Caesars Entertainment Inc has opened 51 out of 54 properties across the U.S. since mid-May 2020, with only three in Las Vegas remaining closed amid the coronavirus pandemic.
The closures understandably affected the company’s second-quarter operating results, but CEO Tom Reeg said that demand trends since reopening have been stronger than expected.
“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,” he said in a second-quarter highlights call.
Caesars Entertainment recently completed its merger with Eldorado Resorts on July 20, 2020.
“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.”
The company posted a $100 million net loss in the second quarter of 2020, compared to a net income of $18.9 million in the prior-year period. The company’s net revenue was just shy of $500 million, said Reed, noting that around 55 percent of their employees are back to work.
Last year, Caesars announced it would be dropping out of the race for Japanese integrated resort, instead of focusing its efforts on the U.S. market following its merger with Eldorado.