The ongoing COVID-19 public health emergency has prompted the temporary shutdown of Caesars Entertainment Corporation's properties consistent with government or tribe-mandated directives around the world.
Given the uncertain duration of the property closures throughout the network, Caesars is temporarily moving to the minimum workforce needed to maintain basic operations. The Company furloughed employees as its properties were ordered closed. The furloughs are expected to impact approximately 90% of employees at its domestic, owned properties as well as its corporate staff. Those individuals who are furloughed remain employees of the Company throughout the furlough period.
"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 Tony Rodio, Chief Executive Officer of Caesars Entertainment. "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."
As part of its efforts, Caesars is taking steps to support its team members through the effects of these difficult actions. The Company is paying furloughed employees for the first two weeks of the closure period and those employees can use their available paid time off after that. For furloughed employees enrolled in the Caesars health benefit plans, the Company is paying 100 percent of health insurance premiums through June 30, or their return to work, whichever comes sooner.
Further updates on the Company's response to COVID-19 can be found at: https://www.caesars.com/corporate/coronavirus-guest-information.