Business
Caesars Entertainment, Inc. Reports Third Quarter 2020 Results
RENO, Nev. and LAS VEGAS, Nov. 5, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"RENO, Nev. and LAS VEGAS, Nov. 5, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" \"CEI\" or \"the Company\") today reported operating results for the third quarter ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nThird Quarter 2020 and Recent Highlights:\nNet revenues of $1.4 billion, an increase of 52% on a GAAP basis and a decrease of 34% on a same-store basis versus the comparable prior-year period. Net loss of $926 million compared to net income of $37 million for the comparable prior-year period. Same-store Adjusted EBITDA of $463 million versus $810 million for the comparable prior-year period. Eldorado Resorts, Inc. and Caesars Entertainment Corporation (\"CEC\" or \"Former Caesars\") completed their merger (the \"Merger\") on July 20, 2020 creating the largest casino and entertainment company in the U.S. Caesars announced an all cash offer to acquire William Hill plc. The Company raised $1.9 billion of new equity on October 1, 2020. Caesars entered into a multi-year sports betting partnership with ESPN. The Company announced the sale of Tropicana Evansville for $480 million to Gaming and Leisure Properties and Twin River Worldwide Holdings with no expected cash tax leakage.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our third quarter was a busy period for the company. We officially closed our merger with Former Caesars on July 20, 2020. We announced a recommended offer to acquire William Hill plc on September 30, 2020 and successfully raised $1.9 billion of new equity that closed on October 1, 2020. Additionally, 55 out of our 56 properties have now reopened and operating results continue to improve sequentially. Regional markets continued to outperform destination markets and we remain optimistic regarding an eventual recovery of travel and tourism in the U.S. and especially in Las Vegas.\"\nThird Quarter 2020 Financial Results Summary and Segment Information\nFor the third quarter ended September 30, 2020, Caesars Entertainment, Inc. generated net revenues of $1.4 billion and a net loss of $926 million on a GAAP basis. After combining results of operations of Caesars Entertainment, Inc. for the three months ended September 30, 2020 with results of operations of Former Caesars for the period prior to the closing of the Merger, including proper...