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Financial

‘New’ Caesars Entertainment posts significant revenue decline and net loss for Q2

Caesars Entertainment, formerly Eldorado Resorts, has reported a year-on-year revenue drop of 78% for Q2, as well as posting a significant net loss for the quarter.

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In the first financial update since Eldorado Resorts completed its $17.3bn acquisition of Caesars Entertainment on 20 July, net revenue for the legacy Eldorado properties decreased down to $126.5m, on a same-store basis compared to last year.

The impact of the coronavirus pandemic saw adjusted EBITDA tumble from positive $164.8m in 2019, down negative $10.4m for Q2. It also had a detrimental effect on income, which was $18.9m in 2019, but the operator reported a net loss of $100m for Q2 2020.

The operator stated that as of 30 June, it had $2.7bn of debt outstanding, with total cash and cash equivalents standing at $950.5m.

It also mentioned that 51 properties of new Caesars Entertainment have resumed operations since mid-May, after closing in March.

In terms of H1 2020, net revenue plunged from $1.27bn in 2019, down to $600m for the first six months until 30 June. Net loss for the period was $276m, compared to a profit of $57m in 2019.

Caesars Entertainment CEO Tom Reeg, said: "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 US. and especially Las Vegas."

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