Caesars net revenue drops 13.6% in Q1

Net revenue fell to US$1.83billion during the first three months of they year due to the impact of the Covid-19 outbreak.

US.- Nevada-based corporation Caesars Entertainment has seen net revenue fall 13.6 per cent during the first quarter of 2020.

According to figures released by the company, net revenue fell to US$1.83billion during the first three months of they year.

Caesars Entertainment attributed the decrease to the Covid-19 outbreak causing casinos closures across the US and around the world.

Loss from operations was US$66million, while net income attributable to Caesars was US$189 million.

In a press statement, Caesars CEO Tony Rodio said: “The public health emergency caused by Covid-19 has created extraordinary challenges and is impacting all aspects of society, including our business.

“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.

“Our first quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year over year labour costs in March as we continued to provide pay and benefits to our team members for the first two weeks of the closure period.

“We are taking steps to prepare for reopening, when appropriate, with the health and safety of our employees and guests in mind.”