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Eldorado Resorts reverses Q3 net loss

27 Oct 2015

By Howard Stutz
Reno-based Eldorado Resorts said Monday it reversed a third quarter net loss despite an overall decline in revenue.

Company officials also said they hope to receive Nevada gaming regulatory approval in November to acquire the Reno casino holdings of MGM Resorts International for $72.5 million.

Eldorado Resorts said its net income for the quarter that ended Sept. 30 was $3.3 million, which reversed a net loss of $4 million in the same quarter a year ago. The company's earnings per share was 7 cents compered to a loss of 16 cents last year. Overall revenue was $183.5 million, down 4% $191 million in the 2014 third quarter.

Eldorado Resorts is acquiring Circus Circus Hotel Casino - Reno and a remaining 50% stake in the Silver Legacy Resort Casino. The company already owned the other half of the Silver Legacy and the Eldorado Resort Casino in Reno.

Wells Fargo Securities gaming analyst Dennis Farrell Jr. said Eldorado's largest property, the Mountaineer Casino, Racetrack & Resort in West Virginia, remains "under pressure" due to competition from casinos in Maryland and a smoking ban.

"Management has effectively addressed these concerns by placing a heightened emphasis on diversification, namely at its Reno and (Ohio) properties," Farrell said.

Eldorado Resorts operates six properties in five states — Nevada, Ohio, West Virginia, Louisiana and Pennsylvania.

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