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Aug. 6, 2020, 6:27 p.m. EDT

Caesars Entertainment swings to Q2 loss

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By Kimberly Chin

Caesars Entertainment Inc., formerly known as Eldorado Resorts Inc., swung to a steep loss and reported a decline in sales in the second quarter as a majority of its properties were closed for most of the period due to the coronavirus pandemic.

The casino operator said properties began reopening in late May and early June and are now fully reopened.

"Our Covid-19 operating plans for reopened properties are designed to ensure a safe and exciting environment for our Guests. We remain optimistic regarding an eventual recovery of travel and tourism in the U.S. and especially Las Vegas," said Chief Executive Tom Reeg.

The company swung to a loss of $100 million, or $1.25 a share, compared with a profit of $18.9 million, or 24 cents a share, in the year-earlier quarter.

Revenue fell 80% from a year ago to $126.5 million.

Write to Kimberly Chin at kimberly.chin@wsj.com

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