RENO, Nev. & ST. LOUIS--(BUSINESS WIRE)--Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado,” “ERI,” or “the Company”) and Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (“Isle of Capri” or "Isle") announced today the preliminary results of the cash/stock elections made by Isle stockholders with respect to the consideration to be received in the previously announced merger between Eldorado and Isle. Holders of 35,667,371 shares of Isle common stock (which includes 6,030,617 shares that remain subject to guaranteed delivery procedures) elected to receive the stock consideration of 1.638 shares of Eldorado common stock per share of Isle common stock (“Stock Election Shares”) and holders of 6,882,190 shares of Isle common stock (which includes 9,759 shares that remain subject to guaranteed delivery procedures) elected to receive the cash consideration of $23.00 per share of Isle common stock (“Cash Election Shares”). The remaining shares of Isle common stock did not make any election (“No Election Shares”). As of April 27, 2017, there were approximately 42,066,144 shares of Isle common stock outstanding.
Based on the preliminary election results, upon closing of the merger, each Cash Election Share and No Election Share will be entitled to receive $23.00 in cash, and, pursuant to the adjustment, proration and reallocation procedures described in the merger agreement governing the merger, a portion of Stock Election Shares will be entitled to receive the stock consideration of 1.638 shares of Eldorado common stock per share and a portion of Stock Election Shares will be entitled to receive $23.00 in cash per share. Eldorado and Isle expect to release the final results of such adjustment, proration and allocation procedures following the closing of the merger.
About Eldorado Resorts, Inc.
Eldorado Resorts is a casino entertainment company that owns and operates seven properties in five states, including the Eldorado Resort Casino, the Silver Legacy Resort Casino and Circus Circus Resort Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Eldorado Gaming Scioto Downs in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA. For more information, please visit www.eldoradoresorts.com.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming and entertainment company dedicated to providing guests with an exceptional experience at each of the 13 casino properties that it owns or operates, primarily under the Isle and Lady Luck brands. The Company currently operates gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado, Florida and Pennsylvania. More information is available at the Company’s website, www.islecorp.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of Eldorado and Isle and are subject to uncertainty and changes in circumstances. Forward-looking statements include statements regarding the timing and completion of the acquisition of Isle by Eldorado. Although Eldorado’s and Isle’s 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. Information on potential risks and uncertainties is available in each of Eldorado’s and Isle’s recent filings with the SEC, including their respective reports on Form 10-K, Form 10-Q and Form 8-K. 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.