(Mark One) | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 62-1411755 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Caesars Palace Drive, Las Vegas, Nevada | 89109 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | o |
Emerging growth company | o |
Class | Outstanding at April 30, 2019 |
Common stock, $0.01 par value |
Page | ||
(In millions) | March 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents ($14 and $14 attributable to our VIEs) | $ | $ | |||||
Restricted cash | |||||||
Receivables, net | |||||||
Due from affiliates, net | |||||||
Prepayments and other current assets ($4 and $6 attributable to our VIEs) | |||||||
Inventories | |||||||
Total current assets | |||||||
Property and equipment, net ($169 and $137 attributable to our VIEs) | |||||||
Goodwill | |||||||
Intangible assets other than goodwill | |||||||
Restricted cash | |||||||
Deferred income taxes | |||||||
Deferred charges and other assets ($32 and $35 attributable to our VIEs) | |||||||
Total assets | $ | $ | |||||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable ($69 and $41 attributable to our VIEs) | $ | $ | |||||
Accrued expenses and other current liabilities ($2 and $1 attributable to our VIEs) | |||||||
Interest payable | |||||||
Contract liabilities | |||||||
Current portion of financing obligations | |||||||
Current portion of long-term debt | |||||||
Total current liabilities | |||||||
Financing obligations | |||||||
Long-term debt | |||||||
Deferred income taxes | |||||||
Deferred credits and other liabilities ($8 and $5 attributable to our VIEs) | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 8) | |||||||
Stockholders’ equity | |||||||
Caesars stockholders’ equity | |||||||
Noncontrolling interests | |||||||
Total stockholders’ equity | |||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2019 | 2018 | |||||
Revenues | |||||||
Casino | $ | $ | |||||
Food and beverage | |||||||
Rooms | |||||||
Other revenue | |||||||
Management fees | |||||||
Reimbursed management costs | |||||||
Net revenues | |||||||
Operating expenses | |||||||
Direct | |||||||
Casino | |||||||
Food and beverage | |||||||
Rooms | |||||||
Property, general, administrative, and other | |||||||
Reimbursable management costs | |||||||
Depreciation and amortization | |||||||
Corporate expense | |||||||
Other operating costs | |||||||
Total operating expenses | |||||||
Income from operations | |||||||
Interest expense | ( | ) | ( | ) | |||
Other income/(loss) | ( | ) | |||||
Loss before income taxes | ( | ) | ( | ) | |||
Income tax benefit/(provision) | ( | ) | |||||
Net loss | ( | ) | ( | ) | |||
Net loss attributable to noncontrolling interests | |||||||
Net loss attributable to Caesars | $ | ( | ) | $ | ( | ) | |
Loss per share - basic and diluted | |||||||
Basic and diluted loss per share | $ | ( | ) | $ | ( | ) | |
Weighted-average common shares outstanding | |||||||
Comprehensive loss | |||||||
Foreign currency translation adjustments | $ | $ | |||||
Change in fair market value of interest rate swaps, net of tax | ( | ) | |||||
Other | |||||||
Other comprehensive income/(loss), net of income taxes | ( | ) | |||||
Comprehensive loss | ( | ) | ( | ) | |||
Amounts attributable to noncontrolling interests: | |||||||
Foreign currency translation adjustments | ( | ) | |||||
Comprehensive (income)/loss attributable to noncontrolling interests | ( | ) | |||||
Comprehensive loss attributable to Caesars | $ | ( | ) | $ | ( | ) |
Caesars Stockholders’ Equity | |||||||||||||||||||||||||||||||
(In millions) | Common Stock | Treasury Stock | Additional Paid-in- Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Total Caesars Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||
Balance as of December 31, 2017 | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | $ | |||||||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Stock-based compensation | ( | ) | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||
Change in noncontrolling interest, net of distributions and contributions | |||||||||||||||||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | $ | |||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | |||||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Stock-based compensation | ( | ) | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Change in noncontrolling interest, net of distributions and contributions | ( | ) | ( | ) | |||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows provided by operating activities | $ | $ | |||||
Cash flows from investing activities | |||||||
Acquisitions of property and equipment, net of change in related payables | ( | ) | ( | ) | |||
Proceeds from the sale and maturity of investments | |||||||
Payments to acquire investments | ( | ) | ( | ) | |||
Other | |||||||
Cash flows used in investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities | |||||||
Debt issuance costs and fees | ( | ) | |||||
Repayments of long-term debt and revolving credit facilities | ( | ) | ( | ) | |||
Proceeds from the issuance of common stock | |||||||
Taxes paid related to net share settlement of equity awards | ( | ) | ( | ) | |||
Financing obligation payments | ( | ) | ( | ) | |||
Contributions from noncontrolling interest owners | |||||||
Distributions to noncontrolling interest owners | ( | ) | |||||
Other | |||||||
Cash flows used in financing activities | ( | ) | ( | ) | |||
Net decrease in cash, cash equivalents, and restricted cash | ( | ) | ( | ) | |||
Cash, cash equivalents, and restricted cash, beginning of period | |||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||
Supplemental Cash Flow Information: | |||||||
Cash paid for interest | $ | $ | |||||
Cash received/(paid) for income taxes | ( | ) | |||||
Non-cash investing and financing activities: | |||||||
Change in accrued capital expenditures | ( | ) | ( | ) |
(In millions) | March 31, 2019 | December 31, 2018 | |||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash, current | |||||||
Restricted cash, non-current | |||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
(In millions) | March 31, 2019 | December 31, 2018 | |||||
Land | $ | $ | |||||
Buildings, riverboats, and leasehold and land improvements | |||||||
Furniture, fixtures, and equipment | |||||||
Construction in progress | |||||||
Total property and equipment | |||||||
Less: accumulated depreciation | ( | ) | ( | ) | |||
Total property and equipment, net | $ | $ |
Depreciation Expense and Capitalized Interest | |||||||
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Depreciation expense | $ | $ | |||||
Capitalized interest |
Changes in Carrying Value of Goodwill and Other Intangible Assets | |||||||||||
Amortizing Intangible Assets | Non-Amortizing Intangible Assets | ||||||||||
(In millions) | Goodwill | Other | |||||||||
Balance as of December 31, 2018 | $ | $ | $ | ||||||||
Amortization | ( | ) | |||||||||
Other | |||||||||||
Balance as of March 31, 2019 | $ | $ | $ |
Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill | |||||||||||||||||||||||||
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
(Dollars in millions) | Weighted Average Remaining Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizing intangible assets | |||||||||||||||||||||||||
Trade names and trademarks | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||
Customer relationships | ( | ) | ( | ) | |||||||||||||||||||||
Contract rights | ( | ) | ( | ) | |||||||||||||||||||||
Gaming rights and other | ( | ) | ( | ) | |||||||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||||
Non-amortizing intangible assets | |||||||||||||||||||||||||
Trademarks | |||||||||||||||||||||||||
Gaming rights | |||||||||||||||||||||||||
Caesars Rewards | |||||||||||||||||||||||||
Total intangible assets other than goodwill | $ | $ |
Estimated Fair Value | |||||||||||||||
(In millions) | Balance | Level 1 | Level 2 | Level 3 | |||||||||||
March 31, 2019 | |||||||||||||||
Assets | |||||||||||||||
Government bonds | $ | $ | $ | $ | |||||||||||
Derivative instruments - interest rate swaps | |||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||
Liabilities | |||||||||||||||
Derivative instruments - interest rate swaps | $ | $ | $ | $ | |||||||||||
Derivative instruments - CEC Convertible Notes | |||||||||||||||
Disputed claims liability | |||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | |||||||||||
December 31, 2018 | |||||||||||||||
Assets | |||||||||||||||
Government bonds | $ | $ | $ | $ | |||||||||||
Derivative instruments - interest rate swaps | |||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||
Liabilities | |||||||||||||||
Derivative instruments - interest rate swaps | $ | $ | $ | $ | |||||||||||
Derivative instruments - CEC Convertible Notes | |||||||||||||||
Disputed claims liability | |||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ |
• | Actively traded price of CEC Convertible Notes - $ |
• | Incremental cost of borrowing - |
Effective Date | Notional Amount (In millions) | Fixed Rate Paid | Variable Rate Received as of March 31, 2019 | Maturity Date | ||||
(In millions) | Unrealized Net Gains/(Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Other | Total | |||||||||||
Balances as of December 31, 2017 | $ | $ | $ | ( | ) | $ | |||||||||
Other comprehensive income before reclassifications | |||||||||||||||
Total other comprehensive income, net of tax | |||||||||||||||
Balances as of March 31, 2018 | $ | $ | $ | $ | |||||||||||
Balances as of December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive income/(loss) before reclassifications | ( | ) | ( | ) | |||||||||||
Total other comprehensive income/(loss), net of tax | ( | ) | ( | ) | |||||||||||
Balances as of March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Effect of Adopting New Lease Standard - January 1, 2019 Balance Sheet | |||||||||||
(In millions) | Prior to Adoption | Effect of Adoption | Post Adoption | ||||||||
Property and equipment, net (1) | $ | $ | ( | ) | $ | ||||||
Deferred charges and other assets (2)(3) | |||||||||||
Accrued expenses and other current liabilities (2) | |||||||||||
Financing obligations (1) | ( | ) | |||||||||
Deferred credits and other liabilities (2)(3) |
(1) |
(In millions) | Balance Sheet Classification | March 31, 2019 | |||
Assets | |||||
Operating lease ROU assets (1) | Deferred charges and other assets | $ | |||
Liabilities | |||||
Current operating lease liabilities (1) | Accrued expenses and other current liabilities | ||||
Non-current operating lease liabilities (1) | Deferred credits and other liabilities |
Maturity of Lease Liabilities as of March 31, 2019 | |||
(In millions) | Operating Leases | ||
Remaining 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | |||
Less: present value discount | ( | ) | |
Lease liability | $ |
Lease Costs | |||
(In millions) | Three Months Ended March 31, 2019 | ||
Operating lease expense | $ | ||
Short-term lease expense | |||
Variable lease expense | |||
Total lease costs | $ |
Other Information | |||
(In millions) | Three Months Ended March 31, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ |
Weighted-Average Details | ||
March 31, 2019 | ||
Weighted-average remaining lease term (in years) | ||
Weighted-average discount rate | % |
Annual Estimated Failed Sale-Leaseback Financing Obligation Service Requirements as of March 31, 2019 | |||||||||||||||||||||||||||
Remaining | Years Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||
Financing obligations - principal | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Financing obligations - interest | |||||||||||||||||||||||||||
Total financing obligation payments (1) | $ | $ | $ | $ | $ | $ | $ |
Maturity of Lease Receivables as of March 31, 2019 | |||
(In millions) | Operating Leases | ||
Remaining 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | $ |
(In millions) | Accrual Obligation End Date | March 31, 2019 | December 31, 2018 | ||||||
Future obligations under land lease agreements (1)(2) | December 2092 | $ | $ | ||||||
Iowa greyhound pari-mutuel racing fund | December 2021 | ||||||||
Permanent closure of Alea Leeds (2) | January 2032 | ||||||||
Unbundling of electric service provided by NV Energy | February 2024 | ||||||||
Total | $ | $ |
March 31, 2019 | December 31, 2018 | ||||||||||||||
(Dollars in millions) | Final Maturity | Rate(s) (1) | Face Value | Book Value | Book Value | ||||||||||
Secured debt | |||||||||||||||
CRC Revolving Credit Facility | variable (2) | $ | $ | $ | |||||||||||
CRC Term Loan | variable (3) | ||||||||||||||
CEOC LLC Revolving Credit Facility | variable (4) | ||||||||||||||
CEOC LLC Term Loan | variable (5) | ||||||||||||||
Unsecured debt | |||||||||||||||
CEC Convertible Notes | |||||||||||||||
CRC Notes | |||||||||||||||
Special Improvement District Bonds | |||||||||||||||
Total debt | |||||||||||||||
Current portion of long-term debt | ( | ) | ( | ) | ( | ) | |||||||||
Long-term debt | $ | $ | $ | ||||||||||||
Unamortized discounts and deferred finance charges | $ | $ | |||||||||||||
Fair value | $ |
Annual Estimated Debt Service Requirements as of March 31, 2019 | |||||||||||||||||||||||||||
Remaining | Years Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||
Annual maturities of long-term debt | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Estimated interest payments | |||||||||||||||||||||||||||
Total debt service obligation (1) | $ | $ | $ | $ | $ | $ | $ |
Basic and Dilutive Net Earnings Per Share Reconciliation | |||||||
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2019 | 2018 | |||||
Net loss attributable to Caesars | $ | ( | ) | $ | ( | ) | |
Weighted-average common shares outstanding | |||||||
Basic and diluted loss per share | $ | ( | ) | $ | ( | ) |
Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS | |||||
Three Months Ended March 31, | |||||
(In millions) | 2019 | 2018 | |||
Stock-based compensation awards | |||||
CEC Convertible Notes | |||||
Total anti-dilutive common stock |
Receivables | |||||||
(In millions) | March 31, 2019 | December 31, 2018 | |||||
Casino | $ | $ | |||||
Food and beverage and rooms (1) | |||||||
Entertainment and other | |||||||
Contract receivables, net | |||||||
Real estate leases | |||||||
Other | |||||||
Receivables, net | $ | $ |
Contract Liabilities | |||||||||||
(In millions) | Caesars Rewards | Customer Advance Deposits | Total | ||||||||
Balance as of December 31, 2018 (1) | $ | $ | $ | ||||||||
Amount recognized during the period (2) | ( | ) | ( | ) | ( | ) | |||||
Amount accrued during the period | |||||||||||
Balance as of March 31, 2019 (3) | $ | $ | $ |
Composition of Stock-Based Compensation Expense | |||||||
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Corporate expense | $ | $ | |||||
Property, general, administrative, and other | |||||||
Total stock-based compensation expense | $ | $ |
Outstanding at End of Period | |||||||||||||
March 31, 2019 | December 31, 2018 | ||||||||||||
Quantity | Wtd Avg (1) | Quantity | Wtd Avg (1) | ||||||||||
Stock options (2) | $ | $ | |||||||||||
Restricted stock units (3) | |||||||||||||
Performance stock units (4) | |||||||||||||
Market-based stock units (5) |
(1) |
(2) |
(3) |
(4) |
(5) |
Income Tax Allocation | |||||||
Three Months Ended March 31, | |||||||
(Dollars in millions) | 2019 | 2018 | |||||
Loss before income taxes | $ | ( | ) | $ | ( | ) | |
Income tax benefit/(provision) | $ | $ | ( | ) | |||
Effective tax rate | % | ( | )% |
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Transactions with Horseshoe Baltimore | |||||||
Management fees | $ | $ | |||||
Allocated expenses |
Condensed Statements of Operations - By Segment | |||||||||||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Casino | $ | $ | $ | $ | $ | ||||||||||||||
Food and beverage (1) | |||||||||||||||||||
Rooms (1) | |||||||||||||||||||
Management fees | |||||||||||||||||||
Reimbursed management costs | |||||||||||||||||||
Entertainment and other | |||||||||||||||||||
Total contract revenues | |||||||||||||||||||
Real estate leases (2) | |||||||||||||||||||
Other revenues | |||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | ||||||||||||||
Income/(loss) from operations | ( | ) | |||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Other loss (3) | ( | ) | ( | ) | |||||||||||||||
Income tax benefit (4) |
Three Months Ended March 31, 2018 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Casino | $ | $ | $ | $ | $ | ||||||||||||||
Food and beverage | |||||||||||||||||||
Rooms | |||||||||||||||||||
Management fees | ( | ) | |||||||||||||||||
Reimbursed management costs | |||||||||||||||||||
Entertainment and other | ( | ) | |||||||||||||||||
Total contract revenues | ( | ) | |||||||||||||||||
Other revenues | |||||||||||||||||||
Net revenues (5) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | ||||||||||||||
Income/(loss) from operations | ( | ) | |||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Other income (3) | |||||||||||||||||||
Income tax provision (4) | ( | ) | ( | ) |
Three Months Ended March 31, 2019 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Net income/(loss) attributable to Caesars | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Net loss attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Income tax benefit (1) | ( | ) | ( | ) | |||||||||||||||
Other loss (2) | |||||||||||||||||||
Interest expense | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Other operating costs (3) | |||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||
Other items (4) | |||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | ) | $ | $ |
Three Months Ended March 31, 2018 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Net income/(loss) attributable to Caesars | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Income tax provision (1) | |||||||||||||||||||
Other income (2) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Interest expense | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Other operating costs (3) | |||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||
Other items (4) | |||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | ) | $ | $ |
Condensed Balance Sheets - By Segment | |||||||||||||||||||
March 31, 2019 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total liabilities | ( | ) |
December 31, 2018 | |||||||||||||||||||
(In millions) | Las Vegas | Other U.S. | All Other | Elimination | Caesars | ||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total liabilities |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Depreciation expense | $ | 111 | $ | 122 | |||
Interest expense | 224 | 215 | |||||
Rental payments (1) | 155 | 174 |
(1) | Reflects cash paid for interest and principal related to our failed sale-leaseback financing obligations. An additional $74 million and $43 million, respectively, was accrued, but not paid, during the three months ended March 31, 2019 and 2018. |
Consolidated Operating Results | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Net revenues | $ | 2,115 | $ | 1,972 | $ | 143 | 7.3 | % | ||||||
Income from operations | 240 | 125 | 115 | 92.0 | % | |||||||||
Interest expense | (349 | ) | (330 | ) | (19 | ) | (5.8 | )% | ||||||
Other income/(loss) | (138 | ) | 184 | (322 | ) | * | ||||||||
Net loss | (218 | ) | (34 | ) | (184 | ) | * | |||||||
Net loss attributable to Caesars | (217 | ) | (34 | ) | (183 | ) | * | |||||||
Adjusted EBITDA (1) | 562 | 518 | 44 | 8.5 | % | |||||||||
Operating margin (2) | 11.3 | % | 6.3 | % | — | 5.0 pts |
* | Not meaningful. |
(1) | See the “Reconciliation of Non-GAAP Financial Measures” discussion later in this MD&A for a reconciliation of Adjusted EBITDA. |
(2) | Operating margin is calculated as income from operations divided by net revenues. |
Net Revenues - Consolidated | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Casino | $ | 1,083 | $ | 983 | $ | 100 | 10.2 | % | ||||||
Food and beverage | 398 | 383 | 15 | 3.9 | % | |||||||||
Rooms | 386 | 367 | 19 | 5.2 | % | |||||||||
Other revenue | 181 | 172 | 9 | 5.2 | % | |||||||||
Management fees | 15 | 15 | — | — | % | |||||||||
Reimbursed management costs | 52 | 52 | — | — | % | |||||||||
Net revenues | $ | 2,115 | $ | 1,972 | $ | 143 | 7.3 | % |
Retail Value of Complimentaries | |||||||
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Food and beverage | $ | 149 | $ | 149 | |||
Rooms | 114 | 108 | |||||
Other | 25 | 15 | |||||
Total complimentaries | $ | 288 | $ | 272 |
Net Revenues - Segment | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Las Vegas | $ | 955 | $ | 903 | $ | 52 | 5.8 | % | ||||||
Other U.S. | 1,010 | 926 | 84 | 9.1 | % | |||||||||
All Other | 150 | 143 | 7 | 4.9 | % | |||||||||
Net revenues | $ | 2,115 | $ | 1,972 | $ | 143 | 7.3 | % |
Cash ADR (1) | |
Three Months Ended March 31, 2019 versus 2018 |
(1) | Cash average daily rate (“cash ADR”) is a key indicator by which we evaluate the performance of our properties and is determined by rooms revenues and rooms occupied. |
• | Casino revenues increased $100 million in 2019 compared with 2018 primarily due to the acquisition of Centaur Holdings, LLC (“Centaur”) which was acquired in July 2018 and contributed $117 million in the Other U.S. segment. This increase was partially offset by a decrease of $36 million in the Other U.S. segment primarily due to a decrease in gaming volume as a result of increased competition in Atlantic City and inclement weather across some of our properties, which resulted in prolonged closures at certain properties. Our Las Vegas segment increased $17 million as a result of favorable hold and improved slot volumes. |
• | Rooms revenues increased $19 million in 2019 compared with 2018 primarily due to an increase in occupancy rates and resort fee revenue in the Las Vegas region. |
• | Food and beverage revenues increased $15 million in 2019 compared with 2018 primarily due to increased revenues from food and beverage outlets in the Las Vegas region. |
Income from Operations by Category - Consolidated | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Net revenues | $ | 2,115 | $ | 1,972 | $ | 143 | 7.3 | % | ||||||
Operating expenses | ||||||||||||||
Casino | 618 | 562 | (56 | ) | (10.0 | )% | ||||||||
Food and beverage | 269 | 264 | (5 | ) | (1.9 | )% | ||||||||
Rooms | 117 | 114 | (3 | ) | (2.6 | )% | ||||||||
Property, general, administrative, and other | 460 | 427 | (33 | ) | (7.7 | )% | ||||||||
Reimbursable management costs | 52 | 52 | — | — | % | |||||||||
Depreciation and amortization | 247 | 280 | 33 | 11.8 | % | |||||||||
Corporate expense | 83 | 82 | (1 | ) | (1.2 | )% | ||||||||
Other operating costs | 29 | 66 | 37 | 56.1 | % | |||||||||
Total operating expenses | 1,875 | 1,847 | (28 | ) | (1.5 | )% | ||||||||
Income from operations | $ | 240 | $ | 125 | $ | 115 | 92.0 | % |
Income from Operations - Segment | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Las Vegas | $ | 226 | $ | 148 | $ | 78 | 52.7 | % | ||||||
Other U.S. | 116 | 86 | 30 | 34.9 | % | |||||||||
All Other | (102 | ) | (109 | ) | 7 | 6.4 | % | |||||||
Income from operations | $ | 240 | $ | 125 | $ | 115 | 92.0 | % |
• | Net revenues increased $143 million in 2019 compared with 2018 as explained above. |
• | This increase was offset by an increase in operating expenses of $28 million in 2019 compared with 2018 primarily due to the acquisition of Centaur which contributed $96 million to the increase. In addition to the effect of Centaur, operating expenses decreased $68 million primarily due to the following: |
◦ | Depreciation and amortization decreased $44 million primarily as a result of assets that incurred depreciation in the first quarter of 2018 which were fully depreciated before the first quarter of 2019 as well as lower accelerated depreciation in 2019 compared with 2018 due to the removal and replacement of certain assets in connection with ongoing property renovation projects in the prior year. |
◦ | Other operating costs decreased $38 million primarily as a result of higher nonrecurring charges in the prior year related to additional exit fees of $27 million recognized for the termination of NV Energy utility contracts and $20 million in lease termination costs, partially offset by an increase in professional service costs of $6 million. |
◦ | These decreases were partially offset by an increase of $12 million primarily driven by higher costs in support of our technology infrastructure and expenses related to our sports partnerships (see Note 8). These costs are included in Property, general, administrative, and other in 2019. |
Other Factors Affecting Net Loss - Consolidated | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Interest expense | $ | (349 | ) | $ | (330 | ) | $ | (19 | ) | (5.8 | )% | |||
Other income/(loss) | (138 | ) | 184 | (322 | ) | * | ||||||||
Income tax benefit/(provision) | 29 | (13 | ) | 42 | * |
Interest Expense | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Failed sale-leasebacks | $ | 224 | $ | 215 | $ | (9 | ) | (4.2 | )% | |||||
CEOC LLC Term Loan | 18 | 16 | (2 | ) | (12.5 | )% | ||||||||
Golf Course Use Agreement | 3 | 3 | — | — | % | |||||||||
CRC Term Loan | 61 | 51 | (10 | ) | (19.6 | )% | ||||||||
CRC Notes | 22 | 24 | 2 | 8.3 | % | |||||||||
CEC Convertible Notes | 14 | 14 | — | — | % | |||||||||
Other interest expense | 7 | 7 | — | — | % | |||||||||
Total interest expense | $ | 349 | $ | 330 | $ | (19 | ) | (5.8 | )% |
• | Failed sale-leaseback interest expense increased $9 million primarily as a result of the failed sale-leaseback financing obligations established for Octavius Tower at Caesars Palace and Harrah’s Philadelphia Casino and Racetrack, which were sold to VICI in the second half of 2018. |
• | CRC Term Loan interest expense increased $10 million as a result of an increase in the floating London Interbank Offered Rate (“LIBOR”). |
Reconciliation of Adjusted EBITDA | |||||||
Three Months Ended March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Net loss attributable to Caesars | $ | (217 | ) | $ | (34 | ) | |
Net loss attributable to noncontrolling interests | (1 | ) | — | ||||
Income tax (benefit)/provision | (29 | ) | 13 | ||||
Other (income)/loss (1) | 138 | (184 | ) | ||||
Interest expense | 349 | 330 | |||||
Depreciation and amortization | 247 | 280 | |||||
Other operating costs (2) | 29 | 66 | |||||
Stock-based compensation expense | 21 | 18 | |||||
Other items (3) | 25 | 29 | |||||
Adjusted EBITDA | $ | 562 | $ | 518 |
(1) | Amounts include changes in fair value of the derivative liability related to the conversion option of the CEC Convertible Notes and the disputed claims liability as well as interest and dividend income. |
(2) | Amounts primarily represent costs incurred in connection with development activities and reorganization activities, and/or recoveries associated with such items, including acquisition and integration costs, contract exit fees including exiting the fully bundled sales system of NV Energy for electric service at our Nevada properties, lease termination costs, weather related property closure costs, severance costs, gains and losses on asset sales, demolition costs primarily at our Las Vegas properties for renovations, and project opening costs. |
(3) | Amounts include other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as professional and consulting services, sign-on and retention bonuses, business optimization expenses and transformation expenses, severance and relocation costs, litigation awards and settlements, and permit remediation costs. |
Segment Adjusted EBITDA (1) | ||||||||||||||
Three Months Ended March 31, | Fav/(Unfav) | |||||||||||||
(Dollars in millions) | 2019 | 2018 | $ | % | ||||||||||
Las Vegas | $ | 360 | $ | 321 | $ | 39 | 12.1 | % | ||||||
Other U.S. | 233 | 216 | 17 | 7.9 | % | |||||||||
All Other | (31 | ) | (19 | ) | (12 | ) | (63.2 | )% | ||||||
Adjusted EBITDA | $ | 562 | $ | 518 | $ | 44 | 8.5 | % |
(1) | See reconciliation of Net income/(loss) attributable to Caesars to Adjusted EBITDA by segment in Note 15. |
Summary of Cash and Revolver Capacity | |||||||||||||||
March 31, 2019 | |||||||||||||||
(In millions) | CRC | CEOC LLC | Other | Caesars | |||||||||||
Cash and cash equivalents | $ | 328 | $ | 392 | $ | 675 | $ | 1,395 | |||||||
Revolver capacity | 1,000 | 200 | — | 1,200 | |||||||||||
Revolver capacity committed to letters of credit | (37 | ) | (39 | ) | — | (76 | ) | ||||||||
Total | $ | 1,291 | $ | 553 | $ | 675 | $ | 2,519 |
Financing Activities as of March 31, 2019 | |||||||||||||||||||||||||||
Remaining | Years Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||
Annual maturities of long-term debt | $ | 48 | $ | 64 | $ | 64 | $ | 64 | $ | 64 | $ | 8,655 | $ | 8,959 | |||||||||||||
Estimated interest payments | 400 | 460 | 450 | 440 | 430 | 520 | 2,700 | ||||||||||||||||||||
Total debt service payments (1) | 448 | 524 | 514 | 504 | 494 | 9,175 | 11,659 | ||||||||||||||||||||
Financing obligations - principal | 14 | 23 | 26 | 28 | 33 | 8,400 | 8,524 | ||||||||||||||||||||
Financing obligations - interest | 576 | 777 | 788 | 799 | 814 | 25,618 | 29,372 | ||||||||||||||||||||
Total financing obligation payments (2) | 590 | 800 | 814 | 827 | 847 | 34,018 | 37,896 | ||||||||||||||||||||
Total financing activities | $ | 1,038 | $ | 1,324 | $ | 1,328 | $ | 1,331 | $ | 1,341 | $ | 43,193 | $ | 49,555 |
(1) | Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facility. Interest payments are estimated based on the forward-looking LIBOR curve and include the estimated impact of the ten interest rate swap agreements (see Note 6). Actual payments may differ from these estimates. |
(2) | Financing obligation principal and interest payments are estimated amounts based on the future minimum lease payments and certain estimates based on contingent rental payments (as described below). Actual payments may differ from the estimates. |
Summary of Consolidated Capital Expenditures | |||||||||||
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||
(In millions) | 2019 | 2018 | |||||||||
Maintenance (1) | $ | 153 | $ | 74 | $ | 79 | |||||
Development (2) | 65 | 11 | 54 | ||||||||
Total capital expenditures | $ | 218 | $ | 85 | $ | 133 | |||||
Included in capital expenditures: | |||||||||||
Capitalized payroll costs | $ | 8 | $ | 2 | |||||||
Capitalized interest | 5 | 2 |
(1) | Maintenance capital expenditures include room renovations as well as information technology, marketing, analytics, accounting, payroll, and other projects that benefit the operating structures. |
(2) | Development capital expenditures include projects such as CAESARS FORUM, the casino resort project in Incheon, South Korea, and Centaur integration costs. |
• | Hotel remodeling projects at Harrah’s Las Vegas, Paris Las Vegas, Harrah’s Atlantic City, and Horseshoe South Indiana; and |
• | Information technology, marketing, analytics, accounting, payroll, and other projects that benefit the operating structures. |
• | Development of CAESARS FORUM and Sportsbooks in various states; and |
• | Development of a casino resort project in Incheon, South Korea through a joint venture. |
• | our ability to respond to changes in the industry, particularly digital transformation, and to take advantage of the opportunity for legalized sports betting in multiple jurisdictions in the United States (which may require third-party arrangements and/or regulatory approval); |
• | development of our announced convention center in Las Vegas, CAESARS FORUM, and certain of our other announced projects are subject to risks associated with new construction projects, including those described below; |
• | we may not be able to realize the anticipated benefits of our acquisition of Centaur, including anticipated benefits from introducing table games to the acquired properties, which is subject to approvals and may not occur; |
• | the impact of our operating structure following CEOC’s emergence from bankruptcy; |
• | the effects of local and national economic, credit, and capital market conditions on the economy, in general, and on the gaming industry, in particular; |
• | the effect of reductions in consumer discretionary spending due to economic downturns or other factors and changes in consumer demands; |
• | foreign regulatory policies, particularly in mainland China or other countries in which our customers reside or where we have operations, including restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts; |
• | the ability to realize improvements in our business and results of operations through our property renovation investments, technology deployments, business process improvement initiatives, and other continuous improvement initiatives; |
• | the ability to take advantage of opportunities to grow our revenue; |
• | the ability to use net operating losses to offset future taxable income as anticipated; |
• | the ability to realize all of the anticipated benefits of current or potential future acquisitions; |
• | the ability to effectively compete against our competitors; |
• | the financial results of our consolidated businesses; |
• | the impact of our substantial indebtedness, including its impact on our ability to raise additional capital in the future and react to changes in the economy, and lease obligations and the restrictions in our debt and lease agreements; |
• | the ability to access available and reasonable financing or additional capital on a timely basis and on acceptable terms or at all, including our ability to refinance our indebtedness on acceptable terms; |
• | the ability of our customer tracking, customer loyalty, and yield management programs to continue to increase customer loyalty and hotel sales; |
• | changes in the extensive governmental regulations to which we are subject and (i) changes in laws, including increased tax rates, smoking bans, regulations, or accounting standards; (ii) third-party relations; and (iii) approvals, decisions, disciplines and fines of courts, regulators, and governmental bodies; |
• | compliance with the extensive laws and regulations to which we are subject, including applicable gaming laws, the Foreign Corrupt Practices Act and other anti-corruption laws, and the Bank Secrecy Act and other anti-money laundering laws; |
• | our ability to recoup costs of capital investments through higher revenues; |
• | growth in consumer demand for non-gaming offerings; |
• | abnormal gaming holds (“gaming hold” is the amount of money that is retained by the casino from wagers by customers); |
• | the effects of competition, including locations of competitors, growth of online gaming, competition for new licenses, and operating and market competition; |
• | our ability to protect our intellectual property rights and damages caused to our brands due to the unauthorized use of our brand names by third parties in ways outside of our control; |
• | the ability to timely and cost-effectively integrate companies that we acquire into our operations; |
• | the ability to execute on our brand licensing and management strategy is subject to third party agreements and other risks associated with new projects; |
• | not being able to realize all of our anticipated cost savings; |
• | the potential difficulties in employee retention, recruitment, and motivation, including in connection with our Chief Executive Officer transition; |
• | our ability to retain our performers or other entertainment offerings on acceptable terms or at all; |
• | the risk of fraud, theft, and cheating; |
• | seasonal fluctuations resulting in volatility and an adverse effect on our operating results; |
• | any impairments to goodwill, indefinite-lived intangible assets, or long-lived assets that we may incur; |
• | construction factors, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters, and building permit issues; |
• | the impact of adverse legal proceedings and judicial and governmental body actions, including gaming legislative action, referenda, regulatory disciplinary actions, and fines and taxation; |
• | acts of war or terrorist incidents, severe weather conditions, uprisings, or natural disasters, including losses therefrom, losses in revenues and damage to property, and the impact of severe weather conditions on our ability to attract customers to certain facilities of ours; |
• | fluctuations in energy prices; |
• | work stoppages and other labor problems; |
• | our ability to collect on credit extended to our customers; |
• | the effects of environmental and structural building conditions relating to our properties and our exposure to environmental liability, including as a result of unknown environmental contamination; |
• | a disruption, failure, or breach of our network, information systems, or other technology, or those of our vendors, on which we are dependent; |
• | risks and costs associated with protecting the integrity and security of internal, employee, and customer data; |
• | access to insurance for our assets on reasonable terms; |
• | the impact, if any, of unfunded pension benefits under multi-employer pension plans; and |
• | the other factors set forth under “Risk Factors” in our 2018 Annual Report. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ending | Exhibit | Filing Date | ||||||
3.1 | X | 5/1/2019 | ||||||||||
†10.1 | __ | 8-K | — | 10.1 | 4/16/2019 | |||||||
†10.2 | __ | 10-K/A | 12/31/2018 | 10.118 | 4/26/2019 | |||||||
†10.3 | __ | 10-K/A | 12/31/2018 | 10.119 | 4/26/2019 | |||||||
†10.4 | X | 5/1/2019 | ||||||||||
31.1 | X | 5/1/2019 | ||||||||||
*32.1 | X | 5/1/2019 | ||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |
* | Furnished herewith. | |
† | Denotes a management contract or compensatory plan or arrangement. |
CAESARS ENTERTAINMENT CORPORATION | ||
May 1, 2019 | By: | /S/ KEITH A. CAUSEY |
Keith A. Causey | ||
Senior Vice President and Chief Accounting Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Caesars Entertainment Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/S/ ERIC HESSION |
Eric Hession |
Executive Vice President and Chief Financial Officer (performing the functions of the principal executive officer) |
/S/ ERIC HESSION |
Eric Hession |
Executive Vice President and Chief Financial Officer (performing the functions of the principal executive officer) |
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Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Apr. 30, 2019 |
|
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Entity Registrant Name | CAESARS ENTERTAINMENT Corp | |
Entity Central Index Key | 0000858339 | |
Entity Common Stock, Shares Outstanding | 672,710,410 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | CZR |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Cash and cash equivalents | $ 1,395 | $ 1,491 | |||||||
Prepayments and other current assets | 184 | 155 | |||||||
Property and equipment, net | 15,922 | 16,045 | [1] | ||||||
Deferred charges and other assets | (856) | (383) | [2],[3] | ||||||
Accounts payable | 411 | 399 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Cash and cash equivalents | 14 | 14 | |||||||
Prepayments and other current assets | 4 | 6 | |||||||
Property and equipment, net | 169 | 137 | |||||||
Deferred charges and other assets | (32) | (35) | |||||||
Accounts payable | 69 | 41 | |||||||
Accrued Liabilities, Current | 2 | 1 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | $ 8 | $ 5 | |||||||
|
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||||||||||||
Net revenues | $ 2,115 | $ 1,972 | [1] | ||||||||||||||||
Operating expenses | |||||||||||||||||||
Property, general, administrative, and other | 460 | 427 | |||||||||||||||||
Reimbursable management costs | 52 | 52 | |||||||||||||||||
Depreciation and amortization | 247 | 280 | |||||||||||||||||
Corporate expense | 83 | 82 | |||||||||||||||||
Other operating costs | [2] | 29 | 66 | ||||||||||||||||
Total operating expenses | 1,875 | 1,847 | |||||||||||||||||
Income from operations | 240 | 125 | |||||||||||||||||
Interest expense | (349) | (330) | |||||||||||||||||
Other income/(loss) | [3],[4] | (138) | 184 | ||||||||||||||||
Loss before income taxes | (247) | (21) | |||||||||||||||||
Income tax benefit/(provision) | [5],[6] | 29 | (13) | ||||||||||||||||
Net loss | (218) | (34) | |||||||||||||||||
Net loss attributable to noncontrolling interests | 1 | 0 | |||||||||||||||||
Net loss attributable to Caesars | $ (217) | $ (34) | |||||||||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.32) | $ (0.05) | |||||||||||||||||
Loss per share - basic and diluted | |||||||||||||||||||
Weighted-average common shares outstanding | 670 | 697 | |||||||||||||||||
Comprehensive loss | |||||||||||||||||||
Foreign currency translation adjustments | $ 0 | $ 3 | |||||||||||||||||
Change in fair market value of interest rate swaps, net of tax | (17) | 4 | |||||||||||||||||
Other | 2 | 1 | |||||||||||||||||
Other comprehensive income/(loss), net of income taxes | (15) | 8 | |||||||||||||||||
Comprehensive loss | (233) | (26) | |||||||||||||||||
Foreign currency translation adjustments | 2 | (2) | |||||||||||||||||
Comprehensive (income)/loss attributable to noncontrolling interests | (3) | 2 | |||||||||||||||||
Comprehensive loss attributable to Caesars | (230) | (28) | |||||||||||||||||
Casino [Member] | |||||||||||||||||||
Net revenues | 1,083 | 983 | |||||||||||||||||
Direct Operating Costs | 618 | 562 | |||||||||||||||||
Food and Beverage [Member] | |||||||||||||||||||
Net revenues | 398 | [7] | 383 | ||||||||||||||||
Direct Operating Costs | 269 | 264 | |||||||||||||||||
Occupancy [Member] | |||||||||||||||||||
Net revenues | 386 | [7] | 367 | ||||||||||||||||
Direct Operating Costs | 117 | 114 | |||||||||||||||||
Product and Service, Other [Member] | |||||||||||||||||||
Net revenues | 181 | 172 | |||||||||||||||||
License and Service [Member] | |||||||||||||||||||
Net revenues | 15 | 15 | |||||||||||||||||
Service, Other [Member] | |||||||||||||||||||
Net revenues | $ 52 | $ 52 | |||||||||||||||||
|
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT) - USD ($) $ in Millions |
Total |
Common Stock |
Treasury Stock |
Additional Paid-in- Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income/(Loss) |
Total Caesars Stockholders’ Equity |
Noncontrolling Interests |
Other Comprehensive Income (Loss) [Member]
Total Caesars Stockholders’ Equity
|
---|---|---|---|---|---|---|---|---|---|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2017 | $ 3,297 | $ 7 | $ (152) | $ 14,040 | $ (10,675) | $ 6 | $ 3,226 | $ 71 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | (34) | 0 | 0 | 0 | 0 | (34) | |||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||||
Net income/(loss) | (34) | ||||||||
Stock-based compensation | 10 | 0 | (12) | 22 | 0 | 0 | 10 | 0 | |
Other comprehensive income, net of tax | 8 | 0 | 0 | 0 | 0 | 9 | 9 | 0 | $ 9 |
Change in noncontrolling interest, net of distributions and contributions | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 21 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2018 | 3,302 | 7 | (165) | 14,062 | (10,709) | 15 | 3,210 | 92 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' Equity, Other | (1) | 0 | (1) | 0 | 0 | 0 | (1) | 0 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2018 | 3,338 | 7 | (485) | 14,124 | (10,372) | (24) | 3,250 | 88 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | (217) | 0 | 0 | 0 | 0 | (217) | |||
Net loss attributable to noncontrolling interests | 1 | (1) | |||||||
Net income/(loss) | (218) | ||||||||
Stock-based compensation | 16 | 0 | (5) | 21 | 0 | 0 | 16 | 0 | |
Other comprehensive income, net of tax | (15) | 0 | 0 | 0 | 0 | (13) | (13) | (2) | |
Change in noncontrolling interest, net of distributions and contributions | (2) | 0 | 0 | 0 | 0 | 0 | 0 | (2) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2019 | 3,122 | 7 | (487) | 14,145 | (10,589) | (37) | 3,039 | 83 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' Equity, Other | $ 3 | $ 0 | $ 3 | $ 0 | $ 0 | $ 0 | $ 3 | $ 0 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Cash Flows [Abstract] | ||
Cash flows provided by operating activities | $ 255 | $ 22 |
Cash flows from investing activities | ||
Acquisitions of property and equipment, net of change in related payables | (218) | (85) |
Proceeds from the sale and maturity of investments | 5 | 16 |
Payments to acquire investments | (7) | (14) |
Payments for (Proceeds from) Other Investing Activities | 2 | 0 |
Cash flows used in investing activities | (218) | (83) |
Cash flows from financing activities | ||
Debt issuance costs and fees | 0 | 1 |
Repayments of long-term debt and revolving credit facilities | (116) | (16) |
Proceeds from the issuance of common stock | 0 | 3 |
Taxes paid related to net share settlement of equity awards | (5) | (12) |
Financing obligation payments | (5) | (2) |
Contributions from noncontrolling interest owners | 0 | 20 |
Distributions to noncontrolling interest owners | (2) | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 2 |
Cash flows used in financing activities | (128) | (6) |
Net decrease in cash, cash equivalents, and restricted cash | (91) | (67) |
Cash, cash equivalents, and restricted cash, beginning of period | 1,657 | 2,709 |
Cash, cash equivalents, and restricted cash, end of period | 1,566 | 2,642 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 231 | 247 |
Cash received/(paid) for income taxes | 2 | (2) |
Change in accrued capital expenditures | $ (7) | $ (2) |
Description of Business (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Description of Business Organization CEC is primarily a holding company with no independent operations of its own. Caesars Entertainment operates the business primarily through its wholly owned subsidiaries CEOC, LLC (“CEOC LLC”) and Caesars Resort Collection, LLC (“CRC”). Caesars Entertainment operates a total of 53 properties in 14 U.S. states and five countries outside of the U.S., including 49 casino properties. Nine casinos are in Las Vegas, which represented 45% of net revenues for the three months ended March 31, 2019. We lease certain real property assets from VICI Properties Inc. and/or its subsidiaries (“VICI”).
|
Basis of Presentation and Principles of Consolidation (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation and Principles of Consolidation Basis of Presentation and Use of Estimates The accompanying unaudited consolidated condensed financial statements of Caesars have been prepared under the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2019 fiscal year. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. Reportable Segments We view each property as an operating segment and aggregate all such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S., and (iii) All Other, which is consistent with how we manage the business. See Note 15. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Balance Sheets that sum to amounts reported on the Statements of Cash Flows.
Consolidation of Subsidiaries and Variable Interest Entities Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for using the cost method. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, a gain or loss may be recognized upon deconsolidation. Consolidation of Korea Joint Venture CEC has a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV is a VIE and CEC is the primary beneficiary, and therefore, we consolidate the Korea JV into our financial statements.
|
Recently Issued Accounting Pronouncements (Notes) |
3 Months Ended |
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Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”). In 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and all related amendments (see Note 7). The following ASUs were not effective as of March 31, 2019: Previously Disclosed Collaborative Arrangements - ASU 2018-18: Amended guidance makes targeted improvements to GAAP for collaborative arrangements including: (i) clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (ii) adding unit-of-account guidance in ASC 808 to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606, and (iii) requiring that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under ASC 606 is precluded if the collaborative arrangement participant is not a customer. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied retrospectively to the date of initial application of ASC 606. An entity may elect to apply the amendments in this ASU retrospectively either to all contracts or only to contracts that are not completed at the date of initial application of ASC 606. An entity should disclose its election. An entity may elect to apply the practical expedient for contract modifications that is permitted for entities using the modified retrospective transition method in ASC 606. We are currently assessing the effect the adoption of this standard will have on our financial statements. Intangibles - Goodwill and Other - Internal-Use Software - ASU 2018-15: Amended guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The accounting for the service element of a hosting arrangement that is a service contract is not affected. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently assessing the effect the adoption of this standard will have on our financial statements. Fair Value Measurement - ASU 2018-13: Amended guidance modifies fair value measurement disclosure requirements including (i) removing certain disclosure requirements such as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) modifying certain disclosure requirements, and (iii) adding certain disclosure requirements such as changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently assessing the effect the adoption of this standard will have on our financial statements. Financial Instruments - Credit Losses - ASU 2016-13 (amended through April 2019): Amended guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of this ASU. We are currently assessing the effect the adoption of this standard will have on our financial statements.
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Property and Equipment (Notes) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment
Our property and equipment is subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 7 for further discussion of our leases.
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Goodwill and Other Intangible Assets (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets
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Fair Value Measurements (Notes) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Items Measured at Fair Value on a Recurring Basis The following table shows the fair value of our financial assets and financial liabilities that are required to be measured at fair value as of the date shown:
Government Bonds Investments primarily consist of debt securities held by our captive insurance entities that are traded in active markets, have readily determined market values, and have maturity dates of greater than three months from the date of purchase. These investments primarily represent collateral for several escrow and trust agreements with third-party beneficiaries and are recorded in Deferred charges and other assets while a portion is included in Prepayments and other current assets in our Balance Sheets. Derivative Instruments We do not purchase or hold any derivative financial instruments for trading purposes. CEC Convertible Notes - Derivative Liability On October 6, 2017, CEC issued $1.1 billion aggregate principal amount of 5.00% convertible senior notes maturing in 2024 (the “CEC Convertible Notes”) pursuant to the Indenture, dated as of October 6, 2017. The CEC Convertible Notes are convertible at the option of holders into a number of shares of CEC common stock that is equal to approximately 0.139 shares of CEC common stock per $1.00 principal amount of CEC Convertible Notes, which is equal to an initial conversion price of $7.19 per share. If all the shares were issued on October 6, 2017, they would have represented approximately 17.9% of the shares of CEC common stock outstanding on a fully diluted basis. The holders of the CEC Convertible Notes can convert them at any time after issuance. CEC can convert the CEC Convertible Notes beginning in October 2020 if the last reported sale price of CEC common stock equals or exceeds 140% of the conversion price for the CEC Convertible Notes in effect on each of at least 20 trading days during any 30 consecutive trading day period. As of March 31, 2019, an immaterial amount of the CEC Convertible Notes were converted into shares of CEC common stock. An aggregate of 156 million shares of CEC common stock are issuable upon conversion of the CEC Convertible Notes, of which 151 million shares are net of amounts held by CEC. As of March 31, 2019, the remaining life of the CEC Convertible Notes is 5.5 years. Management analyzed the conversion features for derivative accounting consideration under ASC Topic 815, Derivatives and Hedging, (“ASC 815”) and determined that the CEC Convertible Notes contain bifurcated derivative features and qualify for derivative accounting. In accordance with ASC 815, CEC has bifurcated the conversion features of the CEC Convertible Notes and recorded a derivative liability. The CEC Convertible Notes derivative features are not designated as hedging instruments. The derivative features of the CEC Convertible Notes are carried on CEC’s Balance Sheet at fair value in Deferred credits and other liabilities. The derivative liability is marked-to-market each measurement period and the changes in fair value of a loss of $162 million and income of $160 million, respectively, were recorded as components of Other income/(loss) for the three months ended March 31, 2019 and 2018 in the Statements of Operations. The derivative liability associated with the CEC Convertible Notes will remain in effect until such time as the underlying convertible notes are exercised or terminated and the resulting derivative liability will be transitioned from a liability to equity as of such date. Valuation Methodology The CEC Convertible Notes have a face value of $1.1 billion, a term of 7 years, and a coupon rate of 5%. As of March 31, 2019 and December 31, 2018, we estimated the fair value of the CEC Convertible Notes using a market-based approach that incorporated the value of both the straight debt and conversion features of the notes. The valuation model incorporated actively traded prices of the CEC Convertible Notes as of the reporting date, the value of CEC’s equity into which these notes could convert, and assumptions regarding the incremental cost of borrowing for CEC. Since the key assumption used in the valuation model is the actively traded price of CEC Convertible Notes but the incremental cost of borrowing is an unobservable input, the fair value for the conversion features of the CEC Convertible Notes was classified as Level 2. Key Assumptions as of March 31, 2019 and December 31, 2018:
Interest Rate Swap Derivatives We use interest rate swaps to manage the mix of our debt between fixed and variable rate instruments. As of March 31, 2019, we have entered into a total of ten interest rate swap agreements for notional amounts totaling $3.0 billion to fix the interest rate on variable rate debt. The interest rate swaps are designated as cash flow hedging instruments. The major terms of the interest rate swap agreements as of March 31, 2019 are as follows:
Valuation Methodology The estimated fair values of our interest rate swap derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments are included in either Deferred charges and other assets or Deferred credits and other liabilities on our Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. None of our derivative instruments are offset and all were classified as Level 2. Financial Statement Impact The effect of derivative instruments designated as hedging instruments on the Balance Sheet for amounts transferred into Accumulated other comprehensive income/(loss) (“AOCI”) before tax was a loss of $21 million and a gain of $5 million, respectively, during the three months ended March 31, 2019 and 2018. The effect of derivative instruments reclassified from AOCI to Interest expense on the Statements of Operations were immaterial and zero, respectively, for the three months ended March 31, 2019 and 2018. The estimated amount of existing losses that are reported in AOCI at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $6 million. Accumulated Other Comprehensive Income/(Loss) The changes in AOCI by component, net of tax, for the three months ended March 31, 2019 and 2018 are shown below.
Disputed Claims Liability CEC and Caesars Entertainment Operating Company, Inc. (“CEOC”) deposited cash, CEC common stock, and CEC Convertible Notes into an escrow trust to be distributed to satisfy certain remaining unsecured claims (excluding debt claims) as they become allowed (see Note 8). We have estimated the fair value of the remaining liability of those claims. Based on the valuation methodology of the CEC Convertible Notes (see above), the fair value of the Disputed claims liability is classified as Level 2. For the three months ended March 31, 2019 and 2018, the changes in fair value related to the disputed claims liability was a loss of $6 million and income of $10 million, respectively, which were recorded as components of Other income/(loss) in the Statements of Operations.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessor Disclosure [Text Block] | Leases Adoption of New Lease Accounting Standard In February 2016, the FASB issued a new standard related to leases, ASU 2016-02, Leases (Topic 842) (“ASC 842”). We adopted the standard effective January 1, 2019, using the retrospective approach applied as of the beginning of the period of adoption. The Company elected to utilize the transition guidance within the new standard that permits us to (i) continue to report under legacy lease accounting guidance for comparative periods consistent with previously issued financial statements; and (ii) carryforward our prior conclusions about lease identification, lease classification, and initial direct costs. The most significant effects of adopting the new standard relate to the recognition of right-of-use (“ROU”) assets and liabilities for leases classified as operating leases when the Company is the lessee in the arrangement. Adopting the new standard did not affect our accounting related to leases when the Company is the lessor in the arrangement. We assess whether an arrangement is or contains a lease at the inception of the agreement. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term using our incremental borrowing rate, which is consistent with interest rates of similar financing arrangements based on the information available at the commencement date. The ROU assets were also adjusted to include any prepaid lease payments and reduced by any previously accrued lease liabilities. The terms of our leases used to determine the ROU asset and lease liability take into account options to extend when it is reasonably certain that we will exercise those options. Lease expense is recognized on a straight-line basis over the lease term. Additionally, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.
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Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of March 31, 2019, the remaining term of our operating leases ranged from 1 to 73 years with various automatic extensions. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. The following are additional details related to leases recorded on our Balance Sheet as of March 31, 2019:
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Finance Leases We have finance leases for certain equipment. As of March 31, 2019, our finance leases had remaining lease terms of up to 4 years, some of which include options to extend the lease terms in one year increments. Our finance lease ROU assets and liabilities were immaterial to our Financial Statements as of March 31, 2019. Failed Sale-Leaseback Financing Obligations We lease certain real property assets from VICI (each a “Lease Agreement,” and, collectively, the “Lease Agreements”): (i) for Caesars Palace Las Vegas, (ii) for a portfolio of properties at various locations throughout the United States, (iii) for Harrah’s Joliet Hotel & Casino and (iv) for Harrah’s Las Vegas. The Lease Agreements provide for annual fixed rent (subject to escalation) of $773 million during the initial 15-year term, then rent consisting of both base rent and variable percentage rent elements, and have four five-year renewal options, subject to certain restrictions. The Lease Agreements include escalation provisions beginning in year two of the initial term and continuing through the renewal terms. The Lease Agreements also include provisions for contingent rental payments calculated, in part, based on increases or decreases of net revenue of the underlying lease properties, commencing in year eight of the initial term and continuing through the renewal terms. The Lease Agreements were evaluated as sale-leasebacks of real estate. We determined that these transactions did not qualify for sale-leaseback accounting, and we have accounted for the transaction as a financing. For these failed sale-leaseback transactions, we continue to reflect the real estate assets on our Balance Sheets in Property and equipment, net as if we were the legal owner, and we continue to recognize depreciation expense over their estimated useful lives. We do not recognize rent expense related to the Lease Agreements, but we have recorded a liability for the failed sale-leaseback obligations and the majority of the periodic lease payments are recognized as interest expense. In the initial periods, the majority of the cash payments are less than the interest expense recognized in the Statements of Operations, which causes the related failed sale-leaseback financing obligations to increase during the initial periods of the lease term.
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Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended March 31, 2019, we recognized approximately $386 million in lease revenue related to lodging arrangements, which is included in Rooms revenue in the Statement of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Food and beverage revenue in the Statement of Operations, and during the three months ended March 31, 2019, we recognized approximately $15 million in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of March 31, 2019, the remaining terms of these operating leases ranged from 1 to 86 years, some of which include options to extend the lease term for up to 5 years. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees.
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Litigation, Contractual Commitments, and Contingencies (Notes) |
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Commitments and Contingencies Disclosure [Text Block] | Litigation, Contractual Commitments, and Contingent Liabilities Litigation Caesars is party to ordinary and routine litigation incidental to our business. We do not expect the outcome of any such litigation to have a material effect on our consolidated financial position, results of operations, or cash flows. Contractual Commitments During the three months ended March 31, 2019, we have not entered into any material contractual commitments outside of the ordinary course of business that have materially changed our contractual commitments as compared to December 31, 2018. Exit Cost Accruals As of March 31, 2019 and December 31, 2018, exit costs were included in Accrued expenses and other current liabilities and Deferred credits and other liabilities on the accompanying Balance Sheets for accruals related to the following:
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NV Energy In September 2017, we filed our final notice to proceed with our plan to exit the fully bundled sales system of NV Energy for our Nevada properties and purchase energy, capacity, and/or ancillary services from a provider other than NV Energy. The transition to unbundle electric service was completed in the first quarter of 2018 (the “Cease-Use Date”). As a result of our decision to exit, an order from the Public Utilities Commission of Nevada required that we pay an aggregate exit fee of $48 million. These fees are payable over three to six years at an aggregate present value of $33 million as of March 31, 2019 and were recorded in Accrued expenses and other current liabilities and Deferred credits and other liabilities on the Balance Sheets. For six years following the Cease-Use Date, we will also be required to make ongoing payments to NV Energy for non-bypassable rate charges, which primarily relate to each entity’s share of NV Energy’s portfolio of above-market renewable energy contracts and the costs of decommissioning and remediation of coal-fired power plants. As of the effective date of the transition, total fees to be incurred were $31 million, which were accrued at its present value in the first quarter of 2018. As of March 31, 2019, $23 million was recorded in Accrued expenses and other current liabilities and Deferred credits and other liabilities on the Balance Sheets. The amount will be adjusted in the future if actual fees incurred differ from our estimates. Sports Sponsorship/Partnership Obligations We have agreements with certain professional sports teams for advertising, marketing, promotional, and sponsorship opportunities. As of March 31, 2019, obligations related to these agreements were $172 million with commitments extending through 2034. Golf Course Use Agreement On October 6, 2017, certain golf course properties were sold to VICI and CEOC LLC entered into a golf course use agreement (the “Golf Course Use Agreement”) with VICI. An obligation of $144 million is recorded in Deferred credits and other liabilities as of March 31, 2019, which represents the amount in which the $10 million annual payment obligation under the Golf Course Use Agreement exceeds the fair value of services being received. The obligation is being amortized using the effective interest method over the term of the Golf Course Use Agreement which continues through October 2052. The amortization of this obligation for both the three months ended March 31, 2019 and 2018 was $3 million and is reflected in Interest expense in our Statements of Operations. Separation Agreement On November 1, 2018, the Company announced that Mark P. Frissora, our President and Chief Executive Officer, will leave the Company. Subject to the terms of the separation agreement entered into between the Company and Mr. Frissora (as amended, the “Separation Agreement”), Mr. Frissora continued as President and Chief Executive Officer until his termination date of April 30, 2019 for purposes of continuity of leadership as the Company searched for a successor to Mr. Frissora. In connection with his Separation Agreement, upon his termination date, Mr. Frissora vested in all unvested equity and cash awards (with vesting of performance stock units and options remaining subject to achievement of applicable targets and options generally exercisable for two years after vesting). As a result of the separation, a total of $32 million of accelerated compensation was recognized, of which $10 million was recognized in the three months ended March 31, 2019 and an aggregate of $29 million was recognized as of March 31, 2019. The remainder was amortized in 2019 through his exit date of April 30, 2019. Contingent Liabilities Resolution of Disputed Claims As previously disclosed in our 2018 Annual Report, CEOC and certain of its U.S. subsidiaries (collectively, the “Debtors”) voluntarily filed for reorganization on January 15, 2015 (the “Petition Date”). The Debtors emerged from bankruptcy and consummated their reorganization pursuant to their third amended joint plan of reorganization (the “Plan”) on October 6, 2017 (the “Effective Date”). Prior to the Effective Date, CEOC’s financial statements included amounts classified as liabilities subject to compromise, which represented estimates of pre-petition obligations impacted by the Chapter 11 reorganization process. These amounts represented the Debtors’ then-current estimate of known or potential pre-petition obligations to be resolved in connection with CEOC’s emergence from bankruptcy. Following the Effective Date, actions to enforce or otherwise affect repayment of liabilities preceding the Petition Date, as well as pending litigation against the Debtors related to such liabilities, generally have been permanently enjoined. Any unresolved claims will continue to be subject to the claims reconciliation process under the supervision of the Bankruptcy Court. CEOC LLC will continue the process of reconciling such claims to the amounts listed by the Debtors in their schedules of assets and liabilities, as amended. The amounts submitted by claimants that remain unresolved total approximately $514 million. We estimate the fair value of these claims to be $44 million as of March 31, 2019, which is based on management’s estimate of the claim amounts that the Bankruptcy Court will ultimately allow and the fair value of the underlying CEC common stock and CEC Convertible Notes held in escrow for the purpose of resolving those claims. Pursuant to the Plan, CEC and CEOC deposited cash, CEC common stock, and CEC Convertible Notes into an escrow trust to be distributed to satisfy certain remaining unsecured claims (excluding debt claims) as they become allowed. As claims are resolved, the claimants receive distributions of CEC common stock, cash or cash equivalents, and/or CEC Convertible Notes from the reserves on the same basis as if such distributions had been made on or about the Effective Date. To the extent that any of the reserved shares, cash, and convertible notes remain undistributed upon resolution of the remaining disputed claims, such amounts will be returned to CEC. As of March 31, 2019, approximately $49 million in cash, 8 million shares of CEC common stock, and $32 million in principal value of CEC Convertible Notes remain in reserve for distribution to holders of disputed claims whose claims may ultimately become allowed in the escrow trust. The CEC common stock and CEC Convertible Notes held in the escrow trust are treated as not outstanding in CEC’s Financial Statements. We estimate that the number of shares, cash, and CEC Convertible Notes reserved is sufficient to satisfy the Debtors’ obligations under the Plan. Self-Insurance We are self-insured for workers compensation and other risk insurance, as well as health insurance. Our total estimated self-insurance liability was $175 million and $173 million, respectively, as of March 31, 2019 and December 31, 2018.
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Debt (Notes) |
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Debt Disclosure [Text Block] | Debt
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Current Portion of Long-Term Debt The current portion of long-term debt as of March 31, 2019 and December 31, 2018 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are expected to be paid within 12 months. Borrowings under the revolving credit facilities are each subject to the provisions of the applicable credit facility agreements, which each have a contractual maturity of greater than one year. Amounts borrowed, if any, under the revolving credit facilities are intended to satisfy short-term liquidity needs and would be classified as current. As of March 31, 2019, $76 million of our revolving credit facilities were committed to outstanding letters of credit. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of March 31, 2019 based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy. Terms of Outstanding Debt Restrictive Covenants The CRC Credit Agreement, CEOC LLC Credit Agreement, and the indentures related to the CRC Notes contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the ability of CRC and certain of its subsidiaries, and CEOC LLC and certain of its subsidiaries, respectively, to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The indenture related to the CEC Convertible Notes contains covenants including negative covenants, which, subject to certain exceptions, limit the Company’s ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets, and make acquisitions. The CRC Revolving Credit Facility and CEOC LLC Revolving Credit Facility include maximum first-priority net senior secured leverage ratio financial covenants of 6.35:1 and 3.50:1, respectively, which are applicable solely to the extent that certain testing conditions are satisfied. Guarantees The borrowings under the CRC Credit Agreement and CEOC LLC Credit Agreement, as amended, are guaranteed by the material, domestic, wholly owned subsidiaries of CRC and CEOC LLC, respectively, (subject to exceptions) and substantially all of the applicable existing and future property and assets of CRC or CEOC LLC, respectively, and their respective subsidiary guarantors serve as collateral for the respective borrowings. The CRC Notes are guaranteed on a senior unsecured basis by each wholly owned, domestic subsidiary of CRC that is a subsidiary guarantor with respect to the CRC Senior Secured Credit Facilities.
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Earnings Per Share (Notes) |
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Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the applicable income amounts by the weighted-average number of shares of common stock outstanding. Diluted EPS is computed by dividing the applicable income amounts by the sum of weighted-average number of shares of common stock outstanding and dilutive potential common stock. For a period in which Caesars generated a net loss, the weighted-average basic shares outstanding was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share.
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Revenue Recognition (Notes) |
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Revenue from Contract with Customer [Text Block] | Revenue Recognition
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(3) $5 million included within Deferred credits and other liabilities as of March 31, 2019. Includes lodging arrangement and convention contract liabilities accounted for under ASC 842. See Note 7 for further details.
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Stock-Based Compensation (Notes) |
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Stock-Based Compensation | Stock-Based Compensation We maintain long-term incentive plans for management, other personnel, and key service providers. The plans allow for granting stock-based compensation awards, based on CEC common stock (NASDAQ symbol “CZR”), including time-based and performance-based stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based stock units (“MSUs”), restricted stock awards, stock grants, or a combination of awards. Forfeitures are recognized in the period in which they occur. 2017 Performance Incentive Plan (“2017 PIP”) In March 2019, the Company granted approximately 953 thousand PSUs that are scheduled to vest in three equal tranches over a three-year period. On each vesting date, recipients will receive between 0% and 200% of the granted PSUs in the form of CEC common stock based on the achievement of specified performance and service conditions. Based on the terms and conditions of the awards, the fair value of the PSUs was initially set equal to the quoted market price of our common stock on the date of grant. The grant date fair value is reassessed at each reporting date to reflect the market price of our common stock until a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. Also in March 2019, the Company granted approximately 657 thousand MSUs that are scheduled to cliff vest in three years. On the vesting date, recipients will receive between 0% and 200% of the granted MSUs in the form of CEC common stock based on the achievement of specified market and service conditions. Based on the terms and conditions of the awards, the grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance.
(5) During the three months ended March 31, 2019, 657 thousand MSUs were granted under the 2017 PIP and no MSUs vested.
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Income Taxes (Notes) |
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Income Taxes | Income Taxes
We classify reserves for tax uncertainties within Deferred credits and other liabilities on the Balance Sheets, separate from any related income tax payable, which is also reported within Accrued expenses and other current liabilities, or Deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions, as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal and state deferred tax assets that were not deemed realizable based upon estimates of future taxable income. The income tax benefit for the three months ended March 31, 2019 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to losses from continuing operations not tax benefitted, nondeductible expenses, and state deferred tax expense from the election to treat one of CEOC LLC’s subsidiaries as a corporation for federal and state income tax purposes. This election was effective January 1, 2019. The income tax provision related to the loss before income taxes for the three months ended March 31, 2018 differed from the expected federal tax rate of 21% primarily due to losses from continuing operations not tax benefitted and nondeductible expenses. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are under regular and recurring audit by the Internal Revenue Service on open tax positions, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.
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Related Party Transactions (Notes) |
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Related Party Transactions | Related Party Transactions
Transactions with Horseshoe Baltimore As of March 31, 2019, our investment in Horseshoe Baltimore is 41.5% and is held as an equity method investment and considered to be a related party. These related party transactions include items such as casino management fees and the allocation of other general corporate expenses. A summary of the transactions with Horseshoe Baltimore is provided in the table above. Due from/to Affiliates Amounts due from or to affiliates for each counterparty represent the net receivable or payable as of the end of the reporting period primarily resulting from the transactions described above and are settled on a net basis by each counterparty in accordance with the legal and contractual restrictions governing transactions by and among Caesars’ consolidated entities. As of March 31, 2019 and December 31, 2018, Due from affiliates, net was $5 million and $6 million, respectively, and represented transactions with Horseshoe Baltimore.
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Segment Reporting (Notes) |
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Segment Reporting Disclosure | Segment Reporting We view each property as an operating segment and aggregate such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how we manage the business. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Net revenues are presented disaggregated by category for contract revenues separate from other revenues by segment. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.
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Adjusted EBITDA - By Segment Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) income tax (benefit)/provision, (iii) depreciation and amortization, (iv) corporate expenses, and (v) certain items that we do not consider indicative of its ongoing operating performance at an operating property level. In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items. 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.
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Basis of Presentation and Principles of Consolidation Accounting Policies - (Policies) |
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Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of EstimatesThe accompanying unaudited consolidated condensed financial statements of Caesars have been prepared under the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2019 fiscal year. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Consolidation of Subsidiaries and Variable Interest Entities Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for using the cost method. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, a gain or loss may be recognized upon deconsolidation.
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Segment Reporting, Policy [Policy Text Block] | We view each property as an operating segment and aggregate such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how we manage the business. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Net revenues are presented disaggregated by category for contract revenues separate from other revenues by segment. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.
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Recently Issued Accounting Pronouncements Significant Accounting Policies (Policies) |
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Mar. 31, 2019 | |
Lessee, Leases [Policy Text Block] | We assess whether an arrangement is or contains a lease at the inception of the agreement. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term using our incremental borrowing rate, which is consistent with interest rates of similar financing arrangements based on the information available at the commencement date. The ROU assets were also adjusted to include any prepaid lease payments and reduced by any previously accrued lease liabilities. The terms of our leases used to determine the ROU asset and lease liability take into account options to extend when it is reasonably certain that we will exercise those options. Lease expense is recognized on a straight-line basis over the lease term. Additionally, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In February 2016, the FASB issued a new standard related to leases, ASU 2016-02, Leases (Topic 842) (“ASC 842”). We adopted the standard effective January 1, 2019, using the retrospective approach applied as of the beginning of the period of adoption. The Company elected to utilize the transition guidance within the new standard that permits us to (i) continue to report under legacy lease accounting guidance for comparative periods consistent with previously issued financial statements; and (ii) carryforward our prior conclusions about lease identification, lease classification, and initial direct costs. The most significant effects of adopting the new standard relate to the recognition of right-of-use (“ROU”) assets and liabilities for leases classified as operating leases when the Company is the lessee in the arrangement. Adopting the new standard did not affect our accounting related to leases when the Company is the lessor in the arrangement. |
Leases Leases (Policies) |
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Mar. 31, 2019 | |
Lessee, Leases [Policy Text Block] | We assess whether an arrangement is or contains a lease at the inception of the agreement. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term using our incremental borrowing rate, which is consistent with interest rates of similar financing arrangements based on the information available at the commencement date. The ROU assets were also adjusted to include any prepaid lease payments and reduced by any previously accrued lease liabilities. The terms of our leases used to determine the ROU asset and lease liability take into account options to extend when it is reasonably certain that we will exercise those options. Lease expense is recognized on a straight-line basis over the lease term. Additionally, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Description of Transition Method | In February 2016, the FASB issued a new standard related to leases, ASU 2016-02, Leases (Topic 842) (“ASC 842”). We adopted the standard effective January 1, 2019, using the retrospective approach applied as of the beginning of the period of adoption. The Company elected to utilize the transition guidance within the new standard that permits us to (i) continue to report under legacy lease accounting guidance for comparative periods consistent with previously issued financial statements; and (ii) carryforward our prior conclusions about lease identification, lease classification, and initial direct costs. The most significant effects of adopting the new standard relate to the recognition of right-of-use (“ROU”) assets and liabilities for leases classified as operating leases when the Company is the lessee in the arrangement. Adopting the new standard did not affect our accounting related to leases when the Company is the lessor in the arrangement. |
Basis of Presentation and Principles of Consolidation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Balance Sheets that sum to amounts reported on the Statements of Cash Flows.
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
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Depreciation Expense and Capitalized Interest |
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Value of Goodwill and Other Intangible Assets |
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Gross Carrying Value and Accumulated Amortization of Finite-Lived Intangible Assets Other Than Goodwill |
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value |
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Major Terms of Interest Rate Swap Agreements | The major terms of the interest rate swap agreements as of March 31, 2019 are as follows:
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income/(Loss) The changes in AOCI by component, net of tax, for the three months ended March 31, 2019 and 2018 are shown below.
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] |
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(3) Accruals associated with future obligations for leases not in use have been applied against the carrying amount of the ROU assets.
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Lessee Operating Lease Balance Sheet Amounts and Lines [Table Text Block] | The following are additional details related to leases recorded on our Balance Sheet as of March 31, 2019:
____________________ (1) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Lease, Cost [Table Text Block] |
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Other Lease Information [Table Text Block] |
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Lessee, Operating Lease, Disclosure [Table Text Block] |
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Finance Lease, Liability, Maturity [Table Text Block] |
____________________ (1) Financing obligation principal and interest payments are estimated amounts based on the future minimum lease payments and certain estimates based on contingent rental payments. Actual payments may differ from the estimates.
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Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] |
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Litigation, Contractual Commitments, and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
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(2) As a result of the adoption of ASC 842, as of January 1, 2019, accruals associated with future obligations for leases not in use have been applied against the carrying amount of the ROU assets. See Note 7.
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt |
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(5) LIBOR plus 2.00%.
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Schedule of Maturities of Long-term Debt [Table Text Block] |
___________________ (1) Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve and include the estimated impact of the ten interest rate swap agreements (see Note 6). Actual payments may differ from these estimates.
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Earnings Per Share (Tables) |
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Basic and Dilutive Net Earnings Per Share Reconciliation |
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Revenue Recognition (Tables) |
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____________________
(3) $5 million included within Deferred credits and other liabilities as of March 31, 2019. Includes lodging arrangement and convention contract liabilities accounted for under ASC 842. See Note 7 for further details.
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Stock-Based Compensation (Tables) |
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Composition of Stock-Based Compensation Expense |
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Stock Option and Restricted Stock Unit Activity |
(5) During the three months ended March 31, 2019, 657 thousand MSUs were granted under the 2017 PIP and no MSUs vested.
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Income Taxes (Tables) |
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Income Tax Allocation |
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Related Party Transactions (Tables) |
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Related Party Transactions |
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Segment Reporting (Tables) |
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Condensed Statements of Operations - By Segment |
____________________
(5) Certain prior year amounts have been reclassified to conform to the current year presentation
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Adjusted EBITDA - By Segment |
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Condensed Balance Sheets - By Segment |
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Description of Business Description of Business - Additional Information (Details) |
3 Months Ended |
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Mar. 31, 2019
Casinos
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Number Of Casinos Operated Or Managed | 53 |
UNITED STATES | |
Number Of Casinos Operated Or Managed | 49 |
Geographic Concentration Risk [Member] | UNITED STATES | |
Number Of Casinos Operated Or Managed | 14 |
Geographic Concentration Risk [Member] | UNITED STATES | NEVADA | |
Number Of Casinos Operated Or Managed | 9 |
Geographic Concentration Risk [Member] | UNITED STATES | NEVADA | Sales Revenue, Net [Member] | |
Concentration Risk, Percentage | 45.00% |
Geographic Concentration Risk [Member] | International [Member] | |
Number Of Casinos Operated Or Managed | 5 |
Basis of Presentation and Principles of Consolidation - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) $ in Millions |
3 Months Ended | |||
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Mar. 31, 2019
USD ($)
reportable_segment
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Dec. 31, 2018
USD ($)
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Mar. 31, 2018
USD ($)
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Dec. 31, 2017
USD ($)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of Reportable Segments | reportable_segment | 3 | |||
Cash and cash equivalents | $ 1,395 | $ 1,491 | ||
Restricted cash, current | 119 | 115 | ||
Restricted cash, non-current | 52 | 51 | ||
Total cash, cash equivalents, and restricted cash | $ 1,566 | $ 1,657 | $ 2,642 | $ 2,709 |
Recently Issued Accounting Pronouncements - Additional Information (Details) |
3 Months Ended |
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Mar. 31, 2019 | |
ASU 2018-18 Collaborative Arrangements (Topic 808) [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Collaborative Arrangements - ASU 2018-18: Amended guidance makes targeted improvements to GAAP for collaborative arrangements including: (i) clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (ii) adding unit-of-account guidance in ASC 808 to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606, and (iii) requiring that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under ASC 606 is precluded if the collaborative arrangement participant is not a customer. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied retrospectively to the date of initial application of ASC 606. An entity may elect to apply the amendments in this ASU retrospectively either to all contracts or only to contracts that are not completed at the date of initial application of ASC 606. An entity should disclose its election. An entity may elect to apply the practical expedient for contract modifications that is permitted for entities using the modified retrospective transition method in ASC 606. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
ASU 2018-15—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Intangibles - Goodwill and Other - Internal-Use Software - ASU 2018-15: Amended guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The accounting for the service element of a hosting arrangement that is a service contract is not affected. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
ASU 2018-13 Fair Value Measurement (Topic 820) [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Fair Value Measurement - ASU 2018-13: Amended guidance modifies fair value measurement disclosure requirements including (i) removing certain disclosure requirements such as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) modifying certain disclosure requirements, and (iii) adding certain disclosure requirements such as changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Financial Instruments - Credit Losses - ASU 2016-13 (amended through April 2019): Amended guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of this ASU. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
Property and Equipment (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
[1] | Dec. 31, 2018 |
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Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 19,185 | $ 19,083 | |||||
Less: accumulated depreciation | (3,263) | (3,038) | |||||
Total property and equipment, net | 15,922 | $ 15,949 | 16,045 | [1] | |||
Land | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 4,774 | 4,871 | |||||
Buildings, riverboats, and leasehold and land improvements | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 12,253 | 12,243 | |||||
Furniture, fixtures, and equipment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 1,621 | 1,563 | |||||
Construction in progress | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 537 | $ 406 | |||||
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Property and Equipment - Depreciation Expense and Capitalized Interest (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 229 | $ 264 |
Capitalized interest | $ 5 | $ 2 |
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Goodwill and Other Intangible Assets [Roll Forward] | |
Amortizing Intangible Assets, Beginning Balance | $ 342 |
Amortizing Intangible Assets, Amortization expense | 18 |
Goodwill, Impairment Loss | 0 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 |
Amortizing Intangible Assets, Ending Balance | 324 |
Goodwill, Beginning Balance | 4,044 |
Goodwill, Other Increase (Decrease) | 0 |
Goodwill, Ending Balance | 4,044 |
Other Non-Amortizing Intangible Assets, Beginning Balance | 2,635 |
Other Non-Amortizing Intangible Assets, Ending Balance | 2,637 |
Other Intangible Assets [Member] | |
Goodwill and Other Intangible Assets [Roll Forward] | |
Amortizing Intangible Assets, Amortization expense | 0 |
Other Intangible Assets [Member] | |
Goodwill and Other Intangible Assets [Roll Forward] | |
Other Non-Amortizing Intangible Assets, Beginning Balance | 253 |
Indefinite-lived Intangible Assets | 2 |
Other Non-Amortizing Intangible Assets, Ending Balance | $ 253 |
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | $ 1,131 | $ 1,131 |
Accumulated Amortization | (807) | (789) |
Net Carrying Amount | 324 | 342 |
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 2,637 | 2,635 |
Total intangible assets other than goodwill | 2,961 | 2,977 |
Trademarks | ||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 790 | 790 |
Gaming rights | ||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 1,594 | 1,592 |
Caesars Rewards | ||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | $ 253 | 253 |
Trade names and trademarks | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 1 year 9 months 18 days | |
Gross Carrying Amount | $ 14 | 14 |
Accumulated Amortization | (4) | (3) |
Net Carrying Amount | $ 10 | 11 |
Customer relationships | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 4 years 2 months 12 days | |
Gross Carrying Amount | $ 1,071 | 1,071 |
Accumulated Amortization | (772) | (756) |
Net Carrying Amount | $ 299 | 315 |
Contract rights | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 5 years 9 months 18 days | |
Gross Carrying Amount | $ 3 | 3 |
Accumulated Amortization | (2) | (2) |
Net Carrying Amount | $ 1 | 1 |
Gaming rights | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 5 years 3 months 18 days | |
Gross Carrying Amount | $ 43 | 43 |
Accumulated Amortization | (29) | (28) |
Net Carrying Amount | $ 14 | $ 15 |
Fair Value Measurements - Estimated Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Estimate of Fair Value Measurement [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 21 | |
Derivative Asset | $ 17 | |
Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Derivative Asset | 0 | |
Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 21 | |
Derivative Asset | 17 | |
Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Derivative Asset | 0 | |
Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1 | 6 |
Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1 | 6 |
Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Assets [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 16 | 15 |
Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 16 | 15 |
Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 568 | 391 |
Obligations, Fair Value Disclosure | 44 | 45 |
Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Obligations, Fair Value Disclosure | 0 | 0 |
Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 568 | 391 |
Obligations, Fair Value Disclosure | 44 | 45 |
Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Obligations, Fair Value Disclosure | 0 | 0 |
Liability [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 38 | 22 |
Liability [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Liability [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 38 | 22 |
Liability [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Liability [Member] | CEC Convertible Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 486 | 324 |
Liability [Member] | CEC Convertible Notes | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Liability [Member] | CEC Convertible Notes | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 486 | 324 |
Liability [Member] | CEC Convertible Notes | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Fair Value Measurements - Major Terms of Interest Rate Swap Agreements (Details) - 3 months ended Mar. 31, 2019 - Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
Total |
Total |
Total |
---|---|---|---|
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 3,000 | ||
Interest Rate Swap at 2.274% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Dec. 31, 2018 | ||
Derivative, Notional Amount | $ 250 | ||
Derivative, Fixed Interest Rate | 2.274% | ||
Derivative, Maturity Date | Dec. 31, 2022 | ||
Interest Rate Swap at 2.828% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Dec. 31, 2018 | ||
Derivative, Notional Amount | $ 200 | ||
Derivative, Fixed Interest Rate | 2.828% | ||
Derivative, Maturity Date | Dec. 31, 2022 | ||
Interest Rate Swap at 2.739% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Dec. 31, 2018 | ||
Derivative, Notional Amount | $ 600 | ||
Derivative, Fixed Interest Rate | 2.739% | ||
Derivative, Maturity Date | Dec. 31, 2022 | ||
Interest Rate Swap at 2.153% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 01, 2019 | ||
Derivative, Notional Amount | $ 250 | ||
Derivative, Fixed Interest Rate | 2.153% | ||
Derivative, Maturity Date | Dec. 31, 2020 | ||
Interest Rate Swap at 2.196% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 01, 2019 | ||
Derivative, Notional Amount | $ 250 | ||
Derivative, Fixed Interest Rate | 2.196% | ||
Derivative, Maturity Date | Dec. 31, 2021 | ||
Interest Rate Swap at 2.788% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 01, 2019 | ||
Derivative, Notional Amount | $ 400 | ||
Derivative, Fixed Interest Rate | 2.788% | ||
Derivative, Maturity Date | Dec. 31, 2021 | ||
Interest Rate Swap at 2.828% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 01, 2019 | ||
Derivative, Notional Amount | $ 200 | ||
Derivative, Fixed Interest Rate | 2.828% | ||
Derivative, Maturity Date | Dec. 31, 2022 | ||
Interest Rate Swap at 2.172% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 02, 2019 | ||
Derivative, Notional Amount | $ 250 | ||
Derivative, Fixed Interest Rate | 2.172% | ||
Derivative, Maturity Date | Dec. 31, 2020 | ||
Interest Rate Swap at 2.731% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 02, 2019 | ||
Derivative, Notional Amount | $ 200 | ||
Derivative, Fixed Interest Rate | 2.731% | ||
Derivative, Maturity Date | Dec. 31, 2020 | ||
Interest Rate Swap at 2.707% [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jan. 02, 2019 | ||
Derivative, Notional Amount | $ 400 | ||
Derivative, Fixed Interest Rate | 2.707% | ||
Derivative, Maturity Date | Dec. 31, 2021 | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Variable Interest Rate | 2.493% | 2.493% |
Fair Value Measurements Fair Value Measurements - Accumulated Other Comprehensive Income/Loss (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (37) | $ 15 | $ (24) | $ 6 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (13) | 9 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 3 | ||
Other Comprehensive Income (Loss), Net of Tax | (15) | 8 | ||
Designated as Hedging Instrument [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (30) | 4 | (13) | 0 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (17) | 4 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (17) | 4 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (7) | 10 | (9) | 9 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 2 | 1 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2 | 1 | ||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 1 | $ (2) | $ (3) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 2 | 4 | ||
Other Comprehensive Income, Other, Net of Tax | 2 | 4 | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (13) | $ 9 |
Fair Value Measurements - Additional Information (Details) $ / shares in Units, shares in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
shares
interest_rate_swap_agreements
$ / shares
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2018
$ / shares
|
|||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Debt, Gross | $ 8,959,000,000 | |||||
Debt Instrument, Convertible, Terms of Conversion Feature | The CEC Convertible Notes are convertible at the option of holders into a number of shares of CEC common stock that is equal to approximately 0.139 shares of CEC common stock per $1.00 principal amount of CEC Convertible Notes, which is equal to an initial conversion price of $7.19 per share. If all the shares were issued on October 6, 2017, they would have represented approximately 17.9% of the shares of CEC common stock outstanding on a fully diluted basis. The holders of the CEC Convertible Notes can convert them at any time after issuance. CEC can convert the CEC Convertible Notes beginning in October 2020 if the last reported sale price of CEC common stock equals or exceeds 140% of the conversion price for the CEC Convertible Notes in effect on each of at least 20 trading days during any 30 consecutive trading day period. As of March 31, 2019, an immaterial amount of the CEC Convertible Notes were converted into shares of CEC common stock. An aggregate of 156 million shares of CEC common stock are issuable upon conversion of the CEC Convertible Notes, of which 151 million shares are net of amounts held by CEC. As of March 31, 2019, the remaining life of the CEC Convertible Notes is 5.5 years. | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 162,000,000 | $ (160,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (21,000,000) | (5,000,000) | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||||
Convertible Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 7.00% | ||||
Convertible Debt [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 156 | |||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 143.01 | $ 122.38 | ||||
Convertible Debt [Member] | Measurement Input, Discount Rate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 5.00% | |||||
Convertible Debt [Member] | Measurement Input, Expected Term [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Term | 7 years | |||||
Scenario, Forecast [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, before Tax | $ 6,000,000 | |||||
Designated as Hedging Instrument [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of Interest Rate Derivatives Held | interest_rate_swap_agreements | 10 | |||||
Derivative, Notional Amount | $ 3,000,000,000.0 | |||||
Convertible Debt [Member] | Unsecured Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Debt, Gross | 1,083,000,000 | |||||
Debt Instrument, Face Amount | $ 1,100,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.00% | ||||
Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ 6,000,000 | $ (10,000,000) | ||||
NetOfTrust [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 151 | |||||
|
Leases Leases - Effect of Adopting New Lease Standard (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Property and equipment, net | $ 15,922 | $ 15,949 | [1] | $ 16,045 | [1] | |||||||
Deferred Costs and Other Assets | 856 | 848 | [2],[3] | 383 | [2],[3] | |||||||
Accrued Liabilities and Other Liabilities | 1,169 | 1,247 | [2] | 1,217 | [2] | |||||||
Finance Lease, Liability, Noncurrent | 9,990 | 9,961 | [1] | 10,057 | [1] | |||||||
Deferred Credits and Other Liabilities | $ 1,480 | 1,284 | [2],[3] | $ 849 | [2],[3] | |||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||
Property and equipment, net | [1] | (96) | ||||||||||
Deferred Costs and Other Assets | [2],[3] | 465 | ||||||||||
Accrued Liabilities and Other Liabilities | [2] | 30 | ||||||||||
Finance Lease, Liability, Noncurrent | [1] | (96) | ||||||||||
Deferred Credits and Other Liabilities | [2],[3] | $ 435 | ||||||||||
|
Leases Leases - Balance Sheet Classification (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
[1] | ||
---|---|---|---|---|
Leases [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ 456 | |||
Operating Lease, Liability, Current | 27 | |||
Operating Lease, Liability, Noncurrent | $ 488 | |||
|
Leases Leases - Maturity of Lease Liabilities (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 51 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 66 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 66 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 60 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 57 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 917 |
Lessee, Operating Lease, Liability, Payments, Due | 1,217 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (702) |
Operating Lease, Liability | $ 515 |
Leases Leases - Lease Costs (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating Lease, Expense | $ 17 |
Short-term Lease, Cost | 19 |
Variable Lease, Cost | 1 |
Lease, Cost | $ 37 |
Leases Leases - Other Information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating Lease, Payments | $ 14 |
Leases Leases - Weighted Average (Details) |
Mar. 31, 2019 |
---|---|
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 22 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.91% |
Leases Leases - Financing Obligation Service Requirements (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|||
---|---|---|---|---|
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 590 | [1] | ||
Finance Lease, Liability, Payments, Due Year Two | 800 | [1] | ||
Finance Lease, Liability, Payments, Due Year Three | 814 | [1] | ||
Finance Lease, Liability, Payments, Due Year Four | 827 | [1] | ||
Finance Lease, Liability, Payments, Due Year Five | 847 | [1] | ||
Finance Lease, Liability, Payments, Due after Year Five | 34,018 | [1] | ||
Finance Lease, Liability, Payments, Due | 37,896 | [1] | ||
Principal [Member] | ||||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 14 | |||
Finance Lease, Liability, Payments, Due Year Two | 23 | |||
Finance Lease, Liability, Payments, Due Year Three | 26 | |||
Finance Lease, Liability, Payments, Due Year Four | 28 | |||
Finance Lease, Liability, Payments, Due Year Five | 33 | |||
Finance Lease, Liability, Payments, Due after Year Five | 8,400 | |||
Finance Lease, Liability, Payments, Due | 8,524 | |||
Interest [Member] | ||||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 576 | |||
Finance Lease, Liability, Payments, Due Year Two | 777 | |||
Finance Lease, Liability, Payments, Due Year Three | 788 | |||
Finance Lease, Liability, Payments, Due Year Four | 799 | |||
Finance Lease, Liability, Payments, Due Year Five | 814 | |||
Finance Lease, Liability, Payments, Due after Year Five | 25,618 | |||
Finance Lease, Liability, Payments, Due | $ 29,372 | |||
|
Leases Leases - Maturity of Lease Receivables (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 60 |
Lessor, Operating Lease, Payments to be Received, Two Years | 72 |
Lessor, Operating Lease, Payments to be Received, Three Years | 63 |
Lessor, Operating Lease, Payments to be Received, Four Years | 61 |
Lessor, Operating Lease, Payments to be Received, Five Years | 56 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 820 |
Lessor, Operating Lease, Payments to be Received | $ 1,132 |
Leases Leases - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||||||
Lessee, Finance Lease, Term of Contract | 4 years | |||||||
Sale Leaseback Transaction, Lease Terms | We lease certain real property assets from VICI (each a “Lease Agreement,” and, collectively, the “Lease Agreements”): (i) for Caesars Palace Las Vegas, (ii) for a portfolio of properties at various locations throughout the United States, (iii) for Harrah’s Joliet Hotel & Casino and (iv) for Harrah’s Las Vegas. The Lease Agreements provide for annual fixed rent (subject to escalation) of $773 million during the initial 15-year term, then rent consisting of both base rent and variable percentage rent elements, and have four five-year renewal options, subject to certain restrictions. The Lease Agreements include escalation provisions beginning in year two of the initial term and continuing through the renewal terms. The Lease Agreements also include provisions for contingent rental payments calculated, in part, based on increases or decreases of net revenue of the underlying lease properties, commencing in year eight of the initial term and continuing through the renewal terms. | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,115 | $ 1,972 | [1] | |||||
Lessor, Operating Lease, Term of Contract | 5 years | |||||||
Occupancy [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 386 | [2] | 367 | |||||
Food and Beverage [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 398 | [2] | $ 383 | |||||
Lease revenue | [2] | $ 15 | ||||||
Minimum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract-Low End | 1 year | |||||||
Lessor, Operating Lease, Term of Contract | 1 year | |||||||
Maximum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract-Low End | 73 years | |||||||
Lessor, Operating Lease, Term of Contract | 86 years | |||||||
|
Litigation - Exit Costs Accrual Composition (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Disposal Group, Including Discontinued Operation, Other Liabilities | $ 80 | $ 144 | |||||
Horseshoe Council Bluffs [Member] | Caesars Entertainment Operating Company [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | [1],[2] | 0 | 43 | ||||
Harrah's Gulf Coast construction project [Member] | Caesars Entertainment Operating Company [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 24 | 33 | |||||
Disposal Group Other [Member] | Caesars Entertainment Operating Company [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | [2] | 0 | 10 | ||||
Contract Termination [Member] | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | $ 56 | $ 58 | |||||
|
Litigation, Contractual Commitments, and Contingencies - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 5 Months Ended | 72 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Sep. 01, 2023 |
Dec. 31, 2018 |
|||
Other Commitments [Line Items] | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 29 | ||||||
Contractual Obligation | [1] | $ 11,659 | 11,659 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 32 | 32 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 10 | ||||||
Bankruptcy Claims, Amount of Claims Filed | 514 | ||||||
Accrued Liabilities | 44 | 44 | |||||
Self-Insurance Reserve | 175 | 175 | $ 173 | ||||
Convertible Debt [Member] | |||||||
Other Commitments [Line Items] | |||||||
Restricted Cash and Cash Equivalents | $ 49 | $ 49 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 8 | 8 | |||||
CEC Convertible Notes | |||||||
Other Commitments [Line Items] | |||||||
Obligations, Fair Value Disclosure | $ 32 | $ 32 | |||||
VICI Properties, Inc. [Member] | Golf Courses [Member] | |||||||
Other Commitments [Line Items] | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 144 | 144 | |||||
Debt Instrument, Annual Principal Payment | 10 | 10 | |||||
Finance Lease, Right-of-Use Asset, Amortization | 3 | $ 3 | |||||
NV Energy Exit | |||||||
Other Commitments [Line Items] | |||||||
Business Exit Costs | 48 | ||||||
Other Accrued Liabilities, Current | 33 | 33 | |||||
Business Exit Costs Fair Value | 23 | ||||||
Scenario, Forecast [Member] | NV Energy Exit | |||||||
Other Commitments [Line Items] | |||||||
Business Exit Costs | $ 31 | ||||||
Sports Partnership [Member] | |||||||
Other Commitments [Line Items] | |||||||
Contractual Obligation | $ 172 | $ 172 | |||||
|
Debt - Summary of Debt (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face Value | $ 8,959 | ||||||||||||
Long-term Debt | 8,853 | $ 8,965 | |||||||||||
Current portion of long-term debt | (64) | (164) | |||||||||||
Long Term Debt Non Current Face Value | 8,895 | ||||||||||||
Long-term Debt, Excluding Current Maturities | 8,789 | 8,801 | |||||||||||
Unamortized discounts and deferred finance charges | 106 | 110 | |||||||||||
Fair value | $ 8,810 | ||||||||||||
Unsecured Debt [Member] | CEC Convertible Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2024 | ||||||||||||
Rate(s) (1) | [1] | 5.00% | |||||||||||
Face Value | $ 1,083 | ||||||||||||
Long-term Debt | $ 1,083 | 1,083 | |||||||||||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2022 | ||||||||||||
Face Value | [2] | $ 0 | |||||||||||
Long-term Debt | [2] | $ 0 | 100 | ||||||||||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.13% | ||||||||||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2024 | ||||||||||||
Face Value | [3] | $ 4,641 | |||||||||||
Long-term Debt | [3] | $ 4,568 | 4,577 | ||||||||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||
Caesars Resort Collection [Member] | Unsecured Debt [Member] | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2025 | ||||||||||||
Rate(s) (1) | [1] | 5.25% | |||||||||||
Face Value | $ 1,700 | ||||||||||||
Long-term Debt | $ 1,668 | 1,668 | |||||||||||
Caesars Resort Collection [Member] | Unsecured Debt [Member] | Special Improvement District Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2037 | ||||||||||||
Rate(s) (1) | [1] | 4.30% | |||||||||||
Face Value | $ 54 | ||||||||||||
Long-term Debt | $ 54 | 54 | |||||||||||
CEOC LLC [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2022 | ||||||||||||
Face Value | [4] | $ 0 | |||||||||||
Long-term Debt | [4] | $ 0 | 0 | ||||||||||
CEOC LLC [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Final Maturity | 2024 | ||||||||||||
Face Value | [5] | $ 1,481 | |||||||||||
Long-term Debt | [5] | $ 1,480 | $ 1,483 | ||||||||||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||
|
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions |
Mar. 31, 2019
USD ($)
interest_rate_swap_agreements
|
|||
---|---|---|---|---|
Other Commitments [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 48 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 64 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 64 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 64 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 64 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 8,655 | |||
Long-term debt, Maturities, Repayments of Principal, Total | 8,959 | |||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 448 | [1] | ||
Contractual Obligation, Due in Second Year | 524 | [1] | ||
Contractual Obligation, Due in Third Year | 514 | [1] | ||
Contractual Obligation, Due in Fourth Year | 504 | [1] | ||
Contractual Obligation, Due in Fifth Year | 494 | [1] | ||
Contractual Obligation, Due after Fifth Year | 9,175 | [1] | ||
Contractual Obligation | 11,659 | [1] | ||
Interest Expense [Member] | ||||
Other Commitments [Line Items] | ||||
Other Commitments, Future Minimum Payments, Remainder of Fiscal Year | 400 | |||
Other Commitment, Due in Second Year | 460 | |||
Other Commitment, Due in Third Year | 450 | |||
Other Commitment, Due in Fourth Year | 440 | |||
Other Commitment, Due in Fifth Year | 430 | |||
Other Commitment, Due after Fifth Year | 520 | |||
Other Commitment | $ 2,700 | |||
Designated as Hedging Instrument [Member] | ||||
Other Commitments [Line Items] | ||||
Number of Interest Rate Derivatives Held | interest_rate_swap_agreements | 10 | |||
|
Debt - Additional Information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Debt Disclosure [Abstract] | |
Letters of Credit Outstanding, Amount | $ 76 |
Debt Instrument, Covenant Description | The CRC Revolving Credit Facility and CEOC LLC Revolving Credit Facility include maximum first-priority net senior secured leverage ratio financial covenants of 6.35:1 and 3.50:1, respectively, which are applicable solely to the extent that certain testing conditions are satisfied. |
Earnings Per Share - Basic and Dilutive Net Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Net loss attributable to Caesars | $ (217) | $ (34) |
Weighted Average Number of Shares Outstanding, Basic | 670 | 697 |
Basic and diluted loss per share | $ (0.32) | $ (0.05) |
Earnings Per Share - Weighted Average Number of Anti-Dilutive Shares (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 174 | 175 |
Stock-based compensation awards | ||
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 23 | 25 |
CEC Convertible Notes | ||
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 151 | 150 |
Revenue Recognition - Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||||
Contract with Customer, Asset, Net | $ 338 | $ 327 | ||
Real estate leases | 11 | 15 | ||
Other | 100 | 115 | ||
Receivables, net | 449 | 457 | ||
Casino [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Contract with Customer, Asset, Net | 161 | 188 | ||
Food and Beverage [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Contract with Customer, Asset, Net | [1] | 84 | 62 | |
Entertainment and other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Contract with Customer, Asset, Net | $ 93 | $ 77 | ||
|
Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||
Contract with Customer, Liability | $ 166 | [1] | $ 149 | [2] | |||||||
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | [3] | (184) | |||||||||
Contract with Customer, Liability, Current | 201 | ||||||||||
Contract with Customer, Liability, Noncurrent | 5 | 5 | |||||||||
Customer Loyalty Program [Member] | |||||||||||
Contract with Customer, Liability | 67 | [1] | 66 | [2] | |||||||
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | [3] | (32) | |||||||||
Contract with Customer, Liability, Current | 33 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | 15 | ||||||||||
Customer Advances [Member] | |||||||||||
Contract with Customer, Liability | 99 | [1] | $ 83 | [2] | |||||||
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | [3] | (152) | |||||||||
Contract with Customer, Liability, Current | 168 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 51 | ||||||||||
|
Stock-Based Compensation - Composition of Stock-Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 21 | $ 18 |
Parent [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 21 | 18 |
Parent [Member] | Corporate expense | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 16 | 13 |
Parent [Member] | Property, general, administrative, and other | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 5 | $ 5 |
Stock-Based Compensation - Stock Option and Restricted Stock Unit Activity (Details) - $ / shares |
3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||
Stock options (2) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | [1] | 8,330,297 | 8,360,365 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | [1],[2] | $ 10.63 | $ 10.63 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||||||||||||
Restricted stock units (3) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | [3] | 16,204,046 | 13,455,092 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | [2],[3] | $ 11.17 | $ 11.51 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,700,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,800,000 | ||||||||||||||
Performance stock units (4) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | [4] | 2,417,300 | 1,466,183 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | [2],[4] | $ 8.69 | $ 6.79 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 953,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||||||||||||
Market-based Stock Units [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 657,207 | [4] | 0 | [5] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | [2] | $ 12.63 | [4] | $ 0 | [5] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 657,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||||||||||||
|
Stock-Based Compensation - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
shares
| |
Performance stock units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 953,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Description | On each vesting date, recipients will receive between 0% and 200% of the granted PSUs in the form of CEC common stock based on the achievement of specified performance and service conditions. Based on the terms and conditions of the awards, the fair value of the PSUs was initially set equal to the quoted market price of our common stock on the date of grant. The grant date fair value is reassessed at each reporting date to reflect the market price of our common stock until a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. |
Market-based Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 657,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Description | On the vesting date, recipients will receive between 0% and 200% of the granted MSUs in the form of CEC common stock based on the achievement of specified market and service conditions. Based on the terms and conditions of the awards, the grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance. |
Income Taxes - Income Tax Allocation (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||||
Income Tax Disclosure [Abstract] | ||||||
Loss before income taxes | $ (247) | $ (21) | ||||
Income tax benefit/(provision) | [1],[2] | $ 29 | $ (13) | |||
Effective Income Tax Rate Reconciliation, Percent | 11.70% | (61.90%) | ||||
|
Related Party Transactions - Related Party Transactions (Details) - Equity Method Investee [Member] - Horseshoe Casino Baltimore [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Reimbursement to Counterparty [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1 | $ 1 |
Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2 | $ 3 |
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Related Party Transaction [Line Items] | ||
Due from affiliates | $ 5 | $ 6 |
Horseshoe Casino Baltimore [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investment, Ownership Percentage | 41.50% |
Segment Reporting - Condensed Statements of Operations - By Segment (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,115 | $ 1,972 | [1] | ||||||||||||||||
Lease revenue | [2] | 35 | |||||||||||||||||
Depreciation and amortization | 247 | 280 | |||||||||||||||||
Income/(loss) from operations | 240 | 125 | |||||||||||||||||
Interest expense | (349) | (330) | |||||||||||||||||
Other income/(loss) | [3],[4] | (138) | 184 | ||||||||||||||||
Income tax benefit (2) | [5],[6] | (29) | 13 | ||||||||||||||||
Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 150 | 146 | [1] | ||||||||||||||||
Lease revenue | [2] | 0 | |||||||||||||||||
Depreciation and amortization | 16 | 17 | |||||||||||||||||
Income/(loss) from operations | (102) | (109) | |||||||||||||||||
Interest expense | (123) | (114) | |||||||||||||||||
Other income/(loss) | [3],[4] | (138) | 180 | ||||||||||||||||
Income tax benefit (2) | [5],[6] | (29) | 13 | ||||||||||||||||
Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 955 | 903 | [1] | ||||||||||||||||
Lease revenue | [2] | 33 | |||||||||||||||||
Depreciation and amortization | 128 | 142 | |||||||||||||||||
Income/(loss) from operations | 226 | 148 | |||||||||||||||||
Interest expense | (83) | (78) | |||||||||||||||||
Other income/(loss) | [3],[4] | 0 | 2 | ||||||||||||||||
Income tax benefit (2) | [5],[6] | 0 | 0 | ||||||||||||||||
Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,010 | 926 | [1] | ||||||||||||||||
Lease revenue | [2] | 2 | |||||||||||||||||
Depreciation and amortization | 103 | 121 | |||||||||||||||||
Income/(loss) from operations | 116 | 86 | |||||||||||||||||
Interest expense | (143) | (138) | |||||||||||||||||
Other income/(loss) | [3],[4] | 0 | 2 | ||||||||||||||||
Income tax benefit (2) | [5],[6] | 0 | 0 | ||||||||||||||||
Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | (3) | [1] | ||||||||||||||||
Lease revenue | [2] | 0 | |||||||||||||||||
Depreciation and amortization | 0 | 0 | |||||||||||||||||
Income/(loss) from operations | 0 | 0 | |||||||||||||||||
Interest expense | 0 | 0 | |||||||||||||||||
Other income/(loss) | [3],[4] | 0 | 0 | ||||||||||||||||
Income tax benefit (2) | [5],[6] | 0 | 0 | ||||||||||||||||
Casino [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,083 | 983 | |||||||||||||||||
Casino [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 65 | 63 | |||||||||||||||||
Casino [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 274 | 257 | |||||||||||||||||
Casino [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 744 | 663 | |||||||||||||||||
Casino [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||||||||||
Food and Beverage [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 398 | [7] | 383 | ||||||||||||||||
Food and Beverage [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6 | [7] | 7 | ||||||||||||||||
Food and Beverage [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 255 | [7] | 242 | ||||||||||||||||
Food and Beverage [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 137 | [7] | 134 | ||||||||||||||||
Food and Beverage [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | [7] | 0 | ||||||||||||||||
Occupancy [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 386 | [7] | 367 | ||||||||||||||||
Occupancy [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1 | [7] | 1 | ||||||||||||||||
Occupancy [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 299 | [7] | 280 | ||||||||||||||||
Occupancy [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 86 | [7] | 86 | ||||||||||||||||
Occupancy [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | [7] | 0 | ||||||||||||||||
License and Service [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 15 | 15 | |||||||||||||||||
License and Service [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 15 | 16 | |||||||||||||||||
License and Service [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||||||||||
License and Service [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 1 | |||||||||||||||||
License and Service [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | (2) | |||||||||||||||||
Service, Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 52 | 52 | |||||||||||||||||
Service, Other [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 51 | 51 | |||||||||||||||||
Service, Other [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||||||||||
Service, Other [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1 | 1 | |||||||||||||||||
Service, Other [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||||||||||
Entertainment and other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 145 | 137 | |||||||||||||||||
Entertainment and other | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 11 | 7 | |||||||||||||||||
Entertainment and other | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 94 | 92 | |||||||||||||||||
Entertainment and other | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 40 | 39 | |||||||||||||||||
Entertainment and other | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | (1) | |||||||||||||||||
Product and Service, Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 181 | 172 | |||||||||||||||||
Other revenues | 1 | 35 | |||||||||||||||||
Product and Service, Other [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Other revenues | 1 | 1 | |||||||||||||||||
Product and Service, Other [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Other revenues | 0 | 32 | |||||||||||||||||
Product and Service, Other [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Other revenues | 0 | 2 | |||||||||||||||||
Product and Service, Other [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Other revenues | 0 | 0 | |||||||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,079 | 1,937 | |||||||||||||||||
Accounting Standards Update 2014-09 [Member] | Corporate and Other [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 149 | 145 | |||||||||||||||||
Accounting Standards Update 2014-09 [Member] | Operating Segments | Las Vegas | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 922 | 871 | |||||||||||||||||
Accounting Standards Update 2014-09 [Member] | Operating Segments | Other U.S. | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,008 | 924 | |||||||||||||||||
Accounting Standards Update 2014-09 [Member] | Intersegment Elimination | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ (3) | |||||||||||||||||
Lease Agreements [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Other revenues | $ 14 | ||||||||||||||||||
|
Segment Reporting - Adjusted EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income/(loss) attributable to Caesars | $ (217) | $ (34) | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1) | 0 | |||||||||||||
Income tax benefit (1) | [1],[2] | (29) | 13 | ||||||||||||
Other income/(loss) | [3],[4] | (138) | 184 | ||||||||||||
Interest expense | 349 | 330 | |||||||||||||
Depreciation and amortization | 247 | 280 | |||||||||||||
Other operating costs | [5] | 29 | 66 | ||||||||||||
Stock-based compensation expense | 21 | 18 | |||||||||||||
Other items (4) | [6] | 25 | 29 | ||||||||||||
Adjusted EBITDA | 562 | 518 | |||||||||||||
Corporate and Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income/(loss) attributable to Caesars | (334) | (56) | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||||||
Income tax benefit (1) | [1],[2] | (29) | 13 | ||||||||||||
Other income/(loss) | [3],[4] | (138) | 180 | ||||||||||||
Interest expense | 123 | 114 | |||||||||||||
Depreciation and amortization | 16 | 17 | |||||||||||||
Other operating costs | [5] | 14 | 32 | ||||||||||||
Stock-based compensation expense | 17 | 14 | |||||||||||||
Other items (4) | [6] | 24 | 27 | ||||||||||||
Adjusted EBITDA | (31) | (19) | |||||||||||||
Operating Segments | Las Vegas, NV [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income/(loss) attributable to Caesars | 143 | 72 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||||||
Income tax benefit (1) | [1],[2] | 0 | 0 | ||||||||||||
Other income/(loss) | [3],[4] | 0 | 2 | ||||||||||||
Interest expense | 83 | 78 | |||||||||||||
Depreciation and amortization | 128 | 142 | |||||||||||||
Other operating costs | [5] | 3 | 28 | ||||||||||||
Stock-based compensation expense | 2 | 2 | |||||||||||||
Other items (4) | [6] | 1 | 1 | ||||||||||||
Adjusted EBITDA | 360 | 321 | |||||||||||||
Operating Segments | Other U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income/(loss) attributable to Caesars | (26) | (50) | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1) | ||||||||||||||
Income tax benefit (1) | [1],[2] | 0 | 0 | ||||||||||||
Other income/(loss) | [3],[4] | 0 | 2 | ||||||||||||
Interest expense | 143 | 138 | |||||||||||||
Depreciation and amortization | 103 | 121 | |||||||||||||
Other operating costs | [5] | 12 | 6 | ||||||||||||
Stock-based compensation expense | 2 | 2 | |||||||||||||
Other items (4) | [6] | 0 | 1 | ||||||||||||
Adjusted EBITDA | 233 | 216 | |||||||||||||
Intersegment Elimination | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income/(loss) attributable to Caesars | 0 | 0 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||||||
Income tax benefit (1) | [1],[2] | 0 | 0 | ||||||||||||
Other income/(loss) | [3],[4] | 0 | 0 | ||||||||||||
Interest expense | 0 | 0 | |||||||||||||
Depreciation and amortization | 0 | 0 | |||||||||||||
Other operating costs | [5] | 0 | 0 | ||||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||||
Other items (4) | [6] | 0 | 0 | ||||||||||||
Adjusted EBITDA | $ 0 | $ 0 | |||||||||||||
|
Segment Reporting - Condensed Balance Sheet (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 26,036 | $ 25,775 |
Total liabilities | 22,914 | 22,437 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 6,496 | 6,046 |
Total liabilities | 11,416 | 11,267 |
Operating Segments | Las Vegas, NV [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 13,978 | 13,987 |
Total liabilities | 5,771 | 5,730 |
Operating Segments | Other U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | 8,690 | 8,565 |
Total liabilities | 5,735 | 5,143 |
Intersegment Elimination | ||
Segment Reporting Information [Line Items] | ||
Total assets | (3,128) | (2,823) |
Total liabilities | $ (8) | $ 297 |
Segment Reporting - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
reportable_segment
| |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
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