Caesars Entertainment Portfolio
Caesar entertainment is among the largest casinos in Atlantic City and the country in general. The company has been at the top of the city’s profitable companies’ chart in the past years. Recent years also saw its mega-mergers with Eldorado resorts resulting in a $17.3 billion merger deal making it one of the top gaming companies in the United States.
But the recent COVID-19 pandemic has had many effects on the company, as with many other businesses in the state. Though the board at Caesar entertainment gave no reasons for the recent shakeups in the management of the company, one cannot help but wonder whether it was due to the poor performance of the company in the previous year.
Joe Lodise’s Bio
Joe Lodise is by no means a newbie in Caesar entertainment. He began his career in 2007 in Caesar’s finance team and eventually climbed the rope to become the company’s vice president. Before his recent appointment as the vice president of Caesar Entertainment, Joe served as the general manager of Horseshoe Tunica, a sector of the Caesar entertainment company.
Joe is a graduate of Rutgers University and a native of New Jersey.
Gregg Klein’s Bio
Gregg Klein is also not new to the casino business. He has worked previously at Eldorado resort as the vice president of operation before the mega-merger with Caesar entertainment. With this new appointment, Klein will be serving in the same capacity as Joe but in Harrah’s resort.
The new appointment only applies to two of Caesar entertainment casino. The third casino, Tropicana Atlantic City, will still retain its previous management.
Atlantic City Casinos Struggled In 2020
The year 2020 was one of the roughest years for land-based casinos in Atlantic City due to the novel coronavirus. With the pandemic ravaging the United States, several government restrictions were put in place which impacted the ability of all nine Atlantic City casinos to drive revenue.
The restrictions saw gambling venues shut their doors to customers for over 100 days. When casinos reopened, more restrictions subjected them to a 25% capacity limit – a restriction that has been in place for over six months. Even worse, casinos saw customer patronage drop due to regulations like indoor dining restrictions and lack of live entertainment. Overall customer concerns about Covid-19 also played a role in the lack of patronage.
As a result, revenue from land-based gaming saw a sharp drop to almost 44% compared to 2019.
Caesars Atlantic City reported a $151.2 million casino win in 2020 which shows a revenue drop of more than 44% from the previous year.
Caesars Entertainment Plan To Claim the Top Spot in AC
Even with the dwindling revenues and the economic woes plaguing the Garden State, Caesars Entertainment still has some big plans in the works for Atlantic City.
The company has made a commitment to spend at least $400 million in boosting its offerings across its Atlantic City properties in the next three years.