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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)
| | | | | |
Delaware | 46-3657681 |
(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)
(775) 328-0100
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.00001 par value | CZR | NASDAQ 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
PART I-FINANCIAL INFORMATION
Item 1. Financial Statements
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 investments | 9,035 | | | 3,507 | |
Marketable securities | 36,071 | | | 34,634 | |
Accounts receivable, net | 44,305 | | | 53,899 | |
Due from affiliates | 585 | | | 3,806 | |
Inventories | 17,369 | | | 18,379 | |
Prepaid expenses | 33,096 | | | 30,966 | |
Assets held for sale | 443,793 | | | 253,135 | |
Total current assets | 1,534,737 | | | 604,643 | |
Investment in and advances to unconsolidated affiliates | 134,939 | | | 135,828 | |
Property and equipment, net | 2,418,687 | | | 2,614,524 | |
Gaming licenses and other intangibles, net | 1,056,429 | | | 1,111,398 | |
Goodwill | 810,187 | | | 909,717 | |
Right-of-use assets | 127,550 | | | 188,219 | |
Other assets, net | 65,918 | | | 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 payable | 40,079 | | | 61,951 | |
Accrued property, gaming and other taxes | 32,035 | | | 43,050 | |
Accrued payroll and related | 42,676 | | | 62,337 | |
Accrued interest | 36,496 | | | 36,480 | |
Income taxes payable | 25,188 | | | 23,898 | |
Short-term lease obligation | 13,933 | | | 19,991 | |
Accrued other liabilities | 153,810 | | | 157,079 | |
Liabilities related to assets held for sale | 131,674 | | | 37,485 | |
Total current liabilities | 476,002 | | | 688,446 | |
Long-term financing obligation to GLPI | 975,792 | | | 970,519 | |
Long-term debt, less current portion | 2,670,739 | | | 2,324,541 | |
Deferred income taxes | 144,973 | | | 197,266 | |
Long-term lease obligation | 98,040 | | | 176,932 | |
Other long-term liabilities | 166,452 | | | 165,592 | |
Total liabilities | 4,531,998 | | | 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 capital | 1,534,373 | | | 759,547 | |
Retained earnings | 90,829 | | | 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 income | 377 | | | 377 | |
Total stockholders’ equity | 1,616,449 | | | 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.
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, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
REVENUES: | | | | | | | |
Casino and pari-mutuel commissions | $ | 101,479 | | | $ | 457,162 | | | $ | 441,228 | | | $ | 927,848 | |
Food and beverage | 6,567 | | | 75,356 | | | 62,813 | | | 150,637 | |
Hotel | 8,916 | | | 78,391 | | | 57,292 | | | 143,175 | |
Other | 9,508 | | | 26,212 | | | 38,206 | | | 51,284 | |
Net revenues | 126,470 | | | 637,121 | | | 599,539 | | | 1,272,944 | |
EXPENSES: | | | | | | | |
Casino and pari-mutuel commissions | 43,354 | | | 203,240 | | | 202,510 | | | 413,546 | |
Food and beverage | 8,250 | | | 59,497 | | | 61,505 | | | 119,882 | |
Hotel | 5,846 | | | 25,136 | | | 28,114 | | | 48,786 | |
Other | 1,179 | | | 10,723 | | | 10,360 | | | 21,972 | |
Marketing and promotions | 5,105 | | | 32,080 | | | 30,058 | | | 64,381 | |
General and administrative | 64,862 | | | 117,431 | | | 156,537 | | | 237,319 | |
Corporate | 13,050 | | | 21,051 | | | 29,532 | | | 37,805 | |
Impairment charges | — | | | — | | | 160,758 | | | 958 | |
Depreciation and amortization | 48,939 | | | 56,533 | | | 99,372 | | | 114,290 | |
Total operating expenses | 190,585 | | | 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 securities | 12,806 | | | (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 taxes | 33,661 | | | (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 outstanding | 80,053,676 | | | 77,682,759 | | | 79,009,373 | | | 77,625,303 | |
Weighted average diluted shares outstanding | 80,053,676 | | | 78,725,289 | | | 79,009,373 | | | 78,657,552 | |
The accompanying condensed notes are an integral part of these consolidated financial statements.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(dollars in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
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.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | Treasury Stock | | | | |
| Shares | | Amount | | Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Shares | | Amount | | Total |
Balance, December 31, 2019 | 77,792,940 | | | $ | 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, 2020 | 78,026,717 | | | $ | 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, net | 20,700,000 | | | — | | | 772,392 | | | — | | | — | | | — | | | — | | | 772,392 | |
Net loss | — | | | — | | | | | (99,996) | | | — | | | — | | | — | | | (99,996) | |
Exercise of stock options | 15,300 | | | — | | | 62 | | | — | | | — | | | — | | | — | | | 62 | |
Shares withheld related to net share settlement of stock awards | (24,403) | | | — | | | (447) | | | — | | | — | | | — | | | — | | | (447) | |
Balance, June 30, 2020 | 98,789,501 | | | $ | 1 | | | $ | 1,534,373 | | | $ | 90,829 | | | $ | 377 | | | 223,823 | | | $ | (9,131) | | | $ | 1,616,449 | |
| | | | | | | | | | | | | | | |
Balance, December 31, 2018 | 77,438,889 | | | $ | 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, 2019 | 77,662,988 | | | $ | 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, 2019 | 77,766,924 | | | $ | 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.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2020 | | 2019 |
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 amortization | 99,372 | | | 114,290 | |
Amortization of deferred financing costs, discount and debt premium | 8,497 | | | 9,186 | |
Deferred revenue | (3,752) | | | (3,182) | |
Equity in loss of unconsolidated affiliates | 1,702 | | | 617 | |
Loss on extinguishment of debt | 158 | | | — | |
Lease amortization | 1,699 | | | 1,332 | |
Unrealized loss on investments | 10,202 | | | 2,858 | |
Stock compensation expense | 9,971 | | | 11,457 | |
Gain on sale of property and equipment | (1,393) | | | (21,952) | |
Impairment charges | 160,758 | | | 958 | |
Benefit for deferred income taxes | (52,293) | | | (6,671) | |
Other | 1,513 | | | 631 | |
Change in operating assets and liabilities: | | | |
Accounts receivable | 6,391 | | | (3,786) | |
Prepaid expenses and other assets | (10,633) | | | 3,347 | |
Income taxes payable | 1,291 | | | (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 sold | 543 | | | 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 Facility | 465,000 | | | — | |
Payments under Revolving Credit Facility | (357,000) | | | (245,000) | |
Payments on Term Loan | (10,000) | | | — | |
Debt issuance costs | — | | | (449) | |
Proceeds from issuance of common stock | 772,392 | | | — | |
Proceeds from exercise of stock options | 62 | | | — | |
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 activities | 862,711 | | | (253,204) | |
| | | |
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2020 | | 2019 |
Increase (decrease) in cash, cash equivalents and restricted cash | 740,849 | | | (49,866) | |
Cash, cash equivalents and restricted cash, beginning of period | 216,578 | | | 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 cash | 3,017 | | | 7,258 | |
Restricted and escrow cash included in other assets, net | 3,927 | | | 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 expenditures | 4,129 | | | 14,525 | |
The accompanying condensed notes are an integral part of these consolidated financial statements.
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