You had some -- what I would describe as media fear monitoring over what might happen. We've got a prohibition on groups north of 50 in Nevada, Las Vegas in particular. Our collection of destinations features an endless selection of slot machines and table games, along with the largest and most rewarding loyalty program in the world – Caesars Rewards®.
A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, http://investor.caesars.com/events-and-presentations. So the size of the portfolio comes down. Each company brings a rich, storied history that positions us to be the global leader in the gaming industry as we embark on this exciting new chapter. Gary Selesner leads our team out here as Regional President.
I think in your prepared remarks, you had mentioned 60% or so right now. Eldorado’s incredible sister property, Silver Legacy® Resort Casino, is unveiled in downtown Reno.
It is a story of vision, heart and, above all else, family values. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenues. As you start to see bars reopen, you start to see socially distance entertainment, and ultimately you see groups more than 50.
The Caesars deal had not -- the Caesars transaction had not closed. Caesars Entertainment’s corporate ethos, known as the Code of Commitment, pledges to its employees, guests and the community that it will honor the trust placed in them, and conduct operations responsibly. That's additional liquidity. And then the big piece is the group business.
So if we can open a property and it's additive to incremental EBITDA citywide, that's when we'll pull the trigger.
If you are, whether you were on the Eldorado side or the Caesar side, similar to when two airlines merges and you have both frequent flyer programs. But I'm not sure if that's fair to extrapolate to the Vegas strip just given you periodically reopening properties throughout the month. It's a function of the former, that Caesars has not ramped its product in Pennsylvania and it has in New Jersey. Most of the rest of the world is now moving to cashless are already there.
That starts in December, and that'll probably take another six months or so to roll through the entire portfolio. Revolver capacity drawn or committed to letters of credit. 4th of July, weekend that I think muted visitation across the country. Your next question comes from the line of Thomas Allen from Morgan Stanley. Plus, we offer a diverse range of nightlife venues globally, from hot nightclubs to stylish lounges to lavish theatres, along with wide-ranging entertainment options for the whole family, including Northern Nevada’s first Topgolf Swing Suite at Silver Legacy Resort Casino, High Roller Observation Wheel at the LINQ Hotel & Casino, Eiffel Tower Experience at Paris Las Vegas, The Midway at Circus Circus Reno and so much more.
Just staying with sports bank, can you just talk about what you see in the sports books and the Major Leagues relaunched? I guess, how should we think about the free cash flow algorithm that maybe laid out? Caesars Entertainment is committed to good corporate governance. And then thinking longer-term in New Jersey I think you have a little bit over 20% market share in iGaming and decent share in sports betting. All right, that's very helpful. Shaun Kelly -- Bank of America -- Analyst. At that point, not every casino in the country on both sides was closed. My last question is, can you give us July EBITDAR for those combined companies. Donald Carano laid the foundation for his legacy in 1973 with the opening of Eldorado Hotel Casino Reno. But I'd also say, as I said in my opening remarks, this is the biggest growth opportunity I've seen in this space since riverboats were being legalized in the early 90s, that we want to own a lot. Sir, the floor is yours. The two companies have made significant progress on the integration planning process, and the merger of the two companies (the "Merger") remains on track to close in the first half of 2020, subject to all required regulatory approvals. Eldorado Resort Casino in Reno becomes the first casino in the U.S. to operate its own microbrewery – The Brew Brothers®. I'm 100% convinced we're going to be one. And then whatever that number is for June, is it fair to extrapolate that out to July and what you're seeing so far to-date? How do you think about the reopening of what's left general guidelines?
We are committed to enriching communities with tangible economic value, while operating responsibly.
We are significantly EBITDA positive in Las Vegas. Our first regional property began reopening on May 18. Income from operations also decreased $300 million in the third quarter of 2019 compared with 2018, as explained above.
Given the number of properties in our system and short booking windows being experienced in our destination markets, this is the most dynamic modeling scenario we've ever encountered. Okay. So, 85% is new business.
Brett? Across all of our casino properties, hold had a favorable impact of $31 million to $36 million this quarter compared to the prior year, and was $10 million to $15 million above our expectations. We are not as dependent on headliners and cliques as the rest of the market. Margins for legacy Caesar's defamation property decreased approximately 1,500 basis points. Most of what is furloughed our frontline employees it is in terms of absolute volumes.
But I think the fear of return of promotional spending in the regional space is completely off the mark. All right, thanks. Curious if you could put a little context around that as to what former Caesars kind of casino mix in Las Vegas had been? Before I turn the call over to Tom, I would like to remind you that during today's conference call, we may make certain forward looking statements about the company's performance. My name is Michelle, and I will be your event specialist today. (1) See the Reconciliation of Net Income/(Loss) Attributable to Caesars Entertainment Corporation to Adjusted EBITDA. And are there any limits to executing on that strategy if your land based and digital businesses would somehow be separate entities? Obviously, we have divestiture trip requirements coming out of Indiana, that have a relatively near-term timeline associated with them.
And then you'd be looking at socially distance entertainment as a possibility. ", Proposed Sale of the Rio All-Suite Hotel & Casino. Thanks for taking my questions. Thanks. Amounts include other add-backs and deductions to arrive at adjusted EBITDA but not separately identified such as professional and consulting services, sign-on and retention bonuses, business optimization expenses and transformation expenses, severance and relocation costs, litigation awards and settlements. Please continue?
Isle®, Isle of Capri® and Lady Luck Casinos® become part of the Eldorado Resorts, Inc. Family, expanding its portfolio to 20 properties across the nation. And week by week, we were able to continue reopening additional properties throughout the quarter. So this is the cadence of capex. Your line is now open. You've had a lot of assets and there's still more planned. There's a little bit of remaining room remodel capex in Las Vegas that was traditionally in that run rate number, that you would see by Caesars historically. A recording of the live call will be available on the Company's website for 90 days after the event.
Anthony Carano -- President and Chief Operating Officer. Senior management at Caesars Entertainment leads an extensive team enterprise wide as they adhere to the commitments made to these employees, our guests, our communities and the environment. Bill Harrah opens his first bingo parlor in Reno, Nevada. But I will tell you, as shareholders, we're not going to react in a knee jerk fashion to those valuations, and do something that's not the right solution for the business over the long haul.
And I think that because of what's happened with the virus, I would expect the pace of the ability to get there to quicken.
Inspired by the Roman aureus, the coins that connected an empire, this new logo captures both the iconic legacy and bright future of the new Caesars Entertainment.
Your next question comes from the line of Shaun Kelly of Bank of America. from 8 AM - 9 PM ET. I think there's some misconceptions still around, particularly the regional business that I'll address, as we get to that point of the call. A little bit of both. Net Income/(Loss) Attributable to Caesars. Investor Relations Contact: Brian Agnew Great. Caesars Palace Las Vegas Hotel & Casino presents spectacular rooms, service, and entertainment. But obviously, at a lower revenue number, that margin is going to be higher. The property will remain part of the Caesars Rewards network during the term of the lease. A trailblazer in the world of celebrity chefs, Caesars Entertainment offers delectable creations from the world’s most recognizable culinary names, including restaurants with Gordon Ramsay and Food Network star Giada De Laurentiis, as well as celebrated dining havens like the Forbes Five-Star Restaurant Guy Savoy, Ruth’s Chris Steak House, Morton’s The Steakhouse and La Strada, home of the best pastas in the country according to Food Network. Harrah’s purchases several clubs at Lake Tahoe in Stateline, Nevada, beginning what is now Harrah’s Lake Tahoe.
Thanks, Brett.
But our softest segment is 55 plus, which coincides with our most, if not our most valuable among our most valuable segments.
Your line is now open. That's very different than our peers in Las Vegas, as I'm sure you're aware, as you listen to these comments. And particularly your larger groups, those require a lot of forward planning. Stock Advisor launched in February of 2002.
So you shouldn't expect us to do a deal that gets in the way of that outcome. In terms of results, as Brian told you, this is an odd quarter for us. Whether you’re traveling for business or pleasure, let our posh and pampering destinations provide the ultimate escape. And welcome to the first earnings call for the new Caesars …
Thomas Allen -- Morgan Stanley -- Analyst. So we've got an ownership piece in William Hill U.S., which is predominantly our piece of the partnership that they have with us.
In that we file financial adjust for the Eldorado side.
Your line is now open. And finally, while our press release today and our 10-Q cover the operations of legacy Eldorado for the second quarter of 2020, the company posted supplemental financial information for the combined new Caesars to our website this afternoon, covering the period January 1, 2019, to June 30, 2020, which we will discuss today on the call. On the regional side, we are seeing continued strength. All Other net revenues decreased $6 million year over year, primarily due to lower gaming volumes in the UK.
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