Caesars CFO confirms imminent job cuts following Eldorado merger
The merger between Eldorado Resorts and Caesars Entertainment Corp. has reached completion, but the new agreement will bring job cuts to the Las Vegas casino market.
Despite imminent losses, CFO Bret Yunker said the company plans to make layoffs as “compassionately and transparently as possible”. Yunker, who served as Eldorado CFO and now with the new Caesars, wasn’t specific about how many jobs would be eliminated or where the reductions would happen.
“We remain focused on creating substantial synergies as we bring together these two companies,” he said. “That will, unfortunately, result in some job reductions. Reducing the size of a workforce is always challenging to go through.”
Before layoffs resulting from the pandemic, Caesars had about 30,000 employees in Las Vegas and about 65,000 worldwide. Eldorado had about 18,000 workers.
Yunker added that while COVID-19 has decimated casino revenues and wreaked havoc on the tourism industry, Eldorado never thought about backing away from the deal. The company has about $13 billion in debt, along with additional obligations to VICI Properties and another real estate investment trust.
Reno-based Eldorado announced Monday it completed the $17.3 billion deal to acquire Caesars, making it the biggest gaming company in the world.
The now merged company owns and operates more than 55 casinos in 16 States, including eight resorts on the Las Vegas Strip.
Yunker added that he hoped the “strength of the combined portfolio” would help the company continue to reopen casinos shuttered during the pandemic.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
