Caesars Entertainment Corporation (NASDAQ:CZR) Q1 2020 Earnings Conference Call - Final Transcript
May 11, 2020 • 04:30 pm ET
Anthony P. Rodio
consumers will react once we reopen, as well as preserving liquidity as best we can. In the meantime, we're taking steps to prepare for reopening at the appropriate time and to strengthen our financial position. Given the unprecedented scale and scope of this public health emergency, we can't reliably predict when consumers will be ready to return to our properties, though we believe our deep connection with our guests and our geographic diversity positions us as well as possible. We're working closely with regulators and government and tribe officials to ensure our operations, upon reopening, will follow their directives.
We are also consulting with health experts regarding the implementation of policies and procedures that align with recommendations published by public health officials. In an effort to strengthen the Company's financial position and enhance our ability to recover and we do reopen, we made the extremely difficult but necessary decision to temporarily reduce our workforce to a smaller, targeted workforce on maintaining basic operations. We have furloughed approximately 90% of employees at our domestic-owned properties, as well as at corporate, and we look forward to welcoming them back at the appropriate time. In the interim, we have taken steps to support our team members, including paying impacted employees for the first two weeks of the closure period and enabling them to use their available paid time off after that, as well as paying 100% of their medical insurance premiums through the earlier of June 30 and the return to work.
Furloughed team members will also have government assistance available to them as a financial bridge until they do return to work. Additionally, an employee assistance fund, Caesars Cares, has been established to support team members at our domestic properties who suffer unanticipated hardships arising from COVID-19. The fund, which is run by an independent public charity and managed by a three-person board, includes two independent directors and a Caesars' representative. It's composed of donations from Caesars' board of directors, executive team members, and other employees, as well as partners and vendors.
During these extraordinary times, we are committed to continue to support local communities where we operate by donating any perishable items to food banks and charities and providing critical supplies to first responders. To date, Caesars has supplied hundreds of thousands of pounds of food, as well as thousands of gloves, masks, and bottles of hand sanitizers to those on the front line. Additionally, we have contributed cots, hundreds of bed linens, pillows, and hygiene kits to various homeless shelters and care facilities. Based on the Company's ongoing efforts to address COVID-19-related needs and the communities where we operate, donations made by the Caesars Foundation will support local charities, and these communities engaged in fighting this public health emergency.
We continue to seek ways to give back as part of our commitment to get through this together. We have been communicating regularly with our customers during this challenging period, including working hard to alleviate the concerns of Caesars Reward members