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Casino and resort operator Caesars Entertainment said it’s furloughing about 90 percent of its 64,000 employees due to temporary shutdowns necessitated by the coronavirus pandemic.
Caesars said it was shutting down its properties consistent with government- and tribe-mandated directives, and the company was unsure how long the properties would remain shuttered.
|CZR||CAESARS ENTERTAINMENT CORP.||6.46||-0.17||-2.56%|
CORONAVIRUS NOT IMPACTING CRUISE BOOKINGS FOR 2021, ANALYSTS SAY
“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,” Caesars CEO Tony Rodio said in a news release.
There were more than 238,000 COVID-19 cases in the U.S. as of Thursday. Most U.S. states have told residents to stay home if possible in order to avoid spreading the virus, which health officials said may be carried by people showing no symptoms. In order to encourage social distancing, many state and local officials have also ordered “nonessential” businesses to temporarily close.