{"id":130412,"date":"2020-03-18T06:20:16","date_gmt":"2020-03-18T13:20:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=130412"},"modified":"2020-03-18T11:24:28","modified_gmt":"2020-03-18T18:24:28","slug":"caesars-announces-north-american-venues-shut-down-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-announces-north-american-venues-shut-down-due-to-covid-19\/","title":{"rendered":"Caesars Shuts Down All North American Venues For COVID-19 Outbreak"},"content":{"rendered":"

After governors in several states had already issued orders to temporarily close casinos because of the COVID-19 coronavirus, Caesars Entertainment Corp. announced late Tuesday that it would shut down all the properties the company owns in North America.<\/p>\n

\"\"
Caesars Entertainment CEO Tony Rodio, seen here on the left at the grand opening for Caesars Southern Indiana in December, announced late Tuesday all of the company’s North American venues were closed because of the coronavirus outbreak. (Image: Casino.org)<\/figcaption><\/figure>\n

In a statement delivered a couple hours after Gov. Steve Sisolak announced a 30-day shutdown of casinos<\/a> and other non-essential businesses in Nevada, the Las Vegas-based company said it was developing a way \u201cto ensure a smooth closing process\u201d across its network.<\/p>\n

The release did not say whether employees would be paid during the time off. The closure periods vary \u2013 for now \u2013 on a state-by-state basis.<\/p>\n

Caesars said it \u201clooks forward to welcoming back team members and guests\u201d at the proper time.<\/p>\n

By Tuesday, governors in Illinois, Indiana, Iowa, Maryland, Mississippi, Missouri, New Jersey, and Pennsylvania \u2013 all states where Ceasars has properties \u2013 had joined Nevada in closing casinos because of the coronavirus outbreak. Tribes in California and North Carolina also shut down their Caesars venues because of the virus.<\/p>\n

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,\u201d said Caesars Entertainment CEO Tony Rodio.<\/p><\/blockquote>\n

Caesars has 37 US properties in 14 states. Its lone Canadian location is Caesars Windsor, located in the Ontario community across from Detroit.<\/p>\n

COVID-19 Pounding Caesars Stock<\/h2>\n

Like numerous other stocks, Caesars has been battered in a short time. On Tuesday, the stock, which trades at NASDAQ, started at $6.22 when trading started at 9:30 a.m. ET Tuesday. Less than two hours later, the stock had lost nearly half its value, as it hit a 52-week low of $3.23.<\/p>\n

The stock did rebound to trade as high as $5.57 in the afternoon before closing at $5.10. However, more volatility is expected Wednesday, when trading resumes for the first time since Sisolak\u2019s announcement shuttered America\u2019s gaming center.<\/p>\n

Pre-market trading had Caesars at $4.06, down more than 20 percent, as of an hour before trading.<\/p>\n

Less than a month ago, Caesars had reached its 52-week high at $14.74 per share.<\/p>\n

\n

In the statement announcing the shutdown, the company said it has a strong liquidity position. It cited that its cash on hand totaling $2.8 million \u201cis more than sufficient\u201d to meet obligations. However, Caesars is in the process of taking steps to cut back on spending.<\/p>\n<\/div>\n

Earlier this week, Caesars said it would pull more than $1.1 billion<\/a> from three lines of credit, fully extending those lines, according to a filing to the US Securities and Exchange Commission.<\/p>\n

Eldorado Stock Falling, Too<\/h2>\n

Caesars is in the process of completing a merger with Reno, Nev.-based Eldorado Resorts. While the new company would retain the Caesars name, Eldorado would hold the majority stake in the $17.3 billion venture.<\/p>\n

Like its partner, Eldorado is also getting pummeled on Wall Street.<\/p>\n

Pre-market trading on Wednesday had Eldorado\u2019s stock at $9 per share, which would set a 52-week low at Wednesday\u2019s opening.<\/p>\n

On Feb. 20, Eldorado\u2019s stock hit $70.74, a five-year high.<\/p>\n

At least one Eldorado property appears to remain open on Wednesday. That would be the Isle of Capri Pompano Park in Pompano Beach, Fla.<\/p>\n

The Florida casino tweeted Tuesday it would close its poker room for the safety of its guests and employees. The casino is still assessing the COVID-19 outbreak and said online that it plans to follow the guidance of the World Health Organization, the US Centers for Disease Control and Prevention, and other health bodies.<\/p>\n","protected":false},"excerpt":{"rendered":"

After governors in several states had already issued orders to temporarily close casinos because of the COVID-19 coronavirus, Caesars Entertainment Corp. announced late Tuesday that it would shut down all the properties the company owns in North America. In a statement delivered a couple hours after Gov. Steve Sisolak announced a 30-day shutdown of casinos […]<\/p>\n","protected":false},"author":45,"featured_media":130419,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"\nCaesars Announces North American Venues Shut Down Due to COVID-19<\/title>\n<meta name=\"description\" content=\"The Las Vegas-based company said it was developing a way \u201cto ensure a smooth closing process\u201d across its network of casinos across the US and Canada.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Announces North American Venues Shut Down Due to COVID-19\" \/>\n<meta property=\"og:description\" content=\"The Las Vegas-based company said it was developing a way \u201cto ensure a smooth closing 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