Business
Caesars Entertainment, Inc. Reports Second Quarter 2020 Results
RENO and LAS VEGAS, Nev., Aug. 6, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," or "the Company"), formerly known as
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"RENO and LAS VEGAS, Nev., Aug. 6, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" or \"the Company\"), formerly known as Eldorado Resorts, Inc., today reported operating results for the second quarter ended June 30, 2020. \n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 and Recent Highlights:\nNet revenue for legacy Eldorado Resorts properties of $126.5 million, a decrease of 80.1% on a GAAP basis and 78.2% on a same-store basis versus the comparable prior-year period Net loss of $100.0 million compared to net income of $18.9 million for the comparable prior-year period Same-store Adjusted EBITDA for legacy Eldorado Resorts of negative $10.4 million versus positive $164.8 million for the comparable prior-year period Eldorado Resorts and Caesars Entertainment Corporation completed their merger on July 20, 2020 creating the largest casino and entertainment company in the U.S. New Caesars Entertainment Inc. pro forma liquidity positions the company well to weather any short term disruptions due to COVID-19 51 properties of new Caesars Entertainment, Inc. in the U.S. have resumed operations since mid-May 2020Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our second quarter operating trends were negatively impacted as the majority of our properties remained closed during April and May 2020. Our properties began to reopen in late May and early June. All of the combined new Caesars Entertainment, Inc. regional properties are now reopened and we are encouraged by operating trends.\" \nReeg continued, \"Now that the merger has closed, our operating teams are fully engaged with integrating the two companies and executing on the synergy plans. Our number one priority remains the safety and security of our Team Members and Guests. Our COVID-19 operating plans for reopened properties are designed to ensure a safe and exciting environment for our Guests. We remain optimistic regarding an eventual recovery of travel and tourism in the U.S. and especially Las Vegas.\"\n \n \n($ in thousands)\n \n \nTotal Net Revenue\nThree Months Ended\nJune 30,\n2020\n2019\n2019 Divestitures(1)\n2019 Total(2)\nChange\n West\n$ 29,937\n$ 127,727\n$ -\n$ 127,727\n-76.6%\n Midwest\n22,787\n97,239\n22,991\n74,248\n-69.3%\n South\n30,760\n116,937\n-\n116,937\n-73.7%\n East\n21,226\n170,455\n32,707...