Net income surges for Eldorado Resorts in third quarter

Eldorado Resorts Inc., the owner of several racetrack-casinos and other standalone casino properties, had net income of $9.7 million in the third quarter of 2016, up 80 percent from net income of $5.4 million in the same quarter last year, according to financial statements released on Thursday.

Net revenue in the quarter was $241.6 million, down slightly from an adjusted net revenue figure of $242.9 million in the third quarter of last year. The 2015 quarterly revenue figure was adjusted by El Dorado to reflect the revenue generated by two properties in Nevada that the company acquired in late 2015.

In total, quarterly revenue from parimutuel commissions at the company’s two Thoroughbred tracks and one harness track was $3.5 million, down 7.8 percent from revenue of $3.8 million last year during the third quarter. Casino revenue of $186.6 million dwarfed the parimutuel figure.

Net revenue for Mountaineer Casino, Racetrack and Resort in West Virginia was $36.7 million, down 9.2 percent from $40.2 million in the third quarter last year, according to the financial statements. El Dorado management, in a statement accompanying the results, blamed a smoking ban enacted last year for the weaker results.

Net revenue for Presque Isle Downs, a casino-racetrack in Pennsylvania, was $39.3 million in the quarter, identical to the quarter last year.

Net revenue for Scioto Downs, a casino and harness track in Columbus, Ohio, was $42.0 million, up 4.5 percent from $40.2 million in the third quarter of last year.

The company had $786.1 million in long-term debt at the end of the third quarter, according to the company’s balance sheet, down from $861.7 million at the beginning of 2015. The company had interest expenses of $12.6 million in the quarter. The company’s cash at the end of the third quarter was $44.6 million, down from $78.3 million at the beginning of the year.