|Bid||0.00 x 900|
|Ask||0.00 x 1100|
|Day's Range||45.51 - 46.72|
|52 Week Range||31.86 - 54.99|
|Beta (3Y Monthly)||1.85|
|PE Ratio (TTM)||32.33|
|Earnings Date||Aug 6, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||60.22|
Eldorado Resorts, Inc. announced today that it will report its 2019 second quarter financial results before the market opens on Tuesday, August 6, 2019.
The casino could be sold by the beginning of next year, and its landlord isn't worried. Port KC CEO Jon Stephens discusses the potential sale.
Twin River Worldwide Holdings (NYSE: TRWH ) will acquire two casinos from Eldorado Resorts (NASDAQ: ERI ) in a cash transaction for $230 million. The two casino operations are the real estate of Isle ...
Eldorado Resorts, Inc. (ERI) (“Eldorado” or the “Company”) announced today that it has entered into a definitive agreement to sell Isle of Capri Casino Kansas City in Kansas City, Missouri and Lady Luck Casino Vicksburg in Vicksburg, Mississippi to Twin River Worldwide Holdings, Inc. (TRWH) for aggregate consideration of $230 million in cash, subject to a working capital adjustment. Eldorado expects to use the net proceeds from the transaction for general corporate purposes, including for the proposed acquisition of Caesars Entertainment Corporation (CZR) announced June 24. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2020.
PROVIDENCE, R.I., July 11, 2019 /PRNewswire/ -- Twin River Worldwide Holdings, Inc. (TRWH) ("TRWH" or the "Company") announced today that it has entered into a definitive agreement to acquire the operations and real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri ("Isle Kansas City") and Lady Luck Casino Vicksburg in Vicksburg, Mississippi ("Lady Luck Vicksburg") from Eldorado Resorts, Inc. (ERI), in a cash transaction for $230 million, subject to certain customary post-closing adjustments.
We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be...
Moody's Investors Service ("Moody's") confirmed Caesar Entertainment Operating Co. LLC's B1 Corporate family rating, B1-PD Probability of Default rating and B1 senior secured rating. On June 24, 2019, CEOC's parent, Caesars Entertainment Corp, and Eldorado Resorts, Inc., announced they had reached an agreement to merge. The confirmation reflects the terms in the recently filed merger agreement that states CEOC's debt will be repaid upon closing of the proposed merger.
VICI Properties, Inc . (NYSE: VICI )’s acquisition of three casino properties from Harrah’s and lease changes as part of a casino industry megadeal makes the real estate investment trust company a good ...
13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a greater than 5% position in any class of a company’s securities. Engaged Capital owns a position in the restaurant chain of 3,328,000 shares, roughly equal to 9.9% of the restaurant company’s tradable stock.
The stock market pulled back somewhat as investors didn't want to make new long bets ahead of President Donald Trump's meeting with Chinese President Xi Jinping.
(Bloomberg Opinion) -- One of the biggest losers in the S&P 500 Index this week is AbbVie Inc., which took a dive after the drugmaker announced one of the year’s biggest mergers. It’s emblematic of a trend that’s seen some of the most daring dealmakers punished for their pricey pursuits. CEOs considering large-scale M&A should take it as a note of caution heading into the second half of 2019. On the one hand, it’s not completely surprising that an acquirer’s stock would fall after announcing an acquisition, especially one as large as AbbVie’s $63 billion offer on Tuesday for Botox manufacturer Allergan Plc, a business that brings with it some $22 billion of net debt. But AbbVie’s 16% sell-off went beyond the typical post-deal dent, and it hasn’t recovered yet. It’s also not alone.It was a similar case on Monday when Eldorado Resorts Inc. struck a $17.3 billion deal for Caesars Entertainment Corp. to expand its casino portfolio, a transaction that came at the urging of billionaire activist hedge-fund manager Carl Icahn. Eldorado sank 11% that day. Earlier this month, investors also balked at United Technologies Inc.’s merger with $50 billion missile maker Raytheon Co., which will create a new behemoth in the aerospace and defense industry.The list goes on: Shares of Occidental Petroleum Corp. have tumbled 17% to a more than decade low since it agreed to buy Anadarko Petroleum Corp. for $57 billion last month. And Bristol-Myers Squibb Co. still hasn’t reversed its 14% retreat in the wake of the January announcement that it’s acquiring Celgene Corp. in a transaction valued at more than $80 billion. In all, megadeals getting the thumbs down this year are worth about $440 billion. In recent years, investors had gone soft on dealmakers as the market got swept up in a merger wave that promised to revive earnings growth. In some cases, acquirers’ stock prices even headed higher on deal announcements, as shareholders were just glad to see the companies do something with all their cash.But this year, that’s changed. Companies are clearly being penalized for doing megadeals, which I define as transactions in the $20-billion-and-up range. This chart shows the average acquirer’s stock-price change on the first day its deal was announced:This trend is also interesting given the fact that megamergers are what’s currently driving the broader M&A market. The nine announced so far this year represent 30% of the total value of global M&A activity, a far higher proportion than in any of the last 20 years. (That's not including private equity-led buyouts.)In comparison, deals in the $1 billion to $5 billion range – considered the bread and butter of the M&A market – have dried up, as I wrote earlier this month. Global dealmaking was down 16% when that piece published; now it’s down just 2% on account of the recent flurry of megadeals. (I had wondered whether U.S. trade tensions with China and Mexico would derail future large-scale acquisitions, but so far that’s not the case.)Time and time again, it’s been shown that the acquiring companies in giant deals tend to lag behind the broader market in subsequent years. Just this week, my colleague Max Nisen drilled into data on pharmaceutical mergers, which showed that AbbVie’s sell-off may just be an early manifestation of what’s usually inevitable later on. While Big Pharma often has good reason for turning to big purchases, such as the loss of patent protection on blockbuster drugs, Max found that in most cases only very patient investors were rewarded in the long run, and even then the returns trailed the S&P 500. Companies in other industries – such as Campbell Soup Co., CVS Health Corp. and Verizon Communications Inc. – have also disclosed writedowns because they overpaid for deals in recent years.It’s understandable if investors are feeling less giddy about megamergers. After witnessing AbbVie and Eldorado’s brutal week, who dares to step up next?To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering deals, Berkshire Hathaway Inc., media and telecommunications. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") today placed Eldorado Resorts, Inc. (ERI) ratings on review for downgrade in response to the company's announcement that it entered into a merger agreement with Caesars Entertainment Corporation (CEC) for total consideration of $17.3 billion.
Although we think Eldorado Resorts' domestic casinos could enjoy a mid-single-digit revenue gain from being added to Caesars' 55 million-member loyalty program once the deal is completed in the first half of 2020, we see only a handful of Eldorado's 26 facilities overlapping with MGM Resorts' MGM Mississippi and Atlantic City properties. In total, we calculate that these three Eldorado facilities can produce around $200 million in revenue this year and see around a mid-single-digit percentage lift to sales with the integration of Caesars' loyalty program, based on past results from Caesars' integrations.
(Bloomberg) -- Eldorado Resorts Inc. found a surprising source of funds when it needed cash to finance its $17.3 billion acquisition of Caesars Entertainment Corp.: its landlord.Vici Properties Inc., a real estate investment trust spun off to Caesars’ creditors almost two years ago, played a key role in financing the deal. The company, which already owns 21 Caesars casinos, agreed to provide $1.4 billion -- in exchange for $98.5 million a year in higher rent payments. It’s also buying three more properties for $1.8 billion, a conventional role for REITs in such a deal. Over the past five years, Eldorado has used creative deals like this to transform itself from a small regional player. The transaction announced Monday catapults the little-known company into the big leagues of gambling, giving the Reno, Nevada-based operator banner properties such as Caesars Palace, Harrah’s and Bally’s.“If you look at past acquisitions, we have found assets that others were not utilizing or really placing much value on and created value from them,” Tom Reeg, an Eldorado veteran who became chief executive officer in January, said Monday on a call.Sports-Betting DealLast year, for example, the company cut a deal with U.K. bookmaker William Hill Plc to bring sports betting to its casinos. The accord gave Eldorado $50 million in William Hill stock, a 20% stake in the company’s U.S. operation and a share of the profit from sports betting.The $3.2 billion Vici is providing adds up to almost half of the $7.2 billion in cash Eldorado intends to pay Caesars shareholders when the deal closes next year.A Vici spokesman declined to comment, citing an offering the company is making in association with the transaction. On Tuesday, the company priced 100 million common shares at $21.50 each to help finance the deal.Vici’s leases, which are subject to annual increases of about 2%, last 15 years, according to company filings. There are options for extensions that can stretch out to 35 years.Reeg seemed pleased with himself on the call.“I’d also point to what we did with Vici and this transaction,” he said. “You should expect us to be looking for opportunity to create value from all of the levers that we can pull in an organization of this size.”To contact the reporter on this story: Christopher Palmeri in Los Angeles at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") downgraded Caesars Entertainment Operating Company LLC's ("CEOC") Corporate Family Rating to B1, its Probability of Default Rating to B1-PD and its senior secured bank rating to B1 and placed these ratings on review for further downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). CEOC is expected to be merged with another CEC subsidiary, Caesars Resorts Collection, LLC. ("CRC"), as a part of the merger financing plan, and so the rating downgrade equalizes it with that of CRC. The broad scope of the transaction structure and financing was announced by ERI.
Moody's Investors Service ("Moody's") placed the Caesars Resort Collection, LLC's ("CRC") B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba3 senior secured and B3 senior unsecured ratings on review for downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). ERI will acquire CEC's common for $12.75 per share consisting of $8.40 per share in cash and 0.0899 shares of ERI common stock for total consideration of $17.3 billion comprised of $7.2 billion in cash, about 77 million ERI common shares and assumption of CEC's net debt, including its existing convertible security.
There’s a surprising acquisition coming in the gaming space and an unsurprising result in the fast-food industry.
The combined company will have 60 casino properties — including 5 in Philadelphia and Atlantic City.