Eldorado Resorts net revenue drops 25% in Q1

Net revenue for the first three months hit US$473.1 million dow more than a quarter year on year.

US.- Eldorado Resorts has reported a 25 per cent decline in revenue during the first quarter of the year due to the Coronavirus crisis.

Net revenue for Q1 was US$473.1 million, a decrease of 25.6 per cent on a GAAP basis and a decrease of 17.5 per cent on a same-store basis YoY.

Eldorado also announced an operating loss of US$123.2million versus operating income of US$123.6million in 1Q19, with a GAAP net loss of US$175.6million.

Tom Reeg, CEO of Eldorado Resorts, said: “Our first quarter operating performance through the end of February 2020 represented a very strong start to the year.

“We were encouraged by the strength of the consumer and the pace of revenue growth for this two-month period.

“However, the strength in January and February was offset by Covid-19 related weakness due to the mandated closure of all our properties by March 18, 2020.

“Our primary focus since the mandated closure of our properties has been the safety and well-being of our team members and guests.

Regarding how Eldorado handled the revenue decline, he added: “We responded quickly to reduce costs and preserve liquidity following the closures and ended the first quarter of 2020 with over $670million of cash on the balance sheet after drawing $465million on our revolver in March.”