Re-opening gloom for Caesars Entertainment Corporation venues

American casino operator Caesars Entertainment Corporation has reportedly announced that its five recently re-opened Nevada properties recorded aggregated first-week revenues that were between 56% and 58% lower year-on-year.

According to a Tuesday report from CDC Gaming Reports, the NASDAQ-listed company partially revived operations at its Caesars Palace Las Vegas, Harrah’s Lake Tahoe, Flamingo Las Vegas and The Linq Promenade enterprises after an almost twelve-week coronavirus-related shutdown on June 4 before following suit the very next day by again welcoming patrons to its 2,540-room Harrah’s Las Vegas venue.

Early earnings:

Caesars Entertainment Corporation reportedly made the revelation concerning the properties’ revenues for the seven days to June 10 via a series of 8K filings with the Securities and Exchange Commission in advance of detailing that they had also experienced an up to 120% comparable drop in operating income alongside a similar 70% to 80% diminution in adjusted cash flows.

Regional sluggishness:

Away from its most lucrative market and the casino firm reportedly moreover disclosed that its six venues across the states of Mississippi, Louisiana, Missouri and Iowa had seen either comparably flat or only very slightly improved post-coronavirus revenues up to June 10. However, Caesars Entertainment Corporation purportedly pronounced that combined operating income from the sextuplet had risen by around 65% with their adjusted cash flows increasing by as much as 40%.

Awaiting amalgamation:

CDC Gaming Reports explained that the filings from the Las Vegas-headquartered casino operator did not contain specific figures although the operator did purportedly proclaim that all of its properties were re-opened in accordance with local coronavirus-related safety and health regulations and guidelines that had largely limited the number of gaming positions and player volumes. The source moreover reported that the disclosures come as Caesars Entertainment Corporation is still awaiting federal and state approvals for its proposed $17.3 billion merger with smaller rival Eldorado Resorts Incorporated.