                         -                                                                    35,582                                                                         -
  Gain on termination of SERP                                                                      -                                                                       715                                                                         -                                                                       715
  Loss on early retirement of debt, net                                      (147 )                                                  (90 )                                               (1,937 )                                                  (90 )
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                 Total other expense                                       22,823                             (16,711 )                                              (27,913 )                                              (30,109 )
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                    
NET INCOME (LOSS) BEFORE INCOME TAXES                                                         36,104                                                                   (10,261 )                                                                  44,603                                                                   (12,554 )
BENEFIT (PROVISION) FOR INCOME TAXES                                       74,049                                (573 )                                               69,580                              (1,768 )
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
NET INCOME (LOSS)                                                                            110,153                                                                   (10,834 )                                                                 114,183                                                                   (14,322 )
NON-CONTROLLING INTEREST                                                        -                                (103 )                                                    -                                (103 )
                                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC                                              $    110,153                                           $    (10,937 )                                                            $    114,183                                           $    (14,425 )
                                                                     ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                    
Net income (loss) per share of common stock:
      Basic                                                                             $       2.36                                           $      (0.24 )                                                            $       2.45                                           $      (0.48 )
                                                                     ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
      Diluted                                                                           $       2.33                                           $      (0.24 )                                                            $       2.43                                           $      (0.48 )
                                                                     ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
Weighted average number of shares outstanding:
      Basic                                                            46,670,735                          46,441,249                          46,550,042                          29,901,405  
                                                                     ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
      Diluted                                                          47,227,127                          46,441,249                          47,008,980                          29,901,405  
                                                                     ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                    
 
                                                                                                                                                                                                                  ELDORADO RESORTS, INC.
                                                                                                                                                                                                         SUMMARY INFORMATION AND RECONCILIATION OF
                                                                                                                                                                                                        OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
                                                                                                                                                                                                                     ($ in thousands)
 
                                                                                                                                                                                                           Three Months Ended December 31, 2015
 
                                          Operating                              Depreciation                   Stock-Based                  Transaction                              Equity in                                          Other                                          Adjusted
                                                              Income                                                        and                                         Compensation                                      Expenses                                               (Income) Loss of                                                                                                                             EBITDA
                                                              (Loss)                                                   Amortization                                                                                          (3)                                                  Unconsolidated
                                                                                                                                                                                                                                                                                     Affiliate
                                         ----------------------------------------------   -------------------- --------------------------  -------------------- --------------------------  -------------------- -------------------------  -------------------- ---------------------------------------------   -------------------- -------------------------------------------   -------------------- ----------------------------------------------
Reno Tri-Properties                                         $  4,841                                           $  4,548                      $      -                      $     -                      $  (324 )                                         $ (35 )                                         $  9,030
Eldorado Shreveport                                            4,367                                                                 1,912                                                -                                               -                                               -                                                                 45                                                                 6,324
Scioto Downs                                                   8,624                                                                 4,096                                                -                                               -                                               -                                                                  -                                                                12,720
Mountaineer                                                      (56 )                                                               2,801                                                -                                               -                                               -                                                                (31 )                                                               2,714
Presque Isle Downs                                             3,455                                                                 1,833                                                -                                               -                                               -                                                                (40 )                                                               5,248
Corporate                                  (6,602 )                           111        333     2,352         -         -       (3,806 )
                                         -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- -------------------- --- -------------------- -------------------- -------------------- ------ --------------------
Adjusted EBITDA (1)                                         $ 14,629                        $ 15,301                      $    333                      $ 2,352                      $  (324 )                                         $ (61 )                                         $ 32,230  
                                         ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ===== ==================== ==================== ===== ==================== ==================== ==================== === ==================== ==================== ==================== ====== ====================
 
                                                                                                                                                                                               Three Months Ended December 31, 2014
 
                                          Operating                              Depreciation                Stock-Based                Transaction                     Equity in                                 Other                                          Adjusted
                                                              Income                                                        and                                      Compensation                                    Expenses                                      (Income) Loss of                                                                                                                    EBITDA
                                                              (Loss)                                                   Amortization                                                                                                                                 Unconsolidated
                                                                                                                                                                                                                                                                       Affiliate
                                         ----------------------------------------------   -------------------- --------------------------  -------------------- ---------------------  -------------------- -------------------------  -------------------- ----------------------------  -------------------- -------------------------------------------   -------------------- ----------------------------------------------
Reno Tri-Properties                                         $    665                                           $  4,833                      $ -                      $     -                      $      314                      $   -                                           $  5,812
Eldorado Shreveport                                            2,009                                                                 2,068                                           -                                               -                                                  -                                            81                                                                 4,158
Scioto Downs                                                   8,117                                                                 3,434                                           -                                               -                                                  -                                             -                                                                11,551
Mountaineer                                                      420                                                                 4,822                                           -                                               -                                                  -                                            (2 )                                                               5,240
Presque Isle Downs                                             1,169                                                                 2,501                                           -                                               -                                                  -                                             -                                                                 3,670
Corporate                                  (4,417 )                            14     -       495            -      90       (3,818 )
                                         -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- - -------------------- -------------------- ----- -------------------- -------------------- -------- -------------------- -------------------- --- -------------------- -------------------- -------------------- ------ --------------------
Adjusted EBITDA (1)                                         $  7,963                        $ 17,672                      $ -                      $   495                      $      314                      $ 169                        $ 26,613  
                                         ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== = ==================== ==================== ===== ==================== ==================== ======== ==================== ==================== === ==================== ==================== ==================== ====== ====================
 
                                                                                                                                                                                                             Twelve Months Ended December 31, 2015
 
                                           Operating                              Depreciation                   Stock-Based                  Transaction                              Equity in                                           Other                                            Adjusted
                                                               Income                                                        and                                         Compensation                                      Expenses                                               (Income) Loss of                                                                                                                                EBITDA
                                                               (Loss)                                                   Amortization                                                                                          (3)                                                  Unconsolidated
                                                                                                                                                                                                                                                                                      Affiliate
                                         -----------------------------------------------   -------------------- --------------------------  -------------------- --------------------------  -------------------- -------------------------  -------------------- ----------------------------------------------   -------------------- --------------------------------------------   -------------------- -----------------------------------------------
Reno Tri-Properties                                         $  34,372                                           $ 19,022                      $      -                      $     -                      $ (3,460 )                                         $    5                                           $  49,939
Eldorado Shreveport                                            21,423                                                                 7,621                                                -                                               -                                                -                                                                 (18 )                                                               29,026
Scioto Downs                                                   38,612                                                                15,368                                                -                                               -                                                -                                                                   -                                                                 53,980
Mountaineer                                                     6,776                                                                14,523                                                -                                               -                                                -                                                                 (31 )                                                               21,268
Presque Isle Downs                                             11,103                                                                 9,450                                                -                                               -                                                -                                                                (242 )                                                               20,311
Corporate                                  (19,387 )                           412      1,488     3,069          -         54       (14,364 )
                                         -------------------- ------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- ------- --------------------
Adjusted EBITDA (1)                                         $  92,899                        $ 66,396                      $  1,488                      $ 3,069                      $ (3,460 )                                         $ (232 )                                         $ 160,160  
                                         ==================== ======= ==================== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ===== ==================== ==================== ====== ==================== ==================== ==================== ==== ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
                                                                                                                                                                                                                    ELDORADO RESORTS, INC.
                                                                                                                                                                                                           SUMMARY INFORMATION AND RECONCILIATION OF
                                                                                                                                                                                                          OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
                                                                                                                                                                                                                       ($ in thousands)
 
                                                                                                                                                                                                             Twelve Months Ended December 31, 2014
 
                                           Operating                              Depreciation                   Stock-Based                   Transaction                              Equity in                                           Other                                           Adjusted
                                                               Income                                                        and                                         Compensation                                       Expenses                                               (Income) Loss of                                                                                                                               EBITDA
                                                               (Loss)                                                   Amortization                                                                                                                                                Unconsolidated
                                                                                                                                                                                                                                                                                       Affiliate
                                         -----------------------------------------------   -------------------- --------------------------  -------------------- --------------------------  -------------------- --------------------------  -------------------- ----------------------------------------------   -------------------- -------------------------------------------   -------------------- -----------------------------------------------
Reno Tri-Properties                                         $  12,324                                           $ 19,418                      $      -                      $  6,298                      $ (2,705 )                                         $   -                                           $  35,335
Eldorado Shreveport                                            15,655                                                                 8,403                                                -                                                -                                                -                                                                 84                                                                 24,142
Scioto Downs                                                   35,644                                                                13,692                                                -                                                -                                                -                                                                  9                                                                 49,345
Mountaineer                                                    18,515                                                                11,934                                                -                                                -                                                -                                                                (37 )                                                               30,412
Presque Isle Downs                                             10,178                                                                 8,852                                                -                                                -                                                -                                                                385                                                                 19,415
Corporate                                  (22,199 )                            42      1,310      8,733          -        92       (12,022 )
                                         -------------------- ------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- -------------------- --- -------------------- -------------------- -------------------- ------- --------------------
Adjusted EBITDA (1)                                         $  70,117                        $ 62,341                      $  1,310                      $ 15,031                      $ (2,705 )                                         $ 533                        $ 146,627  
                                         ==================== ======= ==================== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ==================== === ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                      Three Months Ended December 31, 2015
 
                         Operating    Depreciation    Stock-Based   Transaction      Equity in       Other    Adjusted
                                                                Income                              and                          Compensation                       Expenses                       (Income) Loss of                                                    EBITDA
                                                                (Loss)                         Amortization                                                                                         Unconsolidated
                                                                                                                                                                                                       Affiliate
                                                              ---------  -------------------- ------------  -------------------- ----------  -------------------- ----------  -------------------- --------------   -------------------- ----   -------------------- ---------
Reno Tri-Properties                                              $ 3,493        $  3,714        $    -       $     -       $  (324 )      $ (8 )      $ 6,875
Adjusted EBITDA (2)
                                                              ==== ===== ==================== ====== ====== ==================== ====== ==== ==================== ===== ===== ==================== ===== ===== ==== ==================== = == = ==================== ==== =====
(1)   Adjusted EBITDA include the operations of Silver Legacy and Circus
                         Circus Reno, which were acquired by ERI on November 24, 2015 (the
                         Acquisition Date"), as if the acquisition occurred on January 1,
                         2014 and the operations of MTR Gaming Group, Inc. ("MTR"), which
                         merged with the Company on September 19, 2014 ("the Merger Date"),
                         as if the merger occurred on January 1, 2014.
(2)                      Reno Tri-Properties Adjusted EBITDA for the three months ended
                         December 31, 2015 includes the 38 days of operations from Silver
                         Legacy and Circus Circus from the Acquisition Date.
(3)                      Transaction expenses for the three and twelve months ended December
                         31, 2015 include acquisition charges of $1.7 million and $2.4
                         million, respectively, and S-1 expenses of $0.6 million.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160310006006r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160310006006/en/

SOURCE: Eldorado Resorts, Inc.

Eldorado Resorts, Inc. 
Thomas Reeg 
President 
775/328-0112 
investorrelations@eldoradoresorts.com 
or 
JCIR 
Joseph N. Jaffoni, Richard Land 
212/835-8500 
eri@jcir.com


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