Caesars Entertainment Corporation (NASDAQ:CZR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 05:00 pm ET


Caesars Entertainment Corporation (NASDAQ:CZR) Q2 2020 Earnings Conference Call - Final Transcript


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Hello and welcome to today's, Caesars Entertainment 2020 Second Quarter Earnings Call. My name is Michelle, and I will be your event specialist today. [Operator Instruction]

It is now my pleasure to turn today's program over to Brian Agnew, Vice President of Finance and Investor Relations. Sir, the floor is yours.

Brian Agnew

Thank you, Michelle, and good afternoon to everyone, on the call. And welcome to the first earnings call for the new Caesars Entertainment to discuss our second quarter 2020 earnings. This afternoon we issued a press release announcing our second quarter financial results for the period ended June 30, 2020. A copy of the press release is available in the Investor Relations section of our website at Joining me on the call today are Tom Reeg, our Chief Executive Officer, Anthony Carano, our President and Chief Operating Officer, and Bret Yunker, our Chief Financial Officer.

Before I turn the call over to Tom, I would like to remind you that during today's conference call, we may make certain forward looking statements about the company's performance. Such forward looking statements are not guarantees of future performance, and therefore one should not place undue reliance on them. Forward looking statements are also subject to the inherent risks and uncertainties that could cause actual results to differ materially from those expressed. For additional information concerning factors that could cause actual results to differ from those discussed in our forward looking statements you should refer to the cautionary statements contained in our press release, as well as the risk factors contained in the company's filings with the Securities and Exchange Commission.

Caesars Entertainment undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances that occur after today's call. Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on the company's website at, by selecting the press release regarding the company's 2020 second quarter financial results.

And finally, while our press release today and our 10-Q cover the operations of legacy Eldorado for the second quarter of 2020, the company posted supplemental financial information for the combined new Caesars to our website this afternoon, covering the period January 1, 2019, to June 30, 2020, which we will discuss today on the call.

I will now turn the call over to Tom.

Tom Reeg

Thanks, Brian. Good afternoon, everybody, and thanks for joining us. We're in a totally different world than the last time we spoke to you on an earnings call. At that point, not every casino in the country on both sides was closed. The Caesars deal had not -- the Caesars transaction had not closed. And I was sitting in a car in a parking lot of a grocery store addressing you, so that I