Eldorado Resorts sees profits up but revenues down
The casino operator, which is buying Circus Circus Hotel Casino - Reno and a 50% stake in the Silver Legacy Resort Casino from MGM Resorts International, said its net income for the quarter that ended June 30 was $4.8 million, or 10 cents per share. A year ago, the company's net income was $2.9 million, or 12 cents per share.
Net revenue for Eldorado declined 2.2% to $182.6 million. The company saw cash increase 2.6%, to $36.3 million.
Eldorado, which operates casinos in Reno, Louisiana and West Virginia, expects to complete the deal with MGM by year's end. The company already owns the other half of the Silver Legacy.
"We will own the three leading downtown Reno casino resorts at a time when the Reno market and the surrounding region is attracting new businesses that should drive long-term economic growth," said Eldorado CEO Gary Carano.
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