EX-99.1 6 a2023q2cei-ex991financiali.htm EX-99.1 Document
Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Exhibit. Supplemental Consolidating Financial Information
The following tables present the consolidating condensed balance sheets as of June 30, 2023 and December 31, 2022, consolidating condensed statements of operations for the three and six months ended June 30, 2023 and 2022, cash flows for the six months ended June 30, 2023 and 2022, and Adjusted EBITDA for the three and six months ended June 30, 2023 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.
The consolidating condensed balance sheets as of June 30, 2023 and December 31, 2022 are as follows:
June 30, 2023December 31, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$544 $578 $1,122 $432 $606 $1,038 
Restricted cash26 100 126 15 116 131 
Accounts receivable, net392 134 526 463 148 611 
Inventories41 12 53 45 14 59 
Prepayments and other current assets199 101 300 171 92 263 
Total current assets1,202 925 2,127 1,126 976 2,102 
Investments in and advances to unconsolidated affiliates— 91 91 — 94 94 
Property and equipment, net11,569 3,064 14,633 11,540 3,058 14,598 
Goodwill9,014 1,990 11,004 9,014 1,990 11,004 
Intangible assets other than goodwill3,128 1,533 4,661 3,149 1,565 4,714 
Deferred tax asset2 44 46 — — — 
Other assets, net1,511 (595)916 1,482 (467)1,015 
Total assets$26,426 $7,052 $33,478 $26,311 $7,216 $33,527 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$212 $87 $299 $206 $108 $314 
Accrued interest119 250 369 120 198 318 
Accrued other liabilities1,212 769 1,981 1,070 858 1,928 
Due to affiliates1,131 (1,131)— 1,481 (1,481)— 
Current portion of long-term debt2 66 68 67 41 108 
Total current liabilities2,676 41 2,717 2,944 (276)2,668 
Long-term financing obligation11,433 1,253 12,686 11,364 1,246 12,610 
Long-term debt1,023 11,457 12,480 5,173 7,486 12,659 
Long-term debt to related party 4,413 (4,413)— 15 (15)— 
Deferred tax liability225 (157)68 1,518 (531)987 
Other long-term liabilities443 417 860 427 425 852 
Total liabilities20,213 8,598 28,811 21,441 8,335 29,776 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity6,115 (1,570)4,545 4,858 (1,145)3,713 
Noncontrolling interests98 24 122 12 26 38 
Total stockholders’ equity6,213 (1,546)4,667 4,870 (1,119)3,751 
Total liabilities and stockholders’ equity$26,426 $7,052 $33,478 $26,311 $7,216 $33,527 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the three months ended June 30, 2023 and 2022 are as follows:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$970 $614 $1,584 $1,011 $538 $1,549 
Food and beverage362 73 435 347 75 422 
Hotel444 81 525 449 70 519 
Other288 47 335 294 37 331 
Net revenues2,064 815 2,879 2,101 720 2,821 
EXPENSES:
Casino475 342 817 473 352 825 
Food and beverage212 46 258 197 45 242 
Hotel117 26 143 109 25 134 
Other103 8 111 96 9 105 
General and administrative335 164 499 346 171 517 
Corporate84 2 86 75 1 76 
Depreciation and amortization247 76 323 227 79 306 
Transaction and other costs. net31 2 33 5 9 14 
Total operating expenses1,604 666 2,270 1,528 691 2,219 
Operating income460 149 609 573 29 602 
OTHER EXPENSE:
Interest expense, net(398)(188)(586)(402)(157)(559)
Loss on extinguishment of debt— — — — — — 
Other income (loss)(1)4 3 2 43 45 
Total other expense(399)(184)(583)(400)(114)(514)
Income (loss) from continuing operations before income taxes61 (35)26 173 (85)88 
Benefit (provision) for income taxes1,156 (254)902 (31)(21)(52)
Income (loss) from continuing operations, net of income taxes1,217 (289)928 142 (106)36 
Discontinued operations, net of income taxes— — — (1)(156)(157)
Net income (loss)1,217 (289)928 141 (262)(121)
Net income attributable to noncontrolling interests(8)— (8)(1)(1)(2)
Net income (loss) attributable to Caesars$1,209 $(289)$920 $140 $(263)$(123)


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the six months ended June 30, 2023 and 2022 are as follows:
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$1,928 $1,241 $3,169 $1,983 $858 $2,841 
Food and beverage725 137 862 636 125 761 
Hotel894 134 1,028 784 118 902 
Other557 93 650 536 73 609 
Net revenues4,104 1,605 5,709 3,939 1,174 5,113 
EXPENSES:
Casino933 712 1,645 927 962 1,889 
Food and beverage421 88 509 364 80 444 
Hotel232 48 280 205 44 249 
Other203 15 218 179 14 193 
General and administrative674 334 1,008 671 345 1,016 
Corporate160 5 165 142 3 145 
Depreciation and amortization470 153 623 445 161 606 
Transaction and other costs, net40 9 49 9 (30)(21)
Total operating expenses3,133 1,364 4,497 2,942 1,579 4,521 
Operating income (loss)971 241 1,212 997 (405)592 
OTHER EXPENSE:
Interest expense, net(802)(378)(1,180)(782)(329)(1,111)
Loss on extinguishment of debt(197)— (197)— — — 
Other income (loss)(1)7 6 24 25 49 
Total other expense(1,000)(371)(1,371)(758)(304)(1,062)
Income (loss) from continuing operations before income taxes(29)(130)(159)239 (709)(470)
Benefit (provision) for income taxes1,180 (229)951 (41)96 55 
Income (loss) from continuing operations, net of income taxes1,151 (359)792 198 (613)(415)
Discontinued operations, net of income taxes— — — (2)(384)(386)
Net income (loss)1,151 (359)792 196 (997)(801)
Net income attributable to noncontrolling interests(8)— (8)(1)(1)(2)
Net income (loss) attributable to Caesars$1,143 $(359)$784 $195 $(998)$(803)

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the six months ended June 30, 2023 and 2022 are as follows:
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$455 $498 $953 $354 $(238)$116 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(417)(156)(573)(309)(162)(471)
Acquisition of gaming rights and trademarks(15)— (15)— — — 
Proceeds from sale of business, property and equipment, net of cash sold1 — 1 3 1 4 
Proceeds from the sale of investments— 3 3 — 121 121 
Proceeds from insurance related to property damage— — — — 33 33 
Other40 — 40 — — — 
Net cash used in investing activities(391)(153)(544)(306)(7)(313)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities4,420 420 4,840 750 — 750 
Repayments of long-term debt and revolving credit facilities(4,428)(776)(5,204)(796)(82)(878)
Financing obligation payments(3)(1)(4)— — — 
Debt issuance and extinguishment costs— (79)(79)— — — 
Contributions from noncontrolling interest owners77 — 77 — — — 
Distributions to noncontrolling interests— (1)(1)— — — 
Taxes paid related to net share settlement of equity awards— (14)(14)— (23)(23)
Net cash used in financing activities66 (451)(385)(46)(105)(151)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— — — — (18)(18)
Cash flows from investing activities— — — — (82)(82)
Cash flow from financing activities— — — — — — 
Net cash from discontinued operations— — — — (100)(100)
Effect of foreign currency exchange rates on cash— — — — (29)(29)
Increase (decrease) in cash, cash equivalents and restricted cash130 (106)24 2 (479)(477)
Cash, cash equivalents and restricted cash, beginning of period448 855 1,303 527 1,494 2,021 
Cash, cash equivalents and restricted cash, end of period$578 $749 $1,327 $529 $1,015 $1,544 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for the three and six months ended June 30, 2023 are as follows:
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$1,209 $(289)$920 $1,143 $(359)$784 
Net income attributable to noncontrolling interests8 — 8 8 — 8 
(Benefit) provision for income tax(1,156)254 (902)(1,180)229 (951)
Other income1 (4)(3)1 (7)(6)
Loss on extinguishment of debt— — — 197 — 197 
Interest expense, net398 188 586 802 378 1,180 
Depreciation and amortization247 76 323 470 153 623 
Transaction costs and other, net37 9 46 55 19 74 
Stock-based compensation expense 29 — 29 56 — 56 
Adjusted EBITDA$773 $234 $1,007 $1,552 $413 $1,965