Eldorado experiences revenue decline in 1Q
Eldorado Resort’s first quarter was characterised by a 4% decline in net revenues.
US.- Eldorado Resorts has released its latest financial report, which details its operations during the first quarter of the year. During this period, net revenue decreased 4% year-on-year to US$627.8 million.
Despite the net revenue decline, the casino operator experienced a 43% increase in operating income to US$123.7 million. Furthermore, adjusted EBITDA rose 6% to US$166.7 million during the three-month period.
These results don’t include the operations of Presque Isle Down and Casino and Lady Luck Nemacolin as they were acquired during the trading period.
CEO Thomas Reeg said: “Eldorado’s results reflect our expanded, geographically diversified regional gaming platform and benefited from our unique operating initiatives. Growth was achieved despite significant weather disruption across the bulk of the portfolio in the 2019 first quarter.”
Moreover, the CEO talked about the rumours that Eldorado could merge with Caesars Entertainment, but did not provide a clear answer. “I’d note similar to our prior quarter call, we read the same newspaper you read, so we read the same rumours about what we might or might not be doing.
“We’re not going to comment on any particular potential transaction. We would reiterate if you see potential targets that may become available, which seem like they would fit our skill set, you should anticipate we would take a hard look.”
