Caesars Entertainment Inc. loss exceeds a billion dollars
Formed by the merger of Eldorado Resorts and Caesars Entertainment, Caesars Entertainment Inc. reported for the first six months of 2020. The organization posted a net loss of $1.17 billion.
Like other casino operators in the U.S., Caesars and Eldorado closed their gambling facilities in mid-March following restrictions related to the Covid-19 coronavirus pandemic. The facilities did not reopen until late May or early June.
The merger of the two companies came in the second half of July following the completion of a deal in which one of the largest casino and hotel operators, Eldorado Resorts, acquired Caesars Entertainment for $17.3 billion. The combined business owns more than 55 gambling establishments worldwide.
Recall that earlier losses were reported by MGM Resorts International, another giant of the gambling industry. The company’s net income for the first fiscal half of the year fell 60.3%.