0001590895-22-000148 | 10-Q | XBRL Viewer | Caesars Entertainment INC

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $.00001 par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		214,566,105
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 944	$ 1,070
Restricted cash and investments	136	319
Accounts receivable, net	506	472
Inventories	46	42
Prepayments and other current assets	304	290
Assets held for sale	0	3,771
Total current assets	1,936	5,964
Investment in and advances to unconsolidated affiliates	96	158
Property and equipment, net	14,592	14,601
Gaming rights and other intangibles, net	4,779	4,920
Goodwill	11,082	11,076
Other assets, net	1,109	1,312
Total assets	33,594	38,031
CURRENT LIABILITIES:
Accounts payable	300	254
Accrued interest	229	320
Accrued other liabilities	1,827	1,973
Current portion of long-term debt	70	70
Liabilities related to assets held for sale	0	2,680
Total current liabilities	2,426	5,297
Long-term financing obligation	12,565	12,424
Long-term debt	12,857	13,722
Deferred income taxes	982	1,111
Other long-term liabilities	872	936
Total liabilities	29,702	33,490
Commitments and contingencies (Note 8)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	3,838	4,480
Noncontrolling interests	54	61
Total stockholders’ equity	3,892	4,541
Total liabilities and stockholders’ equity	$ 33,594	$ 38,031

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES:
Net revenues	$ 2,887	$ 2,685	$ 8,000	$ 6,979
EXPENSES:
Other	105	114	298	262
General and administrative	529	486	1,545	1,284
Corporate	63	86	208	228
Depreciation and amortization	304	276	910	842
Transaction and other operating costs, net	7	21	(14)	113
Total operating expenses	2,228	2,153	6,749	5,641
Operating income	659	532	1,251	1,338
OTHER EXPENSE:
Interest expense, net	(569)	(579)	(1,680)	(1,734)
Loss on extinguishment of debt	(33)	(117)	(33)	(140)
Other income (loss)	4	(153)	53	(176)
Total other expense	(598)	(849)	(1,660)	(2,050)
Income (loss) from continuing operations before income taxes	61	(317)	(409)	(712)
Benefit (provision) for income taxes	(8)	90	47	167
Net income (loss) from continuing operations, net of income taxes	53	(227)	(362)	(545)
Discontinued operations, net of income taxes	0	(4)	(386)	(38)
Net income (loss)	53	(231)	(748)	(583)
Net income attributable to noncontrolling interests	(1)	(2)	(3)	(2)
Net income (loss) attributable to Caesars	$ 52	$ (233)	$ (751)	$ (585)
Net income (loss) per share - basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.24	$ (1.08)	$ (1.70)	$ (2.60)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.02)	(1.80)	(0.18)
Basic income (loss) per share (in dollars per share)	0.24	(1.10)	(3.50)	(2.78)
Net income (loss) per share -Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.24	(1.08)	(1.70)	(2.60)
Diluted loss per share from discontinued operations (in dollar per shares)	0	(0.02)	(1.80)	(0.18)
Diluted income (loss) per share (in dollars per share)	$ 0.24	$ (1.10)	$ (3.50)	$ (2.78)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	214	214	214	211
Weighted average diluted shares outstanding (in shares)	215	214	214	211
Casino and pari-mutuel commissions
REVENUES:
Net revenues	$ 1,605	$ 1,510	$ 4,446	$ 4,308
EXPENSES:
Cost of goods and services	838	830	2,727	2,111
Food and beverage
REVENUES:
Net revenues	411	347	1,172	797
EXPENSES:
Cost of goods and services	240	210	684	484
Hotel
REVENUES:
Net revenues	544	511	1,446	1,122
EXPENSES:
Cost of goods and services	142	130	391	317
Other
REVENUES:
Net revenues	$ 327	$ 317	$ 936	$ 752

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 53	$ (231)	$ (748)	$ (583)
Foreign currency translation adjustments	110	(33)	33	(44)
Change in fair market value of interest rate swaps, net of tax	3	11	23	33
Other	0	(3)	1	(1)
Other comprehensive income (loss), net of tax	113	(25)	57	(12)
Comprehensive income (loss)	166	(256)	(691)	(595)
Comprehensive income attributable to noncontrolling interests	(1)	(2)	(3)	(2)
Comprehensive income (loss) attributable to Caesars	$ 165	$ (258)	$ (694)	$ (597)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		208
Beginning balance at Dec. 31, 2020	$ 5,034	$ 0	$ 6,382	$ (1,391)	$ 34	$ (9)	$ 18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	23		23
Net income (loss)	(424)			(423)			(1)
Other comprehensive income (loss), net of tax	11				11
Shares withheld related to net share settlement of stock awards	(14)		(14)
Ending balance at Mar. 31, 2021	4,630	$ 0	6,391	(1,814)	45	(9)	17
Ending balance (in shares) at Mar. 31, 2021		208
Beginning balance at Dec. 31, 2020	5,034	$ 0	6,382	(1,391)	34	(9)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(583)
Ending balance at Sep. 30, 2021	4,953	$ 0	6,867	(1,976)	22	(23)	63
Ending balance (in shares) at Sep. 30, 2021		214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		208
Beginning balance at Mar. 31, 2021	4,630	$ 0	6,391	(1,814)	45	(9)	17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	21		21
Issuance of common stock, net (in shares)		5
Issuance of common stock, net	440		454			(14)
Net income (loss)	72			71			1
Other comprehensive income (loss), net of tax	2				2
Shares withheld related to net share settlement of stock awards	(13)		(13)
Acquired noncontrolling interest	10						10
Ending balance at Jun. 30, 2021	5,162	$ 0	6,853	(1,743)	47	(23)	28
Ending balance (in shares) at Jun. 30, 2021		213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		213
Issuance of restricted stock units (in shares)		1
Issuance of restricted stock units	20		20
Net income (loss)	(231)			(233)			2
Other comprehensive income (loss), net of tax	(25)				(25)
Shares withheld related to net share settlement of stock awards	(6)		(6)
Acquired noncontrolling interest	33						33
Ending balance at Sep. 30, 2021	4,953	$ 0	6,867	(1,976)	22	(23)	63
Ending balance (in shares) at Sep. 30, 2021		214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		214
Beginning balance (in shares)		214
Beginning balance at Dec. 31, 2021	4,541	$ 0	6,877	(2,410)	36	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	25		25
Net income (loss)	(680)			(680)			0
Other comprehensive income (loss), net of tax	(20)				(20)
Shares withheld related to net share settlement of stock awards	(20)		(20)
Ending balance at Mar. 31, 2022	3,846	$ 0	6,882	(3,090)	16	(23)	61
Ending balance (in shares) at Mar. 31, 2022		214
Beginning balance at Dec. 31, 2021	4,541	$ 0	6,877	(2,410)	36	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(748)
Ending balance at Sep. 30, 2022	3,892	$ 0	6,929	(3,161)	93	(23)	54
Ending balance (in shares) at Sep. 30, 2022		215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		214
Beginning balance at Mar. 31, 2022	3,846	$ 0	6,882	(3,090)	16	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	26		26
Net income (loss)	(121)			(123)			2
Other comprehensive income (loss), net of tax	(36)				(36)
Shares withheld related to net share settlement of stock awards	(3)		(3)
Transactions with noncontrolling interests	(1)						(1)
Ending balance at Jun. 30, 2022	3,711	$ 0	6,905	(3,213)	(20)	(23)	62
Ending balance (in shares) at Jun. 30, 2022		214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		214
Issuance of restricted stock units (in shares)		1
Issuance of restricted stock units	27		27
Net income (loss)	53			52			1
Other comprehensive income (loss), net of tax	113				113
Shares withheld related to net share settlement of stock awards	(3)		(3)
Transactions with noncontrolling interests	(9)						(9)
Ending balance at Sep. 30, 2022	$ 3,892	$ 0	$ 6,929	$ (3,161)	$ 93	$ (23)	$ 54
Ending balance (in shares) at Sep. 30, 2022		215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		215

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 469	$ 974
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(717)	(313)
Acquisition of gaming rights and trademarks	(11)	(282)
Proceeds from sale of businesses, property and equipment, net of cash sold	21	709
Proceeds from the sale of investments	121	206
Proceeds from insurance related to property damage	36	44
Investments in unconsolidated affiliates	0	(39)
Net cash used in investing activities	(550)	(1,231)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	750	1,308
Repayments of long-term debt and revolving credit facilities	(1,761)	(1,125)
Cash paid to settle convertible notes	0	(367)
Financing obligation payments	(1)	0
Debt issuance and extinguishment costs	0	(42)
Taxes paid related to net share settlement of equity awards	(26)	(33)
Net cash used in financing activities	(1,038)	(259)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	(18)	(55)
Cash flows from investing activities	386	(1,453)
Cash flows from financing activities	0	591
Net cash from discontinued operations	368	(917)
Change in cash, cash equivalents and restricted cash classified as assets held for sale	0	10
Effect of foreign currency exchange rates on cash	(29)	31
Decrease in cash, cash equivalents and restricted cash	(780)	(1,392)
Cash, cash equivalents and restricted cash, beginning of period	2,021	4,280
Cash, cash equivalents and restricted cash, end of period	1,241	2,888
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	944	1,072
Restricted cash included in restricted cash and investments	136	302
Restricted and escrow cash included in other assets, net	161	1,166
Cash and cash equivalents and restricted cash held for sale - discontinued operations	0	348
Total cash, cash equivalents and restricted cash	1,241	2,888
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	1,571	1,528
Income taxes (refunded) paid, net	18	(6)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	118	72
Convertible notes settled with shares	0	440
Land contributed to joint venture	0	61
William Hill
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions	0	(1,551)
Horseshoe Baltimore
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions	$ 0	$ (5)

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	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 a 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.” In addition, on April 22, 2021, the Company completed the acquisition of William Hill PLC (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 52,800 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 47,500 hotel rooms as of September 30, 2022. The Company operates and conducts sports wagering across 26 jurisdictions in North America, 19 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 be strategic and apply discretion to determine the duration and 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 entered into an exclusive naming-rights partnership to rebrand the Superdome in New Orleans as the Caesars Superdome and intends to continue to create new partnerships among collegiate and professional sports teams. 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 racetracks 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 and Note 15 for segment information. 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 the acquisition date, the Company’s intent was to divest of William Hill PLC’s non-U.S. operations, which included the UK and international online divisions and the retail betting shops (collectively, “William Hill International”) was held for sale as of the date of the closing of the William Hill Acquisition with operations reflected within discontinued operations. See Note 3. 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 provided 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 £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 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 William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflected 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 nine months ended September 30, 2022, the Company recorded impairments to assets held for sale of $503 million 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. and outstanding borrowings under the Bridge Credit Agreement were immediately repaid. 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 and repayments, 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. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. 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, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements. Developments Related to COVID-19 Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the nine months ended September 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could 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.

Acquisitions and Purchase Price Accounting

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

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. At the time that the William Hill Acquisition was consummated, the Company’s intent was to divest William Hill International.

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 William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. During the nine months ended September 30, 2022, the Company recorded impairments to assets held for sale of $503 million 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.

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.


(In millions)	Consideration
Cash for outstanding William Hill common stock (a)	$	3,909
Fair value of William Hill equity awards	30
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, and 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 September 30, 2022:


(In millions)	Fair Value
Other current assets	$	164
Assets held for sale	4,337
Property and equipment, net	55
Goodwill	1,154
Intangible assets (a)	565
Other noncurrent assets	317
Total assets	$	6,592

Other current liabilities	$	242
Liabilities related to assets held for sale (b)	2,142
Deferred income taxes	251
Other noncurrent liabilities	35
Total liabilities	2,670
Noncontrolling interests	10
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 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 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 $2 million and $5 million for the three months ended September 30, 2022 and 2021, respectively, and $10 million and $60 million for the nine months ended September 30, 2022 and 2021, respectively, excluding additional transaction costs associated with the sale of William Hill International. These costs were primarily associated with legal, professional services and severance costs and were recorded in Transaction and other operating costs, net in our Statements of Operations.

For the period of January 1, 2022 through September 30, 2022, the operations of William Hill resulted in net revenues of $183 million, excluding discontinued operations (see Note 3), and a net loss of $1.3 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, 2020. 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 nine months ended September 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.


(In millions)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net revenues	$	2,685	$	7,106
Net loss	(155)		(427)
Net loss attributable to Caesars	(157)		(429)

Consolidation of Horseshoe Baltimore

On August 26, 2021 (the “Consolidation Date”), 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 began 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

Final Purchase Price Allocation

The fair values are based on management’s analysis, including work performed by a third-party valuation specialist, and were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets and liabilities of Horseshoe Baltimore, with the excess recorded as goodwill as of September 30, 2022:


(In millions)	Fair Value
Current assets	$	60
Property and equipment, net	317
Goodwill	63
Intangible assets (a)	53
Other noncurrent assets	183
Total assets	$	676

Current liabilities	$	26
Long-term debt	272
Other long-term liabilities	182
Total liabilities	480
Noncontrolling interests	42
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 of Horseshoe Baltimore on the Consolidation Date 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.

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 on the Consolidation 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 on the Consolidation Date 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 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 from the Consolidation Date.

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 September 30, 2022, the operations of Horseshoe Baltimore generated net revenues of $175 million, and net income of $8 million.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented to illustrate the estimated effects of the Horseshoe Baltimore consolidation as if it had occurred on January 1, 2020. The pro forma amounts included the historical operating results of the Company and Horseshoe Baltimore prior to the consolidation. 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 and adjustments to eliminate certain revenues and expenses which are considered intercompany activities. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the consolidation of Horseshoe Baltimore occurred 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 consolidation.


(In millions)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net revenues	$	2,718	$	7,102
Net loss	(265)		(611)
Net loss attributable to Caesars	(268)		(617)

Assets Held for Sale

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

The Company periodically divests assets to raise capital or, in previous 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 - Sold

Baton Rouge, MontBleu and Evansville Divestitures

On May 5, 2022, the Company consummated the sale of the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc., subject to a customary working capital adjustment, resulting in a loss of $3 million. Baton Rouge was within the Regional segment.

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 (loss) of previously held for sale properties, which were recently sold:


	Baton Rouge
(In millions)	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Net revenues	$	—		$	6
Net loss	—			(1)


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(In millions)	Baton Rouge		MontBleu		Evansville		Baton Rouge		MontBleu		Evansville
Net revenues	$	4	$	—	$	—	$	13	$	11	$	58
Net income (loss)	(2)		—		—		(3)		4		26

The assets and liabilities held for sale were as follows as of December 31, 2021:


	Baton Rouge
(In millions)	December 31, 2021
Assets:





Cash	$	3
Property and equipment, net	2


Other assets, net	1
Assets held for sale	$	6
Liabilities:
Current liabilities	$	3





Other long-term liabilities	1
Liabilities related to assets held for sale	$	4

Held for sale - Discontinued operations

On the closing date of the Merger, Harrah’s Louisiana Downs, Caesars Southern Indiana and Caesars UK Group, which includes Emerald Resorts & Casino met held for sale criteria. The operations of these properties, until their respective date of divestiture, have been presented within discontinued operations. Additionally, 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 these reporting units were classified as held for sale with operations presented within discontinued operations. See Note 1 and Note 2.

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. On November 1, 2021, the sale of Harrah’s Louisiana Downs was completed and proceeds were split between the Company and VICI. 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 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.

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 and nine months ended September 30, 2022 and 2021:


	William Hill International
(In millions)	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Net revenues	$	—	$	820
Net loss	—		(448)


	Three Months Ended September 30, 2021								Nine Months Ended September 30, 2021
(In millions)	Harrah’s Louisiana Downs		Caesars UK Group		Caesars Southern Indiana		William Hill International		Harrah’s Louisiana Downs		Caesars UK Group		Caesars Southern Indiana		William Hill International
Net revenues	$	13	$	—	$	41	$	454	$	42	$	30	$	155	$	797
Net income (loss)	3		(1)		18		(39)		12		(30)		27		(41)

Not included in table above are assets and liabilities held for sale of $3.8 billion and $2.7 billion, respectively, as of December 31, 2021, related to William Hill International that were divested on July 1, 2022. Liabilities held for sale as of December 31, 2021 includes $617 million of debt related to the Bridge Credit Agreement, which was repaid upon the sale of William Hill International on July 1, 2022, as described in Note 1. The Bridge Credit Agreement included a financial covenant 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 were guaranteed by the Bridge Facility Borrower and its material wholly-owned subsidiaries (subject to exceptions), and were 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, $850 million of debt was held for sale related to two trust deeds assumed in the William Hill Acquisition. One trust deed related to £350 million aggregate principal amount of 4.750% Senior Notes due 2026, and the other trust deed related to £350 million aggregate principal amount of 4.875% Senior Notes due 2023. Each of the trust deeds contained 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. The two trust deeds were included within liabilities held for sale, which were disposed of on July 1, 2022 with the completion of the sale of William Hill International.

Investments in and Advances to Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	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 the 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 nine months ended September 30, 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, for a total of $4 million in cash since inception of the joint venture. 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 contribute additional real estate or cash as of September 30, 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 September 30, 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.

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment


(In millions)	September 30, 2022		December 31, 2021
Land	$	2,092	$	2,125
Buildings, riverboats, and leasehold and land improvements	12,827		12,433
Furniture, fixtures, and equipment	1,943		1,650
Construction in progress	470		395
Total property and equipment	17,332		16,603
Less: accumulated depreciation	(2,740)		(2,002)
Total property and equipment, net	$	14,592	$	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 September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Depreciation expense	$	260	$	237	$	758	$	746

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets, net

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, netThe 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 Assets		Goodwill		Other
December 31, 2021	$	1,209	$	11,076	$	3,711
Amortization	(152)		—		—

Acquisition of gaming rights	10		—		1
Other (a)	28		6		(28)
September 30, 2022	$	1,095	$	11,082	$	3,684

____________________

(a)Reclassification of gaming rights, with a value of $28 million, from non-amortizing to amortizing and a purchase price adjustment to Goodwill related to the William Hill Acquisition.


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2022							December 31, 2021
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	587	$	(255)	$	332	$	587	$	(187)	$	400
Gaming rights and other	10 - 34 years	212		(14)		198		174		(7)		167
Trademarks	15 years	307		(62)		245		322		(21)		301
Reacquired rights	24 years	250		(15)		235		250		(7)		243
Technology	6 years	110		(25)		85		110		(12)		98
		$	1,466	$	(371)	1,095		$	1,443	$	(234)	1,209

Non-amortizing intangible assets
Trademarks						1,998						1,998
Gaming rights						1,163						1,190
Caesars Rewards						523						523

						3,684						3,711
Total amortizing and non-amortizing intangible assets, net						$	4,779					$	4,920

Amortization expense with respect to intangible assets for the three months ended September 30, 2022 and 2021 totaled $44 million and $39 million, respectively, and for the nine months ended September 30, 2022 and 2021 totaled $152 million and $96 million, respectively, which is included in depreciation and amortization in the Statements of Operations.


Estimated Five-Year Amortization
	Remaining 2022		Years Ended December 31,
(In millions)			2023		2024		2025		2026		2027
Estimated annual amortization expense	$	35	$	141	$	126	$	119	$	119	$	76

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Items Measured at Fair Value on a Recurring Basis

The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets:


	September 30, 2022
(In millions)	Level 1		Level 2		Level 3		Total
Assets:

Marketable securities	$	2	$	2	$	—	$	4
Derivative instruments - interest rate swaps	—		3		—		3

Total assets at fair value	$	2	$	5	$	—	$	7


	December 31, 2021
(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash	$	1	$	1	$	—	$	2
Marketable securities	69		9		—		78
Derivative instruments - FX forward	—		1		—		1
Total assets at fair value	$	70	$	11	$	—	$	81
Liabilities:
Derivative instruments - interest rate swaps	$	—	$	28	$	—	$	28
Derivative instruments - FX forward	—		16		—		16
Total liabilities at fair value	$	—	$	44	$	—	$	44

Restricted Cash

The estimated fair values of the Company’s restricted cash are based upon quoted prices available in active markets (Level 1), or quoted prices for similar assets in active and inactive markets (Level 2) and represent the amounts the Company would expect to receive if the Company sold the restricted cash. Restricted cash classified as Level 1 includes cash equivalents held in short-term certificate of deposit accounts or money market type funds. Restricted cash that is not subject to remeasurement on a recurring basis is not included in the table above.

Marketable Securities

Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and investments acquired in the William Hill Acquisition. See Note 4. These investments also include collateral for several escrow and trust agreements with third-party beneficiaries. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities.

Derivative Instruments

The Company does not purchase or hold any derivative financial instruments for trading purposes.

Forward contracts

The Company entered into several foreign exchange forward contracts with third parties to hedge the risk of fluctuations in the foreign exchange rates between USD and GBP. During the three months ended September 30, 2021, the Company recorded a total gain of $16 million, and for the nine months ended September 30, 2022 and 2021 the Company recorded total gains of $76 million and $26 million, respectively, related to forward contracts, which have been recorded in the Other income (loss) on the Statements of Operations. All forward contracts have been settled as of July 1, 2022.

Interest Rate Swap Derivatives

We assumed Former Caesars’ interest rate swaps to manage the mix of assumed debt between fixed and variable rate instruments. As of September 30, 2022, we have four interest rate swap agreements to fix the interest rate on $1.3 billion of variable rate debt related to the Caesars Resort Collection (“CRC”) Credit Agreement. The interest rate swaps are designated as cash flow hedging instruments. The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense at settlement. Changes in the variable interest rates to be received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows.

The major terms of the interest rate swap agreements as of September 30, 2022 are as follows:


Effective Date	Notional Amount (In millions)	Fixed Rate Paid	Variable Rate Received as of September 30, 2022	Maturity Date

1/1/2019	250	2.274%	2.5239%	12/31/2022

1/1/2019	200	2.828%	2.5239%	12/31/2022
1/1/2019	200	2.828%	2.5239%	12/31/2022
1/1/2019	600	2.739%	2.5239%	12/31/2022

Valuation Methodology

The estimated fair values of our interest rate swap derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments are included in either Other assets, net or Other long-term liabilities on our Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. None of our derivative instruments are offset and all were classified as Level 2.

Financial Statement Effect

The effect of derivative instruments designated as hedging instruments on the Balance Sheets for amounts transferred into Accumulated other comprehensive income (loss) (“AOCI”) before tax was a gain of $4 million and $15 million during the three months ended September 30, 2022 and 2021, respectively, and a gain of $31 million and $44 million during the nine months ended September 30, 2022 and 2021, respectively. AOCI reclassified to Interest expense on the Statements of Operations was $2 million and $15 million for the three months ended September 30, 2022 and 2021, respectively, and $16 million and $44 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the interest rate swaps derivative asset of $3 million was recorded in Other assets, net, and as of December 31, 2021, the interest rate swaps derivative liability of $28 million was recorded in Other long-term liabilities. Net settlement of these interest rate swaps results in the reclassification of deferred gains and losses within AOCI to be reclassified to the income statement as a component of interest expense as settlements occur. The estimated amount of existing gains or losses that are reported in AOCI at the reporting date that are expected to be reclassified into earnings within the next 12 months is $3 million.

Accumulated Other Comprehensive Income

The changes in AOCI by component, net of tax, for the periods through September 30, 2022 and 2021 are shown below.


(In millions)	Unrealized Net Gains on Derivative Instruments		Foreign Currency Translation Adjustments		Other		Total






Balances as of December 31, 2020	$	26	$	8	$	—	$	34
Other comprehensive loss before reclassifications	(2)		—		(1)		(3)
Amounts reclassified from accumulated other comprehensive income	14		—		—		14
Total other comprehensive income (loss), net of tax	12		—		(1)		11
Balances as of March 31, 2021	$	38	$	8	$	(1)	$	45
Other comprehensive income (loss) before reclassifications	(5)		(11)		3		(13)
Amounts reclassified from accumulated other comprehensive income	15		—		—		15
Total other comprehensive income (loss), net of tax	10		(11)		3		2
Balances as of June 30, 2021	$	48	$	(3)	$	2	$	47
Other comprehensive loss before reclassifications	(4)		(33)		(3)		(40)
Amounts reclassified from accumulated other comprehensive income	15		—		—		15
Total other comprehensive income (loss), net of tax	11		(33)		(3)		(25)
Balances as of September 30, 2021	$	59	$	(36)	$	(1)	$	22

Balances as of December 31, 2021	$	73	$	(36)	$	(1)	$	36
Other comprehensive income (loss) before reclassifications	5		(33)		—		(28)
Amounts reclassified from accumulated other comprehensive income	8		—		—		8
Total other comprehensive income (loss), net of tax	13		(33)		—		(20)
Balances as of March 31, 2022	$	86	$	(69)	$	(1)	$	16
Other comprehensive income (loss) before reclassifications	1		(44)		1		(42)
Amounts reclassified from accumulated other comprehensive income	6		—		—		6
Total other comprehensive income (loss), net of tax	7		(44)		1		(36)
Balances as of June 30, 2022	$	93	$	(113)	$	—	$	(20)
Other comprehensive income before reclassifications	1		110		—		111
Amounts reclassified from accumulated other comprehensive income	2		—		—		2
Total other comprehensive income, net of tax	3		110		—		113
Balances as of September 30, 2022	$	96	$	(3)	$	—	$	93

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Litigation, Commitments and Contingencies	9 Months Ended
Litigation, Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are a party to various legal proceedings, which have arisen in the normal course of our business. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. COVID-19 Insurance Claims The COVID-19 public health emergency had a significant impact on the Company’s business and employees, as well as the communities where the Company operates and serves. The Company purchased broad property insurance coverage to protect against “all risk of physical loss or damage” and resulting business interruption, unless specifically excluded by policies. The Company submitted claims for losses incurred as a result of the COVID-19 public health emergency which are expected to exceed $2 billion. The insurance carriers under the Company’s insurance policies have asserted that the policies do not cover losses incurred by the Company as a result of the COVID-19 public health emergency and have refused to make payments under the applicable policies. Therefore, on March 19, 2021, the Company filed a lawsuit against its insurance carriers in the state court in Clark County, Nevada. On June 8, 2021, the Company filed an amended complaint. Litigation is proceeding and there can be no assurance as to the outcome of the litigation. Contractual Commitments Capital Commitments Harrah’s New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board, entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation and the City entered into a Second Amended and Restated Lease Agreement. Based on these amendments related to Harrah’s New Orleans, the Company is required to make a capital investment of $325 million on or around Harrah’s New Orleans by July 15, 2024. The capital investment will include a renovation and full interior and exterior redesign, updated casino floor, new culinary experiences and a new 340 room hotel tower as part of the project to rebrand the property to Caesars New Orleans. As of September 30, 2022, total capital expenditures were $87 million. Atlantic City As required by the New Jersey Gaming Control Board in connection with its approval of the Merger, we have funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. This amount is currently included in restricted cash in Other assets, net. As of September 30, 2022 and December 31, 2021, our restricted cash balance in the escrow account was $141 million and $297 million, respectively, for future capital expenditures in New Jersey. Sports Sponsorship/Partnership Obligations We have agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Additionally, a selection of such partnerships provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. In connection with the launch of the Caesars Sportsbook app, we entered into a significant marketing campaign with distinguished actors, former athletes and other media personalities. As of September 30, 2022 and December 31, 2021, obligations related to these agreements were $925 million and $997 million, respectively, which include obligations assumed in the William Hill Acquisition, with contracts extending through 2040. These obligations include leasing of event suites that are generally considered short term leases for which we do not record a right of use asset or lease liability. We recognize expenses in the period services are received in accordance with the various agreements. In addition, assets or liabilities may be recorded related to the timing of payments as required by the respective agreement. Self-Insurance We are self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. Our total estimated self-insurance liability as of September 30, 2022 and December 31, 2021, was $207 million and $221 million, respectively, which is included in Accrued other liabilities in our Balance Sheets. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future. Contingencies Weather disruption - Lake Charles On August 27, 2020, Hurricane Laura made landfall on Lake Charles, Louisiana as a Category 4 storm severely damaging the Isle of Capri Casino Hotel Lake Charles. During the nine months ended September 30, 2022, the Company reached a final settlement agreement with the insurance carriers for a total amount of $128 million, before our insurance deductible of $25 million. The Company has received a total of $103 million related to damaged fixed assets, remediation costs and business interruption. No gain or loss was recorded during the three months ended September 30, 2022 and 2021, respectively. The Company recorded gains of $38 million and $22 million during the nine months ended September 30, 2022 and 2021, respectively, which are included in Transaction and other operating costs, net in our Statements of Operations, as proceeds received for the cost to replace damaged property were in excess of the respective carrying value of the assets. The new land-based casino, Horseshoe Lake Charles, will open on December 12, 2022.

Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt


	September 30, 2022						December 31, 2021
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CRC Revolving Credit Facility (a)	2022	variable	$	—	$	—	$	—
Baltimore Revolving Credit Facility	2023	variable	—		—		—
Baltimore Term Loan	2024	variable	277		272		275
CRC Term Loan	2024	variable	4,377		4,136		4,190
CEI Revolving Credit Facility	2025	variable	—		—		—
CRC Incremental Term Loan	2025	variable	1,009		975		1,705
CRC Senior Secured Notes	2025	5.750%	989		977		985
CEI Senior Secured Notes	2025	6.250%	3,400		3,357		3,346
Convention Center Mortgage Loan	2025	8.011%	400		400		399
Unsecured Debt
CEI Senior Notes	2027	8.125%	1,611		1,588		1,673
Senior Notes	2029	4.625%	1,200		1,185		1,183
Special Improvement District Bonds	2037	4.300%	47		47		49
Long-term notes and other payables			2		2		2
Total debt			13,312		12,939		13,807
Current portion of long-term debt			(70)		(70)		(70)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(12)		(15)
Long-term debt			$	13,242	$	12,857	$	13,722

Unamortized discounts and deferred finance charges					$	385	$	531
Fair value			$	12,691

____________________

(a)On October 5, 2022, in connection with the amendment to the CEI Credit Agreement, the Company terminated the CRC Revolving Credit Facility. See “Subsequent Amendment to the CEI Credit Agreement” below.


Annual Estimated Debt Service Requirements as of September 30, 2022
	Remaining		Years Ended December 31,
(In millions)	2022		2023		2024		2025		2026		Thereafter		Total
Annual maturities of long-term debt	$	18	$	70	$	4,611	$	5,760	$	3	$	2,850	$	13,312
Estimated interest payments	140		910		850		520		190		310		2,920
Total debt service obligation (a)	$	158	$	980	$	5,461	$	6,280	$	193	$	3,160	$	16,232

____________________

(a)Debt principal and interest payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking LIBOR curve, where applicable, and include the estimated impact of the four interest rate swap agreements related to our CRC Credit Agreement (see Note 7). Actual payments may differ from these estimates.

Current Portion of Long-Term Debt

The current portion of long-term debt as of September 30, 2022 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are contractually due within 12 months. The Company may, from time to time, seek to repurchase its outstanding indebtedness. Any such purchases may be funded by existing cash balances or the incurrence of debt. The amount and timing of any repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.

Debt Discounts or Premiums and Deferred Finance Charges

Debt discounts or premiums and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to its original maturity date.

Fair Value

The fair value of debt has been calculated primarily based on the borrowing rates available as of September 30, 2022 and based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy.

Terms of Outstanding Debt

Baltimore Term Loan and Baltimore Revolving Credit Facility

As a result of our increased ownership interest in Horseshoe Baltimore, we began to consolidate the aggregate principal amount of Horseshoe Baltimore’s senior secured term loan facility (the “Baltimore Term Loan”) and amount outstanding, if any, under Horseshoe Baltimore’s senior secured revolving credit facility (the “Baltimore Revolving Credit Facility”). The Baltimore Term Loan matures in July 2024 and is subject to a variable rate of interest calculated as LIBOR plus 4.00%. The Baltimore Revolving Credit Facility has borrowing capacity of up to $10 million, subject to a variable rate of interest calculated as Term SOFR plus 4.00% subject to one 0.25% step-down based on senior secured leverage ratio (“SSLR”), the ratio of first lien senior secured net debt to adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). On June 24, 2022, we entered into an amendment related to the Baltimore Revolving Credit Facility to extend the maturity date to July 7, 2023. As of September 30, 2022, there was $10 million of available borrowing capacity under the Baltimore Revolving Credit Facility.

CRC Term Loans and CRC Revolving Credit Facility

CRC is party to a credit agreement, dated as of December 22, 2017 (as amended, the “CRC Credit Agreement”), which provided for a $1.0 billion five-year revolving credit facility (the “CRC Revolving Credit Facility”) and an initial $4.7 billion seven-year first lien term loan (the “CRC Term Loan”), which was increased by $1.8 billion pursuant to an incremental agreement executed in connection with the Merger (the “CRC Incremental Term Loan”).

The CRC Term Loan matures in December 2024 and the CRC Incremental Term Loan matures in July 2025. The CRC Term Loan and the CRC Incremental Term Loan require scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CRC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions.

The CRC Revolving Credit Facility contained a maturity date in December 2022 and included a $400 million letter of credit sub-facility. As described below, the CRC Revolving Credit Facility was terminated on October 5, 2022, in connection with the amendment to the CEI Credit Agreement.

Borrowings under the CRC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CRC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CRC Term Loan, 2.75% per annum in the case of any LIBOR loan or 1.75% per annum in the case of any base rate loan, (b) with respect to the CRC Incremental Term Loan, 3.50% per annum in the case of any LIBOR loan or 2.50% in the case of any base rate loan and (c) in the case of the CRC Revolving Credit Facility, 2.25% per annum in the case of any LIBOR loan and 1.25% per annum in the case of any base rate loan, subject in the case of the CRC Revolving Credit Facility to two 0.125% step-downs based on CRC’s SSLR. The CRC Revolving Credit Facility is subject to a financial covenant discussed below. The CRC Term Loan and the CRC Incremental Term Loan are LIBOR based loans as of September 30, 2022.

In addition, CRC is required to pay a commitment fee in respect of any commitments under the CRC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CRC’s SSLR. CRC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit.

During the nine months ended September 30, 2022, the Company utilized and fully repaid on the CRC Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of September 30, 2022, the Company had $966 million of available borrowing capacity, after consideration of $59 million in outstanding letters of credit under the CRC Revolving Credit Facility.

Following the closing of the sale of William Hill International, the Company made partial prepayments totaling $755 million of the outstanding principal of the CRC Incremental Term Loan and recognized a $27 million loss on the early extinguishment of debt during the nine months ended September 30, 2022. Additionally, the Company made partial prepayments totaling $100 million of outstanding principal of the CRC Term Loan and recognized a $6 million loss on the early extinguishment of debt during the nine months ended September 30, 2022.

On October 5, 2022, in connection with the Third Amendment (as defined below) to the CEI Credit Agreement, the Company utilized the entire proceeds of a new $750 million CEI Term Loan A (as defined below) to make a partial prepayment of the outstanding principal of the CRC Term Loan, as well as terminate the CRC Revolving Credit Facility. As a result of the partial prepayment, the Company recognized a $41 million loss on the early extinguishment of debt. See “Subsequent Amendment to the CEI Credit Agreement” below.

CEI Revolving Credit Facility

CEI is party to a credit agreement, dated as of July 20, 2020, with JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as collateral agent, and certain banks and other financial institutions and lenders party thereto (the “CEI Credit Agreement”), which provided for a five-year CEI Revolving Credit Facility in an aggregate principal amount of $1.2 billion (the “CEI Revolving Credit Facility”). On November 10, 2021, the Company amended the CEI Revolving Credit Facility to establish reserves in the total amount of $190 million which are available only for certain permitted uses. On May 23, 2022, pursuant to the amendment, the Company obtained approval for a reduction of $150 million in required reserves. The CEI Revolving Credit Facility matures in July 2025 and includes a letter of credit sub-facility of $250 million. On October 5, 2022, CEI amended the CEI Credit Agreement. See “Subsequent Amendment to the CEI Credit Agreement” section below.

Prior to the Third Amendment (as defined below) of the CEI Credit Agreement on October 5, 2022, the interest rate per annum applicable under the CEI Revolving Credit Facility, at the Company’s option was either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by JPMorgan Chase Bank, N.A. and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be 3.25% per annum in the case of any LIBOR loan and 2.25% per annum in the case of any base rate loan, subject to three 0.25% step-downs based on the Company’s total leverage ratio.

Additionally, prior to the Third Amendment (as defined below) of the CEI Credit Agreement, the Company was required to pay a commitment fee in respect of any unused commitments under the CEI Revolving Credit Facility in the amount of 0.50%, subject to a step-down to 0.375% based upon the Company’s total leverage ratio. The Company was also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit.

As of September 30, 2022, the Company had $1.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $23 million in outstanding letters of credit, $48 million committed for regulatory purposes and the reserves described above.

Subsequent Amendment to the CEI Credit Agreement

On October 5, 2022, Caesars entered into a third amendment to the CEI Credit Agreement (the “Third Amendment”) pursuant to which the Company (a) incurred a senior secured term loan in an aggregate principal amount of $750 million (the “CEI Term Loan A”) as a new term loan under the credit agreement, (b) amended and extended the CEI Revolving Credit Facility under the CEI Credit Agreement (the CEI Revolving Credit Facility, as so amended, the “Amended CEI Revolving Credit Facility” and, together with the CEI Term Loan A, the “Senior Credit Facilities”), (c) increased the aggregate principal amount of the CEI Revolving Credit Facility to $2.25 billion, and (d) made certain other amendments to the CEI Credit Agreement. Both the Amended CEI Revolving Credit Facility and the new CEI Term Loan A mature on January 31, 2028, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. The Amended CEI Revolving Credit Facility includes a letter of credit sub-facility of $388 million. The CEI Term Loan A requires scheduled quarterly payments in amounts equal to 1.25% of the original aggregate principal amount of the CEI Term Loan A, with the balance payable at maturity. The Company may make voluntary prepayments of the CEI Term Loan A at any time prior to maturity at par.

Borrowings under the Senior Credit Facilities bear interest at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the secured overnight financing rate (“SOFR”) for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), subject to a floor of 0% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Adjusted Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Adjusted Term SOFR loan and 1.25% per annum in the case of any Base Rate loan, subject to three 0.25% step-downs based on the Company’s net total leverage ratio. In addition, on a quarterly basis, the Company is required to pay each lender under the Amended CEI Revolving Credit Facility a commitment fee in respect of any unused commitments under the Amended CEI Revolving Credit Facility in the amount of 0.35% of the principal amount of the unused commitments of such lender, subject to three 0.05% step-downs based on the Company’s net total leverage ratio.

CRC Senior Secured Notes due 2025

On July 6, 2020, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $1.0 billion in aggregate principal amount of 5.75% Senior Secured Notes due 2025 pursuant to an indenture, dated July 6, 2020 (the “CRC Senior Secured Notes”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee and Credit Suisse AG, Cayman Islands Branch, as collateral agent. In connection with the consummation of the Merger, CRC assumed the rights and obligations under the CRC Senior Secured Notes and the indenture governing such notes. The CRC Senior Secured Notes will mature on July 1, 2025 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year. During the nine months ended September 30, 2022, the Company purchased a total of $11 million in principal amount of the CRC Senior Secured Notes.

CEI Senior Secured Notes due 2025

On July 6, 2020, the Escrow Issuer issued $3.4 billion in aggregate principal amount of 6.25% Senior Secured Notes due 2025 pursuant to an indenture dated July 6, 2020 (the “CEI Senior Secured Notes”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The Company assumed the rights and obligations under the CEI Senior Secured Notes and the indenture governing such notes on July 20, 2020. The CEI Senior Secured Notes will mature on July 1, 2025 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year.

Convention Center Mortgage Loan

On September 18, 2020, the Company entered into a loan agreement with VICI to borrow a 5-year, $400 million Forum Convention Center mortgage loan (the “Mortgage Loan”). The Mortgage Loan bears interest at a rate of, initially, 7.7% per annum, which escalates annually on the anniversary of the closing date to a maximum interest rate of 8.3% per annum.

CEI Senior Notes due 2027

On July 6, 2020, the Escrow Issuer issued $1.8 billion in aggregate principal amount of 8.125% Senior Notes due 2027 pursuant to an indenture, dated July 6, 2020 (the “CEI Senior Notes”), by and between the Escrow Issuer and U.S. Bank National Association, as trustee. The Company assumed the rights and obligations under the CEI Senior Notes and the indenture governing such notes on July 20, 2020. The CEI Senior Notes will mature on July 1, 2027 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year. During the nine months ended September 30, 2022, the Company purchased a total of $89 million in aggregate principal amount of the CEI Senior Notes.

Senior Notes due 2029

On September 24, 2021, the Company issued $1.2 billion in aggregate principal amount of 4.625% Senior Notes due 2029 (the “Senior Notes”) pursuant to an indenture dated as of September 24, 2021 between the Company and U.S. Bank National Association, as Trustee. The Senior Notes will mature on October 15, 2029 with interest payable on April 15 and October 15 of each year, which began on April 15, 2022.

Debt Covenant Compliance

The CRC Credit Agreement, the CEI Revolving Credit Facility, the Baltimore Term Loan, the Baltimore Revolving Credit Facility, and the indentures governing the CEI Senior Secured Notes, the CEI Senior Notes, the CRC Senior Secured Notes and the Senior Notes contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions.

The CRC Revolving Credit Facility and the CEI Revolving Credit Facility include a maximum first-priority net senior secured leverage ratio financial covenant of 6.35:1, which is applicable solely to the extent that certain testing conditions are satisfied. As a result of the termination of the CRC Revolving Credit Facility on October 5, 2022, the associated financial covenant is no longer applicable. The Baltimore Revolving Credit Facility includes a senior secured leverage ratio financial covenant of 5.0:1. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document.

As of September 30, 2022, the Company was in compliance with all of the applicable financial covenants described above.

Guarantees

The Senior Credit Facilities and the CEI Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CEI (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CEI and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes and the Senior Notes are guaranteed on a senior unsecured basis by such subsidiaries.

The CRC Credit Agreement and the CRC Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CRC (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CRC and its subsidiary guarantors (subject to certain exceptions). The CRC Credit Agreement and the CRC Senior Secured Notes are also guaranteed on a senior unsecured basis by CEI.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue RecognitionThe Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 15 for additional information on the Company’s reportable segments.


	Three Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	323	$	1,096	$	187	$	—	$	(1)	$	1,605
Food and beverage	264		147		—		—		—		411
Hotel	335		209		—		—		—		544
Other	155		78		25		70		(1)		327


Net revenues	$	1,077	$	1,530	$	212	$	70	$	(2)	$	2,887


	Three Months Ended September 30, 2021
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	329	$	1,096	$	85	$	—	$	—	$	1,510
Food and beverage	221		125		—		1		—		347
Hotel	303		208		—		—		—		511
Other	164		63		11		78		1		317
Net revenues	$	1,017	$	1,492	$	96	$	79	$	1	$	2,685


	Nine Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	929	$	3,264	$	255	$	—	$	(2)	$	4,446
Food and beverage	775		397		—		—		—		1,172
Hotel	959		487		—		—		—		1,446
Other	470		200		56		210		—		936


Net revenues	$	3,133	$	4,348	$	311	$	210	$	(2)	$	8,000


	Nine Months Ended September 30, 2021
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	870	$	3,241	$	197	$	—	$	—	$	4,308
Food and beverage	476		318		—		3		—		797
Hotel	660		462		—		—		—		1,122
Other	363		152		24		203		10		752


Net revenues	$	2,369	$	4,173	$	221	$	206	$	10	$	6,979


Accounts Receivable, Net
(In millions)	September 30, 2022		December 31, 2021
Casino and pari-mutuel commissions	$	218	$	168
Food and beverage and hotel	136		100
Other	152		204
Accounts receivable, net	$	506	$	472

Contract and Contract Related Liabilities

The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play and advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, or future sports bets). These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within accrued other liabilities on the Company’s Balance Sheets.

Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within other long-term liabilities on the Company’s Balance Sheets.

The following table summarizes the activity related to contract and contract-related liabilities:


	Outstanding Chip Liability				Caesars Rewards				Customer Deposits and Other Deferred Revenue
(In millions)	2022		2021		2022		2021		2022		2021
Balance at January 1	$	48	$	34	$	91	$	94	$	560	$	310
Balance at September 30	40		34		95		96		662		446
Increase / (decrease)	$	(8)	$	—	$	4	$	2	$	102	$	136

The balances above exclude contract liabilities related to liabilities held for sale recorded in 2022 and 2021, where applicable. See Note 3. The change in customer deposits and other deferred revenue during the period ended September 30, 2022 was primarily due to expansion of the Caesars Digital segment from the legalization of retail and online sports betting in new jurisdictions.

Lease Revenue

Lodging Arrangements

Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended September 30, 2022 and 2021, we recognized approximately $544 million and $511 million, respectively, and during the nine months ended September 30, 2022 and 2021, we recognized approximately $1.4 billion and $1.1 billion, respectively, which is included in Hotel revenues in the Statements of Operations.

Conventions

Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statements of Operations and during both of the three months ended September 30, 2022 and 2021, lease revenue related to conventions was approximately $4 million and during the nine months ended September 30, 2022 and 2021, lease revenue related to conventions was approximately $23 million and $4 million, respectively.

Real Estate Operating Leases

Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended September 30, 2022 and 2021, we recognized approximately $42 million and $46 million, respectively, and during the nine months ended September 30, 2022 and 2021, we recognized approximately $125 million and $111 million, respectively, of real estate lease revenue.

Real estate lease revenue includes $17 million and $16 million of variable rental income for the three months ended September 30, 2022 and 2021, respectively, and $45 million and $35 million for the nine months ended September 30, 2022 and 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2022		2021		2022		2021
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	52	$	(229)	$	(365)	$	(547)
Discontinued operations, net of income taxes	—		(4)		(386)		(38)

Net income (loss) attributable to Caesars	$	52	$	(233)	$	(751)	$	(585)
Shares outstanding:
Weighted average shares outstanding – basic	214		214		214		211
Effect of dilutive securities:

Stock-based compensation awards	1		—		—		—

Weighted average shares outstanding – diluted	215		214		214		211

Basic income (loss) per share from continuing operations	$	0.24	$	(1.08)	$	(1.70)	$	(2.60)
Basic loss per share from discontinued operations	—		(0.02)		(1.80)		(0.18)
Net income (loss) per common share attributable to common stockholders – basic:	$	0.24	$	(1.10)	$	(3.50)	$	(2.78)

Diluted income (loss) per share from continuing operations	$	0.24	$	(1.08)	$	(1.70)	$	(2.60)
Diluted loss per share from discontinued operations	—		(0.02)		(1.80)		(0.18)
Net income (loss) per common share attributable to common stockholders – diluted:	$	0.24	$	(1.10)	$	(3.50)	$	(2.78)

For a period in which the Company generated a net loss from continuing operations, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share.


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2022	2021	2022	2021
Stock-based compensation awards	2	3	3	3

Total anti-dilutive common stock	2	3	3	3

Stock-Based Compensation and Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Stockholders’ Equity

Stock-Based Awards

The Company maintains long-term incentive plans which allow for granting stock-based compensation awards for directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, based on Company Common Stock, including stock options, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur.

Total stock-based compensation expense in the accompanying Statements of Operations totaled $26 million and $21 million during the three months ended September 30, 2022 and 2021, respectively, and $77 million and $64 million during the nine months ended September 30, 2022 and 2021, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations.

2015 Equity Incentive Plan (“2015 Plan”)

During the nine months ended September 30, 2022, as part of the annual incentive program, the Company granted 746 thousand RSUs to employees of the Company with an aggregate fair value of $55 million and a ratable vesting period of one to three years. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock.

During the nine months ended September 30, 2022, the Company also granted 80 thousand PSUs that are scheduled to vest over a period of one to three years. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of Company Common Stock, based on the achievement of specified performance and service conditions. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached. The aggregate value of PSUs granted during the year was $3 million as of September 30, 2022.

In addition, during the nine months ended September 30, 2022, the Company granted 428 thousand MSUs that are scheduled to cliff vest over a period of one to three years. On the vesting date, recipients will receive between 0% and 200% of the target number of MSUs granted, in the form of Company Common Stock, based on the achievement of specified market and service conditions. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance. The aggregate value of MSUs granted during the nine months ended September 30, 2022 was $36 million. Included in the MSUs granted during the period is an award for the Company’s CEO in the amount of 225,000 MSUs, with a grant date fair value of $16 million which is eligible to be earned based on the achievement of certain stock prices over a three-year period. The stock-based compensation expense associated with this award is expected to be recognized over the derived service period ending December 31, 2022. These awards will be settled in February 2025.

During the nine months ended September 30, 2022, there were no grants of stock options and 26 thousand stock options were exercised. In addition, during the nine months ended September 30, 2022, 790 thousand, 191 thousand and 117 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 plan.

Outstanding at End of Period


	September 30, 2022			December 31, 2021
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)
Stock options	17,687	$	11.53	43,905	$	20.69
Restricted stock units	1,969,643	68.79		2,090,607	61.47
Performance stock units	383,539	48.05		417,069	62.20
Market-based stock units	742,910	83.25		381,923	77.09

____________________

(a)Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model.

Share Repurchase Program

In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program.

As of September 30, 2022, the Company has acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the nine months ended September 30, 2022 and 2021.

Changes to the Authorized Shares

On June 17, 2021, following receipt of required shareholder approvals, the Company amended its Certificate of Incorporation to increase the number of authorized shares of common stock from 300 million to 500 million, and authorize the issuance of up to 150 million shares of preferred stock.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes


Income Tax Allocation
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2022			2021			2022			2021
Income (loss) from continuing operations before income taxes	$	61		$	(317)		$	(409)		$	(712)
Benefit (provision) for income taxes	(8)			90			47			167
Effective tax rate	13.1		%	28.4		%	11.5		%	23.5		%

We classify accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities.

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal, state and foreign deferred tax assets that were not deemed realizable based upon estimates of future taxable income.

As a result of the William Hill Acquisition, the Company assumed $381 million of additional net deferred tax liabilities net of necessary valuation allowances, plus $34 million in additional accruals for uncertain tax positions. As of December 31, 2021 $132 million of deferred tax liabilities and $34 million of accruals for uncertain tax positions relating to the William Hill Acquisition are presented in Liabilities held for sale as they relate to William Hill International. These liabilities were included in the sale to 888 Holdings Plc.

The income tax provision for the three months ended September 30, 2022 differed from the expected income tax provision based on the federal tax rate of 21% primarily due to a decrease in the state deferred tax liabilities as a result of a reduction in tax rates in Pennsylvania and Iowa. The income tax benefit for the nine months ended September 30, 2022 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to a true-up adjustment related to the tax impact of the settlement of preexisting relationships upon the William Hill Acquisition in 2021 and nondeductible expenses.

The income tax benefit for the three months ended September 30, 2021 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to the realization of capital losses previously not tax benefited due to the William Hill Acquisition, offset by nondeductible expenses related to the 5% Convertible Notes conversion. The income tax benefit for the nine months ended September 30, 2021 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to the reclassification of Horseshoe Hammond from held for sale and state taxes, offset by nondeductible expenses related to the 5% Convertible Notes conversion.

The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2018, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Affiliates	9 Months Ended
Related Affiliates	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Affiliates	Related Affiliates REI As of September 30, 2022, Recreational Enterprises, Inc. (“REI”) owned approximately 4.0% of outstanding common stock of the Company. The directors of REI are the Company’s Executive Chairman of the Board, Gary L. Carano, its Chief Executive Officer and Board member, Thomas R. Reeg, and its Vice President of Player Development, Gene Carano. In addition, Gary L. Carano also serves as the Vice President of REI and Gene Carano also serves as the Secretary and Treasurer of REI. Members of the Carano family, including Gary L. Carano and Gene Carano, own the equity interests in REI. During the nine months ended September 30, 2022 and 2021, there were no related party transactions between the Company and the Carano family other than compensation, including salary and equity incentives, and the CSY Lease listed below. C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) which is an entity partially owned by REI (the “CSY Lease”). The CSY Lease expires on June 30, 2057. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid quarterly. Annual rent is subject to periodic rent escalations through the term of the lease. As of September 30, 2022 and December 31, 2021, there were no amounts due to or from CSY. Transactions with Horseshoe Baltimore The Company held an interest in Horseshoe Baltimore of approximately 44.3%, which was accounted for as an equity method investment, prior to our acquisition of an additional interest and subsequent consolidation on August 26, 2021. Related party transactions include items such as casino management fees, reimbursement of various costs incurred on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. Following our consolidation of Horseshoe Baltimore, these transactions are eliminated.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company’s principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 3 and Note 6 for a discussion of any impairment of intangibles or long-lived assets related to certain segments, when applicable.

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2022:

Las Vegas

Regional

Managed and Branded

Bally’s Las Vegas

Caesars Atlantic City

Horseshoe Bossier City

Managed

Caesars Palace Las Vegas

Circus Circus Reno

Horseshoe Council Bluffs

Harrah’s Ak-Chin

The Cromwell

Eldorado Gaming Scioto Downs

Horseshoe Hammond

Harrah’s Cherokee

Flamingo Las Vegas

Eldorado Resort Casino Reno

Horseshoe Indianapolis

Harrah’s Cherokee Valley River

Harrah’s Las Vegas

Grand Victoria Casino

Horseshoe St. Louis

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Harrah’s Atlantic City

Horseshoe Tunica

Caesars Windsor

Paris Las Vegas

Harrah’s Council Bluffs

Isle Casino Bettendorf

Caesars Dubai

Planet Hollywood Resort & Casino

Harrah’s Gulf Coast

Isle of Capri Casino Boonville

Branded

Rio All-Suite Hotel & Casino

Harrah’s Hoosier Park Racing & Casino

Horseshoe Lake Charles (b)

Caesars Southern Indiana (c)

Harrah’s Joliet

Isle of Capri Casino Lula

Harrah’s Northern California

Caesars Digital

Harrah’s Lake Tahoe

Horseshoe Black Hawk

Caesars Digital

Harrah’s Laughlin

Isle Casino Pompano Park

Harrah’s Metropolis

Isle Casino Waterloo

Harrah’s New Orleans

Lady Luck Casino - Black Hawk

Harrah’s North Kansas City

Silver Legacy Resort Casino

Harrah’s Philadelphia

Trop Casino Greenville

Harveys Lake Tahoe

Tropicana Atlantic City

Horseshoe Baltimore (a)

Tropicana Laughlin Hotel & Casino

___________________

(a)On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore to 75.8% and began to consolidate the property in our Regional segment following the change in ownership. Management fees prior to the consolidation of Horseshoe Baltimore have been reflected in the Managed and Branded segment.

(b)Isle of Capri Casino Hotel Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and the new land-based casino, Horseshoe Lake Charles, will open on December 12, 2022.

(c)The sale of Caesars Southern Indiana closed on September 3, 2021 and the Company entered into a license agreement with the Eastern Band of Cherokee Indians for the continued use of the Caesars brand and the Caesars Rewards loyalty program at Caesars Southern Indiana. Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement, is reported within the Managed and Branded segment.

The properties listed above exclude the discontinued operations, including previous international properties which have been sold. The sale of Caesars UK Group closed on July 16, 2021, in which the buyer assumed all liabilities associated with the Caesars UK Group. Additionally, on September 8, 2021, the Company entered into an agreement to sell William Hill International, which closed on July 1, 2022.

Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven, and Horseshoe Indianapolis (formerly “Indiana Grand”), which operates Winner’s Circle Clarksville. The LINQ Promenade is an open-air dining, entertainment, and retail promenade located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”) that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM conference center, which is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ.

“Corporate and Other” includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021

Las Vegas:
Net revenues	$	1,077	$	1,017	$	3,133	$	2,369

Adjusted EBITDA	480		500		1,427		1,085


Regional:
Net revenues	1,530		1,492		4,348		4,173

Adjusted EBITDA	570		554		1,542		1,549


Caesars Digital:
Net revenues	212		96		311		221
Adjusted EBITDA	(38)		(164)		(661)		(171)
Managed and Branded:
Net revenues	70		79		210		206

Adjusted EBITDA	22		22		64		69


Corporate and Other:
Net revenues	(2)		1		(2)		10

Adjusted EBITDA	(22)		(42)		(86)		(123)

Reconciliation of Adjusted EBITDA - By Segment to Net Income (Loss) Attributable to Caesars

Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level.

In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.

Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Adjusted EBITDA by Segment:
Las Vegas	$	480	$	500	$	1,427	$	1,085
Regional	570		554		1,542		1,549
Caesars Digital	(38)		(164)		(661)		(171)
Managed and Branded	22		22		64		69
Corporate and Other	(22)		(42)		(86)		(123)
	1,012		870		2,286		2,409
Reconciliation to net income (loss) attributable to Caesars:
Net income attributable to noncontrolling interests	(1)		(2)		(3)		(2)
Net loss from discontinued operations	—		(4)		(386)		(38)
Benefit (provision) for income taxes	(8)		90		47		167
Other income (loss) (a)	4		(153)		53		(176)
Loss on extinguishment of debt	(33)		(117)		(33)		(140)
Interest expense, net	(569)		(579)		(1,680)		(1,734)
Depreciation and amortization	(304)		(276)		(910)		(842)

Transaction and other operating costs, net (b)	(7)		(21)		14		(113)
Stock-based compensation expense	(26)		(21)		(77)		(64)
Other items (c)	(16)		(20)		(62)		(52)
Net income (loss) attributable to Caesars	$	52	$	(233)	$	(751)	$	(585)

____________________

(a)Other income (loss) for the three and nine months ended September 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and the changes in the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger. Other income (loss) for the three and nine months ended September 30, 2021 primarily represents a loss on the change in fair value of investments held by the Company and a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes.

(b)Transaction and other operating costs, net for the three and nine months ended September 30, 2022 primarily represents a gain resulting from insurance proceeds received in excess of the respective carrying value of the assets damaged at Lake Charles by Hurricane Laura partially offset by various contract or lease termination exit costs. Transaction and other operating costs, net for the three and nine months ended September 30, 2021 primarily represents costs related to the William Hill Acquisition and the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs.

(c)Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, retention bonuses and business optimization expenses.


Total Assets - By Segment
(In millions)	September 30, 2022		December 31, 2021
Las Vegas	$	23,164	$	22,374
Regional	14,912		14,419
Caesars Digital	1,236		1,878
Managed and Branded (a)	119		3,527
Corporate and Other (b)	(5,837)		(4,167)
Total	$	33,594	$	38,031

____________________

(a)Assets held for sale associated with William Hill International were divested on July 1, 2022.

(b)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities	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. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. 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, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Developments Related to COVID-19	Developments Related to COVID-19Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the nine months ended September 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could have a significant impact on our future operations.
Recently Issued Accounting Pronouncements	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.

Acquisitions and Purchase Price Accounting (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition


(In millions)	Consideration
Cash for outstanding William Hill common stock (a)	$	3,909
Fair value of William Hill equity awards	30
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

____________________


(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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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 September 30, 2022:


(In millions)	Fair Value
Other current assets	$	164
Assets held for sale	4,337
Property and equipment, net	55
Goodwill	1,154
Intangible assets (a)	565
Other noncurrent assets	317
Total assets	$	6,592

Other current liabilities	$	242
Liabilities related to assets held for sale (b)	2,142
Deferred income taxes	251
Other noncurrent liabilities	35
Total liabilities	2,670
Noncontrolling interests	10
Net assets acquired	$	3,912

____________________

(b)Includes the fair value of debt of $1.1 billion related to William Hill International at the acquisition date.

The following table summarizes the allocation of the purchase consideration to the identifiable assets and liabilities of Horseshoe Baltimore, with the excess recorded as goodwill as of September 30, 2022:


(In millions)	Fair Value
Current assets	$	60
Property and equipment, net	317
Goodwill	63
Intangible assets (a)	53
Other noncurrent assets	183
Total assets	$	676

Current liabilities	$	26
Long-term debt	272
Other long-term liabilities	182
Total liabilities	480
Noncontrolling interests	42
Net assets acquired	$	154

____________________

(a)Intangible assets consist of gaming rights valued at $43 million and customer relationships valued at $10 million.

Schedule of Unaudited Pro Forma Information


(In millions)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net revenues	$	2,685	$	7,106
Net loss	(155)		(427)
Net loss attributable to Caesars	(157)		(429)


(In millions)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net revenues	$	2,718	$	7,102
Net loss	(265)		(611)
Net loss attributable to Caesars	(268)		(617)

Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Held for Sale and Information of Net Operating Revenues and Net Income (Loss)

The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold:


	Baton Rouge
(In millions)	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Net revenues	$	—		$	6
Net loss	—			(1)


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(In millions)	Baton Rouge		MontBleu		Evansville		Baton Rouge		MontBleu		Evansville
Net revenues	$	4	$	—	$	—	$	13	$	11	$	58
Net income (loss)	(2)		—		—		(3)		4		26

The assets and liabilities held for sale were as follows as of December 31, 2021:


	Baton Rouge
(In millions)	December 31, 2021
Assets:





Cash	$	3
Property and equipment, net	2


Other assets, net	1
Assets held for sale	$	6
Liabilities:
Current liabilities	$	3





Other long-term liabilities	1
Liabilities related to assets held for sale	$	4


	William Hill International
(In millions)	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Net revenues	$	—	$	820
Net loss	—		(448)


	Three Months Ended September 30, 2021								Nine Months Ended September 30, 2021
(In millions)	Harrah’s Louisiana Downs		Caesars UK Group		Caesars Southern Indiana		William Hill International		Harrah’s Louisiana Downs		Caesars UK Group		Caesars Southern Indiana		William Hill International
Net revenues	$	13	$	—	$	41	$	454	$	42	$	30	$	155	$	797
Net income (loss)	3		(1)		18		(39)		12		(30)		27		(41)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment


(In millions)	September 30, 2022		December 31, 2021
Land	$	2,092	$	2,125
Buildings, riverboats, and leasehold and land improvements	12,827		12,433
Furniture, fixtures, and equipment	1,943		1,650
Construction in progress	470		395
Total property and equipment	17,332		16,603
Less: accumulated depreciation	(2,740)		(2,002)
Total property and equipment, net	$	14,592	$	14,601


Depreciation Expense
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Depreciation expense	$	260	$	237	$	758	$	746

Goodwill and Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets, Net


Changes in Carrying Value of Goodwill and Other Intangible Assets
			Non-Amortizing Intangible Assets
(In millions)	Amortizing Intangible Assets		Goodwill		Other
December 31, 2021	$	1,209	$	11,076	$	3,711
Amortization	(152)		—		—

Acquisition of gaming rights	10		—		1
Other (a)	28		6		(28)
September 30, 2022	$	1,095	$	11,082	$	3,684

____________________

(a)Reclassification of gaming rights, with a value of $28 million, from non-amortizing to amortizing and a purchase price adjustment to Goodwill related to the William Hill Acquisition.

Schedule of Finite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2022							December 31, 2021
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	587	$	(255)	$	332	$	587	$	(187)	$	400
Gaming rights and other	10 - 34 years	212		(14)		198		174		(7)		167
Trademarks	15 years	307		(62)		245		322		(21)		301
Reacquired rights	24 years	250		(15)		235		250		(7)		243
Technology	6 years	110		(25)		85		110		(12)		98
		$	1,466	$	(371)	1,095		$	1,443	$	(234)	1,209

Non-amortizing intangible assets
Trademarks						1,998						1,998
Gaming rights						1,163						1,190
Caesars Rewards						523						523

						3,684						3,711
Total amortizing and non-amortizing intangible assets, net						$	4,779					$	4,920

Schedule of Indefinite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2022							December 31, 2021
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	587	$	(255)	$	332	$	587	$	(187)	$	400
Gaming rights and other	10 - 34 years	212		(14)		198		174		(7)		167
Trademarks	15 years	307		(62)		245		322		(21)		301
Reacquired rights	24 years	250		(15)		235		250		(7)		243
Technology	6 years	110		(25)		85		110		(12)		98
		$	1,466	$	(371)	1,095		$	1,443	$	(234)	1,209

Non-amortizing intangible assets
Trademarks						1,998						1,998
Gaming rights						1,163						1,190
Caesars Rewards						523						523

						3,684						3,711
Total amortizing and non-amortizing intangible assets, net						$	4,779					$	4,920

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


Estimated Five-Year Amortization
	Remaining 2022		Years Ended December 31,
(In millions)			2023		2024		2025		2026		2027
Estimated annual amortization expense	$	35	$	141	$	126	$	119	$	119	$	76

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets:


	September 30, 2022
(In millions)	Level 1		Level 2		Level 3		Total
Assets:

Marketable securities	$	2	$	2	$	—	$	4
Derivative instruments - interest rate swaps	—		3		—		3

Total assets at fair value	$	2	$	5	$	—	$	7


	December 31, 2021
(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash	$	1	$	1	$	—	$	2
Marketable securities	69		9		—		78
Derivative instruments - FX forward	—		1		—		1
Total assets at fair value	$	70	$	11	$	—	$	81
Liabilities:
Derivative instruments - interest rate swaps	$	—	$	28	$	—	$	28
Derivative instruments - FX forward	—		16		—		16
Total liabilities at fair value	$	—	$	44	$	—	$	44

Schedule of Derivative Instruments

The major terms of the interest rate swap agreements as of September 30, 2022 are as follows:


Effective Date	Notional Amount (In millions)	Fixed Rate Paid	Variable Rate Received as of September 30, 2022	Maturity Date

1/1/2019	250	2.274%	2.5239%	12/31/2022

1/1/2019	200	2.828%	2.5239%	12/31/2022
1/1/2019	200	2.828%	2.5239%	12/31/2022
1/1/2019	600	2.739%	2.5239%	12/31/2022

Schedule of Changes in AOCI by Component

The changes in AOCI by component, net of tax, for the periods through September 30, 2022 and 2021 are shown below.


(In millions)	Unrealized Net Gains on Derivative Instruments		Foreign Currency Translation Adjustments		Other		Total






Balances as of December 31, 2020	$	26	$	8	$	—	$	34
Other comprehensive loss before reclassifications	(2)		—		(1)		(3)
Amounts reclassified from accumulated other comprehensive income	14		—		—		14
Total other comprehensive income (loss), net of tax	12		—		(1)		11
Balances as of March 31, 2021	$	38	$	8	$	(1)	$	45
Other comprehensive income (loss) before reclassifications	(5)		(11)		3		(13)
Amounts reclassified from accumulated other comprehensive income	15		—		—		15
Total other comprehensive income (loss), net of tax	10		(11)		3		2
Balances as of June 30, 2021	$	48	$	(3)	$	2	$	47
Other comprehensive loss before reclassifications	(4)		(33)		(3)		(40)
Amounts reclassified from accumulated other comprehensive income	15		—		—		15
Total other comprehensive income (loss), net of tax	11		(33)		(3)		(25)
Balances as of September 30, 2021	$	59	$	(36)	$	(1)	$	22

Balances as of December 31, 2021	$	73	$	(36)	$	(1)	$	36
Other comprehensive income (loss) before reclassifications	5		(33)		—		(28)
Amounts reclassified from accumulated other comprehensive income	8		—		—		8
Total other comprehensive income (loss), net of tax	13		(33)		—		(20)
Balances as of March 31, 2022	$	86	$	(69)	$	(1)	$	16
Other comprehensive income (loss) before reclassifications	1		(44)		1		(42)
Amounts reclassified from accumulated other comprehensive income	6		—		—		6
Total other comprehensive income (loss), net of tax	7		(44)		1		(36)
Balances as of June 30, 2022	$	93	$	(113)	$	—	$	(20)
Other comprehensive income before reclassifications	1		110		—		111
Amounts reclassified from accumulated other comprehensive income	2		—		—		2
Total other comprehensive income, net of tax	3		110		—		113
Balances as of September 30, 2022	$	96	$	(3)	$	—	$	93

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Long-term Debt


	September 30, 2022						December 31, 2021
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CRC Revolving Credit Facility (a)	2022	variable	$	—	$	—	$	—
Baltimore Revolving Credit Facility	2023	variable	—		—		—
Baltimore Term Loan	2024	variable	277		272		275
CRC Term Loan	2024	variable	4,377		4,136		4,190
CEI Revolving Credit Facility	2025	variable	—		—		—
CRC Incremental Term Loan	2025	variable	1,009		975		1,705
CRC Senior Secured Notes	2025	5.750%	989		977		985
CEI Senior Secured Notes	2025	6.250%	3,400		3,357		3,346
Convention Center Mortgage Loan	2025	8.011%	400		400		399
Unsecured Debt
CEI Senior Notes	2027	8.125%	1,611		1,588		1,673
Senior Notes	2029	4.625%	1,200		1,185		1,183
Special Improvement District Bonds	2037	4.300%	47		47		49
Long-term notes and other payables			2		2		2
Total debt			13,312		12,939		13,807
Current portion of long-term debt			(70)		(70)		(70)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(12)		(15)
Long-term debt			$	13,242	$	12,857	$	13,722

Unamortized discounts and deferred finance charges					$	385	$	531
Fair value			$	12,691

____________________

Schedule of Maturities of Long-term Debt


Annual Estimated Debt Service Requirements as of September 30, 2022
	Remaining		Years Ended December 31,
(In millions)	2022		2023		2024		2025		2026		Thereafter		Total
Annual maturities of long-term debt	$	18	$	70	$	4,611	$	5,760	$	3	$	2,850	$	13,312
Estimated interest payments	140		910		850		520		190		310		2,920
Total debt service obligation (a)	$	158	$	980	$	5,461	$	6,280	$	193	$	3,160	$	16,232

____________________

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment

The Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 15 for additional information on the Company’s reportable segments.


	Three Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	323	$	1,096	$	187	$	—	$	(1)	$	1,605
Food and beverage	264		147		—		—		—		411
Hotel	335		209		—		—		—		544
Other	155		78		25		70		(1)		327


Net revenues	$	1,077	$	1,530	$	212	$	70	$	(2)	$	2,887


	Three Months Ended September 30, 2021
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	329	$	1,096	$	85	$	—	$	—	$	1,510
Food and beverage	221		125		—		1		—		347
Hotel	303		208		—		—		—		511
Other	164		63		11		78		1		317
Net revenues	$	1,017	$	1,492	$	96	$	79	$	1	$	2,685


	Nine Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	929	$	3,264	$	255	$	—	$	(2)	$	4,446
Food and beverage	775		397		—		—		—		1,172
Hotel	959		487		—		—		—		1,446
Other	470		200		56		210		—		936


Net revenues	$	3,133	$	4,348	$	311	$	210	$	(2)	$	8,000


	Nine Months Ended September 30, 2021
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino and pari-mutuel commissions	$	870	$	3,241	$	197	$	—	$	—	$	4,308
Food and beverage	476		318		—		3		—		797
Hotel	660		462		—		—		—		1,122
Other	363		152		24		203		10		752


Net revenues	$	2,369	$	4,173	$	221	$	206	$	10	$	6,979

Schedule of Accounts Receivable, Net


Accounts Receivable, Net
(In millions)	September 30, 2022		December 31, 2021
Casino and pari-mutuel commissions	$	218	$	168
Food and beverage and hotel	136		100
Other	152		204
Accounts receivable, net	$	506	$	472

Summary of Activity Related to Contract and Contract Related Liabilities

The following table summarizes the activity related to contract and contract-related liabilities:


	Outstanding Chip Liability				Caesars Rewards				Customer Deposits and Other Deferred Revenue
(In millions)	2022		2021		2022		2021		2022		2021
Balance at January 1	$	48	$	34	$	91	$	94	$	560	$	310
Balance at September 30	40		34		95		96		662		446
Increase / (decrease)	$	(8)	$	—	$	4	$	2	$	102	$	136

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Loss Per Share Computations


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2022		2021		2022		2021
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	52	$	(229)	$	(365)	$	(547)
Discontinued operations, net of income taxes	—		(4)		(386)		(38)

Net income (loss) attributable to Caesars	$	52	$	(233)	$	(751)	$	(585)
Shares outstanding:
Weighted average shares outstanding – basic	214		214		214		211
Effect of dilutive securities:

Stock-based compensation awards	1		—		—		—

Weighted average shares outstanding – diluted	215		214		214		211

Basic income (loss) per share from continuing operations	$	0.24	$	(1.08)	$	(1.70)	$	(2.60)
Basic loss per share from discontinued operations	—		(0.02)		(1.80)		(0.18)
Net income (loss) per common share attributable to common stockholders – basic:	$	0.24	$	(1.10)	$	(3.50)	$	(2.78)

Diluted income (loss) per share from continuing operations	$	0.24	$	(1.08)	$	(1.70)	$	(2.60)
Diluted loss per share from discontinued operations	—		(0.02)		(1.80)		(0.18)
Net income (loss) per common share attributable to common stockholders – diluted:	$	0.24	$	(1.10)	$	(3.50)	$	(2.78)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2022	2021	2022	2021
Stock-based compensation awards	2	3	3	3

Total anti-dilutive common stock	2	3	3	3

Stock-Based Compensation and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Activity


	September 30, 2022			December 31, 2021
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)
Stock options	17,687	$	11.53	43,905	$	20.69
Restricted stock units	1,969,643	68.79		2,090,607	61.47
Performance stock units	383,539	48.05		417,069	62.20
Market-based stock units	742,910	83.25		381,923	77.09

____________________

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


Income Tax Allocation
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2022			2021			2022			2021
Income (loss) from continuing operations before income taxes	$	61		$	(317)		$	(409)		$	(712)
Benefit (provision) for income taxes	(8)			90			47			167
Effective tax rate	13.1		%	28.4		%	11.5		%	23.5		%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable Segments

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2022:

Las Vegas

Regional

Managed and Branded

Bally’s Las Vegas

Caesars Atlantic City

Horseshoe Bossier City

Managed

Caesars Palace Las Vegas

Circus Circus Reno

Horseshoe Council Bluffs

Harrah’s Ak-Chin

The Cromwell

Eldorado Gaming Scioto Downs

Horseshoe Hammond

Harrah’s Cherokee

Flamingo Las Vegas

Eldorado Resort Casino Reno

Horseshoe Indianapolis

Harrah’s Cherokee Valley River

Harrah’s Las Vegas

Grand Victoria Casino

Horseshoe St. Louis

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Harrah’s Atlantic City

Horseshoe Tunica

Caesars Windsor

Paris Las Vegas

Harrah’s Council Bluffs

Isle Casino Bettendorf

Caesars Dubai

Planet Hollywood Resort & Casino

Harrah’s Gulf Coast

Isle of Capri Casino Boonville

Branded

Rio All-Suite Hotel & Casino

Harrah’s Hoosier Park Racing & Casino

Horseshoe Lake Charles (b)

Caesars Southern Indiana (c)

Harrah’s Joliet

Isle of Capri Casino Lula

Harrah’s Northern California

Caesars Digital

Harrah’s Lake Tahoe

Horseshoe Black Hawk

Caesars Digital

Harrah’s Laughlin

Isle Casino Pompano Park

Harrah’s Metropolis

Isle Casino Waterloo

Harrah’s New Orleans

Lady Luck Casino - Black Hawk

Harrah’s North Kansas City

Silver Legacy Resort Casino

Harrah’s Philadelphia

Trop Casino Greenville

Harveys Lake Tahoe

Tropicana Atlantic City

Horseshoe Baltimore (a)

Tropicana Laughlin Hotel & Casino

___________________

The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021

Las Vegas:
Net revenues	$	1,077	$	1,017	$	3,133	$	2,369

Adjusted EBITDA	480		500		1,427		1,085


Regional:
Net revenues	1,530		1,492		4,348		4,173

Adjusted EBITDA	570		554		1,542		1,549


Caesars Digital:
Net revenues	212		96		311		221
Adjusted EBITDA	(38)		(164)		(661)		(171)
Managed and Branded:
Net revenues	70		79		210		206

Adjusted EBITDA	22		22		64		69


Corporate and Other:
Net revenues	(2)		1		(2)		10

Adjusted EBITDA	(22)		(42)		(86)		(123)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Adjusted EBITDA by Segment:
Las Vegas	$	480	$	500	$	1,427	$	1,085
Regional	570		554		1,542		1,549
Caesars Digital	(38)		(164)		(661)		(171)
Managed and Branded	22		22		64		69
Corporate and Other	(22)		(42)		(86)		(123)
	1,012		870		2,286		2,409
Reconciliation to net income (loss) attributable to Caesars:
Net income attributable to noncontrolling interests	(1)		(2)		(3)		(2)
Net loss from discontinued operations	—		(4)		(386)		(38)
Benefit (provision) for income taxes	(8)		90		47		167
Other income (loss) (a)	4		(153)		53		(176)
Loss on extinguishment of debt	(33)		(117)		(33)		(140)
Interest expense, net	(569)		(579)		(1,680)		(1,734)
Depreciation and amortization	(304)		(276)		(910)		(842)

Transaction and other operating costs, net (b)	(7)		(21)		14		(113)
Stock-based compensation expense	(26)		(21)		(77)		(64)
Other items (c)	(16)		(20)		(62)		(52)
Net income (loss) attributable to Caesars	$	52	$	(233)	$	(751)	$	(585)

____________________

(c)Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, retention bonuses and business optimization expenses.

Schedule of Balance Sheet Information for Reportable Segments


Total Assets - By Segment
(In millions)	September 30, 2022		December 31, 2021
Las Vegas	$	23,164	$	22,374
Regional	14,912		14,419
Caesars Digital	1,236		1,878
Managed and Branded (a)	119		3,527
Corporate and Other (b)	(5,837)		(4,167)
Total	$	33,594	$	38,031

____________________

(a)Assets held for sale associated with William Hill International were divested on July 1, 2022.

(b)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Organization and Basis of Presentation - Organization (Details)	Sep. 30, 2022 property state machine game hotel_room race_track
Organization and Basis of Presentation
Total number of properties \| property	51
Number of slot machines and video lottery terminals \| machine	52,800
Number of table games \| game	2,800
Number of room in hotel \| hotel_room	47,500
Number of race tracks \| race_track	300
Domestic Gaming and Hospitality Properties
Organization and Basis of Presentation
Number of states in which the company operates	16
Sports Wagering
Organization and Basis of Presentation
Number of states in which the company operates	26
Mobile Sports Betting
Organization and Basis of Presentation
Number of states in which the company operates	19
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states in which the company operates	6

Organization and Basis of Presentation - William Hill Acquisition (Details) £ in Millions, $ in Millions							9 Months Ended
	Jul. 01, 2022 USD ($)	Apr. 07, 2022 GBP (£)	May 12, 2021 GBP (£)	Apr. 22, 2021 USD ($)	Apr. 22, 2021 GBP (£)	Oct. 06, 2020 GBP (£)	Sep. 30, 2022 USD ($)	Sep. 08, 2021 GBP (£)	Jun. 14, 2021 GBP (£)
Organization and Basis of Presentation
Repayments of debt \| $	$ 730
William Hill International
Organization and Basis of Presentation
Cash consideration paid				$ 3,900	£ 2,900
Disposal group, consideration		£ 2,000						£ 2,200
Reduction in consideration due at closing		250
Reduction in deferred consideration		£ 100
Impairment charge of net assets being sold \| $							$ 503
Disposal group, proceeds after repayment of debt and other permitted leakage \| $	$ 730
William Hill
Organization and Basis of Presentation
Total purchase consideration \| $				$ 3,912
William Hill \| Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A
Organization and Basis of Presentation
Total purchase consideration						£ 1,500
William Hill \| Line of Credit \| William Hill
Organization and Basis of Presentation
Credit facility									£ 700
William Hill \| Senior Secured 540-day Bridge Loan Facility \| Line of Credit
Organization and Basis of Presentation
Long-term debt, term					540 days
Credit facility					£ 1,000
William Hill \| Senior Secured 60-day Bridge Loan Facility \| Line of Credit
Organization and Basis of Presentation
Long-term debt, term					60 days
Credit facility					£ 503
Repayments of debt			£ 503
William Hill \| Senior Secured 540-day Revolving Credit Facility \| Line of Credit
Organization and Basis of Presentation
Long-term debt, term					540 days
Credit facility					£ 116
William Hill \| Senior Secured Revolving Credit Facility \| Line of Credit
Organization and Basis of Presentation
Credit facility									£ 116

Acquisitions and Purchase Price Accounting - Narrative (Details) $ in Millions, £ in Billions				3 Months Ended		9 Months Ended
	Aug. 26, 2021 USD ($)	Apr. 22, 2021 USD ($)	Apr. 22, 2021 GBP (£)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Apr. 07, 2022 GBP (£)	Sep. 08, 2021 GBP (£)
Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						15 years
William Hill International
Business Acquisition [Line Items]
Cash consideration paid		$ 3,900	£ 2.9
Disposal group, consideration \| £								£ 2.0	£ 2.2
Impairment charge of net assets being sold						$ 503
William Hill
Business Acquisition [Line Items]
Business combination, acquisition related costs				$ 2	$ 5	10	$ 60
Revenue since transaction						183
Net income (loss)						$ (1,300)
William Hill \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						15 years
William Hill \| Technology
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						6 years
William Hill \| User Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						3 years
William Hill \| Operating Agreements
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						20 years
William Hill \| Rights Value
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						24 years
Horseshoe Baltimore
Business Acquisition [Line Items]
Cash consideration paid	$ 55
Finite-lived intangible assets, useful life						7 years
Revenue since transaction						$ 175
Net income (loss)						$ 8
Percentage of outstanding shares owned	75.80%
Percentage of outstanding shares owned before additional interest purchased	44.30%
Operating lease, discount rate				7.60%		7.60%
Horseshoe Baltimore \| Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment, useful life						40 years

Acquisitions and Purchase Price Accounting - Estimated purchase consideration (Details) $ / shares in Units, $ in Millions, shares in Billions	Aug. 26, 2021 USD ($)	Apr. 22, 2021 USD ($) $ / shares shares	Apr. 22, 2021 £ / shares
William Hill
Business Acquisition [Line Items]
Fair value of William Hill equity awards		$ 30
Total purchase consideration		3,912
William Hill \| Net of Receivable or Payable
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship		7
William Hill \| Off-Market Right
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship		(34)
William Hill \| Common Stock
Business Acquisition [Line Items]
Cash consideration paid		$ 3,909
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares		1.0
Business acquisition, share price (in dollars per share) \| (per share)		$ 3.77	£ 2.72
Horseshoe Baltimore
Business Acquisition [Line Items]
Cash consideration paid	$ 55
Total purchase consideration	154
Horseshoe Baltimore \| Net of Receivable or Payable
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship	18
Horseshoe Baltimore \| Off-Market Right
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship	$ 81

Acquisitions and Purchase Price Accounting - Acquisition of William Hill Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 11,082	$ 11,076
William Hill
Business Acquisition [Line Items]
Other current assets	164
Assets held for sale	4,337
Property and equipment, net	55
Goodwill	1,154
Intangible assets	565
Other noncurrent assets	317
Total assets	6,592
Other current liabilities	242
Liabilities related to assets held for sale	2,142
Deferred income taxes	251
Other noncurrent liabilities	35
Total liabilities	2,670
Noncontrolling interests	10
Net assets acquired	3,912
Intangible asset	1,100
William Hill \| Gaming rights and other
Business Acquisition [Line Items]
Intangible asset	80
William Hill \| Trade Names
Business Acquisition [Line Items]
Intangible asset	27
William Hill \| Technology
Business Acquisition [Line Items]
Intangible asset	110
William Hill \| Rights Value
Business Acquisition [Line Items]
Intangible asset	280
William Hill \| User Relationship
Business Acquisition [Line Items]
Intangible asset	$ 68

Acquisitions and Purchase Price Accounting - Business Acquisition, Pro Forma Information (Details) - William Hill - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 2,685	$ 7,106
Net loss	(155)	(427)
Net loss attributable to Caesars	$ (157)	$ (429)

Acquisitions and Purchase Price Accounting - Consolidation of Horseshoe Baltimore (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 11,082	$ 11,076
Horseshoe Baltimore
Business Acquisition [Line Items]
Current assets	60
Property and equipment, net	317
Goodwill	63
Intangible assets	53
Other noncurrent assets	183
Total assets	676
Current liabilities	26
Long-term debt	272
Other long-term liabilities	182
Total liabilities	480
Noncontrolling interests	42
Net assets acquired	154
Horseshoe Baltimore \| Gaming rights and other
Business Acquisition [Line Items]
Intangible asset	43
Horseshoe Baltimore \| Customer Relationships
Business Acquisition [Line Items]
Intangible asset	$ 10

Acquisitions and Purchase Price Accounting - Acquisition of Horseshoe Baltimore Unaudited Pro Forma Financial Information (Details) - Horseshoe Baltimore - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 2,718	$ 7,102
Net loss	(265)	(611)
Net loss attributable to Caesars	$ (268)	$ (617)

Assets Held for Sale - Narrative (Details) $ in Millions						9 Months Ended
Assets Held for Sale - Narrative (Details) $ in Millions	May 05, 2022 USD ($)	Sep. 03, 2021 USD ($)	Jul. 16, 2021 USD ($)	Jun. 03, 2021 USD ($)	Apr. 06, 2021 USD ($)	Sep. 30, 2022 USD ($) deed	Sep. 30, 2022 GBP (£)	Apr. 07, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Sep. 08, 2021 GBP (£)	Dec. 24, 2020 USD ($)	Sep. 03, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale						$ 0			$ 3,771
Interest rate						4.30%	4.30%
Senior Notes \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, interest rate, effective percentage						101.00%
Debt instrument, repurchased face amount \| £							£ 1,000,000
Senior Notes \| Discontinued Operations, Held-for-sale \| Senior Notes Due 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount \| £							£ 350,000,000
Interest rate						4.75%	4.75%
Senior Notes \| Discontinued Operations, Held-for-sale \| Senior Notes Due 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount \| £							£ 350,000,000
Interest rate						4.875%	4.875%
Eastern Band of Cherokee Indians (“EBCI”) \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Licensing agreement, term		10 years
Baton Rouge \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) from equity method investment	$ (3)
Assets held for sale									6
Liabilities held for sale									4
MontBleu \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) from equity method investment					$ 1
Aggregate consideration subject to working capital adjustments					$ 15
Evansville \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) from equity method investment				$ 12
Disposal group, consideration				$ 480
Harrah’s Louisiana Downs \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration												$ 22
Caesars Southern Indiana \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration											$ 250
Gain on working capital adjustment		$ 12
Reduction in annual lease payments for disposal of business		$ 33
Caesars UK Group \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 14
William Hill International
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration \| £								£ 2,000,000,000		£ 2,200,000,000
William Hill International \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale									3,800
Liabilities held for sale									2,700
Long-term debt, gross						$ 850
Number of trust deeds assumed \| deed						2
Bridge Credit Agreement \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities held for sale									$ 617
Maximum leverage ratio						10.50	10.50

Assets Held for Sale - Schedule of Information of Net Revenues and Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Baton Rouge \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 0	$ 4	$ 6	$ 13
Net income (loss)	0	(2)	(1)	(3)
MontBleu \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		11
Net income (loss)		0		4
Evansville \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		58
Net income (loss)		0		26
William Hill International \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	454	820	797
Net income (loss)	$ 0	(39)	$ (448)	(41)
Harrah’s Louisiana Downs \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		13		42
Net income (loss)		3		12
Caesars UK Group \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		30
Net income (loss)		(1)		(30)
Caesars Southern Indiana \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		41		155
Net income (loss)		$ 18		$ 27

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Assets held for sale	$ 0	$ 3,771
Liabilities:
Current liabilities	$ 0	2,680
Baton Rouge \| Discontinued Operations, Held for sale - Sold
Assets:
Cash		3
Property and equipment, net		2
Other assets, net		1
Assets held for sale		6
Liabilities:
Current liabilities		3
Other long-term liabilities		1
Liabilities related to assets held for sale		$ 4

Investments in and Advances to Unconsolidated Affiliates (Details) shares in Millions, $ in Millions				1 Months Ended	9 Months Ended		54 Months Ended
	Mar. 14, 2022 USD ($) shares	Sep. 16, 2021 USD ($)	Feb. 12, 2021 USD ($) a	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) a	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) a	Sep. 15, 2021
Investment in Unconsolidated Affiliates
Land contributed to joint venture					$ 0	$ 61
Payments to acquire equity method investments					0	$ 39
Neo Games S.A
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities		$ 136
Percentage of equity stake		8.40%						24.50%
Equity securities, shares sold (in shares) \| shares	2
Equity securities, amount sold	$ 26
Equity securities, loss					$ 34
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake					50.00%		50.00%
Land contributed to joint venture			$ 61	$ 3
Payments to acquire equity method investments							$ 4
Number of acres contributed \| a			186
Number of acres contributed to date \| a					206		206
Fair value of land contributed to date					$ 69		$ 69
William Hill
Investment in Unconsolidated Affiliates
Agreement period					25 years

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 17,332		$ 17,332		$ 16,603
Less: accumulated depreciation	(2,740)		(2,740)		(2,002)
Total property and equipment, net	14,592		14,592		14,601
Depreciation expense	260	$ 237	758	$ 746
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,092		2,092		2,125
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	12,827		12,827		12,433
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,943		1,943		1,650
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 470		$ 470		$ 395

Goodwill and Intangible Assets, net - Schedule of Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance			$ 1,209
Amortization	$ (44)	$ (39)	(152)	$ (96)
Acquisition of gaming rights			10
Other			28
Finite-lived intangible assets, net, ending balance	1,095		1,095
Goodwill
Goodwill, gross, beginning balance			11,076
Acquisition of gaming rights			0
Other			6
Goodwill, gross, ending balance	11,082		11,082
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance			3,711
Acquisition of gaming rights			1
Other			(28)
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,684		3,684
William Hill Acquisition
Other
Increase to goodwill			$ 28

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,466	$ 1,443
Finite-lived intangible assets, accumulated amortization	(371)	(234)
Finite-lived intangible assets, net, carrying amount	1,095	1,209
Non-amortizing intangible assets	3,684	3,711
Total amortizing and non-amortizing intangible assets, net	4,779	4,920
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	1,998	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	1,163	1,190
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	587	587
Finite-lived intangible assets, accumulated amortization	(255)	(187)
Finite-lived intangible assets, net, carrying amount	$ 332	400
Customer relationships \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	3 years
Customer relationships \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 212	174
Finite-lived intangible assets, accumulated amortization	(14)	(7)
Finite-lived intangible assets, net, carrying amount	$ 198	167
Gaming rights and other \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	10 years
Gaming rights and other \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	15 years
Finite-lived intangible assets, gross carrying amount	$ 307	322
Finite-lived intangible assets, accumulated amortization	(62)	(21)
Finite-lived intangible assets, net, carrying amount	$ 245	301
Reacquired rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	24 years
Finite-lived intangible assets, gross carrying amount	$ 250	250
Finite-lived intangible assets, accumulated amortization	(15)	(7)
Finite-lived intangible assets, net, carrying amount	$ 235	243
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	6 years
Finite-lived intangible assets, gross carrying amount	$ 110	110
Finite-lived intangible assets, accumulated amortization	(25)	(12)
Finite-lived intangible assets, net, carrying amount	$ 85	$ 98

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 44	$ 39	$ 152	$ 96

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2022	$ 35
2023	141
2024	126
2025	119
2026	119
2027	$ 76

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative instruments - interest rate swaps
Assets:
Derivative instruments	$ 3
Fair Value Recurring Basis
Assets:
Restricted cash		$ 2
Marketable securities	4	78
Total assets at fair value	7	81
Liabilities:
Total liabilities at fair value		44
Fair Value Recurring Basis \| Level 1
Assets:
Restricted cash		1
Marketable securities	2	69
Total assets at fair value	2	70
Liabilities:
Total liabilities at fair value		0
Fair Value Recurring Basis \| Level 2
Assets:
Restricted cash		1
Marketable securities	2	9
Total assets at fair value	5	11
Liabilities:
Total liabilities at fair value		44
Fair Value Recurring Basis \| Level 3
Assets:
Restricted cash		0
Marketable securities	0	0
Total assets at fair value	0	0
Liabilities:
Total liabilities at fair value		0
Fair Value Recurring Basis \| Derivative instruments - interest rate swaps
Assets:
Derivative instruments	3
Liabilities:
Derivative instruments		28
Fair Value Recurring Basis \| Derivative instruments - interest rate swaps \| Level 1
Assets:
Derivative instruments	0
Liabilities:
Derivative instruments		0
Fair Value Recurring Basis \| Derivative instruments - interest rate swaps \| Level 2
Assets:
Derivative instruments	3
Liabilities:
Derivative instruments		28
Fair Value Recurring Basis \| Derivative instruments - interest rate swaps \| Level 3
Assets:
Derivative instruments	$ 0
Liabilities:
Derivative instruments		0
Fair Value Recurring Basis \| Derivative instruments - FX forward
Assets:
Derivative instruments		1
Liabilities:
Derivative instruments		16
Fair Value Recurring Basis \| Derivative instruments - FX forward \| Level 1
Assets:
Derivative instruments		0
Liabilities:
Derivative instruments		0
Fair Value Recurring Basis \| Derivative instruments - FX forward \| Level 2
Assets:
Derivative instruments		1
Liabilities:
Derivative instruments		16
Fair Value Recurring Basis \| Derivative instruments - FX forward \| Level 3
Assets:
Derivative instruments		0
Liabilities:
Derivative instruments		$ 0

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended						9 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($) agreement	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) agreement	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on amounts transferred into AOCI before tax	$ 4			$ 15			$ 31	$ 44
Amounts reclassified from accumulated other comprehensive income	(2)	$ (6)	$ (8)	(15)	$ (15)	$ (14)
Gain (loss) to be reclassified within twelve months (less than)							3
Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 2			15			16	44
Derivative instruments - FX forward \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives				$ 16			$ 76	$ 26
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate derivatives held \| agreement	4						4
Notional amount	$ 1,300						$ 1,300
Derivative instruments - interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 3						$ 3
Derivative liability									$ 28

Fair Value Measurements - Schedule of Derivative Instruments (Details) - Derivative instruments - interest rate swaps	Sep. 30, 2022 USD ($)
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 250,000,000
Fixed Rate Paid	2.274%
Derivative, variable interest rate	2.5239%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 200,000,000
Fixed Rate Paid	2.828%
Derivative, variable interest rate	2.5239%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 200,000,000
Fixed Rate Paid	2.828%
Derivative, variable interest rate	2.5239%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 4
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 600,000,000
Fixed Rate Paid	2.739%
Derivative, variable interest rate	2.5239%

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,711	$ 3,846	$ 4,541	$ 5,162	$ 4,630	$ 5,034	$ 4,541	$ 5,034
Other comprehensive income (loss) before reclassifications	111	(42)	(28)	(40)	(13)	(3)
Amounts reclassified from accumulated other comprehensive income	2	6	8	15	15	14
Other comprehensive income (loss), net of tax	113	(36)	(20)	(25)	2	11	57	(12)
Ending balance	3,892	3,711	3,846	4,953	5,162	4,630	3,892	4,953
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(20)	16	36	47	45	34	36	34
Ending balance	93	(20)	16	22	47	45	93	22
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	93	86	73	48	38	26	73	26
Other comprehensive income (loss) before reclassifications	1	1	5	(4)	(5)	(2)
Amounts reclassified from accumulated other comprehensive income	2	6	8	15	15	14
Other comprehensive income (loss), net of tax	3	7	13	11	10	12
Ending balance	96	93	86	59	48	38	96	59
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(113)	(69)	(36)	(3)	8	8	(36)	8
Other comprehensive income (loss) before reclassifications	110	(44)	(33)	(33)	(11)	0
Amounts reclassified from accumulated other comprehensive income	0	0	0	0	0	0
Other comprehensive income (loss), net of tax	110	(44)	(33)	(33)	(11)	0
Ending balance	(3)	(113)	(69)	(36)	(3)	8	(3)	(36)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(1)	(1)	2	(1)	0	(1)	0
Other comprehensive income (loss) before reclassifications	0	1	0	(3)	3	(1)
Amounts reclassified from accumulated other comprehensive income	0	0	0	0	0	0
Other comprehensive income (loss), net of tax	0	1	0	(3)	3	(1)
Ending balance	$ 0	$ 0	$ (1)	$ (1)	$ 2	$ (1)	$ 0	$ (1)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
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-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (e)(3)
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Litigation, Commitments and Contingencies (Details)	3 Months Ended		9 Months Ended
Litigation, Commitments and Contingencies (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 207,000,000		$ 207,000,000		$ 221,000,000
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease						$ 325,000,000
Number of hotel rooms in new tower \| hotel_room						340
Capital expenditures			87,000,000
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	925,000,000		925,000,000		997,000,000
Weather Disruption - Lake Charles, Louisiana
Loss Contingencies [Line Items]
Insurance settlement, amount, before deductible	128,000,000		128,000,000
Deductible	25,000,000		25,000,000
Cumulative proceeds from insurance settlement	103,000,000		103,000,000
Insured event, gain	0	$ 0	38,000,000	$ 22,000,000
Atlantic City
Loss Contingencies [Line Items]
Escrow deposit	400,000,000		$ 400,000,000
Capital expenditure term			3 years
Restricted cash	$ 141,000,000		$ 141,000,000		$ 297,000,000
Insurance Carrier
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 2,000,000,000

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 24, 2021	Sep. 18, 2020	Jul. 20, 2020	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 13,312
Current portion of long-term debt	(70)	$ (70)
Long-term debt	12,857	13,722
Face Value
Long-term debt
Special Improvement District Bonds	47
Long-term notes and other payables	2
Total debt	13,312
Current portion of long-term debt	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	13,242
Fair value	12,691
Book Value
Long-term debt
Special Improvement District Bonds	47	49
Long-term notes and other payables	2	2
Total debt	12,939	13,807
Current portion of long-term debt	(70)	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	(12)	(15)
Long-term debt	12,857	13,722
Unamortized discounts and deferred finance charges	385	531
CRC Revolving Credit Facility \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CRC Revolving Credit Facility \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0	0
Baltimore Revolving Credit Facility \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
Baltimore Revolving Credit Facility \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0	0
Baltimore Term Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	277
Baltimore Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	272	275
CRC Term Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	4,377
CRC Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	4,136	4,190
CEI Revolving Credit Facility \| Senior Notes \| Face Value
Long-term debt
Long-term line of credit	0
CEI Revolving Credit Facility \| Senior Notes \| Book Value
Long-term debt
Long-term line of credit	0	0
CRC Incremental Term Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	1,009				$ 1,800
CRC Incremental Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 975	1,705
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Interest rate	5.75%					5.75%
Long-term debt, gross						$ 1,000
CRC Senior Secured Notes \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 989
CRC Senior Secured Notes \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 977	985
CEI Senior Secured Notes \| Senior Notes
Long-term debt
Interest rate	6.25%					6.25%
Long-term debt, gross						$ 3,400
CEI Senior Secured Notes \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 3,400
CEI Senior Secured Notes \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 3,357	3,346
Convention Center Mortgage Loan \| Senior Notes
Long-term debt
Interest rate	8.011%
Convention Center Mortgage Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 400			$ 400
Convention Center Mortgage Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 400	399
CEI Senior Notes
Long-term debt
Interest rate	8.125%					8.125%
CEI Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,611
CEI Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,588	1,673
CEI Senior Notes \| Senior Notes
Long-term debt
Long-term debt, gross						$ 1,800
Senior Notes
Long-term debt
Interest rate	4.625%		4.625%
Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,200
Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,185	$ 1,183
Senior Notes \| Senior Notes
Long-term debt
Long-term debt, gross			$ 1,200

Long-Term Debt - Schedule of Debt (Details) $ in Millions	Sep. 30, 2022 USD ($) agreement
Annual maturities of long-term debt
Remainder of 2022	$ 18
2023	70
2024	4,611
2025	5,760
2025	3
Thereafter	2,850
Total debt	13,312
Estimated interest payments
Remainder of 2022	140
2023	910
2024	850
2025	520
2026	190
Thereafter	310
Debt estimate interest payment, due	2,920
Total debt service obligation
Remainder of 2022	158
2023	980
2024	5,461
2025	6,280
2026	193
Thereafter	3,160
Debt service obligation	$ 16,232
CRC Credit Agreement
Long-term debt
Number of interest rate derivatives held \| agreement	4

Long-Term Debt - Baltimore Term Loan and Baltimore Revolving Credit Facility (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Baltimore Term Loan \| Secured Debt \| LIBOR
Long-term debt
Spread on variable rate	4.00%
Baltimore Revolving Credit Facility \| Revolving Credit Facility
Long-term debt
Leverage ratio, maximum	0.0025
Line of credit facility, remaining borrowing capacity	$ 10
Baltimore Revolving Credit Facility \| Revolving Credit Facility \| Horseshoe Baltimore
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility	$ 10
Baltimore Revolving Credit Facility \| Revolving Credit Facility \| SOFR
Long-term debt
Spread on variable rate	4.00%

Long-Term Debt - CRC Term Loans and CRC Revolving Credit Facility (Details)			3 Months Ended		9 Months Ended
	Oct. 05, 2022 USD ($)	Dec. 22, 2017 USD ($) stepdown	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Nov. 10, 2021 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate			4.30%		4.30%
Loss on extinguishment of debt			$ 33,000,000	$ 117,000,000	$ 33,000,000	$ 140,000,000
CRC Term Loan \| Base rate
Long-term debt
Spread on variable rate		1.75%
CRC Term Loan \| LIBOR
Long-term debt
Spread on variable rate		2.75%
CRC Incremental Term Loan \| Base rate
Long-term debt
Spread on variable rate		2.50%
CRC Incremental Term Loan \| LIBOR
Long-term debt
Spread on variable rate		3.50%
CRC Credit Agreement \| Base rate
Long-term debt
Spread on variable rate		0.00%
CRC Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate		0.50%
CRC Credit Agreement \| LIBOR
Long-term debt
Spread on variable rate		1.00%
Line of Credit \| CRC Term Loan
Long-term debt
Debt instrument, term		7 years
Debt instrument, face amount		$ 4,700,000,000
Senior Notes \| CRC Term Loan
Long-term debt
Prepayment of debt					100,000,000
Loss on extinguishment of debt					6,000,000
Senior Notes \| CRC Term Loan \| Subsequent Event
Long-term debt
Prepayment of debt	$ 750,000,000
Loss on extinguishment of debt	$ 41,000,000
Senior Notes \| CRC Incremental Term Loan
Long-term debt
Prepayment of debt					755,000,000
Loss on extinguishment of debt					27,000,000
Senior Notes \| CRC Incremental Term Loan \| Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross			$ 1,009,000,000		$ 1,009,000,000			$ 1,800,000,000
CRC Revolving Credit Facility
Long-term debt
Number of stepdowns \| stepdown		2
Leverage ratio, maximum		0.00125	6.35		6.35
CRC Revolving Credit Facility \| Base rate
Long-term debt
Spread on variable rate		1.25%
CRC Revolving Credit Facility \| LIBOR
Long-term debt
Spread on variable rate		2.25%
CRC Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility		$ 1,000,000,000
Debt instrument, term		5 years
Line of credit facility, commitment fee percentage		0.50%
Line of credit facility, remaining borrowing capacity			$ 966,000,000		$ 966,000,000
CRC Revolving Credit Facility \| Line of Credit \| Minimum
Long-term debt
Line of credit facility, commitment fee percentage		0.375%
CRC Revolving Credit Facility \| Line of Credit \| Maximum
Long-term debt
Line of credit facility, commitment fee percentage		0.25%
Letter of Credit
Long-term debt
Interest rate		0.125%
Letter of Credit \| Caesars Resort Collection
Long-term debt
Credit facility		$ 400,000,000
Letter of Credit \| Line of Credit
Long-term debt
Credit facility			$ 59,000,000		$ 59,000,000		$ 250,000,000
CRC Term Loan \| Line of Credit \| Caesars Resort Collection
Long-term debt
Interest rate		0.25%

Long-Term Debt - CEI Revolving Credit Facility (Details)	Jul. 20, 2020 USD ($) stepdown	Sep. 30, 2022 USD ($)	May 23, 2022 USD ($)	Nov. 10, 2021 USD ($)	Dec. 22, 2017
Long-term debt
Interest rate		4.30%
CEI Revolving Credit Facility \| LIBOR
Long-term debt
Spread on variable rate	0.00%
Line of Credit \| CEI Revolving Credit Facility
Long-term debt
Debt instrument, term	5 years
CEI Revolving Credit Facility
Long-term debt
Number of stepdowns \| stepdown	3
Leverage ratio, maximum	0.0025
Line of credit facility, commitment fee percentage	0.50%
Debt instrument, covenant, leverage ratio, minimum	0.00375
Interest rate	0.125%
Amount outstanding		$ 48,000,000
CEI Revolving Credit Facility \| LIBOR
Long-term debt
Spread on variable rate	1.00%
CEI Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate	0.50%
CEI Revolving Credit Facility \| Prime Rate
Long-term debt
Spread on variable rate	3.25%
CEI Revolving Credit Facility \| Base rate
Long-term debt
Spread on variable rate	2.25%
CEI Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility	$ 1,200,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature				$ 190,000,000
Reduction in required reserves			$ 150,000,000
Letter of Credit
Long-term debt
Interest rate					0.125%
Amount outstanding		23,000,000
Letter of Credit \| Line of Credit
Long-term debt
Credit facility		59,000,000		$ 250,000,000
Revolving Credit Facility
Long-term debt
Available borrowing capacity		$ 1,100,000,000

Long-Term Debt - Subsequent Amendment to the CEI Credit Agreement (Details)	Oct. 05, 2022 USD ($) stepdown	Sep. 30, 2022
Long-term debt
Interest rate		4.30%
Line of Credit \| Subsequent Event
Long-term debt
Line of credit facility, commitment fee percentage	0.35%
Line of Credit \| SOFR \| Subsequent Event
Long-term debt
Spread on variable rate	2.25%
Line of Credit \| SOFR \| Subsequent Event \| Component One
Long-term debt
Spread on variable rate	0.10%
Line of Credit \| SOFR \| Subsequent Event \| Component Two
Long-term debt
Spread on variable rate	1.00%
Line of Credit \| SOFR \| Minimum \| Subsequent Event \| Component One
Long-term debt
Spread on variable rate	0.00%
Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate \| Subsequent Event \| Component Two
Long-term debt
Spread on variable rate	0.50%
Line of Credit \| Base rate \| Subsequent Event
Long-term debt
Spread on variable rate	1.25%
Secured Debt \| Line of Credit \| Subsequent Event
Long-term debt
Debt instrument, face amount	$ 750,000,000
Interest rate	1.25%
Number of stepdowns \| stepdown	3
Leverage ratio stepdown	0.25%
Revolving Credit Facility \| Line of Credit \| Subsequent Event
Long-term debt
Credit facility	$ 2,250,000,000
Number of stepdowns \| stepdown	3
Leverage ratio stepdown	0.05%
Letter of Credit \| Line of Credit \| Subsequent Event
Long-term debt
Credit facility	$ 388,000,000

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Jul. 06, 2020
Long-term debt
Interest rate		4.30%
Repayments of debt	$ 730
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross			$ 1,000
Interest rate		5.75%	5.75%
Repayments of debt		$ 11

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - USD ($) $ in Billions	Sep. 30, 2022	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross		$ 3.4
Interest rate	6.25%	6.25%

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Millions	Sep. 18, 2020	Sep. 30, 2022
Long-term debt
Interest rate		4.30%
Convention Center Mortgage Loan \| VICI Properties
Long-term debt
Interest rate	7.70%
Debt instrument, interest rate, increase (decrease)	8.30%
Convention Center Mortgage Loan \| Senior Notes
Long-term debt
Interest rate		8.011%
Convention Center Mortgage Loan \| Estimate of Fair Value Measurement \| Senior Notes
Long-term debt
Long-term debt, gross	$ 400	$ 400
VICI Properties
Long-term debt
Long-term debt, term	5 years

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Jul. 06, 2020
Long-term debt
Interest rate		4.30%
Repayments of debt	$ 730
CEI Senior Notes
Long-term debt
Interest rate		8.125%	8.125%
CEI Senior Notes \| Senior Notes
Long-term debt
Long-term debt, gross			$ 1,800
Repayments of debt		$ 89

Long-Term Debt -Senior Notes due 2029 (Details) - USD ($) $ in Billions	Sep. 30, 2022	Sep. 24, 2021
Long-term debt
Interest rate	4.30%
Senior Notes
Long-term debt
Interest rate	4.625%	4.625%
Senior Notes \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2

Long-Term Debt - Debt Covenant Compliance (Details)	Sep. 30, 2022	Dec. 22, 2017
CRC Revolving Credit Facility
Long-term debt
Leverage ratio, maximum	6.35	0.00125
Baltimore Revolving Credit Facility
Long-term debt
Leverage ratio, maximum	5.0

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,887	$ 2,685	$ 8,000	$ 6,979
Accounts receivable, net	506		506		$ 472
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	1,605	1,510	4,446	4,308
Accounts receivable, net	218		218		168
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	411	347	1,172	797
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	544	511	1,446	1,122
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	136		136		100
Other
Disaggregation of Revenue [Line Items]
Net revenues	327	317	936	752
Accounts receivable, net	152		152		$ 204
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(2)	1	(2)	10
Corporate and Other \| Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	(1)	0	(2)	0
Corporate and Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues	(1)	1	0	10
Las Vegas \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,077	1,017	3,133	2,369
Las Vegas \| Operating Segment \| Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	323	329	929	870
Las Vegas \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	264	221	775	476
Las Vegas \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	335	303	959	660
Las Vegas \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	155	164	470	363
Regional \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,530	1,492	4,348	4,173
Regional \| Operating Segment \| Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	1,096	1,096	3,264	3,241
Regional \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	147	125	397	318
Regional \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	209	208	487	462
Regional \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	78	63	200	152
Caesars Digital \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	212	96	311	221
Caesars Digital \| Operating Segment \| Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	187	85	255	197
Caesars Digital \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	25	11	56	24
Managed and Branded \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	70	79	210	206
Managed and Branded \| Operating Segment \| Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	1	0	3
Managed and Branded \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 70	$ 78	$ 210	$ 203

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 40	$ 34	$ 48	$ 34
Increase / (decrease)	(8)	0
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	95	96	91	94
Increase / (decrease)	4	2
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	662	446	$ 560	$ 310
Increase / (decrease)	$ 102	$ 136

Revenue Recognition - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,887	$ 2,685	$ 8,000	$ 6,979
Variable lease income	17	16	45	35
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	544	511	1,446	1,122
Other
Lessor, Lease, Description [Line Items]
Net revenues	327	317	936	752
Other \| Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	4	4	23	4
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 42	$ 46	$ 125	$ 111

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ 52	$ (229)	$ (365)	$ (547)
Discontinued operations, net of income taxes	0	(4)	(386)	(38)
Net income (loss) attributable to Caesars	$ 52	$ (233)	$ (751)	$ (585)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	214	214	214	211
Effect of dilutive securities:
Stock-based compensation awards (in shares)	1	0	0	0
Weighted average shares outstanding - diluted (in shares)	215	214	214	211
Net Loss per Share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.24	$ (1.08)	$ (1.70)	$ (2.60)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.02)	(1.80)	(0.18)
Basic income (loss) per share (in dollars per share)	0.24	(1.10)	(3.50)	(2.78)
Net income (loss) per share -Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.24	(1.08)	(1.70)	(2.60)
Diluted loss per share from discontinued operations (in dollar per shares)	0	(0.02)	(1.80)	(0.18)
Diluted income (loss) per share (in dollars per share)	$ 0.24	$ (1.10)	$ (3.50)	$ (2.78)

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	2	3	3	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	2	3	3	3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 26	$ 21	$ 77	$ 64

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Exercise of stock options (in shares)	26,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	746,000
Equity instruments other than options, fair value \| $	$ 55
Share conversion (in shares)	1
Vested (shares)	790,000
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	80,000
Aggregate intrinsic value, nonvested \| $	$ 3
Vested (shares)	191,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200.00%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	428,000
Aggregate intrinsic value, nonvested \| $	$ 36
Vested (shares)	117,000
Market-based stock units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	225,000
Awards granted, grant date fair value \| $	$ 16
Awards granted, grant date fair value, achievement period	3 years
Market-based stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0.00%
Market-based stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200.00%

Stock-Based Compensation and Stockholders' Equity - Outstanding at End of Period (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	17,687	43,905
Stock options weighted average exercise price (in dollars per share)	$ 11.53	$ 20.69
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,969,643	2,090,607
Weighted average exercise price (in dollars per share)	$ 68.79	$ 61.47
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	383,539	417,069
Weighted average exercise price (in dollars per share)	$ 48.05	$ 62.20
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	742,910	381,923
Weighted average exercise price (in dollars per share)	$ 83.25	$ 77.09

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Nov. 30, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150
Treasury stock (in shares)	223,823
Common stock acquired value	$ 9
Common stock acquired average price per share (in dollars per share)	$ 40.80
Common stock shares acquired (in shares)	0	0

Stock-Based Compensation and Stockholders' Equity - Changes to the Authorized Shares (Details) - shares shares in Millions	Jun. 17, 2021	Jun. 16, 2021
Share-Based Payment Arrangement [Abstract]
Common stock, shares authorized (in shares)	500	300
Preferred stock, shares issued (in shares)	150

Income Taxes - Income Tax Allocation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 61	$ (317)	$ (409)	$ (712)
Benefit (provision) for income taxes	$ (8)	$ 90	$ 47	$ 167
Effective tax rate	13.10%	28.40%	11.50%	23.50%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Interest rate	4.30%
5% Convertible Notes
Income Tax Contingency [Line Items]
Interest rate	5.00%
William Hill
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	$ 381
Unrecognized tax benefits	$ 34
William Hill \| Liabilities Related To Assets Held For Sale
Income Tax Contingency [Line Items]
Deferred tax liabilities, net		$ 132
Unrecognized tax benefits		$ 34

Related Affiliates (Details) ft² in Thousands	9 Months Ended
Related Affiliates (Details) ft² in Thousands	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 26, 2021
Horseshoe Baltimore
Related affiliates
Percentage of outstanding shares owned before additional interest purchased				44.30%
Gary Carano Family
Related affiliates
Related party transactions	$ 0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased \| ft²	30
Annual rent payable	$ 600,000
Due to related parties	0		$ 0
Due from related parties	$ 0		$ 0
REI
Related affiliates
Percentage of outstanding shares owned	4.00%

Segment Information - Narrative (Details) ft² in Thousands	9 Months Ended
Segment Information - Narrative (Details) ft² in Thousands	Sep. 30, 2022 ft² segment ft ballroom	Aug. 26, 2021
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Observation wheel height \| ft	550
Area of room	300
Number of ballrooms \| ballroom	2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550
Horseshoe Baltimore
Segment Reporting Information [Line Items]
Percentage of outstanding shares owned		75.80%

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 2,887	$ 2,685	$ 8,000	$ 6,979
Adjusted EBITDA	1,012	870	2,286	2,409
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,077	1,017	3,133	2,369
Adjusted EBITDA	480	500	1,427	1,085
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Net revenues	1,530	1,492	4,348	4,173
Adjusted EBITDA	570	554	1,542	1,549
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	212	96	311	221
Adjusted EBITDA	(38)	(164)	(661)	(171)
Operating Segment \| Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	70	79	210	206
Adjusted EBITDA	22	22	64	69
Corporate
Segment Reporting Information [Line Items]
Net revenues	(2)	1	(2)	10
Adjusted EBITDA	$ (22)	$ (42)	$ (86)	$ (123)

- Definition

+ References

+ Details

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,012	$ 870	$ 2,286	$ 2,409
Net income attributable to noncontrolling interests	(1)	(2)	(3)	(2)
Net loss from discontinued operations	0	(4)	(386)	(38)
Benefit (provision) for income taxes	(8)	90	47	167
Other income (loss)	4	(153)	53	(176)
Loss on extinguishment of debt	(33)	(117)	(33)	(140)
Interest expense, net	(569)	(579)	(1,680)	(1,734)
Depreciation and amortization	(304)	(276)	(910)	(842)
Transaction and other operating costs, net	(7)	(21)	14	(113)
Stock-based compensation expense	(26)	(21)	(77)	(64)
Other items	(16)	(20)	(62)	(52)
Net income (loss) from continuing operations, net of income taxes	$ 52	(233)	$ (751)	(585)
Interest rate	4.30%		4.30%
5% Convertible Notes
Segment Reporting Information [Line Items]
Interest rate	5.00%		5.00%
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (22)	(42)	$ (86)	(123)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	480	500	1,427	1,085
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	570	554	1,542	1,549
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	(38)	(164)	(661)	(171)
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 22	$ 22	$ 64	$ 69

Segment Information - Schedule Of Capital Expenditures By Segment (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 33,594	$ 38,031
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(5,837)	(4,167)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Assets	23,164	22,374
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Assets	14,912	14,419
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Assets	1,236	1,878
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 119	$ 3,527

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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