Caesars Entertainment Corporation (NASDAQ:CZR) Q1 2020 Earnings Conference Call - Final Transcript

May 11, 2020 • 04:30 pm ET

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Caesars Entertainment Corporation (NASDAQ:CZR) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. [Operator Instructions] I would now like to hand the conference over to your speaker today, Ms. Joyce. You may begin.

Executive
Joyce Arpin

Thank you. Good afternoon and welcome to the Caesars Entertainment Corporation First Quarter 2020 Earnings Conference Call. Joining me today from Caesars Entertainment are Tony Rodio, Chief Executive Officer; and Eric Hession, Chief Financial Officer. A copy of the press release, earnings presentation slides, and a replay of this conference call are available in the Investor Relations section of our website at caesars.com.

Also, please note that prior to this call, we furnished a copy of the earnings release to the SEC on Form 8-K, and we'll file our Form 10-Q shortly. Before we get under way, I would like to remind you that today's conference call will contain forward-looking statements that we are making under the safe harbor provisions of federal securities laws. The Company's actual results could differ materially from the anticipated results in the forward-looking statements. In addition, we may discuss non-GAAP measures.

Please refer to Slides 17 through 22, which include forward-looking statements, safe harbor disclaimers, and definitions of certain non-GAAP measures. And Slides 11 and 12, which include tables reconciling GAAP and non-GAAP figures. I will now turn the call over to Tony.

Executive
Anthony P. Rodio

Thanks, Joyce. And actually, before I start my formal comments, I think it's worth noting me and Eric are sitting here in the conference room at Caesars Palace, and we are over six feet apart. But being in Caesars Palace, which usually has so much activity and energy, it's kind of eerie. And hopefully, in the not-too-distant future, we'll be beginning to move back normal.

With that said, first and foremost, all of us at Caesars hope that you and your loved ones are healthy and safe. The public health emergency caused by COVID-19 has created challenging circumstances, that are impacting all aspects of society. Before I provide commentary on the steps we're taking to protect our business and to prepare to reopen when appropriate, I'd like to express my gratitude to all of our team members who are on the front lines of our efforts to quickly and safely implement the closure of all our casino properties in March. Consistent with stay-at-home orders and other directives from various government and tribal bodies.

I'd also like to thank those who remain on the job to keep our property safe and secure while closed. I know the implementation of these directives have placed extraordinary strain on all of our people. Throughout this period, our focus centered around the health and safety of our employees and guests. We began temporarily closing our properties in North America on March 14, and by March 17, we had shut down almost all of our properties in North America and internationally, consistent with government or tribe-mandated directives.

The challenges we now face are uncertainty around when our properties will be able to resume operations, what that will look like and how