UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
April 3, 2020 (
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 | Regulation FD Disclosure. |
On April 2, 2020, Caesars Entertainment Corporation (“Caesars”) issued a press release announcing the furlough of employees during the temporary closure of Caesars properties worldwide. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description | |||
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CAESARS ENTERTAINMENT CORPORATION | ||||||
Date: April 3, 2020 |
By: |
/s/ Renee Becker | ||||
Name: |
Renee Becker | |||||
Title: |
Vice President and Chief Counsel-Corporate & Securities, Assistant Secretary |
Exhibit 99.1
Caesars Provides Business Update Related to COVID-19 Impact
LAS VEGAS (April 2, 2020)The ongoing COVID-19 public health emergency has prompted the temporary shutdown of Caesars Entertainment Corporations (Caesars, Caesars Entertainment or the Company) (NASDAQ:CZR) properties consistent with government or tribe-mandated directives around the world.
Given the uncertain duration of the property closures throughout the network, Caesars is temporarily moving to the minimum workforce needed to maintain basic operations. The Company furloughed employees as its properties were ordered closed. The furloughs are expected to impact approximately 90% of employees at its domestic, owned properties as well as its corporate staff. Those individuals who are furloughed remain employees of the Company throughout the furlough period.
Given the closure of our properties, we are taking difficult but necessary steps to protect the companys financial position and its ability to recover when circumstances allow us to reopen and begin welcoming our guests and employees back to our properties, said Tony Rodio, Chief Executive Officer of Caesars Entertainment. The Company entered this crisis with strong operating performance, which, combined with the steps we are taking now, are critical to the future of our company.
As part of its efforts, Caesars is taking steps to support its team members through the effects of these difficult actions. The Company is paying furloughed employees for the first two weeks of the closure period and those employees can use their available paid time off after that. For furloughed employees enrolled in the Caesars health benefit plans, the Company is paying 100 percent of health insurance premiums through June 30, or their return to work, whichever comes sooner.
Further updates on the Companys response to COVID-19 can be found at: https://www.caesars.com/corporate/coronavirus-guest-information.
# # #
About Caesars Entertainment
Caesars Entertainment is one of the worlds most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainments resorts operate primarily under the Caesars®, Harrahs® and Horseshoe® brand names. Caesars Entertainments portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as expect or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events.
You are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance and results of the Company may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: future actions, new projects, strategies, future performance, the outcomes of contingencies, future financial results of the Company, and uncertainties related to COVID-19 and the impact of the Companys responses to it; and other factors described from time to time in our reports filed with the SEC.
You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this filing. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this filing or to reflect the occurrence of unanticipated events, except as required by law.
For More Information:
Media:
Richard Broome
Executive Vice President Communications & Government Relations
Rbroome@caesars.com
Investors:
Joyce Arpin
Senior Vice President Finance & Treasure
jthomas@caesars.com
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Document and Entity Information |
Apr. 02, 2020 |
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Cover [Abstract] | |
Entity Registrant Name | CAESARS ENTERTAINMENT Corp |
Amendment Flag | false |
Entity Central Index Key | 0000858339 |
Document Type | 8-K |
Document Period End Date | Apr. 02, 2020 |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-10410 |
Entity Tax Identification Number | 62-1411755 |
Entity Address, Address Line One | One Caesars Palace Drive |
Entity Address, City or Town | Las Vegas |
Entity Address, State or Province | NV |
Entity Address, Postal Zip Code | 89109 |
City Area Code | (702) |
Local Phone Number | 407-6000 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common stock, $0.01 par value |
Trading Symbol | CZR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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