Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado,” “ERI,” or “the
Company”) today reported operating results for the second quarter
ended June 30, 2017.
Total Net Revenue
($ in thousands, except per share data)
Three Months Ended
June 30, 2017
2017 Pre-Acquisition(1)
2017 Total(2) 2016
2016 Pre-Acquisition(3)
2016 Total(2)
Change West $ 98,360 $ 11,001 $ 109,361 $
84,161 $ 31,730 $ 115,891 (5.6)% Midwest 67,503
36,279 103,782 - 102,247 102,247 1.5% South 69,617 21,259 90,876
32,088 63,232 95,320 (4.7)% East 119,564 2,990 122,554 115,066
9,375 124,441 (1.5)% Corporate and Other 136
45 181 - 20 20
805.0%
Total Net Revenue $ 355,180
$ 71,574 $ 426,754
$ 231,315 $ 206,604 $
437,919 (2.5)% Operating
(Loss) Income ($ in thousands, except per share data)
Three
Months Ended June 30, 2017
2017 Pre-Acquisition(1)
2017 Total(2) 2016
2016 Pre-Acquisition(3)
2016 Total(2)
Change West $ 16,468 $ 2,709 $ 19,177
$ 13,655 $ 6,163 $ 19,818 (3.2)%
Midwest 15,408 10,637 26,045 - 20,387 20,387 27.8% South 11,069
3,943 15,012 5,541 10,131 15,672 (4.2)% East 18,153 (197) 17,956
14,934 (1,215) 13,719 30.9% Corporate and Other (93,214)
(2,550) (95,764) (4,475)
(8,464) (12,939) (640.1)%
Total Operating
(Loss) Income $ (32,116) $
14,542 $ (17,574) $
29,655 $ 27,002 $ 56,657
(131.0)% Adjusted EBITDA ($ in
thousands, except per share data)
Three Months Ended June
30, 2017
2017 Pre-Acquisition(1)
2017 Total(2) 2016
2016 Pre-Acquisition(3)
2016 Total(2)
Change West $ 23,105 $ 3,640 $ 26,745
$ 18,915 $ 8,297 $ 27,212 (1.7)%
Midwest 20,468 12,686 33,154 - 30,224 30,224 9.7% South 15,774
5,425 21,199 7,456 14,343 21,799 (2.8)% East 26,541 42 26,583
24,039 (124) 23,915 11.2% Corporate and Other (3) (5,917)
(1,729) (7,646) (3,758)
(6,623) (10,381) 26.3%
Total
Adjusted EBITDA (4) $ 79,971 $
20,064 $ 100,035 $
46,652 $ 46,117 $
92,769 7.8% Net (Loss) Income
$ (46,328)
$ 10,791 Basic EPS $
(0.69) $ 0.23 Diluted EPS
$
(0.69)
$ 0.23
Total Net Revenue ($ in thousands, except per share data)
Six Months Ended June 30, 2017
2017 Pre-Acquisition(1)
2017 Total (2) 2016
2016 Pre-Acquisition(3)
2016 Total (2)
Change West $ 161,061 $ 43,414 $ 204,475 $
156,932 $ 63,759 $ 220,691 (7.3)% Midwest 67,503 142,237
209,740 - 207,149 207,149 1.3% South 101,528 92,002 193,530 66,530
137,631 204,161 (5.2)% East 225,877 11,717 237,594 221,419 17,724
239,143 (0.6)% Corporate and Other 136 226
362 - 30 30
1,106.7%
Total Net Revenue $ 556,105
$ 289,596 $ 845,701
$ 444,881 $ 426,293
$ 871,174 (2.9)%
Operating (Loss) Income ($ in thousands, except per share
data)
Six Months Ended June 30, 2017
2017 Pre-Acquisition(1)
2017 Total (2) 2016
2016 Pre-Acquisition(3)
2016 Total (2)
Change West $ 17,994 $ 9,525 $ 27,519
$ 19,219 $ 13,109 $ 32,328 (14.9)%
Midwest 15,408 34,819 50,227 - 42,867 42,867 17.2% South 16,987
19,165 36,152 12,043 26,179 38,222 (5.4)% East 33,195 (1,072)
32,123 28,665 (2,543) 26,122 23.0% Corporate and Other
(101,551) (8,811) (110,362)
(12,010) (15,520) (27,530)
300.9%
Total Operating (Loss) Income $
(17,967) $ 53,626 $
35,659 $ 47,917 $
64,092 $ 112,009 (68.2)%
Adjusted EBITDA ($ in thousands, except per
share data)
Six Months Ended June 30, 2017
2017 Pre-Acquisition(1)
2017 Total(2) 2016
2016 Pre-Acquisition(3)
2016 Total (2)
Change West $ 29,434 $ 13,231 $ 42,665
$ 29,908 $ 17,427 $ 47,335 (9.9)%
Midwest 20,468 46,856 67,324 - 62,636 62,636 7.5% South 23,624
24,918 48,542 15,903 34,483 50,386 (3.7)% East 50,619 (120) 50,499
46,944 (376) 46,568 8.4% Corporate and Other (4) (10,769)
(5,996) (16,765) (7,766)
(11,996) (19,762) (15.2)%
Total Adjusted EBITDA (5) $ 113,376
$ 78,889 $ 192,265
$ 84,989 $ 102,174
$ 187,163 2.7% Net (Loss)
Income
$ (45,307)
$ 14,160 Basic EPS $
(0.79) $ 0.30 Diluted EPS
$
(0.79)
$ 0.30 (1) Figures are for Isle of
Capri Casinos, Inc. (“Isle”) for the one and four months ended
April 30, 2017, the day before ERI acquired Isle on May 1, 2017.
ERI reports its financial results on a calendar fiscal year. Prior
to the Company’s acquisition of Isle, Isle's fiscal year typically
ended on the last Sunday in April. Isle's fiscal 2017 and 2016 were
52-week years, which commenced on April 25, 2016 and April 27,
2015, respectively. Such figures were prepared by the Company to
reflect Isle’s unaudited consolidated historical net revenues and
Adjusted EBITDA for periods corresponding to ERI's fiscal quarterly
calendar. Such figures are based on the unaudited internal
financial statements and have not been reviewed by the Company's
auditors and do not conform to GAAP. (2) Total figures for 2016 and
2017 include combined results of operations for Isle and ERI for
periods preceding the date that ERI acquired Isle. Such
presentation does not conform with GAAP or the Securities and
Exchange Commission rules for pro forma presentation; however, we
believe that the additional financial information will be helpful
to investors in comparing current results with results of prior
periods. This is non-GAAP data and should not be considered a
substitute for data prepared in accordance with GAAP, but should be
viewed in addition to the results of operations reported by the
Company. (3) Figures are for Isle the three and six months ended
June 30, 2016. Such figures were prepared by the Company to reflect
Isles' unaudited consolidated historical net revenues, operating
income and Adjusted EBITDA for periods corresponding to ERI's
fiscal quarterly calendar. Such figures are based on the unaudited
internal financial statements and have not been reviewed by the
Company's auditors and do not conform to GAAP. (4) Corporate for
six months ended June 30, 2016 excludes severance expense of $1.5
million. (5) Adjusted EBITDA is not a 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 operating income
(loss), which the Company believes is the most comparable financial
measure calculated in accordance with GAAP.
“Eldorado’s operating momentum and financial growth continued in
the second quarter as, on a combined basis after giving effect to
the acquisition of Isle of Capri, Adjusted EBITDA rose 7.8% year
over year,” said Gary Carano, Chairman and Chief Executive Officer
of Eldorado. “Our second quarter growth was broad-based as Adjusted
EBITDA improved at 13 of our 19 properties and we delivered year
over year property margin increases at our West, Midwest and East
regions and flat margin results for our South region. As a result,
Eldorado’s combined consolidated Adjusted EBITDA margin improved
230 basis points in the quarter to 23.4%.
“Our expanded scale following the May 1 completion of the Isle
of Capri transaction significantly diversified our Adjusted EBITDA
composition, as no single market accounted for more than
approximately 15% of total property Adjusted EBITDA in the second
quarter. Overall, our second quarter results continue to highlight
the efficacy of our strategy to build shareholder value by
leveraging our proven operating model into a more diversified
regional gaming entity.
“Our integration of the Isle of Capri properties is off to a
very strong start. We have already achieved nearly $30 million of
the anticipated $35 million in annual synergies and with the
implementation of a four region reporting structure we are bringing
best-practice operating strategies from across the organization
down to the property-level quickly and efficiently. We have started
to implement such best practices from our legacy and newly acquired
operations as we target further margin enhancement and elevated
guest service and satisfaction across the entire property
portfolio. Looking ahead, we believe that there are significant
opportunities for continued margin enhancement as we extract a
range of efficiencies from our marketing, advertising, player
promotion, and food and beverage operations.
“We are also evaluating opportunities across our portfolio for
return-focused investments that are intended to unlock underlying
value in properties and drive future profitable growth. Eldorado
has a solid record of success in undertaking property-specific
enhancements that elevate the guest experience and its market
competitiveness while also generating a return on our investment.
Thus far in 2017, we have completed the renovation of 153 rooms and
the Showroom at Eldorado Reno, the new Canter’s Delicatessen and
poker room opening at Silver Legacy, and upgrades at Circus Circus
which include the renovation of 648 rooms, a redesigned 6,700
square foot video arcade, and new food and beverage operations
including Madame Butterworks Curious Café, Kanpai Sushi, El Jefe’s
Cantina and the new food court featuring three distinct culinary
options, with Habit Burger, Piezzetta Pizza Kitchen and Panda
Express. This comprehensive facility enhancement program is helping
Eldorado deliver a more integrated experience across the Reno
Tri-Properties’ operations for our guests while also providing a
variety of amenities that makes each property feel distinctive and
unique.
“We are very optimistic as we look forward to the second half of
the year, and believe our successful integration of the Isle of
Capri properties to date, the benefit of our expanded scale, and
the ongoing implementation of operating strategies have positioned
the Company to deliver additional value for our shareholders.”
Balance Sheet and Liquidity
At June 30, 2017, Eldorado had $103.6 million in cash and cash
equivalents and $22.6 million in restricted cash. Outstanding
indebtedness at June 30, 2017 totaled $2.3 billion, including $90
million outstanding on the Company’s revolving credit facility. Our
purchase price accounting is preliminary as of June 30, 2017.
Capital expenditures in the second quarter and first six months of
2017 totaled $23.6 million and $29.8 million, respectively. The
Company expects 2017 full-year capital expenditures of $80.0
million, with approximately $26.8 million allocated to project
cap-ex and the remaining $53.2 million for maintenance cap-ex.
“Our expanded scale is delivering the expected benefit in free
cash flow as we paid down $39.5 million of debt in the second
quarter,” said Tom Reeg, President and Chief Financial Officer.
“Our priority continues to be to deploy free cash flow to reduce
leverage which should position us to pursue future growth
opportunities.”
Eldorado expects the $134.5 million sale of Isle of Capri Hotel
Lake Charles to close later in 2017, subject to regulatory
approval, and the Company intends to allocate all of the net
proceeds from the sale to debt reduction. The operations of Lake
Charles has been classified as discontinued operations and as
assets held for sale for all periods presented.
Summary of 2017 Second Quarter Region Results
Reflecting the completion on May 1 of the Company’s acquisition
of Isle of Capri, Eldorado has changed its quarterly property
results reporting to report results in four regions. The new
reporting format is also consistent with changes the Company has
made in its management reporting structure.
West Region (Reno Tri-Properties, Isle Casino Hotel Black
Hawk and Lady Luck Casino Black Hawk)
Net revenue for the West Region properties for the quarter ended
June 30, 2017 declined approximately 5.6% to $109.4 million
compared to $115.9 million in the prior-year period, with operating
income of $19.2 million compared to $19.8 million in the year-ago
quarter. Adjusted EBITDA was $26.7 million reflecting an Adjusted
EBITDA margin of 24.5% compared to Adjusted EBITDA of $27.2 million
on an Adjusted EBITDA margin of 23.5% in the prior-year period. Net
revenue, operating income and Adjusted EBITDA for the West region
in the second quarter of 2017 were impacted by a challenging
comparison to the prior year period which included the benefit to
the Reno Tri-Properties’ operations from the men’s bowling
tournament.
Midwest Region (Isle Casino Waterloo, Isle Casino
Bettendorf, Isle of Capri Casino Boonville, Isle Casino Cape
Girardeau, Lady Luck Casino Caruthersville and Isle of Capri Casino
Kansas City)
Net revenue for the Midwest Region properties for the quarter
ended June 30, 2017 increased approximately 1.5% to $103.8 million
compared to $102.2 million in the prior-year period, with operating
income of $26.0 million compared to $20.4 million in the year-ago
quarter. Adjusted EBITDA rose approximately 9.7% to $33.2 million
as the Adjusted EBITDA margin for the segment rose 230 basis points
to 31.9%. Adjusted EBITDA increased year over year at five of the
six Midwest Region properties. Adjusted EBITDA for the Midwest
Region in the prior-year period was $30.2 million reflecting an
Adjusted EBITDA margin of 29.6%.
South Region (Isle Casino Racing Pompano Park, Eldorado
Shreveport, Isle of Capri Casino Lula and Lady Luck Casino
Vicksburg)
Net revenue for the South Region properties for the quarter
ended June 30, 2017 declined approximately 4.7% to $90.9 million
compared to $95.3 million in the prior-year period, with operating
income of $15.0 million compared to $15.7 million in the year-ago
quarter. Adjusted EBITDA was $21.2 million compared to Adjusted
EBITDA of $21.8 million in the prior-year period with Adjusted
EBITDA margin for the region increasing 40 basis points to 23.3%.
The South Region results were impacted by severe flooding in 2017
over the course of approximately seven days at Lady Luck Casino in
Vicksburg, MS, which remained opened but experienced a significant
decline in visitation throughout the seven-day period.
East Region (Presque Isle Downs and Casino, Lady Luck
Casino Nemacolin, Eldorado Scioto Downs Racino and Mountaineer
Casino, Racetrack and Resort)
Net revenue for the East Region properties for the quarter ended
June 30, 2017 declined approximately 1.5% to $122.6 million
compared to $124.4 million in the prior-year period, with operating
income of $18.0 million compared to $13.7 million in the year-ago
quarter. Despite the modest revenue decline, Adjusted EBITDA for
the East Region rose 11.2% to $26.6 million compared to Adjusted
EBITDA of $23.9 million in the prior-year period as the East
region’s Adjusted EBITDA margin improved 240 basis points to 21.7%.
The East region’s three largest properties delivered year-over-year
Adjusted EBITDA growth, including the tenth consecutive quarter of
Adjusted EBITDA growth for Eldorado Scioto Downs and the second
consecutive quarter of double digit growth at Mountaineer Casino,
Racetrack & Resort which continues to benefit from the
Company’s initiatives to improve amenities and right-size operating
expenses to match current visitation and revenue volumes.
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, transaction expenses, S-1 expenses, severance
expenses and other, which includes equity in income (loss) of
unconsolidated affiliates, (gain) loss on the sale or disposal of
property, and other regulatory gaming assessments, including the
impact of the change in regulatory reporting requirements, 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.
Second 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 719/457-2701, conference ID 9062486 (domestic
and international callers). Participants can also access a live
webcast of the call through the “Events & Presentations”
section of Eldorado’s website at 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 leading casino entertainment company that
owns and operates nineteen properties in ten states, including
Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada,
Ohio, Pennsylvania and West Virginia. In aggregate, Eldorado’s
properties feature approximately 20,000 slot machines and VLTs,
more than 550 table games and over 6,500 hotel rooms. 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: Eldorado’s ability to
promptly and effectively integrate the business of Eldorado and
Isle and realize synergies resulting from the combined operations;
our substantial indebtedness and the impact of such obligations on
our operations and liquidity; competition; 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; and other risks and uncertainties described in
our reports on Form 10-K, Form 10-Q and Form 8-K.
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.
ELDORADO RESORTS, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS ($ in thousands, except per share
data) Three Months Ended Six Months Ended
June 30, June 30, 2017 2016
2017 2016 REVENUES:
Casino $ 298,182 $ 178,459 $ 460,966 $ 347,537 Pari-mutuel
commissions 4,143 2,893 4,784 3,577 Food and beverage 46,438 36,967
75,951 70,706 Hotel 28,924 25,677 46,937 45,842 Other
11,550 11,014 20,145
21,899 389,237 255,010 608,783 489,561 Less-promotional allowances
(34,057 ) (23,695 )
(52,678 ) (44,680 ) Net operating revenues
355,180 231,315 556,105
444,881 EXPENSES: Casino 152,417 100,374 242,870 196,636
Pari-mutuel commissions 4,874 2,931 6,081 4,255 Food and beverage
22,834 20,783 40,255 40,511 Hotel 8,026 7,979 14,629 15,108 Other
5,644 6,618 10,923 12,692 Marketing and promotions 20,158 9,766
30,214 19,341 General and administrative 55,379 32,380 87,154
64,035 Corporate 7,442 4,354 14,016 11,258 Depreciation and
amortization 24,909 15,583
40,513 31,787 Total operating expenses 301,683
200,768 486,655 395,623 LOSS ON SALE OF ASSET OR DISPOSAL OF
PROPERTY (89 ) (836 ) (57 ) (765 ) ACQUISITION CHARGES (85,464 )
(56 ) (87,078 ) (576 ) EQUITY IN LOSS OF UNCONSOLIDATED AFFILIATE
(60 ) — (282 )
— OPERATING (LOSS) INCOME (32,116 )
29,655 (17,967 ) 47,917 OTHER
EXPENSE: Interest expense, net (27,527 ) (12,795 ) (40,197 )
(25,786 ) Loss on early retirement of debt, net
(27,317 ) (89 ) (27,317 )
(155 ) Total other expense (54,844 )
(12,884 ) (67,514 ) (25,941 ) NET
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(86,960 ) 16,771 (85,481 ) 21,976 BENEFIT (PROVISION) FOR INCOME
TAXES 39,677 (5,980 )
39,219 (7,816 ) NET (LOSS) INCOME FROM CONTINUING
OPERATIONS (47,283 ) 10,791 (46,262 ) 14,160 INCOME FROM
DISCONTINUED OPERATIONS, NET OF TAXES 955
— 955 — NET (LOSS) INCOME $
(46,328 ) $ 10,791 $ (45,307 ) $ 14,160
(Loss) income per common share attributable to common
stockholders - basic: Net (loss) income from continuing operations
$ (0.70 ) $ 0.23 $ (0.81 ) $ 0.30 Income from discontinued
operations net of income taxes 0.01 —
0.02 — Net (loss) income attributable
to common stockholders $ (0.69 ) $ 0.23 $
(0.79 ) $ 0.30 (Loss) income per common share
attributable to common stockholders - diluted: Net (loss) income
from continuing operations $
(0.70
) $ 0.23 $
(0.81
) $ 0.30 Income from discontinued operations, net of income taxes
0.01 —
0.02
— Net (loss) income attributable to common
stockholders $
(0.69
) $ 0.23 $
(0.79
) $ 0.30 Weighted Average Basic Shares Outstanding
67,453,095 47,071,608
57,405,834 46,966,391 Weighted Average Diluted Shares
Outstanding 68,469,191 47,721,075
58,339,438 47,591,958
The accompanying condensed notes are an
integral part of these consolidated financial statements.
ELDORADO RESORTS, INC. SUMMARY INFORMATION AND
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED
EBITDA ($ in thousands) Three Months Ended
June 30, 2017 Operating
Income
(Loss)
Depreciation
and
Amortization
Stock-Based
Compensation
Transaction
Expenses
Severance
Expense
Other (6) Adjusted
EBITDA
Excluding Pre-Acquisition:
West $ 16,468 $ 6,576 $ 52 $ — $ 36 $ (27 ) $
23,105 Midwest 15,408 4,966 86 — 1 7 20,468 South 11,069 4,662 40 —
3 — 15,774 East 18,153 8,273 4 — 22 89 26,541 Corporate
(93,214 ) 432 1,123
85,464 300 (22 )
(5,917 )
Total Excluding Pre-Acquisition $
(32,116 ) $ 24,909 $
1,305 $ 85,464 $
362 $ 47 $ 79,971
Pre-Acquisition (1): West $ 2,709 $ 925 $ 2 $ — $ — $
4 $ 3,640 Midwest 10,637 2,001 14 — 5 29 12,686 South 3,943 1,442 7
— — 33 5,425 East (197 ) 239 — — — — 42 Corporate
(2,550 ) 96 461 286
— (22 ) (1,729 )
Total
Pre-Acquisition $ 14,542 $
4,703 $ 484 $ 286
$ 5 $ 44 $
20,064 Including Pre-Acquisition: West $
19,177 $ 7,501 $ 54 $ — $ 36 $ (23 ) $ 26,745 Midwest 26,045 6,967
100 — 6 36 33,154 South 15,012 6,104 47 — 3 33 21,199 East 17,956
8,512 4 — 22 89 26,583 Corporate (95,764 )
528 1,584 85,750
300 (44 ) (7,646 )
Total Including
Pre-Acquisition (2) $ (17,574 )
$ 29,612 $ 1,789 $
85,750 $ 367 $
91 $ 100,035 Three
Months Ended June 30, 2016 Operating
Income
(Loss)
Depreciation
and
Amortization
Stock-Based
Compensation
Transaction
Expenses
Severance
Expense
Other (6) Adjusted
EBITDA
Excluding Pre-Acquisition:
West $ 13,655 $ 5,046 $ — $ — $ — $ 214 $
18,915 Midwest — — — — — — — South 5,541 1,964 — — — (49 ) 7,456
East 14,934 8,459 — — — 646 24,039 Corporate (4,475 )
114 579 56
17 (49 ) (3,758 )
Total Excluding
Pre-Acquisition $ 29,655 $
15,583 $ 579 $ 56
$ 17 $ 762 $
46,652 Pre-Acquisition (3): West $
6,163 $ 2,122 $ 12 $ — $ — $ — $ 8,297 Midwest 20,387 9,236 45 — —
556 30,224 South 10,131 4,188 24 — — — 14,343 East (1,215 ) 1,091 —
— — — (124 ) Corporate (8,464 ) 344
1,307 — —
190 (6,623 )
Total Pre-Acquisition $
27,002 $ 16,981 $
1,388 $ — $ —
$ 746 $ 46,117
Including Pre-Acquisition: West $ 19,818 $ 7,168 $ 12 $ — $
— $ 214 $ 27,212 Midwest 20,387 9,236 45 — — 556 30,224 South
15,672 6,152 24 — — (49 ) 21,799 East 13,719 9,550 — — — 646 23,915
Corporate (12,939 ) 458
1,886 56 17 141
(10,381 )
Total Including Pre-Acquisition (2)
$ 56,657 $ 32,564
$ 1,967 $ 56 $
17 $ 1,508 $
92,769 Six Months Ended June 30, 2017
Operating
Income
(Loss)
Depreciation
and
Amortization
Stock-Based
Compensation
Transaction
Expenses
Severance
Expense
Other (6) Adjusted
EBITDA
Excluding Pre-Acquisition:
West $ 17,994 $ 11,219 $ 52 $ — $ 196 $ (27 )
$ 29,434 Midwest 15,408 4,966 86 — 1 7 20,468 South 16,987 6,594 40
— 3 — 23,624 East 33,195 17,153 4 — 22 245 50,619 Corporate
(101,551 ) 581 2,856
87,078 289 (22 )
(10,769 )
Total Excluding Pre-Acquisition $
(17,967 ) $ 40,513 $
3,038 $ 87,078 $
511 $ 203 $
113,376 Pre-Acquisition (3): West $ 9,525 $
3,694 $ 8 $ — $ — $ 4 $ 13,231 Midwest 34,819 11,952 51 — 5 29
46,856 South 19,165 5,694 26 — — 33 24,918 East (1,072 ) 952 — — —
— (120 ) Corporate (8,811 ) 371
1,631 286 549 (22
) (5,996 )
Total Pre-Acquisition $
53,626 $ 22,663 $
1,716 $ 286 $ 554
$ 44 $ 78,889
Including Pre-Acquisition: West $ 27,519 $ 14,913 $ 60 $ — $
196 $ (23 ) $ 42,665 Midwest 50,227 16,918 137 — 6 36 67,324 South
36,152 12,288 66 — 3 33 48,542 East 32,123 18,105 4 — 22 245 50,499
Corporate (110,362 ) 952
4,487 87,364 838 (44 )
(16,765 )
Total Including Pre-Acquisition (2)
$ 35,659 $ 63,176
$ 4,754 $ 87,364 $
1,065 $ 247 $
192,265 Six Months Ended June 30, 2016
Operating
Income
(Loss)
Depreciation
and
Amortization
Stock-Based
Compensation
Transaction
Expenses (5)
Severance
Expense
Other (4)(6) Adjusted
EBITDA
Excluding Pre-Acquisition:
West $ 19,219 $ 10,509 $ — $ — $ — $ 180 $
29,908 Midwest — — — — — — — South 12,043 3,910 — — — (50 ) 15,903
East (3) 28,665 17,143 — — — 1,136 46,944 Corporate
(12,010 ) 225 2,033 574
1,461 (49 ) (7,766 )
Total Excluding Pre-Acquisition $
47,917 $ 31,787 $
2,033 $ 574 $
1,461 $ 1,217 $
84,989 Pre-Acquisition (3): West $ 13,109 $
4,292 $ 26 $ — $ — $ — $ 17,427 Midwest 42,867 18,976 88 — — 705
62,636 South 26,179 8,256 48 — — — 34,483 East (2,543 ) 2,167 — — —
— (376 ) Corporate (15,520 ) 796
1,858 — — 870
(11,996 )
Total Pre-Acquisition $
64,092 $ 34,487 $
2,020 $ — $ —
$ 1,575 $ 102,174
Including Pre-Acquisition: West $ 32,328 $ 14,801 $ 26 $ — $
— $ 180 $ 47,335 Midwest 42,867 18,976 88 — — 705 62,636 South
38,222 12,166 48 — — (50 ) 50,386 East (3) 26,122 19,310 — — —
1,136 46,568 Corporate (27,530 ) 1,021
3,891 574 1,461
821 (19,762 )
Total Including
Pre-Acquisition (2) $ 112,009 $
66,274 $ 4,053 $
574 $ 1,461 $
2,792 $ 187,163 (1)
Figures are for Isle the one and four months ended April 30, 2017,
the day before the Company acquired Isle on May 1, 2017. The
Company reports its financial results on a calendar fiscal year.
Prior to the Company’s acquisition of Isle, Isle’s fiscal year
typically ended on the last Sunday in April. Isle’s fiscal 2017 and
2016 were 52-week years, which commenced on April 25, 2016 and
April 27, 2015, respectively. Such figures were prepared by the
Company to reflect Isles’ unaudited consolidated historical net
revenues and Adjusted EBITDA for periods corresponding to the
Company’s fiscal quarterly calendar. Such figures are based on the
unaudited internal financial statements and have not been reviewed
by the Company’s auditors and do not conform to GAAP. (2) Total
figures for 2016 and 2017 include combined results of operations
for Isle and the Company for periods preceding the date that the
Company acquired Isle. 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 investors in comparing current
results with results of prior periods. This is non-GAAP data and
should not be considered a substitute for data prepared in
accordance with GAAP, but should be viewed in addition to the
results of operations reported by the Company. (3) Figures are for
Isle for the three and six months ended June 30, 2016. Such figures
were prepared by the Company to reflect Isle’s unaudited
consolidated historical net revenues, operating income and Adjusted
EBITDA for periods corresponding to the Company’s fiscal quarterly
calendar. Such figures are based on the unaudited internal
financial statements and have not been reviewed by the Company’s
auditors and do not conform to GAAP. (4) Effective January 1, 2016,
the Ohio Lottery Commission enacted a regulatory change which
resulted in the establishment of a $1.0 million progressive slot
liability and a corresponding decrease in net slot win during the
first quarter of 2016. The changes are non-cash and related
primarily to prior years. The net non-cash impact to Adjusted
EBITDA was $0.6 million for the six months ended June 30, 2016. (5)
Transaction expenses for the three and six months ended June 30,
2017 represent acquisition costs related to the Isle Acquisition.
Transaction expenses for the three and six months ended June 30,
2016 represent acquisition costs related to the Reno Acquisition
and includes a credit of $2.0 thousand related to S-1 offering
costs. (6) Other is comprised of (gain) loss on the sale or
disposal of property, equity in loss of unconsolidated affiliate
and other regulatory gaming assessments, including the item listed
in footnote (4) above.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170808006431/en/
Eldorado Resorts, Inc.Thomas Reeg, 775-328-0112President and
Chief Financial
Officerinvestorrelations@eldoradoresorts.comorJCIRJoseph N.
Jaffoni, Richard Land, 212-835-8500eri@jcir.com
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