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Acquisitions, Purchase Price Accounting and Pro forma Information (Tables)
 12 Months Ended
Dec. 31, 2020
Caesars Entertainment Corporation  
Business Acquisition [Line Items]  
Schedule of Purchase Consideration Calculation
The total purchase consideration for Former Caesars was $10.9 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value.
(In millions)Consideration
Cash consideration paid$6,090 
Shares issued to Former Caesars shareholders2,381 
Cash paid to retire Former Caesars debt2,356 
Other consideration paid48 
Total purchase consideration$10,875 
Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of December 31, 2020:
(In millions)Fair Value
Current and other assets$4,149 
Property and equipment12,691 
Goodwill8,922 
Intangible assets (a)
3,364 
Other noncurrent assets676 
Total assets$29,802 
Current liabilities$1,836 
Financing obligation8,149 
Long-term debt6,591 
Noncurrent liabilities2,333 
Total liabilities18,909 
Noncontrolling interests18 
Net assets acquired$10,875 
____________________
(a)Intangible assets consist of gaming licenses valued at $388 million, trade names valued at $2.1 billion, the Caesars Rewards programs valued at $523 million and customer relationships valued at $403 million.
Financing Receivable, Allowance for Credit Loss A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows:
(In millions)
Purchase price of financial assets$95 
Allowance for credit losses at the acquisition date based on the acquirer’s assessment
89 
Discount / (premium) attributable to other factors2 
Face value of financial assets$186 
Schedule of Unaudited Pro Forma Information
The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of Former Caesars as if it had occurred on January 1, 2019. The pro forma amounts include the historical operating results of the Company and Former Caesars prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental depreciation and amortization expense to be incurred based on preliminary fair values of the identifiable property and equipment and intangible assets acquired, the incremental interest expense associated with the issuance of debt to finance the acquisition and the adjustments to exclude acquisition related costs incurred during the year ended December 31, 2020 and to recognize these costs during the year ended December 31, 2019 as if incurred on January 1, 2019. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations of the combined company were, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.
Years Ended December 31,
(In millions)20202019
Net revenues$5,642 $10,134 
Net loss(2,738)(1,039)
Net loss attributable to Caesars(2,670)(1,035)
Tropicana Entertainment Inc  
Business Acquisition [Line Items]  
Schedule of Purchase Consideration Calculation The purchase consideration in the acquisition was determined with reference to its acquisition date fair value.
(In millions)Consideration
Cash consideration paid$640 
Lumière Loan246 
Cash paid to retire Tropicana's long-term debt35 
ERI portion of taxes due6 
Purchase consideration$927 
Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed
(In millions)Fair Value
Current and other assets$179 
Property and equipment436 
Property subject to the financing obligation957 
Goodwill211 
Intangible assets (a)
248 
Other noncurrent assets55 
Total assets$2,086 
Current liabilities$175 
Financing obligation to GLPI957 
Noncurrent liabilities27 
Total liabilities1,159 
Net assets acquired$927 
____________________
(a)Intangible assets consist of gaming licenses valued at $125 million, trade names valued at $67 million and customer relationships valued at $56 million.
Schedule of Unaudited Pro Forma Information The following unaudited pro forma information presents the results of operations of the Company for the year ended December 31, 2018, as if the Tropicana Acquisition had occurred on January 1, 2017.
Year Ended December 31,
(In millions)2018
Net operating revenues$2,736 
Net income93 
Elgin Acquisition  
Business Acquisition [Line Items]  
Schedule of Purchase Consideration Calculation
(In millions)Consideration
Cash consideration paid$328 
Working capital and other adjustments1 
Purchase consideration$329 
Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Elgin, with the excess recorded as goodwill as of December 31, 2019:
(In millions)Consideration
Current and other$25 
Property and equipment61 
Goodwill60 
Intangible assets (a)
206 
Other noncurrent assets1 
Total assets$353 
Current liabilities$22 
Noncurrent liabilities2 
Total liabilities24 
Net assets acquired$329 
____________________
(a)Intangible assets consist of gaming licenses valued at $164 million, trade names valued at $13 million and customer relationships valued at $29 million.
Schedule of Unaudited Pro Forma Information
The following unaudited pro forma information presents the results of operations of the Company for the year ended December 31, 2018, as if the Elgin Acquisition had occurred on January 1, 2017.
Year Ended December 31,
(In millions)2018
Net operating revenues$2,153 
Net income106