Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Composition of Stock-Based Compensation |
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Composition of Stock-Based Compensation Expense (All Plans) | | | | | | | | | | | | | | Years Ended December 31, | (In millions) | 2017 | | 2016 | | 2015 | Corporate expense | $ | 36 |
| | $ | 37 |
| | $ | 65 |
| Property, general, administrative, and other | 7 |
| | 195 |
| | 37 |
| Total stock-based compensation expense | $ | 43 |
| | $ | 232 |
| | $ | 102 |
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| Caesars Interactive Entertainment [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock Option Grants and Exercises |
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CIE Stock Option Grants and Exercises | | | | | | | | | | Years Ended December 31, | (Dollars in millions, except per share data) | 2016 | | 2015 | Options Granted: | | | | Number of options granted | 377 |
| | 10,350 |
| Weighted average grant-date fair value per share (1) | $ | 5,404.93 |
| | $ | 4,670.27 |
| Weighted average exercise price per share | $ | 19,166.18 |
| | $ | 15,352.49 |
| | | | | Option Exercises: | | | | Number of options exercised | 909 |
| | 1,984 |
| Cash received for options exercised | $ | 2 |
| | $ | 5 |
| Aggregate intrinsic value of options exercised | $ | 13 |
| | $ | 21 |
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____________________ | | (1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
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| Assumptions Used to Estimate Option Value |
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Assumptions Used to Estimate CIE Option Value | | | | | | | | Years Ended December 31, | | 2016 | | 2015 | Expected range of volatility | 40.5% - 44.6% |
| | 42.9% - 49.4% |
| Expected dividend yield | — | % | | — | % | Expected range of term (in years) | 0.8 - 4.2 |
| | 1.5 - 4.7 |
| Risk-free interest rate range | 0.5% - 1.2% |
| | 0.7% - 1.7% |
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| Caesars Acquisition Company [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock Option Activity |
[1] |
Caesars Acquisition Company Stock Option Activity | | | | | | | | | | | | | | | | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value (in millions) | Outstanding as of December 31, 2016 | 1,002,500 |
| | $ | 9.43 |
| | 7.8 |
| | $ | 4 |
| Exercised | (450,375 | ) | | 9.68 |
| | | | | Canceled concurrent with the CAC Merger (1) | (552,125 | ) | | 9.22 |
| | | | | Outstanding as of December 31, 2017 | — |
| | — |
| | — |
| | — |
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| | (1) | CAC stock option grants were canceled and CEC assumed the stock option grants as a result of the CAC Merger. |
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| Stock Option Grants and Exercises |
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Caesars Acquisition Company Stock Option Grants and Exercises | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in millions, except per share data) | 2017 | | 2016 | | 2015 | Options Granted: | | | | | | Number of options granted | — |
| | — |
| | 20,000 |
| Weighted average grant-date fair value per share | $ | — |
| | $ | — |
| | $ | 3.10 |
| Weighted average exercise price per share | $ | — |
| | $ | — |
| | $ | 7.73 |
| | | | | | | Option Exercises: | | | | | | Number of options exercised | 450,375 |
| | 417,500 |
| | — |
| Cash received for options exercised | $ | 4 |
| | $ | 4 |
| | $ | — |
| Aggregate intrinsic value of options exercised | $ | 2 |
| | $ | 1 |
| | $ | — |
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| Restricted Stock Activity |
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Caesars Acquisition Company Restricted Stock Unit Activity | | | | | | | | | Units | | Wtd Avg Fair Value | Outstanding as of December 31, 2016 | 493,061 |
| | $ | 11.82 |
| Vested | (259,765 | ) | | 12.62 |
| Canceled concurrent with the CAC Merger (1) | (233,296 | ) | | 10.92 |
| Outstanding as of December 31, 2017 | — |
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| | (1) | CAC RSU grants were canceled and CEC assumed the RSU grants as a result of the CAC Merger. |
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| Assumptions Used to Estimate Option Value |
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There were no stock option valuations required during the years ended December 31, 2017 and 2016. Valuation assumptions for CAC’s stock options used in the Black-Scholes model to estimate fair value were as follows: Caesars Acquisition Company Assumptions Used to Estimate Option Values | | | | | Year Ended December 31, 2015 | Expected volatility | 39.9% - 45.7% |
| Expected dividend yield | — | % | Expected term (in years) | 5.8 - 9.4 |
| Risk-free interest rate | 1.8% - 2.3% |
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| Parent [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock Option Activity |
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Caesars Entertainment Stock Option Activity | | | | | | | | | | | | | | | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value (in millions) | Outstanding as of December 31, 2016 | 9,820,168 |
| | $ | 11.69 |
| | 6.2 | | $ | 2 |
| Assumed (1) | 897,204 |
| | 5.67 |
| | | | | Exercised | (1,249,640 | ) | | 6.51 |
| | | | | Forfeited | (112,917 | ) | | 9.47 |
| | | | | Expired | (126,925 | ) | | 10.58 |
| | | | | Outstanding as of December 31, 2017 | 9,227,890 |
| | 10.36 |
| | 3.9 | | 35 |
| Vested and expected to vest as of December 31, 2017 | 9,227,890 |
| | 10.36 |
| | 3.9 | | 35 |
| Exercisable as of December 31, 2017 | 7,698,080 |
| | 8.97 |
| | 3.7 | | 31 |
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| | (1) | CAC grants that were converted to CEC grants at the Exchange Ratio. |
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| Stock Option Grants and Exercises |
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Caesars Entertainment Stock Option Grants and Exercises | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in millions, except per share data) | 2017 | | 2016 | | 2015 | Options Granted: | | | | | | Number of options granted | — |
| | — |
| | 1,844,332 |
| Weighted average grant-date fair value per share (1) | $ | — |
| | $ | — |
| | $ | 3.38 |
| Weighted average exercise price per share (1) | $ | — |
| | $ | — |
| | $ | 10.04 |
| | | | | | | Option Exercises: | | | | | | Number of options exercised | 1,249,640 |
| | 11,101 |
| | 58,700 |
| Cash received for options exercised (2) | $ | 8 |
| | $ | — |
| | $ | — |
| Aggregate intrinsic value of options exercised (2) | $ | 7 |
| | $ | — |
| | $ | — |
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____________________ | | (1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
| | (2) | 2016 and 2015 amounts are immaterial. |
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| Restricted Stock Activity |
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The following table summarizes the activity of Caesars Entertainment’s RSUs during the year ended December 31, 2017. | | | | | | | | | Units | | Wtd Avg Fair Value | Outstanding as of December 31, 2016 | 8,447,922 |
| | $ | 7.95 |
| Granted | 11,955,390 |
| | 12.78 |
| Assumed (1) | 379,109 |
| | 11.50 |
| Vested | (2,898,737 | ) | | 8.71 |
| Forfeited | (609,025 | ) | | 8.71 |
| Outstanding as of December 31, 2017 | 17,274,659 |
| | 11.22 |
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| | (1) | CAC grants that were converted to CEC grants at the Exchange Ratio. |
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| Assumptions Used to Estimate Option Value |
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Caesars Entertainment Assumptions Used to Estimate Option Values | | | | | 2015 | Expected volatility | 42.0 | % | Expected dividend yield | — | % | Expected term (in years) | 5.7 |
| Risk-free interest rate | 1.6 | % |
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