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	$	465		$	94		$	44		$	(7	)	$	596
Net revenues	2,915			1,758			202			(7		)	4,868
Depreciation and amortization	420			186			20			—			626
Income/(loss) from operations	549			199			(211		)	—			537
Interest expense	(65		)	(153		)	(555		)	—			(773		)
Gain on deconsolidation of subsidiary	—			31			—			—			31
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	$	418		$	67		$	12		$	—	$	497
Net revenues	2,622			1,209			46			—		3,877
Depreciation and amortization	344			90			5			—		439
Income/(loss) from operations	526			163			(463		)	—		226
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	$	379		$	70		$	26		$	—	$	475
Net revenues	2,561			1,318			78			—		3,957
Depreciation and amortization	278			80			16			—		374
Income/(loss) from operations	535			192			(409		)	—		318
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	$	484		$	(103	)	$	(749	)	$	—	$	(368	)
Net loss attributable to noncontrolling interests	—			(7		)	—			—		(7		)
Income tax benefit	—			(2		)	(1,993		)	—		(1,995		)
Gain on deconsolidation of subsidiary	—			(31		)	—			—		(31		)
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			555			—		773
Depreciation and amortization	420			186			20			—		626
Other operating costs ⁽¹⁾	25			3			37			—		65
Stock-based compensation expense	4			3			36			—		43
Other items ⁽²⁾	5			5			80			—		90
Adjusted EBITDA	$	1,003		$	396		$	(38	)	$	—	$	1,361



	Year Ended December 31, 2016
(In millions)	Las Vegas			Other U.S.		All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	506		$	129	$	(3,684	)	$	—	$	(3,049	)
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	$	(71	)	$	—	$	1,069



	Year Ended December 31, 2015
(In millions)	Las Vegas		Other U.S.			All Other			Elimination		Caesars
Net income attributable to Caesars	$	519	$	179		$	5,314		$	—	$	6,012
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⁾	10		6			146			—		162
CIE stock-based compensation	—		—			31			—		31
Stock-based compensation expense	3		2			66			—		71
Other items ⁽²⁾	2		—			62			—		64
Adjusted EBITDA	$	828	$	280		$	(88	)	$	—	$	1,020

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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	$	6,865	$	7,458	$	(3,032	)	$	25,436
Total liabilities	5,239		5,012		11,780		108			22,139



	As of December 31, 2016
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	8,590	$	1,581	$	7,901	$	(3,136	)	$	14,936
Total liabilities	466		478		15,599		—			16,543