Thursday, June 30, 2022

Caesars tells staff merger likely to mean job losses


Caesars Entertainment has told staff that its $17.3 billion merger with Eldorado Resorts will likely result in a reduction in headcount, though it’s too early in the process to give details.

In a release to the Securities and Exchange Commission, Caesars addressed frequently asked questions by employees, saying that for the time being it will be business as usual.

“Retaining a talented workforce is a priority for Eldorado, who is committed to establishing an integrated organisation to effectively manage the combined company’s world-class properties and execute on its growth opportunities,” it said. 

“While we expect there will eventually be headcount reductions, it is too early in the process to know specifics. However, it is fair to assume that some corporate infrastructure will remain.”

Caesars confirmed Eldorado CEO Tom Reeg will be CEO of the combined group, while Executive Chairman Gary Carano and Chief Financial Officer Bret Yunker will retain the same roles.

Reeg earlier this week suggested that the new Caesars Entertainment would be focused on the United States IR market, perhaps exclusively.

“We’ve not made firm decisions on international yet,” he told a conference call with investors, “I would tell you that you know us as a company that’s been domestically focused… so the opportunity internationally is going to have to be, frankly, stupendous for us to be running in that direction, but no firm decisions have been made at this point.”

Caesars has been actively lobbying for a license in Japan and is developing a property in Incheon, South Korea. 

The company also said the Caesars reward program would remain intact and be an important part of the combined company.

 

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