CAESARS ENTERTAINMENT Corp

CIK:0000858339|SEC Filings

Consolidated Condensed Statements of Operations and Comprehensive Income/(Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net revenues	$ 1,828	$ 2,115
Operating expenses
Property, general, administrative, and other	488	460
Reimbursable management costs	51	52
Depreciation and amortization	256	247
Impairment of tangible and other intangible assets	65	0
Corporate expense	50	83
Other operating costs	21	29
Total operating expenses	1,894	1,875
Income/(loss) from operations	(66)	240
Interest expense	(333)	(349)
Other income/(loss)	641	(138)
Income/(loss) before income taxes	242	(247)
Income tax benefit/(provision)	(54)	29
Net income/(loss)	188	(218)
Net loss attributable to noncontrolling interests	1	1
Net income/(loss) attributable to Caesars	$ 189	$ (217)
Earnings/(loss) per share - basic and diluted (see Note 10)
Basic earnings/(loss) per share (usd per share)	$ 0.28	$ (0.32)
Diluted earnings/(loss) per share (usd per share)	$ (0.36)	$ (0.32)
Weighted-average common shares outstanding - basic (in shares)	682	670
Weighted-average common shares outstanding - diluted (in shares)	837	670
Comprehensive income/(loss)
Foreign currency translation adjustments	$ (19)	$ 0
Change in fair market value of interest rate swaps, net of tax	(52)	(17)
Other	0	2
Other comprehensive loss, net of income taxes	(71)	(15)
Comprehensive income/(loss)	117	(233)
Amounts attributable to noncontrolling interests:
Foreign currency translation adjustments	5	2
Comprehensive loss attributable to noncontrolling interests	6	3
Comprehensive income/(loss) attributable to Caesars	123	(230)
Casino
Net revenues	958	1,083
Direct operating expenses	590	618
Food and beverage
Net revenues	330	398
Direct operating expenses	258	269
Rooms
Net revenues	317	386
Direct operating expenses	115	117
Other revenue
Net revenues	163	181
Management fees
Net revenues	9	15
Reimbursed management costs
Net revenues	$ 51	$ 52

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Cash flows provided by/(used in) operating activities	$ (20)	$ 255
Cash flows from investing activities
Acquisitions of property and equipment, net of change in related payables	(184)	(218)
Proceeds from the sale and maturity of investments	9	5
Payments to acquire investments	0	(7)
Other	0	2
Cash flows used in investing activities	(175)	(218)
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	1,138	0
Repayments of long-term debt and revolving credit facilities	(16)	(116)
Proceeds from the issuance of common stock	1	0
Taxes paid related to net share settlement of equity awards	(3)	(5)
Financing obligation payments	(3)	(5)
Distributions to noncontrolling interest owners	0	(2)
Cash flows provided by/(used in) financing activities	1,117	(128)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	922	(91)
Cash, cash equivalents, and restricted cash, beginning of period	1,884	1,657
Cash, cash equivalents, and restricted cash, end of period	2,806	1,566
Supplemental Cash Flow Information:
Cash paid for interest	201	231
Cash received/(paid) for income taxes	(1)	2
Non-cash investing and financing activities:
Change in accrued capital expenditures	$ (36)	$ (7)

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents ($8 and $8 attributable to our VIEs)	$ 2,677	$ 1,755
Restricted cash	119	117
Receivables, net	389	437
Due from affiliates, net	54	41
Prepayments and other current assets ($5 and $4 attributable to our VIEs)	182	174
Inventories	34	35
Assets held for sale	29	50
Total current assets	3,484	2,609
Property and equipment, net ($202 and $212 attributable to our VIEs)	14,836	14,976
Goodwill	4,011	4,012
Intangible assets other than goodwill	2,772	2,824
Restricted cash	10	12
Deferred income taxes	2	2
Deferred charges and other assets ($24 and $26 attributable to our VIEs)	865	910
Total assets	25,980	25,345
Current liabilities
Accounts payable ($94 and $97 attributable to our VIEs)	373	444
Accrued expenses and other current liabilities ($2 and $2 attributable to our VIEs)	1,229	1,323
Interest payable	137	33
Contract liabilities	153	178
Current portion of financing obligations	24	21
Current portion of long-term debt	876	64
Total current liabilities	2,792	2,063
Financing obligations	10,096	10,070
Long-term debt	8,793	8,478
Deferred income taxes	598	555
Deferred credits and other liabilities ($18 and $18 attributable to our VIEs)	1,370	1,968
Total liabilities	23,649	23,134
Commitments and contingencies (Note 7)
Stockholders’ equity
Caesars stockholders’ equity	2,257	2,131
Noncontrolling interests	74	80
Total stockholders’ equity	2,331	2,211
Total liabilities and stockholders’ equity	$ 25,980	$ 25,345