Consolidating Financial Information of Guarantors and Issuers |
Note
17—Consolidating Financial Information of Guarantors and
Issuers
CEOC is the
issuer of certain registered debt securities, a portion of which is
guaranteed by Caesars Entertainment (“Parent-Only Guaranteed
Debt”) and a portion of which is guaranteed by both Caesars
Entertainment and certain wholly-owned subsidiaries of CEOC
(“Parent and Subsidiary Guaranteed Debt”). The table
below presents the condensed consolidating financial information
relevant to these two guarantee structures as of September 30,
2012, and December 31, 2011, and for the quarters and nine
months ended September 30, 2012 and 2011. The CEC (parent
guarantor), subsidiary issuer, and subsidiary non-guarantors of
parent-only guaranteed debt columns represent the information
related to the Parent-Only Guaranteed Debt structure. The CEC
(parent guarantor), subsidiary issuer, subsidiary guarantors of
parent and subsidiary guaranteed debt, and subsidiary
non-guarantors of parent and subsidiary guaranteed debt columns
represent the information related to the Parent and Subsidiary
Guaranteed Debt structure.
In lieu of
providing separate unaudited financial statements for the guarantor
subsidiaries, we have included the accompanying condensed
consolidating financial statements based on Rule 3-10 of the
SEC’s Regulation S-X. Management does not believe that
separate financial statements of the guarantor subsidiaries are
material to our investors; therefore, separate financial statements
and other disclosures concerning the guarantor subsidiaries are not
presented.
CAESARS
ENTERTAINMENT CORPORATION
NOTES TO
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2012
CONDENSED
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2012
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
19.3 |
|
|
$ |
430.0 |
|
|
$ |
289.8 |
|
|
$ |
450.3 |
|
|
$ |
740.1 |
|
|
$ |
— |
|
|
$ |
1,189.4 |
|
Restricted cash
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
799.4 |
|
|
|
799.4 |
|
|
|
— |
|
|
|
799.4 |
|
Assets held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
9.7 |
|
|
|
— |
|
|
|
9.7 |
|
|
|
— |
|
|
|
9.7 |
|
Other current
assets
|
|
|
29.8 |
|
|
|
339.7 |
|
|
|
680.0 |
|
|
|
399.5 |
|
|
|
1,079.5 |
|
|
|
(567.7 |
) |
|
|
881.3 |
|
Property and equipment,
net
|
|
|
— |
|
|
|
192.8 |
|
|
|
9,084.2 |
|
|
|
7,311.6 |
|
|
|
16,395.8 |
|
|
|
— |
|
|
|
16,588.6 |
|
Goodwill
|
|
|
— |
|
|
|
— |
|
|
|
1,279.2 |
|
|
|
1,821.6 |
|
|
|
3,100.8 |
|
|
|
— |
|
|
|
3,100.8 |
|
Intangible assets other
than goodwill
|
|
|
— |
|
|
|
4.4 |
|
|
|
3,259.4 |
|
|
|
778.9 |
|
|
|
4,038.3 |
|
|
|
— |
|
|
|
4,042.7 |
|
Investments in
subsidiaries
|
|
|
— |
|
|
|
12,440.2 |
|
|
|
759.7 |
|
|
|
899.7 |
|
|
|
1,659.4 |
|
|
|
(14,099.6 |
) |
|
|
— |
|
Restricted cash
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
269.3 |
|
|
|
269.3 |
|
|
|
— |
|
|
|
269.3 |
|
Intercompany
receivables
|
|
|
660.1 |
|
|
|
1,088.3 |
|
|
|
585.9 |
|
|
|
153.6 |
|
|
|
739.5 |
|
|
|
(2,487.9 |
) |
|
|
— |
|
Assets held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
592.3 |
|
|
|
— |
|
|
|
592.3 |
|
|
|
— |
|
|
|
592.3 |
|
Other long-term
assets
|
|
|
0.6 |
|
|
|
317.4 |
|
|
|
178.2 |
|
|
|
373.2 |
|
|
|
551.4 |
|
|
|
— |
|
|
|
869.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
709.8 |
|
|
$ |
14,812.8 |
|
|
$ |
16,718.4 |
|
|
$ |
13,257.1 |
|
|
$ |
29,975.5 |
|
|
$ |
(17,155.2 |
) |
|
$ |
28,342.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity/(Deficit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable
|
|
$ |
— |
|
|
$ |
326.3 |
|
|
$ |
1.7 |
|
|
$ |
20.7 |
|
|
$ |
22.4 |
|
|
$ |
— |
|
|
$ |
348.7 |
|
Current portion of
long-term debt
|
|
|
— |
|
|
|
11.9 |
|
|
|
21.9 |
|
|
|
763.5 |
|
|
|
785.4 |
|
|
|
— |
|
|
|
797.3 |
|
Liabilities held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
8.2 |
|
|
|
— |
|
|
|
8.2 |
|
|
|
— |
|
|
|
8.2 |
|
Other current
liabilities
|
|
|
33.9 |
|
|
|
398.6 |
|
|
|
816.9 |
|
|
|
789.4 |
|
|
|
1,606.3 |
|
|
|
(567.7 |
) |
|
|
1,471.1 |
|
Long-term debt
|
|
|
— |
|
|
|
14,733.7 |
|
|
|
52.5 |
|
|
|
6,074.8 |
|
|
|
6,127.3 |
|
|
|
(899.8 |
) |
|
|
19,961.2 |
|
Accumulated losses of
subsidiaries in excess of investment
|
|
|
587.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(587.5 |
) |
|
|
— |
|
Deferred credits and
other
|
|
|
— |
|
|
|
611.5 |
|
|
|
161.0 |
|
|
|
119.6 |
|
|
|
280.6 |
|
|
|
— |
|
|
|
892.1 |
|
Deferred income
taxes
|
|
|
— |
|
|
|
376.6 |
|
|
|
2,427.3 |
|
|
|
1,945.7 |
|
|
|
4,373.0 |
|
|
|
— |
|
|
|
4,749.6 |
|
Intercompany
payables
|
|
|
55.0 |
|
|
|
714.4 |
|
|
|
871.7 |
|
|
|
846.8 |
|
|
|
1,718.5 |
|
|
|
(2,487.9 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
676.4 |
|
|
|
17,173.0 |
|
|
|
4,361.2 |
|
|
|
10,560.5 |
|
|
|
14,921.7 |
|
|
|
(4,542.9 |
) |
|
|
28,228.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Caesars
stockholders’ equity/(deficit)
|
|
|
33.4 |
|
|
|
(2,360.2 |
) |
|
|
12,357.2 |
|
|
|
2,615.3 |
|
|
|
14,972.5 |
|
|
|
(12,612.3 |
) |
|
|
33.4 |
|
Non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
81.3 |
|
|
|
81.3 |
|
|
|
— |
|
|
|
81.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity/(deficit)
|
|
|
33.4 |
|
|
|
(2,360.2 |
) |
|
|
12,357.2 |
|
|
|
2,696.6 |
|
|
|
15,053.8 |
|
|
|
(12,612.3 |
) |
|
|
114.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
709.8 |
|
|
$ |
14,812.8 |
|
|
$ |
16,718.4 |
|
|
$ |
13,257.1 |
|
|
$ |
29,975.5 |
|
|
$ |
(17,155.2 |
) |
|
$ |
28,342.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2011
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
3.9 |
|
|
$ |
16.6 |
|
|
$ |
372.5 |
|
|
$ |
501.6 |
|
|
$ |
874.1 |
|
|
$ |
— |
|
|
$ |
894.6 |
|
Assets held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
11.6 |
|
Other current
assets
|
|
|
15.7 |
|
|
|
322.4 |
|
|
|
672.1 |
|
|
|
418.5 |
|
|
|
1,090.6 |
|
|
|
(497.7 |
) |
|
|
931.0 |
|
Property and equipment,
net
|
|
|
— |
|
|
|
205.6 |
|
|
|
9,499.8 |
|
|
|
7,364.5 |
|
|
|
16,864.3 |
|
|
|
— |
|
|
|
17,069.9 |
|
Goodwill
|
|
|
— |
|
|
|
— |
|
|
|
1,526.2 |
|
|
|
1,834.2 |
|
|
|
3,360.4 |
|
|
|
— |
|
|
|
3,360.4 |
|
Intangible assets other
than goodwill
|
|
|
— |
|
|
|
4.9 |
|
|
|
3,524.2 |
|
|
|
834.1 |
|
|
|
4,358.3 |
|
|
|
— |
|
|
|
4,363.2 |
|
Investments in
subsidiaries
|
|
|
535.8 |
|
|
|
13,568.0 |
|
|
|
886.8 |
|
|
|
882.9 |
|
|
|
1,769.7 |
|
|
|
(15,873.5 |
) |
|
|
— |
|
Restricted cash
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
451.1 |
|
|
|
451.1 |
|
|
|
— |
|
|
|
451.1 |
|
Intercompany
receivables
|
|
|
469.0 |
|
|
|
1,102.8 |
|
|
|
586.0 |
|
|
|
98.7 |
|
|
|
684.7 |
|
|
|
(2,256.5 |
) |
|
|
— |
|
Assets held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
593.4 |
|
|
|
— |
|
|
|
593.4 |
|
|
|
— |
|
|
|
593.4 |
|
Other long-term
assets
|
|
|
5.0 |
|
|
|
324.9 |
|
|
|
187.1 |
|
|
|
323.4 |
|
|
|
510.5 |
|
|
|
— |
|
|
|
840.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,029.4 |
|
|
$ |
15,545.2 |
|
|
$ |
17,859.7 |
|
|
$ |
12,709.0 |
|
|
$ |
30,568.7 |
|
|
$ |
(18,627.7 |
) |
|
$ |
28,515.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity/(Deficit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable
|
|
$ |
— |
|
|
$ |
174.0 |
|
|
$ |
0.8 |
|
|
$ |
16.6 |
|
|
$ |
17.4 |
|
|
$ |
— |
|
|
$ |
191.4 |
|
Current portion of
long-term debt
|
|
|
— |
|
|
|
20.2 |
|
|
|
7.0 |
|
|
|
13.2 |
|
|
|
20.2 |
|
|
|
— |
|
|
|
40.4 |
|
Liabilities held for
sale
|
|
|
— |
|
|
|
— |
|
|
|
10.1 |
|
|
|
— |
|
|
|
10.1 |
|
|
|
— |
|
|
|
10.1 |
|
Other current
liabilities
|
|
|
22.7 |
|
|
|
303.5 |
|
|
|
830.4 |
|
|
|
702.0 |
|
|
|
1,532.4 |
|
|
|
(497.7 |
) |
|
|
1,360.9 |
|
Long-term debt
|
|
|
— |
|
|
|
14,446.3 |
|
|
|
69.8 |
|
|
|
6,100.7 |
|
|
|
6,170.5 |
|
|
|
(857.3 |
) |
|
|
19,759.5 |
|
Deferred credits and
other
|
|
|
— |
|
|
|
612.5 |
|
|
|
166.0 |
|
|
|
123.3 |
|
|
|
289.3 |
|
|
|
— |
|
|
|
901.8 |
|
Deferred income
taxes
|
|
|
— |
|
|
|
647.7 |
|
|
|
2,558.8 |
|
|
|
1,991.6 |
|
|
|
4,550.4 |
|
|
|
— |
|
|
|
5,198.1 |
|
Intercompany
payables
|
|
|
— |
|
|
|
420.2 |
|
|
|
871.7 |
|
|
|
964.6 |
|
|
|
1,836.3 |
|
|
|
(2,256.5 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.7 |
|
|
|
16,624.4 |
|
|
|
4,514.6 |
|
|
|
9,912.0 |
|
|
|
14,426.6 |
|
|
|
(3,611.5 |
) |
|
|
27,462.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Caesars
stockholders’ equity/(deficit)
|
|
|
1,006.7 |
|
|
|
(1,079.2 |
) |
|
|
13,345.1 |
|
|
|
2,750.3 |
|
|
|
16,095.4 |
|
|
|
(15,016.2 |
) |
|
|
1,006.7 |
|
Non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46.7 |
|
|
|
46.7 |
|
|
|
— |
|
|
|
46.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity/(deficit)
|
|
|
1,006.7 |
|
|
|
(1,079.2 |
) |
|
|
13,345.1 |
|
|
|
2,797.0 |
|
|
|
16,142.1 |
|
|
|
(15,016.2 |
) |
|
|
1,053.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,029.4 |
|
|
$ |
15,545.2 |
|
|
$ |
17,859.7 |
|
|
$ |
12,709.0 |
|
|
$ |
30,568.7 |
|
|
$ |
(18,627.7 |
) |
|
$ |
28,515.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF COMPREHENSIVE
INCOME/(LOSS)
FOR THE
QUARTER ENDED SEPTEMBER 30, 2012
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Net revenues
|
|
$ |
— |
|
|
$ |
29.4 |
|
|
$ |
1,275.0 |
|
|
$ |
939.5 |
|
|
$ |
2,214.5 |
|
|
$ |
(45.5 |
) |
|
$ |
2,198.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
expenses
|
|
|
— |
|
|
|
12.1 |
|
|
|
681.2 |
|
|
|
454.3 |
|
|
|
1,135.5 |
|
|
|
— |
|
|
|
1,147.6 |
|
Property, general,
administrative, and other
|
|
|
— |
|
|
|
— |
|
|
|
297.8 |
|
|
|
283.1 |
|
|
|
580.9 |
|
|
|
(37.7 |
) |
|
|
543.2 |
|
Depreciation and
amortization
|
|
|
— |
|
|
|
1.7 |
|
|
|
112.4 |
|
|
|
67.9 |
|
|
|
180.3 |
|
|
|
— |
|
|
|
182.0 |
|
Intangible and tangible
asset impairment charges
|
|
|
— |
|
|
|
— |
|
|
|
416.0 |
|
|
|
3.0 |
|
|
|
419.0 |
|
|
|
— |
|
|
|
419.0 |
|
Loss/(income) on interests
in subsidiaries
|
|
|
503.9 |
|
|
|
224.0 |
|
|
|
(4.1 |
) |
|
|
— |
|
|
|
(4.1 |
) |
|
|
(723.8 |
) |
|
|
— |
|
Corporate
expense
|
|
|
6.4 |
|
|
|
34.9 |
|
|
|
8.1 |
|
|
|
10.2 |
|
|
|
18.3 |
|
|
|
(7.8 |
) |
|
|
51.8 |
|
Other operating
expenses
|
|
|
— |
|
|
|
1.3 |
|
|
|
58.6 |
|
|
|
15.5 |
|
|
|
74.1 |
|
|
|
— |
|
|
|
75.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
510.3 |
|
|
|
274.0 |
|
|
|
1,570.0 |
|
|
|
834.0 |
|
|
|
2,404.0 |
|
|
|
(769.3 |
) |
|
|
2,419.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
|
(510.3 |
) |
|
|
(244.6 |
) |
|
|
(295.0 |
) |
|
|
105.5 |
|
|
|
(189.5 |
) |
|
|
723.8 |
|
|
|
(220.6 |
) |
Interest expense, net of
interest capitalized
|
|
|
(0.4 |
) |
|
|
(482.0 |
) |
|
|
(7.2 |
) |
|
|
(76.8 |
) |
|
|
(84.0 |
) |
|
|
50.7 |
|
|
|
(515.7 |
) |
Other income, including
interest income
|
|
|
4.3 |
|
|
|
10.7 |
|
|
|
5.3 |
|
|
|
35.0 |
|
|
|
40.3 |
|
|
|
(50.7 |
) |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
continuing operations before income taxes
|
|
|
(506.4 |
) |
|
|
(715.9 |
) |
|
|
(296.9 |
) |
|
|
63.7 |
|
|
|
(233.2 |
) |
|
|
723.8 |
|
|
|
(731.7 |
) |
Benefit/(provision) for
income taxes
|
|
|
0.9 |
|
|
|
171.0 |
|
|
|
57.5 |
|
|
|
(4.9 |
) |
|
|
52.6 |
|
|
|
1.0 |
|
|
|
225.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income from
continuing operations, net of taxes
|
|
|
(505.5 |
) |
|
|
(544.9 |
) |
|
|
(239.4 |
) |
|
|
58.8 |
|
|
|
(180.6 |
) |
|
|
724.8 |
|
|
|
(506.2 |
) |
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations
|
|
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
4.6 |
|
Provision for income
taxes
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
— |
|
|
|
(0.8 |
) |
|
|
(1.0 |
) |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of income taxes
|
|
|
— |
|
|
|
— |
|
|
|
3.8 |
|
|
|
— |
|
|
|
3.8 |
|
|
|
(1.0 |
) |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(505.5 |
) |
|
|
(544.9 |
) |
|
|
(235.6 |
) |
|
|
58.8 |
|
|
|
(176.8 |
) |
|
|
723.8 |
|
|
|
(503.4 |
) |
Less: net loss attributable
to non-controlling interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.1 |
) |
|
|
(2.1 |
) |
|
|
— |
|
|
|
(2.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Caesars
|
|
|
(505.5 |
) |
|
|
(544.9 |
) |
|
|
(235.6 |
) |
|
|
56.7 |
|
|
|
(178.9 |
) |
|
|
723.8 |
|
|
|
(505.5 |
) |
Other comprehensive
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive
income/(loss), net of income taxes
|
|
|
— |
|
|
|
6.8 |
|
|
|
— |
|
|
|
(8.3 |
) |
|
|
(8.3 |
) |
|
|
— |
|
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
Less: foreign currency
translation adjustments attributable to non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)/income
attributable to Caesars
|
|
$ |
(505.5 |
) |
|
$ |
(538.1 |
) |
|
$ |
(235.6 |
) |
|
$ |
48.6 |
|
|
$ |
(187.0 |
) |
|
$ |
723.8 |
|
|
$ |
(506.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF COMPREHENSIVE
INCOME/(LOSS)
FOR THE
QUARTER ENDED SEPTEMBER 30, 2011
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent
and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Net revenues
|
|
$ |
— |
|
|
$ |
29.0 |
|
|
$ |
1,316.2 |
|
|
$ |
893.7 |
|
|
$ |
2,209.9 |
|
|
$ |
(49.2 |
) |
|
$ |
2,189.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
expenses
|
|
|
— |
|
|
|
13.4 |
|
|
|
700.0 |
|
|
|
457.7 |
|
|
|
1,157.7 |
|
|
|
— |
|
|
|
1,171.1 |
|
Property, general,
administrative, and other
|
|
|
— |
|
|
|
12.6 |
|
|
|
327.3 |
|
|
|
239.3 |
|
|
|
566.6 |
|
|
|
(34.9 |
) |
|
|
544.3 |
|
Depreciation and
amortization
|
|
|
— |
|
|
|
1.7 |
|
|
|
106.0 |
|
|
|
69.1 |
|
|
|
175.1 |
|
|
|
— |
|
|
|
176.8 |
|
Intangible and tangible
asset impairment charges
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.1 |
|
|
|
27.1 |
|
|
|
— |
|
|
|
27.1 |
|
Write-downs, reserves, and
project opening costs, net of recoveries
|
|
|
— |
|
|
|
10.6 |
|
|
|
4.3 |
|
|
|
(2.4 |
) |
|
|
1.9 |
|
|
|
— |
|
|
|
12.5 |
|
Loss/(income) on interests
in subsidiaries
|
|
|
161.7 |
|
|
|
(87.4 |
) |
|
|
(11.5 |
) |
|
|
— |
|
|
|
(11.5 |
) |
|
|
(62.8 |
) |
|
|
— |
|
Corporate
expense
|
|
|
7.0 |
|
|
|
20.0 |
|
|
|
7.2 |
|
|
|
16.6 |
|
|
|
23.8 |
|
|
|
(14.3 |
) |
|
|
36.5 |
|
Other operating
expenses
|
|
|
(0.2 |
) |
|
|
0.3 |
|
|
|
24.4 |
|
|
|
17.1 |
|
|
|
41.5 |
|
|
|
— |
|
|
|
41.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
168.5 |
|
|
|
(28.8 |
) |
|
|
1,157.7 |
|
|
|
824.5 |
|
|
|
1,982.2 |
|
|
|
(112.0 |
) |
|
|
2,009.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
|
(168.5 |
) |
|
|
57.8 |
|
|
|
158.5 |
|
|
|
69.2 |
|
|
|
227.7 |
|
|
|
62.8 |
|
|
|
179.8 |
|
Interest expense, net of
interest capitalized
|
|
|
— |
|
|
|
(413.5 |
) |
|
|
(7.3 |
) |
|
|
(74.1 |
) |
|
|
(81.4 |
) |
|
|
44.6 |
|
|
|
(450.3 |
) |
Other income, including
interest income
|
|
|
3.3 |
|
|
|
14.3 |
|
|
|
3.8 |
|
|
|
31.4 |
|
|
|
35.2 |
|
|
|
(44.6 |
) |
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
continuing operations before income taxes
|
|
|
(165.2 |
) |
|
|
(341.4 |
) |
|
|
155.0 |
|
|
|
26.5 |
|
|
|
181.5 |
|
|
|
62.8 |
|
|
|
(262.3 |
) |
Benefit/(provision) for
income taxes
|
|
|
1.2 |
|
|
|
148.2 |
|
|
|
(58.7 |
) |
|
|
(16.9 |
) |
|
|
(75.6 |
) |
|
|
3.9 |
|
|
|
77.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income from
continuing operations, net of taxes
|
|
|
(164.0 |
) |
|
|
(193.2 |
) |
|
|
96.3 |
|
|
|
9.6 |
|
|
|
105.9 |
|
|
|
66.7 |
|
|
|
(184.6 |
) |
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations
|
|
|
— |
|
|
|
— |
|
|
|
18.4 |
|
|
|
— |
|
|
|
18.4 |
|
|
|
— |
|
|
|
18.4 |
|
Provision for income
taxes
|
|
|
— |
|
|
|
— |
|
|
|
(3.3 |
) |
|
|
— |
|
|
|
(3.3 |
) |
|
|
(3.9 |
) |
|
|
(7.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of income taxes
|
|
|
— |
|
|
|
— |
|
|
|
15.1 |
|
|
|
— |
|
|
|
15.1 |
|
|
|
(3.9 |
) |
|
|
11.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(164.0 |
) |
|
|
(193.2 |
) |
|
|
111.4 |
|
|
|
9.6 |
|
|
|
121.0 |
|
|
|
62.8 |
|
|
|
(173.4 |
) |
Less: net income
attributable to non-controlling interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
|
|
9.4 |
|
|
|
— |
|
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Caesars
|
|
|
(164.0 |
) |
|
|
(193.2 |
) |
|
|
111.4 |
|
|
|
19.0 |
|
|
|
130.4 |
|
|
|
62.8 |
|
|
|
(164.0 |
) |
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive
loss, net of income taxes
|
|
|
— |
|
|
|
(27.6 |
) |
|
|
— |
|
|
|
(3.0 |
) |
|
|
(3.0 |
) |
|
|
— |
|
|
|
(30.6 |
) |
|
|
|
|
|
|
|
|
Less: foreign currency
translation adjustments attributable to non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)/income
attributable to Caesars
|
|
$ |
(164.0 |
) |
|
$ |
(220.8 |
) |
|
$ |
111.4 |
|
|
$ |
15.8 |
|
|
$ |
127.2 |
|
|
$ |
62.8 |
|
|
$ |
(194.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF COMPREHENSIVE
INCOME/(LOSS)
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2012
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Net revenues
|
|
$ |
— |
|
|
$ |
83.0 |
|
|
$ |
3,832.8 |
|
|
$ |
2,800.6 |
|
|
$ |
6,633.4 |
|
|
$ |
(143.9 |
) |
|
$ |
6,572.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
expenses
|
|
|
— |
|
|
|
33.9 |
|
|
|
2,053.2 |
|
|
|
1,373.5 |
|
|
|
3,426.7 |
|
|
|
— |
|
|
|
3,460.6 |
|
Property, general,
administrative, and other
|
|
|
— |
|
|
|
12.2 |
|
|
|
872.6 |
|
|
|
812.1 |
|
|
|
1,684.7 |
|
|
|
(119.0 |
) |
|
|
1,577.9 |
|
Depreciation and
amortization
|
|
|
— |
|
|
|
5.1 |
|
|
|
330.8 |
|
|
|
210.7 |
|
|
|
541.5 |
|
|
|
— |
|
|
|
546.6 |
|
Intangible and tangible
asset impairment charges
|
|
|
— |
|
|
|
— |
|
|
|
616.5 |
|
|
|
104.0 |
|
|
|
720.5 |
|
|
|
— |
|
|
|
720.5 |
|
Loss/(income) on interests
in subsidiaries
|
|
|
1,024.2 |
|
|
|
219.0 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
(1,244.0 |
) |
|
|
— |
|
Corporate
expense
|
|
|
18.5 |
|
|
|
98.4 |
|
|
|
21.9 |
|
|
|
31.3 |
|
|
|
53.2 |
|
|
|
(24.9 |
) |
|
|
145.2 |
|
Other operating
expenses
|
|
|
— |
|
|
|
6.9 |
|
|
|
124.8 |
|
|
|
72.3 |
|
|
|
197.1 |
|
|
|
— |
|
|
|
204.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
1,042.7 |
|
|
|
375.5 |
|
|
|
4,020.6 |
|
|
|
2,603.9 |
|
|
|
6,624.5 |
|
|
|
(1,387.9 |
) |
|
|
6,654.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
|
(1,042.7 |
) |
|
|
(292.5 |
) |
|
|
(187.8 |
) |
|
|
196.7 |
|
|
|
8.9 |
|
|
|
1,244.0 |
|
|
|
(82.3 |
) |
Interest expense, net of
interest capitalized
|
|
|
(0.4 |
) |
|
|
(1,452.9 |
) |
|
|
(21.8 |
) |
|
|
(248.7 |
) |
|
|
(270.5 |
) |
|
|
149.5 |
|
|
|
(1,574.3 |
) |
Gains on early
extinguishments of debt
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
79.5 |
|
|
|
79.5 |
|
|
|
— |
|
|
|
79.5 |
|
Other income, including
interest income
|
|
|
13.3 |
|
|
|
40.0 |
|
|
|
16.1 |
|
|
|
99.5 |
|
|
|
115.6 |
|
|
|
(149.5 |
) |
|
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
continuing operations before income taxes
|
|
|
(1,029.8 |
) |
|
|
(1,705.4 |
) |
|
|
(193.5 |
) |
|
|
127.0 |
|
|
|
(66.5 |
) |
|
|
1,244.0 |
|
|
|
(1,557.7 |
) |
Benefit/(provision) for
income taxes
|
|
|
2.0 |
|
|
|
525.1 |
|
|
|
18.2 |
|
|
|
(52.1 |
) |
|
|
(33.9 |
) |
|
|
9.7 |
|
|
|
502.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income from
continuing operations, net of taxes
|
|
|
(1,027.8 |
) |
|
|
(1,180.3 |
) |
|
|
(175.3 |
) |
|
|
74.9 |
|
|
|
(100.4 |
) |
|
|
1,253.7 |
|
|
|
(1,054.8 |
) |
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations
|
|
|
— |
|
|
|
— |
|
|
|
46.5 |
|
|
|
— |
|
|
|
46.5 |
|
|
|
— |
|
|
|
46.5 |
|
Provision for income
taxes
|
|
|
— |
|
|
|
— |
|
|
|
(8.3 |
) |
|
|
— |
|
|
|
(8.3 |
) |
|
|
(9.7 |
) |
|
|
(18.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of income taxes
|
|
|
— |
|
|
|
— |
|
|
|
38.2 |
|
|
|
— |
|
|
|
38.2 |
|
|
|
(9.7 |
) |
|
|
28.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(1,027.8 |
) |
|
|
(1,180.3 |
) |
|
|
(137.1 |
) |
|
|
74.9 |
|
|
|
(62.2 |
) |
|
|
1,244.0 |
|
|
|
(1,026.3 |
) |
Less: net loss attributable
to non-controlling interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
(1.5 |
) |
|
|
— |
|
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Caesars
|
|
|
(1,027.8 |
) |
|
|
(1,180.3 |
) |
|
|
(137.1 |
) |
|
|
73.4 |
|
|
|
(63.7 |
) |
|
|
1,244.0 |
|
|
|
(1,027.8 |
) |
Other comprehensive
(loss)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive
(loss)/income, net of income taxes
|
|
|
— |
|
|
|
(19.0 |
) |
|
|
— |
|
|
|
29.7 |
|
|
|
29.7 |
|
|
|
— |
|
|
|
10.7 |
|
|
|
|
|
|
|
|
|
Less: foreign currency
translation adjustments attributable to non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)/income
attributable to Caesars
|
|
$ |
(1,027.8 |
) |
|
$ |
(1,199.3 |
) |
|
$ |
(137.1 |
) |
|
$ |
101.8 |
|
|
$ |
(35.3 |
) |
|
$ |
1,244.0 |
|
|
$ |
(1,018.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF COMPREHENSIVE
INCOME/(LOSS)
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2011
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Net revenues
|
|
$ |
— |
|
|
$ |
92.3 |
|
|
$ |
3,884.4 |
|
|
$ |
2,649.6 |
|
|
$ |
6,534.0 |
|
|
$ |
(158.8 |
) |
|
$ |
6,467.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
expenses
|
|
|
— |
|
|
|
38.4 |
|
|
|
2,058.1 |
|
|
|
1,346.8 |
|
|
|
3,404.9 |
|
|
|
— |
|
|
|
3,443.3 |
|
Property, general,
administrative, and other
|
|
|
— |
|
|
|
40.0 |
|
|
|
939.5 |
|
|
|
696.5 |
|
|
|
1,636.0 |
|
|
|
(104.1 |
) |
|
|
1,571.9 |
|
Depreciation and
amortization
|
|
|
— |
|
|
|
5.1 |
|
|
|
320.1 |
|
|
|
193.4 |
|
|
|
513.5 |
|
|
|
— |
|
|
|
518.6 |
|
Intangible and tangible
asset impairment charges
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.1 |
|
|
|
27.1 |
|
|
|
— |
|
|
|
27.1 |
|
Write-downs, reserves, and
project opening costs, net of recoveries
|
|
|
— |
|
|
|
38.7 |
|
|
|
16.6 |
|
|
|
4.7 |
|
|
|
21.3 |
|
|
|
— |
|
|
|
60.0 |
|
Loss/(income) on interests
in subsidiaries
|
|
|
462.3 |
|
|
|
(316.1 |
) |
|
|
(37.7 |
) |
|
|
— |
|
|
|
(37.7 |
) |
|
|
(108.5 |
) |
|
|
— |
|
Corporate
expense
|
|
|
17.2 |
|
|
|
75.2 |
|
|
|
15.5 |
|
|
|
61.9 |
|
|
|
77.4 |
|
|
|
(54.7 |
) |
|
|
115.1 |
|
Other operating
expenses
|
|
|
— |
|
|
|
1.0 |
|
|
|
72.7 |
|
|
|
51.8 |
|
|
|
124.5 |
|
|
|
— |
|
|
|
125.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
479.5 |
|
|
|
(117.7 |
) |
|
|
3,384.8 |
|
|
|
2,382.2 |
|
|
|
5,767.0 |
|
|
|
(267.3 |
) |
|
|
5,861.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
|
(479.5 |
) |
|
|
210.0 |
|
|
|
499.6 |
|
|
|
267.4 |
|
|
|
767.0 |
|
|
|
108.5 |
|
|
|
606.0 |
|
Interest expense, net of
interest capitalized
|
|
|
— |
|
|
|
(1,328.9 |
) |
|
|
(25.5 |
) |
|
|
(241.0 |
) |
|
|
(266.5 |
) |
|
|
147.1 |
|
|
|
(1,448.3 |
) |
Gains on early
extinguishments of debt
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47.9 |
|
|
|
47.9 |
|
|
|
— |
|
|
|
47.9 |
|
Other income, including
interest income
|
|
|
10.0 |
|
|
|
37.9 |
|
|
|
13.2 |
|
|
|
102.7 |
|
|
|
115.9 |
|
|
|
(147.1 |
) |
|
|
16.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
continuing operations before income taxes
|
|
|
(469.5 |
) |
|
|
(1,081.0 |
) |
|
|
487.3 |
|
|
|
177.0 |
|
|
|
664.3 |
|
|
|
108.5 |
|
|
|
(777.7 |
) |
Benefit/(provision) for
income taxes
|
|
|
2.5 |
|
|
|
496.1 |
|
|
|
(183.8 |
) |
|
|
(56.0 |
) |
|
|
(239.8 |
) |
|
|
12.4 |
|
|
|
271.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income from
continuing operations, net of taxes
|
|
|
(467.0 |
) |
|
|
(584.9 |
) |
|
|
303.5 |
|
|
|
121.0 |
|
|
|
424.5 |
|
|
|
120.9 |
|
|
|
(506.5 |
) |
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations
|
|
|
— |
|
|
|
— |
|
|
|
57.9 |
|
|
|
— |
|
|
|
57.9 |
|
|
|
— |
|
|
|
57.9 |
|
Provision for income
taxes
|
|
|
— |
|
|
|
— |
|
|
|
(10.3 |
) |
|
|
— |
|
|
|
(10.3 |
) |
|
|
(12.4 |
) |
|
|
(22.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of income taxes
|
|
|
— |
|
|
|
— |
|
|
|
47.6 |
|
|
|
— |
|
|
|
47.6 |
|
|
|
(12.4 |
) |
|
|
35.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(467.0 |
) |
|
|
(584.9 |
) |
|
|
351.1 |
|
|
|
121.0 |
|
|
|
472.1 |
|
|
|
108.5 |
|
|
|
(471.3 |
) |
Less: net income
attributable to non-controlling interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.3 |
|
|
|
4.3 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Caesars
|
|
|
(467.0 |
) |
|
|
(584.9 |
) |
|
|
351.1 |
|
|
|
125.3 |
|
|
|
476.4 |
|
|
|
108.5 |
|
|
|
(467.0 |
) |
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive
loss, net of income taxes
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
— |
|
|
|
(23.4 |
) |
|
|
(23.4 |
) |
|
|
— |
|
|
|
(27.0 |
) |
Less: foreign currency
translation adjustments attributable to non-controlling
interests
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
(3.6 |
) |
|
|
— |
|
|
|
(3.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)/income
attributable to Caesars
|
|
$ |
(467.0 |
) |
|
$ |
(588.5 |
) |
|
$ |
351.1 |
|
|
$ |
98.3 |
|
|
$ |
449.4 |
|
|
$ |
108.5 |
|
|
$ |
(497.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2012
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Cash flows provided
by/(used in) operating activities
|
|
$ |
262.5 |
|
|
$ |
53.8 |
|
|
$ |
(82.7 |
) |
|
$ |
15.0 |
|
|
$ |
(67.7 |
) |
|
$ |
9.7 |
|
|
$ |
258.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of property
and equipment, net of change in construction payables
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
(104.6 |
) |
|
|
(198.7 |
) |
|
|
(303.3 |
) |
|
|
— |
|
|
|
(304.0 |
) |
Change in restricted
cash
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(551.0 |
) |
|
|
(551.0 |
) |
|
|
— |
|
|
|
(551.0 |
) |
Payments to acquire
business, net of transactions costs and cash acquired
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
|
|
7.7 |
|
|
|
— |
|
|
|
7.7 |
|
Return of investment in
subsidiary
|
|
|
— |
|
|
|
— |
|
|
|
92.5 |
|
|
|
— |
|
|
|
92.5 |
|
|
|
(92.5 |
) |
|
|
— |
|
Investments in/advances to
non-consolidated affiliates and other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22.8 |
) |
|
|
(22.8 |
) |
|
|
— |
|
|
|
(22.8 |
) |
Purchase of additional
interests in subsidiaries
|
|
|
(127.7 |
) |
|
|
(22.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
150.5 |
|
|
|
— |
|
Cash received in
conjunction with the sale of a subsidiary, net of cash
contributed
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42.4 |
|
|
|
42.4 |
|
|
|
— |
|
|
|
42.4 |
|
Payments to acquire
investments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36.0 |
) |
|
|
(36.0 |
) |
|
|
— |
|
|
|
(36.0 |
) |
Proceeds from the sale and
maturity of investments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.0 |
|
|
|
27.0 |
|
|
|
— |
|
|
|
27.0 |
|
Other
|
|
|
(0.6 |
) |
|
|
— |
|
|
|
(8.0 |
) |
|
|
2.3 |
|
|
|
(5.7 |
) |
|
|
— |
|
|
|
(6.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/provided by investing activities
|
|
|
(128.3 |
) |
|
|
(23.5 |
) |
|
|
(20.1 |
) |
|
|
(729.1 |
) |
|
|
(749.2 |
) |
|
|
58.0 |
|
|
|
(843.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
long-term debt
|
|
|
— |
|
|
|
110.9 |
|
|
|
— |
|
|
|
2,358.5 |
|
|
|
2,358.5 |
|
|
|
— |
|
|
|
2,469.4 |
|
Assumption of debt issued
by non-guarantors
|
|
|
— |
|
|
|
1,250.0 |
|
|
|
— |
|
|
|
(1,250.0 |
) |
|
|
(1,250.0 |
) |
|
|
— |
|
|
|
— |
|
Debt issuance costs and
fees
|
|
|
— |
|
|
|
(24.7 |
) |
|
|
— |
|
|
|
(7.2 |
) |
|
|
(7.2 |
) |
|
|
— |
|
|
|
(31.9 |
) |
Borrowings under lending
agreements
|
|
|
— |
|
|
|
453.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
453.0 |
|
Repayments under lending
agreements
|
|
|
— |
|
|
|
(608.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(608.0 |
) |
Cash paid for early
extinguishments of debt
|
|
|
— |
|
|
|
(1,095.6 |
) |
|
|
— |
|
|
|
(355.0 |
) |
|
|
(355.0 |
) |
|
|
— |
|
|
|
(1,450.6 |
) |
Scheduled debt
retirements
|
|
|
— |
|
|
|
(11.3 |
) |
|
|
(1.4 |
) |
|
|
— |
|
|
|
(1.4 |
) |
|
|
— |
|
|
|
(12.7 |
) |
Purchase of additional
interests in subsidiary
|
|
|
— |
|
|
|
— |
|
|
|
(9.6 |
) |
|
|
— |
|
|
|
(9.6 |
) |
|
|
— |
|
|
|
(9.6 |
) |
Proceeds from sale of
additional interest in a subsidiary
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
— |
|
|
|
32.2 |
|
Issuance of common stock in
public offering, net of fees
|
|
|
17.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.4 |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
(8.2 |
) |
|
|
(1.0 |
) |
|
|
(9.2 |
) |
|
|
— |
|
|
|
(9.2 |
) |
Transfers (to)/from
affiliates
|
|
|
(136.2 |
) |
|
|
308.8 |
|
|
|
0.1 |
|
|
|
(114.7 |
) |
|
|
(114.6 |
) |
|
|
(58.0 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/provided by financing activities
|
|
|
(118.8 |
) |
|
|
383.1 |
|
|
|
(19.1 |
) |
|
|
662.8 |
|
|
|
643.7 |
|
|
|
(58.0 |
) |
|
|
850.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities
|
|
|
— |
|
|
|
— |
|
|
|
39.9 |
|
|
|
— |
|
|
|
39.9 |
|
|
|
(9.7 |
) |
|
|
30.2 |
|
Cash flows from investing
activities
|
|
|
— |
|
|
|
— |
|
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
37.6 |
|
|
|
— |
|
|
|
37.6 |
|
|
|
(9.7 |
) |
|
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in
cash and cash equivalents
|
|
|
15.4 |
|
|
|
413.4 |
|
|
|
(84.3 |
) |
|
|
(51.3 |
) |
|
|
(135.6 |
) |
|
|
— |
|
|
|
293.2 |
|
Change in cash classified
as assets held for sale
|
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
Cash and cash equivalents,
beginning of period
|
|
|
3.9 |
|
|
|
16.6 |
|
|
|
372.5 |
|
|
|
501.6 |
|
|
|
874.1 |
|
|
|
— |
|
|
|
894.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
end of period
|
|
$ |
19.3 |
|
|
$ |
430.0 |
|
|
$ |
289.8 |
|
|
$ |
450.3 |
|
|
$ |
740.1 |
|
|
$ |
— |
|
|
$ |
1,189.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2011
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEC
(Parent
Guarantor) |
|
|
Subsidiary
Issuer |
|
|
Subsidiary
Guarantors of
Parent and
Subsidiary
Guaranteed Debt
(a) |
|
|
Subsidiary
Non-Guarantors
of Parent and
Subsidiary
Guaranteed Debt
(b) |
|
|
Subsidiary
Non-Guarantors
of Parent-Only
Guaranteed Debt
(a) + (b) |
|
|
Consolidating/
Eliminating
Adjustments |
|
|
Total |
|
Cash flows provided
by/(used in) operating activities
|
|
$ |
169.4 |
|
|
$ |
(62.6 |
) |
|
$ |
(43.9 |
) |
|
$ |
205.3 |
|
|
$ |
161.4 |
|
|
$ |
— |
|
|
$ |
268.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of property
and equipment, net of change in construction payables
|
|
|
— |
|
|
|
(8.8 |
) |
|
|
(79.8 |
) |
|
|
(73.0 |
) |
|
|
(152.8 |
) |
|
|
— |
|
|
|
(161.6 |
) |
Change in restricted
cash
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(544.0 |
) |
|
|
(544.0 |
) |
|
|
— |
|
|
|
(544.0 |
) |
Payments to acquire certain
gaming rights
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22.7 |
) |
|
|
(22.7 |
) |
|
|
— |
|
|
|
(22.7 |
) |
Payments to acquire a
business, net of transaction costs and cash acquired
|
|
|
(108.5 |
) |
|
|
(103.2 |
) |
|
|
(15.6 |
) |
|
|
(19.0 |
) |
|
|
(34.6 |
) |
|
|
227.3 |
|
|
|
(19.0 |
) |
Investment in/advances to
non-consolidated affiliates and other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(76.0 |
) |
|
|
(76.0 |
) |
|
|
— |
|
|
|
(76.0 |
) |
Payments to acquire
investments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(23.8 |
) |
|
|
(23.8 |
) |
|
|
— |
|
|
|
(23.8 |
) |
Proceeds from the sale and
maturity of investments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14.0 |
|
|
|
14.0 |
|
|
|
— |
|
|
|
14.0 |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
|
|
4.8 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/provided by investing activities
|
|
|
(108.5 |
) |
|
|
(112.0 |
) |
|
|
(99.2 |
) |
|
|
(739.7 |
) |
|
|
(838.9 |
) |
|
|
227.3 |
|
|
|
(832.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the issuance
of long-term debt
|
|
|
— |
|
|
|
418.3 |
|
|
|
— |
|
|
|
445.5 |
|
|
|
445.5 |
|
|
|
— |
|
|
|
863.8 |
|
Debt issuance costs and
fees
|
|
|
— |
|
|
|
(3.2 |
) |
|
|
— |
|
|
|
(14.3 |
) |
|
|
(14.3 |
) |
|
|
— |
|
|
|
(17.5 |
) |
Borrowings under lending
agreements
|
|
|
— |
|
|
|
135.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
135.0 |
|
Repayments under lending
agreements
|
|
|
— |
|
|
|
(135.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(135.0 |
) |
Cash paid for early
extinguishments of debt
|
|
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
|
|
(124.7 |
) |
|
|
(125.9 |
) |
|
|
— |
|
|
|
(125.9 |
) |
Scheduled debt
retirements
|
|
|
— |
|
|
|
(19.3 |
) |
|
|
— |
|
|
|
(15.1 |
) |
|
|
(15.1 |
) |
|
|
— |
|
|
|
(34.4 |
) |
Other
|
|
|
(1.6 |
) |
|
|
— |
|
|
|
(5.0 |
) |
|
|
4.8 |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(1.8 |
) |
(Distributions to) and
transfers from Affiliates
|
|
|
(82.0 |
) |
|
|
24.7 |
|
|
|
15.6 |
|
|
|
269.0 |
|
|
|
284.6 |
|
|
|
(227.3 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/provided by financing activities
|
|
|
(83.6 |
) |
|
|
420.5 |
|
|
|
9.4 |
|
|
|
565.2 |
|
|
|
574.6 |
|
|
|
(227.3 |
) |
|
|
684.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities
|
|
|
— |
|
|
|
— |
|
|
|
46.7 |
|
|
|
— |
|
|
|
46.7 |
|
|
|
— |
|
|
|
46.7 |
|
Cash flows from investing
activities
|
|
|
— |
|
|
|
— |
|
|
|
(3.3 |
) |
|
|
— |
|
|
|
(3.3 |
) |
|
|
— |
|
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
43.4 |
|
|
|
— |
|
|
|
43.4 |
|
|
|
— |
|
|
|
43.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in
cash and cash equivalents
|
|
|
(22.7 |
) |
|
|
245.9 |
|
|
|
(90.3 |
) |
|
|
30.8 |
|
|
|
(59.5 |
) |
|
|
— |
|
|
|
163.7 |
|
Change in cash classified
as assets held for sale
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
Cash and cash equivalents,
beginning of period
|
|
|
136.0 |
|
|
|
61.0 |
|
|
|
344.7 |
|
|
|
431.8 |
|
|
|
776.5 |
|
|
|
— |
|
|
|
973.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
end of period
|
|
$ |
113.3 |
|
|
$ |
306.9 |
|
|
$ |
256.4 |
|
|
$ |
462.6 |
|
|
$ |
719.0 |
|
|
$ |
— |
|
|
$ |
1,139.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|