Caesars Entertainment Corporation (NASDAQ:CZR) Q1 2020 Earnings Conference Call - Final Transcript
May 11, 2020 • 04:30 pm ET
properties because of the closures. All Other adjusted EBITDAR loss was $31 million, flat year-over-year primarily due to a $13 million decrease at our high-end international properties, offset by a $12 million reduction in corporate expenses. In light of the property closure since March and our inability to predict when mandated shutdown periods may conclude or at the pace with which our business may recover after reopening, we aggressively managed all of our operating levers to put us in the best position to reopen our properties at appropriate time. First, we're conserving capital.
In the first quarter, we spent $109 million on maintenance capital and $75 million in development capital primarily related to the CAESARS FORUM project. As soon as declines in the business were evident, we stopped all capital that was not critical or contractually obligated. Second, reducing operating expenses and discretionary spending has been postponed indefinitely. These actions will significantly reduce our operating expenses going forward.
Lastly, we're focused on preserving liquidity. To increase our cash position and enhance financial flexibility during the quarter, we fully drew down $1.14 billion under our revolving credit facilities. We ended the quarter with approximately $2.7 billion of unrestricted cash and have no near-term debt maturities. I'd note that our liquidity needs to run the business at 100% demand is approximately $750 million.
The combination of these efforts has enabled us to significantly reduce our daily cash requirements. As you can see on Slide 9, assuming we receive certain spend waivers, which are in process, our daily cash burn is approximately $9.3 million, while our properties remain temporarily closed compared to our cash usage of approximately $17 million before the shutdown. We're taking this opportunity, while properties are closed to evaluate cost centers to ensure prudent spending as properties come back online and identify areas where we can permanently reduce expenses to help drive further profitability. While the actions we've taken are extremely difficult, we believe they're necessary for the long-term health of the company so that we can best position Caesars for a strong and sustainable future.
Before we open the call for questions, please note that the purpose of today's call is to discuss our first quarter performance. While we look forward to answering any questions you have about Caesars, for more information regarding the proposed merger with Eldorado, please refer to our filings with the SEC. We'll now open the call for questions.