Caesars Entertainment (CZR) 8-K/A Results of Operations and Financial Condition

Exhibit 99.1

ELDORADO RESORTS, INC.

CONSOLIDATED BALANCE SHEETS

($ in thousands)

	September 30, 2015		December 31, 2014
ASSETS	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	48,751	$	87,604
Restricted cash	1,640		5,734
Escrow cash	55,460		-
Accounts receivable, net	9,146		7,112
Due from affiliates	419		362
Inventories	7,165		7,234
Prepaid expenses and other	9,757		9,447
Total current assets	132,338		117,493
RESTRICTED CASH	-		2,500
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	17,145		14,009
PROPERTY AND EQUIPMENT, NET	442,221		456,139
GAMING LICENSES AND OTHER INTANGIBLES, NET	486,792		491,913
NON-OPERATING REAL PROPERTY	16,419		16,419
GOODWILL	66,826		66,826
OTHER ASSETS, NET	7,204		6,260
Total assets	$	1,168,945	$	1,171,559
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	4,256	$	32
Accounts payable	13,020		12,184
Accrued payable	6,876		27,469
Income taxes payable	103		137
Accrued gaming taxes and assessments	12,671		12,998
Accrued payroll	11,411		9,441
Accrued other liabilities	18,845		26,788
Deferred income taxes	2,608		2,608
Due to affiliates	177		187
Total current liabilities	69,967		91,844
LONG-TERM DEBT, LESS CURRENT PORTION	786,298		775,059
DEFERRED INCOME TAXES	147,645		144,439
OTHER LIABILITIES	8,228		8,595
Total liabilities	1,012,138		1,019,937
STOCKHOLDERS’ EQUITY:
Total stockholders’ equity	156,807		151,622
Total liabilities and stockholders’ equity	$	1,168,945	$	1,171,559

ELDORADO RESORTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2015		2014		2015		2014
Revenues:
Casino	$	156,357	$	63,457	$	460,807	$	156,280
Pari-mutuel commissions	3,781		446		8,042		446
Food and beverage	24,040		15,972		69,717		45,348
Hotel	9,193		7,555		24,671		20,747
Other	6,165		3,098		17,464		7,515
	199,536		90,528		580,701		230,336
Less: promotional allowances	(15,996)		(11,579)		(47,077)		(32,608)
Net operating revenues	183,540		78,949		533,624		197,728
Expenses:
Casino	90,398		34,596		268,282		83,877
Pari-mutuel commissions	3,625		520		8,414		520
Food and beverage	12,461		8,462		36,384		22,889
Hotel	2,340		2,109		6,843		5,969
Other	4,079		2,324		10,513		5,747
Marketing and promotions	7,816		5,262		22,321		14,148
General and administrative	26,937		14,387		81,595		36,016
Depreciation and amortization	13,954		5,283		42,454		13,557
Total operating expenses	161,610		72,943		476,806		182,723
Loss on sale or disposal of property	(6)		(3)		(2)		(3)
Acquisition charges	(380)		(4,463)		(717)		(6,916)
Equity in income of unconsolidated affiliates	2,548		1,238		3,136		3,019
Operating income	24,092		2,778		59,235		11,105
Other income (expense):
Loss on early retirement of debt	(1,790)		-		(1,790)		-
Interest expense, net	(14,482)		(5,647)		(48,946)		(13,398)
Total other income (expense)	(16,272)		(5,647)		(50,736)		(13,398)
Income before income taxes	7,820		(2,869)		8,499		(2,293)
Provision for income taxes	(2,421)		(1,195)		(4,469)		(1,195)
Net income (loss)	$	5,399	$	(4,064)	$	4,030	$	(3,488)
Net income (loss) per share of common stock:
Basic	$	0.12	$	(0.16)	$	0.09	$	(0.14)
Diluted	$	0.12	$	(0.16)	$	0.09	$	(0.14)
Weighted average number of shares outstanding:
Basic	46,516,614		26,075,022		46,509,369		24,242,791
Diluted	46,763,589		26,075,022		46,620,959		24,242,791

ELDORADO RESORTS, INC.

SUMMARY INFORMATION AND RECONCILIATION OF

NET INCOME (LOSS) TO ADJUSTED EBITDA

($ in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Eldorado Reno
Net income (loss) (1)	$	6,018	$	76	$	8,186	$	(2,968)
Interest Expense, net of interest income	321		1,183		2,686		3,584
Benefit for income taxes	-		(3,119)		(375)		(3,119)
Depreciation and amortization	1,959		1,941		5,833		5,933
Loss on disposal of property	16		-		11		-
Equity in income of unconsolidated affiliates	(2,548)		(1,238)		(3,136)		(3,019)
Acquisition charges	-		3,845		-		6,298
Adjusted EBITDA	$	5,766	$	2,688	$	13,205	$	6,709
Eldorado Shreveport
Net income (1)	$	5,083	$	1,980	$	11,035	$	5,600
Interest expense, net of interest income	718		2,652		6,021		8,002
Provision for income taxes	-		44		-		44
Depreciation and amortization	1,902		2,053		5,709		6,335
(Gain) loss on disposal of property	(64)		3		(63)		3
Adjusted EBITDA	$	7,639	$	6,732	$	22,702	$	19,984
Scioto Downs
Net income	$	10,207	$	8,126	$	34,730	$	25,346
Interest expense	19		19		52		56
Provision (benefit) for income taxes	-		1,216		(4,794)		2,125
Depreciation and amortization	3,798		3,440		11,272		10,258
Loss on disposal of property	-		1		-		9
Adjusted EBITDA	$	14,024	$	12,802	$	41,260	$	37,794
Mountaineer
Net income	$	2,667	$	6,264	$	7,427	$	17,742
Provision (benefit) for income taxes	-		353		(595)		353
Depreciation and amortization	3,764		2,555		11,722		7,112
Gain on sale or disposal of property	-		(26)		-		(35)
Adjusted EBITDA	$	6,431	$	9,146	$	18,554	$	25,172
Presque Isle Downs
Net income	$	3,259	$	1,296	$	8,822	$	5,821
Interest income	-		(1)		(2)		(2)
Provision (benefit) for income taxes	-		1,949		(1,173)		3,190
Depreciation and amortization	2,417		2,256		7,617		6,351
Loss (gain) on sale or disposal of property	-		163		(1)		208
Other regulatory gaming assessments	(83)		94		(202)		177
Adjusted EBITDA	$	5,593	$	5,757	$	15,061	$	15,745

ELDORADO RESORTS, INC.

SUMMARY INFORMATION AND RECONCILIATION OF

NET INCOME (LOSS) TO ADJUSTED EBITDA

($ in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Corporate
Net loss	$	(21,835)	$	(27,230)	$	(66,170)	$	(67,848)
Interest expense, net of interest income	13,424		16,849		40,189		51,590
Provision (benefit) for income taxes	2,421		(1,524)		11,406		(1,524)
Depreciation and amortization	114		9		301		28
Loss on sale or disposal of property	54		1		55		2
Acquisition charges	380		7,334		717		8,238
Stock-based compensation expense	334		748		1,155		1,310
Loss on early retirement of debt	1,790		-		1,790		-
Adjusted EBITDA	$	(3,318)	$	(3,813)	$	(10,557)	$	(8,204)
Adjusted EBITDA
Net income (loss)	$	5,399	$	(9,488)	$	4,030	$	(16,307)
Interest expense, net of interest income	14,482		20,702		48,946		63,230
Provision (benefit) for income taxes	2,421		(1,081)		4,469		1,069
Depreciation and amortization	13,954		12,254		42,454		36,017
Loss on sale or disposal of property	6		142		2		187
Equity in income of unconsolidated affiliates	(2,548)		(1,238)		(3,136)		(3,019)
Acquisition charges	380		11,179		717		14,536
Stock-based compensation expense	334		748		1,155		1,310
Loss on early retirement of debt	1,790		-		1,790		-
Other regulatory gaming assessments	(83)		94		(202)		177
Combined Adjusted EBITDA (2)	$	36,135	$	33,312	$	100,225	$	97,200

(1)	Excludes intercompany management fee revenues earned by Eldorado Reno and expensed by Eldorado Shreveport amounting to $0.8 million and $2.3 million for the three and nine months ended September 30, 2014, respectively.
(2)	The combined basis reflects operations of MTR Gaming for periods prior to the Merger combined with the operations of Resorts. Such presentation does not conform with U.S. GAAP or the SEC’s rules of pro forma presentation; however, we have included the combined information because we believe it provides a meaningful comparison for the periods presented.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Silver Legacy
Net income	$	5,274	$	2,022	$	6,496	$	4,600
Interest Expense, net of interest income	2,791		2,778		8,290		8,274
Depreciation and amortization	2,426		2,640		7,957		7,951
Loss (gain) on disposal of property	11		(6)		29		-
Other income	-		(25)		-		(40)
Adjusted EBITDA	$	10,502	$	7,409	$	22,772	$	20,785

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