Casino owner and operator Eldorado Resorts has reported an increase in revenue for the quarter ending September 30, 2019.
The company saw net revenue of $663.2m, an increase of 36.1 per cent on a GAAP basis. Operating income of $124.9m, an increase of 36.1 per cent on a GAAP basis and 36.5 per cent on a same-store basis, with net income of $37.1m.
“Eldorado generated record third quarter adjusted EBITDA of $197.8m on a 36.5 per cent increase in operating income and a 4.1 per cent decline in net revenues on a same-store basis,” said Tom Reeg, CEO of Eldorado Resorts. “Adjusted EBITDA grew 7.9 per cent year over year on a same-store basis reflecting further success with our margin enhancement and operating efficiency initiatives coupled with revenue recognition from our new sports betting partnerships. We achieved a 330-basis point year-over-year increase in our consolidated adjusted EBITDA margin to 29.8 per cent, a quarterly record.”
“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, our senior management and integration team has now had the opportunity to visit every domestic Caesars asset. We are increasingly excited about the opportunity to combine best practices from each company. We remain confident that the national, multi-brand footprint across all major and regional markets created by the combination of Eldorado and Caesars is a strategically, financially and operationally compelling opportunity that is expected to deliver value to shareholders and stakeholders of both companies.”