XML 66 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Quarterly Results of Operations - Unaudited (Notes)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited) Quarterly Results of Operations (Unaudited)
(In millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
2018
 
 
 
 
 
 
 
 
 
Net revenues
$
1,972

 
$
2,119

 
$
2,185

 
$
2,115

 
$
8,391

Income from operations
125

 
282

 
232

 
100

 
739

Net income/(loss)
(34
)
 
29

 
111

 
198

 
304

Net income/(loss) attributable to Caesars
(34
)
 
29

 
110

 
198

 
303

Basic earnings/(loss) per share
(0.05
)
 
0.04

 
0.16

 
0.29

 
0.44

Diluted earnings/(loss) per share
(0.05
)
 
0.04

 
0.14

 
0.25

 
0.41

 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
Net revenues
$
966

 
$
1,008

 
$
993

 
$
1,901

 
$
4,868

Income from operations
150

 
149

 
84

 
154

 
537

Net income/(loss)
(508
)
 
(1,432
)
 
(439
)
 
2,004

 
(375
)
Net income/(loss) attributable to Caesars
(507
)
 
(1,432
)
 
(433
)
 
2,004

 
(368
)
Basic earnings/(loss) per share
(3.44
)
 
(9.62
)
 
(2.90
)
 
3.01

 
(1.32
)
Diluted earnings/(loss) per share
(3.44
)
 
(9.62
)
 
(2.90
)
 
2.48

 
(1.32
)

Fourth Quarter of 2018: Impairment of goodwill was recognized (see Note 7). Impairment of tangible and other intangible assets was recognized (see Note 6 and Note 7). Change in the fair value of derivative component of the convertible notes was recognized (see Note 8).
Third Quarter of 2018: Centaur’s results are consolidated with CEC subsequent to the acquisition on July 16, 2018. See Note 4.
First Quarter of 2017 through the Fourth Quarter of 2017: Our accrual for restructuring commitments was updated quarterly. These obligations were settled on the Effective Date. See Note 1.
Fourth Quarter of 2017: CEOC LLC’s results are consolidated with CEC subsequent to the Effective Date (see Note 2), interest expense was recognized for failed sale-leaseback transactions (see Note 10), an income tax benefit was recognized (see Note 18) and we updated our estimated value of OpCo and the VICI Call Right through the Effective Date which reduced our Restructuring and support expenses. Additionally, there were 36 million weighted average dilutive potential common shares related to the CEC Convertible Notes included in the Diluted earnings per share calculation.