Caesars Entertainment announces temporary shutdown of properties

(PRESS RELEASE) -- Caesars Entertainment Corporation today announced that it will temporarily shut down its owned properties in North America, consistent with directives from various government bodies.

"It has become clear that we must take this extreme action to help contain the virus and protect the safety and well-being of our team members and guests," said Caesars Entertainment CEO Tony Rodio.

Caesars is working to ensure a smooth closing process throughout its network and looks forward to welcoming back team members and guests as soon as appropriate. Caesars recognizes the disruption that these property closures will have on team members and is committed to helping employees manage the impact.

Caesars has a strong liquidity position with more than $2.8 billion of cash on hand. While the Company believes its current cash position is more than sufficient to fund its obligations, it is also taking appropriate measures to reduce operating and capital expenses, as necessary.