Things have been rocking in Sin City as the recovery from the pandemic continues, but one Strip casino is on the chopping block. Which one? No one knows just yet… not even Caesars Entertainment.
Despite a robust jump in revenue over last year, the company as a whole still expects to see a net loss of more than $230 million. Revenue is up almost 90% from last year, but has announced plans to part ways with a yet-to-be-named Strip casino.
Caesars is making this move in order to secure more cash, and also has plans to liquidate their William Hill assets which are not US-facing. Despite these moves, Caesars stated that they are “Encouraged by the early results from our rebranded Caesars sports book”“. They do plan to operate in even more American markets as we move toward 2022.
All told, these moves Caesars should be able to accumulate over $5 billion in cash as they move toward recovering from their massive debts.