Eldorado Resorts reports Q4 net revenue fall of 12%

Eldorado Resorts reported Q4 net revenue $592m for a year-on-year decline of 12%.

The Reno-based casino and entertainment company took in operating income of $59m, a decrease of 32%. 

Adjusted EBITDA on a same-store basis grew 0.4% to $146m. 

Full year 2019 adjusted EBITDA rose 28%. 

Eldorado acquired Caesars in June for $17.3bn. 

Tom Reeg, CEO of Eldorado Resorts, said: “As we continue to move through the regulatory review process in advance of the expected closing in the first half of 2020 for the Caesars Entertainment acquisition, we remain extremely excited about the opportunity to create value for shareholders and stakeholders of both companies.” 

Reeg noted that Eldorado sold five assets for total gross proceeds of $564m and also entered into agreements to sell Twin River for $230m and Eldorado Shreveport to Maverick Gaming for $230m. 

Eldorado hopes to cash in on sports betting in Colorado along with states where it is already legal. 

Reeg said: “On the sports wagering front, we opened operations in Iowa and Indiana in 2019 and we are excited about the long-term opportunity created by this new revenue stream.” 

Eldorado repaid $388m of debt in Q4 and reduced debt in 2019 by more than $700m. 

Ezra Amacher

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