Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Statements of Operations - by Segment

Condensed Statements of Operations - By Segment

	Year Ended December 31, 2017
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Other revenue	$	492		$	93		$	48		$	(7	)	$	626
Net revenues	2,897			1,756			206			(7		)	4,852
Depreciation and amortization	420			186			22			—			628
Income/(loss) from operations	546			198			(212		)	—			532
Interest expense	(65		)	(153		)	(556		)	—			(774		)
Gain on deconsolidation of subsidiary	—			30			—			—			30
Restructuring and support expenses	—			(177		)	(1,851		)	—			(2,028		)
Loss on extinguishment of debt	(4		)	(13		)	(215		)	—			(232		)
Other income	4			1			90			—			95
Income tax benefit	—			2			1,993			—			1,995



	Year Ended December 31, 2016
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Other revenues	$	447		$	65		$	15		$	—	$	527
Net revenues	2,625			1,205			47			—		3,877
Depreciation and amortization	344			90			5			—		439
Income/(loss) from operations	526			163			(462		)	—		227
Interest expense	(21		)	(30		)	(548		)	—		(599		)
Restructuring and support expenses	—			—			(5,729		)	—		(5,729		)
Other losses	—			—			(29		)	—		(29		)
Income tax benefit/(provision)	1			—			(328		)	—		(327		)



	Year Ended December 31, 2015
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Other revenues	$	399		$	67		$	29		$	—	$	495
Net revenues	2,543			1,308			78			—		3,929
Depreciation and amortization	278			80			16			—		374
Income/(loss) from operations	533			191			(409		)	—		315
Interest expense	(16		)	(27		)	(640		)	—		(683		)
Gain on deconsolidation of subsidiary	—			—			7,125			—		7,125
Restructuring and support expenses	—			—			(1,017		)	—		(1,017		)
Other income	—			—			7			—		7
Income tax benefit	—			—			106			—		106

Adjusted EBITDA

Adjusted 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). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.



	Year Ended December 31, 2017
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	481		$	(105	)	$	(751	)	$	—	$	(375	)
Net loss attributable to noncontrolling interests	—			(7		)	—			—		(7		)
Income tax benefit	—			(2		)	(1,993		)	—		(1,995		)
Gain on deconsolidation of subsidiary	—			(30		)	—			—		(30		)
Restructuring and support expenses	—			177			1,851			—		2,028
Loss on extinguishment of debt	4			13			215			—		232
Other income	(4		)	(1		)	(90		)	—		(95		)
Interest expense	65			153			556			—		774
Depreciation and amortization	420			186			22			—		628
Other operating costs ⁽¹⁾	25			2			37			—		64
Stock-based compensation expense	4			3			36			—		43
Other items ⁽²⁾	5			5			80			—		90
Adjusted EBITDA	$	1,000		$	394		$	(37	)	$	—	$	1,357



	Year Ended December 31, 2016
(In millions)	Las Vegas			Other U.S.		All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	506		$	129	$	(3,683	)	$	—	$	(3,048	)
Net income/(loss) attributable to noncontrolling interests	—			4		(33		)	—		(29		)
Discontinued operations, net of income taxes	—			—		(3,380		)	—		(3,380		)
Income tax (benefit)/provision	(1		)	—		328			—		327
Restructuring and support expenses	—			—		5,729			—		5,729
Other losses	—			—		29			—		29
Interest expense	21			30		548			—		599
Depreciation and amortization	344			90		5			—		439
Other operating costs ⁽¹⁾	8			—		83			—		91
CIE stock-based compensation	—			—		189			—		189
Stock-based compensation expense	3			2		38			—		43
Other items ⁽²⁾	—			4		77			—		81
Adjusted EBITDA	$	881		$	259	$	(70	)	$	—	$	1,070



	Year Ended December 31, 2015
(In millions)	Las Vegas		Other U.S.			All Other			Elimination		Caesars
Net income attributable to Caesars	$	517	$	178		$	5,314		$	—	$	6,009
Net income/(loss) attributable to noncontrolling interests	—		(14		)	13			—		(1		)
Discontinued operations, net of income taxes	—		—			(155		)	—		(155		)
Income tax benefit	—		—			(106		)	—		(106		)
Gain on deconsolidation of subsidiary	—		—			(7,125		)	—		(7,125		)
Restructuring and support expenses	—		—			1,017			—		1,017
Other income	—		—			(7		)	—		(7		)
Interest expense	16		27			640			—		683
Depreciation and amortization	278		80			16			—		374
Other operating costs ⁽¹⁾	11		7			143			—		161
CIE stock-based compensation	—		—			31			—		31
Stock-based compensation expense	3		2			66			—		71
Other items ⁽²⁾	2		—			62			—		64
Adjusted EBITDA	$	827	$	280		$	(91	)	$	—	$	1,016

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⁽¹⁾	Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items.


⁽²⁾	Other items includes other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as litigation awards and settlements, costs associated with CEOC’s restructuring and related litigation, severance and relocation costs, sign-on and retention bonuses, permit remediation costs, and business optimization expenses.

Condensed Balance Sheets - By Segment

Condensed Balance Sheets - By Segment

	As of December 31, 2017
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	14,145	$	6,880	$	7,519	$	(3,032	)	$	25,512
Total liabilities	5,238		5,027		11,843		108			22,216



	As of December 31, 2016
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	8,583	$	1,580	$	7,896	$	(3,136	)	$	14,923
Total liabilities	456		477		15,599		—			16,532