New Caesars CFO Confirms Job Cuts Are Imminent Following AcquisitionChief Financial Officer Bret Yunker Told Las Vegas Newspaper That Cuts Would Be "Compassionate" And "Transparent" |
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The completed merger between Eldorado Resorts and Caesars Entertainment will bring job cuts to the Las Vegas casino market.
According to a Las Vegas Sun report, Eldorado’s Chief Financial Officer Bret Yunker confirmed there would be job cuts in the weeks following the merger, but that the process would be made “compassionately and transparently as possible.”
According to details of the merger, Eldorado’s executive staff, including Yunker, will head what some officials have dubbed “New Caesars."
“We remain focused on creating substantial synergies as we bring together these two companies,” said Yunker in an interview with the newspaper. “That will, unfortunately, result in some job reductions. Reducing the size of a workforce is always challenging to go through. We commit to do that as compassionately and transparently as possible.”
Yunker didn’t specify the total number of jobs being lost in the interview.
Eldorado agreed to a deal a year ago in which the Reno-based company bought a 51 percent controlling interest in Caesars at a $17.3 billion valuation. With New Jersey’s approval of the deal Friday, the deal is officially complete after 13 months of working through the approval process from regulators.
The cuts are due in part to the completion of acquisition, but also a continuation of a trend in the casino industry as the market continues to be affected by the COVID-19 pandemic.
There were several thousand casino jobs lost earlier this month in Nevada, Mississippi and Louisiana. New York added to that list as its handful of commercial casinos cut another 4,100 jobs last week as furloughed workers became officially unemployed.
New York is one of the few markets remaining that has yet to reopen its casino industry. Many tribal casinos that are not held to the same restrictions as their commercial counterparts, began opening for business in June.
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