Caesars will reopen properties in phases based on demand, lost $66M in 1Q

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LAS VEGAS (KLAS) — Caesars Entertainment announced it lost $66 million in the first quarter and will reopen its Las Vegas properties in phases depending on the demand.

The company released its financial results Monday as well as its plan for reopening when permitted by the government.

“Our first quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year over year labor costs in March as we continued to provide pay and benefits to our team members for the first two weeks of the closure period,” said CEO Tony Rodio of Caesars Entertainment.

Caesars has released a “comprehensive health and safety program” that includes all employees wearing face masks and undergo health screening at its properties.

“We are working closely with public health authorities, gaming regulators and infectious disease specialists to design our plan,” Rodio said. “We look forward to welcoming our guests and team members back to our properties as soon as it is appropriate to do so.”

In addition, through Dec. 31, 2020, Caesars will provide team members with an additional 10 days of paid COVID sick days if they or someone in their household have been diagnosed with COVID-19.

According to Caesars, Las Vegas, Atlantic City, Council Bluffs and Lake Tahoe will reopen in phases based on anticipated business demand. The company plans to reopen in these markets and increase staff capacity as well as amenities such as restaurants and live entertainment in line with consumer demand and guidance from public health authorities.

Caesars Entertainment announced an agreement at the end of April to sell Bally’s Atlantic City Hotel & Casino for approximately $25 million in cash. The transaction is subject to regulatory approvals and other closing conditions.

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