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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited) Quarterly Results of Operations (Unaudited)
(In millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
2019
 
 
 
 
 
 
 
 
 
Net revenues
$
2,115

 
$
2,222

 
$
2,236

 
$
2,169

 
$
8,742

Income/(loss) from operations
240

 
269

 
(68
)
 
177

 
618

Net loss
(218
)
 
(315
)
 
(360
)
 
(305
)
 
(1,198
)
Net loss attributable to Caesars
(217
)
 
(315
)
 
(359
)
 
(304
)
 
(1,195
)
Basic loss per share
(0.32
)
 
(0.47
)
 
(0.53
)
 
(0.45
)
 
(1.77
)
Diluted loss per share
(0.32
)
 
(0.47
)
 
(0.53
)
 
(0.45
)
 
(1.77
)
 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
Net revenues
$
1,972

 
$
2,119

 
$
2,185

 
$
2,115

 
$
8,391

Income from operations
125

 
282

 
232

 
100

 
739

Net income/(loss)
(34
)
 
29

 
111

 
198

 
304

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

 
110

 
198

 
303

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

 
0.16

 
0.29

 
0.44

Diluted earnings/(loss) per share (1)
(0.05
)
 
0.02

 
0.05

 
(0.15
)
 
(0.25
)

____________________
(1) 
The Company identified an error in the computation of Diluted earnings per share (“EPS”) in the financial statements for the year ended December 31, 2018 and the second, third, and fourth quarters within the fiscal year. The Company did not reverse the changes in fair value of the CEC Convertible Notes, net of tax, from Net income/(loss) attributable to Caesars for the purpose of calculation of Diluted EPS. Diluted EPS of $0.04 for the second quarter of 2018 has been corrected to Diluted EPS of $0.02, Diluted EPS of $0.14 for the third quarter of 2018 has been corrected to Diluted EPS of $0.05, Diluted EPS of $0.25 for the fourth quarter of 2018 has been corrected to Diluted loss per share of $0.15, and Diluted EPS of $0.41 for the year ended December 31, 2018 has been corrected to Diluted loss per share of $0.25. See Note 14.
Fourth Quarter of 2019: Impairment of goodwill and other intangible assets was recognized (see Note 7).
Third Quarter of 2019: Related to the sale of Rio, impairment of land and buildings was recognized (see Note 6).
Fourth Quarter of 2018: Impairment of goodwill was recognized (see Note 7). Impairment of tangible and other intangible assets was recognized (see Note 6 and Note 7). Change in the fair value of derivative component of the convertible notes was recognized (see Note 8).
Third Quarter of 2018: Centaur’s results are consolidated with CEC subsequent to the acquisition on July 16, 2018. See Note 4.