Caesars Entertainment Corporation (NASDAQ:CZR) (“Caesars”, “Caesars Entertainment” or the “Company”) today announced that it will temporarily shut down its owned properties in North America, consistent with directives from various government bodies.
“It has become clear that we must take this extreme action to help contain the virus and protect the safety and well-being of our team members and guests,” said the company CEO Tony Rodio.
Caesars is working to ensure a smooth closing process throughout its network and looks forward to welcoming back team members and guests as soon as appropriate. Caesars recognizes the disruption that these property closures will have on team members and is committed to helping employees manage the impact. An update on property closures throughout the Caesars network can be found on their website.
Caesars has a strong liquidity position with more than $2.8 billion of cash on hand. While the Company believes its current cash position is more than sufficient to fund its obligations, it is also taking appropriate measures to reduce operating and capital expenses, as necessary.
About Caesars Entertainment
Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, the company has grown through development of new resorts, expansions, and acquisitions. The company’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the company’s UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence, and technology leadership. The company is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework.
For more information about the company and any updates, please visit their website.