|Bid||40.10 x 1200|
|Ask||40.15 x 1100|
|Day's Range||39.40 - 41.00|
|52 Week Range||6.02 - 70.74|
|Beta (5Y Monthly)||2.79|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 04, 2020 - Aug. 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||48.55|
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado" or the "Company") announced that at a meeting today, the Company received approval from the Indiana Gaming Commission in connection with its pending acquisition of Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), subject to applicable conditions.
Shares of Caesars Entertainment (NASDAQ: CZR) fell 10.8% in the first half of 2020, according to data provided by S&P Global Market Intelligence, as the casino industry was thrown into turmoil. What saved Caesars' stock was the company's agreement to be bought out by Eldorado Resorts (NASDAQ: ERI). Caesars shareholders are to get $8.40 per share in cash and 0.0899 shares of Eldorado stock.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado" or the "Company") and Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars" or "Caesars Entertainment") today announced that, in connection with the previously announced merger (the "Merger") of Caesars with a subsidiary of Eldorado, the deadline for Caesars stockholders to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., New York time, July 16, 2020 (the "Election Deadline"). The completion of the transaction remains subject to the satisfaction or waiver of certain closing conditions contained in the parties’ Agreement and Plan of Merger, dated as of June 24, 2019 (as amended on August 15, 2019, the "Merger Agreement"). The Election Deadline may be changed or extended in the event the anticipated closing date is delayed to a subsequent date, in which case Eldorado will promptly announce any such delay and, when determined, the rescheduled Election Deadline.
Eldorado Resorts (NASDAQ: ERI) is now much closer to merging with its peer Caesars Entertainment (NASDAQ: CZR) following the approval of two related Nevada regulators. On Wednesday, the state's Gaming Control Board and its Gaming Commission granted approval for the merger, which will see Eldorado effectively acquire Caesars in a deal originally valued at around $17.3 billion, including debt assumption. Eldorado and Caesars agreed that the former company would pay a total of $12.75 per Caesars share in a mix of cash and Eldorado common stock.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado" or the "Company") announced that at a meeting today, the Company received approval from the Nevada Gaming Control Board and the Nevada Gaming Commission in connection with its pending acquisition of Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), subject to customary conditions.
The casino operator's shares rose for a second month in a row as states started to reopen for business.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "ERI," or "the Company") announced today that it completed its previously announced transaction to divest Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg to Twin River Worldwide Holdings, Inc. (NYSE: TRWH) for $230 million in cash subject to working capital adjustments.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "ERI," or "the Company") today announced the planned resumption of operations at Grand Victoria Casino Elgin in Illinois on Wednesday, July 1, and Tropicana Atlantic City in New Jersey on Thursday, July 2, pending receipt of final regulatory approvals.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "Eldorado Resorts" or the "Company") announced today that the Federal Trade Commission (the "FTC") has accepted a proposed consent order, which concludes the FTC’s Hart-Scott-Rodino review of Eldorado’s pending merger (the "Merger") with Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"). The FTC’s acceptance of the consent order satisfies all required antitrust clearances for the Merger.
Eldorado Resorts, Inc. (Nasdaq: ERI) ("Eldorado" or the "Company") today announced that its wholly-owned subsidiary Colt Merger Sub, Inc. (the "Escrow Issuer"), has priced its previously announced offering of $3,400.0 million aggregate principal amount of 6.250% senior secured notes due 2025 (the "ERI Senior Secured Notes") (the principal amount of the offering of the ERI Senior Secured Notes was increased by $320.0 million from the previously announced offering size of $3,080.0 million), $1,800.0 million aggregate principal amount of 8.125% senior notes due 2027 (the "ERI Senior Notes" and, together with the ERI Senior Secured Notes, the "ERI Notes") (the principal amount of the offering of the ERI Senior Notes was decreased by $75.0 million from the previously announced offering size of $1,875.0 million) and $1,000.0 million aggregate principal amount of 5.750% senior secured notes due 2025 (the "CRC Senior Secured Notes" and, together with the ERI Notes, the "Notes") (the principal amount of the offering of the CRC Senior Secured Notes was decreased by $50.0 million from the previously announced offering size of $1,050.0 million).
Eldorado Resorts, Inc. (Nasdaq: ERI) ("Eldorado" or the "Company") today announced the underwriters of the Company’s recently completed public offering of common stock have exercised their option to acquire an additional 2,700,000 shares of common stock. The Company now estimates that the net proceeds from the offering, after deducting the underwriting discounts and commissions and other estimated offering expenses, will be approximately $772 million, including the exercise of the green shoe.
(Bloomberg) -- Eldorado Resorts Inc. launched the sale of about $6 billion of high-yield bonds on Wednesday to finance its acquisition of Caesars Entertainment Corp.The company is marketing a $3.08 billion five-year secured bond with early pricing discussions in the low-to-mid 6% range, and a $1.875 billion seven-year unsecured bond in the mid-to-high 8% range, according to people familiar with the matter. JPMorgan Chase & Co is leading the sale.Books had already reached about $6 billion as of Wednesday afternoon in New York on the two tranches, about half of which was spoken for before the launch, other people familiar said, who asked not to be named discussing a private transaction.The bonds launched on Wednesday and the deal is expected to price Friday.Under Caesars Resort, the company is also marketing $1.05 billion of five-year secured bonds. Credit Suisse Group AG is leading this portion.The financing was one of the largest commitments signed by banks before the Covid-19 pandemic. The banks on this deal recently negotiated better terms that gave them the flexibility to shift a substantial portion of the debt to secured bonds from leveraged loans.Read more: JPMorgan, Credit Suisse ready $7.2 billion debt sale for casinosThe company also launched a $1.47 billion Term Loan B to fund the acquisition. The commitment deadline was moved up to Friday June 19 from Wednesday June 24 originally. Pricing is being discussed at 450 basis points over the London interbank offered rate with a discount of 96 cents on the dollar.Moody’s Investors Service downgraded Eldorado Resorts on Wednesday by one notch to B2, five steps below investment grade, citing the increase in debt, risks associated with integrating and executing the acquisition. They also cited the disruption to casinos caused by the coronavirus. Moody’s rated the new secured notes B1 and the unsecured notes Caa1.(Updates with book color and Moody’s downgrade starting in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Eldorado Resorts, Inc. (Nasdaq: ERI) ("Eldorado" or the "Company") today announced that Colt Merger Sub, Inc. (the "Escrow Issuer"), a wholly owned subsidiary of Eldorado, intends to offer, subject to market and other conditions, $3,080.0 million aggregate principal amount of senior secured notes due 2025 (the "ERI Senior Secured Notes"), $1,875.0 million aggregate principal amount of senior notes due 2027 (the "ERI Senior Notes" and, together with the ERI Senior Secured Notes, the "ERI Notes") and $1,050.0 million aggregate principal amount of senior secured notes due 2025 (the "CRC Senior Secured Notes" and, together with the ERI Notes, the "Notes") in private placements to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States under Regulation S of the Securities Act.
Eldorado Resorts, Inc. (Nasdaq: ERI) ("Eldorado" or the "Company") today announced the pricing of an underwritten public offering of 18,000,000 shares of common stock at a public offering price of $39.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 2,700,000 of additional shares of its common stock from the Company at the public offering price, less the underwriting discount. The Company estimates that the net proceeds from the offering, after deducting the underwriting discounts and commissions and other estimated offering expenses, will be approximately $672 million, or approximately $772 million if the underwriters exercise their option to purchase additional shares of common stock in full.
(Bloomberg) -- A group of banks led by JPMorgan Chase & Co. and Credit Suisse Group AG is readying a $7.2 billion debt offering to finance Eldorado Resorts Inc.’s acquisition of Caesars Entertainment Corp., according to people familiar with the matter.Lenders began marketing some of the debt, among the largest commitments signed before the Covid-19 pandemic, on Tuesday, said the people, who asked not to be named because the discussions are private. The offering is expected to include leveraged loans and high-yield bonds, they said.The banks agreed to the financing a year ago, and recently negotiated better terms that give them flexibility to shift a substantial portion of the debt from leveraged loans to secured bonds, according to the people.That change isn’t expected to impact the company’s borrowing costs materially, but it will relieve banks from their original commitment to sell around $5.2 billion of the debt in the loan market where prices remain below levels reached before the outbreak, one of the people said.The deal with be financed with a mix of Caesars and Eldorado debt. Credit Suisse is leading the debt sale for Caesars, while JPMorgan leads the financing for Eldorado.Representatives for Credit Suisse, Eldorado and JPMorgan declined to comment. A representative for Caesars declined to comment on the financing but said the company continues to work toward the closing of the acquisition.The purchase of Caesars is one of the riskiest deals yet to close from the pre-virus era, and will make Eldorado -- once a small, family-run casino business -- the largest operator of gambling establishments in the U.S. The company is also planning to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances. The stock offering could generate about $800 million.Read more: Banks promised $7 billion for a casino deal. Then the virus hitLeveraged loan prices have recovered to about 90 cents on the dollar, while an ebullient credit market has seen junk bonds recoup nearly all of their losses this year. Other acquisition financings including for Apollo Global Management Inc.’s buyout of Tech Data Corp have also launched this week. Radio Systems Corp., which owns PetSafe, is marketing a $625 million junk bond offering to finance its buyout by Clayton, Dubilier & Rice.(Updates with details of the financing starting in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Despite all this bad news, hotel and resort stocks got a big pop this morning, with shares of Marriott International (NASDAQ: MAR) rising more than 6%, MGM Resorts (NYSE: MGM) climbing 7%, and Eldorado Resorts (NASDAQ: ERI) up most of all, more than 10%. Last night, after trading had closed for the day, Eldorado Resorts announced the sale of as many as 20.7 million shares of common stock in a play to raise potentially more than $800 million in cash to tide it over through the pandemic. None of that sounds like the actions of a financially healthy company, and indeed, Eldorado Resorts reported a $176 million loss last quarter -- after losing $13 million in the final quarter of 2019, even before COVID-19 hit.
(Bloomberg) -- Eldorado Resorts Inc. said it plans to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances ahead of a $17 billion merger of Caesars Entertainment Corp.The casino and gaming company is offering as many as 20.7 million shares of its stock, with the proceeds going to general corporate purposes, the company said Monday. At the closing price of $38.44, that could generate about $800 million.Vici Properties, a real estate investment trust spun off from Caesars, is providing a $400 million mortgage on a convention center Caesars opened in Las Vegas, and is purchasing 23 acres of land nearby for $4.5 million an acre. Eldorado also amended terms to a lease with Gaming and Leisure Properties Inc., which owns a number of casinos that it manages.Lastly, Eldorado and Caesars obtained waivers from banks to requirements that they maintain a certain level of debt to earnings.The acquisition of Caesars, which was first announced in June of last year, is one of the largest and riskiest deals yet to close from the pre-Covid era. The deal will make Eldorado, once a small, family-run casino business, the largest operator of gambling establishments in the U.S.The Reno, Nevada-based company was already having to find new owners for several properties in markets where it feared regulators may have objected to its increased market share. The length of time required to win approvals in each of the states the company would operate in extended into the coronavirus pandemic, which shuttered virtually all of the casinos in the country.Debt RevisionsEldorado and Caesars have obtained more flexibility from banks on key provisions in its debt documents that determine how much the company can borrow relative to its earnings. Companies in large swaths of the travel and entertainment industries have obtained similar concessions from lenders as their earnings plunged during the pandemic, avoiding a wave of defaults.The two companies said they amended terms of their existing bank credit lines and new debt that a group of lenders led by JPMorgan Chase & Co. had agreed to provide for the merger, according to filings. The amendment on the new credit line means Eldorado won’t be required to comply with a covenant that limits the amount of its secured debt to 6.35 times earnings until September 2021, unless it opts to terminate the waiver sooner.The bank group has also agreed to increase the credit lines they are providing to Eldorado and Caesars as part of the financing for the merger by a combined $210 million, according to the filings.Eldorado still requires the blessings of the Federal Trade Commission as well as regulators in New Jersey, Indiana and Nevada. Chief Executive Officer Tom Reeg, originally predicted a close for the deal in the second quarter of this year, while a filing on Monday said it would be in mid-2020.(Updates with Caesars waiver starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As it moves forward with its plans to acquire and merge with Caesars Entertainment (NASDAQ: CZR), casino giant Eldorado Resorts (NASDAQ: ERI) announced several major moves today to raise additional cash. The company's deal to merge with Caesars, likely to close this month, amounts to a likely $17.5 billion, and will create America's largest gaming enterprise to date. Today, Eldorado announced it's publicly offering 18 million shares of common stock for sale, with an additional 2.7 million shares optionally available to the offering's underwriters for the next 30 days.
Gaming and Leisure Properties, Inc. (GLPI) (“GLPI” or the “Company”) and Eldorado Resorts, Inc. (ERI) (“Eldorado”) announced today that the companies have agreed to mutually beneficial amendments to their master lease agreement that further both companies’ strategies. The Amended and Restated Master Lease (the “Master Lease”) is subject to the review of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods. Pursuant to the terms of the agreed upon lease amendment, the variable rent construct and the EBITDAR based escalator test in the existing Master Lease have been eliminated.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "ERI," or "the Company") announced today it has signed a letter of intent to enter into a $400 million mortgage with VICI Properties Inc. (NYSE: VICI) ("VICI") that is secured by the recently opened Caesars Forum Convention Center in Las Vegas. The 5 year mortgage will bear interest at a rate of 7.7% subject to a 2% annual escalation and will be pre-payable beginning in year 3 subject to certain conditions. The Caesars Forum Convention Center will remain subject to the existing Put/Call Agreement between Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars") and affiliates of VICI, with certain modifications, including VICI’s call option accelerating to 2025.
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," or "the Company") today announced that it has commenced an underwritten public offering of 18,000,000 shares of common stock of the Company (the "Offering").
Barely a week after announcing plans to reopen five Nevada-based casinos early this month, Eldorado Resorts (NASDAQ: ERI) announced even more reopenings this morning. "Eldorado plans to reopen Isle Casino Racing Pompano in Florida on Saturday, June 13, Tropicana Evansville in Indiana on Monday, June 15, Isle Casino Hotel Blackhawk and Lady Luck Casino Blackhawk in Colorado on Wednesday, June 17, and Eldorado Gaming Scioto Downs in Ohio on Friday, June 19," the company announced in a statement. Once these casinos have reopened, a total of 21 of Eldorado's 23 casino properties will be back in business -- 91% of the business.