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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, 2020
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. 001-36629
CAESARS ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware46-3657681
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
100 West Liberty Street, Suite 1150, Reno, Nevada 89501
(Address and zip code of principal executive offices)
(775328-0100
(Registrant’s telephone number, including area code)
Eldorado Resorts, Inc.
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.00001 par valueCZRNASDAQ Stock 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, 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  
The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of July 31, 2020 was 160,833,608.



CAESARS ENTERTAINMENT, INC.
QUARTERLY REPORT FOR THE THREE MONTHS ENDED
JUNE 30, 2020
TABLE OF CONTENTS
Page
 
 
 
 
 
 
Item 6.

1





PART I-FINANCIAL INFORMATION
Item 1.  Financial Statements
2


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30,
2020
December 31,
2019
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$950,483  $206,317  
Restricted cash and investments9,035  3,507  
Marketable securities36,071  34,634  
Accounts receivable, net44,305  53,899  
Due from affiliates585  3,806  
Inventories17,369  18,379  
Prepaid expenses33,096  30,966  
Assets held for sale443,793  253,135  
Total current assets1,534,737  604,643  
Investment in and advances to unconsolidated affiliates134,939  135,828  
Property and equipment, net2,418,687  2,614,524  
Gaming licenses and other intangibles, net1,056,429  1,111,398  
Goodwill810,187  909,717  
Right-of-use assets127,550  188,219  
Other assets, net65,918  76,224  
Total assets$6,148,447  $5,640,553  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt$111  $246,175  
Accounts payable40,079  61,951  
Accrued property, gaming and other taxes32,035  43,050  
Accrued payroll and related42,676  62,337  
Accrued interest36,496  36,480  
Income taxes payable25,188  23,898  
Short-term lease obligation13,933  19,991  
Accrued other liabilities153,810  157,079  
Liabilities related to assets held for sale131,674  37,485  
Total current liabilities476,002  688,446  
Long-term financing obligation to GLPI975,792  970,519  
Long-term debt, less current portion2,670,739  2,324,541  
Deferred income taxes144,973  197,266  
Long-term lease obligation98,040  176,932  
Other long-term liabilities166,452  165,592  
Total liabilities4,531,998  4,523,296  
Commitments and contingencies (Note 14)


STOCKHOLDERS' EQUITY:
Common stock, 200,000,000 shares authorized, 98,565,678 and 77,569,117 issued and outstanding, net of treasury shares, par value $0.00001 as of June 30, 2020 and December 31, 2019, respectively
1  1  
Paid-in capital1,534,373  759,547  
Retained earnings90,829  366,463  
Treasury stock at cost, 223,823 shares held at June 30, 2020 and December 31, 2019
(9,131) (9,131) 
Accumulated other comprehensive income377  377  
Total stockholders’ equity1,616,449  1,117,257  
Total liabilities and stockholders’ equity$6,148,447  $5,640,553  
The accompanying condensed notes are an integral part of these consolidated financial statements.
3


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
REVENUES:
Casino and pari-mutuel commissions$101,479  $457,162  $441,228  $927,848  
Food and beverage6,567  75,356  62,813  150,637  
Hotel8,916  78,391  57,292  143,175  
Other9,508  26,212  38,206  51,284  
Net revenues126,470  637,121  599,539  1,272,944  
EXPENSES:
Casino and pari-mutuel commissions43,354  203,240  202,510  413,546  
Food and beverage8,250  59,497  61,505  119,882  
Hotel5,846  25,136  28,114  48,786  
Other1,179  10,723  10,360  21,972  
Marketing and promotions5,105  32,080  30,058  64,381  
General and administrative64,862  117,431  156,537  237,319  
Corporate13,050  21,051  29,532  37,805  
Impairment charges    160,758  958  
Depreciation and amortization48,939  56,533  99,372  114,290  
Total operating expenses190,585  525,691  778,746  1,058,939  
(Loss) gain on sale or disposal of property and equipment(65) (366) 1,393  21,952  
Transaction expenses(12,697) (7,292) (21,991) (9,186) 
Loss from unconsolidated affiliates(1,450) (1,222) (1,702) (617) 
Operating (loss) income(78,327) 102,550  (201,507) 226,154  
OTHER EXPENSE:
Interest expense, net(68,136) (71,798) (134,600) (145,308) 
Loss on extinguishment of debt    (158)   
Unrealized gain (loss) on investments and marketable securities12,806  (1,398) (10,202) (2,858) 
Total other expense(55,330) (73,196) (144,960) (148,166) 
(Loss) income before income taxes(133,657) 29,354  (346,467) 77,988  
Benefit (provision) for income taxes33,661  (10,418) 70,833  (20,823) 
Net (loss) income$(99,996) $18,936  $(275,634) $57,165  
Net (loss) income per share of common stock:
Basic$(1.25) $0.24  $(3.49) $0.74  
Diluted$(1.25) $0.24  $(3.49) $0.73  
Weighted average basic shares outstanding80,053,676  77,682,759  79,009,373  77,625,303  
Weighted average diluted shares outstanding80,053,676  78,725,289  79,009,373  78,657,552  
The accompanying condensed notes are an integral part of these consolidated financial statements.
4


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(dollars in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net (loss) income$(99,996) $18,936  $(275,634) $57,165  
Other comprehensive income, net of tax        
Comprehensive (loss) income, net of tax$(99,996) $18,936  $(275,634) $57,165  
The accompanying condensed notes are an integral part of these consolidated financial statements.
5


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
Common StockTreasury Stock
SharesAmountPaid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
SharesAmountTotal
Balance, December 31, 201977,792,940  $1  $759,547  $366,463  $377  223,823  $(9,131) $1,117,257  
Issuance of restricted stock units
356,367  —  5,742  —  —  —  —  5,742  
Net loss—  —  —  (175,638) —  —  —  (175,638) 
Shares withheld related to net share settlement of stock awards
(122,590) —  (7,152) —  —  —  —  (7,152) 
Balance, March 31, 202078,026,717  $1  $758,137  $190,825  $377  223,823  $(9,131) $940,209  
Issuance of restricted stock units
71,887  —  4,229  —  —  —  —  4,229  
Issuance of common stock, net20,700,000  —  772,392  —  —  —  —  772,392  
Net loss—  —  (99,996) —  —  —  (99,996) 
Exercise of stock options15,300  —  62  —  —  —  —  62  
Shares withheld related to net share settlement of stock awards
(24,403) —  (447) —  —  —  —  (447) 
Balance, June 30, 202098,789,501  $1  $1,534,373  $90,829  $377  223,823  $(9,131) $1,616,449  
Balance, December 31, 201877,438,889  $1  $748,076  $290,206  $1  223,823  $(9,131) $1,029,153  
Cumulative change in accounting principle, net of tax
—  —  —  (4,744) —  —  —  (4,744) 
Issuance of restricted stock units
330,641  —  4,948  —  —  —  —  4,948  
Net income—  —  —  38,229  —  —  —  38,229  
Shares withheld related to net share settlement of stock awards
(106,542) —  (4,322) —  —  —  —  (4,322) 
Balance, March 31, 201977,662,988  $1  $748,702  $323,691  $1  223,823  $(9,131) $1,063,264  
Issuance of restricted stock units
169,248  —  6,509  —  —  —  —  6,509  
Net income—  —  —  18,936  —  —  —  18,936  
Shares withheld related to net share settlement of stock awards
(65,312) —  (3,190) —  —  —  —  (3,190) 
Balance, June 30, 201977,766,924  $1  $752,021  $342,627  $1  223,823  $(9,131) $1,085,519  
The accompanying condensed notes are an integral part of these consolidated financial statements.
6


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
Six Months Ended
June 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(275,634) $57,165  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization99,372  114,290  
Amortization of deferred financing costs, discount and debt premium8,497  9,186  
Deferred revenue(3,752) (3,182) 
Equity in loss of unconsolidated affiliates1,702  617  
Loss on extinguishment of debt158    
Lease amortization1,699  1,332  
Unrealized loss on investments10,202  2,858  
Stock compensation expense9,971  11,457  
Gain on sale of property and equipment(1,393) (21,952) 
Impairment charges160,758  958  
Benefit for deferred income taxes(52,293) (6,671) 
Other1,513  631  
Change in operating assets and liabilities:
Accounts receivable6,391  (3,786) 
Prepaid expenses and other assets(10,633) 3,347  
Income taxes payable1,291  (8,636) 
Accounts payable and accrued other liabilities(38,312) (29,756) 
Net cash (used in) provided by operating activities(80,463) 127,858  
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(41,014) (97,114) 
Purchase of restricted investments(116)   
Sale of restricted investments  4,985  
Proceeds from sale of businesses, property and equipment, net of cash sold543  167,609  
Investment in unconsolidated affiliates(812)   
Net cash (used in) provided by investing activities(41,399) 75,480  
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility465,000    
Payments under Revolving Credit Facility(357,000) (245,000) 
Payments on Term Loan(10,000)   
Debt issuance costs  (449) 
Proceeds from issuance of common stock772,392    
Proceeds from exercise of stock options62    
Taxes paid related to net share settlement of equity awards(7,599) (7,512) 
Payments on other long-term payables(144) (243) 
Net cash (used in) provided by financing activities862,711  (253,204) 
7


Six Months Ended
June 30,
20202019
Increase (decrease) in cash, cash equivalents and restricted cash740,849  (49,866) 
Cash, cash equivalents and restricted cash, beginning of period216,578  246,691  
Cash, cash equivalents and restricted cash, end of period$957,427  $196,825  
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents$950,483  $183,139  
Restricted cash3,017  7,258  
Restricted and escrow cash included in other assets, net3,927  6,428  
Total cash, cash equivalents and restricted cash$957,427  $196,825  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$126,485  $134,083  
Income taxes (refunded) paid, net(17,352) 38,210  
NON-CASH FINANCING ACTIVITIES:
Payables for capital expenditures4,129  14,525  
The accompanying condensed notes are an integral part of these consolidated financial statements.
8


CAESARS ENTERTAINMENT, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1. Organization and Basis of Presentation
Organization
The accompanying consolidated financial statements include the accounts of Caesars Entertainment, Inc., a Delaware corporation formerly known as Eldorado Resorts, Inc. (“ERI” or “Eldorado”), and its consolidated subsidiaries which may be referred to as the “Company,” “we,” “our,” or “us” within these financial statements.
The Company is a geographically diversified gaming and hospitality company with 23 gaming facilities in 11 states as of June 30, 2020. As of June 30, 2020, the Company’s properties were located in Colorado, Florida, Illinois, Indiana, Iowa, Mississippi, Missouri, Louisiana, Nevada, New Jersey and Ohio, and featured approximately 23,900 slot machines, video lottery terminals (“VLTs”) and e-tables, approximately 660 table games and approximately 11,300 hotel rooms. On July 20, 2020, the Company completed the merger in which a wholly-owned subsidiary of the Company merged with and into Caesars Entertainment Corporation (“Former Caesars”) with Former Caesars surviving as a wholly-owned subsidiary of the Company (the “Merger”) pursuant to the Agreement and Plan of Merger dated as of June 24, 2019 (as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of August 15, 2019, the “Merger Agreement”). As a result of the Merger, the Company currently owns an aggregate of 54 domestic properties in 16 states with approximately 60,400 slot machines, VLTs and e-tables, approximately