Company Quick10K Filing
Eldorado Resorts
Price38.56 EPS1
Shares79 P/E32
MCap3,030 P/FCF12
Net Debt-219 EBIT379
TEV2,811 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-14
8-K 2020-08-28 Regulation FD, Exhibits
8-K 2020-08-06 Regulation FD
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-29 Officers
8-K 2020-07-27 Officers
8-K 2020-07-20 Other Events, Exhibits
8-K 2020-07-17 Other Events
8-K 2020-07-17 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Shareholder Rights, Accountant, Officers, Amend Bylaw, Exhibits
8-K 2020-07-17 Other Events, Exhibits
8-K 2020-07-15 Regulation FD
8-K 2020-07-09 Other Events, Exhibits
8-K 2020-07-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-07-01 Other Events, Exhibits
8-K 2020-06-29 Shareholder Vote
8-K 2020-06-26 Other Events, Exhibits
8-K 2020-06-16
8-K 2020-06-15
8-K 2020-05-11
8-K 2020-04-24
8-K 2020-04-08
8-K 2020-03-17
8-K 2020-03-13
8-K 2020-03-09
8-K 2020-02-26
8-K 2020-01-10
8-K 2019-12-06
8-K 2019-11-15
8-K 2019-11-06
8-K 2019-09-26
8-K 2019-08-15
8-K 2019-08-06
8-K 2019-07-10
8-K 2019-06-24
8-K 2019-06-24
8-K 2019-06-19
8-K 2019-06-17
8-K 2019-05-02
8-K 2019-02-27
8-K 2019-02-01
8-K 2019-01-11
8-K 2018-11-08
8-K 2018-11-08
8-K 2018-10-01
8-K 2018-09-20
8-K 2018-09-06
8-K 2018-09-06
8-K 2018-09-05
8-K 2018-08-07
8-K 2018-08-02
8-K 2018-07-06
8-K 2018-06-20
8-K 2018-05-07
8-K 2018-05-03
8-K 2018-04-15
8-K 2018-04-15
8-K 2018-02-28
8-K 2018-02-22
8-K 2018-01-22

ERI 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Merger Related Transactions
Note 3. Leases
Note 4. Revenue Recognition
Note 5. Assets Held for Sale
Note 6. Stock - Based Compensation and Stockholders' Equity
Note 7. Investments in and Advances To Unconsolidated Affiliates
Note 8. Intangible Assets, Net
Note 9. Income Taxes
Note 10. Long - Term Financing Obligation
Note 11. Long - Term Debt
Note 12. Fair Value Measurements
Note 13. Earnings per Share
Note 14. Commitments and Contingencies
Note 15. Related Affiliates
Note 16. Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 a2020q2eri-ex311.htm
EX-31.2 a2020q2eri-ex312.htm
EX-32.1 a2020q2eri-ex321.htm
EX-32.2 a2020q2eri-ex322.htm

Eldorado Resorts Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02014201620182020
Assets, Equity
0.70.50.40.20.1-0.12014201620182020
Rev, G Profit, Net Income
1.10.70.3-0.2-0.6-1.02014201620182020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                 
Commission File No. 001-36629
CAESARS ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware46-3657681
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
100 West Liberty Street, Suite 1150, Reno, Nevada 89501
(Address and zip code of principal executive offices)
(775328-0100
(Registrant’s telephone number, including area code)
Eldorado Resorts, Inc.
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.00001 par valueCZRNASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of July 31, 2020 was 160,833,608.



CAESARS ENTERTAINMENT, INC.
QUARTERLY REPORT FOR THE THREE MONTHS ENDED
JUNE 30, 2020
TABLE OF CONTENTS
Page
 
 
 
 
 
 
Item 6.

1





PART I-FINANCIAL INFORMATION
Item 1.  Financial Statements
2


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30,
2020
December 31,
2019
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$950,483  $206,317  
Restricted cash and investments9,035  3,507  
Marketable securities36,071  34,634  
Accounts receivable, net44,305  53,899  
Due from affiliates585  3,806  
Inventories17,369  18,379  
Prepaid expenses33,096  30,966  
Assets held for sale443,793  253,135  
Total current assets1,534,737  604,643  
Investment in and advances to unconsolidated affiliates134,939  135,828  
Property and equipment, net2,418,687  2,614,524  
Gaming licenses and other intangibles, net1,056,429  1,111,398  
Goodwill810,187  909,717  
Right-of-use assets127,550  188,219  
Other assets, net65,918  76,224  
Total assets$6,148,447  $5,640,553  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt$111  $246,175  
Accounts payable40,079  61,951  
Accrued property, gaming and other taxes32,035  43,050  
Accrued payroll and related42,676  62,337  
Accrued interest36,496  36,480  
Income taxes payable25,188  23,898  
Short-term lease obligation13,933  19,991  
Accrued other liabilities153,810  157,079  
Liabilities related to assets held for sale131,674  37,485  
Total current liabilities476,002  688,446  
Long-term financing obligation to GLPI975,792  970,519  
Long-term debt, less current portion2,670,739  2,324,541  
Deferred income taxes144,973  197,266  
Long-term lease obligation98,040  176,932  
Other long-term liabilities166,452  165,592  
Total liabilities4,531,998  4,523,296  
Commitments and contingencies (Note 14)


STOCKHOLDERS' EQUITY:
Common stock, 200,000,000 shares authorized, 98,565,678 and 77,569,117 issued and outstanding, net of treasury shares, par value $0.00001 as of June 30, 2020 and December 31, 2019, respectively
1  1  
Paid-in capital1,534,373  759,547  
Retained earnings90,829  366,463  
Treasury stock at cost, 223,823 shares held at June 30, 2020 and December 31, 2019
(9,131) (9,131) 
Accumulated other comprehensive income377  377  
Total stockholders’ equity1,616,449  1,117,257  
Total liabilities and stockholders’ equity$6,148,447  $5,640,553  
The accompanying condensed notes are an integral part of these consolidated financial statements.
3


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
REVENUES:
Casino and pari-mutuel commissions$101,479  $457,162  $441,228  $927,848  
Food and beverage6,567  75,356  62,813  150,637  
Hotel8,916  78,391  57,292  143,175  
Other9,508  26,212  38,206  51,284  
Net revenues126,470  637,121  599,539  1,272,944  
EXPENSES:
Casino and pari-mutuel commissions43,354  203,240  202,510  413,546  
Food and beverage8,250  59,497  61,505  119,882  
Hotel5,846  25,136  28,114  48,786  
Other1,179  10,723  10,360  21,972  
Marketing and promotions5,105  32,080  30,058  64,381  
General and administrative64,862  117,431  156,537  237,319  
Corporate13,050  21,051  29,532  37,805  
Impairment charges    160,758  958  
Depreciation and amortization48,939  56,533  99,372  114,290  
Total operating expenses190,585  525,691  778,746  1,058,939  
(Loss) gain on sale or disposal of property and equipment(65) (366) 1,393  21,952  
Transaction expenses(12,697) (7,292) (21,991) (9,186) 
Loss from unconsolidated affiliates(1,450) (1,222) (1,702) (617) 
Operating (loss) income(78,327) 102,550  (201,507) 226,154  
OTHER EXPENSE:
Interest expense, net(68,136) (71,798) (134,600) (145,308) 
Loss on extinguishment of debt    (158)   
Unrealized gain (loss) on investments and marketable securities12,806  (1,398) (10,202) (2,858) 
Total other expense(55,330) (73,196) (144,960) (148,166) 
(Loss) income before income taxes(133,657) 29,354  (346,467) 77,988  
Benefit (provision) for income taxes33,661  (10,418) 70,833  (20,823) 
Net (loss) income$(99,996) $18,936  $(275,634) $57,165  
Net (loss) income per share of common stock:
Basic$(1.25) $0.24  $(3.49) $0.74  
Diluted$(1.25) $0.24  $(3.49) $0.73  
Weighted average basic shares outstanding80,053,676  77,682,759  79,009,373  77,625,303  
Weighted average diluted shares outstanding80,053,676  78,725,289  79,009,373  78,657,552  
The accompanying condensed notes are an integral part of these consolidated financial statements.
4


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(dollars in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net (loss) income$(99,996) $18,936  $(275,634) $57,165  
Other comprehensive income, net of tax        
Comprehensive (loss) income, net of tax$(99,996) $18,936  $(275,634) $57,165  
The accompanying condensed notes are an integral part of these consolidated financial statements.
5


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
Common StockTreasury Stock
SharesAmountPaid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
SharesAmountTotal
Balance, December 31, 201977,792,940  $1  $759,547  $366,463  $377  223,823  $(9,131) $1,117,257  
Issuance of restricted stock units
356,367  —  5,742  —  —  —  —  5,742  
Net loss—  —  —  (175,638) —  —  —  (175,638) 
Shares withheld related to net share settlement of stock awards
(122,590) —  (7,152) —  —  —  —  (7,152) 
Balance, March 31, 202078,026,717  $1  $758,137  $190,825  $377  223,823  $(9,131) $940,209  
Issuance of restricted stock units
71,887  —  4,229  —  —  —  —  4,229  
Issuance of common stock, net20,700,000  —  772,392  —  —  —  —  772,392  
Net loss—  —  (99,996) —  —  —  (99,996) 
Exercise of stock options15,300  —  62  —  —  —  —  62  
Shares withheld related to net share settlement of stock awards
(24,403) —  (447) —  —  —  —  (447) 
Balance, June 30, 202098,789,501  $1  $1,534,373  $90,829  $377  223,823  $(9,131) $1,616,449  
Balance, December 31, 201877,438,889  $1  $748,076  $290,206  $1  223,823  $(9,131) $1,029,153  
Cumulative change in accounting principle, net of tax
—  —  —  (4,744) —  —  —  (4,744) 
Issuance of restricted stock units
330,641  —  4,948  —  —  —  —  4,948  
Net income—  —  —  38,229  —  —  —  38,229  
Shares withheld related to net share settlement of stock awards
(106,542) —  (4,322) —  —  —  —  (4,322) 
Balance, March 31, 201977,662,988  $1  $748,702  $323,691  $1  223,823  $(9,131) $1,063,264  
Issuance of restricted stock units
169,248  —  6,509  —  —  —  —  6,509  
Net income—  —  —  18,936  —  —  —  18,936  
Shares withheld related to net share settlement of stock awards
(65,312) —  (3,190) —  —  —  —  (3,190) 
Balance, June 30, 201977,766,924  $1  $752,021  $342,627  $1  223,823  $(9,131) $1,085,519  
The accompanying condensed notes are an integral part of these consolidated financial statements.
6


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS