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Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Summary of Debt
 
December 31, 2017
 
December 31, 2016
(Dollars in millions)
Final
Maturity
 
Rate(s) (1)
 
Face Value
 
Book Value
 
Book Value
Secured debt
 
 
 
 
 
 
 
 
 
CRC Revolving Credit Facility
2022
 
variable (5)
 
$
—

 
$
—

 
$
—

CRC Term Loan
2024
 
variable (6)
 
4,700

 
4,616

 
—

CEOC LLC Revolving Credit Facility (2)
2022
 
variable (7)
 
—

 
—

 
—

CEOC LLC Term Loan (2)
2024
 
variable (8)
 
1,500

 
1,499

 
—

CERP Revolving Credit Facility (3)
N/A
 
N/A
 
—

 
—

 
40

CERP Senior Secured Loan (3)
N/A
 
N/A
 
—

 
—

 
2,387

CERP First Lien Notes (3)
N/A
 
N/A
 
—

 
—

 
993

CERP Second Lien Notes (3)
N/A
 
N/A
 
—

 
—

 
1,140

CGPH Term Loan (3)
N/A
 
N/A
 
—

 
—

 
1,119

CGPH Notes (3)
N/A
 
N/A
 
—

 
—

 
662

Horseshoe Baltimore Credit and FF&E Facilities (4)
N/A
 
N/A
 
—

 
—

 
309

Cromwell Credit Facility (3)
N/A
 
N/A
 
—

 
—

 
167

Other Financing Obligations
N/A
 
N/A
 
—

 
—

 
7

Unsecured debt
 
 
 
 
 
 
 
 
 
CEC Convertible Notes
2024
 
5.00%
 
1,078

 
1,078

 
—

CRC Notes
2025
 
5.25%
 
1,700

 
1,664

 
—

Special Improvement District Bonds
2037
 
4.30%
 
56

 
56

 
14

Total debt
 
9,034

 
8,913

 
6,838

Current portion of long-term debt
 
(64
)
 
(64
)
 
(89
)
Long-term debt
 
$
8,970

 
$
8,849

 
$
6,749

 
 
 
 
 
 
 
Unamortized premiums, discounts and deferred finance charges
 
 
 
$
121

 
$
110

Fair value
 
$
9,100

 


 
 
____________________
(1) 
Interest rate is fixed, except where noted.
(2) 
As part of the acquisition of OpCo, we assumed $1.2 billion in debt that was issued in connection with CEOC’s emergence from bankruptcy and the $200 million revolving credit facility described below. See Note 1 and Note 4 for additional information.
(3) 
All outstanding amounts were fully repaid during 2017.
(4) 
As described in Note 2, we deconsolidated Horseshoe Baltimore effective August 31, 2017. As a result, we derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility.
(5) 
London Interbank Offered Rate (“LIBOR”) plus 2.25%.
(6) 
LIBOR plus2.75%.
(7) 
LIBOR plus 2.00%
(8) 
LIBOR plus 2.50%.
Annual Estimated Debt Service Requirements
Annual Estimated Debt Service Requirements
 
Years Ended December 31,
 
 
 
 
(In millions)
2018
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Total
Annual maturities of long-term debt
$
64

 
$
64

 
$
64

 
$
64

 
$
64

 
$
8,714

 
$
9,034

Estimated interest payments
440

 
450

 
460

 
450

 
450

 
980

 
3,230

Total debt service obligation (1)
$
504

 
$
514

 
$
524

 
$
514

 
$
514

 
$
9,694

 
$
12,264

___________________
(1) 
Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve. Actual payments may differ from these estimates.
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2017
(In millions)
Proceeds
 
Repayments
 
Loss on Extinguishment of Debt
CRC Revolving Credit Facility
$
300

 
$
(300
)
 
$
—

CRC Term Loan
4,700

 
—

 
—

CEOC LLC Term Loan (1)
265

 
—

 
—

CRC Notes
1,700

 
—

 
—

CERP Revolving Credit Facility (2)
—

 
(40
)
 
(1
)
CERP Senior Secured Loan (2)
59

 
(2,484
)
 
(29
)
CERP First Lien Notes (2)
—

 
(1,000
)
 
(27
)
CERP Second Lien Notes (2)
—

 
(1,150
)
 
(75
)
CGPH Term Loan (2)
226

 
(1,372
)
 
(22
)
CGPH Notes (2)
—

 
(675
)
 
(60
)
CGPH Revolving Credit Facility (2)
—

 
—

 
(1
)
Cromwell Credit Facility (2)
—

 
(171
)
 
(4
)
Horseshoe Baltimore Credit & FF&E Facilities (3)
300

 
(320
)
 
(12
)
Chester Downs Senior Secured Notes (2)
—

 
(330
)
 
(1
)
Other debt activity
—

 
(2
)
 
—

Capital lease payments
—

 
(2
)
 
—

Total
$
7,550

 
$
(7,846
)
 
$
(232
)

____________________
(1) 
This amount does not include the debt assumed as part of the OpCo acquisition. See Note 1 and Note 4 for additional information.
(2) 
All outstanding amounts were fully repaid during 2017.
(3) 
The Horseshoe Baltimore Credit & FF&E Facilities were refinanced in July 2017. We deconsolidated Horseshoe Baltimore effective August 31, 2017 and derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. See Note 2.