Caesars Q1 Results & Re-Opening

Caesars Entertainment announced its plans to get the business up and running at the same time revealing their Q1 results. The casino giant said that casino revenues were down 11.5% to $958 million and total revenues from all sectors of the company were down 13.6% to $1.83 billion compared to $2.04 billion for the same period in 2019.

Chief Executive Officer Tony Rodio said: “Our first-quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year-over-year labour costs in March.”

He went on to say that the company is burning cash in expenses to the tune of $9.3 million per day, however as of the 31st March the company had cash liquidity of $2.6 billion.

On re-opening for business the company released a full statement from Tony Rodio:

“We look forward to welcoming our guests and team members back to our properties as soon as it is appropriate to do so,” said Tony Rodio, Chief Executive Officer of Caesars Entertainment. “We are implementing new protocols focused on the wellbeing of our team members, guests and communities to create environments with high standards of sanitization and physical distancing practices. We are working closely with public health authorities, gaming regulators and infectious disease specialists to design our plan.”
Health and Safety Approach

Caesars has developed a comprehensive health and safety program that enhances the Company’s existing standards and plans in these areas. The Company also intends to comply with recommended policies and procedures set by federal and applicable state and local public health authorities in each market in an effort to mitigate the spread of COVID-19.
The health and safety plan includes enhanced cleaning and sanitization of public spaces and guest rooms using CDC-recommended disinfectants and guidelines intended to limit the spread of the virus. All property employees will be trained on the new procedures and policies. The Company will instruct all team members to wash their hands for at least 20 seconds more frequently throughout their shift and signage throughout the properties will strongly encourage guests to do the same. Hand sanitizer will also be available throughout Caesars’ properties.
At all properties, the Company will facilitate social distancing practices, including by limiting table game spots and slot machines. Non-gaming offerings, including entertainment, restaurants and bars, will likely be reopened on a phased basis with limited capacity. Spaces where guests or employees queue, including check-in, elevator lobbies, taxi lines, employee break rooms and cafeterias, will be clearly marked for appropriate social distancing.

All team members will be provided with a mask and they will be required to wear a mask while at work. Some team members including housekeeping and security, may receive additional PPE such as gloves based on their role and if required applicable government or tribal bodies. The Company will also strongly encourage guests to wear masks, which will be provided by Caesars.
Caesars will implement a health screening program for all employees as part of the process of reopening properties and bringing team members back to our properties. In addition, through December 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.