LAS VEGAS, March 17, 2020 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ:CZR) ("Caesars", "Caesars
Entertainment" or the "Company") today announced that it will
temporarily shut down its owned properties in North America, consistent with directives from
various government bodies.
"It has become clear that we must take this extreme action to
help contain the virus and protect the safety and well-being of our
team members and guests," said Caesars Entertainment CEO
Tony Rodio.
Caesars is working to ensure a smooth closing process throughout
its network and looks forward to welcoming back team members and
guests as soon as appropriate. Caesars recognizes the disruption
that these property closures will have on team members and is
committed to helping employees manage the impact. An update on
property closures throughout the Caesars network can be found at
https://www.caesars.com/corporate/newsroom/press-releases.
Caesars has a strong liquidity position with more than
$2.8 billion of cash on hand. While
the Company believes its current cash position is more than
sufficient to fund its obligations, it is also taking appropriate
measures to reduce operating and capital expenses, as
necessary.
About Caesars Entertainment
Caesars Entertainment is
one of the world's most diversified casino-entertainment providers
and the most geographically diverse U.S. casino-entertainment
company. Since its beginning in Reno,
Nevada, in 1937, Caesars Entertainment has grown through
development of new resorts, expansions and acquisitions. Caesars
Entertainment's resorts operate primarily under the Caesars®,
Harrah's® and Horseshoe® brand names. Caesars Entertainment's
portfolio also includes the Caesars Entertainment UK family of
casinos. Caesars Entertainment is focused on building loyalty and
value with its guests through a unique combination of great
service, excellent products, unsurpassed distribution, operational
excellence and technology leadership. Caesars Entertainment is
committed to its employees, suppliers, communities and the
environment through its PEOPLE PLANET PLAY framework. For more
information, please visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes "forward-looking
statements" intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform
Act of 1995. You can identify these statements by the fact that
they do not relate strictly to historical or current facts and by
the use of words such as "will," "believes," "looks forward,"
"help," and "substantially," or the negative or other
variations thereof or comparable terminology. These
forward-looking statements are based on current expectations and
projections about future events.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual performance and results of the Company may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties
include, but are not limited to: future actions, new projects,
strategies, future performance, the outcomes of contingencies,
future financial results of the Company, and uncertainties related
to COVID-19 and the impact of the Company's responses to it; and
other factors described from time to time in our reports filed with
the SEC.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
filing. The Company undertakes no obligation to publicly
update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this filing or
to reflect the occurrence of unanticipated events, except as
required by law.
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SOURCE Caesars Entertainment