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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 July 28, 2022 was 214,416,918.



CAESARS ENTERTAINMENT, INC.
TABLE OF CONTENTS
Page
 
 
 
 
 






PART I - FINANCIAL INFORMATION
Item 1.  Unaudited Financial Statements
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(In millions)June 30, 2022December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$997 $1,070 
Restricted cash and investments145 319 
Accounts receivable, net494 472 
Inventories47 42 
Prepayments and other current assets291 290 
Assets held for sale2,926 3,771 
Total current assets4,900 5,964 
Investment in and advances to unconsolidated affiliates96 158 
Property and equipment, net 14,606 14,601 
Gaming rights and other intangibles, net4,812 4,920 
Goodwill11,082 11,076 
Other assets, net1,174 1,312 
Total assets$36,670 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$323 $254 
Accrued interest314 320 
Accrued other liabilities1,818 1,973 
Current portion of long-term debt70 70 
Liabilities related to assets held for sale2,372 2,680 
Total current liabilities4,897 5,297 
Long-term financing obligation12,523 12,424 
Long-term debt13,668 13,722 
Deferred income taxes980 1,111 
Other long-term liabilities891 936 
Total liabilities32,959 33,490 
Commitments and contingencies (Note 8)


STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity3,649 4,480 
Noncontrolling interests62 61 
Total stockholders’ equity3,711 4,541 
Total liabilities and stockholders’ equity$36,670 $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 June 30,Six Months Ended June 30,
(In millions, except per share data)2022202120222021
REVENUES:
Casino and pari-mutuel commissions$1,549 $1,571 $2,841 $2,798 
Food and beverage422 281 761 450 
Hotel519 396 902 611 
Other331 254 609 435 
Net revenues2,821 2,502 5,113 4,294 
EXPENSES:
Casino and pari-mutuel commissions825 694 1,889 1,281 
Food and beverage242 166 444 274 
Hotel134 106 249 187 
Other105 79 193 148 
General and administrative517 418 1,016 798 
Corporate76 76 145 142 
Depreciation and amortization306 301 606 566 
Transaction and other operating costs, net14 72 (21)92 
Total operating expenses2,219 1,912 4,521 3,488 
Operating income602 590 592 806 
OTHER EXPENSE:
Interest expense, net(559)(576)(1,111)(1,155)
Loss on extinguishment of debt (23) (23)
Other income (loss)45 110 49 (23)
Total other expense(514)(489)(1,062)(1,201)
Income (loss) from continuing operations before income taxes88 101 (470)(395)
Benefit (provision) for income taxes(52)1 55 77 
Net income (loss) from continuing operations, net of income taxes36 102 (415)(318)
Discontinued operations, net of income taxes(157)(30)(386)(34)
Net income (loss)(121)72 (801)(352)
Net income attributable to noncontrolling interests(2)(1)(2) 
Net income (loss) attributable to Caesars$(123)$71 $(803)$(352)
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations$0.16 $0.48 $(1.95)$(1.52)
Basic loss per share from discontinued operations(0.73)(0.14)(1.80)(0.16)
Basic income (loss) per share$(0.57)$0.34 $(3.75)$(1.68)
Diluted income (loss) per share from continuing operations$0.16 $0.48 $(1.95)$(1.52)
Diluted loss per share from discontinued operations(0.73)(0.14)(1.80)(0.16)
Diluted income (loss) per share$(0.57)$0.34 $(3.75)$(1.68)
Weighted average basic shares outstanding214 209 214 209 
Weighted average diluted shares outstanding215 211 214 209 
The accompanying notes are an integral part of these consolidated condensed financial statements.
3


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2022202120222021
Net income (loss)$(121)$72 $(801)$(352)
Foreign currency translation adjustments(44)(11)(77)(11)
Change in fair market value of interest rate swaps, net of tax7 10 20 22 
Other1 3 1 2 
Other comprehensive income (loss), net of tax(36)2 (56)13 
Comprehensive income (loss)(157)74 (857)(339)
Comprehensive income attributable to noncontrolling interests(2)(1)(2) 
Comprehensive income (loss) attributable to Caesars$(159)$73 $(859)$(339)
The accompanying notes are an integral part of these consolidated condensed financial statements.
4


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 2020208 $ $6,382 $(1,391)$34 $(9)$18 $5,034 
Issuance of restricted stock units— — 23 — — — — 23 
Net loss— — — (423)— — (1)(424)
Other comprehensive income, net of tax— — — — 11 — — 11 
Shares withheld related to net share settlement of stock awards— — (14)— — — — (14)
Balance, March 31, 2021208  6,391 (1,814)45 (9)17 4,630 
Issuance of restricted stock units— — 21 — — — — 21 
Issuance of common stock, net5 — 454 — — (14)— 440 
Net income— — — 71 — — 1 72 
Other comprehensive income, net of tax— — — — 2 — — 2 
Shares withheld related to net share settlement of stock awards— — (13)— — — — (13)
Acquired noncontrolling interest— — — — — — 10 10 
Balance, June 30, 2021213 $ $6,853 $(1,743)$47 $(23)$28 $5,162 
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 
Issuance of restricted stock units— — 26 — — — — 26 
Net income (loss)— — — (123)— — 2 (121)
Other comprehensive loss, net of tax— — — — (36)— — (36)
Shares withheld related to net share settlement of stock awards— — (3)— — — — (3)
Transactions with noncontrolling interests— — — — — — (1)(1)
Balance, June 30, 2022214 $ $6,905 $(3,213)$(20)$(23)$62 $3,711 
The accompanying notes are an integral part of these consolidated condensed financial statements.
5


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended June 30,
(In millions)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities$116 $672 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(471)(177)
Acquisition of William Hill, net of cash acquired (2,042)
Acquisition of gaming rights and trademarks (272)
Proceeds from sale of businesses, property and equipment, net of cash sold4 460 
Proceeds from the sale of investments121 44 
Proceeds from insurance related to property damage33 40 
Investments in unconsolidated affiliates (33)
Net cash used in investing activities(313)(1,980)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities750  
Repayments of long-term debt and revolving credit facilities(878)(35)
Cash paid to settle convertible notes (367)
Taxes paid related to net share settlement of equity awards(23)(27)
Net cash used in financing activities(151)(429)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities(18)(67)
Cash flows from investing activities(82)(916)
Cash flows from financing activities 591 
Net cash from discontinued operations(100)(392)
Effect of foreign currency exchange rates on cash(29)19 
Decrease in cash, cash equivalents and restricted cash(477)(2,110)
Cash, cash equivalents and restricted cash, beginning of period2,021 4,280 
Cash, cash equivalents and restricted cash, end of period$1,544 $2,170 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$997 $1,128 
Restricted cash included in restricted cash and investments145 237 
Restricted and escrow cash included in other assets, net210 385 
Cash and cash equivalents and restricted cash held for sale - discontinued operations192 420 
Total cash, cash equivalents and restricted cash$1,544 $2,170 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$986 $923 
Income taxes paid, net14  
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures115 54 
Convertible notes settled with shares
 440 
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 51 domestic properties in 16 states with approximately 53,200 slot machines, video lottery terminals and e-tables, approximately 2,900 table games and approximately 47,500 hotel rooms as of June 30, 2022. The Company operates and conducts sports wagering across 25 jurisdictions in North America, 18 of which are mobile for sports betting, and operates regulated online real money gaming businesses in six jurisdictions in North America. 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 horse racing wagering, online casino, and online poker are included within 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 investments which have been executed through marketing campaigns and promotional incentives to acquire new customers and establish ourselves as an industry leader. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook app, the Company intends to limit the duration 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. In addition to the Caesars Sportsbook app, the Company and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., launched the Caesars Racebook app. The Caesars Racebook app provides access for wagers at over 300 race tracks around the world. Wagers placed can earn credits towards the Caesars Rewards program or points which can be redeemed for free wagering credits. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and online horse racing wagering.
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, the Company 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. On July 1, 2022, outstanding borrowings under the Bridge Credit Agreement were repaid immediately following the sale of William Hill’s non-U.S. operations, which included the UK and international online divisions and the retail betting shops (collectively, “William Hill International”), all of which were held for sale as of the date of the closing of the William Hill Acquisition with operations 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. In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company entered into foreign exchange forward contracts. See Note 7. 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. During the three and six months ended June 30, 2022, the Company recorded impairments to assets held for sale of $174 million and $503 million, respectively, within discontinued operations based on the revised and final sales prices.
On July 1, 2022, the Company completed the sale of William Hill International to 888 Holdings Plc. After the repayment of the Bridge Credit Agreement, other permitted leakage, and the settlement of related forward contracts, Caesars received net proceeds of $730 million. Including open market repurchases during the second quarter and subsequent repurchases and repayments in July 2022, the Company utilized all $730 million to reduce the Company’s outstanding debt. See Note 9.
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 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. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation.
8

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
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
The resurgence of the Omicron variant of COVID-19 continued to impact the beginning of the year, however, many of our properties experienced positive trends during much of the six months ended June 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. COVID-19 had a significant impact to the prior year results as mandates and restrictions on maximum capacities and amenities available were eased, discretionary consumer spending was supplemented via governmental stimulus and consumers pent up demand resulted in strong results during 2021 across our properties. Our results of operations remain comparable to pre-pandemic years, however, specifically within our Regional segment, are slightly down to the comparative prior year period. Additionally, 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 Update 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.
We acquired William Hill PLC and its U.S. subsidiary, William Hill U.S. Holdco (“William Hill US” and together with William Hill PLC, “William Hill”) to better position the Company to address the extensive usage of digital platforms, continued legalization in additional states and jurisdictions, and growing bettor demand, which are driving the market for online sports betting platforms in the U.S. In addition, we continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services across these digital platforms. 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. On July 1, 2022 the Company completed the sale of William Hill International to 888 Holdings Plc.
The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 4). Accordingly, the acquisition was 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.
9

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
(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.
Final Purchase Price Allocation
The fair values are based on management’s analysis including work performed by third-party valuation specialists, which were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill, with the excess recorded as goodwill as of June 30, 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 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 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 was 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.
10

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
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 $7 million and $62 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $67 million for the six months ended June 30, 2022 and 2021, respectively, excluding additional transaction costs associated with the 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 June 30, 2022, the operations of William Hill resulted in net revenues of $17 million, excluding discontinued operations (see Note 3), and a net loss of $1.2 billion.
Unaudited Pro Forma Financial Information
The following unaudited pro forma financial information is presented to illustrate the estimated effects of the William Hill Acquisition as if it had occurred on January 1, 2021. The pro forma amounts include the historical operating results of the Company and William Hill prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired, eliminate gains and losses related to certain investments and adjustments to the timing of acquisition related costs and expenses incurred during the three and six months ended June 30, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial position or results that would have occurred had the William Hill Acquisition been consummated as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the acquisition.
11

CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
(In millions)Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Net revenues$2,532 $4,421 
Net income (loss)175 (265)
Net income (loss) attributable to Caesars174 (265)
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