2019 Q3 CEC Form 10-Q
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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 September 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 November 1, 2019
Common stock, $0.01 par value
680,655,099



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)
September 30, 2019

December 31, 2018
Assets
 

 
Current assets
 

 
Cash and cash equivalents ($10 and $14 attributable to our VIEs)
$
1,313


$
1,491

Restricted cash
137

 
115

Receivables, net
446


457

Due from affiliates, net
22

 
6

Prepayments and other current assets ($6 and $6 attributable to our VIEs)
200


155

Inventories
38


41

Assets held for sale
556

 

Total current assets
2,712


2,265

Property and equipment, net ($177 and $137 attributable to our VIEs)
14,988


16,045

Goodwill
4,038


4,044

Intangible assets other than goodwill
2,850


2,977

Restricted cash
73


51

Deferred income taxes
9

 
10

Deferred charges and other assets ($30 and $35 attributable to our VIEs)
805


383

Total assets
$
25,475


$
25,775

 
 
 
 
Liabilities and Stockholders’ Equity
 

 
Current liabilities
 

 
Accounts payable ($81 and $41 attributable to our VIEs)
$
415


$
399

Accrued expenses and other current liabilities ($2 and $1 attributable to our VIEs)
1,300


1,217

Interest payable
134


56

Contract liabilities
192

 
144

Current portion of financing obligations
22

 
20

Current portion of long-term debt
64

 
164

Total current liabilities
2,127


2,000

Financing obligations
10,045

 
10,057

Long-term debt
8,514

 
8,801

Deferred income taxes
591


730

Deferred credits and other liabilities ($8 and $5 attributable to our VIEs)
1,731


849

Total liabilities
23,008


22,437

Commitments and contingencies (Note 8)


 


Stockholders’ equity
 

 
Caesars stockholders’ equity
2,388


3,250

Noncontrolling interests
79


88

Total stockholders’ equity
2,467


3,338

Total liabilities and stockholders’ equity
$
25,475


$
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 September 30,
 
Nine Months Ended September 30,
(In millions, except per share data)
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Casino
$
1,131

 
$
1,102

 
$
3,340

 
$
3,147

Food and beverage
411

 
408

 
1,216

 
1,182

Rooms
409

 
395

 
1,202

 
1,150

Other revenue
217

 
213

 
611

 
600

Management fees
15

 
16

 
45

 
46

Reimbursed management costs
53

 
51

 
159

 
151

Net revenues
2,236

 
2,185

 
6,573

 
6,276

Operating expenses
 
 
 
 
 
 
 
Direct
 
 
 
 
 
 
 
Casino
636

 
623

 
1,887

 
1,750

Food and beverage
283

 
281

 
833

 
816

Rooms
125

 
121

 
364

 
355

Property, general, administrative, and other
477

 
474

 
1,404

 
1,357

Reimbursable management costs
53

 
51

 
159

 
151

Depreciation and amortization
255

 
295

 
743

 
843

Impairment of tangible and other intangible assets
380

 

 
430

 

Corporate expense
62

 
79

 
226

 
237

Other operating costs
33

 
29

 
86

 
128

Total operating expenses
2,304

 
1,953

 
6,132

 
5,637

Income/(loss) from operations
(68
)
 
232

 
441

 
639

Interest expense
(341
)
 
(341
)
 
(1,033
)
 
(1,005
)
Other income/(loss)
27

 
109

 
(412
)
 
338

Loss before income taxes
(382
)
 

 
(1,004
)
 
(28
)
Income tax benefit
22

 
111

 
111

 
134

Net income/(loss)
(360
)
 
111

 
(893
)
 
106

Net (income)/loss attributable to noncontrolling interests
1

 
(1
)
 
2

 
(1
)
Net income/(loss) attributable to Caesars
$
(359
)
 
$
110

 
$
(891
)
 
$
105

 
 
 
 
 
 
 
 
Earnings/(loss) per share - basic and diluted



 

 
 
 
Basic earnings/(loss) per share
$
(0.53
)
 
$
0.16

 
$
(1.32
)
 
$
0.15

Diluted earnings/(loss) per share
$
(0.53
)
 
$
0.14

 
$
(1.32
)
 
$
0.15

Weighted-average common shares outstanding - basic
678

 
681

 
674

 
692

Weighted-average common shares outstanding - diluted
678

 
835

 
674

 
697

 
 
 
 
 
 
 
 
Comprehensive income/(loss)
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
(10
)
 
$
2

 
$
(15
)
 
$
(17
)
Change in fair market value of interest rate swaps, net of tax
(3
)
 
11

 
(55
)
 
24

Other

 

 
2

 
1

Other comprehensive income/(loss), net of income taxes
(13
)
 
13

 
(68
)
 
8

Comprehensive income/(loss)
(373
)
 
124

 
(961
)
 
114

 
 
 
 
 
 
 
 
Amounts attributable to noncontrolling interests:
 
 
 
 
 
 
 
Foreign currency translation adjustments
4

 
1

 
6

 
4

Comprehensive loss attributable to noncontrolling interests
5

 

 
8

 
3

Comprehensive income/(loss) attributable to Caesars
$
(368
)
 
$
124

 
$
(953
)
 
$
117



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

Net loss

 

 

 
(359
)
 

 
(359
)
 
(1
)
 
(360
)
Stock-based compensation

 
(2
)
 
33

 

 

 
31

 

 
31

Other comprehensive loss, net of tax

 

 

 

 
(9
)
 
(9
)
 
(4
)
 
(13
)
Change in noncontrolling interest, net of distributions and contributions

 

 

 

 

 

 
1

 
1

Balance as of September 30, 2019
$
7

 
$
(499
)
 
$
14,229

 
$
(11,263
)
 
$
(86
)
 
$
2,388

 
$
79

 
$
2,467



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

Net income

 

 

 
110

 

 
110

 
1

 
111

Stock-based compensation

 

 
16

 

 

 
16

 

 
16

Repurchase of common stock

 
(280
)
 

 

 

 
(280
)
 

 
(280
)
Other comprehensive income/(loss), net of tax

 

 

 

 
14

 
14

 
(1
)
 
13

Change in noncontrolling interest, net of distributions and contributions

 

 

 

 

 

 
1

 
1

Balance as of September 30, 2018
$
7

 
$
(475
)
 
$
14,099

 
$
(10,570
)
 
$
18

 
$
3,079

 
$
88

 
$
3,167




See accompanying Notes to Consolidated Condensed Financial Statements.


6



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


 
Nine Months Ended September 30,
(In millions)
2019
 
2018
Cash flows provided by operating activities
$
865

 
$
692

Cash flows from investing activities
 
 
 
Acquisition of Centaur, net of cash and restricted cash acquired

 
(1,578
)
Acquisitions of property and equipment, net of change in related payables
(618
)
 
(342
)
Payments to acquire certain gaming rights

 
(10
)
Proceeds from the sale and maturity of investments
11

 
30

Payments to acquire investments
(13
)
 
(19
)
Other
16

 

Cash flows used in investing activities
(604
)
 
(1,919
)
Cash flows from financing activities
 
 
 
Proceeds from long-term debt and revolving credit facilities

 
1,167

Debt issuance costs and fees

 
(5
)
Repayments of long-term debt and revolving credit facilities
(398
)
 
(1,116
)
Proceeds from sale-leaseback financing arrangement

 
508

Proceeds from the issuance of common stock
41

 
4

Repurchase of common stock

 
(311
)
Taxes paid related to net share settlement of equity awards
(17
)
 
(12
)
Financing obligation payments
(15
)
 
(11
)
Contributions from noncontrolling interest owners

 
20

Distributions to noncontrolling interest owners
(1
)
 

Cash flows provided by/(used in) financing activities
(390
)
 
244

 
 
 
 
Change in cash, cash equivalents, and restricted cash classified as held for sale
(5
)
 

 
 
 
 
Net decrease in cash, cash equivalents, and restricted cash
(134
)
 
(983
)
Cash, cash equivalents, and restricted cash, beginning of period
1,657

 
2,709

Cash, cash equivalents, and restricted cash, end of period
$
1,523

 
$
1,726

 
 
 
 
Supplemental Cash Flow Information:
 
 
 
Cash paid for interest
$
853

 
$
782

Cash paid for income taxes
5

 
5

Non-cash investing and financing activities:
 
 
 
Change in accrued capital expenditures
44

 
51

Deferred consideration for acquisition of Centaur

 
66


See accompanying Notes to Consolidated Condensed Financial Statements.

7



CAESARS ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)



In this filing, the name “CEC” refers to the parent holding company, Caesars Entertainment Corporation, exclusive of its consolidated subsidiaries and variable interest entities (“VIEs”), unless otherwise stated or the context otherwise requires. The words “Company,” “Caesars,” “Caesars Entertainment,” “we,” “our,” and “us” refer to Caesars Entertainment Corporation, inclusive of its consolidated subsidiaries and variable interest entities, unless otherwise stated or the context otherwise requires.
This Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Annual Report”). Capitalized terms used but not defined in this Form 10-Q have the same meanings as in the 2018 Annual Report.
We also refer to (i) our Consolidated Condensed Financial Statements as our “Financial Statements,” (ii) our Consolidated Condensed Balance Sheets as our “Balance Sheets,” (iii) our Consolidated Condensed Statements of Operations and Comprehensive Income/(Loss) as our “Statements of Operations,” and (iv) our Consolidated Condensed Statements of Cash Flows as our “Statements of Cash Flows.”
Note 1Description of Business
Organization
CEC is primarily a holding company with no independent operations of its own. Caesars Entertainment operates the business primarily through its wholly owned subsidiaries CEOC, LLC (“CEOC LLC”) and Caesars Resort Collection, LLC (“CRC”). Caesars Entertainment operates a total of 54 properties in 14 U.S. states and five countries outside of the U.S., including 50 casino properties. Nine casinos are in Las Vegas, which represented 44% and 45%, respectively, of net revenues for the three and nine months ended September 30, 2019.
We lease certain real property assets from VICI Properties Inc. and/or its subsidiaries (“VICI”).
Proposed Merger of Caesars Entertainment Corporation with Eldorado Resorts, Inc.
On June 24, 2019, Caesars, Eldorado Resorts, Inc., a Nevada corporation (“Eldorado”), and Colt Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Eldorado (“Merger Sub”), entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of August 15, 2019, and as it may be further amended from time to time, the “Merger Agreement”), pursuant to which, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Caesars (the “Merger”), with Caesars continuing as the surviving corporation and a direct wholly owned subsidiary of Eldorado. The transaction is expected to close in the first half of 2020. In connection with the Merger, Eldorado will change its name to Caesars Entertainment, Inc., subject to stockholder approval.
Based on the terms and subject to the conditions set forth in the Merger Agreement, the aggregate consideration payable by Eldorado in respect of outstanding shares of common stock of Caesars (“Caesars Common Stock”) will be (a) an amount of cash equal to (i) the sum of (A) $8.40 plus (B) if the applicable closing conditions set forth in the Merger Agreement are not satisfied by March 25, 2020, an amount equal to $0.003333 for each day (provided that such amount will not be payable if the waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), has expired or been terminated but (to the extent required) the consents of the holders of the CEC Convertible Notes (as defined below) have not been obtained) from March 25, 2020 until the closing date of the Merger (the “Closing Date”), multiplied by (ii) a number of shares of Caesars Common Stock (the “Aggregate Caesars Share Amount”) equal to (A) 682,161,838 (which includes 8,271,660 shares being held in escrow trust to satisfy unsecured claims pursuant to the Third Amended Joint Plan of Reorganization, filed with the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago on January 13, 2017, at Docket No. 6318, which shares are not entitled to vote) plus (B) the number of shares of Caesars Common Stock issued after June 24, 2019 and prior to the effective time of the Merger pursuant to the exercise of certain equity awards issued under Caesars stock plans or conversion of the CEC Convertible Notes (the “Aggregate Cash Amount”); and (b) a number of shares of common stock of Eldorado (“Eldorado Common Stock”) equal to 0.0899 multiplied by the Aggregate Caesars Share Amount (the “Aggregate Eldorado Share Amount”). Each holder of shares of Caesars Common Stock will be entitled to elect to receive, for each share of Caesars Common Stock held by such holder, either an amount of cash or a number of shares of Eldorado Common Stock, with value (based on the Eldorado Common Stock VWAP, as defined below) equal to the Per Share Amount. The “Per Share Amount” is equal to (a) (i) the Aggregate Cash Amount, plus (ii) the product of (A) the Aggregate Eldorado Share Amount and (B) the volume weighted average price of a share of Eldorado Common Stock for a ten trading day period, starting with the opening of trading on the 11th trading day prior to the anticipated

8



CAESARS ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)


Closing Date to the closing of trading on the second to last trading day prior to the anticipated Closing Date (the “Eldorado Common Stock VWAP”), divided by (b) the Aggregate Caesars Share Amount.
Elections by Caesars stockholders are subject to proration such that the aggregate amount of cash paid in exchange for outstanding shares of Caesars Common Stock in the Merger will not exceed the Aggregate Cash Amount and the aggregate number of shares of Eldorado Common Stock issued in exchange for shares of Caesars Common Stock in the Merger will not exceed the Aggregate Eldorado Share Amount. Based on the number of shares of Eldorado Common Stock and Caesars Common Stock, and the principal amount of the CEC Convertible Notes, outstanding as of September 27, 2019, and assuming the Merger occurred on that date, Caesars stockholders who receive shares of Eldorado Common Stock in exchange for their shares of Caesars Common Stock in the Merger and holders of the CEC Convertible Notes (assuming that all CEC Convertible Notes are converted immediately following consummation of the Merger into $8.40 in cash and 0.0899 shares of Eldorado Common Stock for each share of Caesars Common Stock into which such CEC Convertible Notes were convertible immediately prior to the Merger) would be issued an aggregate of approximately 76 million shares of Eldorado Common Stock and would hold approximately 49%, in the aggregate, of the issued and outstanding shares of Eldorado Common Stock.
Outstanding options and other equity awards issued under Caesars’ stock plans will be treated in the manner set forth in the Merger Agreement. Upon completion of the Merger, any unexercised, vested, in-the-money stock options that are outstanding will be canceled in exchange for the Per Share Amount (or applicable portion thereof) in cash, reduced by the applicable exercise price. Unvested service-vesting stock options and restricted stock units will be converted into stock options and restricted stock units for Eldorado Common Stock and will retain their original vesting schedules. Performance-based stock options are expected to be canceled in connection with the consummation of the Merger. Performance stock units that are subject to total stockholder return performance-vesting conditions will be converted into performance stock units for Eldorado Common Stock and will continue to vest in accordance with their original terms, except the total stockholder return vesting conditions will be adjusted to be based on Eldorado’s total stockholder return performance. Performance stock units that are tied to earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDAR performance conditions will vest at closing and be exchanged for the Per Share Amount (or applicable portion thereof) in cash. For EBITDA- and EBITDAR-based performance stock units that are eligible to vest in respect of performance achieved during the year in which the closing occurs, such vesting will be based on performance of applicable goals through the end of the month prior to the close and extrapolated through the remainder of the performance period and for EBITDA- and EBITDAR-based performance stock units that are eligible to vest in respect of a performance period that has not yet commenced as of the Closing Date, such vesting will be based on target-level performance.
The Merger Agreement contains customary representations and warranties by each of Caesars and Eldorado, and each party has agreed to customary covenants. Each of Eldorado’s and Caesars’ obligation to consummate the Merger is subject to the satisfaction or waiver of certain conditions, including among others, the expiration or termination of any applicable waiting period under the HSR Act, the receipt of required regulatory and stockholder approvals, conversion or certain amendments of, or another mutually agreed arrangement with respect to, the CEC Convertible Notes, and other customary closing conditions.
The Merger Agreement also contains termination rights for each of Caesars and Eldorado under certain circumstances. If the Merger Agreement is terminated in certain circumstances relating to changes in the recommendation of the board of directors of Caesars in favor of the Merger, entry by Caesars into an alternative transaction or in certain circumstances following the failure of Caesars’ stockholders to approve the Merger, Caesars will be required to pay Eldorado a termination fee of approximately $418.4 million. If the Merger Agreement is terminated in certain circumstances relating to changes in the recommendation of the board of directors of Eldorado in favor of the issuance of shares of Eldorado common stock in the Merger or in certain circumstances following the failure of Eldorado’s stockholders to approve such issuance, then Eldorado will be required to pay Caesars a termination fee of approximately $154.9 million. In addition, each party will be obligated to reimburse the other party for expenses for an amount not to exceed $50.0 million if the Merger Agreement is terminated because of the obligated party’s failure to obtain the required approval of its stockholders (creditable against any termination fee that may subsequently be paid by such party). The Merger Agreement also provides that Eldorado will be obligated to pay a termination fee of approximately $836.8 million to Caesars if the Merger Agreement is terminated (i) due to a law or order relating to gaming or antitrust laws that prohibits or permanently enjoins the consummation of the transactions, (ii) because the required regulatory approvals were not obtained prior to June 24, 2020 (subject to extension to a date no later than December 24, 2020 pursuant to the Merger Agreement) or (iii) due to Eldorado willfully and materially breaching certain obligations with respect to the actions required to be taken by Eldorado to obtain required antitrust approvals.
Under the terms of the Indenture governing the CEC Convertible Notes, prior to the effective time of the Merger, Caesars will also be required to enter into a supplemental indenture to provide for conversion of the CEC Convertible Notes at and after the

9



CAESARS ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)


effective time of the Merger into the weighted average, per share of Caesars Common Stock, of the types and amounts of the merger consideration received by holders of Caesars Common Stock who affirmatively make a merger consideration election (or, if no holders of Caesars Common Stock make such an election, the types and amounts of merger consideration actually received by such holders of Caesars Common Stock).
On September 26, 2019, Eldorado and VICI entered into separate definitive Purchase and Sale Agreements (collectively, the “Real Estate Purchase Agreements”) to effect the purchase and sale of Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City for aggregate consideration of approximately $1.8 billion and an amendment to the terms of the existing CPLV and HLV single asset leases. In addition, following the closing of the transaction, which will result in a combination of these existing leases into a new Las Vegas master lease and an increase of approximately $99 million in the annual rent payment on the Las Vegas master lease, resulting in proceeds of approximately $1.4 billion, each subject to the consummation of the Merger, as well as certain customary closing conditions, including satisfactory due diligence reviews performed by VICI during a 90-day due diligence period and obtaining certain regulatory approvals, in each case as set forth in the Real Estate Purchase Agreements. Conditions to VICI’s acquisition of the land and real estate assets associated with Harrah’s New Orleans include, among others, certain amendments to the Harrah’s New Orleans lease and the Harrah’s New Orleans casino operating contract. On June 7, 2019, the Governor of the State of Louisiana signed into effect legislation that would enable a 30-year extension of the Harrah’s New Orleans casino operating contract to 2054, subject to Caesars’ compliance with certain requirements, including (i) a capital investment of $325 million by 2024 to improve the facility, add new restaurants and construct a new hotel, (ii) one-time “upfront” payments to the City of New Orleans and State of Louisiana totaling $25 million, (iii) additional one-time payments to the City of New Orleans and State of Louisiana totaling $40 million whether or not VICI purchases the leasehold interest in Harrah’s New Orleans, (iv) an annual payment to the Louisiana Gaming Control Board of $3.4 million in support of health research, subject to changes in the consumer price index, (v) an annual license payment to the Louisiana Gaming Control Board of $3 million starting in April 2022, (vi) an annual payment to the City of New Orleans of $6 million paid in quarterly installments, subject to changes in the consumer price index, and (vii) an increase in Caesars’ minimum annual state gaming tax payments from $60 million to $65 million starting in April 2022.
Potential Divestitures
We are considering divestiture opportunities of non-strategic assets and properties. If the completion of a sale is more likely than not to occur, we may recognize impairment charges for certain of our properties to the extent current expected proceeds are below our carrying value.
Note 2Basis of Presentation and Principles of Consolidation
Basis of Presentation and Use of Estimates
The accompanying unaudited consolidated condensed financial statements of Caesars have been prepared under the rules and regulations of the Securities and Exchange Commission applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2019 fiscal year.
GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates.
In order to conform to the current year’s presentation, for the three and nine months ended September 30, 2018, $7 million and $17 million, respectively, were reclassified from Direct operating expenses to Property, general, administrative, and other on our Statements of Operations with no effect on Net income/(loss).
Reportable Segments
We view each property as an operating segment and aggregate all such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S., and (iii) All Other, which is consistent with how we manage the business. See Note 16.

10



CAESARS ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)


Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Balance Sheets that sum to amounts reported on the Statements of Cash Flows.
(In millions)
September 30, 2019
 
December 31, 2018
Cash and cash equivalents
$
1,313

 
$
1,491

Restricted cash, current
137

 
115

Restricted cash, non-current
73

 
51

Total cash, cash equivalents, and restricted cash
$
1,523

 
$
1,657


Consolidation of Subsidiaries and Variable Interest Entities
Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions.
We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for using the cost method.
We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, a gain or loss may be recognized upon deconsolidation.
Consolidation of Korea Joint Venture
CEC has a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV is a VIE and CEC is the primary beneficiary, and therefore, we consolidate the Korea JV into our financial statements. As of September 30, 2019, the construction schedule for the project has been delayed and discussions regarding the project costs between us and our JV partner remain ongoing. In addition, the external debt financing by the Korea JV has also been delayed, which has impacted the timing of equity capital contributions by us, and our joint venture partner, in accordance with our joint venture agreement. We are currently in discussions with our joint venture partner regarding the project costs and financing plan for the project, as well as evaluating all of our options under the terms of the joint venture agreement. Possible outcomes include completing the project and related financing as originally budgeted, adding an additional equity partner, selling all, or part, of the parties’ ownership interest in the Korea JV, liquidating the joint venture or taking any other steps including those that we may agree with our joint venture partner. These possible outcomes could result in a material impairment of assets of the Korea JV and could also change our conclusion that we are the primary beneficiary of the joint venture, which could result in a material charge upon deconsolidating the joint venture. As reported by the joint venture, and consolidated in our financial statements, total net assets of $130 million as of September 30, 2019, was primarily composed of property and equipment valued on a cost basis, net of construction payable, of which we have a 50% interest.


11



CAESARS ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)


Emerald Resort & Casino, South Africa Disposition
In May 2019, we entered into an agreement to sell Emerald Resort & Casino located in South Africa for total proceeds of approximately $47 million. We own 70% of this property while the remaining 30% is owned by local minority partners. Total cash proceeds for our 70% ownership and other adjustments total approximately $38 million. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary closing conditions, at which time any gain would be recognized. Emerald Resort & Casino is included in our All Other segment. The following table summarizes assets and liabilities classified as held for sale.
(In millions)
September 30, 2019
Cash and cash equivalents
$
5

Property and equipme