In response to the ongoing COVID-19 pandemic, Caesars Entertainment Corporation, also known as “The Company,” will temporarily shut down its properties in North America.
“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,” said Caesars Entertainment CEO Tony Rodio.
The Company will furlough roughly 90 percent of employees and corporate staff, with the remaining 10 percent needed to maintain basic operations. It is not certain how long the closures will last; however, the furloughed staff will remain employees of Caesars Entertainment Corporation.
Furloughed employees will be paid for the first two weeks of the closure period. They can use their paid time off afterward. Employees enrolled in the Caesars health benefit plan will receive 100 percent of health insurance premiums until June 30 at the latest.
“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,” said Rodio. “The Company entered this crisis with strong operating performance, which, combined with the steps we are taking now, are critical to the future of our company.”
All Caesars reservations during the closure period will be automatically canceled. Guests will be refunded within a few days after the closure of the property. All game tournaments and live entertainment events will be suspended at least until April 30.
Source: Read Full Article