Caesars Entertainment (CZR) 8-K Regulation FD Disclosure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 30, 2017

Eldorado Resorts, Inc.

(Exact name of registrant as specified in its charter)

Nevada	001-36629	46-3657681
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 West Liberty Street, Suite 1150 Reno, NV	89501
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (775) 328-0100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐

Item 7.01 Regulation FD Disclosure.

On May 1, 2017, Eldorado Resorts, Inc. (“ERI” or the “Company”) consummated its acquisition of Isle of Capri Casinos, Inc., a Delaware corporation (“Isle”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of September 19, 2016 with Isle, Eagle I Acquisition Corp., a Delaware corporation and a direct wholly-owned subsidiary of ERI, and Eagle II Acquisition Company LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of ERI (the “Isle Acquisition”). As a result of the Isle Acquisition, Isle became a wholly-owned subsidiary of ERI.

ERI reports its financial results on a calendar fiscal year. Prior to the Isle Acquisition, Isle’s fiscal year typically ended on the last Sunday in April. Isle’s fiscal 2017 and 2016 were 52-week years, which commenced on April 25, 2016 and April 27, 2015, respectively.

The following table sets forth Isle’s unaudited consolidated historical net revenues and Adjusted EBITDA (defined below) as previously reported for the fiscal quarters ended January 24, April 24, July 24 and October 23, 2016 and January 22, 2017. The table below also sets forth Isle’s unaudited consolidated historical net revenues and Adjusted EBITDA for the calendar quarters ended March 31, June 30, September 30 and December 31, 2016 and March 31, 2017. Such information was prepared by the Company to reflect Isle’s unaudited consolidated historical net revenues and Adjusted EBITDA for periods corresponding to ERI’s fiscal quarterly calendar. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors. Such presentation does not conform with GAAP or the Securities and Exchange Commission rules for proforma presentation; however, we believe that the additional financial information will be helpful to users in comparing current results with results of prior periods. This non-GAAP data should not be considered as a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by Isle and the Company.

The following table summarizes net revenues for the periods presented (unaudited, in thousands):

	Net Revenues, Fiscal Quarter Ended										Net Revenues, Calendar Quarter Ended
	January 24, 2016		April 24, 2016		July 24, 2016		October 23, 2016		January 22, 2017		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017
West Region:
Black Hawk	$	29,138	$	32,423	$	32,381	$	31,695	$	28,953	$	32,029	$	31,730	$	33,324	$	29,440	$	32,413
Midwest Region:
Bettendorf		16,812		18,482		19,176		20,993		18,079		17,767		17,627		22,361		19,053		19,580
Waterloo		21,313		23,827		21,818		20,969		20,328		22,934		22,271		21,625		20,630		22,527
Boonville		18,438		20,646		19,680		19,377		17,638		19,821		19,691		20,206		18,357		19,464
Cape Girardeau		14,614		17,030		15,488		15,318		15,066		16,174		15,559		16,307		15,043		16,351
Caruthersville		7,952		9,709		8,821		8,237		8,053		9,093		8,896		8,675		8,269		9,004
Kansas City		17,204		20,033		17,678		16,982		17,056		19,113		18,203		17,120		17,406		19,032
South Region:
Pompano Park		44,108		51,802		40,588		37,473		42,878		52,116		42,634		39,030		40,443		50,030
Lula		11,688		14,210		12,021		10,975		10,839		13,559		12,146		11,550		11,330		12,115
Vicksburg		7,448		9,258		8,262		7,458		7,142		8,724		8,452		7,801		7,420		8,598
East Region:
Nemacolin		7,788		9,090		9,730		9,027		7,629		8,349		9,375		9,750		7,819		8,727
Property Net    Revenues Before    Other		196,503		226,510		205,643		198,504		193,661		219,679		206,584		207,749		195,210		217,841
Corporate and Other		21		20		3		58		156		10		20		25		93		181
Total Net Revenues	$	196,524	$	226,530	$	205,646	$	198,562	$	193,817	$	219,689	$	206,604	$	207,774	$	195,303	$	218,022

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The following table summarizes Adjusted EBITDA for the periods presented (unaudited, in thousands):

	Adjusted EBITDA, Fiscal Quarter Ended															Adjusted EBITDA, Calendar Quarter Ended
	January 24, 2016			April 24, 2016			July 24, 2016			October 23, 2016			January 22, 2017			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
West Region:
Black Hawk	$	6,742		$	9,215		$	8,629		$	8,974		$	7,618		$	9,130		$	8,297		$	9,402		$	7,792		$	9,591
Midwest Region:
Bettendorf		4,090			5,083			4,915			6,087			4,473			4,989			4,352			6,677			4,892			5,179
Waterloo		6,546			8,180			7,135			6,846			6,827			7,296			7,428			7,085			6,734			8,412
Boonville		6,629			8,077			7,465			7,097			6,364			7,564			7,463			7,442			6,618			7,724
Cape Girardeau		3,476			4,891			3,552			3,623			3,681			4,462			3,806			3,889			3,513			4,807
Caruthersville		1,998			3,194			2,362			2,125			2,187			2,847			2,445			2,278			2,193			2,833
Kansas City		4,036			5,840			4,385			4,219			3,946			5,254			4,730			4,312			4,635			5,215
South Region:
Pompano Park		9,636			13,806			7,901			6,623			9,377			13,732			8,988			7,383			7,551			13,349
Lula		2,158			4,171			2,770			2,232			2,255			3,648			2,854			2,461			2,423			3,269
Vicksburg		1,804			3,113			2,272			1,750			1,944			2,760			2,501			1,824			2,155			2,875
East Region:
Nemacolin		(477	)		(86	)		(126	)		(94	)		(672	)		(252	)		(124	)		(223	)		(523	)		(162	)
Corporate and Other		(5,451	)		(6,354	)		(5,968	)		(6,594	)		(4,532	)		(5,373	)		(6,623	)		(5,788	)		(5,718	)		(4,267	)
Total Adjusted    EBITDA	$	41,187		$	59,130		$	45,292		$	42,888		$	43,468		$	56,057		$	46,117		$	46,742		$	42,265		$	58,825

Adjusted EBITDA, a non GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. Adjusted EBITDA represents operating income (loss) from continuing operations before depreciation and amortization, stock based compensation, certain preopening and severance expenses, gain on sale of assets and valuation charges to the extent that such items existed in the periods presented. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with U.S. GAAP, is unaudited and should not be considered an alternative to, or more meaningful than, operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

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The following tables summarize Adjusted EBITDA for the periods presented, in addition to reconciling Adjusted EBITDA to operating income (loss) (unaudited, in thousands):

	Three Months Ended January 24, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:
Black Hawk	$	4,540		$	2,188	$	14	$	—	$	6,742
Midwest Region:
Bettendorf		1,180			2,902		8		—		4,090
Waterloo		5,223			1,317		6		—		6,546
Boonville		5,347			1,269		13		—		6,629
Cape Girardeau		942			2,527		7		—		3,476
Caruthersville		1,378			614		6		—		1,998
Kansas City		3,069			961		6		—		4,036
South Region:
Pompano Park		7,837			1,785		14		—		9,636
Lula		824			1,331		3		—		2,158
Vicksburg		895			903		6		—		1,804
East Region:
Nemacolin		(1,551	)		1,074		—		—		(477	)
Total Operating Properties		29,684			16,871		83		—		46,638
Corporate and Other		(6,567	)		447		669		—		(5,451	)
Total	$	23,117		$	17,318	$	752	$	—	$	41,187
	Three Months Ended March 31, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:
Black Hawk	$	6,946		$	2,170	$	14	$	—	$	9,130
Midwest Region:
Bettendorf		1,751			3,082		7		149		4,989
Waterloo		6,078			1,212		6		—		7,296
Boonville		6,179			1,372		13		—		7,564
Cape Girardeau		1,915			2,541		6		—		4,462
Caruthersville		2,229			613		5		—		2,847
Kansas City		4,328			920		6		—		5,254
South Region:
Pompano Park		11,884			1,834		14		—		13,732
Lula		2,315			1,329		4		—		3,648
Vicksburg		1,849			905		6		—		2,760
East Region:
Nemacolin		(1,328	)		1,076		—		—		(252	)
Total Operating Properties		44,146			17,054		81		149		61,430
Corporate and Other		(7,056	)		452		551		680		(5,373	)
Total	$	37,090		$	17,506	$	632	$	829	$	56,057

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	Three Months Ended April 24, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:
Black Hawk	$	7,049		$	2,152	$	14	$	—	$	9,215
Midwest Region:
Bettendorf		1,859			3,064		7		153		5,083
Waterloo		7,013			1,160		7		—		8,180
Boonville		6,836			1,228		13		—		8,077
Cape Girardeau		2,339			2,547		5		—		4,891
Caruthersville		2,576			613		5		—		3,194
Kansas City		4,890			943		7		—		5,840
South Region:
Pompano Park		11,961			1,832		13		—		13,806
Lula		2,788			1,379		4		—		4,171
Vicksburg		2,202			905		6		—		3,113
East Region:
Nemacolin		(1,166	)		1,080		—		—		(86	)
Total Operating Properties		48,347			16,903		81		153		65,484
Corporate and Other		(8,684	)		407		1,153		770		(6,354	)
Total	$	39,663		$	17,310	$	1,234	$	923	$	59,130
	Three Months Ended June 30, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:
Black Hawk	$	6,163		$	2,122	$	12	$	—	$	8,297
Midwest Region:
Bettendorf		1,184			2,604		8		556		4,352
Waterloo		6,215			1,206		7		—		7,428
Boonville		6,222			1,230		11		—		7,463
Cape Girardeau		1,243			2,556		7		—		3,806
Caruthersville		1,775			665		5		—		2,445
Kansas City		3,748			975		7		—		4,730
South Region:
Pompano Park		7,173			1,803		12		—		8,988
Lula		1,366			1,483		5		—		2,854
Vicksburg		1,592			902		7		—		2,501
East Region:
Nemacolin		(1,215	)		1,091		—		—		(124	)
Total Operating Properties		35,466			16,637		81		556		52,740
Corporate and Other		(8,464	)		344		1,307		190		(6,623	)
Total	$	27,002		$	16,981	$	1,388	$	746	$	46,117

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	Three Months Ended July 24, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other			Adjusted EBITDA
West Region:
Black Hawk	$	6,509		$	2,110	$	10	$	—		$	8,629
Midwest Region:
Bettendorf		1,613			2,696		9		597			4,915
Waterloo		5,903			1,224		8		—			7,135
Boonville		6,210			1,246		9		—			7,465
Cape Girardeau		981			2,564		7		—			3,552
Caruthersville		1,672			686		4		—			2,362
Kansas City		3,216			1,161		8		—			4,385
South Region:
Pompano Park		6,079			1,812		10		—			7,901
Lula		1,254			1,510		6		—			2,770
Vicksburg		1,365			900		7		—			2,272
East Region:
Nemacolin		(1,085	)		959		—		—			(126	)
Total Operating Properties		33,717			16,868		78		597			51,260
Corporate and Other		(7,538	)		339		1,231		—			(5,968	)
Total	$	26,179		$	17,207	$	1,309	$	597		$	45,292
	Three Months Ended September 30, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other			Adjusted EBITDA
West Region:
Black Hawk	$	7,160		$	2,236	$	6	$	—		$	9,402
Midwest Region:
Bettendorf		4,437			3,184		8		(952	)		6,677
Waterloo		5,852			1,225		8		—			7,085
Boonville		6,200			1,236		6		—			7,442
Cape Girardeau		1,305			2,576		8		—			3,889
Caruthersville		1,641			634		3		—			2,278
Kansas City		3,101			1,203		8		—			4,312
South Region:
Pompano Park		5,561			1,816		6		—			7,383
Lula		902			1,552		7		—			2,461
Vicksburg		915			901		8		—			1,824
East Region:
Nemacolin		(917	)		694		—		—			(223	)
Total Operating Properties		36,157			17,257		68		(952	)		52,530
Corporate and Other		(8,115	)		322		1,200		805			(5,788	)
Total	$	28,042		$	17,579	$	1,268	$	(147	)	$	46,742

6

	Three Months Ended October 23, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other			Adjusted EBITDA
West Region:
Black Hawk	$	6,586		$	2,382	$	6	$	—		$	8,974
Midwest Region:
Bettendorf		3,893			3,184		7		(997	)		6,087
Waterloo		5,604			1,235		7		—			6,846
Boonville		5,880			1,211		6		—			7,097
Cape Girardeau		1,040			2,576		7		—			3,623
Caruthersville		1,506			617		2		—			2,125
Kansas City		3,177			1,035		7		—			4,219
South Region:
Pompano Park		4,815			1,802		6		—			6,623
Lula		680			1,546		6		—			2,232
Vicksburg		843			899		8		—			1,750
East Region:
Nemacolin		(790	)		696		—		—			(94	)
Total Operating Properties		33,234			17,183		62		(997	)		49,482
Corporate and Other		(11,901	)		269		1,625		3,413			(6,594	)
Total	$	21,333		$	17,452	$	1,687	$	2,416		$	42,888
	Three Months Ended December 31, 2016
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other			Adjusted EBITDA
West Region:
Black Hawk	$	5,413		$	2,373	$	6	$	—		$	7,792
Midwest Region:
Bettendorf		1,716			3,168		8		—			4,892
Waterloo		5,501			1,226		7		—			6,734
Boonville		5,440			1,172		6		—			6,618
Cape Girardeau		920			2,586		7		—			3,513
Caruthersville		1,565			626		2		—			2,193
Kansas City		3,720			908		7		—			4,635
South Region:
Pompano Park		5,753			1,792		6		—			7,551
Lula		894			1,523		6		—			2,423
Vicksburg		1,261			887		7		—			2,155
East Region:
Nemacolin		(1,227	)		704		—		—			(523	)
Total Operating Properties		30,956			16,965		62		—			47,983
Corporate and Other		(10,578	)		201		1,612		3,047			(5,718	)
Total	$	20,378		$	17,166	$	1,674	$	3,047		$	42,265

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	Three Months Ended January 22, 2017
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:							��
Black Hawk	$	5,296		$	2,317	$	5	$	—	$	7,618
Midwest Region:
Bettendorf		1,290			3,175		8		—		4,473
Waterloo		5,606			1,214		7		—		6,827
Boonville		5,200			1,158		6		—		6,364
Cape Girardeau		1,068			2,605		8		—		3,681
Caruthersville		1,558			627		2		—		2,187
Kansas City		2,920			1,019		7		—		3,946
South Region:
Pompano Park		7,583			1,789		5		—		9,377
Lula		729			1,519		7		—		2,255
Vicksburg		1,051			886		7		—		1,944
East Region:
Nemacolin		(1,381	)		709		—		—		(672	)
Total Operating Properties		30,920			17,018		62		—		48,000
Corporate and Other		(6,698	)		263		1,170		733		(4,532	)
Total	$	24,222		$	17,281	$	1,232	$	733	$	43,468
	Three Months Ended March 31, 2017
	Operating Income (Loss)			Depreciation and Amortization		Stock-Based Compensation		Preopening, Severance and Other		Adjusted EBITDA
West Region:
Black Hawk	$	6,816		$	2,769	$	6	$	—	$	9,591
Midwest Region:
Bettendorf		1,918			3,253		8		—		5,179
Waterloo		7,193			1,212		7		—		8,412
Boonville		6,491			1,227		6		—		7,724
Cape Girardeau		2,180			2,620		7		—		4,807
Caruthersville		2,200			631		2		—		2,833
Kansas City		4,200			1,008		7		—		5,215
South Region:
Pompano Park		11,523			1,820		6		—		13,349
Lula		1,753			1,510		6		—		3,269
Vicksburg		1,946			922		7		—		2,875
East Region:
Nemacolin		(875	)		713		—		—		(162	)
Total Operating Properties		45,345			17,685		62		—		63,092
Corporate and Other		(6,261	)		275		1,170		549		(4,267	)
Total	$	39,084		$	17,960	$	1,232	$	549	$	58,825

8

The information in this Item 7.01 is being furnished, not filed pursuant to Regulation FD. Accordingly, the information in this Item 7.01 will not be incorporated by reference into any registration statement (filed by the Company under the Security Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of this information is not intended to, and does not, constitute a determination of admission by the Company that this information is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

9

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Eldorado Resorts, Inc.
Date: May 30, 2017	By:	/s/ Gary L. Carano
	Name:	Gary L. Carano
	Title:	Chief Executive Officer

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