Combined Caesars-Eldorado business posts $1.17bn loss in H1
Caesars Entertainment Inc. – the new name for the combined Caesars Entertainment Corporation and Eldorado Resorts business – has reported a $1.17bn net loss for the first half of the year.
Eldorado Resorts completed its acquisition of the Caesars Entertainment Corporation business shortly after the end of the reporting period in a deal worth $17.3bn. The combined business now has a portfolio of more than 55 casino properties around the world.
According to a filing with the US Securities and Exchange Commission (SEC), combined revenue for the two businesses in the six months to June 30 amounted to $2.79bn, down 50.3% from $5.61bn in the same period last year, due to the impact of closures enforced by the novel coronavirus (Covid-19) pandemic.
Legacy Eldorado revenue amounted to $599.5m, which was 52.9% lower than $1.27bn in the same period last year, while legacy Caesars revenue was down 43.8% from $1.66bn to $931m.
Like all other casino operators in the US, Caesars and Eldorado were forced to shut their locations from mid-March, in line with state orders to combat the spread of Covid-19 and did not start to reopen its facilities until late May and early June.
As such, combined revenue from operations in Las Vegas, Nevada, was down 52.4% year-on-year to $931m, while regional revenue fell 50.5% from $3.34bn to $1.66bn. However, other revenue was up slightly from $11m to $14m during the first half.