Eldorado Resorts swings to Q1 loss amid Covid-19 shut-down
Casino operator Eldorado Resorts posted a $175.6m net loss for the first quarter of 2019 after a strong start to the period was hindered by the closure of its venues as a result of the novel coronavirus (Covid-19).
Eldorado chief executive Tom Reeg explained that the business had enjoyed a very strong start to the year, with revenue for the first two months up 6.6% year-on-year, and earnings before interest, tax, depreciation and amortisation (EBITDA) up 24.7%.
“However, the strength in January and February was offset by Covid-19 related weakness due to the mandated closure of all our properties by March 18, 2020,” Reeg said. “As a result, Eldorado generated first quarter same-store net revenues of $473.1m and EBITDA of $102.5m, down 17.5% and 33.0% year over year, respectively.”
On a like-for-like basis, revenue for the three months to 31 March would have been down 25.6%, though this fell to 17.5% after the contributions of five properties divested during the prior year were removed.
Read the full story on iGB North America.