Eldorado Resorts Reports Net Loss of $4.1M for Q3
RENO, Nev. -- Net operating revenues for Eldorado Resorts Inc. for the third quarter were $78.9 million, an increase of 24% from the year-ago period, the company reported Thursday. Results include 12 days of operation at the former MTR Gaming Group's Mountaineer Casino, Racetrack & Resort in Chester, W.Va.
The merger of Eldorado Resorts and MTR Gaming was completed in mid-September.
Net loss for Eldorado was $4.1 million versus net income of $3.2 million in the third quarter of 2013. The loss included $4.5 million in acquisition charges while net income in the third quarter of 2013 included $1.4 million in acquisition charges.
“The combination of Eldorado and MTR has created a powerful new regional gaming operator with geographically diversified gaming assets and a stronger balance sheet,” said Gary Carano, chairman and CEO of Eldorado, in a prepared statement. “The integration of the Eldorado and MTR teams has gone smoothly over the last seven weeks, which is a testament to the commitment and teamwork of all of our team members. We believe we are squarely positioned to compete in this new competitive gaming environment, and ultimately grow the company further.”
Net operating revenues for Eldorado for the third quarter were $78.9 million, an increase of 24% from the same period in 2013 period. The $4.1 million net loss compares with net income of $3.2 million respectively.
For the MTR properties, net revenues at Mountaineer fell 1% to $50.1 million to $50.6 million in the third quarter of 2013. The decrease was attributed in part to increased marketing expense to offset additional gaming competition from Ohio, as well as continued competitive pressure from other casinos in the region.
Net revenues at Presque Isle Downs & Casino dropped 6.2% to $39.4 million compared to $42 million in the third quarter of 2013. The decrease was attributed to the same factors.
Pictured: Mountaineer Casino, Racetrack & Resort in Chester, W.Va., now owned by Eldorado Resorts.
Published by The Business Journal, Youngstown, Ohio.
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