Back To News/PR Index
|

|
Eldorado Resorts and Vista Host, Inc. Establish Joint Venture
to Develop Hotel at Scioto Downs Racino in Columbus, OH
|
Four-Story, 118-Room Hampton Inn & Suites Expected to Open in Late 2016
||

Pursuant to the terms of the joint venture agreement, Eldorado is contributing $1 million of cash and 2.4 acres of land immediately adjacent to the The Brew Brothers microbrewery and restaurant at Scioto Downs Racino. Columbus Southeast Hotel Group, LLC will be responsible for the construction of the $15 million hotel and Vista Host, Inc. will operate it upon its completion.

Scioto Downs Racino, Ohio’s first racino, features more than 2,100 video lottery terminals, with a smoking patio that contains 82 video lottery terminals, seasonal live harness racing, year-round simulcast wagering and an array of dining options and live entertainment. Eldorado is in the final stages of a $9.5 million Phase II expansion of Scioto Downs Racino that further extends the property’s guest amenities and entertainment offerings and includes the The Brew Brothers microbrewery and restaurant, a new bakery and a refresh of the Dash Cafe that are expected to open in the fourth quarter of 2015. Along with the Phase II property expansion, Scioto Downs will be rebranded as “Eldorado Scioto Downs” in the fourth quarter of 2015 with new signage added throughout the property.

The planned four-story, 118-room Hampton Inn & Suites (“Hampton”) will feature amenities such as 4,000 square feet of meeting space, a free hot breakfast, a state-of-the-art fitness center and an indoor pool. All guestrooms will be equipped with the Clean and Fresh Hampton Bed™ and free high-speed internet access. The hotel will also offer suites featuring a sleeper sofa, bar sink, under-the-counter refrigerator and microwave oven.

Gary Carano, Chairman and Chief Executive Officer of Eldorado, commented, “Providing our guests with the highest level of amenities at our properties continues to be a strategic priority for Eldorado and we believe the addition of a new hotel at Scioto Downs will fulfill the guest demand we have for lodging while further differentiating the property in the Columbus market. This planned new hotel is an excellent extension of the property’s Phase II development project as it brings yet another unique amenity to Scioto Downs. By partnering with Michael Harrell and the team at Vista Host for the development of this new hotel, we expect to deliver a quality hospitality offering for our guests while maintaining our financial discipline and focus on generating solid returns on investments.”

“Hampton is known for quality, innovation, comfort and value-added extras, making it the brand of choice in the marketplace today,” said Michael Harrell, Vista Host, Inc.. “We are very excited to partner with Gary and the team at both Eldorado and Scioto Downs to bring a new hotel to a leading entertainment and gaming destination in Columbus.”

About Eldorado Resorts, Inc.
Eldorado Resorts is a casino entertainment company that owns and operates six properties in five states, including the Eldorado Resort Casino and the Silver Legacy Resort Casino (a 50/50 joint venture with MGM Resorts International) in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Scioto Downs Racino in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA. Eldorado Resorts recently announced that it has entered into an agreement to acquire MGM Resorts International’s 50% interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno with the transaction expected to be completed by year-end 2015, subject to the receipt of required gaming approvals. For more information, please visit www.eldoradoresorts.com.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. Such risks, uncertainties and other important factors include, but are not limited to: our ability to consummate the purchase of Circus Circus Reno and the 50% interest in Silver Legacy; our ability to integrate the operations of Circus Circus Reno, the Silver Legacy and the MTR Gaming properties and realize the benefits of the Circus Reno/Silver Legacy Purchase, the merger with MTR Gaming and other future acquisitions; our substantial indebtedness and significant financial commitments could adversely affect our results of operations and our ability to service such obligations; restrictions and limitations in agreements governing our debt could significantly affect our ability to operate our business and our liquidity; our facilities operate in very competitive environments and we face increasing competition; our dependence on our Nevada, Louisiana, West Virginia, Pennsylvania and Ohio casinos for substantially all of our revenues and cash flows; our operations are particularly sensitive to reductions in discretionary consumer spending and are affected by changes in general economic and market conditions; our gaming operations are highly regulated by governmental authorities and the cost of complying or the impact of failing to comply with such regulations; increases in gaming taxes and fees in jurisdictions in which we operate; risks relating to pending claims or future claims that may be brought against us; changes in interest rates and capital and credit markets; our ability to comply with certain covenants in our debt documents; the effect of disruptions to our information technology and other systems and infrastructure; construction factors relating to maintenance and expansion of operations; our ability to attract and retain customers; weather or road conditions limiting access to our properties; the effect of war, terrorist activity, natural disasters and other catastrophic events; and the intense competition to attract and retain management and key employees in the gaming industry.

In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

Contacts:
Eldorado Resorts, Inc.
Thomas Reeg, 775-328-0112
President
or
JCIR
Joseph N. Jaffoni, James Leahy, 212-835-8500
eri@jcir.com