Caesars Q1 2020 Earnings Report
Key Takeaways
Eldorado Resorts reported a challenging first quarter due to the mandated closure of all properties starting March 18, 2020, which offset a strong start to the year in January and February. Net revenue was $473.1 million, a decrease of 25.6% on a GAAP basis, and the company reported an operating loss of $123.2 million and a net loss of $175.6 million. The company ended the quarter with over $670 million of cash on the balance sheet after drawing $465 million on its revolver in March.
Net revenue decreased by 25.6% on a GAAP basis due to COVID-19 closures.
The company experienced an operating loss of $123.2 million and a net loss of $175.6 million.
Same-store Adjusted EBITDA decreased by 33.0% compared to the prior-year period.
Eldorado ended the quarter with over $670 million in cash after drawing on its revolver.
Caesars
Caesars
Caesars Revenue by Segment
Caesars Revenue by Geographic Location
Forward Guidance
The company expects the announced $230 million sale of Kansas City and Vicksburg properties to Twin River to close in the current quarter following receipt of customary regulatory approvals.