🎰 Caesars Entertainment keeping casino floors open, closing buffets | KSNV

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Caesars Entertainment Corp.: On April 2, the company announced that it had furloughed about 90 percent of its employees at its domestic-owned properties.


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Sign up for free newsletters and get more CNBC delivered to your inbox. But coronavirus may just provide an excuse not to bring them back. Marketing is limited now, targeted mostly to loyal customers who are high spenders. The companies often subsidize the offerings because traditionally, it was thought to be a big draw for customers. That's not possible now because of the risk of spreading Covid Entertainment shows and nightclubs use venues that often sit empty. Get In Touch. Gaming revenue has been strong, according to people familiar with the matter. Coronavirus closures have allowed casinos to cut costs in a massive way and reopen in ways that limit expenses and keep unprofitable parts of the business closed. Eldorado's CEO seemed to indicate in his second-quarter earnings call that the buffets may never return. Those table games are now posted with higher minimum bets. In documents filed with the Securities and Exchange Commission on Monday, Eldorado announced it will offer 18 million shares of common stock.

Those numbers are likely to improve since Missouri and Iowa, which reopened casinos on June 1, are stronger markets for Eldorado than Louisiana and Mississippi, which began opening in May.

Even at Wynn Resorts Las Vegasthe company just announced its buffet is reopening as an all-you-can-eat, but full-service, restaurant. Low-limit tables are only profitable when caesars entertainment casino closings pack the tables.

The deal was initially announced in June of last year and will make Eldorado the largest operator of gambling establishments in the U. Casino operators responded by slashing spending and expenses and are intent on keeping costs low as they reopen.

Casinos have not been allowed to reopen those amenities anyway, because of the need for social distancing. It has reopened 22 properties bugsy siegel casino. The casino industry may have been fundamentally changed in the last three months as parts of the economy were forced to shut down to help stop the spread of coronavirus.

That means keeping unprofitable parts of the business closed. CNBC Newsletters. Data also provided by. Markets Pre-Markets U. All Rights Caesars entertainment casino closings. But its Nevada numbers don't at all mirror the success of its regional caesars entertainment casino closings.

News Tips Got a confidential news tip? We want to hear from you. Key Points. Caesars showed even more dramatic results. Market Data Terms of Use and Disclaimers.

Caesars and Eldorado are moving toward closing their merger at the end of June or early July. Get this delivered to your inbox, and more info about our products and services. Buffets are a moneypit for the operators. They are labor-intensive and wasteful. With capacity limits in place, casinos need to make sure their best customers have a place at the table. VIDEO Related Tags. Skip Navigation.