Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of (Loss)/Income Before Income Taxes from Continuing Operations

Components of Income/(Loss) Before Income Taxes from Continuing Operations
	Years Ended December 31,
(In millions)	2017			2016			2015
United States	$	(2,381	)	$	(6,128	)	$	5,749
Outside of the U.S.	4			(2		)	(2		)
	$	(2,377	)	$	(6,130	)	$	5,747

Income Tax Benefit/(Provision)

Income Tax Benefit/(Provision)
	Years Ended December 31,
(In millions)	2017			2016			2015
United States
Current
Federal	$	148		$	(381	)	$	—
State	(7		)	(3		)	—
Deferred
Federal	1,835			46			115
State	23			10			(10		)
Outside of the U.S.
Current	(4		)	1			1
Deferred	—			—			—
	$	1,995		$	(327	)	$	106

Allocation of Income Tax Benefit/(Provision)

Allocation of Income Tax Benefit/(Provision)
	Years Ended December 31,
(In millions)	2017		2016			2015
Income tax benefit/(provision) applicable to:
Income/(loss) from continuing operations	$	1,995	$	(327	)	$	106
Discontinued operations	—		(730		)	(64		)
Deconsolidation and restructuring of CEOC and other	—		—			1,176

Effective Income Tax Rate Reconciliation

Effective Income Tax Rate Reconciliation
	Years Ended December 31,
	2017		2016		2015
Statutory tax rate	35.0	%	35.0	%	35.0	%
Increases/(decreases) in tax resulting from:
State taxes, net of federal tax benefit	5.2		0.1		—
Valuation allowance	(17.1	)	(22.9	)	3.1
Foreign income taxes	(0.1	)	—		—
Deferred tax benefit from changes in federal tax law	52.1		—		—
Deconsolidation of CEOC	—		—		(40.3	)
Stock-based compensation	(0.2	)	(0.8	)	0.2
Acquisition of CEOC	36.7		—		—
Reserves for uncertain tax positions	(4.6	)	(0.1	)	—
Current tax benefit from change in CGP operating agreement	2.4		—		—
Nondeductible restructuring expenses	(25.0	)	(16.8	)	—
Noncontrolling interests	(0.1	)	—		0.1
Other	(0.4	)	0.2		0.1
Effective tax rate	83.9	%	(5.3	)%	(1.8	)%

Temporary Differences Resulting in Deferred Tax Assets and Liabilities

Temporary Differences Resulting in Deferred Tax Assets and Liabilities
	As of December 31,
(In millions)	2017		2016
Deferred tax assets:
State net operating losses	$	426	$	4
Federal net operating loss	553		51
Foreign net operating loss	17		—
Compensation programs	97		49
Allowance for doubtful accounts	50		19
Self-insurance reserves	10		8
Accrued restructuring and support expenses	—		1,278
Accrued expenses	79		28
Federal tax credits	58		17
Federal indirect tax benefits of uncertain state tax positions	4		5
Financing obligations	2,319		—
Golf course properties’ obligation	30		—
Intangibles	—		39
Debt related items	78		—
Deferred revenue	46		1
Other	10		12
Subtotal	3,777		1,511
Less: valuation allowance	1,513		1,356
Total deferred tax assets	$	2,264	$	155
Deferred tax liabilities:
Depreciation and other property-related items	$	2,576	$	1,091
Deferred cancellation of debt income and other debt-related items	—		4
Investment in non-consolidated affiliates	—		910
Intangibles	221		—
Prepaid expenses	24		15
Other	18		—
Total deferred tax liabilities	2,839		2,020
Net deferred tax liability	$	575	$	1,865

Reconciliation of Unrecognized Tax Benefits

Reconciliation of Unrecognized Tax Benefits
	Years Ended December 31,
(In millions)	2017			2016			2015
Balance as of beginning of year	$	115		$	3		$	81
Additions based on tax positions related to the current year	113			113			—
Additions for tax positions of prior years	1			—			—
Reductions for tax positions for prior years	(92		)	(1		)	—
Deconsolidation of CEOC	—			—			(78		)
Acquisition of OpCo	67			—			—
Effect of changes in federal tax law	(42		)	—			—
Balance as of end of year	$	162		$	115		$	3