2019 Q2 CEC Form 10-Q
false--12-31Q22019000085833941000000840000001000000200000014000000140000000.450.020015100000015600000035000000310000002000000500000050000009000000Collaborative Arrangements - ASU 2018-18: Amended guidance makes targeted improvements to GAAP for collaborative arrangements including: (i) clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (ii) adding unit-of-account guidance in ASC 808 to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606, and (iii) requiring that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under ASC 606 is precluded if the collaborative arrangement participant is not a customer. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied retrospectively to the date of initial application of ASC 606. An entity may elect to apply the amendments in this ASU retrospectively either to all contracts or only to contracts that are not completed at the date of initial application of ASC 606. An entity should disclose its election. An entity may elect to apply the practical expedient for contract modifications that is permitted for entities using the modified retrospective transition method in ASC 606. We are currently assessing the effect the adoption of this standard will have on our financial statements.600000060000000137000000181000000 0000858339 2019-01-01 2019-06-30 0000858339 exch:XNGS 2019-01-01 2019-06-30 0000858339 2019-08-01 0000858339 2018-12-31 0000858339 2019-06-30 0000858339 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000858339 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000858339 us-gaap:FoodAndBeverageMember 2018-01-01 2018-06-30 0000858339 2019-04-01 2019-06-30 0000858339 us-gaap:CasinoMember 2019-01-01 2019-06-30 0000858339 2018-04-01 2018-06-30 0000858339 us-gaap:ServiceOtherMember 2019-04-01 2019-06-30 0000858339 us-gaap:ServiceOtherMember 2018-04-01 2018-06-30 0000858339 2018-01-01 2018-06-30 0000858339 us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0000858339 us-gaap:OccupancyMember 2018-01-01 2018-06-30 0000858339 us-gaap:OccupancyMember 2018-04-01 2018-06-30 0000858339 us-gaap:FoodAndBeverageMember 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission File No. 001-10410
 _________________________
CAESARS ENTERTAINMENT CORPORATION
(Exact name of registrant as specified in its charter)
 _________________________ 
Delaware
 
62-1411755
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
One Caesars Palace Drive
Las Vegas, Nevada 89109
(Address of principal executive offices, including zip code)
(702) 407-6000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 _________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, $0.01 par value
 
CZR
 
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer
 
 
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at August 1, 2019
Common stock, $0.01 par value
677,767,020



CAESARS ENTERTAINMENT CORPORATION
INDEX
 
 
Page
 
 
 
 
 
 
 
 
 
 
 



2


PART I—FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
CAESARS ENTERTAINMENT CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)

(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

Commitments and contingencies (Note 8)


 


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


See accompanying Notes to Consolidated Condensed Financial Statements.

3



CAESARS ENTERTAINMENT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)


 
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
)


See accompanying Notes to Consolidated Condensed Financial Statements.

4



CAESARS ENTERTAINMENT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)



 
Caesars Stockholders’ Equity
 
 
 
 
(In millions)
Common
Stock
 
Treasury
Stock
 
Additional
Paid-in-
Capital
 

Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Caesars
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Stockholders’ Equity
Balance as of December 31, 2018
$
7

 
$
(485
)
 
$
14,124

 
$
(10,372
)
 
$
(24
)
 
$
3,250

 
$
88

 
$
3,338

Net loss

 

 

 
(217
)
 

 
(217
)
 
(1
)
 
(218
)
Stock-based compensation

 
(5
)
 
21

 

 

 
16

 

 
16

Other comprehensive loss, net of tax

 

 

 

 
(13
)
 
(13
)
 
(2
)
 
(15
)
Change in noncontrolling interest, net of distributions and contributions

 

 

 

 

 

 
(2
)
 
(2
)
Other

 
3

 

 

 

 
3

 

 
3

Balance as of March 31, 2019
7

 
(487
)
 
14,145

 
(10,589
)
 
(37
)
 
3,039

 
83

 
3,122

Net loss

 

 

 
(315
)
 

 
(315
)
 

 
(315
)
Stock-based compensation

 
(10
)
 
51

 

 

 
41

 

 
41

Other comprehensive loss, net of tax

 

 

 

 
(40
)
 
(40
)
 

 
(40
)
Balance as of June 30, 2019
$
7

 
$
(497
)
 
$
14,196

 
$
(10,904
)
 
$
(77
)
 
$
2,725

 
$
83

 
$
2,808



See accompanying Notes to Consolidated Condensed Financial Statements.



5



CAESARS ENTERTAINMENT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)



 
Caesars Stockholders’ Equity
 
 
 
 
(In millions)
Common
Stock
 
Treasury
Stock
 
Additional
Paid-in-
Capital
 

Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income/(Loss)
 
Total
Caesars
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Stockholders’ Equity
Balance as of December 31, 2017
$
7

 
$
(152
)
 
$
14,040

 
$
(10,675
)
 
$
6

 
$
3,226

 
$
71

 
$
3,297

Net loss

 

 

 
(34
)
 

 
(34
)
 

 
(34
)
Stock-based compensation

 
(12
)
 
22

 

 

 
10

 

 
10

Other comprehensive income, net of tax

 

 

 

 
9

 
9

 

 
9

Change in noncontrolling interest, net of distributions and contributions

 

 

 

 

 

 
21

 
21

Other

 
(1
)
 

 

 

 
(1
)
 

 
(1
)
Balance as of March 31, 2018
7

 
(165
)
 
14,062

 
(10,709
)
 
15

 
3,210

 
92

 
3,302

Net income

 

 

 
29

 

 
29

 

 
29

Stock-based compensation

 

 
21

 

 

 
21

 

 
21

Repurchase of common stock

 
(31
)
 

 

 

 
(31
)
 

 
(31
)
Other comprehensive loss, net of tax

 

 

 

 
(11
)
 
(11
)
 
(3
)
 
(14
)
Change in noncontrolling interest, net of distributions and contributions

 

 

 

 

 

 
(2
)
 
(2
)
Other

 
1

 

 

 

 
1

 

 
1

Balance as of June 30, 2018
$
7

 
$
(195
)
 
$
14,083

 
$
(10,680
)
 
$
4

 
$
3,219

 
$
87

 
$
3,306




See accompanying Notes to Consolidated Condensed Financial Statements.


6



CAESARS ENTERTAINMENT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)


 
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