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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 October 29, 2021 was 213,774,052.



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)September 30,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,072 $1,776 
Restricted cash and investments302 2,021 
Accounts receivable, net438 342 
Due from affiliates 44 
Inventories45 44 
Prepayments and other current assets256 253 
Assets held for sale ($0 and $130 attributable to our VIEs)
3,812 1,583 
Total current assets5,925 6,063 
Investment in and advances to unconsolidated affiliates203 173 
Property and equipment, net 14,529 14,735 
Gaming rights and other intangibles, net5,253 4,283 
Goodwill10,967 9,864 
Other assets, net2,085 1,267 
Total assets$38,962 $36,385 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$340 $167 
Accrued interest216 229 
Accrued other liabilities1,686 1,263 
Current portion of long-term debt70 67 
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)
2,666 787 
Total current liabilities4,978 2,513 
Long-term financing obligation12,411 12,295 
Long-term debt14,453 14,073 
Deferred income taxes1,197 1,166 
Other long-term liabilities970 1,304 
Total liabilities34,009 31,351 
Commitments and contingencies (Note 8)


STOCKHOLDERS' EQUITY:
Caesars stockholders’ equity4,890 5,016 
Noncontrolling interests63 18 
Total stockholders’ equity4,953 5,034 
Total liabilities and stockholders’ equity$38,962 $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 September 30,Nine Months Ended September 30,
(In millions, except per share data)2021202020212020
REVENUES:
Casino and pari-mutuel commissions$1,510 $981 $4,308 $1,422 
Food and beverage347 127 797 190 
Hotel511 200 1,122 257 
Other317 135 752 174 
Net revenues2,685 1,443 6,979 2,043 
EXPENSES:
Casino and pari-mutuel commissions830 493 2,111 717 
Food and beverage210 92 484 154 
Hotel130 63 317 91 
Other114 53 262 63 
General and administrative486 338 1,284 503 
Corporate86 90 228 120 
Impairment charges   161 
Depreciation and amortization276 225 842 324 
Transaction costs and other operating costs21 220 113 243 
Total operating expenses2,153 1,574 5,641 2,376 
Operating income (loss)532 (131)1,338 (333)
OTHER EXPENSE:
Interest expense, net(579)(485)(1,734)(620)
Loss on extinguishment of debt(117)(173)(140)(173)
Other income (loss)(153)9 (176)(1)
Total other expense(849)(649)(2,050)(794)
Loss from continuing operations before income taxes(317)(780)(712)(1,127)
Benefit (provision) for income taxes90 (138)167 (67)
Net loss from continuing operations, net of income taxes(227)(918)(545)(1,194)
Discontinued operations, net of income taxes(4)(7)(38)(7)
Net loss(231)(925)(583)(1,201)
Net income attributable to noncontrolling interests(2)(1)(2)(1)
Net loss attributable to Caesars$(233)$(926)$(585)$(1,202)
Net loss per share - basic and diluted:
Basic loss per share from continuing operations$(1.08)$(6.04)$(2.60)$(11.49)
Basic loss per share from discontinued operations(0.02)(0.05)(0.18)(0.07)
Basic loss per share$(1.10)$(6.09)$(2.78)$(11.56)
Diluted loss per share from continuing operations$(1.08)$(6.04)$(2.60)$(11.49)
Diluted loss per share from discontinued operations(0.02)(0.05)(0.18)(0.07)
Diluted loss per share$(1.10)$(6.09)$(2.78)$(11.56)
Weighted average basic shares outstanding214 152 211 104 
Weighted average diluted shares outstanding214 152 211 104 
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 September 30,Nine Months Ended September 30,
(In millions)2021202020212020
Net loss$(231)$(925)$(583)$(1,201)
Foreign currency translation adjustments(33)1 (44)1 
Change in fair market value of interest rate swaps, net of tax11 14 33 14 
Other(3) (1) 
Other comprehensive income (loss), net of tax(25)15 (12)15 
Comprehensive loss(256)(910)(595)(1,186)
Comprehensive income attributable to noncontrolling interests(2)(1)(2)(1)
Comprehensive loss attributable to Caesars$(258)$(911)$(597)$(1,187)
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 (Loss)
AmountNon controlling InterestsTotal Stockholders’ Equity
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 
Issuance of restricted stock units
1 — 20 — — — — 20 
Net income (loss)— — — (233)— — 2 (231)
Other comprehensive loss, net of tax— — — — (25)— — (25)
Shares withheld related to net share settlement of stock awards
 — (6)— — — — (6)
Acquired noncontrolling interests— —  — — — 33 33 
Balance, September 30, 2021214 $ $6,867 $(1,976)$22 $(23)$63 $4,953 
5


Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
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 
Issuance of restricted stock units1 — 37 — — — — 37 
Issuance of common stock, net7 — 235 — — — — 235 
Net income (loss)— — — (926)— — 1 (925)
Shares issued to Former Caesars shareholders62 — 2,381 — — — — 2,381 
Former Caesars replacement awards— — 24 — — — — 24 
Other comprehensive income, net of tax— — — — 15 — — 15 
Shares withheld related to net share settlement of stock awards  — 1 — — — — 1 
Acquired noncontrolling interests— — (18)— — — 18  
Other— — 5 — — — — 5 
Balance, September 30, 2020169 $ $4,200 $(836)$15 $(9)$19 $3,389 
The accompanying notes are an integral part of these consolidated condensed financial statements.
6


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
(In millions)20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$974 $(203)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(313)(95)
Former Caesars acquisition, net of cash acquired (6,357)
Acquisition of William Hill, net of cash acquired(1,551) 
Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated(5) 
Acquisition of gaming rights and trademarks(282)(20)
Proceeds from sale of businesses, property and equipment, net of cash sold709 231 
Proceeds from the sale of investments206  
Proceeds from insurance related to property damage44  
Investments in unconsolidated affiliates(39)(1)
Net cash used in investing activities(1,231)(6,242)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities1,308 9,765 
Repayments of long-term debt and revolving credit facilities(1,125)(2,826)
Cash paid to settle convertible notes(367)(574)
Proceeds from sale-leaseback financing arrangement 3,219 
Financing obligation payments (49)
Debt issuance and extinguishment costs(42)(356)
Proceeds from issuance of common stock 772 
Taxes paid related to net share settlement of equity awards(33)(8)
Net cash provided by (used in) financing activities(259)9,943 
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities(55)3 
Cash flows from investing activities(1,453)(3)
Cash flows from financing activities591  
Net cash used in discontinued operations(917) 
Change in cash, cash equivalents and restricted cash classified as assets held for sale10  
Effect of foreign currency exchange rates on cash31  
Increase (decrease) in cash, cash equivalents and restricted cash(1,392)3,498 
Cash, cash equivalents and restricted cash, beginning of period4,280 217 
Cash, cash equivalents and restricted cash, end of period$2,888 $3,715 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$1,072 $1,051 
Restricted cash included in restricted cash and investments302 2,251 
Restricted and escrow cash included in other assets, net1,166 413 
Cash and cash equivalents and restricted cash - discontinued operations348  
Total cash, cash equivalents and restricted cash$2,888 $3,715 
7


Nine Months Ended September 30,
(In millions)20212020
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$1,528 $373 
Income taxes paid (refunded), net(6)19 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures72 117 
Exchange for sale-leaseback financing obligation 246 
Convertible notes settled with shares
440