Circus and Eldorado buys back $17.2 million in 10 1/8% mortgage notes for $11.4 million

By Devika Patel

Knoxville, Tenn., May 15 - Circus and Eldorado Joint Venture purchased and retired $17.2 million of its 10 1/8% mortgage notes for approximately $11.4 million in February using available cash reserves, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The repurchase resulted in a net gain of approximately $5.5 million.

There are $142.8 million in notes remaining outstanding.

The company's executive committee has authorized it to spend up to $8.6 million repurchasing additional notes in open market purchases.

Circus and Eldorado is a joint venture between Eldorado LLC and Galleon, Inc. The company owns and operates the Silver Legacy Resort Casino, a silver mining themed hotel-casino and entertainment complex in Reno, Nev.

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