(State of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
CAESARS ENTERTAINMENT CORPORATION | ||||
Date: | August 5, 2019 | By: | /S/ KEITH A. CAUSEY | |
Keith A. Causey | ||||
Senior Vice President and Chief Accounting Officer |
Contact: | Media | Investors | ||
Stephen Cohen | Steven Rubis | |||
(347) 489-6602 | (702) 407-6462 |
• | Net revenues increased 4.9% to $2.22 billion. |
• | Income from operations decreased 4.6% to $269 million. |
• | Net loss attributable to Caesars was $315 million. Basic loss per share totaled $0.47. |
• | Non-GAAP hold adjusted net revenues increased 5.6% to $2.22 billion. |
• | Non-GAAP adjusted EBITDAR increased 1.3% to $631 million. |
• | Non-GAAP hold adjusted EBITDAR increased 4.1% to $633 million. |
Net Revenues | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
(Dollars in millions) | 2019 | 2018 | $ Change | % Change | ||||||||||
Las Vegas | $ | 1,002 | $ | 992 | $ | 10 | 1.0 | % | ||||||
Other U.S. | 1,064 | 982 | 82 | 8.4 | % | |||||||||
All Other | 156 | 145 | 11 | 7.6 | % | |||||||||
Caesars | $ | 2,222 | $ | 2,119 | $ | 103 | 4.9 | % |
Income/(Loss) from Operations | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
(Dollars in millions) | 2019 | 2018 | $ Change | % Change | ||||||||||
Las Vegas | $ | 265 | $ | 246 | $ | 19 | 7.7 | % | ||||||
Other U.S. | 158 | 131 | 27 | 20.6 | % | |||||||||
All Other | (154 | ) | (95 | ) | (59 | ) | (62.1 | )% | ||||||
Caesars | $ | 269 | $ | 282 | $ | (13 | ) | (4.6 | )% |
Net Income/(Loss) Attributable to Caesars | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
(Dollars in millions) | 2019 | 2018 | $ Change | % Change | ||||||||||
Las Vegas | $ | 184 | $ | 164 | $ | 20 | 12.2 | % | ||||||
Other U.S. | 16 | (9 | ) | 25 | ** | |||||||||
All Other | (515 | ) | (126 | ) | (389 | ) | ** | |||||||
Caesars | $ | (315 | ) | $ | 29 | $ | (344 | ) | ** |
Adjusted EBITDAR (1) | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
(Dollars in millions) | 2019 | 2018 | $ Change | % Change | ||||||||||
Las Vegas | $ | 389 | $ | 383 | $ | 6 | 1.6 | % | ||||||
Other U.S. | 270 | 258 | 12 | 4.7 | % | |||||||||
All Other | (28 | ) | (18 | ) | (10 | ) | 55.6 | % | ||||||
Caesars | $ | 631 | $ | 623 | $ | 8 | 1.3 | % |
(In millions) | June 30, 2019 | ||
Cash and cash equivalents | $ | 1,520 | |
Revolver capacity | 1,200 | ||
Revolver capacity drawn or committed to letters of credit | (77 | ) | |
Total liquidity | $ | 2,643 |
• | risks related to the Merger, including, but not limited to: (1) the inability to complete the Merger due to the failure to obtain stockholder approval for the Merger or the failure to satisfy other conditions to completion of the Merger, including the receipt of all gaming and other regulatory approvals related to the Merger; (2) uncertainties as to the timing of the completion of the Merger and the ability of each party to complete the Merger; (3) disruption of our current plans and operations; (4) the inability to retain and hire key personnel; (5) competitive responses to the Merger; (6) termination fees and unexpected costs, charges or expenses resulting from the Merger; (7) the outcome of any legal proceedings that could be instituted against us or our directors related to the Merger Agreement; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the Merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the indebtedness planned to be incurred in connection with the Merger; and (11) legislative, regulatory and economic developments; |
• | 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; |
• | the impact of our operating structure following Caesars Entertainment Operating Inc.’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 or divestitures; |
• | 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; |
• | our ability to attract, retain and motivate employees, including in connection with the Merger; |
• | 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 (such as the outcome of the British Gambling Commission’s review of CEUK operations), 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 Annual Report on Form 10-K for the year ended December 31, 2018 and in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenues | |||||||||||||||
Casino | $ | 1,126 | $ | 1,062 | $ | 2,209 | $ | 2,045 | |||||||
Food and beverage | 407 | 391 | 805 | 774 | |||||||||||
Rooms | 407 | 388 | 793 | 755 | |||||||||||
Other revenue | 213 | 215 | 394 | 387 | |||||||||||
Management fees | 15 | 15 | 30 | 30 | |||||||||||
Reimbursed management costs | 54 | 48 | 106 | 100 | |||||||||||
Net revenues | 2,222 | 2,119 | 4,337 | 4,091 | |||||||||||
Operating expenses | |||||||||||||||
Direct | |||||||||||||||
Casino | 633 | 565 | 1,251 | 1,127 | |||||||||||
Food and beverage | 281 | 271 | 550 | 535 | |||||||||||
Rooms | 122 | 120 | 239 | 234 | |||||||||||
Property, general, administrative, and other | 467 | 456 | 927 | 883 | |||||||||||
Reimbursable management costs | 54 | 48 | 106 | 100 | |||||||||||
Depreciation and amortization | 241 | 268 | 488 | 548 | |||||||||||
Impairment of intangible assets | 50 | — | 50 | — | |||||||||||
Corporate expense | 81 | 76 | 164 | 158 | |||||||||||
Other operating costs | 24 | 33 | 53 | 99 | |||||||||||
Total operating expenses | 1,953 | 1,837 | 3,828 | 3,684 | |||||||||||
Income from operations | 269 | 282 | 509 | 407 | |||||||||||
Interest expense | (343 | ) | (334 | ) | (692 | ) | (664 | ) | |||||||
Other income/(loss) | (301 | ) | 45 | (439 | ) | 229 | |||||||||
Loss before income taxes | (375 | ) | (7 | ) | (622 | ) | (28 | ) | |||||||
Income tax benefit | 60 | 36 | 89 | 23 | |||||||||||
Net income/(loss) | (315 | ) | 29 | (533 | ) | (5 | ) | ||||||||
Net loss attributable to noncontrolling interests | — | — | 1 | — | |||||||||||
Net income/(loss) attributable to Caesars | $ | (315 | ) | $ | 29 | $ | (532 | ) | $ | (5 | ) | ||||
Earnings/(loss) per share - basic and diluted | |||||||||||||||
Basic and diluted earnings/(loss) per share | $ | (0.47 | ) | $ | 0.04 | $ | (0.79 | ) | $ | (0.01 | ) | ||||
Weighted-average common shares outstanding - basic | 673 | 698 | 672 | 697 | |||||||||||
Weighted-average common shares outstanding - diluted | 673 | 702 | 672 | 697 | |||||||||||
Comprehensive income/(loss) | |||||||||||||||
Foreign currency translation adjustments | $ | (5 | ) | $ | (22 | ) | $ | (5 | ) | $ | (19 | ) | |||
Change in fair market value of interest rate swaps, net of tax | (35 | ) | 9 | (52 | ) | 13 | |||||||||
Other | — | — | 2 | 1 | |||||||||||
Other comprehensive loss, net of income taxes | (40 | ) | (13 | ) | (55 | ) | (5 | ) | |||||||
Comprehensive income/(loss) | (355 | ) | 16 | (588 | ) | (10 | ) | ||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Foreign currency translation adjustments | — | 5 | 2 | 3 | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 5 | 3 | 3 | |||||||||||
Comprehensive income/(loss) attributable to Caesars | $ | (355 | ) | $ | 21 | $ | (585 | ) | $ | (7 | ) |
(In millions) | June 30, 2019 | December 31, 2018 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents ($14 and $14 attributable to our VIEs) | $ | 1,520 | $ | 1,491 | |||
Restricted cash | 120 | 115 | |||||
Receivables, net | 476 | 457 | |||||
Due from affiliates, net | 4 | 6 | |||||
Prepayments and other current assets ($6 and $6 attributable to our VIEs) | 247 | 155 | |||||
Inventories | 36 | 41 | |||||
Total current assets | 2,403 | 2,265 | |||||
Property and equipment, net ($181 and $137 attributable to our VIEs) | 15,892 | 16,045 | |||||
Goodwill | 4,039 | 4,044 | |||||
Intangible assets other than goodwill | 2,880 | 2,977 | |||||
Restricted cash | 61 | 51 | |||||
Deferred income taxes | 10 | 10 | |||||
Deferred charges and other assets ($31 and $35 attributable to our VIEs) | 851 | 383 | |||||
Total assets | $ | 26,136 | $ | 25,775 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable ($84 and $41 attributable to our VIEs) | $ | 416 | $ | 399 | |||
Accrued expenses and other current liabilities ($2 and $1 attributable to our VIEs) | 1,309 | 1,217 | |||||
Interest payable | 100 | 56 | |||||
Contract liabilities | 184 | 144 | |||||
Current portion of financing obligations | 22 | 20 | |||||
Current portion of long-term debt | 64 | 164 | |||||
Total current liabilities | 2,095 | 2,000 | |||||
Financing obligations | 10,017 | 10,057 | |||||
Long-term debt | 8,776 | 8,801 | |||||
Deferred income taxes | 621 | 730 | |||||
Deferred credits and other liabilities ($9 and $5 attributable to our VIEs) | 1,819 | 849 | |||||
Total liabilities | 23,328 | 22,437 | |||||
Stockholders’ equity | |||||||
Caesars stockholders’ equity | 2,725 | 3,250 | |||||
Noncontrolling interests | 83 | 88 | |||||
Total stockholders’ equity | 2,808 | 3,338 | |||||
Total liabilities and stockholders’ equity | $ | 26,136 | $ | 25,775 |
Six Months Ended June 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows provided by operating activities | $ | 613 | $ | 404 | |||
Cash flows from investing activities | |||||||
Acquisitions of property and equipment, net of change in related payables | (434 | ) | (215 | ) | |||
Proceeds from the sale and maturity of investments | 7 | 28 | |||||
Payments to acquire investments | (9 | ) | (16 | ) | |||
Other | 4 | — | |||||
Cash flows used in investing activities | (432 | ) | (203 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from long-term debt and revolving credit facilities | — | 467 | |||||
Debt issuance costs and fees | — | (5 | ) | ||||
Repayments of long-term debt and revolving credit facilities | (133 | ) | (500 | ) | |||
Proceeds from the issuance of common stock | 27 | 4 | |||||
Repurchase of common stock | — | (31 | ) | ||||
Taxes paid related to net share settlement of equity awards | (15 | ) | (12 | ) | |||
Financing obligation payments | (10 | ) | (5 | ) | |||
Contributions from noncontrolling interest owners | — | 20 | |||||
Distributions to noncontrolling interest owners | (2 | ) | — | ||||
Cash flows used in financing activities | (133 | ) | (62 | ) | |||
Change in cash, cash equivalents, and restricted cash classified as held for sale | (4 | ) | — | ||||
Net increase in cash, cash equivalents, and restricted cash | 44 | 139 | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 1,657 | 2,709 | |||||
Cash, cash equivalents, and restricted cash, end of period | $ | 1,701 | $ | 2,848 | |||
Supplemental Cash Flow Information: | |||||||
Cash paid for interest | $ | 579 | $ | 581 | |||
Cash paid for income taxes | 2 | 4 | |||||
Non-cash investing and financing activities: | |||||||
Change in accrued capital expenditures | 10 | 10 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Las Vegas | Other U.S. | All Other (f) | CEC | Las Vegas | Other U.S. | All Other (f) | CEC | ||||||||||||||||||||||||
Net income/(loss) attributable to Caesars | $ | 184 | $ | 16 | $ | (515 | ) | $ | (315 | ) | $ | 164 | $ | (9 | ) | $ | (126 | ) | $ | 29 | ||||||||||||
Net income/(loss) attributable to noncontrolling interests | — | 1 | (1 | ) | — | — | 1 | (1 | ) | — | ||||||||||||||||||||||
Income tax (benefit)/provision | — | — | (60 | ) | (60 | ) | — | — | (36 | ) | (36 | ) | ||||||||||||||||||||
Other (income)/loss (a) | (2 | ) | (1 | ) | 304 | 301 | 2 | — | (47 | ) | (45 | ) | ||||||||||||||||||||
Interest expense 1 | 83 | 142 | 118 | 343 | 80 | 139 | 115 | 334 | ||||||||||||||||||||||||
Depreciation and amortization 2 | 119 | 106 | 16 | 241 | 132 | 121 | 15 | 268 | ||||||||||||||||||||||||
Impairment of intangible assets | — | — | 50 | 50 | — | — | — | — | ||||||||||||||||||||||||
Corporate expense | — | — | 81 | 81 | — | — | 76 | 76 | ||||||||||||||||||||||||
Other operating costs (b) | 2 | — | 22 | 24 | 1 | 1 | 31 | 33 | ||||||||||||||||||||||||
Property EBITDAR | 386 | 264 | 15 | 665 | 379 | 253 | 27 | 659 | ||||||||||||||||||||||||
Corporate expense | — | — | (81 | ) | (81 | ) | — | — | (76 | ) | (76 | ) | ||||||||||||||||||||
Stock-based compensation expense (c) | 2 | 3 | 17 | 22 | 2 | 3 | 15 | 20 | ||||||||||||||||||||||||
Other items (d) | 1 | 3 | 21 | 25 | 2 | 2 | 16 | 20 | ||||||||||||||||||||||||
Adjusted EBITDAR | $ | 389 | $ | 270 | $ | (28 | ) | $ | 631 | $ | 383 | $ | 258 | $ | (18 | ) | $ | 623 | ||||||||||||||
Net revenues | $ | 1,002 | $ | 1,064 | $ | 156 | $ | 2,222 | $ | 992 | $ | 982 | $ | 145 | $ | 2,119 | ||||||||||||||||
Adjusted EBITDAR margin (e) | 38.8 | % | 25.4 | % | (17.9 | )% | 28.4 | % | 38.6 | % | 26.3 | % | (12.4 | )% | 29.4 | % | ||||||||||||||||
Interest expense on debt | $ | 2 | $ | — | $ | 114 | $ | 116 | $ | — | $ | 1 | $ | 113 | $ | 114 | ||||||||||||||||
Interest expense on financing obligations | 81 | 142 | 4 | 227 | 80 | 138 | 2 | 220 | ||||||||||||||||||||||||
1Interest expense | $ | 83 | $ | 142 | $ | 118 | $ | 343 | $ | 80 | $ | 139 | $ | 115 | $ | 334 | ||||||||||||||||
Cash payments on financing obligations (incl. principal) | $ | 73 | $ | 123 | $ | 2 | $ | 198 | $ | 70 | $ | 118 | $ | 3 | $ | 191 | ||||||||||||||||
Depreciation expense | $ | 75 | $ | 38 | $ | 16 | $ | 129 | $ | 82 | $ | 43 | $ | 15 | $ | 140 | ||||||||||||||||
Depreciation on failed sale-leaseback assets | 44 | 68 | — | 112 | 50 | 78 | — | 128 | ||||||||||||||||||||||||
2Depreciation and amortization | $ | 119 | $ | 106 | $ | 16 | $ | 241 | $ | 132 | $ | 121 | $ | 15 | $ | 268 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
(Dollars in millions) | CEC | Less: Centaur | CEC Excluding Centaur | Las Vegas | Other U.S. | All Other (f) | CEC Excluding Centaur | |||||||||||||||||||||
Net income/(loss) attributable to Caesars | $ | (315 | ) | $ | (28 | ) | $ | (343 | ) | $ | 184 | $ | (12 | ) | $ | (515 | ) | $ | (343 | ) | ||||||||
Net income/(loss) attributable to noncontrolling interests | — | — | — | — | 1 | (1 | ) | — | ||||||||||||||||||||
Income tax provision | (60 | ) | — | (60 | ) | — | — | (60 | ) | (60 | ) | |||||||||||||||||
Other (income)/loss (a) | 301 | — | 301 | (2 | ) | (1 | ) | 304 | 301 | |||||||||||||||||||
Interest expense | 343 | — | 343 | 83 | 142 | 118 | 343 | |||||||||||||||||||||
Depreciation and amortization | 241 | (11 | ) | 230 | 119 | 95 | 16 | 230 | ||||||||||||||||||||
Impairment of intangible assets | 50 | — | 50 | — | — | 50 | 50 | |||||||||||||||||||||
Corporate expense | 81 | — | 81 | — | — | 81 | 81 | |||||||||||||||||||||
Other operating costs (b) | 24 | — | 24 | 2 | — | 22 | 24 | |||||||||||||||||||||
Property EBITDAR | 665 | (39 | ) | 626 | 386 | 225 | 15 | 626 | ||||||||||||||||||||
Corporate expense | (81 | ) | — | (81 | ) | — | — | (81 | ) | (81 | ) | |||||||||||||||||
Stock-based compensation expense (c) | 22 | — | 22 | 2 | 3 | 17 | 22 | |||||||||||||||||||||
Other items (d) | 25 | (1 | ) | 24 | 1 | 2 | 21 | 24 | ||||||||||||||||||||
Adjusted EBITDAR | $ | 631 | $ | (40 | ) | $ | 591 | $ | 389 | $ | 230 | $ | (28 | ) | $ | 591 | ||||||||||||
Net revenues | $ | 2,222 | $ | (129 | ) | $ | 2,093 | $ | 1,002 | $ | 935 | $ | 156 | $ | 2,093 | |||||||||||||
Adjusted EBITDAR margin (e) | 28.4 | % | 31.0 | % | 28.2 | % | 38.8 | % | 24.6 | % | (17.9 | )% | 28.2 | % |
(a) | 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. |
(b) | 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. |
(c) | Amounts represent stock-based compensation expense related to shares, stock options, restricted stock units, and performance stock units granted to the Company’s employees. |
(d) | Amounts include other add-backs and deductions to arrive at adjusted EBITDAR 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. |
(e) | Adjusted EBITDAR margin is calculated as adjusted EBITDAR divided by net revenues. |
(f) | Amounts include eliminating adjustments and other adjustments to reconcile to consolidated CEC adjusted EBITDAR. |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||
(Dollars in millions) | CEC | (Favorable)/Unfavorable Hold | Adjusted CEC | CEC | Favorable Hold | Adjusted CEC | $ Change | % Change | ||||||||||||||||||||||
Net revenues | $ | 2,222 | $ | (2 | ) | $ | 2,220 | $ | 2,119 | $ | (16 | ) | $ | 2,103 | $ | 117 | 5.6 | % | ||||||||||||
Adjusted EBITDAR | 631 | 2 | 633 | 623 | (15 | ) | 608 | 25 | 4.1 | % |
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Document and Entity Information |
Aug. 05, 2019 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2019 |
Entity Registrant Name | CAESARS ENTERTAINMENT CORP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-10410 |
Entity Tax Identification Number | 62-1411755 |
Entity Address, Address Line One | One Caesars Palace Drive |
Entity Address, City or Town | Las Vegas |
Entity Address, State or Province | NV |
Entity Address, Postal Zip Code | 89109 |
City Area Code | (702) |
Local Phone Number | 407-6000 |
Written Communications | false |
Soliciting Material | true |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000858339 |
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, $0.01 par value |
Trading Symbol | CZR |
Security Exchange Name | NASDAQ |
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