Eldorado Resorts, Inc. (NASDAQ:ERI) Q2 2019 Earnings Conference Call Transcript

Aug 06, 2019 • 09:00 am ET


Eldorado Resorts, Inc. (NASDAQ:ERI) Q2 2019 Earnings Conference Call Transcript


Loading Event

Loading Transcript


Good day and welcome to the Eldorado Resorts 2019 Second Quarter Earnings Conference Call. Today's conference is being recorded.

And at this time, it is my pleasure to now turn the conference over to Mr. Joe Jaffoni of Investor Relations. Please go ahead, sir

Joseph N. Jaffoni

Thank you, Carrie, and good morning, everyone, and welcome to the Eldorado Resorts 2019 Second Quarter Conference Call. Joining us today from the company are Chief Executive Officer Tom Reeg; President and Chief Operating Officer Anthony Carano; and Chief Financial Officer Bret Yunker.

On today's call, we'll review the company's second quarter financial results and the ongoing success and progress against the company's key strategic priorities, including the status of Eldorado's proposed acquisition of Caesars Entertainment. We will then open the call to participants for questions.

This afternoon, Eldorado Resorts issued a press release announcing its second quarter financial results for the period ended June 30, 2019. The release is available in the Investor Relations section of the company's website at www.eldoradoresorts.com.

And before we get started, I'd like to remind everyone that this call is being recorded and a webcast replay will be available for 90 days, the detail of which are in today's press release.

During our call, we may make certain forward-looking statements about the company's performance. Such forward-looking statements are not guarantees of future performance and therefore one should not place an undue reliance on them. Forward-looking statements are also subject to the inherent risks and uncertainties that could cause actual results to differ materially from those expressed. For additional information concerning factors that could cause actual results to differ from those discussed in today's forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the Securities and Exchange Commission. Eldorado Resorts undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.

Also during today's call, the company may discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and in the comparable GAAP financial measure can be found on the company's website at www.eldoradoresorts.com by selecting the press release regarding the company's 2019 second quarter financial results.

Thank you for your patience with that. And at this time, it's my pleasure to turn the call over to the company's CEO, Tom Reeg. Tom?

Thomas Robert Reeg

Thanks, Joe. Good morning, everybody. Thanks for joining. I'd characterize the quarter as frustrating from an operating perspective, largely due to external events and very active on the M&A front, both buy and sell side. Coming into the quarter we knew we were going to be facing a difficult comp in the West. We had construction disruption in Colorado. To give you a sense of the quarter in Colorado, about 30% of our slot floor was -- I'm sorry