Shut casinos hit Caesars as COVID-19 puts gambling industry in survival mode

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Caesars Entertainment Corp missed quarterly revenue estimates on Monday as it shuttered its casinos amid nationwide lockdowns to contain the ...

Caesars Entertainment Corp missed quarterly revenue estimates on Monday as it shuttered its casinos amid nationwide lockdowns to contain the spread of the COVID-19 pandemic.12 May 2020 06:35AMREUTERS: Caesars Entertainment Corp missed quarterly revenue estimates on Monday as it shuttered its casinos amid nationwide lockdowns to contain the spread of the COVID-19 pandemic.

He said the company was taking aggressive steps to strengthen its financial position, which included furloughing 90per cent of its employees in North America. SunTrust analyst Barry Jonas said investor focus is squarely on Caesars' current cash burn rate and the phased property reopening strategy.The company said it would implement a phased reopening of its properties in Las Vegas, Atlantic City, Council Bluffs and Lake Tahoe.

 

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