czr-20210630
0001590895false12-312021Q2P5YP7YP5YP2YP3Y00015908952021-01-012021-06-30xbrli:shares00015908952021-07-29iso4217:USD00015908952021-06-3000015908952020-12-310001590895us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-06-300001590895us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001590895czr:CasinoAndPariMutuelCommissionsMember2021-04-012021-06-300001590895czr:CasinoAndPariMutuelCommissionsMember2020-04-012020-06-300001590895czr:CasinoAndPariMutuelCommissionsMember2021-01-012021-06-300001590895czr:CasinoAndPariMutuelCommissionsMember2020-01-012020-06-300001590895us-gaap:FoodAndBeverageMember2021-04-012021-06-300001590895us-gaap:FoodAndBeverageMember2020-04-012020-06-300001590895us-gaap:FoodAndBeverageMember2021-01-012021-06-300001590895us-gaap:FoodAndBeverageMember2020-01-012020-06-300001590895us-gaap:HotelOwnedMember2021-04-012021-06-300001590895us-gaap:HotelOwnedMember2020-04-012020-06-300001590895us-gaap:HotelOwnedMember2021-01-012021-06-300001590895us-gaap:HotelOwnedMember2020-01-012020-06-300001590895us-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895us-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895us-gaap:ProductAndServiceOtherMember2020-01-012020-06-3000015908952021-04-012021-06-3000015908952020-04-012020-06-3000015908952020-01-012020-06-300001590895us-gaap:SeniorNotesMember2021-01-012021-06-30iso4217:USDxbrli:shares0001590895us-gaap:CommonStockMember2019-12-310001590895us-gaap:AdditionalPaidInCapitalMember2019-12-310001590895us-gaap:RetainedEarningsMember2019-12-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001590895us-gaap:TreasuryStockMember2019-12-310001590895us-gaap:NoncontrollingInterestMember2019-12-3100015908952019-12-310001590895us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100015908952020-01-012020-03-310001590895us-gaap:RetainedEarningsMember2020-01-012020-03-310001590895us-gaap:CommonStockMember2020-03-310001590895us-gaap:AdditionalPaidInCapitalMember2020-03-310001590895us-gaap:RetainedEarningsMember2020-03-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001590895us-gaap:TreasuryStockMember2020-03-310001590895us-gaap:NoncontrollingInterestMember2020-03-3100015908952020-03-310001590895us-gaap:CommonStockMember2020-04-012020-06-300001590895us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001590895us-gaap:RetainedEarningsMember2020-04-012020-06-300001590895us-gaap:CommonStockMember2020-06-300001590895us-gaap:AdditionalPaidInCapitalMember2020-06-300001590895us-gaap:RetainedEarningsMember2020-06-300001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001590895us-gaap:TreasuryStockMember2020-06-300001590895us-gaap:NoncontrollingInterestMember2020-06-3000015908952020-06-300001590895us-gaap:CommonStockMember2020-12-310001590895us-gaap:AdditionalPaidInCapitalMember2020-12-310001590895us-gaap:RetainedEarningsMember2020-12-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001590895us-gaap:TreasuryStockMember2020-12-310001590895us-gaap:NoncontrollingInterestMember2020-12-310001590895us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100015908952021-01-012021-03-310001590895us-gaap:RetainedEarningsMember2021-01-012021-03-310001590895us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001590895us-gaap:CommonStockMember2021-03-310001590895us-gaap:AdditionalPaidInCapitalMember2021-03-310001590895us-gaap:RetainedEarningsMember2021-03-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001590895us-gaap:TreasuryStockMember2021-03-310001590895us-gaap:NoncontrollingInterestMember2021-03-3100015908952021-03-310001590895us-gaap:CommonStockMember2021-04-012021-06-300001590895us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001590895us-gaap:TreasuryStockMember2021-04-012021-06-300001590895us-gaap:RetainedEarningsMember2021-04-012021-06-300001590895us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001590895us-gaap:CommonStockMember2021-06-300001590895us-gaap:AdditionalPaidInCapitalMember2021-06-300001590895us-gaap:RetainedEarningsMember2021-06-300001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001590895us-gaap:TreasuryStockMember2021-06-300001590895us-gaap:NoncontrollingInterestMember2021-06-30xbrli:pure0001590895czr:SilverLegacyJointVentureMember2015-12-31iso4217:GBP0001590895czr:WilliamHillPLCMember2021-04-222021-04-22czr:property0001590895czr:CaesarsEntertainmentCorporationMember2021-06-30czr:stateczr:machineczr:gameczr:hotel0001590895czr:WilliamHillMember2021-04-220001590895czr:SeniorSecured540DayBridgeLoanFacilityMemberus-gaap:LineOfCreditMemberczr:WilliamHillMember2021-04-220001590895us-gaap:LineOfCreditMemberczr:WilliamHillMemberczr:SeniorSecured60DayBridgeLoanFacilityMember2021-05-120001590895czr:SeniorSecured540DayRevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberczr:WilliamHillMember2021-04-220001590895czr:WilliamHillMemberczr:DeutscheBankAGLondonBranchAndJPMorganChaseBankNAMember2020-10-062020-10-060001590895us-gaap:LineOfCreditMemberczr:WilliamHillMemberczr:SeniorSecured60DayBridgeLoanFacilityMember2021-05-122021-05-120001590895czr:SeniorSecuredRevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberczr:WilliamHillMember2021-06-140001590895czr:AssetSaleBridgeFacilityMemberus-gaap:LineOfCreditMemberczr:WilliamHillMember2021-06-140001590895us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-212021-01-2100015908952020-04-110001590895czr:A5ConvertibleNotesMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CaesarsEntertainmentCorporationMember2020-07-202020-07-200001590895czr:CaesarsEntertainmentCorporationMember2020-07-200001590895czr:GamingLicensesMemberczr:CaesarsEntertainmentCorporationMember2020-07-200001590895czr:CaesarsEntertainmentCorporationMemberus-gaap:TradeNamesMember2020-07-200001590895czr:CaesarsRewardsProgramsMemberczr:CaesarsEntertainmentCorporationMember2020-07-200001590895czr:CaesarsEntertainmentCorporationMemberus-gaap:CustomerRelationshipsMember2020-07-200001590895czr:CaesarsEntertainmentCorporationMember2021-01-012021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMember2021-01-012021-06-300001590895czr:GamingRightsAndOthersMember2021-01-012021-06-300001590895czr:CaesarsEntertainmentCorporationMember2021-04-012021-06-300001590895czr:WilliamHillMember2021-04-222021-04-22czr:sportsbook0001590895czr:WilliamHillMember2021-06-300001590895us-gaap:CommonStockMemberczr:WilliamHillMember2021-04-222021-04-220001590895czr:WilliamHillMemberczr:NetOfReceivableOrPayableMember2021-04-222021-04-220001590895czr:OffMarketRightMemberczr:WilliamHillMember2021-04-222021-04-22iso4217:GBPxbrli:shares0001590895us-gaap:CommonStockMemberczr:WilliamHillMember2021-04-220001590895czr:OperatingAgreementsMemberczr:WilliamHillMember2021-04-220001590895czr:WilliamHillMemberus-gaap:TradeNamesMember2021-04-220001590895czr:TechnologyMemberczr:WilliamHillMember2021-04-220001590895czr:RightsValueMemberczr:WilliamHillMember2021-04-220001590895czr:UserRelationshipMemberczr:WilliamHillMember2021-04-220001590895czr:WilliamHillMemberus-gaap:TrademarksMember2021-01-012021-06-300001590895czr:TechnologyMemberczr:WilliamHillMember2021-01-012021-06-300001590895czr:UserRelationshipMemberczr:WilliamHillMember2021-01-012021-06-300001590895czr:OperatingAgreementsMemberczr:WilliamHillMember2021-01-012021-06-300001590895czr:RightsValueMemberczr:WilliamHillMember2021-01-012021-06-300001590895czr:WilliamHillMember2021-04-012021-06-300001590895czr:WilliamHillMember2021-01-012021-06-300001590895czr:WilliamHillMember2021-04-222021-06-300001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-06-300001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-04-012020-06-300001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-06-300001590895czr:BelleOfBatonRougeCasinoHotelMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-01-012020-06-300001590895czr:EvansvilleMember2021-06-0300015908952021-06-032021-06-0300015908952021-04-062021-04-060001590895czr:MontBleuCasinoResortSpaMember2020-01-012020-06-300001590895czr:MontBleuCasinoResortSpaMember2020-06-300001590895czr:MontBleuCasinoResortSpaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300001590895czr:EvansvilleMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300001590895czr:MontBleuCasinoResortSpaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-06-300001590895czr:EvansvilleMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:EldoradoResortCasinoShreveportMember2020-04-012020-06-300001590895czr:KansasCityMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-04-012020-06-300001590895czr:VicksburgMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-04-012020-06-300001590895czr:MontBleuCasinoResortSpaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-04-012020-06-300001590895czr:EvansvilleMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-04-012020-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:EldoradoResortCasinoShreveportMember2020-01-012020-06-300001590895czr:KansasCityMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-01-012020-06-300001590895czr:VicksburgMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-01-012020-06-300001590895czr:MontBleuCasinoResortSpaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-01-012020-06-300001590895czr:EvansvilleMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-01-012020-06-300001590895czr:MontBleuCasinoResortSpaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001590895czr:EvansvilleMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001590895czr:EmeraldResortsAndCasinoMember2021-06-300001590895czr:HarrahsLouisianaDownsMember2020-09-030001590895czr:CaesarsSouthernIndianaMemberczr:EasternBandOfCherokeeIndiansEBCIMember2020-12-240001590895czr:HarrahsLouisianaDownsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsUKMember2021-04-012021-06-300001590895czr:CaesarsSouthernIndianaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2021-04-012021-06-300001590895czr:HarrahsLouisianaDownsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsUKMember2021-01-012021-06-300001590895czr:CaesarsSouthernIndianaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2021-01-012021-06-300001590895czr:HarrahsLouisianaDownsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsUKMember2021-06-300001590895czr:CaesarsSouthernIndianaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-06-300001590895czr:HarrahsLouisianaDownsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsUKMember2020-12-310001590895czr:CaesarsSouthernIndianaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:AssetSaleBridgeFacilityMember2021-06-300001590895czr:SeniorNotesDue2026Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:SeniorNotesDue2023Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2021-01-012021-06-300001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:WilliamHillMember2019-01-292019-01-290001590895czr:NeoGamesSAMember2021-06-300001590895czr:NeoGamesSAMember2021-01-012021-06-300001590895czr:CordishCompaniesMember2021-01-012021-06-300001590895czr:PompanoJointVentureMember2018-04-012021-06-30utr:acre0001590895czr:PompanoJointVentureMember2021-02-122021-02-120001590895czr:PompanoJointVentureMember2021-01-012021-06-300001590895czr:PompanoJointVentureMember2021-06-300001590895us-gaap:LandAndLandImprovementsMember2021-06-300001590895us-gaap:LandAndLandImprovementsMember2020-12-310001590895czr:BuildingsRiverboatsLeaseholdAndLandImprovementsMember2021-06-300001590895czr:BuildingsRiverboatsLeaseholdAndLandImprovementsMember2020-12-310001590895us-gaap:FurnitureAndFixturesMember2021-06-300001590895us-gaap:FurnitureAndFixturesMember2020-12-310001590895us-gaap:ConstructionInProgressMember2021-06-300001590895us-gaap:ConstructionInProgressMember2020-12-310001590895czr:FinanceLeaseObligationsMember2021-04-012021-06-300001590895czr:FinanceLeaseObligationsMember2020-04-012020-06-300001590895czr:FinanceLeaseObligationsMember2021-01-012021-06-300001590895czr:FinanceLeaseObligationsMember2020-01-012020-06-300001590895us-gaap:TrademarksMember2021-01-012021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMembersrt:MinimumMember2021-01-012021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMembersrt:MaximumMember2021-01-012021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMember2021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMember2020-12-310001590895czr:GamingRightsAndOthersMembersrt:MinimumMember2021-01-012021-06-300001590895czr:GamingRightsAndOthersMembersrt:MaximumMember2021-01-012021-06-300001590895czr:GamingRightsAndOthersMember2021-06-300001590895czr:GamingRightsAndOthersMember2020-12-310001590895us-gaap:TrademarksMember2021-06-300001590895us-gaap:TrademarksMember2020-12-310001590895czr:ReacquiredRightsMember2021-01-012021-06-300001590895czr:ReacquiredRightsMember2021-06-300001590895czr:ReacquiredRightsMember2020-12-310001590895us-gaap:TechnologyBasedIntangibleAssetsMember2021-01-012021-06-300001590895us-gaap:TechnologyBasedIntangibleAssetsMember2021-06-300001590895us-gaap:TechnologyBasedIntangibleAssetsMember2020-12-310001590895czr:IndefinitelivedTradeNamesMember2021-06-300001590895czr:IndefinitelivedTradeNamesMember2020-12-310001590895us-gaap:LicensingAgreementsMember2021-06-300001590895us-gaap:LicensingAgreementsMember2020-12-310001590895czr:CaesarsRewardsProgramsMember2021-06-300001590895czr:CaesarsRewardsProgramsMember2020-12-310001590895us-gaap:CustomerRelatedIntangibleAssetsMember2021-04-012021-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMember2020-04-012020-06-300001590895us-gaap:CustomerRelatedIntangibleAssetsMember2020-01-012020-06-300001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-06-300001590895us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-06-300001590895us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001590895us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001590895us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895czr:FormerCaesars5ConvertibleNotesMemberus-gaap:SeniorNotesMember2017-10-060001590895czr:A5ConvertibleNotesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001590895us-gaap:FairValueInputsLevel2Memberczr:A5ConvertibleNotesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberczr:A5ConvertibleNotesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895czr:A5ConvertibleNotesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001590895us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberczr:RestrictedCashAndInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001590895us-gaap:FairValueInputsLevel3Memberczr:RestrictedCashAndInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-06-300001590895us-gaap:FairValueInputsLevel3Memberczr:RestrictedCashAndInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001590895czr:TheStarsGroupIncorporationMember2021-01-012021-06-300001590895czr:MarketableSecuritiesMemberczr:TheStarsGroupIncorporationMember2021-06-300001590895czr:MarketableSecuritiesMemberczr:TheStarsGroupIncorporationMember2020-12-310001590895czr:TheStarsGroupIncorporationMember2020-04-012020-06-300001590895us-gaap:SubsequentEventMemberczr:TheStarsGroupIncorporationMember2021-07-072021-07-070001590895czr:FormerCaesars5ConvertibleNotesMemberus-gaap:SeniorNotesMember2021-06-300001590895us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-04-230001590895us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-04-232021-04-230001590895us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-01-012021-06-300001590895us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-04-012021-06-300001590895us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SubsequentEventMember2021-07-21czr:agreement0001590895czr:CRCCreditAgreementMember2021-06-300001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveDec312018MaturingDec312022Period1Member2021-06-300001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveDec312018MaturingDec312022Period2Member2021-06-300001590895czr:InterestRateSwapEffectiveDec312018MaturingDec312022Period3Memberus-gaap:InterestRateSwapMember2021-06-300001590895czr:InterestRateSwapEffectiveJan12019MaturingDec312021Period1Memberus-gaap:InterestRateSwapMember2021-06-300001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveJan12019MaturingDec312021Period2Member2021-06-300001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveJan12019MaturingDec312022Member2021-06-300001590895czr:InterestRateSwapEffectiveJan22019MaturingDec312021Memberus-gaap:InterestRateSwapMember2021-06-300001590895us-gaap:InterestExpenseMember2021-04-012021-06-300001590895us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-06-300001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2020-12-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-01-012021-03-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-03-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-03-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-04-012021-06-300001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-04-012021-06-300001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-06-300001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-06-300001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001590895czr:DeclaratoryReliefFromCentaurHoldingsLLCMember2020-07-142020-07-140001590895czr:InsuranceCarriersMember2021-01-012021-06-300001590895czr:CasinoOperatingContractAndGroundLeaseForHarrahsNewOrleansMember2020-04-010001590895czr:AtlanticCityMember2021-06-300001590895czr:AtlanticCityMember2021-01-012021-06-300001590895czr:SportsSponsorshipAndPartnershipObligationsMember2021-06-300001590895czr:HarrahsNewOrLeansMember2021-06-012021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCRevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895czr:CRCTermLoanBMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCTermLoanBMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCTermLoanBMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CEIRevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCTermLoanB1Memberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCTermLoanB1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCTermLoanB1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895czr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895czr:CRCSeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CRCSeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895czr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895czr:CEISeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-06-300001590895czr:CEISeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-12-310001590895us-gaap:SeniorNotesMemberczr:ConventionCenterMortgageLoanMember2021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:ConventionCenterMortgageLoanMember2021-06-300001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:ConventionCenterMortgageLoanMember2021-06-300001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:ConventionCenterMortgageLoanMember2020-12-310001590895czr:A5ConvertibleNotesMember2021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:A5ConvertibleNotesMember2021-06-300001590895czr:A5ConvertibleNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001590895czr:A5ConvertibleNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001590895czr:CRCNotesMember2021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCNotesMember2021-06-300001590895czr:CRCNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001590895czr:CRCNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001590895czr:CEISeniorNotesDue2027Member2021-06-300001590895czr:CEISeniorNotesDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001590895czr:CEISeniorNotesDue2027Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001590895czr:CEISeniorNotesDue2027Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001590895us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001590895us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001590895czr:CRCTermLoanBMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SeniorNotesMember2021-01-012021-06-300001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LondonInterbankOfferedRateLIBORMemberczr:CRCTermLoanB1Memberus-gaap:SeniorNotesMember2021-01-012021-06-300001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2017-12-222017-12-220001590895us-gaap:LineOfCreditMemberczr:FirstLienTermLoanMember2017-12-220001590895us-gaap:LineOfCreditMemberczr:FirstLienTermLoanMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberczr:CaesarsResortCollectionMemberus-gaap:LineOfCreditMember2017-12-220001590895czr:CaesarsResortCollectionMemberus-gaap:LetterOfCreditMember2017-12-220001590895czr:CRCCreditAgreementMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895czr:CRCCreditAgreementMemberus-gaap:FederalFundsEffectiveSwapRateMember2017-12-222017-12-220001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CRCCreditAgreementMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895czr:CRCIncrementalTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-12-222017-12-220001590895czr:CRCIncrementalTermLoanMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CRCRevolvingCreditFacilityMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMember2017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2017-12-222017-12-220001590895us-gaap:LetterOfCreditMember2017-12-220001590895czr:CRCRevolvingCreditFacilityMember2021-06-300001590895us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2021-06-300001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-202020-07-200001590895us-gaap:LineOfCreditMemberczr:CEIRevolvingCreditFacilityMember2020-07-200001590895us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2020-07-200001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-07-202020-07-200001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2020-07-202020-07-200001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895us-gaap:PrimeRateMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:BaseRateMember2020-07-202020-07-200001590895czr:CEIRevolvingCreditFacilityMember2020-07-200001590895czr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895czr:RevolvingCreditFacilityUnderSecuredCreditFacilityMember2021-06-300001590895us-gaap:LetterOfCreditMember2021-06-300001590895czr:CEIRevolvingCreditFacilityMember2021-06-300001590895czr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895czr:VICIPropertiesLPMember2020-09-180001590895czr:VICIPropertiesLPMemberczr:ConventionCenterMortgageLoanMember2020-09-180001590895czr:VICIPropertiesLPMemberczr:ConventionCenterMortgageLoanMember2020-09-182020-09-180001590895czr:FormerCaesars5ConvertibleNotesMemberus-gaap:SeniorNotesMember2021-01-012021-06-300001590895czr:A525CRCNotesDue2025Memberus-gaap:SeniorNotesMember2017-10-160001590895czr:CEISeniorNotesDue2027Member2020-07-060001590895czr:LasVegasMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:RegionalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2021-04-012021-06-300001590895us-gaap:CasinoMember2021-04-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:FoodAndBeverageMemberus-gaap:CorporateNonSegmentMember2021-04-012021-06-300001590895us-gaap:HotelOwnedMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:HotelOwnedMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:HotelOwnedMemberus-gaap:CorporateNonSegmentMember2021-04-012021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2021-04-012021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001590895us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001590895czr:LasVegasMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:RegionalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001590895us-gaap:CasinoMember2020-04-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:FoodAndBeverageMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001590895us-gaap:HotelOwnedMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:HotelOwnedMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:HotelOwnedMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001590895us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001590895czr:LasVegasMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:RegionalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001590895us-gaap:CasinoMember2021-01-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:FoodAndBeverageMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:FoodAndBeverageMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001590895us-gaap:HotelOwnedMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:HotelOwnedMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:HotelOwnedMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2021-01-012021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001590895us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001590895czr:LasVegasMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:RegionalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001590895us-gaap:CasinoMember2020-01-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:FoodAndBeverageMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:FoodAndBeverageMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001590895us-gaap:HotelOwnedMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:HotelOwnedMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:HotelOwnedMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001590895us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001590895us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001590895us-gaap:CasinoMember2021-06-300001590895us-gaap:CasinoMember2020-12-310001590895czr:FoodBeverageAndHotelMember2021-06-300001590895czr:FoodBeverageAndHotelMember2020-12-310001590895us-gaap:ProductAndServiceOtherMember2021-06-300001590895us-gaap:ProductAndServiceOtherMember2020-12-310001590895czr:OutstandingChipLiabilityMember2020-12-310001590895czr:OutstandingChipLiabilityMember2019-12-310001590895czr:CaesarsRewardsProgramsMember2020-12-310001590895czr:CaesarsRewardsProgramsMember2019-12-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2020-12-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2019-12-310001590895czr:OutstandingChipLiabilityMember2021-06-300001590895czr:OutstandingChipLiabilityMember2020-06-300001590895czr:CaesarsRewardsProgramsMember2021-06-300001590895czr:CaesarsRewardsProgramsMember2020-06-300001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2021-06-300001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2020-06-300001590895czr:OutstandingChipLiabilityMember2021-01-012021-06-300001590895czr:OutstandingChipLiabilityMember2020-01-012020-06-300001590895czr:CaesarsRewardsProgramsMember2021-01-012021-06-300001590895czr:CaesarsRewardsProgramsMember2020-01-012020-06-300001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2021-01-012021-06-300001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2020-01-012020-06-300001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2021-04-012021-06-300001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-06-300001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001590895us-gaap:RealEstateMember2021-04-012021-06-300001590895us-gaap:RealEstateMember2021-01-012021-06-300001590895us-gaap:RealEstateMember2020-04-012020-06-300001590895us-gaap:RealEstateMember2020-01-012020-06-300001590895us-gaap:StockCompensationPlanMember2021-04-012021-06-300001590895us-gaap:StockCompensationPlanMember2020-04-012020-06-300001590895us-gaap:StockCompensationPlanMember2021-01-012021-06-300001590895us-gaap:StockCompensationPlanMember2020-01-012020-06-300001590895us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001590895us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2021-01-012021-06-300001590895us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2021-01-012021-06-300001590895us-gaap:PerformanceSharesMember2021-01-012021-06-300001590895us-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-06-300001590895us-gaap:PerformanceSharesMembersrt:MaximumMember2021-01-012021-06-300001590895us-gaap:PerformanceSharesMember2021-06-300001590895czr:MarketBasedStockUnitsMember2021-01-012021-06-300001590895czr:MarketBasedStockUnitsMembersrt:MinimumMember2021-01-012021-06-300001590895czr:MarketBasedStockUnitsMembersrt:MaximumMember2021-01-012021-06-300001590895czr:MarketBasedStockUnitsMember2021-06-300001590895us-gaap:RestrictedStockUnitsRSUMember2021-06-300001590895us-gaap:RestrictedStockUnitsRSUMember2020-12-310001590895us-gaap:PerformanceSharesMember2020-12-310001590895czr:MarketBasedStockUnitsMember2020-12-310001590895us-gaap:CommonStockMember2018-11-300001590895us-gaap:CommonStockMember2021-01-012021-06-300001590895us-gaap:CommonStockMember2020-01-012020-06-3000015908952021-06-1600015908952021-06-170001590895czr:LiabilitiesRelatedToAssetsHeldForSaleMemberczr:WilliamHillMember2021-06-300001590895czr:LiabilitiesRelatedToAssetsHeldForSaleMemberczr:WilliamHillMember2021-01-012021-06-300001590895czr:RecreationalEnterprisesIncMember2021-06-300001590895czr:CaranoFamilyMember2020-01-012020-06-300001590895czr:CaranoFamilyMember2021-01-012021-06-30utr:sqft0001590895czr:CSAndYAssociatesMember2021-06-300001590895czr:CSAndYAssociatesMember2021-04-012021-06-300001590895czr:CSAndYAssociatesMember2020-12-310001590895czr:HorseshoeBaltimoreMemberczr:CaesarsEntertainmentCorporationMembersrt:AffiliatedEntityMember2021-06-300001590895czr:HorseshoeBaltimoreMemberczr:ManagementFeesMembersrt:AffiliatedEntityMember2021-04-012021-06-300001590895czr:HorseshoeBaltimoreMemberczr:ManagementFeesMembersrt:AffiliatedEntityMember2021-01-012021-06-30czr:segment0001590895czr:ConferenceCenterMember2021-06-30czr:ballroom0001590895us-gaap:SegmentDiscontinuedOperationsMemberczr:RegionalAndManagedInternationalAndCIEMember2021-01-012021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-06-300001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2020-12-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2021-06-300001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2020-12-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-06-300001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2020-12-310001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2021-06-300001590895czr:ManagedInternationalCIEMemberus-gaap:OperatingSegmentsMember2020-12-310001590895us-gaap:CorporateNonSegmentMember2021-06-300001590895us-gaap:CorporateNonSegmentMember2020-12-31



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, 2021
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, 12th Floor, Reno, Nevada 89501
(Address and zip code of principal executive offices)
(775328-0100
(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 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 29, 2021 was 213,429,619.



CAESARS ENTERTAINMENT, INC.
TABLE OF CONTENTS
Page
 
 
 
 
 






PART I - FINANCIAL INFORMATION
Item 1.  Unaudited Financial Statements
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(In millions)June 30,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,128 $1,776 
Restricted cash and investments237 2,021 
Accounts receivable, net395 342 
Due from affiliates25 44 
Inventories41 44 
Prepayments and other current assets242 253 
Assets held for sale ($0 and $130 attributable to our VIEs)
4,248 1,583 
Total current assets6,316 6,063 
Investment in and advances to unconsolidated affiliates526 173 
Property and equipment, net 14,393 14,735 
Gaming rights and other intangibles, net5,173 4,283 
Goodwill11,238 9,864 
Other assets, net1,170 1,267 
Total assets$38,816 $36,385 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$217 $167 
Accrued interest317 229 
Accrued other liabilities1,613 1,263 
Current portion of long-term debt67 67 
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)
3,238 787 
Total current liabilities5,452 2,513 
Long-term financing obligation12,374 12,295 
Long-term debt13,838 14,073 
Deferred income taxes1,144 1,166 
Other long-term liabilities846 1,304 
Total liabilities33,654 31,351 
Commitments and contingencies (Note 8)


STOCKHOLDERS' EQUITY:
Caesars stockholders’ equity5,134 5,016 
Noncontrolling interests28 18 
Total stockholders’ equity5,162 5,034 
Total liabilities and stockholders’ equity$38,816 $36,385 
The accompanying notes are an integral part of these consolidated condensed financial statements.
2


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data)2021202020212020
REVENUES:
Casino and pari-mutuel commissions$1,571 $101 $2,798 $441 
Food and beverage281 7 450 63 
Hotel396 9 611 57 
Other254 10 435 39 
Net revenues2,502 127 4,294 600 
EXPENSES:
Casino and pari-mutuel commissions694 45 1,281 224 
Food and beverage166 9 274 62 
Hotel106 6 187 28 
Other79 1 148 10 
General and administrative418 67 798 165 
Corporate76 14 142 30 
Impairment charges   161 
Depreciation and amortization301 49 566 99 
Transaction costs and other operating costs72 15 92 23 
Total operating expenses1,912 206 3,488 802 
Operating income (loss)590 (79)806 (202)
OTHER EXPENSE:
Interest expense, net(576)(68)(1,155)(135)
Loss on extinguishment of debt(23) (23) 
Other income (loss)110 13 (23)(10)
Total other expense(489)(55)(1,201)(145)
Income (loss) from continuing operations before income taxes101 (134)(395)(347)
Benefit for income taxes1 34 77 71 
Net income (loss) from continuing operations, net of income taxes102 (100)(318)(276)
Discontinued operations, net of income taxes(30) (34) 
Net income (loss)72 (100)(352)(276)
Net income attributable to noncontrolling interests(1)   
Net income (loss) attributable to Caesars$71 $(100)$(352)$(276)
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations$0.48 $(1.25)$(1.52)$(3.49)
Basic loss per share from discontinued operations(0.14) (0.16) 
Basic income (loss) per share$0.34 $(1.25)$(1.68)$(3.49)
Diluted income (loss) per share from continuing operations$0.48 $(1.25)$(1.52)$(3.49)
Diluted loss per share from discontinued operations(0.14) (0.16) 
Diluted income (loss) per share$0.34 $(1.25)$(1.68)$(3.49)
Weighted average basic shares outstanding209 80 209 79 
Weighted average diluted shares outstanding211 80 209 79 
The accompanying notes are an integral part of these consolidated condensed financial statements.
3


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2021202020212020
Net income (loss)$72 $(100)$(352)$(276)
Foreign currency translation adjustments(11) (11) 
Change in fair market value of interest rate swaps, net of tax10  22  
Other3  2  
Other comprehensive income, net of tax2  13  
Comprehensive income (loss)74 (100)(339)(276)
Comprehensive income attributable to noncontrolling interests(1)   
Comprehensive income (loss) attributable to Caesars$73 $(100)$(339)$(276)
The accompanying notes are an integral part of these consolidated condensed financial statements.
4


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Income
AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 201978 $ $760 $366 $ $(9)$ $1,117 
Issuance of restricted stock units— — 6 — — — — 6 
Net loss— — — (176)— — — (176)
Shares withheld related to net share settlement of stock awards— — (7)— — — — (7)
Balance, March 31, 202078  759 190  (9) 940 
Issuance of restricted stock units — 4 — — — — 4 
Issuance of common stock21 — 772 — — — — 772 
Net loss— — — (100)— — — (100)
Balance, June 30, 202099 $ $1,535 $90 $ $(9)$ $1,616 
Balance, December 31, 2020208 $ $6,382 $(1,391)$34 $(9)$18 $5,034 
Issuance of restricted stock units— — 23 — — — — 23 
Net loss— — — (423)— — (1)(424)
Other comprehensive income, net of tax— — — — 11 — — 11 
Shares withheld related to net share settlement of stock awards— — (14)— — — — (14)
Balance, March 31, 2021208  6,391 (1,814)45 (9)17 4,630 
Issuance of restricted stock units
 — 21 — — — — 21 
Issuance of common stock, net5 — 454 — — (14)— 440 
Net income— — — 71 — — 1 72 
Other comprehensive income, net of tax— — — — 2 — — 2 
Shares withheld related to net share settlement of stock awards
 — (13)— — — — (13)
Acquired noncontrolling interests— — — — — — 10 10 
Balance, June 30, 2021213 $ $6,853 $(1,743)$47 $(23)$28 $5,162 
The accompanying notes are an integral part of these consolidated condensed financial statements.
5


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended June 30,
(In millions)20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$672 $(81)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(177)(41)
Acquisition of William Hill, net of cash acquired(2,042) 
Acquisition of gaming rights and trademarks(272) 
Proceeds from sale of businesses, property and equipment, net of cash sold460  
Proceeds from the sale of investments44  
Proceeds from insurance related to property damage40  
Investments in unconsolidated affiliates(33)(1)
Net cash used in investing activities(1,980)(42)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities 465 
Repayments of long-term debt and revolving credit facilities(35)(367)
Cash paid to settle convertible notes(367) 
Proceeds from issuance of common stock 772 
Taxes paid related to net share settlement of equity awards(27)(7)
Net cash provided by (used in) financing activities(429)863 
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities(67) 
Cash flows from investing activities(916) 
Cash flows from financing activities591  
Net cash used in discontinued operations(392) 
Effect of foreign currency exchange rates on cash19  
Increase (decrease) in cash, cash equivalents and restricted cash(2,110)740 
Cash, cash equivalents and restricted cash, beginning of period4,280 217 
Cash, cash equivalents and restricted cash, end of period$2,170 $957 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$1,128 $950 
Restricted cash included in restricted cash and investments237 3 
Restricted and escrow cash included in other assets, net385 4 
Cash and cash equivalents and restricted cash - discontinued operations420  
Total cash, cash equivalents and restricted cash$2,170 $957 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$923 $126 
Income taxes refunded, net (17)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures54 4 
Convertible notes settled with shares
440  
Land contributed to joint venture61  
The accompanying notes are an integral part of these consolidated condensed financial statements.
6

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
The accompanying consolidated condensed financial statements include the accounts of Caesars Entertainment, Inc., a Delaware corporation, and its consolidated subsidiaries which may be referred to as the “Company,” “CEI,” “Caesars,” “we,” “our,” or “us” within these financial statements.
This Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Annual Report”). Capitalized terms used but not defined in this Form 10-Q have the same meanings as in the 2020 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 Consolidated Condensed Statements of Comprehensive Income (Loss) as our “Statements of Operations,” and (iv) our Consolidated Condensed Statements of Cash Flows as our “Statements of Cash Flows.”
Note 1. Organization and Basis of Presentation
Organization
The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. The Company partnered with MGM Resorts International to build Silver Legacy Resort Casino in Reno, Nevada in 1993 and, beginning in 2005, grew through a series of acquisitions, including the acquisition of Eldorado Resort Casino Shreveport (“Eldorado Shreveport”) in 2005, MTR Gaming Group, Inc. in 2014, Circus Circus Reno and the 50% membership interest in the Silver Legacy that was owned by MGM Resorts International in 2015, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Grand Victoria Casino (“Elgin”) and Tropicana Entertainment, Inc. (“Tropicana”) in 2018. On July 20, 2020, the Company completed the merger with Caesars Entertainment Corporation (“Former Caesars”) pursuant to which Former Caesars became a wholly-owned subsidiary of the Company (the “Merger”).
On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $4.0 billion (the “William Hill Acquisition”). See below for further discussion of the William Hill Acquisition.
The Company owns, leases or manages an aggregate of 52 domestic properties in 16 states with approximately 55,300 slot machines, video lottery terminals (“VLTs”) and e-tables, approximately 3,000 table games and approximately 46,200 hotel rooms as of June 30, 2021. The Company operates and conducts sports wagering across 17 states plus the District of Columbia and operates regulated online real money gaming businesses in five states. In addition, we have other domestic and international properties that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. Upon completion of our previously announced sales, or expected sales, of certain gaming properties, we expect to continue to own, lease or manage 49 properties. The Company’s primary source of revenue is generated by our casino properties’ gaming operations, as well as online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, sportsbook offerings, retail shops and other services to attract customers to its properties.
The Company has entered into several agreements to divest of certain properties and initiated plans to divest of other assets, including non-core properties or divestitures required by regulatory agencies. See Note 3 for a discussion of properties recently sold or currently held for sale and Note 15 for segment information.
Certain properties, including Harrah’s Louisiana Downs, Caesars Southern Indiana and Caesars Entertainment UK, including Emerald Resort & Casino (together “Caesars UK Group”), met held for sale criteria as of the date of the closing of the Merger. Additionally, as described below, William Hill non-U.S. operations met held for sale criteria as of the date of the closing of the William Hill Acquisition. These properties are appropriately classified as discontinued operations.
William Hill Acquisition
On September 30, 2020, the Company announced that it had reached an agreement with William Hill PLC on the terms of a recommended cash acquisition pursuant to which the Company would acquire the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill PLC, in an all-cash transaction. On April 20, 2021, a UK Court sanctioned the proposed acquisition and on April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $4.0 billion. See Note 2.
In connection with the William Hill Acquisition, on April 22, 2021, a newly formed subsidiary of the Company (the “Bridge Facility Borrower”) entered into a Credit Agreement (the “Bridge Credit Agreement”) with certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, pursuant to which the lenders party thereto
7

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
provided the Debt Financing (as defined below). The Bridge Credit Agreement provides for (a) a 540-day £1.0 billion asset sale bridge facility, (b) a 60-day £503 million cash confirmation bridge facility and (c) a 540-day £116 million revolving credit facility (collectively, the “Debt Financing”). The proceeds of the bridge loan facilities provided under the Bridge Credit Agreement were used (i) to pay a portion of the cash consideration for the acquisition and (ii) to pay fees and expenses related to the acquisition and related transactions. The proceeds of the revolving credit facility under the Bridge Credit Agreement may be used for working capital and general corporate purposes. The £1.5 billion Interim Facilities Agreement (the “Interim Facilities Agreement”) entered into on October 6, 2020 with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A., and amended on December 11, 2020, was terminated upon the execution of the Bridge Credit Agreement. On May 12, 2021, we repaid the £503 million cash confirmation bridge facility. On June 14, 2021, the Company drew down the full £116 million from the revolving credit facility and the proceeds, in addition to excess Company cash, were used to make a partial repayment of the asset sale bridge facility in the amount of £700 million. Outstanding borrowings under the Bridge Credit Agreement are expected to be repaid upon the sale of William Hill’s non-U.S. operations including the UK and international online divisions and the retail betting shops (collectively, “William Hill International”), all of which are held for sale and related activity is reflected within discontinued operations. See Note 3. Certain investments acquired will be excluded from the held for sale asset group. See Note 7 for investments in which the Company elected to apply the fair value option.
Reclassifications
Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Marketing and promotions expense previously disclosed for the three and six months ended June 30, 2020 has been reclassified to Casino and pari-mutuel commissions expense and General and administrative expense based on the nature of the expense.
In June 2021, the Indiana Gaming Commission (“IGC”) amended its order that previously required the Company to sell a third casino asset in the state. As a result, Caesars will not be required to sell Horseshoe Hammond and Horseshoe Hammond no longer meets the held for sale criteria. The assets and liabilities held for sale have been reclassified as held and used for all periods presented measured at the lower of the carrying amount, adjusted for depreciation and amortization that would have been recognized had the assets been continuously classified as held and used, and the fair value at the date of the amended ruling. Additionally, amounts previously presented in discontinued operations have been reclassified into continuing operations for all periods presented.
Basis of Presentation
The accompanying unaudited consolidated condensed financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period.
The William Hill Acquisition and rebranding of our interactive business (formerly, Caesars Interactive Entertainment “CIE” and now, inclusive of William Hill US, “Caesars Digital”) expands our access to conduct sports wagering and real online money gaming operations. As a result, the Company has made a change to the composition of its reportable segments. The Las Vegas and Regional segments are substantially unchanged, while the former Managed, International and CIE reportable segment has been recast for all periods presented into two segments; Caesars Digital and Managed and International. See Note 15 for a listing of properties included in each segment and the determination of our segments.
The presentation of financial information herein for the periods after the Company’s acquisition of Former Caesars on July 20, 2020 and of William Hill on April 22, 2021 is not fully comparable to the periods prior to the acquisitions. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties is not fully comparable to the periods prior to their respective sale dates. See Note 2 for further discussion of the acquisitions and related transactions and Note 3 for properties recently sold or currently held for sale.
Consolidation of Subsidiaries and Variable Interest Entities
Our consolidated condensed financial statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions.
We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage,
8

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
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 as investments in equity securities.
We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. 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, there may be a material effect to our financial statements.
Consolidation of Korea Joint Venture
The Company had 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 was a VIE and the Company was the primary beneficiary, and therefore, we had consolidated the Korea JV into our financial statements. As of December 31, 2020, the assets and liabilities of the Korea JV were classified as held for sale and consisted of $130 million of Property and equipment and Other assets and $130 million of current and other long-term liabilities. We sold our interest in the Korea JV on January 21, 2021 and derecognized its assets and liabilities from our Balance Sheets. There was no gain or loss associated with the sale.
Developments Related to COVID-19
In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and has since spread throughout much of the world, including the U.S. All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of COVID-19. As of June 30, 2021, the Company has resumed operations at substantially all of its properties, to the extent permitted by regulations governing the applicable jurisdiction, with the exception of Lake Charles which was severely damaged by Hurricane Laura (see Note 8), and Caesars Windsor. Caesars Windsor reopened under the new provincial guidelines on July 23, 2021. During the six months ended June 30, 2021, most of our properties have experienced positive trends as restrictions on maximum capacities and amenities available are eased.
The Company continued to pay its full-time employees through April 10, 2020, including tips and tokens. Effective April 11, 2020, the Company furloughed approximately 90% of its employees, implemented salary reductions and committed to continue to provide benefits to its employees through their furloughed period. The Company emphasized a focus on labor efficiencies as the Company’s workforce returns and operations resume in compliance with governmental or tribal orders, directives, and guidelines.
The COVID-19 public health emergency had a material adverse effect on the Company’s business, financial condition and results of operations for comparative periods in 2020, including the three and six months ended June 30, 2020, and for the three months ended March 31, 2021. As a result, the terms of our debt arrangements provide that the financial covenant measurement period is not effective through September 30, 2021, so long as we comply with a minimum liquidity requirement. See Note 9. In addition, on March 19, 2021, the Company filed a lawsuit against its insurance carriers for losses attributed to the COVID-19 public health emergency. See Note 8. Due to a triggering event resulting from the COVID-19 public health emergency, the Company recognized impairment charges of $116 million related to goodwill and trade names during the six months ended June 30, 2020.
Although the Company is experiencing positive operating trends thus far in 2021, the extent of the ongoing and future effects of the COVID-19 public health emergency on the Company’s business and the casino resort industry generally is uncertain. The extent and duration of the negative impact of the COVID-19 public health emergency will ultimately depend on future developments, including but not limited to, the duration and severity of the outbreak or new variants, restrictions on operations imposed by governmental authorities, the potential for authorities reimposing stay at home orders, travel restrictions or additional restrictions in response to continued developments with the COVID-19 public health emergency, the Company’s ability to adapt to evolving operating procedures, the impact on consumer demand and discretionary spending, the length of time it takes for demand to return, the efficacy and acceptance of vaccines, and the Company’s ability to adjust its cost structures for the duration of any such interruption of its operations.
9

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”).
Effective January 1, 2021, we adopted Accounting Standards Updates (“ASU”) 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, which did not have a material effect on our financial statements.
The following ASUs were not implemented as of June 30, 2021:
Previously Disclosed
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The amendments in this update are intended to provide relief to the companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 and companies may elect to apply the amendments prospectively through December 31, 2022. The Company has not yet adopted this new guidance and is evaluating the qualitative and quantitative effect the new guidance will have on its Financial Statements.
In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging. This update amends guidance on convertible instruments and the guidance on derivative scope exception for contracts in an entity’s own equity. The amendments for convertible instruments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, the amendments provide guidance on instruments that will continue to be subject to separation models and improves disclosure for convertible instruments and guidance for earnings per share. Furthermore, the update amends guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. These amendments should be applied on either a modified retrospective basis or a fully retrospective basis. As of June 30, 2021, all outstanding 5% Convertible Notes have been converted. The adoption of this standard is not expected to have a material impact on the Company’s Financial Statements.
Note 2. Acquisitions and Purchase Price Accounting
Merger with Caesars Entertainment Corporation
On July 20, 2020, the Merger was consummated and Former Caesars became a wholly-owned subsidiary of the Company. The strategic rationale for the Merger includes, but is not limited to, the following:
Creation of the largest owner, operator and manager of domestic gaming assets
Diversification of the Company’s domestic footprint
Access to iconic brands, rewards programs and new gaming opportunities expected to enhance customer experience
Realization of significant identified synergies
The total purchase consideration for Former Caesars was $10.9 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value.
(In millions)Consideration
Cash consideration paid$6,090 
Shares issued to Former Caesars shareholders (a)
2,381 
Cash paid to retire Former Caesars debt2,356 
Other consideration paid48 
Total purchase consideration$10,875 

____________________
(a)Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of Company Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of Company Common Stock for the ten trading days ending on July 16, 2020).
10

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Final Purchase Price Allocation
The fair values are based on management’s analysis including work performed by third party valuation specialists, which were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of June 30, 2021:
(In millions)Fair Value
Current and other assets$3,540 
Property and equipment13,096 
Goodwill9,064 
Intangible assets (a)
3,394 
Other noncurrent assets710 
Total assets$29,804 
Current liabilities$1,771 
Financing obligation8,149 
Long-term debt6,591 
Noncurrent liabilities2,400 
Total liabilities18,911 
Noncontrolling interests18 
Net assets acquired$10,875 
____________________
(a)Intangible assets consist of gaming rights valued at $396 million, trade names valued at $2.1 billion, Caesars Rewards programs valued at $523 million and customer relationships valued at $425 million.
As noted above, the purchase price allocation was subject to a measurement period and our estimates as of March 31, 2021 have been revised related to certain working capital adjustments and the related tax effect, which reduced both goodwill and noncurrent liabilities by $5 million as of June 30, 2021. Horseshoe Hammond no longer meets the held for sale criteria based on the June 2021 amended order from the IGC. See Note 1. The assets and liabilities previously held for sale have been reclassified as held and used under continuing operations for all periods presented resulting in changes in the presentation of the table above.
The fair values of the assets acquired and liabilities assumed were determined using the market, income, and cost approaches, or a combination. Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Former Caesars acquisition make use of Level 3 inputs, such as expected cash flows and projected financial results. The market approach indicates value for a subject asset based on available market pricing for comparable assets.
Trade receivables and payables and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Former Caesars acquisition date. Assets and liabilities held for sale are recorded at fair value, less costs to sell, based on the agreements reached as of the acquisition date, or an income approach.
Certain financial assets acquired were determined to have experienced more than insignificant deterioration of credit quality since origination. A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows:
(In millions)
Purchase price of financial assets$95 
Allowance for credit losses at the acquisition date based on the acquirer’s assessment
89 
Discount (premium) attributable to other factors2 
Face value of financial assets$186 
The fair value of land was determined using the sales comparable approach. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. The value of building and site improvements was estimated via the income approach. Other personal property assets such as furniture, gaming and computer equipment, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based
11

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
on replacement or reproduction costs of the asset. The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence.
Non-amortizing intangible assets acquired primarily include trademarks, Caesars Rewards and gaming rights. The fair value for these intangible assets was determined using either the relief from royalty method and excess earnings method under the income approach or a replacement cost market approach.
Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program. The acquired trademarks, including Caesars Rewards are indefinite lived intangible assets.
Customer relationships are valued using an income approach, comparing the prospective cash flows with and without the customer relationships in place to estimate the fair value of the customer relationships, with the fair value assumed to be equal to the discounted cash flows of the business that would be lost if the customer relationships were not in place and needed to be replaced. We estimate the useful life of these customer relationships to be approximately seven years from the Merger date.
Gaming rights include our gaming licenses in various jurisdictions and may have indefinite lives or an estimated useful life. The fair value of the gaming rights was determined using the excess earnings or replacement cost methodology, based on whether the license resides in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. The replacement cost of the gaming license was used as an indicator of fair value. The acquired gaming rights have indefinite lives, with the exception of one jurisdiction in which we estimate the useful life of the license to be approximately 34 years from the Merger date.
Goodwill is the result of expected synergies from the operations of the combined company and the assembled workforce of Former Caesars. The final assignment of goodwill to our reporting units has not been completed. The goodwill acquired will not generate amortization deductions for income tax purposes.
The fair value of long-term debt has been calculated based on market quotes. The fair value of the financing obligations were calculated as the net present value of both the fixed base rent payments and the forecasted variable payments plus the expected residual value of the land and building returned at the end of the expected usage period.
The Company recognized acquisition-related transaction costs of $3 million and $15 million for the three and six months ended June 30, 2021, respectively, and $13 million and $22 million for the three and six months ended June 30, 2020, respectively, in connection with the Merger. Transaction costs were associated with legal, IT costs, internal labor and professional services and were recorded in Transaction costs and other operating costs in our Statements of Operations.
For the period of January 1, 2021 through June 30, 2021, the properties of Former Caesars generated net revenues of $3.2 billion, excluding discontinued operations, and net loss of $469 million.
Acquisition of William Hill
On April 22, 2021, we completed the previously announced acquisition of William Hill PLC for cash consideration of approximately £2.9 billion, or approximately $4.0 billion, based on the GBP to USD exchange rate on the closing date.
Prior to the acquisition, William Hill PLC’s U.S. subsidiary, William Hill U.S. Holdco (“William Hill US” and together with William Hill PLC, “William Hill”) operated 37 sportsbooks at our properties in eight states. Following the William Hill Acquisition, we conduct sports wagering across 17 states across the U.S. plus the District of Columbia. Additionally, we operate regulated online real money gaming businesses in five states and continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services. Extensive usage of digital platforms and growing bettor demand are driving the market for online sports betting platforms in the U.S. and the William Hill Acquisition positioned us to address this growing market. The Company intends to divest the non-U.S. operations including the UK and international online divisions and the retail betting shops, and retain certain investments.
The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 4). Accordingly, the acquisition is accounted for as a business combination achieved in stages, or a “step acquisition.”
12

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
As mentioned above, the total purchase consideration for William Hill was approximately $4.0 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value.
(In millions)Consideration
Cash for outstanding William Hill common stock (a)
$3,909 
Fair value of William Hill equity awards30 
Settlement of preexisting relationships (net of receivable/payable)7 
Settlement of preexisting relationships (net of previously held equity investment and off-market settlement)20 
Total purchase consideration$3,966 
____________________
(a)William Hill common stock of approximately 1.0 billion shares as of the acquisition date was paid at £2.72 per share, or approximately $3.77 per share using the GBP to USD exchange rate on the acquisition date.

Preliminary Purchase Price Allocation
The purchase price allocation for William Hill is preliminary as it relates to determining the fair value of certain assets and liabilities, including goodwill, and is subject to change. The fair values are based on management’s analysis including preliminary work performed by third party valuation specialists, which are subject to finalization over the one-year measurement period. The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill, with the excess recorded as goodwill as of June 30, 2021:
(In millions)Fair Value
Other current assets$163 
Assets held for sale3,854 
Property and equipment, net55 
Goodwill1,373 
Intangible assets (a)
696 
Other noncurrent assets307 
Total assets$6,448 
Other current liabilities$249 
Liabilities related to assets held for sale (b)
2,103 
Deferred income taxes85 
Other noncurrent liabilities