Segment Reporting Segment Reporting (Notes)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

We view each casino property as an operating segment and currently aggregate all such casino properties into two reportable segments: CERP and CGP. Through June 30, 2016, we presented CGP as two separate reportable segments: CGP Casinos and CIE. Subsequent to the sale of the SMG Business (see Note 1) the remaining CIE business is not material. Therefore, we no longer consider CIE to be a separate reportable segment, and CGP Casinos and CIE have been combined for all periods presented as the CGP segment. Additionally, CEOC was a reportable segment until its deconsolidation effective January 15, 2015.

The results of each reportable segment presented below are consistent with the way Caesars management assesses these results and allocates resources, 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 standalone filings.

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

Condensed Statements of Operations - By Segment
	Three Months Ended September 30, 2016
(In millions)	CERP		CGP			Other			Elimination			Caesars
Other revenues	$	83	$	57		$	—		$	(4	)	$	136
Net revenues	569		422			(1		)	(4		)	986
Depreciation and amortization	63		47			1			—			111
Income/(loss) from operations	104		(109		)	(39		)	—			(44		)
Interest expense	99		49			(1		)	—			147
Deconsolidation and restructuring of CEOC and other	1		1			(3,072		)	—			(3,070		)
Income tax benefit/(provision)	—		2			(29		)	—			(27		)

	Three Months Ended September 30, 2015
(In millions)	CERP		CGP			Other			Elimination			Caesars
Other revenues	$	73	$	48		$	4		$	(7	)	$	118
Net revenues	542		418			4			(7		)	957
Depreciation and amortization	52		39			—			—			91
Income/(loss) from operations	98		32			(46		)	—			84
Interest expense	98		50			(1		)	—			147
Deconsolidation and restructuring of CEOC and other	—		5			(940		)	—			(935		)
Income tax benefit/(provision)	—		(2		)	208			—			206

	Nine Months Ended September 30, 2016
(In millions)	CERP		CGP			Other			Elimination			Caesars
Other revenues	$	235	$	162		$	3		$	(15	)	$	385
Net revenues	1,659		1,283			1			(15		)	2,928
Depreciation and amortization	195		130			—			—			325
Income/(loss) from operations	293		(22		)	(116		)	—			155
Interest expense	297		149			2			—			448
Deconsolidation and restructuring of CEOC and other	—		2			(5,335		)	—			(5,333		)
Income tax benefit/(provision)	2		6			(45		)	—			(37		)

	Nine Months Ended September 30, 2015
(In millions)	CEOC		CERP			CGP		Other			Elimination			Caesars
Other revenues	$	24	$	224		$	132	$	21		$	(31	)	$	370
Net revenues	164		1,637			1,216		22			(31		)	3,008
Depreciation and amortization	11		151			111		1			—			274
Income/(loss) from operations	9		332			223		(259		)	—			305
Interest expense	87		299			145		1			(2		)	530
Deconsolidation and restructuring of CEOC and other	—		—			4		6,160			(2		)	6,162
Income tax benefit/(provision)	—		(13		)	2		60			—			49

Property EBITDA - by Segment

Property earnings before interest, taxes, depreciation and amortization (“EBITDA”) is presented as a measure of the Company’s performance. 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) income tax (benefit)/provision, (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. As a result of the sale of the SMG Business (see Note 1), we have determined that CIE stock-based compensation expense should be excluded from Property EBITDA as management no longer considers such expense to be indicative of Caesars Entertainment’s ongoing consolidated or segment operating performance. Therefore, Property EBITDA has been recast for prior periods to be consistent to the current year presentation.

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 non-GAAP 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 September 30, 2016
(In millions)	CERP			CGP			Other			Elimination			Caesars
Net income/(loss) attributable to company	$	6		$	3,897		$	(4,546	)	$	—		$	(643	)
Net income/(loss) attributable to noncontrolling interests	—			(33		)	681			—			648
Discontinued operations, net of income taxes	—			(4,019		)	726			—			(3,293		)
Income tax (benefit)/provision	—			(2		)	29			—			27
Deconsolidation and restructuring of CEOC and other	(1		)	(1		)	3,072			—			3,070
Interest expense	99			49			(1		)	—			147
Depreciation and amortization	63			47			1			—			111
Corporate expense	11			7			23			(1		)	40
Other operating costs	—			16			19			—			35
CIE stock-based compensation	—			145			—			—			145
Property EBITDA	$	178		$	106		$	4		$	(1	)	$	287

	Three Months Ended September 30, 2015
(In millions)	CERP		CGP			Other			Elimination			Caesars
Net income/(loss) attributable to company	$	—	$	19		$	(810	)	$	—		$	(791	)
Net income attributable to noncontrolling interests	—		2			33			—			35
Discontinued operations, net of income taxes	—		(36		)	—			—			(36		)
Income tax (benefit)/provision	—		2			(208		)	—			(206		)
Deconsolidation and restructuring of CEOC and other	—		(5		)	940			—			935
Interest expense	98		50			(1		)	—			147
Depreciation and amortization	52		39			—			—			91
Corporate expense	10		8			24			(2		)	40
Other operating costs	1		9			24			—			34
CIE stock-based compensation	—		13			—			—			13
Property EBITDA	$	161	$	101		$	2		$	(2	)	$	262

	Nine Months Ended September 30, 2016
(In millions)	CERP			CGP			Other			Elimination			Caesars
Net income/(loss) attributable to company	$	(2	)	$	3,940		$	(6,966	)	$	—		$	(3,028	)
Net income/(loss) attributable to noncontrolling interests	—			(26		)	742			—			716
Discontinued operations, net of income taxes	—			(4,077		)	726			—			(3,351		)
Income tax (benefit)/provision	(2		)	(6		)	45			—			37
Deconsolidation and restructuring of CEOC and other	—			(2		)	5,335			—			5,333
Interest expense	297			149			2			—			448
Depreciation and amortization	195			130			—			—			325
Corporate expense	33			22			69			(2		)	122
Other operating costs	5			19			53			—			77
CIE stock-based compensation	—			188			—			—			188
Property EBITDA	$	526		$	337		$	6		$	(2	)	$	867

	Nine Months Ended September 30, 2015
(In millions)	CEOC			CERP		CGP			Other			Elimination			Caesars
Net income/(loss) attributable to company	$	(85	)	$	20	$	193		$	5,870		$	—		$	5,998
Net income attributable to noncontrolling interests	—			—		4			90			—			94
Discontinued operations, net of income taxes	7			—		(113		)	—			—			(106		)
Income tax (benefit)/provision	—			13		(2		)	(60		)	—			(49		)
Deconsolidation and restructuring of CEOC and other	—			—		(4		)	(6,160		)	2			(6,162		)
Interest expense	87			299		145			1			(2		)	530
Depreciation and amortization	11			151		111			1			—			274
Corporate expense	7			32		27			76			(11		)	131
Other operating costs	4			3		(98		)	197			—			106
CIE stock-based compensation	—			—		24			—			—			24
Property EBITDA	$	31		$	518	$	287		$	15		$	(11	)	$	840

Condensed Balance Sheets - By Segment
	As of September 30, 2016
(In millions)	CERP		CGP		Other		Elimination			Caesars
Total assets	$	7,031	$	7,757	$	1,322	$	(759	)	$	15,351
Total liabilities	6,003		3,042		7,347		(70		)	16,322

	As of December 31, 2015
(In millions)	CERP		CGP		Other		Elimination			Caesars
Total assets	$	7,028	$	4,518	$	1,409	$	(749	)	$	12,206
Total liabilities	6,073		2,798		1,157		(55		)	9,973