Eldorado Resorts Announces Senior Management Transition Effective January 1, 2019

Gary L. Carano Named Executive Chairman of the Board

Thomas R. Reeg Named Chief Executive Officer

Anthony L. Carano Named President and Chief Operating Officer

Company Initiates Search for New Chief Financial Officer

RENO, Nev.–(BUSINESS WIRE)–Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the “Company”)
announced today that its Board of Directors approved an executive
management transition to position the Company for its next phase of
growth and the continued creation of shareholder value. Effective
January 1, 2019, Thomas (Tom) R. Reeg, who currently serves as the
Company’s President and Chief Financial Officer, will assume the role of
Chief Executive Officer for Eldorado Resorts. Mr. Reeg will assume his
new role as Gary L. Carano, the Company’s current Chairman of the Board
of Directors and CEO, has been appointed to the new role of Executive
Chairman of the Board of Directors. Among other things, Gary Carano will
assist the Board of Directors and the Chief Executive Officer with
regard to a wide variety of strategic matters, including the Company’s
long-term initiatives to maximize its customer facing amenities and
pursue additional acquisition opportunities. Anthony L. Carano will
assume the role of President and remain Chief Operating Officer. The
Company has commenced a search for a new Chief Financial Officer as Mr.
Reeg transitions out of that role.

Gary Carano has held senior management positions of increasing
responsibility at Eldorado since 1980. He was appointed Chairman of the
Board and Chief Executive Officer of Eldorado in September 2014, having
previously served as President and Chief Operating Officer. Under his
leadership, Eldorado has successfully executed an aggressive growth
strategy beginning in September 2014, when Mr. Carano took the company
public through a merger with MTR Gaming Group. Since that time, Mr.
Carano has led the Company through several accretive, value-building
transactions and property enhancements which have transformed Eldorado
from the operator of its single signature property in Reno, Nevada into
one of the largest regional gaming companies in the United States, with
26 casino resorts, annual revenue of more than $2.7 billion and nearly
20,000 team members (in each case, after giving effect to the previously
announced acquisition of Tropicana Entertainment and divestiture of
Presque Isle Downs and Lady Luck Casino Nemacolin).

Tom Reeg has served as President of Eldorado Resorts since September
2014, at which time he was also appointed to the Company’s Board of
Directors. He has also served as the Company’s Chief Financial Officer
since March 2016. Mr. Reeg’s involvement with the Company dates back to
2007 when he joined the Board of Managers of Eldorado Resorts LLC. He
has been instrumental in negotiating, structuring and financing the
Company’s growth strategy, including its acquisition of Eldorado
Shreveport in 2005, its merger with MTR Resorts in 2014, and its
subsequent accretive acquisitions, including the 2017 acquisition of
Isle of Capri Casinos, Inc., the recently completed acquisition of Grand
Victoria Casino in Elgin, Illinois and the pending acquisition of
Tropicana Entertainment (expected to be completed later this year). He
was also instrumental in forging recent strategic agreements with The
Cordish Companies to develop a new world-class, mixed-use entertainment
and hospitality destination in Pompano, Florida, and William Hill PLC
whereby William Hill US will serve as Eldorado’s exclusive sports
betting operator for a period of 25 years in exchange for equity
consideration in William Hill US and ordinary shares of William Hill PLC.

Anthony Carano joined Eldorado as Executive Vice President, General
Counsel and Secretary of the Company in September 2014 and was named
Chief Operating Officer in May 2017. He has been instrumental in
developing and overseeing the Company’s strategies to elevate guest
services and amenities, integrate acquired properties and expand
property level operating margins throughout its significant expansion in
scale and geographic reach. Mr. Carano also directed the integration
plans for each of the Company’s acquisitions, resulting in Eldorado
exceeding synergy targets in the acquisition of MTR Gaming and Isle of
Capri. Mr. Carano was previously an attorney at the Nevada law firm of
McDonald Carano Wilson, LLP where his practice was primarily devoted to
transactional, gaming and regulatory law.

“Having worked with Tom for more than ten years, I have the greatest
level of confidence in his leadership abilities, his industry
innovation, drive to succeed and his capacity for extending Eldorado’s
record of phenomenal growth. I also know that he shares the Carano
family commitment to providing our guests with unmatched services and
market-leading amenities. By putting this management change in place
now, we will ensure a seamless transition and better position Eldorado
to continue to execute on our growth strategies and further build value
for our shareholders.”

Tom Reeg added, “I am honored to take over as Chief Executive Officer
given Eldorado’s prospects for continued growth and our solid financial
position. Gary led a significant expansion of our property portfolio
while maintaining true to the Carano family’s legacy of providing our
guests with exceptional gaming, dining and entertainment experiences as
well as the family-style service for which the company is renowned. I
look forward to working closely with Anthony to continue this legacy and
continuing to work with Gary in his Executive Chairman role to pursue
additional strategic growth opportunities that leverage his knowledge of
Eldorado and the gaming industry.”

Each of Gary Carano, Tom Reeg and Anthony Carano entered into amendments
(the “Amendments”) to their amended and restated employment agreements
that become effective on January 1, 2019 and extend the term of the
employment agreements through January 2022. In addition to reflecting
the executives’ new roles, the Amendments for Messrs. Reeg and Anthony
Carano reflect corresponding changes to such executives’ compensation
(e.g., base salary and target bonus opportunity).

About Eldorado Resorts, Inc.

Eldorado Resorts is a leading casino entertainment company that owns and
operates twenty one properties in eleven states, including Colorado,
Florida, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio,
Pennsylvania and West Virginia. In aggregate, Eldorado’s properties
feature approximately 22,000 slot machines and VLTs and 640 table games,
and over 7,000 hotel rooms. On April 16, 2018, the Company announced
that it entered into an acquisition agreement for Tropicana
Entertainment Inc. with the transaction expected to close in the 2018
fourth quarter. For more information, please visit www.eldoradoresorts.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements regarding our strategies,
objectives and plans for future development or acquisitions of
properties or operations, as well as expectations, future operating
results and other information that is not historical information. When
used in this press release, the terms or phrases such as “anticipates,”
“believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,”
“estimates,” “could,” “should,” “would,” “will likely continue,” and
variations of such words or similar expressions are intended to identify
forward-looking statements. Although our expectations, beliefs and
projections are expressed in good faith and with what we believe is a
reasonable basis, there can be no assurance that these expectations,
beliefs and projections will be realized. There are a number of risks
and uncertainties that could cause our actual results to differ
materially from those expressed in the forward-looking statements which
are included elsewhere in this press release. Such risks, uncertainties
and other important factors include, but are not limited to: (a) our
ability to obtain required regulatory approvals and satisfy or waive
other closing conditions to consummate the acquisition of Tropicana, the
disposition of Presque Isle Downs and Lady Luck Casino Nemacolin and the
acquisition of equity interests in William Hill; (b) our ability to
obtain necessary permits, authorizations and financing for the proposed
development at Pompano on a timely basis or at all; (c) the possibility
that the one or more of such transactions do not close on the terms
described herein or that we are required to modify aspects of one or
more of such transactions to obtain regulatory approval; (d) our ability
to promptly and effectively implement our operating strategies at the
acquired Tropicana properties and the recently acquired Grand Victoria
Casino, and integrate our business and the business of the acquired
companies to realize the synergies contemplated by the acquisitions; (e)
our ability to identify and consummate future attractive acquisition
opportunities; (f) our ability to retain key employees of the acquired
companies; (g) our substantial indebtedness and the impact of such
obligations on our operations and liquidity; (h) competition; (i)
sensitivity of our operations to reductions in discretionary consumer
spending and changes in general economic and market conditions; (j)
governmental regulations and increases in gaming taxes and fees in
jurisdictions in which we operate; and (k) and other risks and
uncertainties described in our reports on Form 10-K, Form 10-Q and Form


For Eldorado Resorts:
Eldorado Resorts, Inc.
Reeg, 775-328-0112
N. Jaffoni, James Leahy

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