With stronger third-quarter results, Caesars is trying to push its casinos back into operation.
US.- Caesars Entertainment’s Rio All-Suite Hotel and Casino in Las Vegas will open by the end of the year, according to Caesars’ CEO Tom Reeg.
Rio closed its doors back in March as per Governor Steve Sisolak’s orders due to the Covid-19 pandemic, and it did not reopen with other properties in Nevada in May.
However, with stronger third-quarter results for Caesars, the company is trying to push all of its casinos back into operation. The company projects that it will generate $50m in earnings before interest, taxes, depreciation, amortization and rent for the current three-month period.
In an earnings call, CEO Tom Reeg said: “If you look at the Caesars Forum convention center, which was open for about a day-and-a-half before everything shut down from COVID, Caesars Forum has 172 events, 1.6 million room nights contracted worth over $600 million in rooms and banquet revenue and 78 per cent of that business is new to Las Vegas,”
With recovery underway, Reegs hopes to open the Rio property by the end of this year.