Caesars' operating trends "negatively impacted" in Q2 as most properties were closed

Caesars Entertainment Inc., formerly known as Eldorado Resorts, Inc., reported on Thursday operating results for the second quarter ended June 30, 2020.  

Net revenue for legacy Eldorado Resorts properties of $126.5 million, a decrease of 80.1% on a GAAP basis and 78.2% on a same-store basis versus the comparable prior-year period.

Net loss of $100.0 million compared to net income of $18.9 million for the comparable prior-year period.

Same-store Adjusted EBITDA for legacy Eldorado Resorts of negative $10.4 million versus positive $164.8 million for the comparable prior-year period.

The company also announced recent highlights, including the completion of the Eldorado Resorts and Caesars Entertainment Corporation's merger, which took place on July 20, 2020, and created the largest casino and entertainment company in the U.S.

According to the company, 51 properties of new Caesars Entertainment, Inc. in the U.S. have resumed operations since mid-May 2020.

"Our second-quarter operating trends were negatively impacted as the majority of our properties remained closed during April and May 2020," said Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc. "Our properties began to reopen in late May and early June. All of the combined new Caesars Entertainment, Inc. regional properties are now reopened and we are encouraged by operating trends."

"Now that the merger has closed, our operating teams are fully engaged with integrating the two companies and executing on the synergy plans," he added. "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 U.S. and especially Las Vegas ."

See the company's full operating results here.