Eldorado Resorts, Inc. (NASDAQ:ERI) Files An 8-K Regulation FD Disclosure

ME Staff 8-k
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0

Eldorado Resorts, Inc. (NASDAQ:ERI) Files An 8-K Regulation FD Disclosure

Item 7.01

Regulation FD Disclosure.

On May 1, 2017, Eldorado Resorts, Inc. (ERI or the Company)
consummated its acquisition of Isle of Capri Casinos, Inc., a
Delaware corporation (Isle) to the Agreement and Plan of Merger
(the Merger Agreement) dated as of September 19, 2016 with Isle,
Eagle I Acquisition Corp., a Delaware corporation and a direct
wholly-owned subsidiary of ERI, and Eagle II Acquisition Company
LLC, a Delaware limited liability company and a direct
wholly-owned subsidiary of ERI (the Isle Acquisition). As a
result of the Isle Acquisition, Isle became a wholly-owned
subsidiary of ERI.

ERI reports its financial results on a calendar fiscal year.
Prior to the Isle Acquisition, Isles fiscal year typically ended
on the last Sunday in April. Isles fiscal 2017 and 2016 were
52-week years, which commenced on April 25, 2016 and April 27,
2015, respectively.

The following table sets forth Isles unaudited consolidated
historical net revenues and Adjusted EBITDA (defined below) as
previously reported for the fiscal quarters ended January 24,
April 24, July 24 and October 23, 2016 and January 22, 2017. The
table below also sets forth Isles unaudited consolidated
historical net revenues and Adjusted EBITDA for the calendar
quarters ended March 31, June 30, September 30 and December 31,
2016 and March 31, 2017. Such information was prepared by the
Company to reflect Isles unaudited consolidated historical net
revenues and Adjusted EBITDA for periods corresponding to ERIs
fiscal quarterly calendar. Such figures are based on unaudited
internal financial statements and have not been reviewed by the
Companys auditors. Such presentation does not conform with GAAP
or the Securities and Exchange Commission rules for proforma
presentation; however, we believe that the additional financial
information will be helpful to users in comparing current results
with results of prior periods. This non-GAAP data should not be
considered as a substitute for data prepared in accordance with
GAAP, but should be viewed in addition to the results of
operations reported by Isle and the Company.

The following table summarizes net revenues for the periods
presented (unaudited, in thousands):

Net Revenues, Fiscal Quarter Ended

Net Revenues, Calendar Quarter Ended

January

24, 2016

April

24, 2016

July

24, 2016

October

23, 2016

January

22, 2017

March

31, 2016

June

30, 2016

September

30, 2016

December

31, 2016

March

31, 2017

West Region:

Black Hawk

$

29,138

$

32,423

$

32,381

$

31,695

$

28,953

$

32,029

$

31,730

$

33,324

$

29,440

$

32,413

Midwest Region:

Bettendorf

16,812

18,482

19,176

20,993

18,079

17,767

17,627

22,361

19,053

19,580

Waterloo

21,313

23,827

21,818

20,969

20,328

22,934

22,271

21,625

20,630

22,527

Boonville

18,438

20,646

19,680

19,377

17,638

19,821

19,691

20,206

18,357

19,464

Cape Girardeau

14,614

17,030

15,488

15,318

15,066

16,174

15,559

16,307

15,043

16,351

Caruthersville

7,952

9,709

8,821

8,237

8,053

9,093

8,896

8,675

8,269

9,004

Kansas City

17,204

20,033

17,678

16,982

17,056

19,113

18,203

17,120

17,406

19,032

South Region:

Pompano Park

44,108

51,802

40,588

37,473

42,878

52,116

42,634

39,030

40,443

50,030

Lula

11,688

14,210

12,021

10,975

10,839

13,559

12,146

11,550

11,330

12,115

Vicksburg

7,448

9,258

8,262

7,458

7,142

8,724

8,452

7,801

7,420

8,598

East Region:

Nemacolin

7,788

9,090

9,730

9,027

7,629

8,349

9,375

9,750

7,819

8,727

Property Net

Revenues Before

Other

196,503

226,510

205,643

198,504

193,661

219,679

206,584

207,749

195,210

217,841

Corporate and Other

Total Net Revenues

$

196,524

$

226,530

$

205,646

$

198,562

$

193,817

$

219,689

$

206,604

$

207,774

$

195,303

$

218,022

The following table summarizes Adjusted EBITDA for the periods
presented (unaudited, in thousands):

Adjusted EBITDA, Fiscal Quarter Ended

Adjusted EBITDA, Calendar Quarter Ended

January

24, 2016

April

24, 2016

July

24, 2016

October

23, 2016

January

22, 2017

March

31, 2016

June

30, 2016

September

30, 2016

December

31, 2016

March

31, 2017

West Region:

Black Hawk

$

6,742

$

9,215

$

8,629

$

8,974

$

7,618

$

9,130

$

8,297

$

9,402

$

7,792

$

9,591

Midwest Region:

Bettendorf

4,090

5,083

4,915

6,087

4,473

4,989

4,352

6,677

4,892

5,179

Waterloo

6,546

8,180

7,135

6,846

6,827

7,296

7,428

7,085

6,734

8,412

Boonville

6,629

8,077

7,465

7,097

6,364

7,564

7,463

7,442

6,618

7,724

Cape Girardeau

3,476

4,891

3,552

3,623

3,681

4,462

3,806

3,889

3,513

4,807

Caruthersville

1,998

3,194

2,362

2,125

2,187

2,847

2,445

2,278

2,193

2,833

Kansas City

4,036

5,840

4,385

4,219

3,946

5,254

4,730

4,312

4,635

5,215

South Region:

Pompano Park

9,636

13,806

7,901

6,623

9,377

13,732

8,988

7,383

7,551

13,349

Lula

2,158

4,171

2,770

2,232

2,255

3,648

2,854

2,461

2,423

3,269

Vicksburg

1,804

3,113

2,272

1,750

1,944

2,760

2,501

1,824

2,155

2,875

East Region:

Nemacolin

(477

)

(86

)

(126

)

(94

)

(672

)

(252

)

(124

)

(223

)

(523

)

(162

)

Corporate and Other

(5,451

)

(6,354

)

(5,968

)

(6,594

)

(4,532

)

(5,373

)

(6,623

)

(5,788

)

(5,718

)

(4,267

)

Total Adjusted

EBITDA

$

41,187

$

59,130

$

45,292

$

42,888

$

43,468

$

56,057

$

46,117

$

46,742

$

42,265

$

58,825

Adjusted EBITDA, 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 Companys ongoing
operating results. Adjusted EBITDA represents operating income
(loss) from continuing operations before depreciation and
amortization, stock based compensation, certain preopening and
severance expenses, gain on sale of assets and valuation charges
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,
operating 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.

The following tables summarize Adjusted EBITDA for the periods
presented, in addition to reconciling Adjusted EBITDA to
operating income (loss) (unaudited, in thousands):

Three Months Ended January 24, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

4,540

$

2,188

$

$

$

6,742

Midwest Region:

Bettendorf

1,180

2,902

4,090

Waterloo

5,223

1,317

6,546

Boonville

5,347

1,269

6,629

Cape Girardeau

2,527

3,476

Caruthersville

1,378

1,998

Kansas City

3,069

4,036

South Region:

Pompano Park

7,837

1,785

9,636

Lula

1,331

2,158

Vicksburg

1,804

East Region:

Nemacolin

(1,551

)

1,074

(477

)

Total Operating Properties

29,684

16,871

46,638

Corporate and Other

(6,567

)

(5,451

)

Total

$

23,117

$

17,318

$

$

$

41,187

Three Months Ended March 31, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

6,946

$

2,170

$

$

$

9,130

Midwest Region:

Bettendorf

1,751

3,082

4,989

Waterloo

6,078

1,212

7,296

Boonville

6,179

1,372

7,564

Cape Girardeau

1,915

2,541

4,462

Caruthersville

2,229

2,847

Kansas City

4,328

5,254

South Region:

Pompano Park

11,884

1,834

13,732

Lula

2,315

1,329

3,648

Vicksburg

1,849

2,760

East Region:

Nemacolin

(1,328

)

1,076

(252

)

Total Operating Properties

44,146

17,054

61,430

Corporate and Other

(7,056

)

(5,373

)

Total

$

37,090

$

17,506

$

$

$

56,057

Three Months Ended April 24, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

7,049

$

2,152

$

$

$

9,215

Midwest Region:

Bettendorf

1,859

3,064

5,083

Waterloo

7,013

1,160

8,180

Boonville

6,836

1,228

8,077

Cape Girardeau

2,339

2,547

4,891

Caruthersville

2,576

3,194

Kansas City

4,890

5,840

South Region:

Pompano Park

11,961

1,832

13,806

Lula

2,788

1,379

4,171

Vicksburg

2,202

3,113

East Region:

Nemacolin

(1,166

)

1,080

(86

)

Total Operating Properties

48,347

16,903

65,484

Corporate and Other

(8,684

)

1,153

(6,354

)

Total

$

39,663

$

17,310

$

1,234

$

$

59,130

Three Months Ended June 30, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

6,163

$

2,122

$

$

$

8,297

Midwest Region:

Bettendorf

1,184

2,604

4,352

Waterloo

6,215

1,206

7,428

Boonville

6,222

1,230

7,463

Cape Girardeau

1,243

2,556

3,806

Caruthersville

1,775

2,445

Kansas City

3,748

4,730

South Region:

Pompano Park

7,173

1,803

8,988

Lula

1,366

1,483

2,854

Vicksburg

1,592

2,501

East Region:

Nemacolin

(1,215

)

1,091

(124

)

Total Operating Properties

35,466

16,637

52,740

Corporate and Other

(8,464

)

1,307

(6,623

)

Total

$

27,002

$

16,981

$

1,388

$

$

46,117

Three Months Ended July 24, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

6,509

$

2,110

$

$

$

8,629

Midwest Region:

Bettendorf

1,613

2,696

4,915

Waterloo

5,903

1,224

7,135

Boonville

6,210

1,246

7,465

Cape Girardeau

2,564

3,552

Caruthersville

1,672

2,362

Kansas City

3,216

1,161

4,385

South Region:

Pompano Park

6,079

1,812

7,901

Lula

1,254

1,510

2,770

Vicksburg

1,365

2,272

East Region:

Nemacolin

(1,085

)

(126

)

Total Operating Properties

33,717

16,868

51,260

Corporate and Other

(7,538

)

1,231

(5,968

)

Total

$

26,179

$

17,207

$

1,309

$

$

45,292

Three Months Ended September 30, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

7,160

$

2,236

$

$

$

9,402

Midwest Region:

Bettendorf

4,437

3,184

(952

)

6,677

Waterloo

5,852

1,225

7,085

Boonville

6,200

1,236

7,442

Cape Girardeau

1,305

2,576

3,889

Caruthersville

1,641

2,278

Kansas City

3,101

1,203

4,312

South Region:

Pompano Park

5,561

1,816

7,383

Lula

1,552

2,461

Vicksburg

1,824

East Region:

Nemacolin

(917

)

(223

)

Total Operating Properties

36,157

17,257

(952

)

52,530

Corporate and Other

(8,115

)

1,200

(5,788

)

Total

$

28,042

$

17,579

$

1,268

$

(147

)

$

46,742

Three Months Ended October 23, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

6,586

$

2,382

$

$

$

8,974

Midwest Region:

Bettendorf

3,893

3,184

(997

)

6,087

Waterloo

5,604

1,235

6,846

Boonville

5,880

1,211

7,097

Cape Girardeau

1,040

2,576

3,623

Caruthersville

1,506

2,125

Kansas City

3,177

1,035

4,219

South Region:

Pompano Park

4,815

1,802

6,623

Lula

1,546

2,232

Vicksburg

1,750

East Region:

Nemacolin

(790

)

(94

)

Total Operating Properties

33,234

17,183

(997

)

49,482

Corporate and Other

(11,901

)

1,625

3,413

(6,594

)

Total

$

21,333

$

17,452

$

1,687

$

2,416

$

42,888

Three Months Ended December 31, 2016

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

5,413

$

2,373

$

$

$

7,792

Midwest Region:

Bettendorf

1,716

3,168

4,892

Waterloo

5,501

1,226

6,734

Boonville

5,440

1,172

6,618

Cape Girardeau

2,586

3,513

Caruthersville

1,565

2,193

Kansas City

3,720

4,635

South Region:

Pompano Park

5,753

1,792

7,551

Lula

1,523

2,423

Vicksburg

1,261

2,155

East Region:

Nemacolin

(1,227

)

(523

)

Total Operating Properties

30,956

16,965

47,983

Corporate and Other

(10,578

)

1,612

3,047

(5,718

)

Total

$

20,378

$

17,166

$

1,674

$

3,047

$

42,265

Three Months Ended January 22, 2017

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

5,296

$

2,317

$

$

$

7,618

Midwest Region:

Bettendorf

1,290

3,175

4,473

Waterloo

5,606

1,214

6,827

Boonville

5,200

1,158

6,364

Cape Girardeau

1,068

2,605

3,681

Caruthersville

1,558

2,187

Kansas City

2,920

1,019

3,946

South Region:

Pompano Park

7,583

1,789

9,377

Lula

1,519

2,255

Vicksburg

1,051

1,944

East Region:

Nemacolin

(1,381

)

(672

)

Total Operating Properties

30,920

17,018

48,000

Corporate and Other

(6,698

)

1,170

(4,532

)

Total

$

24,222

$

17,281

$

1,232

$

$

43,468

Three Months Ended March 31, 2017

Operating

Income (Loss)

Depreciation and

Amortization

Stock-Based

Compensation

Preopening, Severance

and Other

Adjusted

EBITDA

West Region:

Black Hawk

$

6,816

$

2,769

$

$

$

9,591

Midwest Region:

Bettendorf

1,918

3,253

5,179

Waterloo

7,193

1,212

8,412

Boonville

6,491

1,227

7,724

Cape Girardeau

2,180

2,620

4,807

Caruthersville

2,200

2,833

Kansas City

4,200

1,008

5,215

South Region:

Pompano Park

11,523

1,820

13,349

Lula

1,753

1,510

3,269

Vicksburg

1,946

2,875

East Region:

Nemacolin

(875

)

(162

)

Total Operating Properties

45,345

17,685

63,092

Corporate and Other

(6,261

)

1,170

(4,267

)

Total

$

39,084

$

17,960

$

1,232

$

$

58,825

The information in this Item 7.01 is being furnished, not filed
to Regulation FD. Accordingly, the information in this Item 7.01
will not be incorporated by reference into any registration
statement (filed by the Company under the Security Act of 1933,
as amended, unless specifically identified therein as being
incorporated therein by reference. The furnishing of this
information is not intended to, and does not, constitute a
determination of admission by the Company that this information
is material or complete, or that investors should consider this
information before making an investment decision with respect to
any security of the Company.


About Eldorado Resorts, Inc. (NASDAQ:ERI)

Eldorado Resorts, Inc. (ERI) is a gaming and hospitality company. The Company owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments include Nevada, Louisiana and Eastern. The Company owns and operates various properties, such as Eldorado Resort Casino Reno, which is a 814-room hotel, casino and entertainment facility; Silver Legacy Resort Casino, which is a 1,711-room themed hotel and casino; Circus Circus Reno, which is a 1,571-room hotel-casino and entertainment complex; Eldorado Resort Casino Shreveport, which is a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino; Mountaineer Casino, Racetrack & Resort, which is a 354-room resort with a casino and live thoroughbred horse racing; Presque Isle Downs & Casino, which is a casino and live thoroughbred horse racing facility with slot machines, table games and poker located in Erie, Pennsylvania, and Eldorado Gaming Scioto Downs.

Eldorado Resorts, Inc. (NASDAQ:ERI) Recent Trading Information

Eldorado Resorts, Inc. (NASDAQ:ERI) closed its last trading session up +0.05 at 20.55 with 950,605 shares trading hands.