Eldorado and Vista Host Enter Joint Venture to Develop Hotel at Scioto Downs Racino in Columbus, OH
RENO, NV.& COLUMBUS, OH. October 27, 2015 - Eldorado Resorts, Inc. (NASDAQ:ERI) ("Eldorado" or the "Company") announced today that it has established Columbus Southeast Hotel Group LLC, a joint venture with Vista Host, Inc. to develop a new 118-room Hampton Inn & Suites hotel that will be attached to Eldorado's Scioto Downs Racino in Columbus, OH. Construction of the new hotel is expected to begin this month with a targeted completion date 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.
Contact:
Thomas Reeg
[email protected]
775-328-0112
Joseph N. Jaffoni
James Leahy
JCIR
[email protected]
212-835-8500
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