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ERI - Why Shares of Eldorado Resorts Are Rolling 11% Higher Today
Caesars Entertainment Inc (New) Com
Shares of Eldorado Resorts(NASDAQ: ERI) jumped 11% in morning trading Tuesday. The upward move comes despite the company's report the day before that first-quarter revenue tumbled 26% while Caesars Entertainment(NASDAQ: CZR), which Eldorado will be acquiring for $17 billion, saw a 14% drop.
While gambling revenue fell as a result of the COVID-19 pandemic forcing the closure of casinos beginning in mid-March, the company's $0.11 per share in adjusted earnings actually beat analyst expectations of $0.09 per share.