Caesars CEO encouraged by numbers
Friday 07 de August 2020 / 03:17
⏱ 1 min read
(Las Vegas).- Caesars Entertainment CEO Tom Reeg said Thursday there are encouraging signs for his company and the hospitality industry as it tries to do business during the coronavirus.
Reeg also said that “media fear mongering” over the coronavirus ahead of the Fourth of July weekend muted visitation across the country. But he touted Caesars’ strength compared to their Strip competition and that second quarter group bookings for six months to two years out were “dramatically in excess of last year.”
Reeg said during an earnings call that their Las Vegas properties did about $100 million in revenue in June and about $25 million in (earnings). That softened in the first week of July before returning to that original pace.
Reeg said Caesars mid-week occupancy in Las Vegas is running about 50% and starting to climb again. Weekend occupancy is in the high 70s despite a self-imposed cap because of what customers can be offered in non-gaming, food and beverage limitations, not being allowed to open bars, and social distancing at pools.
“Caesars was capping occupancy as properties reopened (starting June 4) at 80% and was running that on weekends and pulled back to 70% as (COVID-19) cases rose in Nevada,” Reeg said. “We’ve started to move that back up as we took over.”
Other Strip reports have cited midweek occupancy in the 30s and weekend occupancy in the 50s.
Categoría:Casino
Tags: Sin tags
País: United States
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