czr-20220331
0001590895false12-312022Q1P1YP1YP1Y00015908952022-01-012022-03-3100015908952022-04-28xbrli:shares00015908952022-03-31iso4217:USD00015908952021-12-310001590895czr:CasinoAndPariMutuelCommissionsMember2022-01-012022-03-310001590895czr:CasinoAndPariMutuelCommissionsMember2021-01-012021-03-310001590895us-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895us-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895us-gaap:HotelOwnedMember2022-01-012022-03-310001590895us-gaap:HotelOwnedMember2021-01-012021-03-310001590895us-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895us-gaap:ProductAndServiceOtherMember2021-01-012021-03-3100015908952021-01-012021-03-31iso4217:USDxbrli:shares0001590895us-gaap:CommonStockMember2020-12-310001590895us-gaap:AdditionalPaidInCapitalMember2020-12-310001590895us-gaap:RetainedEarningsMember2020-12-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001590895us-gaap:TreasuryStockMember2020-12-310001590895us-gaap:NoncontrollingInterestMember2020-12-3100015908952020-12-310001590895us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001590895us-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:CommonStockMember2021-12-310001590895us-gaap:AdditionalPaidInCapitalMember2021-12-310001590895us-gaap:RetainedEarningsMember2021-12-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001590895us-gaap:TreasuryStockMember2021-12-310001590895us-gaap:NoncontrollingInterestMember2021-12-310001590895us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001590895us-gaap:RetainedEarningsMember2022-01-012022-03-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001590895us-gaap:CommonStockMember2022-03-310001590895us-gaap:AdditionalPaidInCapitalMember2022-03-310001590895us-gaap:RetainedEarningsMember2022-03-310001590895us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001590895us-gaap:TreasuryStockMember2022-03-310001590895us-gaap:NoncontrollingInterestMember2022-03-310001590895czr:WilliamHillMember2021-04-222021-04-22iso4217:GBPczr:property0001590895czr:DomesticGamingAndHospitalityPropertiesMember2022-03-31czr:stateczr:machineczr:gameczr:hotel_room0001590895czr:SportsWageringMember2022-03-310001590895czr:MobileSportsBettingMember2022-03-310001590895czr:OnlineRealMoneyGamingBusinessesMember2022-03-310001590895czr:WilliamHillMemberus-gaap:LineOfCreditMemberczr:SeniorSecured540DayBridgeLoanFacilityMember2021-04-220001590895czr:WilliamHillMemberus-gaap:LineOfCreditMemberczr:SeniorSecured60DayBridgeLoanFacilityMember2021-04-220001590895czr:SeniorSecured540DayRevolvingCreditFacilityMemberczr:WilliamHillMemberus-gaap:LineOfCreditMember2021-04-220001590895czr:WilliamHillMemberczr:DeutscheBankAGLondonBranchAndJPMorganChaseBankNAMember2020-10-062020-10-060001590895czr:WilliamHillMemberus-gaap:LineOfCreditMemberczr:SeniorSecured60DayBridgeLoanFacilityMember2021-05-122021-05-120001590895czr:SeniorSecuredRevolvingCreditFacilityMemberczr:WilliamHillMemberus-gaap:LineOfCreditMember2021-06-140001590895czr:AssetSaleBridgeFacilityMemberczr:WilliamHillMemberus-gaap:LineOfCreditMember2021-06-140001590895czr:WilliamHillInternationalMember2021-09-080001590895us-gaap:SubsequentEventMemberczr:WilliamHillInternationalMember2022-04-070001590895us-gaap:SubsequentEventMemberczr:WilliamHillInternationalMember2022-04-072022-04-070001590895czr:WilliamHillInternationalMember2022-01-012022-03-310001590895czr:WilliamHillMember2022-03-31czr:sportsbook0001590895czr:WilliamHillMemberczr:SportsWageringMember2022-03-310001590895czr:WilliamHillMemberus-gaap:CommonStockMember2021-04-222021-04-220001590895czr:NetOfReceivableOrPayableMemberczr:WilliamHillMember2021-04-222021-04-220001590895czr:WilliamHillMemberczr:OffMarketRightMember2021-04-222021-04-220001590895czr:WilliamHillMemberus-gaap:CommonStockMember2021-04-22iso4217:GBPxbrli:shares0001590895czr:WilliamHillMemberczr:GamingRightsAndOthersMember2022-03-310001590895czr:WilliamHillMemberus-gaap:TradeNamesMember2022-03-310001590895czr:TechnologyMemberczr:WilliamHillMember2022-03-310001590895czr:WilliamHillMemberczr:RightsValueMember2022-03-310001590895czr:WilliamHillMemberczr:UserRelationshipMember2022-03-310001590895czr:WilliamHillMember2022-01-012022-03-310001590895us-gaap:TrademarksMemberczr:WilliamHillMember2022-01-012022-03-310001590895czr:TechnologyMemberczr:WilliamHillMember2022-01-012022-03-310001590895czr:WilliamHillMemberczr:UserRelationshipMember2022-01-012022-03-310001590895czr:WilliamHillMemberczr:OperatingAgreementsMember2022-01-012022-03-310001590895czr:WilliamHillMemberczr:RightsValueMember2022-01-012022-03-310001590895czr:WilliamHillMember2021-01-012021-03-310001590895czr:HorseshoeBaltimoreMember2021-08-26xbrli:pure0001590895czr:HorseshoeBaltimoreMember2021-08-262021-08-260001590895czr:NetOfReceivableOrPayableMemberczr:HorseshoeBaltimoreMember2021-08-262021-08-260001590895czr:HorseshoeBaltimoreMemberczr:OffMarketRightMember2021-08-262021-08-260001590895czr:HorseshoeBaltimoreMember2022-03-310001590895czr:HorseshoeBaltimoreMemberczr:GamingRightsAndOthersMember2022-03-310001590895us-gaap:CustomerRelationshipsMemberczr:HorseshoeBaltimoreMember2022-03-310001590895us-gaap:BuildingAndBuildingImprovementsMemberczr:HorseshoeBaltimoreMember2022-01-012022-03-310001590895czr:HorseshoeBaltimoreMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:BelleOfBatonRougeCasinoHotelMember2022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:BelleOfBatonRougeCasinoHotelMember2021-12-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:BelleOfBatonRougeCasinoHotelMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:BelleOfBatonRougeCasinoHotelMember2021-01-012021-03-310001590895czr:MontBleuCasinoResortSpaMember2021-04-062021-04-060001590895czr:EvansvilleMember2021-06-030001590895czr:EvansvilleMember2021-06-032021-06-030001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:MontBleuCasinoResortSpaMember2021-01-012021-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:EvansvilleMember2021-01-012021-03-310001590895czr:HarrahsLouisianaDownsMember2020-09-030001590895czr:CaesarsSouthernIndianaMember2020-12-240001590895czr:CaesarsSouthernIndianaMember2021-09-032021-09-030001590895czr:EasternBandOfCherokeeIndiansEBCIMember2021-09-032021-09-030001590895czr:CaesarsUKGroupMember2021-07-162021-07-160001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2022-01-012022-03-310001590895czr:HarrahsLouisianaDownsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsUKMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:CaesarsSouthernIndianaMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:WilliamHillInternationalMember2021-12-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:AssetSaleBridgeFacilityMember2022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberczr:AssetSaleBridgeFacilityMember2021-12-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMemberczr:SeniorNotesDue2026Member2022-03-310001590895czr:SeniorNotesDue2023Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2022-01-012022-03-310001590895us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2022-03-310001590895czr:WilliamHillMember2019-01-292019-01-290001590895czr:NeoGamesMember2021-09-162021-09-160001590895czr:NeoGamesMember2021-09-150001590895czr:NeoGamesMember2021-09-160001590895czr:NeoGamesMember2022-03-142022-03-140001590895czr:NeoGamesMember2022-01-012022-03-310001590895czr:PompanoJointVentureMember2021-06-012021-06-300001590895czr:PompanoJointVentureMember2018-04-012022-03-310001590895czr:PompanoJointVentureMember2021-02-122021-02-12utr:acre0001590895czr:PompanoJointVentureMember2022-03-310001590895us-gaap:LandAndLandImprovementsMember2022-03-310001590895us-gaap:LandAndLandImprovementsMember2021-12-310001590895czr:BuildingsRiverboatsLeaseholdAndLandImprovementsMember2022-03-310001590895czr:BuildingsRiverboatsLeaseholdAndLandImprovementsMember2021-12-310001590895us-gaap:FurnitureAndFixturesMember2022-03-310001590895us-gaap:FurnitureAndFixturesMember2021-12-310001590895us-gaap:ConstructionInProgressMember2022-03-310001590895us-gaap:ConstructionInProgressMember2021-12-310001590895czr:FinanceLeaseObligationsMember2022-01-012022-03-310001590895czr:FinanceLeaseObligationsMember2021-01-012021-03-310001590895srt:MinimumMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-01-012022-03-310001590895srt:MaximumMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-01-012022-03-310001590895us-gaap:CustomerRelatedIntangibleAssetsMember2022-03-310001590895us-gaap:CustomerRelatedIntangibleAssetsMember2021-12-310001590895srt:MinimumMemberczr:GamingRightsAndOthersMember2022-01-012022-03-310001590895czr:GamingRightsAndOthersMembersrt:MaximumMember2022-01-012022-03-310001590895czr:GamingRightsAndOthersMember2022-03-310001590895czr:GamingRightsAndOthersMember2021-12-310001590895us-gaap:TrademarksMember2022-01-012022-03-310001590895us-gaap:TrademarksMember2022-03-310001590895us-gaap:TrademarksMember2021-12-310001590895czr:ReacquiredRightsMember2022-01-012022-03-310001590895czr:ReacquiredRightsMember2022-03-310001590895czr:ReacquiredRightsMember2021-12-310001590895us-gaap:TechnologyBasedIntangibleAssetsMember2022-01-012022-03-310001590895us-gaap:TechnologyBasedIntangibleAssetsMember2022-03-310001590895us-gaap:TechnologyBasedIntangibleAssetsMember2021-12-310001590895czr:IndefinitelivedTradeNamesMember2022-03-310001590895czr:IndefinitelivedTradeNamesMember2021-12-310001590895us-gaap:LicensingAgreementsMember2022-03-310001590895us-gaap:LicensingAgreementsMember2021-12-310001590895czr:CaesarsRewardsProgramsMember2022-03-310001590895czr:CaesarsRewardsProgramsMember2021-12-310001590895us-gaap:CustomerRelatedIntangibleAssetsMember2022-01-012022-03-310001590895us-gaap:CustomerRelatedIntangibleAssetsMember2021-01-012021-03-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001590895us-gaap:FairValueMeasurementsRecurringMember2022-03-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-03-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-03-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-03-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-03-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-03-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2022-03-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-03-310001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001590895us-gaap:FairValueMeasurementsRecurringMember2021-12-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-12-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-12-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-12-310001590895us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001590895us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2021-12-310001590895us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001590895us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001590895us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-03-310001590895us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310001590895czr:CRCCreditAgreementMember2022-03-31czr:agreement0001590895czr:InterestRateSwapEffectiveJan12019MaturingDec312022Period1Memberus-gaap:InterestRateSwapMember2022-03-310001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveJan12019MaturingDec312022Period2Member2022-03-310001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveJan12019MaturingDec312022Period3Member2022-03-310001590895us-gaap:InterestRateSwapMemberczr:InterestRateSwapEffectiveJan12019MaturingDec312022Period4Member2022-03-310001590895us-gaap:InterestExpenseMember2022-01-012022-03-310001590895us-gaap:InterestExpenseMember2021-01-012021-03-310001590895us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-03-310001590895us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-12-310001590895us-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:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-03-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-03-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2021-12-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-01-012022-03-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-03-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2022-01-012022-03-310001590895us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-03-310001590895us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001590895czr:AOCIAttributableToNoncontrollingInterestOtherMember2022-03-310001590895us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001590895czr:InsuranceCarriersMember2022-01-012022-03-310001590895czr:CasinoOperatingContractAndGroundLeaseForHarrahsNewOrleansMember2020-04-300001590895czr:AtlanticCityMember2022-03-310001590895czr:AtlanticCityMember2022-01-012022-03-310001590895czr:AtlanticCityMember2021-12-310001590895czr:SportsSponsorshipAndPartnershipObligationsMember2022-03-310001590895czr:SportsSponsorshipAndPartnershipObligationsMember2021-12-310001590895czr:WeatherDisruptionLakeCharlesMember2022-03-310001590895czr:WeatherDisruptionLakeCharlesMember2022-01-012022-03-310001590895czr:WeatherDisruptionLakeCharlesMember2021-01-012021-03-310001590895czr:BaltimoreRevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:BaltimoreRevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:BaltimoreRevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2021-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCRevolvingCreditFacilityMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCRevolvingCreditFacilityMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCRevolvingCreditFacilityMember2021-12-310001590895czr:BaltimoreTermLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:BaltimoreTermLoanMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:BaltimoreTermLoanMemberus-gaap:SeniorNotesMember2021-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCTermLoanBMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCTermLoanBMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CRCTermLoanBMember2021-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CEIRevolvingCreditFacilityMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CEIRevolvingCreditFacilityMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberczr:CEIRevolvingCreditFacilityMember2021-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCIncrementalTermLoanMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CRCIncrementalTermLoanMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CRCIncrementalTermLoanMemberus-gaap:SeniorNotesMember2021-12-310001590895czr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2021-12-310001590895czr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2022-03-310001590895czr:CEISeniorSecuredNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2021-12-310001590895czr:ConventionCenterMortgageLoanMemberus-gaap:SeniorNotesMember2022-03-310001590895czr:ConventionCenterMortgageLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:ConventionCenterMortgageLoanMemberus-gaap:SeniorNotesMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:ConventionCenterMortgageLoanMemberus-gaap:SeniorNotesMember2021-12-310001590895czr:CEISeniorNotesDue2027Member2022-03-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CEISeniorNotesDue2027Member2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CEISeniorNotesDue2027Member2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:CEISeniorNotesDue2027Member2021-12-310001590895czr:SeniorNotesDue2029Member2022-03-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:SeniorNotesDue2029Member2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:SeniorNotesDue2029Member2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMemberczr:SeniorNotesDue2029Member2021-12-310001590895us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001590895us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001590895us-gaap:SecuredDebtMemberczr:BaltimoreTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001590895us-gaap:RevolvingCreditFacilityMemberczr:BaltimoreRevolvingCreditFacilityMemberczr:HorseshoeBaltimoreMember2022-03-310001590895us-gaap:RevolvingCreditFacilityMemberczr:BaltimoreRevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001590895us-gaap:RevolvingCreditFacilityMemberczr:BaltimoreRevolvingCreditFacilityMember2022-03-310001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberus-gaap:LineOfCreditMember2017-12-220001590895czr:CRCTermLoanMemberus-gaap:LineOfCreditMember2017-12-222017-12-220001590895us-gaap:EstimateOfFairValueFairValueDisclosureMemberczr:CRCIncrementalTermLoanMemberus-gaap:SeniorNotesMember2020-07-200001590895czr:CaesarsResortCollectionMemberus-gaap:LetterOfCreditMember2017-12-220001590895czr:CRCTermLoanMemberczr:CaesarsResortCollectionMemberus-gaap:LineOfCreditMember2017-12-220001590895us-gaap:BaseRateMemberczr:CRCCreditAgreementMember2017-12-222017-12-220001590895us-gaap:FederalFundsEffectiveSwapRateMemberczr:CRCCreditAgreementMember2017-12-222017-12-220001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CRCCreditAgreementMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-12-222017-12-220001590895czr:CRCTermLoanMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895czr:CRCIncrementalTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-12-222017-12-220001590895us-gaap:BaseRateMemberczr:CRCIncrementalTermLoanMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:BaseRateMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMember2017-12-220001590895us-gaap:BaseRateMemberczr:CRCIncrementalTermLoanMember2021-09-212021-09-210001590895czr:CRCIncrementalTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-212021-09-210001590895czr:CRCRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2017-12-222017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2017-12-222017-12-220001590895us-gaap:LetterOfCreditMember2017-12-220001590895czr:CRCRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-03-310001590895us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2022-03-310001590895czr:CEIRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-202020-07-200001590895us-gaap:LineOfCreditMemberczr:CEIRevolvingCreditFacilityMember2020-07-200001590895czr:CRCRevolvingCreditFacilityPermittedUseReservesMember2021-11-100001590895us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2021-11-100001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895us-gaap:FederalFundsEffectiveSwapRateMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895us-gaap:LondonInterbankOfferedRateLIBORMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895us-gaap:PrimeRateMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895us-gaap:BaseRateMemberczr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895czr:CEIRevolvingCreditFacilityMember2020-07-200001590895czr:CEIRevolvingCreditFacilityMember2020-07-202020-07-200001590895czr:RevolvingCreditFacilityUnderSecuredCreditFacilityMember2022-03-310001590895us-gaap:LetterOfCreditMember2022-03-310001590895czr:CEIRevolvingCreditFacilityMember2022-03-310001590895czr:CRCSeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895czr:CEISeniorSecuredNotesMemberus-gaap:SeniorNotesMember2020-07-060001590895czr:VICIPropertiesLPMember2020-09-180001590895czr:ConventionCenterMortgageLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-09-180001590895czr:ConventionCenterMortgageLoanMemberczr:VICIPropertiesLPMember2020-09-180001590895czr:ConventionCenterMortgageLoanMemberczr:VICIPropertiesLPMember2020-09-182020-09-180001590895czr:ConventionCenterMortgageLoanMemberus-gaap:SeniorNotesMember2021-10-010001590895us-gaap:SeniorNotesMemberczr:CEISeniorNotesDue2027Member2020-07-060001590895czr:CEISeniorNotesDue2027Member2020-07-060001590895czr:SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2021-09-240001590895czr:SeniorNotesDue2029Member2021-09-240001590895czr:CRCRevolvingCreditFacilityMember2022-03-310001590895czr:BaltimoreRevolvingCreditFacilityMember2022-03-310001590895us-gaap:CasinoMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CasinoMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CasinoMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CasinoMemberczr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310001590895us-gaap:CasinoMember2022-01-012022-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2022-01-012022-03-310001590895czr:LasVegasMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:CaesarsDigitalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:ManagedAndBrandedMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:HotelOwnedMember2022-01-012022-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001590895us-gaap:CorporateNonSegmentMember2022-01-012022-03-310001590895us-gaap:CasinoMemberczr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CasinoMemberczr:RegionalMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CasinoMemberczr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CasinoMemberczr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CasinoMemberus-gaap:CorporateNonSegmentMember2021-01-012021-03-310001590895us-gaap:CasinoMember2021-01-012021-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2021-01-012021-03-310001590895czr:LasVegasMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:RegionalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:CaesarsDigitalMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:ManagedAndBrandedMemberus-gaap:HotelOwnedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:HotelOwnedMember2021-01-012021-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001590895us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001590895us-gaap:CasinoMember2022-03-310001590895us-gaap:CasinoMember2021-12-310001590895czr:FoodBeverageAndHotelMember2022-03-310001590895czr:FoodBeverageAndHotelMember2021-12-310001590895us-gaap:ProductAndServiceOtherMember2022-03-310001590895us-gaap:ProductAndServiceOtherMember2021-12-310001590895czr:OutstandingChipLiabilityMember2021-12-310001590895czr:OutstandingChipLiabilityMember2020-12-310001590895czr:CaesarsRewardsProgramsMember2021-12-310001590895czr:CaesarsRewardsProgramsMember2020-12-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2021-12-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2020-12-310001590895czr:OutstandingChipLiabilityMember2022-03-310001590895czr:OutstandingChipLiabilityMember2021-03-310001590895czr:CaesarsRewardsProgramsMember2022-03-310001590895czr:CaesarsRewardsProgramsMember2021-03-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2022-03-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2021-03-310001590895czr:OutstandingChipLiabilityMember2022-01-012022-03-310001590895czr:OutstandingChipLiabilityMember2021-01-012021-03-310001590895czr:CaesarsRewardsProgramsMember2022-01-012022-03-310001590895czr:CaesarsRewardsProgramsMember2021-01-012021-03-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2022-01-012022-03-310001590895czr:CustomerDepositsAndOtherDeferredRevenueMember2021-01-012021-03-310001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-03-310001590895czr:ConventionArrangementsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-03-310001590895us-gaap:RealEstateMember2022-01-012022-03-310001590895us-gaap:RealEstateMember2021-01-012021-03-310001590895us-gaap:StockCompensationPlanMember2022-01-012022-03-310001590895us-gaap:StockCompensationPlanMember2021-01-012021-03-310001590895czr:A5ConvertibleNotesMember2022-03-310001590895us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-03-310001590895us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-03-310001590895us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001590895srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001590895us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2022-01-012022-03-310001590895us-gaap:PerformanceSharesMember2022-01-012022-03-310001590895srt:MinimumMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001590895us-gaap:PerformanceSharesMembersrt:MaximumMember2022-01-012022-03-310001590895us-gaap:PerformanceSharesMember2022-03-310001590895czr:MarketBasedStockUnitsMember2022-01-012022-03-310001590895srt:MinimumMemberczr:MarketBasedStockUnitsMember2022-01-012022-03-310001590895srt:MaximumMemberczr:MarketBasedStockUnitsMember2022-01-012022-03-310001590895czr:MarketBasedStockUnitsMember2022-03-310001590895srt:ChiefExecutiveOfficerMemberczr:MarketBasedStockUnitsMember2022-01-012022-03-310001590895us-gaap:RestrictedStockUnitsRSUMember2022-03-310001590895us-gaap:RestrictedStockUnitsRSUMember2021-12-310001590895us-gaap:PerformanceSharesMember2021-12-310001590895czr:MarketBasedStockUnitsMember2021-12-310001590895us-gaap:CommonStockMember2018-11-300001590895us-gaap:CommonStockMember2022-01-012022-03-310001590895us-gaap:CommonStockMember2021-01-012021-03-3100015908952021-06-1600015908952021-06-170001590895czr:LiabilitiesRelatedToAssetsHeldForSaleMemberczr:WilliamHillMember2022-03-310001590895czr:LiabilitiesRelatedToAssetsHeldForSaleMemberczr:WilliamHillMember2022-01-012022-03-310001590895czr:RecreationalEnterprisesIncMember2022-03-310001590895czr:CaranoFamilyMember2022-01-012022-03-310001590895czr:CaranoFamilyMember2021-01-012021-03-310001590895czr:CSAndYAssociatesMember2022-03-31utr:sqft0001590895czr:CSAndYAssociatesMember2021-12-31czr:segmentutr:ft0001590895czr:ConferenceCenterMember2022-03-31czr:ballroom0001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2022-03-310001590895czr:LasVegasMemberus-gaap:OperatingSegmentsMember2021-12-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2022-03-310001590895czr:RegionalMemberus-gaap:OperatingSegmentsMember2021-12-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2022-03-310001590895czr:CaesarsDigitalMemberus-gaap:OperatingSegmentsMember2021-12-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2022-03-310001590895czr:ManagedAndBrandedMemberus-gaap:OperatingSegmentsMember2021-12-310001590895us-gaap:CorporateNonSegmentMember2022-03-310001590895us-gaap:CorporateNonSegmentMember2021-12-31



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 March 31, 2022
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 April 28, 2022 was 214,366,139.



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)March 31,
2022
December 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$814 $1,070 
Restricted cash and investments185 319 
Accounts receivable, net450 472 
Inventories44 42 
Prepayments and other current assets313 290 
Assets held for sale3,314 3,771 
Total current assets5,120 5,964 
Investment in and advances to unconsolidated affiliates97 158 
Property and equipment, net 14,637 14,601 
Gaming rights and other intangibles, net4,863 4,920 
Goodwill11,082 11,076 
Other assets, net1,274 1,312 
Total assets$37,073 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$528 $254 
Accrued interest235 320 
Accrued other liabilities1,750 1,973 
Current portion of long-term debt70 70 
Liabilities related to assets held for sale2,562 2,680 
Total current liabilities5,145 5,297 
Long-term financing obligation12,483 12,424 
Long-term debt13,741 13,722 
Deferred income taxes929 1,111 
Other long-term liabilities929 936 
Total liabilities33,227 33,490 
Commitments and contingencies (Note 8)


STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity3,785 4,480 
Noncontrolling interests61 61 
Total stockholders’ equity3,846 4,541 
Total liabilities and stockholders’ equity$37,073 $38,031 
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 March 31,
(In millions, except per share data)20222021
REVENUES:
Casino and pari-mutuel commissions$1,292 $1,227 
Food and beverage339 169 
Hotel383 215 
Other278 181 
Net revenues2,292 1,792 
EXPENSES:
Casino and pari-mutuel commissions1,064 587 
Food and beverage202 108 
Hotel115 81 
Other88 69 
General and administrative499 380 
Corporate69 66 
Depreciation and amortization300 265 
Transaction and other operating costs, net(35)20 
Total operating expenses2,302 1,576 
Operating income (loss)(10)216 
OTHER EXPENSE:
Interest expense, net(552)(579)
Other income (loss)4 (133)
Total other expense(548)(712)
Loss from continuing operations before income taxes(558)(496)
Benefit for income taxes107 76 
Net loss from continuing operations, net of income taxes(451)(420)
Discontinued operations, net of income taxes(229)(4)
Net loss(680)(424)
Net loss attributable to noncontrolling interests 1 
Net loss attributable to Caesars$(680)$(423)
Net loss per share - basic and diluted:
Basic loss per share from continuing operations$(2.11)$(2.01)
Basic loss per share from discontinued operations(1.07)(0.02)
Basic loss per share$(3.18)$(2.03)
Diluted loss per share from continuing operations$(2.11)$(2.01)
Diluted loss per share from discontinued operations(1.07)(0.02)
Diluted loss per share$(3.18)$(2.03)
Weighted average basic shares outstanding214 208 
Weighted average diluted shares outstanding214 208 
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 March 31,
(In millions)20222021
Net loss$(680)$(424)
Foreign currency translation adjustments(33) 
Change in fair market value of interest rate swaps, net of tax13 12 
Other (1)
Other comprehensive income (loss), net of tax(20)11 
Comprehensive loss(700)(413)
Comprehensive loss attributable to noncontrolling interests 1 
Comprehensive loss attributable to Caesars$(700)$(412)
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 
Balance, December 31, 2021214 $ $6,877 $(2,410)$36 $(23)$61 $4,541 
Issuance of restricted stock units— — 25 — — — — 25 
Net loss— — — (680)— — — (680)
Other comprehensive loss, net of tax— — — — (20)— — (20)
Shares withheld related to net share settlement of stock awards — — (20)— — — — (20)
Balance, March 31, 2022214 $ $6,882 $(3,090)$16 $(23)$61 $3,846 
The accompanying notes are an integral part of these consolidated condensed financial statements.
5


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31,
(In millions)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$(246)$61 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(210)(65)
Acquisition of gaming rights and trademarks (2)
Proceeds from sale of businesses, property and equipment, net of cash sold3 4 
Proceeds from the sale of investments27 42 
Proceeds from insurance related to property damage27 26 
Investments in unconsolidated affiliates (30)
Other (6) 
Net cash used in investing activities(159)(25)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities475  
Repayments of long-term debt and revolving credit facilities(492)(16)
Taxes paid related to net share settlement of equity awards(20)(14)
Net cash used in financing activities(37)(30)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities(13)(4)
Cash flows from investing activities(39) 
Net cash from discontinued operations(52)(4)
Effect of foreign currency exchange rates on cash(9)21 
Increase (decrease) in cash, cash equivalents and restricted cash(503)23 
Cash, cash equivalents and restricted cash, beginning of period2,021 4,280 
Cash, cash equivalents and restricted cash, end of period$1,518 $4,303 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$814 $1,810 
Restricted cash included in restricted cash and investments185 2,050 
Restricted and escrow cash included in other assets, net266 410 
Cash and cash equivalents and restricted cash held for sale - discontinued operations253 33 
Total cash, cash equivalents and restricted cash$1,518 $4,303 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$572 $490 
Income taxes (refunded) paid, net6 (1)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures151 33 
Land contributed to joint venture 61 
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, 2021 (“2021 Annual Report”). Capitalized terms used but not defined in this Form 10-Q have the same meanings as in the 2021 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. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Tropicana Entertainment, Inc. 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”) and the Company changed the Company’s ticker symbol on the NASDAQ Stock Market from “ERI” to “CZR”.
On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion (the “William Hill Acquisition”). See below for further discussion of the William Hill Acquisition.
The Company owns, leases, brands or manages an aggregate of 52 domestic properties in 16 states with approximately 54,300 slot machines, video lottery terminals and e-tables, approximately 2,900 table games and approximately 47,700 hotel rooms as of March 31, 2022. The Company operates and conducts sports wagering across 23 states and domestic jurisdictions, 16 of which are mobile for sports betting, 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. The Company’s primary source of revenue is generated by its casino properties’ gaming operations, retail and online sports betting, as well as online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.
The Company’s operations for retail and mobile sports betting, online casino, and online poker are included under the Caesars Digital segment. The Company has made significant investments into the interactive business with the completion of the Merger and the William Hill Acquisition. In addition, in connection with the launch and rebranding of the Caesars Sportsbook app, our Caesars Digital segment initiated a significant marketing campaign with distinguished actors, former athletes and other media personalities. As new states and jurisdictions have legalized sports betting, we have made significant upfront investment which has been executed through marketing campaigns and promotional incentives to establish ourselves as an industry leader. During active promotional periods, such as entering new jurisdictions with our Caesars Sportsbook app, such activity could result in negative net gaming revenue. The Company intends to limit the duration of active promotion periods and apply discretion to determine the level of investment for a particular jurisdiction. The Caesars Sportsbook app offers numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. Caesars Sportsbook has partnerships with the NFL, NBA, NHL and MLB and is the exclusive odds provider for ESPN and CBS Sports. The Company also intends to continue to create new partnerships among collegiate and professional sports teams and entered into the exclusive naming-rights partnership to rebrand the Superdome in New Orleans as the Caesars Superdome. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting.
The Company has divested certain properties and other assets, including non-core properties and 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.
7

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
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 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 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 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 as of the date of the closing of the William Hill Acquisition and are reflected within discontinued operations. See Note 3. Certain investments acquired have been excluded from the held for sale asset group. See Note 7 for investments in which the Company elected to apply the fair value option.
On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. On April 7, 2022, the Company amended the agreement to sell the non-US assets of William Hill to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflects a £250 million reduction in consideration payable at closing and up to £100 million as deferred consideration to be paid to the Company, subject to 888 Holdings Plc meeting certain 2023 financial targets. As a result of the reduction in sales price, the Company recorded an impairment to assets held for sale of $329 million within discontinued operations during the three months ended March 31, 2022. After repayment of the outstanding debt under the Bridge Credit Agreement, described above, the Company expects to receive approximately £585 million, or $785 million, subject to any permitted leakage, which is customary for sale transactions in the UK. See Note 2. In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company has entered into foreign exchange forward contracts. See Note 7. The sale is subject to satisfaction of customary closing conditions, including receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals, and is expected to close in the second quarter of 2022.
Reclassifications
Certain reclassifications of prior year presentations have been made to conform to the current period presentation. In June 2021, the Indiana Gaming Commission amended its order that previously required the Company to sell a third casino asset in the state. As a result, Horseshoe Hammond no longer met the held for sale criteria and the amounts previously presented in discontinued operations have been reclassified into continuing operations for all relevant periods presented.
Basis of Presentation
The accompanying unaudited 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 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 presentation of financial information herein for the periods after the Company’s acquisition of William Hill on April 22, 2021 and the acquisition of an additional interest in Horseshoe Baltimore on August 26, 2021 is not fully comparable to the periods prior to the respective acquisitions. In addition, the presentation of financial information herein for the periods after the
8

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
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 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, 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 investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Developments Related to COVID-19
In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and 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. The Company has resumed operations at all of its properties with the exception of Lake Charles which was severely damaged by Hurricane Laura. See Note 8. Although the resurgence of the Omicron variant of COVID-19 continued to impact the beginning of the quarter, most of our properties experienced positive trends during the three months ended March 31, 2022 including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volume as mandates and restrictions on maximum capacities and amenities available were eased. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could, once again, have a significant impact on our future operations.
Recently Issued Accounting Pronouncements
Pronouncements Implemented in 2022
Effective January 1, 2022, we adopted Accounting Standards Updates (“ASU”) 2020-04 (amended through January 2021), Reference Rate Reform. We will apply this guidance to applicable contracts and instruments if, and when, they are modified. Such application is not expected to have a material effect on our Financial Statements.
Note 2. Acquisitions and Purchase Price Accounting
Acquisition of William Hill
On April 22, 2021, we completed the acquisition of William Hill PLC for cash consideration of approximately £2.9 billion, or approximately $3.9 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 in 23 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, continued legalization in additional states, 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. On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. On April 7, 2022, the Company amended the agreement to sell the non-US assets of William Hill to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflects a £250 million reduction in consideration payable at closing and up to £100 million as deferred consideration to be paid to the Company, subject to 888 Holdings Plc meeting certain 2023 financial targets. As a result of the reduction to the sales price, the Company recorded an impairment to assets held for sale of $329 million within discontinued operations during the three months ended March 31, 2022. The sale is
9

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
subject to satisfaction of customary closing conditions, including receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals, and is expected to close in the second quarter of 2022.
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.”
As mentioned above, the total purchase consideration for William Hill was approximately $3.9 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)(34)
Total purchase consideration$3,912 
____________________
(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 March 31, 2022:
(In millions)Fair Value
Other current assets$164 
Assets held for sale4,337 
Property and equipment, net55 
Goodwill1,154 
Intangible assets (a)
565 
Other noncurrent assets317 
Total assets$6,592 
Other current liabilities$242 
Liabilities related to assets held for sale (b)
2,142 
Deferred income taxes251 
Other noncurrent liabilities35 
Total liabilities2,670 
Noncontrolling interests10 
Net assets acquired$3,912 
____________________
(a)Intangible assets consist of gaming rights valued at $80 million, trademarks valued at $27 million, developed technology valued at $110 million, reacquired rights valued at $280 million and user relationships valued at $68 million.
(b)Includes the fair value of debt of $1.1 billion related to William Hill International at the acquisition date.
The preliminary purchase price allocation is subject to a measurement period and has since been revised. Assets and liabilities held for sale noted above are substantially all related to William Hill International. During the three months ended March 31, 2022, the Company revised the assumed deferred tax liabilities which resulted in an increase to goodwill of $6 million and an increase in deferred income taxes of $6 million. The effect of these revisions during the quarter did not have an impact on our Statements of Operations.
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
10

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
acquired in the William Hill 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 William Hill acquisition date. Assets and liabilities held for sale substantially represent William Hill International which has been initially valued using a combination of approaches including a market approach based on valuation multiples and EBITDA, the relief from royalty method and the replacement cost method. In addition to the approaches described, our estimates have been updated to reflect the sale price of William Hill International in the proposed sale to 888 Holdings Plc, described above.
The acquired net assets of William Hill included certain investments in common stock. Investments with a publicly available share price were valued using the share price on the acquisition date. Investments without publicly available share data were valued at their carrying value, which approximated fair value.
Other personal property assets such as furniture, equipment, computer hardware, and fixtures were valued using a cost approach which determined that the carrying values represented fair value of those items at the William Hill acquisition date.
Trademarks and developed technology were valued using the relief from royalty method, which presumes that without ownership of such trademarks or technology, the Company would have to make a series of payments to the assets’ owner in return for the right to use their brand or technology. By virtue of their ownership of the respective intangible assets, the Company avoids any such payments and records the related intangible value. The estimated useful lives of the trademarks and developed technology are approximately 15 years and six years, respectively, from the acquisition date.
Online user relationships are valued using a cost approach based on the estimated marketing and promotional cost to acquire the new active user base if the user relationships were not already in place and needed to be replaced. We estimate the useful life of the user relationships to be approximately three years from the acquisition date.
Operating agreements with non-Caesars entities allowed William Hill to operate retail and online sportsbooks as well as online gaming within certain states. These agreements are valued using the excess earnings method, estimating the projected profits of the business attributable to the rights afforded through the agreements, adjusted for returns of other assets that contribute to the generation of this profit, such as working capital, fixed assets and other intangible assets. We estimate the useful life of these operating agreements to be approximately 20 years from the acquisition date and have included them within amortizing gaming rights.
The reacquired rights intangible asset represents the estimated fair value of the Company’s share of the William Hill’s forecasted profits arising from the prior contractual arrangement with the Company to operate retail and online sportsbooks and online gaming. This fair value estimate was determined using the excess earnings method, an income-based approach that reflects the present value of the future profit William Hill expected to earn over the remaining term of the contract, adjusted for returns of other assets that contribute to the generation of this profit, such as working capital, fixed assets and other intangible assets. The forecasted profit used within this valuation is adjusted for the settlement of the preexisting relationship noted previously in the calculation of the purchase consideration in order to avoid double counting of this settlement. Reacquired rights are amortizable over the remaining contractual period of the contract in which the rights were granted and estimated to be approximately 24 years from the acquisition date.
Goodwill is the result of expected synergies from the operations of the combined company and future customer relationships including the brand names and strategic partner relationships of Caesars and the technology and assembled workforce of William Hill. The goodwill acquired will not generate amortization deductions for income tax purposes.
The fair value of long-term debt assumed has been calculated based on market quotes.
The Company recognized acquisition-related transaction costs of less than $1 million and $5 million, respectively, for the three months ended March 31, 2022 and 2021, excluding additional transaction costs associated with sale of William Hill International. These costs were primarily associated with legal and professional services and were recorded in Transaction and other operating costs, net in our Statements of Operations.
For the period of January 1, 2022 through March 31, 2022, the operations of William Hill resulted in negative net revenues of $90 million, excluding discontinued operations (see Note 3), and a net loss of $894 million. See Note 1 for discussion on negative revenues.
11

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Consolidation of Horseshoe Baltimore
On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore, a property which it also manages, to approximately 75.8% for cash consideration of $55 million. Subsequent to the change in ownership, the Company was determined to have a controlling financial interest and has begun to consolidate the operations of Horseshoe Baltimore.
Prior to the purchase, the Company held an interest in Horseshoe Baltimore of approximately 44.3% which was accounted for as an equity method investment.
(In millions)Consideration
Cash for additional ownership interest
$55 
Preexisting relationships (net of receivable/payable)18 
Preexisting relationships (previously held equity investment)81 
Total purchase consideration$154 
Preliminary Purchase Price Allocation
The purchase price allocation for Horseshoe Baltimore is preliminary as it relates to determining the fair value of certain assets and liabilities, including goodwill, and is subject to change. The estimated fair values are based on management’s analysis, including preliminary work performed by a third-party valuation specialist, which is subject to finalization over the one-year measurement period. The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets and liabilities of Horseshoe Baltimore, with any potential excess recorded as goodwill as of March 31, 2022:
(In millions)Fair Value
Current assets$60 
Property and equipment, net317 
Goodwill63 
Intangible assets (a)
53 
Other noncurrent assets183 
Total assets$676 
Current liabilities$26 
Long-term debt272 
Other long-term liabilities182 
Total liabilities480 
Noncontrolling interests42 
Net assets acquired$154 
____________________
(a)Intangible assets consist of gaming rights valued at $43 million and customer relationships valued at $10 million.
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 Horseshoe Baltimore 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 Horseshoe Baltimore acquisition date.
Other personal property assets such as furniture, equipment, computer hardware, and fixtures were valued at the existing carrying values as they closely represented the estimated fair value of those items at the Horseshoe Baltimore acquisition date. The fair value of the buildings and improvements were estimated via the income approach. The remaining estimated useful life of the buildings and improvements is 40 years.
The right of use asset and operating lease liability related to a ground lease for the site on which Horseshoe Baltimore is located was recorded at fair value and will be amortized over the estimated remaining useful life due to changes in the underlying fair value and estimated remaining useful life of the building and improvements. Renewal options are considered to be reasonably
12

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
certain. The income approach was used to determine fair value, based on the estimated present value of the future lease payments over the lease term, including renewal options, using an incremental borrowing rate of approximately 7.6%.
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.
The fair value of the gaming rights was determined using the excess earnings method, which 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 acquired gaming rights are considered to have an indefinite life.
The goodwill acquired will generate amortization deductions for income tax purposes.
The fair value of long-term debt has been calculated based on market quotes.
For the period of January 1, 2022 through March 31, 2022, the operations of Horseshoe Baltimore generated net revenues of $58 million, and net income of $2 million.
Note 3. Assets Held for Sale
The Company periodically divests assets that it does not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of the net assets held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs, unless the assets represent a discontinued operation.
Held for sale - Continuing operations
Baton Rouge
On December 1, 2020, the Company entered into a definitive agreement with CQ Holding Company, Inc. to sell the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”). The transaction has received regulatory approvals and is expected to close in the second quarter of 2022, subject to other customary closing conditions. Baton Rouge met the requirements for presentation as assets held for sale as of March 31, 2022.
The assets and liabilities held for sale within continuing operations, accounted for at carrying value unless fair value is lower, were as follows as of March 31, 2022 and December 31, 2021:
Baton Rouge
(In millions)March 31, 2022December 31, 2021
Assets:
Cash$2 $3 
Property and equipment, net2 2 
Other assets, net1 1 
Assets held for sale$5 $6 
Liabilities:
Current liabilities$2 $3 
Other long-term liabilities1 1 
Liabilities related to assets held for sale$3 $4 
13

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The following information presents the net revenues and net loss of our held for sale property, with operations included in continuing operations, that has not been sold:
Baton Rouge
Three Months Ended March 31,
(In millions)20222021
Net revenues$4 $4 
Net loss (1)
Held for sale - Sold
MontBleu and Evansville Divestitures
On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu Casino Resort & Spa (“MontBleu”) to Bally’s Corporation for $15 million, subject to a customary working capital adjustment, resulting in a gain of less than $1 million. The Company received the payment in full on April 5, 2022. MontBleu was within the Regional segment.
On June 3, 2021, the Company consummated the sale of the real property and equity interests of Tropicana Evansville (“Evansville”) to Gaming and Leisure Properties, Inc. (“GLPI”) and Bally’s Corporation (formerly Twin River Worldwide Holdings, Inc.), respectively, for $480 million, subject to a customary working capital adjustment, resulting in a gain of $12 million. Evansville was within the Regional segment.
The following information presents the net revenues and net income of previously held for sale properties, which were recently sold:
Three Months Ended March 31, 2021
(In millions)MontBleuEvansville
Net revenues$11 $31 
Net income4 13 
Held for sale - Discontinued operations
On the closing date of the Merger, Harrah’s Louisiana Downs, Caesars UK Group, which includes Emerald Resorts & Casino, and Caesars Southern Indiana met held for sale criteria. The operations of these properties have been presented within discontinued operations.
On September 3, 2020, the Company and VICI Properties L.P., a Delaware limited partnership (“VICI”) entered into an agreement to sell the equity interests of Harrah’s Louisiana Downs to Rubico Acquisition Corp. for $22 million, subject to a customary working capital adjustment, which proceeds will be split between the Company and VICI. On November 1, 2021, the sale of Harrah’s Louisiana Downs was completed. The annual base rent payments under the Regional Master Lease between Caesars and VICI remained unchanged.
On December 24, 2020, the Company entered into an agreement to sell the equity interests of Caesars Southern Indiana to the Eastern Band of Cherokee Indians (“EBCI”) for $250 million, subject to customary purchase price adjustments. On September 3, 2021, the Company completed the sale of Caesars Southern Indiana, resulting in a gain of $12 million. In connection with this transaction, the Company’s annual base rent payments to VICI Properties under the Regional Master Lease were reduced by $33 million. Additionally, the Company and EBCI entered into a 10-year brand license agreement for the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana. The agreement contains cancellation rights in exchange for a termination fee at the buyer’s discretion following the fifth anniversary of the agreement.
On July 16, 2021, the Company completed the sale of Caesars UK Group, in which the buyer assumed all liabilities associated with the Caesars UK Group, and recorded an impairment of $14 million within discontinued operations.
At the time that the William Hill Acquisition was consummated, the Company’s intent was to divest William Hill International. Accordingly, the assets and liabilities of William Hill International are classified as held for sale with operations presented within discontinued operations. See Note 1 and Note 2.
The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the three months ended March 31, 2022 and 2021:
14

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Three Months Ended March 31, 2022
(In millions)William Hill International
Net revenues$419 
Net loss(303)
Three Months Ended March 31, 2021
(In millions)Harrah’s Louisiana DownsCaesars UK GroupCaesars Southern Indiana
Net revenues$13 $10 $49 
Net income (loss)4 (7) 
Not included in tables are assets and liabilities held for sale of $3.3 billion and $2.6 billion, respectively, as of March 31, 2022 and $3.8 billion and $2.7 billion, respectively, as of December 31, 2021, related to William Hill International. Liabilities held for sale as of March 31, 2022 and December 31, 2021 include $601 million and $617 million, respectively, of debt related to the asset sale bridge facility and the revolving credit facility, which are expected to be repaid upon the sale of William Hill International, as described in Note 1. The Bridge Credit Agreement includes a financial covenant, of which the Company was in compliance as of March 31, 2022, requiring the Bridge Facility Borrower to maintain a maximum total net leverage ratio of 10.50 to 1.00. The borrowings under the Bridge Credit Agreement are guaranteed by the Bridge Facility Borrower and its material wholly-owned subsidiaries (subject to exceptions), and are secured by a pledge of substantially all of the existing and future property and assets of the Bridge Facility Borrower and the guarantors (subject to exceptions). In addition, $918 million of debt is held for sale related to two trust deeds assumed in the William Hill Acquisition. One trust deed relates to £350 million aggregate principal amount of 4.750% Senior Notes due 2026, and the other trust deed relates to £350 million aggregate principal amount of 4.875% Senior Notes due 2023. Each of the trust deeds contain a put option due to a change in control which allowed noteholders to require the Company to purchase the notes at 101% of the principal amount with interest accrued. The put period expired on July 26, 2021, and approximately £1 million of debt was repurchased. No financial covenants were noted related to the two trust deeds assumed in the William Hill Acquisition.
Note 4. Investments in and Advances to Unconsolidated Affiliates
William Hill
The Company previously entered into a 25-year agreement which granted William Hill the right to conduct betting activities, including operating our sportsbooks, and conduct certain real money online gaming activities. On April 22, 2021, the Company consummated its previously announced acquisition of William Hill PLC in an all-cash transaction. Prior to the acquisition, the Company accounted for its investment in William Hill PLC as an investment in equity securities and William Hill US as an equity method investment. See Note 2 for further detail on the consideration transferred and the allocation of the purchase price.
NeoGames
The acquired net assets of William Hill included an investment in publicly traded common stock of NeoGames S.A. (“NeoGames”), a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On September 16, 2021, the Company sold a portion of its shares of NeoGames common stock for $136 million which decreased Company’s ownership interest from 24.5% to 8.4%. Additionally, on March 14, 2022 the Company sold its remaining 2 million shares at fair value for $26 million and recorded a loss on the change in fair value of $34 million during the three months ended March 31, 2022, which is included within Other income (loss) on the Statements of Operations.
Pompano Joint Venture
In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. In June 2021, the joint venture issued a capital call and we contributed $3 million. The Company has made cash contributions totaling $4 million and has contributed land. On February 12, 2021, the Company contributed 186 acres to the joint venture with a fair value of $61 million. Total contributions of approximately 206 acres of land have been made with a fair value of approximately $69 million, and the Company has no further obligation to
15

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
contribute additional real estate or cash as of March 31, 2022. We entered into a short-term lease agreement in February 2021, which we can cancel at any time, to lease back a portion of the land from the joint venture.
While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such the investment in the joint venture is accounted for using the equity method. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction and other operating costs, net on the Statements of Operations. As of March 31, 2022 and December 31, 2021, the Company’s investment in the joint venture is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets.
Note 5. Property and Equipment
(In millions)March 31, 2022December 31, 2021
Land$2,093 $2,125 
Buildings, riverboats, and leasehold and land improvements12,589 12,433 
Furniture, fixtures, and equipment1,715 1,650 
Construction in progress479 395 
Total property and equipment16,876 16,603 
Less: accumulated depreciation(2,239)(2,002)
Total property and equipment, net$14,637 $14,601 
Our property and equipment are subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases.
Depreciation Expense
Three Months Ended March 31,
(In millions)20222021
Depreciation expense$243 $245 
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.
Note 6. Goodwill and Intangible Assets, net
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill.
Changes in Carrying Value of Goodwill and Other Intangible Assets
Non-Amortizing Intangible Assets
(In millions)Amortizing Intangible AssetsGoodwillOther
December 31, 2021$1,209 $11,076 $3,711 
Amortization(57)— — 
Other (a)
 6  
March 31, 2022$1,152 $11,082 $3,711 
____________________
(a)Purchase price adjustment related to William Hill Acquisition. See Note 2 for additional information.
16

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
March 31, 2022December 31, 2021
(Dollars in millions)Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizing intangible assets
Customer relationships
3 - 7 years
$587 $(210)$377 $587 $(187)$400 
Gaming rights and other
20 - 34 years
174 (8)166 174 (7)167 
Trademarks
15 years
322 (46)276 322 (21)301 
Reacquired rights
24 years
250 (10)240 250 (7)243 
Technology
6 years
110 (17)93 110 (12)98 
$1,443 $(291)1,152 $1,443 $(234)1,209 
Non-amortizing intangible assets
Trademarks1,998 1,998 
Gaming rights1,190 1,190 
Caesars Rewards523 523 
3,711