Canada
Eldorado Resorts Q1 Revenue Dips by 25%
Eldorado Resorts has published the financial results of the first quarter of 2020. The company’s revenues showed a fall of 25%, as anticipated after the lockdown caused by Covid-19 outbreak.
The first quarter witnessed a net revenue of US$473.1 million, a dip of 25.6% on a GAAP basis and a decrease of 17.5% YoY.
Eldorado reported an operating loss of US$123.2million versus an operating income of US$123.6million in 1Q19, with a GAAP net loss of US$175.6million.
Tom Reeg, CEO of Eldorado Resorts, said: “Our first quarter operating performance through the end of February 2020 represented a very strong start to the year.
“We were encouraged by the strength of the consumer and the pace of revenue growth for this two-month period.
“However, the strength in January and February was offset by Covid-19 related weakness due to the mandated closure of all our properties by March 18, 2020.
“Our primary focus since the mandated closure of our properties has been the safety and well-being of our team members and guests.
He elaborated on the revenue fall: “We responded quickly to reduce costs and preserve liquidity following the closures and ended the first quarter of 2020 with over $670million of cash on the balance sheet after drawing $465million on our revolver in March.”
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