Caesars Resort Collection, LLC

CIK:0001635863|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Casino	$ 178.5	$ 168.2	$ 545.6	$ 527.0
Food and beverage	58.4	60.1	181.3	186.6
Rooms	93.8	90.2	276.7	274.4
Other	57.5	53.2	161.5	150.8
Less: casino promotional allowances	(45.3)	(43.3)	(137.4)	(139.9)
Net revenues	342.9	328.4	1,027.7	998.9
Direct
Casino	87.1	83.4	266.0	260.6
Food and beverage	27.6	28.6	85.3	86.6
Rooms	24.6	24.9	71.5	71.1
Property, general, administrative and other	103.4	101.4	298.8	291.7
Management fees to related parties	9.6	9.2	28.6	28.0
Write-downs, reserves and project opening costs, net of recoveries	10.8	0.0	25.4	0.6
Depreciation and amortization	58.0	39.2	130.4	104.8
Total operating expenses	321.1	286.7	906.0	843.4
Income from operations	21.8	41.7	121.7	155.5
Interest expense, net of interest capitalized	(32.8)	(41.6)	(113.1)	(126.7)
Interest income	0.3	0.0	1.1	0.0
Loss on extinguishment of debt	0.0	0.0	(4.6)	0.0
Other income, net	0.0	0.0	1.0	0.0
(Loss)/income before provision for income taxes	(10.7)	0.1	6.1	28.8
Provision for income taxes	0.0	0.0	0.0	0.0
Net (loss)/income	(10.7)	0.1	6.1	28.8
Other comprehensive income	0.0	0.0	0.0	0.0
Total comprehensive (loss)/income	$ (10.7)	$ 0.1	$ 6.1	$ 28.8

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 6.1	$ 28.8
Adjustments to reconcile net income to cash flows provided by operating activities
Depreciation and amortization	130.4	104.8
Amortization of debt discount and debt issuance costs	6.9	6.7
Loss on extinguishment of debt	4.6	0.0
Stock-based compensation	3.0	4.1
Net change in long-term accounts	17.6	5.0
Debt issuance costs and fees write-off	2.9	0.0
Net change in working capital accounts	25.9	15.2
Other	(1.0)	0.8
Cash flows provided by operating activities	196.4	165.4
Cash flows from investing activities
Land, buildings and equipment additions, net of change in construction payables	(101.6)	(42.6)
Additional investment in Caesars Enterprise Services, LLC	0.0	(2.6)
Cash flows used in investing activities	(101.6)	(45.2)
Cash flows from financing activities
Proceeds from issuance of debt	226.0	15.0
Debt issuance costs and fees	(3.7)	0.0
Repayments under lending agreements	(232.2)	(74.0)
Cash flows used in financing activities	(9.9)	(59.0)
Net increase/(decrease) in cash, cash equivalents and restricted cash	84.9	61.2
Cash, cash equivalents and restricted cash, beginning of period	167.2	100.7
Cash, cash equivalents and restricted cash, end of period	$ 252.1	$ 161.9

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 249.4	$ 164.6
Receivables, net of allowance for doubtful accounts of $7.4 and $6.2, respectively	60.3	44.3
Restricted cash	2.7	2.6
Prepayments and other current assets	27.8	28.8
Total current assets	340.2	240.3
Land, property and equipment, net	2,179.0	2,202.8
Investment in Caesars Enterprise Services, LLC	27.6	29.1
Goodwill	214.1	214.1
Intangible assets other than goodwill, net	68.2	79.4
Prepaid management fees to related parties	168.8	177.1
Deferred charges and other	39.3	41.4
Total assets	3,037.2	2,984.2
Current liabilities
Accounts payable	25.0	38.4
Payables to related parties	45.8	22.1
Accrued expenses	122.0	114.4
Accrued interest payable	26.9	13.9
Current portion of long-term debt	13.6	12.5
Total current liabilities	233.3	201.3
Long-term debt	1,952.5	1,950.0
Deferred credits and other	10.9	1.5
Total liabilities	2,196.7	2,152.8
Commitments and contingencies (Note 12)
Stockholder's equity
Additional paid-in capital	1,359.5	1,356.5
Accumulated deficit	(519.0)	(525.1)
Total stockholder's equity	840.5	831.4
Total liabilities and stockholder's equity	$ 3,037.2	$ 2,984.2