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September 02, 2015 11:33 AM ET

Hotels, Restaurants and Leisure

Company Overview of Eldorado Resorts, Inc.

Company Overview

Eldorado Resorts, Inc., a gaming and hospitality company, owns and operates gaming facilities in Louisiana, Nevada, Ohio, Pennsylvania, and West Virginia. It owns and operates Eldorado resort casino, a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino situated on the Red River in Shreveport, Louisiana; Eldorado Hotel and Casino, a 814-room hotel, casino, and entertainment facility located in downtown Reno, Nevada; and Silver Legacy resort casino, a 1,711-room themed hotel and casino located adjacent to Eldorado Reno. The company also owns and operates Mountaineer Casino, Racetrack and Resort, a 354-room resort with a casino and live thoroughbred horse racing lo...

100 West Liberty Street

Suite 1150

Reno, NV 89501

United States

Founded in 1973

7,100 Employees

Phone:

775-328-0100

Key Executives for Eldorado Resorts, Inc.

Chairman and Chief Executive Officer
Age: 63
Total Annual Compensation: $451.5K
President and Director
Age: 43
Total Annual Compensation: $2.2M
Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Age: 72
Total Annual Compensation: $643.6K
Chief Operating Officer and Executive Vice President
Age: 51
Total Annual Compensation: $623.8K
Executive Vice President, General Counsel and Secretary
Age: 33
Total Annual Compensation: $327.1K
Compensation as of Fiscal Year 2014.

Eldorado Resorts, Inc. Key Developments

Eldorado HoldCo LLC Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Eldorado HoldCo LLC announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's net operating revenues were $182.633 million compared to $61.749 million a year ago. Operating income was $23.059 million compared to $6.775 million a year ago. Income before income taxes was $5.827 million compared to $2.909 million a year ago. Net income was $4.795 million or $0.10 per diluted share compared to $2.909 million or $0.12 per diluted share a year ago. Total Adjusted EBITDA was $36.366 million compared to $35.443 million a year ago. For the six months, the company's net operating revenues were $350.084 million compared to $118.779 million a year ago. Operating income was $35.143 million compared to $8.327 million a year ago. Income before income taxes was $0.679 million compared to $0.576 million a year ago. Net loss was $1.369 million or $0.03 per diluted share compared to net income of $0.576 million or $0.02 per diluted share a year ago. Total Adjusted EBITDA was $64.090 million compared to $63.888 million a year ago.

Eldorado Resorts, Inc. Prices its New Credit Facility Consisting of a $425 Million Seven Year Term Loan and a $150 Million Five Year Revolving Credit Facility

On July 17, 2015, Eldorado Resorts, Inc. announced that it priced its new credit facility consisting of a $425 million seven year term loan and a $150 million five year revolving credit facility. The new term Loan will bear interest at a rate per annum of, at the option, either LIBOR plus 3.25%, with a LIBOR floor of 1.0%, or a base rate plus 2.25%, and will have an issue price of 99.5% of the principal amount of the New Term Loan. The New Revolving Facility will bear interest at a rate per annum of, at the option, either LIBOR plus a spread ranging from 2.5% to 3.25% or a base rate plus a spread ranging from 1.5% to 2.25%, in each case with the spread determined based on the company's total leverage ratio. The new credit facility is expected to close on or about July 23, 2015, subject to customary closing conditions.

Eldorado Resorts, Inc. Announces Pricing of $375 Million in Aggregate Principal Amount of Senior Notes Due 2023

Eldorado Resorts, Inc. priced its the offering of $375 million in aggregate principal amount of senior notes due 2023 at an interest rate of 7% and an issue price equal to 100% of the principal amount of the Notes. The offering is expected to close on or about July 23, 2015, subject to customary closing conditions. The company intends to apply the net proceeds of the sale of the Notes, together with borrowings under a proposed new $425 million term loan, proceeds from the proposed sale of equity securities, borrowings under a proposed new $150 million revolving credit facility and cash on hand, to (i) purchase or otherwise redeem or discharge (a) all of the outstanding 8.625% Senior Secured Notes due 2019 issued by Eldorado Resorts LLC and Eldorado Capital Corp. and (b) all of the outstanding 11.50% Senior Secured Second Lien Notes due 2019 issued by MTR Gaming Group, Inc., (ii) pay the purchase price for the purchase of all of the assets of Circus Circus Reno and the 50% interest in the Silver Legacy joint venture that is currently owned by a subsidiary of MGM Resorts International and repay all amounts outstanding under the Silver Legacy Joint Venture credit facility, and (iii) pay fees and costs associated with such transactions.

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