Segment Reporting Segment Reporting (Notes)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Reporting

We view each casino property and CIE as operating segments and aggregated all such casino properties and CIE into four reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures: CEOC, CERP, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP LLC excluding CIE. CIE is comprised of the subsidiaries that operate CGP LLC’s social and mobile gaming operations and WSOP. CEOC is a reportable segment; however, it was deconsolidated effective January 15, 2015 (see Note 4).

The results of each reportable segment presented below are consistent with the way CEC management assesses these results, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within Caesars, as described below. Accordingly, the results of certain reportable segments presented in this filing differ from the financial statement information presented in their stand-alone filings.

“Other” includes parent, consolidating, and other adjustments to reconcile to consolidated CEC results.

	Three Months Ended March 31, 2015
(In millions)	CEOC		CERP			CGP Casinos			CIE (1)			Other			Elimination			CEC
Management fees	$	4	$	—		$	—		$	—		$	—		$	(2	)	$	2
Net revenues	164		529			390			177			7			(14		)	1,253
Depreciation and amortization	11		49			34			7			1			—			102
Impairment of intangible and tangible assets	—		—			—			—			—			—			—
Income/(loss) from operations	9		106			164			41			(176		)	—			144
Interest expense	87		101			46			2			2			—			238
Gain on deconsolidation of subsidiary and other	—		—			(2		)	—			7,092			—			7,090
Income tax benefit/(provision) from continuing operations	—		(2		)	—			(13		)	(177		)	—			(192		)

____________________

⁽¹⁾  Includes foreign net revenues of $141 million.

	Three Months Ended March 31, 2014
(In millions)	CEOC (1)		CERP		CGP Casinos			CIE (2)			Other			Elimination			CEC
Management fees	$	17	$	—	$	—		$	—		$	—		$	(3	)	$	14
Net revenues	1,181		492		292			124			3			(59		)	2,033
Depreciation and amortization	71		50		22			6			—			—			149
Impairment of intangible and tangible assets	33		—		—			—			—			—			33
Income/(loss) from operations	48		60		(41		)	5			79			—			151
Interest expense	524		91		15			1			(1		)	(38		)	592
Other gains/(losses)	1		—		50			—			(14		)	(38		)	(1		)
Income tax benefit/(provision) from continuing operations	60		24		(8		)	(1		)	61			—			136

____________________

⁽¹⁾  Includes foreign net revenues of $83 million.

⁽²⁾  Includes foreign net revenues of $89 million.

Property EBITDA - by Segment

Property EBITDA is defined as revenues less property operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) (benefit)/provision for income taxes, (iii) depreciation and amortization, (iv) corporate expenses, and (v) certain items that we do not consider indicative of its ongoing operating performance at an operating property level. In evaluating Property EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Property EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.

Property EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income/(loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Property EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Property EBITDA is included because management uses Property EBITDA to measure performance and allocate resources, and believes that Property EBITDA provides investors with additional information consistent with that used by management.

	Three Months Ended March 31, 2015
(In millions)	CEOC		CERP		CGP Casinos			CIE		Other			Elimination			CEC
Income/(loss) from operations	$	9	$	106	$	164		$	41	$	(176	)	$	—		$	144
Depreciation and amortization	11		49		34			7		1			—			102
Write-downs, reserves, and project opening costs, net of recoveries	1		2		3			—		37			(1		)	42
Impairment of intangible and tangible assets	—		—		—			—		—			—			—
Corporate expense	7		12		7			—		21			—			47
Acquisition and integration costs and other	3		—		(117		)	—		120			—			6
EBITDA attributable to discontinued operations	—		—		—			—		—			—			—
Property EBITDA	$	31	$	169	$	91		$	48	$	3		$	(1	)	$	341

	Three Months Ended March 31, 2014
(In millions)	CEOC			CERP		CGP Casinos			CIE		Other			Elimination		CEC
Income/(loss) from operations	$	48		$	60	$	(41	)	$	5	$	79		$	—	$	151
Depreciation and amortization	71			50		22			6		—			—		149
Write-downs, reserves, and project opening costs, net of recoveries	4			4		16			—		—			—		24
Impairment of intangible and tangible assets	33			—		—			—		—			—		33
Corporate expense	49			14		1			—		(14		)	—		50
Acquisition and integration costs and other	11			—		76			—		(76		)	—		11
EBITDA attributable to discontinued operations	(5		)	—		—			—		—			—		(5		)
Property EBITDA	$	211		$	128	$	74		$	11	$	(11	)	$	—	$	413

Condensed Balance Sheets - By Segment
	As of March 31, 2015
(In millions)	CEOC		CERP		CGP Casinos		CIE (1)		Other		Elimination			CEC
Total assets	$	—	$	7,186	$	4,182	$	485	$	2,736	$	(2,052	)	$	12,537
Total liabilities	—		6,318		2,881		287		313		$	(193	)	9,606

____________________

⁽¹⁾  Includes foreign assets of $253 million and foreign liabilities of $148 million.

	As of December 31, 2014
(In millions)	CEOC (1)		CERP		CGP Casinos		CIE (2)		Other			Elimination			CEC
Total assets	$	11,355	$	7,172	$	4,185	$	546	$	2,752		$	(2,475	)	$	23,535
Total liabilities	19,773		6,334		2,979		367		(583		)	(593		)	28,277

____________________

⁽¹⁾  Includes foreign assets of $312 million and foreign liabilities of $183 million.

⁽²⁾  Includes foreign assets of $305 million and foreign liabilities of $172 million.