The sale of one of Caesars Entertainment’s casinos located in Las Vegas is still ongoing despite a cumulative delay due to the health crisis. The group’s new leader, Thomas Reeg, said the process has been postponed, but being finalized pending the stability of the current situation.
A process that has lasted for six months
The plan to sell one of Caesars Entertainment’s complexes began long before the global Covid-19 pandemic. During this period, the company announced its intention to sell the establishment located on the Las Vegas Strip following its merger with Eldorado Resorts. Throughout a conference call revealing the company’s quarterly results on Thursday, August 6, Thomas Reeg reiterated this sale, adding that the transaction would take time. Instead of the planned 12 months, the manager says the process should take up to 18 months given the business disruption.
The merger between Caesars Entertainment and Eldorado Resorts was finalized on July 20 after obtaining approval from various state bodies such as the Federal Trade Commission and regulators in Nevada and New Jersey. It must be said that this project was launched during the month of May 2019 pending the decision of Caesars Entertainment. Thanks to this alliance, the position of CEO of the group goes to Thomas Reeg who held the same position at Eldorado Resorts.
Like most casino operators, the Caesars Entertainment group has suffered substantial losses caused by the closure of its establishments. In the second quarter of 2020, the deficit amounts to $ 100 million with the cessation of all activities between mid-March and June. In the State of Nevada, the health crisis has had negative impacts on the economic and social life of the territory. With job losses and a lack of attendance, most casinos are struggling to recover. In all, operator Caesars Entertainment operates 54 casinos in the United States and all of them remain operational except for its three resorts in Las Vegas, including Cromwell, Planet Hollywood and Rio.