New Caesars reports second quarter results

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Caesars Entertainment, formerly known as Eldorado Resorts, has reported operating results for the second quarter ended June 30, 2020.

Net revenue for legacy Eldorado Resorts properties was $126.5m, a decrease of 80.1 per cent on a GAAP basis and 78.2 per cent on a same-store basis versus the comparable prior-year period. Net loss of $100m compared to net income of $18.9m for the comparable prior-year period

Same-store adjusted EBITDA for legacy Eldorado Resorts was negative $10.4m versus positive $164.8m for the comparable prior-year period. Eldorado Resorts and Caesars Entertainment Corporation completed their merger on July 20, 2020, creating the largest casino and entertainment company in the US.

New Caesars Entertainment pro forma liquidity positions the company well to weather any short term disruptions due to Covid-19 and
51 properties of the new Caesars Entertainment in the US have resumed operations since mid-May 2020

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Tom Reeg, CEO of Caesars Entertainment, said: “Our second quarter operating trends were negatively impacted as the majority of our properties remained closed during April and May 2020.

“Our properties began to reopen in late May and early June. All of the combined new Caesars Entertainment regional properties are now reopened and we are encouraged by operating trends.”

Reeg continued: “Now that the merger has closed, our operating teams are fully engaged with integrating the two companies and executing on the synergy plans. Our number one priority remains the safety and security of our team members and guests.

“Our Covid-19 operating plans for reopened properties are designed to ensure a safe and exciting environment for our guests. We remain optimistic regarding an eventual recovery of travel and tourism in the US and especially Las Vegas.”

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