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Section 1: 10-Q (10-Q)

eri-10q_20190630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10‑Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period                 to                 

 

Commission File No. 

001-36629

ELDORADO RESORTS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

46-3657681

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

100 West Liberty Street, Suite 1150, Reno, Nevada 89501

(Address and zip code of principal executive offices)

(775328‑0100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.00001 par value

ERI

NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non‑accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).    Yes      No  

The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of August 7, 2019 was 77,768,206.

 

 

 

 


 

ELDORADO RESORTS, INC.

QUARTERLY REPORT FOR THE THREE MONTHS ENDED

JUNE 30, 2019

TABLE OF CONTENTS

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

2

Item 1.

FINANCIAL STATEMENTS

 

2

 

Consolidated Balance Sheets at June 30, 2019 (unaudited) and December 31, 2018

 

2

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)

 

3

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)

 

4

 

Consolidated Statements of Stockholders’ Equity for the Six Months Ended June 30, 2019 and 2018 (unaudited)

 

5

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (unaudited)

 

6

 

Condensed Notes to Consolidated Financial Statements (unaudited)

 

7

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

44

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

67

Item 4.

CONTROLS AND PROCEDURES

 

67

PART II. OTHER INFORMATION

 

69

Item 1.

LEGAL PROCEEDINGS

 

69

Item 1A.

RISK FACTORS

 

69

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

76

Item 3.

DEFAULTS UPON SENIOR SECURITIES

 

76

Item 4.

MINE SAFETY DISCLOSURES

 

76

Item 5.

OTHER INFORMATION

 

76

Item 6.

EXHIBITS

 

77

SIGNATURES

 

78

 

1


 

PART I-FINANCIAL INFORMATION

Item 1.  Financial Statements.

ELDORADO RESORTS, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

 

(unaudited)

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

183,139

 

 

$

 

230,752

 

Restricted cash and investments

 

 

 

24,718

 

 

 

 

24,892

 

Marketable securities

 

 

 

22,679

 

 

 

 

16,957

 

Accounts receivable, net

 

 

 

60,059

 

 

 

 

60,169

 

Due from affiliates

 

 

 

3,043

 

 

 

 

327

 

Inventories

 

 

 

19,016

 

 

 

 

20,595

 

Income taxes receivable

 

 

 

 

 

 

 

15,731

 

Prepaid expenses

 

 

 

40,335

 

 

 

 

48,002

 

Assets held for sale

 

 

 

349,649

 

 

 

 

155,771

 

Total current assets

 

 

 

702,638

 

 

 

 

573,196

 

Investment in and advances to unconsolidated affiliates

 

 

 

131,382

 

 

 

 

1,892

 

Property and equipment, net

 

 

 

2,713,805

 

 

 

 

2,882,606

 

Gaming licenses and other intangibles, net

 

 

 

1,219,378

 

 

 

 

1,362,006

 

Goodwill

 

 

 

967,397

 

 

 

 

1,008,316

 

Other assets, net

 

 

 

347,402

 

 

 

 

83,446

 

Total assets

 

$

 

6,082,002

 

 

$

 

5,911,462

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

329

 

 

$

 

462

 

Accounts payable

 

 

 

56,413

 

 

 

 

58,524

 

Accrued property, gaming and other taxes

 

 

 

50,228

 

 

 

 

51,931

 

Accrued payroll and related

 

 

 

75,160

 

 

 

 

87,332

 

Accrued interest

 

 

 

38,754

 

 

 

 

42,780

 

Income taxes payable

 

 

 

17,951

 

 

 

 

47,475

 

Accrued other liabilities

 

 

 

130,784

 

 

 

 

102,982

 

Liabilities related to assets held for sale

 

 

 

13,621

 

 

 

 

10,691

 

Total current liabilities

 

 

 

383,240

 

 

 

 

402,177

 

Long-term financing obligation to GLPI

 

 

 

965,208

 

 

 

 

959,835

 

Long-term debt, less current portion

 

 

 

3,018,455

 

 

 

 

3,261,273

 

Deferred income taxes

 

 

 

192,128

 

 

 

 

200,010

 

Other long-term liabilities

 

 

 

437,452

 

 

 

 

59,014

 

Total liabilities

 

 

 

4,996,483

 

 

 

 

4,882,309

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

 

Common stock, 200,000,000 shares authorized, 77,543,101

   and 77,215,066 issued and outstanding, net of treasury shares, par value

   $0.00001 as of June 30, 2019 and December 31, 2018, respectively

 

 

 

1

 

 

 

 

1

 

Paid-in capital

 

 

 

752,021

 

 

 

 

748,076

 

Retained earnings

 

 

 

342,627

 

 

 

 

290,206

 

Treasury stock at cost, 223,823 shares held at June 30, 2019 and

   December 31, 2018

 

 

 

(9,131

)

 

 

 

(9,131

)

Accumulated other comprehensive income

 

 

 

1

 

 

 

 

1

 

Total stockholders’ equity

 

 

 

1,085,519

 

 

 

 

1,029,153

 

Total liabilities and stockholders’ equity

 

$

 

6,082,002

 

 

$

 

5,911,462

 

 

The accompanying condensed notes are an integral part of these consolidated financial statements.

2


 

ELDORADO RESORTS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino and pari-mutuel commissions

 

$

 

456,997

 

 

$

 

348,720

 

 

$

 

927,848

 

 

$

 

692,248

 

Food and beverage

 

 

 

75,428

 

 

 

 

54,293

 

 

 

 

150,637

 

 

 

 

106,491

 

Hotel

 

 

 

78,484

 

 

 

 

38,926

 

 

 

 

143,175

 

 

 

 

69,667

 

Other

 

 

 

26,212

 

 

 

 

14,863

 

 

 

 

51,284

 

 

 

 

28,588

 

Net revenues

 

 

 

637,121

 

 

 

 

456,802

 

 

 

 

1,272,944

 

 

 

 

896,994

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino and pari-mutuel commissions

 

 

 

203,240

 

 

 

 

169,945

 

 

 

 

413,546

 

 

 

 

339,496

 

Food and beverage

 

 

 

59,497

 

 

 

 

44,770

 

 

 

 

119,882

 

 

 

 

89,546

 

Hotel

 

 

 

25,136

 

 

 

 

13,695

 

 

 

 

48,786

 

 

 

 

26,201

 

Other

 

 

 

10,723

 

 

 

 

8,310

 

 

 

 

21,972

 

 

 

 

15,715

 

Marketing and promotions

 

 

 

32,080

 

 

 

 

21,832

 

 

 

 

64,381

 

 

 

 

43,133

 

General and administrative

 

 

 

117,431

 

 

 

 

73,745

 

 

 

 

237,319

 

 

 

 

147,947

 

Corporate

 

 

 

21,051

 

 

 

 

12,232

 

 

 

 

37,805

 

 

 

 

23,801

 

Impairment charges

 

 

 

 

 

 

 

 

 

 

 

958

 

 

 

 

9,815

 

Depreciation and amortization

 

 

 

56,533

 

 

 

 

31,910

 

 

 

 

114,290

 

 

 

 

63,444

 

Total operating expenses

 

 

 

525,691

 

 

 

 

376,439

 

 

 

 

1,058,939

 

 

 

 

759,098

 

(Loss) gain on sale or disposal of property and equipment

 

 

 

(366

)

 

 

 

423

 

 

 

 

21,952

 

 

 

 

(283

)

Transaction expenses

 

 

 

(7,292

)

 

 

 

(3,404

)

 

 

 

(9,186

)

 

 

 

(5,952

)

(Loss) income from unconsolidated affiliates

 

 

 

(1,222

)

 

 

 

32

 

 

 

 

(617

)

 

 

 

(53

)

Operating income

 

 

 

102,550

 

 

 

 

77,414

 

 

 

 

226,154

 

 

 

 

131,608

 

OTHER EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

(71,798

)

 

 

 

(31,405

)

 

 

 

(145,308

)

 

 

 

(62,656

)

Unrealized loss on restricted investments

 

 

 

(1,398

)

 

 

 

 

 

 

 

(2,858

)

 

 

 

 

Total other expense

 

 

 

(73,196

)

 

 

 

(31,405

)

 

 

 

(148,166

)

 

 

 

(62,656

)

Income before income taxes

 

 

 

29,354

 

 

 

 

46,009

 

 

 

 

77,988

 

 

 

 

68,952

 

Provision for income taxes

 

 

 

(10,418

)

 

 

 

(9,213

)

 

 

 

(20,823

)

 

 

 

(11,301

)

Net income

 

$

 

18,936

 

 

$

 

36,796

 

 

$

 

57,165

 

 

$

 

57,651

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.24

 

 

$

 

0.48

 

 

$

 

0.74

 

 

$

 

0.74

 

Diluted

 

$

 

0.24

 

 

$

 

0.47

 

 

$

 

0.73

 

 

$

 

0.74

 

Weighted average basic shares outstanding

 

 

 

77,682,759

 

 

 

 

77,458,584

 

 

 

 

77,625,303

 

 

 

 

77,406,447

 

Weighted average diluted shares outstanding

 

 

 

78,725,289

 

 

 

 

78,258,629

 

 

 

 

78,657,552

 

 

 

 

78,169,629

 

 

The accompanying condensed notes are an integral part of these consolidated financial statements.

 

 

3


 

ELDORADO RESORTS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

 

18,936

 

 

$

 

36,796

 

 

$

 

57,165

 

 

$

 

57,651

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income, net of tax

 

$

 

18,936

 

 

$

 

36,796

 

 

$

 

57,165

 

 

$

 

57,651

 

 

The accompanying condensed notes are an integral part of these consolidated financial statements.

 

 

4


 

ELDORADO RESORTS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(dollars in thousands)

(unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income

 

 

Shares

 

 

Amount

 

 

Total

 

Balance, December 31, 2018

 

 

77,438,889

 

 

$

 

1

 

 

$

 

748,076

 

 

$

 

290,206

 

 

$

 

1