EX-99.2 13 exhibit992-2022q4ceixfinan.htm EX-99.2 Document
Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Exhibit. Supplemental Consolidating Financial Information
The following tables present the balance sheets as of December 31, 2022 and 2021, statements of operations for years ended December 31, 2022 and 2021, cash flows for years ended December 31, 2022 and 2021, and Adjusted EBITDA for the quarter and year ended December 31, 2022 of Caesars Resort Collection, LLC (“CRC”), as it consolidates into CEI as a wholly-owned subsidiary. “Other Operations, Eliminations” presents the operations of CEI’s other subsidiaries, including eliminations of intercompany transactions.

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)

The consolidating condensed balance sheets as of December 31, 2022 and 2021 are as follows:
December 31, 2022December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $432 $606 $1,038 $508 $562 $1,070 
Restricted cash15 116 131 13 306 319 
Accounts receivable, net463 148 611 369 103 472 
Inventories45 14 59 30 12 42 
Prepayments and other current assets 171 92 263 189 101 290 
Assets held for sale— — — — 3,771 3,771 
Total current assets1,126 976 2,102 1,109 4,855 5,964 
Investments in and advances to unconsolidated affiliates— 94 94 — 158 158 
Property and equipment, net 11,540 3,058 14,598 11,688 2,913 14,601 
Gaming rights and other intangibles, net3,149 1,565 4,714 3,255 1,665 4,920 
Goodwill9,014 1,990 11,004 9,014 2,062 11,076 
Other assets, net 1,482 (467)1,015 1,500 (188)1,312 
Total assets$26,311 $7,216 $33,527 $26,566 $11,465 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable 206 108 314 175 79 254 
Accrued interest120 198 318 118 202 320 
Accrued other liabilities 1,070 858 1,928 1,053 920 1,973 
Due to affiliates1,481 (1,481)— 601 (601)— 
Current portion of long-term debt$67 $41 $108 $67 $3 $70 
Liabilities related to assets held for sale— — — — 2,680 2,680 
Total current liabilities2,944 (276)2,668 2,014 3,283 5,297 
Long-term financing obligation11,364 1,246 12,610 11,191 1,233 12,424 
Long-term debt5,173 7,486 12,659 6,861 6,861 13,722 
Long-term debt to related party 15 (15)— 15 (15)— 
Deferred income taxes1,518 (531)987 1,555 (444)1,111 
Other long-term liabilities427 425 852 524 412 936 
Total liabilities21,441 8,335 29,776 22,160 11,330 33,490 
STOCKHOLDERS' EQUITY:


Caesars stockholders' equity4,858 (1,145)3,713 4,395 85 4,480 
Noncontrolling interests12 26 38 11 50 61 
Total stockholders’ equity4,870 (1,119)3,751 4,406 135 4,541 
Total liabilities and stockholders’ equity$26,311 $7,216 $33,527 $26,566 $11,465 $38,031 




The consolidating condensed statements of operations for years ended December 31, 2022 and 2021 are as follows:

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Year Ended December 31, 2022Year Ended December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$3,961 $2,036 $5,997 $4,010 $1,817 $5,827 
Food and beverage1,351 245 1,596 970 170 1,140 
Hotel1,699 258 1,957 1,309 242 1,551 
Other1,100 171 1,271 933 119 1,052 
Net revenues8,111 2,710 10,821 7,222 2,348 9,570 
EXPENSES:
Casino1,841 1,685 3,526 1,830 1,299 3,129 
Food and beverage775 160 935 587 120 707 
Hotel438 91 529 357 81 438 
Other383 28 411 353 20 373 
General and administrative1,391 677 2,068 1,214 568 1,782 
Corporate282 4 286 249 60 309 
Impairment charges30 78 108 102 — 102 
Depreciation and amortization897 308 1,205 891 235 1,126 
Transaction and other costs27 (13)14 56 88 144 
Total operating expenses6,064 3,018 9,082 5,639 2,471 8,110 
Operating income (loss)2,047 (308)1,739 1,583 (123)1,460 
OTHER EXPENSE:
Interest expense, net(1,586)(679)(2,265)(1,648)(647)(2,295)
Loss on extinguishment of debt(85)— (85)(200)(36)(236)
Other income (loss)24 22 46 (2)(196)(198)
Total other expense(1,647)(657)(2,304)(1,850)(879)(2,729)
Income (loss) from continuing operations before income taxes400 (965)(565)(267)(1,002)(1,269)
Benefit (provision) for income taxes(29)70 41 60 223 283 
Income (loss) from continuing operations, net of income taxes371 (895)(524)(207)(779)(986)
Discontinued operations, net of income taxes(2)(384)(386)(22)(8)(30)
Net income (loss)369 (1,279)(910)(229)(787)(1,016)
Net (income) loss attributable to noncontrolling interests(2)13 11 (3)— (3)
Net income (loss) attributable to Caesars$367 $(1,266)$(899)$(232)$(787)$(1,019)









The consolidating condensed statements of cash flows for years ended December 31, 2022 and 2021 are as follows:

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Year Ended December 31, 2022Year Ended December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$2,418 $(1,425)$993 $2,304 $(1,105)$1,199 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(621)(331)(952)(327)(193)(520)
Acquisition of William Hill, net of cash acquired— — — — (1,581)(1,581)
Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated— — — — (5)(5)
Acquisition of gaming rights and trademarks(11)— (11)(262)(50)(312)
Proceeds from sale of businesses, property and equipment, net of cash sold23 16 39 261 465 726 
Proceeds from the sale of investments— 126 126 — 239 239 
Proceeds from insurance related to property damage— 36 36 — 44 44 
Investments in unconsolidated affiliates— — — — (39)(39)
Other— (6)(6)— — — 
Net cash used in investing activities(609)(159)(768)(328)(1,120)(1,448)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities750 750 1,500 108 1,200 1,308 
Repayments of long-term debt and revolving credit facilities(2,633)(105)(2,738)(1,875)(102)(1,977)
Financing obligation payments(4)1 (3)— (5)(5)
Transactions with parent— — — (117)117 — 
Debt issuance and extinguishment costs— (12)(12)— (56)(56)
Proceeds from issuance of common stock— 1 1 — 3 3 
Cash paid to settle convertible notes— — — — (367)(367)
Taxes paid related to net share settlement of equity awards— (27)(27)— (45)(45)
Distributions to noncontrolling interest(1)(2)(3)— (2)(2)
Net cash provided by (used in) financing activities(1,888)606 (1,282)(1,884)743 (1,141)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— (18)(18)26 (53)(27)
Cash flows from investing activities— 386 386 (2)(1,473)(1,475)
Cash flows from financing activities— — — — 591 591 
Net cash from discontinued operations— 368 368 24 (935)(911)
Change in cash, cash equivalents, and restricted cash classified as assets held for sale— — — — 10 10 
Effect of foreign currency exchange rates on cash— (29)(29)— 32 32 
Increase (decrease) in cash, cash equivalents and restricted cash(79)(639)(718)116 (2,375)(2,259)
Cash, cash equivalents and restricted cash, beginning of period527 1,494 2,021 411 3,869 4,280 
Cash, cash equivalents and restricted cash, end of period$448 $855 $1,303 $527 $1,494 $2,021 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for quarter and year ended December 31, 2022 are as follows:
Three Months Ended December 31, 2022Year Ended December 31, 2022
(In millions)CRC Other Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$53 $(201)$(148)$367 $(1,266)$(899)
Net income (loss) attributable to noncontrolling interests1 (15)(14)2 (13)(11)
Net loss from discontinued operations— — — 2 384 386 
(Benefit) provision for income taxes(25)31 6 29 (70)(41)
Other (income) loss — 7 7 (24)(22)(46)
Loss on extinguishment of debt52 — 52 85 — 85 
Interest expense402 183 585 1,586 679 2,265 
Depreciation and amortization226 69 295 897 308 1,205 
Impairment charges30 78 108 30 78 108 
Transaction costs and other 26 16 42 73 17 90 
Stock-based compensation expense 24 — 24 101 — 101 
Adjusted EBITDA$789 $168 $957 $3,148 $95 $3,243