USA – A casino corporation based in Paradise, an unincorporated town and census-designated place in Clark County, Nevada; Caesars Entertainment Corporation, has recently announced that it is shutting the doors to all its North American establishments as a temporary measure to prevent the spread of Covid-19, as ordered by various government bodies statewide.
Tony Rodio, chief executive officer of Caesars Entertainment commented on the announcement:
“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.”
The move comes just hours after the firm revealed that it would be laying off staff at a number of its establishments in order to reduce the need to travel and ‘due to unforeseeable, unexpected and sudden reduced business levels as a result of COVID-19’.
According to reports, an employee at one of the corporation’s venues received notice from a manager that the entire department was being laid off and documentation would state that the staff’s employment status would change to laid off from full-time employed.
Caesars Entertainment Corporation is majority-owned by a group of private equity firms led by Apollo Global Management, TPG Capital and Paulson & Co. and Carl Icahn.
A statement from the firm read:
‘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.’
The statement continued:
‘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.’
The company currently owns and operates more than fifty gaming and hospitality venues around the world, the majority of which are located in North America.