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Caesars said it was shutting down its properties consistent with government- and tribe-mandated directives, and the company was unsure how long the properties would remain shuttered.
|CZR||CAESARS ENTERTAINMENT INC.||44.19||+1.24||+2.89%|
“Given the closure of our properties, we are taking difficult but necessary steps to protect the company's financial position and its ability to recover when circumstances allow us to reopen and begin welcoming our guests and employees back to our properties,” Caesars CEO Tony Rodio said in a news release.
There were more than 238,000 COVID-19 cases in the U.S. as of Thursday. Most U.S. states have told residents to stay home if possible in order to avoid spreading the virus, which health officials said may be carried by people showing no symptoms. In order to encourage social distancing, many state and local officials have also ordered “nonessential” businesses to temporarily close.
Caesars said it would pay furloughed employees for the first two weeks of the closure and let employees use any available paid time off after that. Caesars will also cover 100 percent of health insurance premiums for furloughed employees in the company health plan through June 30 or their return to work.
The Nevada-based company owns more than 30 properties around the world, including resorts under the Caesars, Harrah’s and Horseshoe brands. The company’s U.S. properties include more than 40,000 hotel rooms.