RENO, Nev.–(BUSINESS WIRE)–Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the “Company”)
announced today that its Board of Directors has authorized a $150
million common stock repurchase program. The Company anticipates funding
any share repurchases from its cash flow from operations. Eldorado has
approximately 77.5 million shares of common stock outstanding.
Gary Carano, Chairman and Chief Executive Officer of Eldorado,
commented, “Given the strength of our recent operating results —
including year over year Adjusted EBITDA growth of nearly 13% in our
recently reported 2018 third quarter results — and free cash flow that
we expect to achieve from the recent accretive acquisitions of Tropicana
Entertainment and Grand Victoria Casino, our Board of Directors believes
share repurchases represent a prudent use of capital.”
Repurchases may be made at management’s discretion from time to time on
the open market (either with or without a 10b5-1 plan) or through
privately negotiated transactions. The repurchase program has no time
limit and may be suspended or discontinued at any time without notice.
There is no minimum number of shares that the Company is required to
repurchase and the timing and amount of any shares repurchased under the
program will depend on a variety of factors, including available
liquidity, general market and economic conditions, regulatory
requirements, alternate uses for capital and other factors.
About Eldorado Resorts, Inc.
Eldorado Resorts is a leading casino entertainment company that owns and
operates twenty eight properties in thirteen states, including Colorado,
Florida, Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri,
Nevada, New Jersey, Ohio, Pennsylvania and West Virginia. In aggregate,
Eldorado’s properties feature more than 30,000 slot machines and VLTs
and 800 table games, and over 12,500 hotel rooms. For more information,
please visit www.eldoradoresorts.com.
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 expectations regarding
purchases of outstanding shares of common stock as well as expectations
regarding 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 including availability of capital to repurchase shares of
our common stock and our ability to do so in compliance with our
obligations under the agreements governing our outstanding indebtedness;
our ability to integrate our recent acquisitions, identify future
attractive acquisition opportunities and realize the benefits of such
transactions; and other risks and uncertainties described in our reports
on Form 10-K, Form 10-Q and Form 8-K.
In light of these and other risks, uncertainties and assumptions, the
forward-looking events discussed in this press release might not occur.
These forward-looking statements speak only as of the date of this
press release, even if subsequently made available on our website or
otherwise, and we do not intend to update publicly any forward-looking
statement to reflect events or circumstances that occur after the date
on which the statement is made, except as may be required by law.