Eldorado Resorts announces planned resumption at two resorts » 08:3206/3006/30/20
Eldorado Resorts 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.
Stifel boosts Eldorado Resorts target to $60, sees 'triple-digit stock' soon » 04:5206/2906/29/20
Stifel analyst Steven…
Stifel analyst Steven Wieczynski raised the firm's price target on Eldorado Resorts (ERI) to $60 from $42 and keeps a Buy rating on the shares. The stock closed Friday down $2.45 to $36.15. The analyst still sees 65%-plus upside in the shares after positively revising out year estimates based on a stronger margin profile. Eldorado remains Stifel's top idea across as Wieczynski still believes the company will be a "triple-digit stock at some point in the not too distant future." The analyst has more conviction in management's Caesars (CZR) synergy opportunity as well as the free cash flow potential of the combined entity. Further, believes he's being conservative around some of his core margin and sports betting and internet gaming assumptions.
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Caesars announces FTC clearance of merger with Eldorado Resorts » 13:1606/2606/26/20
Caesars Entertainment (CZR) announced that the Federal Trade Commission has accepted a proposed consent order, which concludes the FTC's Hart-Scott-Rodino review of Caesars' pending merger with Eldorado Resorts (ERI). The FTC's acceptance of the consent order satisfies all required antitrust clearances for the merger, Caesars stated. "We are pleased that the FTC's approval of our planned merger with Eldorado paves the way for securing the remaining consents and approvals from regulators in Indiana, Nevada and New Jersey. All of us at Caesars are committed to completing the merger, which is expected to create the largest U.S. gaming company," said Tony Rodio, CEO of Caesars Entertainment.
Eldorado announces FTC clearance of merger with Caesars » 13:0406/2606/26/20
Eldorado Resorts (ERI)…
Eldorado Resorts (ERI) announced that the Federal Trade Commission has accepted a proposed consent order, which concludes the FTC's Hart-Scott-Rodino review of Eldorado's pending merger with Caesars Entertainment (CZR). The FTC's acceptance of the consent order satisfies all required antitrust clearances for the merger, the company said. Consummation of the merger remains subject to the satisfaction of other closing conditions, including receipt of all consents and approvals from the Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Casino Control Commission, Indiana Gaming Commission and Indiana Horse Racing Commission. "We are delighted to announce the FTC's approval of our planned Merger with Caesars, which is expected to create the largest owner and operator of U.S. gaming assets. We look forward to completing the Merger, subject to receipt of the remaining consents and approvals from regulators in Nevada, New Jersey and Indiana," said Tom Reeg, CEO of Eldorado.
Eldorado Resorts announces FTC clearance of Caesars acqusition 13:0006/2606/26/20
Eldorado Resorts put volume heavy and directionally bearish » 11:5506/2406/24/20
Bearish flow noted in…
Bearish flow noted in Eldorado Resorts with 7,473 puts trading, or 2x expected. Most active are Aug-20 40 puts and 6/26 weekly 50 calls, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 18 points on the day. Earnings are expected on August 6th.
Eldorado Resorts 18M share Secondary priced at $39.00 » 19:4506/1606/16/20
The deal priced below the…
The deal priced below the last closing price of $40.79. JPMorgan, Credit Suisse, Deutsche Bank and BofA are acting as joint book running managers for the offering.
Eldorado Resorts announces offering of 18M shares of common stock » 16:1106/1506/15/20
Eldorado Resorts announced that it has commenced an underwritten public offering of 18M shares of common stock. The company expects to use the net proceeds from the Offering for general corporate purposes. J.P. Morgan, Credit Suisse, Deutsche Bank Securities, and BofA Securities are acting as joint lead book-running managers for the offering, Goldman Sachs, Macquarie Capital, and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering, and Citizens Capital Markets, BTIG, Fifth Third Securities, KeyBanc Capital Markets, Stifel, and Union Gaming are acting as the co-managers for the offering.
Gaming and Leisure, Eldorado announce amendments to master lease agreement » 16:1106/1506/15/20
Gaming and Leisure…
Gaming and Leisure Properties (GLPI) and Eldorado Resorts (ERI) announced that the companies have agreed to amendments to their master lease agreement. The amended and restated 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. The portion of the rent subject to escalation will have fixed escalation percentages going forward. Given the backdrop of COVID-19, the companies have agreed upon no rent escalation in each of 2020 and 2021. The fixed escalation term of the master lease will commence with a 1.25% escalation on each of October 1, 2022 and October 1, 2023; followed by a 1.75% escalation on each of October 1, 2024 and October 1, 2025. Beginning on October 1, 2026 and for all subsequent lease years, the master lease will include a 2% fixed annual escalator. In addition, the companies have agreed to extend the master lease's initial term to 20 years with a renewal options of up to an additional 20 years. Further, Eldorado, subject to the satisfaction of certain conditions, can also replace its Tropicana Evansville and/or Tropicana Greenville properties in the master lease with one or more properties from a pre-determined list of existing Eldorado properties, provided that the aggregate replacement value is at least equal to the value of Tropicana Evansville and/or Tropicana Greenville, as applicable. In addition, Eldorado will be permitted to divest of the operations of Belle of Baton Rouge Casino & Hotel, with GLPI having the option to divest of its real property interests in such transaction or retain such interests through a new lease.
Eldorado Resorts files automatic common stock offering 16:0806/1506/15/20