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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)
| | | | | |
Delaware | 46-3657681 |
(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)
(775) 328-0100
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.00001 par value | CZR | NASDAQ Stock Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
Emerging growth company | ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of October 29, 2021 was 213,774,052.
CAESARS ENTERTAINMENT, INC.
TABLE OF CONTENTS
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 investments | 302 | | | 2,021 | |
| | | |
Accounts receivable, net | 438 | | | 342 | |
Due from affiliates | — | | | 44 | |
Inventories | 45 | | | 44 | |
Prepayments and other current assets | 256 | | | 253 | |
Assets held for sale ($0 and $130 attributable to our VIEs) | 3,812 | | | 1,583 | |
Total current assets | 5,925 | | | 6,063 | |
Investment in and advances to unconsolidated affiliates | 203 | | | 173 | |
Property and equipment, net | 14,529 | | | 14,735 | |
Gaming rights and other intangibles, net | 5,253 | | | 4,283 | |
Goodwill | 10,967 | | | 9,864 | |
Other assets, net | 2,085 | | | 1,267 | |
| | | |
Total assets | $ | 38,962 | | | $ | 36,385 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
CURRENT LIABILITIES: | | | |
Accounts payable | $ | 340 | | | $ | 167 | |
Accrued interest | 216 | | | 229 | |
Accrued other liabilities | 1,686 | | | 1,263 | |
Current portion of long-term debt | 70 | | | 67 | |
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs) | 2,666 | | | 787 | |
Total current liabilities | 4,978 | | | 2,513 | |
Long-term financing obligation | 12,411 | | | 12,295 | |
Long-term debt | 14,453 | | | 14,073 | |
Deferred income taxes | 1,197 | | | 1,166 | |
Other long-term liabilities | 970 | | | 1,304 | |
Total liabilities | 34,009 | | | 31,351 | |
Commitments and contingencies (Note 8) |
| |
|
STOCKHOLDERS' EQUITY: | | | |
Caesars stockholders’ equity | 4,890 | | | 5,016 | |
Noncontrolling interests | 63 | | | 18 | |
Total stockholders’ equity | 4,953 | | | 5,034 | |
Total liabilities and stockholders’ equity | $ | 38,962 | | | $ | 36,385 | |
The accompanying notes are an integral part of these consolidated condensed financial statements.
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) | 2021 | | 2020 | | 2021 | | 2020 |
REVENUES: | | | | | | | |
Casino and pari-mutuel commissions | $ | 1,510 | | | $ | 981 | | | $ | 4,308 | | | $ | 1,422 | |
Food and beverage | 347 | | | 127 | | | 797 | | | 190 | |
Hotel | 511 | | | 200 | | | 1,122 | | | 257 | |
Other | 317 | | | 135 | | | 752 | | | 174 | |
| | | | | | | |
| | | | | | | |
Net revenues | 2,685 | | | 1,443 | | | 6,979 | | | 2,043 | |
EXPENSES: | | | | | | | |
Casino and pari-mutuel commissions | 830 | | | 493 | | | 2,111 | | | 717 | |
Food and beverage | 210 | | | 92 | | | 484 | | | 154 | |
Hotel | 130 | | | 63 | | | 317 | | | 91 | |
Other | 114 | | | 53 | | | 262 | | | 63 | |
General and administrative | 486 | | | 338 | | | 1,284 | | | 503 | |
| | | | | | | |
Corporate | 86 | | | 90 | | | 228 | | | 120 | |
Impairment charges | — | | | — | | | — | | | 161 | |
Depreciation and amortization | 276 | | | 225 | | | 842 | | | 324 | |
Transaction costs and other operating costs | 21 | | | 220 | | | 113 | | | 243 | |
Total operating expenses | 2,153 | | | 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 taxes | 90 | | | (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 outstanding | 214 | | | 152 | | | 211 | | | 104 | |
Weighted average diluted shares outstanding | 214 | | | 152 | | | 211 | | | 104 | |
The accompanying notes are an integral part of these consolidated condensed financial statements.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(In millions) | 2021 | | 2020 | | 2021 | | 2020 |
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 tax | 11 | | | 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.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Caesars Stockholders’ Equity | | | | |
| Common Stock | | | | | | | | Treasury Stock | | | | |
(In millions) | Shares | | Amount | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | | Amount | | Non controlling Interests | | Total Stockholders’ Equity |
Balance, December 31, 2020 | 208 | | | $ | — | | | $ | 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, 2021 | 208 | | | — | | | 6,391 | | | (1,814) | | | 45 | | | (9) | | | 17 | | | 4,630 | |
Issuance of restricted stock units | — | | | — | | | 21 | | | — | | | — | | | — | | | — | | | 21 | |
Issuance of common stock, net | 5 | | | — | | | 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, 2021 | 213 | | | — | | | 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, 2021 | 214 | | | $ | — | | | $ | 6,867 | | | $ | (1,976) | | | $ | 22 | | | $ | (23) | | | $ | 63 | | | $ | 4,953 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Caesars Stockholders’ Equity | | | | |
| Common Stock | | | | | | | | Treasury Stock | | | | |
(In millions) | Shares | | Amount | | Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income (Loss) | | Amount | | Non controlling Interests | | Total Stockholders’ Equity |
Balance, December 31, 2019 | 78 | | | $ | — | | | $ | 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, 2020 | 78 | | | — | | | 759 | | | 190 | | | — | | | (9) | | | — | | | 940 | |
Issuance of restricted stock units | — | | | — | | | 4 | | | — | | | — | | | — | | | — | | | 4 | |
Issuance of common stock | 21 | | | — | | | 772 | | | — | | | — | | | — | | | — | | | 772 | |
Net loss | — | | | — | | | — | | | (100) | | | — | | | — | | | — | | | (100) | |
| | | | | | | | | | | | | | | |
Balance, June 30, 2020 | 99 | | | — | | | 1,535 | | | 90 | | | — | | | (9) | | | — | | | 1,616 | |
Issuance of restricted stock units | 1 | | | — | | | 37 | | | — | | | — | | | — | | | — | | | 37 | |
Issuance of common stock, net | 7 | | | — | | | 235 | | | — | | | — | | | — | | | — | | | 235 | |
Net income (loss) | — | | | — | | | — | | | (926) | | | — | | | — | | | 1 | | | (925) | |
Shares issued to Former Caesars shareholders | 62 | | | — | | | 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, 2020 | 169 | | | $ | — | | | $ | 4,200 | | | $ | (836) | | | $ | 15 | | | $ | (9) | | | $ | 19 | | | $ | 3,389 | |
The accompanying notes are an integral part of these consolidated condensed financial statements.
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
(In millions) | 2021 | | 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
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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 sold | 709 | | | 231 | |
Proceeds from the sale of investments | 206 | | | — | |
Proceeds from insurance related to property damage | 44 | | | — | |
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 facilities | 1,308 | | | 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 activities | 591 | | | — | |
Net cash used in discontinued operations | (917) | | | — | |
| | | |
Change in cash, cash equivalents and restricted cash classified as assets held for sale | 10 | | | — | |
| | | |
Effect of foreign currency exchange rates on cash | 31 | | | — | |
Increase (decrease) in cash, cash equivalents and restricted cash | (1,392) | | | 3,498 | |
Cash, cash equivalents and restricted cash, beginning of period | 4,280 | | | 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 investments | 302 | | | 2,251 | |
Restricted and escrow cash included in other assets, net | 1,166 | | | 413 | |
Cash and cash equivalents and restricted cash - discontinued operations | 348 | | | — | |
Total cash, cash equivalents and restricted cash | $ | 2,888 | | | $ | 3,715 | |
| | | | | | | | | | | |
| Nine Months Ended September 30, |
(In millions) | 2021 | | 2020 |
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 expenditures | 72 | | | 117 | |
| | | |
Exchange for sale-leaseback financing obligation | — | | | 246 | |
Convertible notes settled with shares | 440 | | | |