Caesars revenue falls 14% for Q1, Eldorado merger on track for late June

Caesars Entertainment reported a 14% drop in first quarter revenue to $1.83bn amid COVID-19 induced casino closures.

Caesars saw a $66m loss from operations for the quarter, while non-GAAP adjusted EBITDA dropped 47% to $299m. 

Eldorado’s acquisition of Caesars is still scheduled to complete by late June, said Eldorado CEO Tom Reeg. Eldorado first quarter revenue fell 18% to $473m. 

COVID-19 stymied an impressive start to 2020 for Caesars. 

“While we posted our best operating performance since 2008 in the first two months of the quarter, circumstances changed dramatically in March as we temporarily shut-down all of our casino properties, consistent with directives from various governmental and tribal bodies,” Caesars CEO Tony Rodio said. 

Rodio said that Caesars will begin reopening its properties in phases. 

Rodio anticipates the company’s Las Vegas Strip casinos could begin reopening as early as late May with Caesars Palace in line to reopen first.

Ezra Amacher

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