0001590895-23-000122 | 10-Q | XBRL Viewer | Caesars Entertainment INC

Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]


(In millions)	September 30, 2023		December 31, 2022
Land	$	2,088	$	2,092
Buildings, riverboats, and leasehold and land improvements	13,365		13,094
Furniture, fixtures, and equipment	2,352		2,054
Construction in progress	682		351
Total property and equipment	18,487		17,591
Less: accumulated depreciation	(3,787)		(2,993)
Total property and equipment, net	$	14,700	$	14,598

A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes 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)	2023		2022		2023		2022
Depreciation expense	$	284	$	260	$	835	$	758

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

Long-Term Debt - CEI Senior Notes due 2027 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1.8
Interest rate	8.125%	8.125%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,667	$ 3,635	$ 3,751	$ 3,711	$ 3,846	$ 4,541
Other comprehensive income (loss) before reclassifications	(1)	0	6	111	(42)	(28)
Amounts reclassified from accumulated other comprehensive income				2	6	8
Total other comprehensive income (loss), net of tax	(1)	0	6	113	(36)	(20)
Ending balance	4,742	4,667	3,635	3,892	3,711	3,846
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	98	98	92	(20)	16	36
Ending balance	97	98	98	93	(20)	16
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94	94	93	86	73
Other comprehensive income (loss) before reclassifications	0	0	0	1	1	5
Amounts reclassified from accumulated other comprehensive income				2	6	8
Total other comprehensive income (loss), net of tax	0	0	0	3	7	13
Ending balance	94	94	94	96	93	86
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	1	(1)	(113)	(69)	(36)
Other comprehensive income (loss) before reclassifications	0	(1)	2	110	(44)	(33)
Amounts reclassified from accumulated other comprehensive income				0	0	0
Total other comprehensive income (loss), net of tax	0	(1)	2	110	(44)	(33)
Ending balance	0	0	1	(3)	(113)	(69)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4	3	(1)	0	(1)	(1)
Other comprehensive income (loss) before reclassifications	(1)	1	4	0	1	0
Amounts reclassified from accumulated other comprehensive income				0	0	0
Total other comprehensive income (loss), net of tax	(1)	1	4	0	1	0
Ending balance	$ 3	$ 4	$ 3	$ 0	$ 0	$ (1)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 10, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Advertising expense		$ 65	$ 114	$ 185	$ 490
Horseshoe Baltimore
Business Acquisition [Line Items]
Percentage of outstanding shares owned	24.20%
Total purchase consideration	$ 66

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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, 2023
(In millions)	Level 1		Level 2		Level 3		Total
Assets:

Marketable securities	$	2	$	—	$	—	$	2


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


	December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	2	$	2	$	—	$	4


Total assets at fair value	$	2	$	2	$	—	$	4

Marketable Securities

Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and deferred compensation plans. 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.

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 instruments classified as 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.

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 nine months ended September 30, 2022, the Company recorded gains of $76 million related to forward contracts, which have been recorded in Other income (loss) on the Statements of Operations. All forward contracts were settled as of July 1, 2022.

Interest Rate Swap Derivatives

The Company used interest rate swaps to manage the mix of debt between fixed and variable rate instruments. The term of the last interest rate swaps ended on December 31, 2022.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through September 30, 2023 and 2022 are shown below.


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






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

Balances as of December 31, 2022	$	94	$	(1)	$	(1)	$	92
Other comprehensive income before reclassifications	—		2		4		6

Total other comprehensive income, net of tax	—		2		4		6
Balances as of March 31, 2023	$	94	$	1	$	3	$	98
Other comprehensive income (loss) before reclassifications	—		(1)		1		—

Total other comprehensive income (loss), net of tax	—		(1)		1		—
Balances as of June 30, 2023	$	94	$	—	$	4	$	98
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of September 30, 2023	$	94	$	—	$	3	$	97

- 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

Long-Term Debt - Convention Center Mortgage Loan (Narrative) (Details) - USD ($) $ in Millions	May 01, 2023	Sep. 18, 2020	Sep. 30, 2023
Long-term debt
Interest rate			4.30%
Convention Center Mortgage Loan \| VICI Properties
Long-term debt
Interest rate		7.70%
Debt instrument, interest rate, maximum		8.30%
Convention Center Mortgage Loan \| Senior Notes
Long-term debt
Prepayment of debt	$ 400
Convention Center Mortgage Loan \| Estimate of Fair Value Measurement \| Senior Notes
Long-term debt
Long-term debt, gross			$ 0
VICI Properties \| Convention Center Mortgage Loan \| Senior Notes
Long-term debt
Long-term debt, term		5 years
VICI Properties \| Convention Center Mortgage Loan \| Estimate of Fair Value Measurement \| Senior Notes
Long-term debt
Long-term debt, gross		$ 400

Investments in and Advances to Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates 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 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. 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 costs, net on the Statements of Operations. As of both September 30, 2023 and December 31, 2022, the Company’s investment in the joint venture was $80 million and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets. The Company has no further obligation to contribute additional real estate or cash as of September 30, 2023. NeoGames The Company held an investment in NeoGames S.A., a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On March 14, 2022, the Company sold its investment at fair value for $26 million and recorded a loss of $34 million during the nine months ended September 30, 2022, which is included within Other income (loss) on the Statements of Operations.

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 14, 2022	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Investment in Unconsolidated Affiliates
Investment in joint venture			$ 91	$ 94
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake			50.00%
Investment in joint venture			$ 80	$ 80
Neo Games S.A
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities	$ 26
Equity securities, loss		$ 34

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 884	$ (748)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations	0	386
Depreciation and amortization	943	910
Amortization of deferred financing costs and discounts	155	234
Provision for doubtful accounts	29	14
Loss on extinguishment of debt	200	33
Non-cash lease amortization	45	42
(Gain) loss on investments	(2)	48
Stock compensation expense	82	77
Loss on sale of business and disposal of property and equipment	12	8
Deferred income taxes	(904)	(47)
Gain on derivatives	0	(73)
Other non-cash adjustments to net income (loss)	22	(70)
Change in operating assets and liabilities:
Accounts receivable	(17)	(63)
Prepaid expenses and other assets	11	(43)
Income taxes payable	(24)	(4)
Accounts payable, accrued expenses and other liabilities	(135)	(235)
Net cash provided by operating activities	1,301	469
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(895)	(717)
Acquisition of gaming rights and trademarks	(30)	(11)
Proceeds from sale of business, property and equipment, net of cash sold	1	21
Proceeds from the sale of investments	3	121
Proceeds from insurance related to property damage	0	36
Other	40	0
Net cash used in investing activities	(881)	(550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	5,300	750
Repayments of long-term debt and revolving credit facilities	(5,930)	(1,761)
Financing obligation payments	(7)	(1)
Debt issuance and extinguishment costs	(79)	0
Payments to acquire ownership interest in subsidiary	(66)	0
Contributions from noncontrolling interest owners	100	0
Distributions to noncontrolling interest	(1)	0
Taxes paid related to net share settlement of equity awards	(25)	(26)
Net cash used in financing activities	(708)	(1,038)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	0	(18)
Cash flows from investing activities	0	386
Cash flows from financing activities	0	0
Net cash from discontinued operations	0	368
Effect of foreign currency exchange rates on cash	0	(29)
Decrease in cash, cash equivalents and restricted cash	(288)	(780)
Cash, cash equivalents and restricted cash, beginning of period	1,303	2,021
Cash, cash equivalents and restricted cash, end of period	1,015	1,241
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	841	944
Restricted cash	130	136
Restricted and escrow cash included in other assets, net	44	161
Total cash, cash equivalents and restricted cash	1,015	1,241
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	749	679
Cash interest paid for rent related to financing obligations	959	892
Income taxes paid, net	23	18
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	$ 193	$ 118

Earnings per Share - Schedule of Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	1	2	1	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	1	2	1	3

Long-Term Debt - Baltimore Term Loan and Baltimore Revolving Credit Facility (Narrative) (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	Jul. 17, 2023	Jul. 07, 2023	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Long-term debt
Loss on extinguishment				$ 3	$ 33	$ 200	$ 33
Baltimore Term Loan \| Secured Debt
Long-term debt
Loss on extinguishment	$ 3
Baltimore Term Loan \| Secured Debt \| LIBOR
Long-term debt
Spread on variable rate			4.00%
Baltimore Revolving Credit Facility \| Revolving Credit Facility \| SOFR
Long-term debt
Spread on variable rate		4.00%
Horseshoe Baltimore
Long-term debt
Subsequent acquisition percentage	24.20%
Horseshoe Baltimore \| Baltimore Revolving Credit Facility \| Revolving Credit Facility
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility		$ 10

Goodwill and Intangible Assets, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill.


Changes in Carrying Value of Goodwill and Other Intangible Assets
			Non-Amortizing Intangible Assets
(In millions)	Amortizing Intangible Assets		Goodwill		Other
Balances as of December 31, 2022	$	1,060	$	11,004	$	3,654
Amortization expense	(108)		—		—

Acquisition of gaming rights and trademarks	30		—		4

Balances as of September 30, 2023	$	982	$	11,004	$	3,658


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2023							December 31, 2022
(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	$	(339)	$	248	$	587	$	(276)	$	311
Gaming rights and other	10 - 34 years	242		(25)		217		212		(16)		196
Trademarks	15 years	313		(87)		226		313		(73)		240
Reacquired rights	24 years	250		(25)		225		250		(17)		233
Technology	6 years	110		(44)		66		110		(30)		80
		$	1,502	$	(520)	982		$	1,472	$	(412)	1,060

Non-amortizing intangible assets other than Goodwill
Trademarks						1,998						1,998
Gaming rights						1,137						1,133
Caesars Rewards						523						523

						3,658						3,654
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,640					$	4,714

Amortization expense with respect to intangible assets for the three months ended September 30, 2023 and 2022 totaled $36 million and $44 million, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $108 million and $152 million, respectively, which is included in Depreciation and amortization in the Statements of Operations.


Estimated Five-Year Amortization
	Remaining 2023		Years Ended December 31,
(In millions)			2024		2025		2026		2027		2028
Estimated annual amortization expense	$	36	$	130	$	122	$	122	$	80	$	43

Litigation, Commitments and Contingencies	9 Months Ended
Litigation, Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are 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 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. In March of 2021, the Company filed a lawsuit against certain of its insurance carriers in the state court in Clark County, Nevada relating to insurance policies that were potentially governed by Nevada law. The Company’s lawsuit was stayed pending the outcome of a separate but similar lawsuit pending in the Nevada Supreme Court. In September of 2023, the Nevada Supreme Court issued an adverse ruling in the separate but similar lawsuit. The Nevada Supreme Court decision negatively affects the Company’s claims in its Nevada lawsuit and will likely result in a dismissal of the Company’s claims with respect to insurance policies that are governed by Nevada law. There are other insurance policies issued to the Company that are governed by other state laws, including, but not limited to, New York and New Jersey. The viability of potential claims under those policies will depend on the result of decisions from the courts in those jurisdictions in lawsuits brought by other claimants. There can be no assurance as to the outcome of any such proceedings. Cybersecurity Incident On September 14, 2023, we announced that an unauthorized actor had gained access to our information technology network as a result of a social engineering attack on an outsourced IT support vendor used by the Company, and acquired a copy of, among other data, our loyalty program database (“Data Incident”). As a result of the Data Incident, we have become subject to multiple lawsuits. Between September 15 and October 26, 2023, thirteen class actions have been filed against us in U.S. federal and state courts in Nevada, New Jersey, and California, purporting to represent various classes of persons whose personal information was affected by the Data Incident. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief. Caesars is seeking consolidation of the cases that have been filed into a single case. In addition, the Company has received inquiries from state regulators related to the Data Incident. We are responding to these inquiries and cooperating fully with regulators. While we believe it is reasonably possible that we may incur losses associated with the above described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the stage of these proceedings, the absence of specific allegations regarding the alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, if applicable, and/or the lack of resolution of significant factual and legal issues. Additional lawsuits and claims related to the Data Incident may be asserted by or on behalf of customers, shareholders or others seeking damages or other related relief, and governmental agencies may open additional inquiries or investigations into the Data Incident. The Company is pursuing insurance coverage in relation to costs and liabilities incurred due to the Data Incident. We have incurred, and may continue to incur, certain expenses related to the Data Incident, including expenses to respond to, remediate and investigate this matter. The full scope of the costs and related impacts of this incident, including the extent to which these costs will be offset by our cybersecurity insurance or potential indemnification claims against third parties, has not been determined. We are unable to predict the full impact of this incident and its impact on guest behavior in the future, including whether a change in our guests’ behavior could negatively impact our financial condition and results of operations on an ongoing basis. As of the date of this report, there has not been a material effect on the Company’s financial condition and results of operations and we currently do not expect that it will have such an effect in the future. 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 involve the rebranding of the property to Caesars New Orleans which includes a renovation and full interior and exterior redesign, updated casino floor, new culinary experiences and a new 340-room hotel tower. The project has a current capital plan of approximately $430 million, and as of September 30, 2023, total capital expenditures have been $239 million since the project began. Atlantic City As required by the New Jersey Gaming Control Board, in 2020, the Company funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. The capital plan includes significant room renovations at both Caesars Atlantic City and Harrah’s Atlantic City, as well as the addition of new restaurants with celebrity partners. As of September 30, 2023 and December 31, 2022, the restricted cash balance remaining in the escrow account was $21 million and $118 million, respectively. This amount is currently included in restricted cash in Other assets, net. Sports Sponsorship/Partnership Obligations The Company has 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 provides Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. As of September 30, 2023 and December 31, 2022, obligations related to these agreements were $639 million and $898 million, respectively, with contracts extending through 2040. These obligations include leasing of event suites that are generally considered short-term leases for which the Company does not record a right of use asset or lease liability. The Company recognizes 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 The Company is self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. The Company’s total estimated self-insurance liability as of September 30, 2023 and December 31, 2022, was $208 million and $203 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.

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0	88
Stock options weighted average exercise price (in dollars per share)	$ 0	$ 30.63
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,148,409	1,863,481
Weighted average exercise price (in dollars per share)	$ 60.64	$ 66.87
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	327,835	383,157
Weighted average exercise price (in dollars per share)	$ 46.35	$ 51.73
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	871,284	741,803
Weighted average exercise price (in dollars per share)	$ 85.11	$ 83.24

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES:
Net revenues	$ 2,994	$ 2,887	$ 8,703	$ 8,000
EXPENSES:
General and administrative	528	529	1,536	1,545
Corporate	74	63	239	208
Depreciation and amortization	320	304	943	910
Transaction and other costs, net	(13)	7	36	(14)
Total operating expenses	2,270	2,228	6,767	6,749
Operating income	724	659	1,936	1,251
OTHER EXPENSE:
Interest expense, net	(581)	(569)	(1,761)	(1,680)
Loss on extinguishment of debt	(3)	(33)	(200)	(33)
Other income (loss)	(1)	4	5	53
Total other expense	(585)	(598)	(1,956)	(1,660)
Income (loss) from continuing operations before income taxes	139	61	(20)	(409)
Benefit (provision) for income taxes	(47)	(8)	904	47
Income (loss) from continuing operations, net of income taxes	92	53	884	(362)
Discontinued operations, net of income taxes	0	0	0	(386)
Net income (loss)	92	53	884	(748)
Net income attributable to noncontrolling interests	(18)	(1)	(26)	(3)
Net income (loss) attributable to Caesars	$ 74	$ 52	$ 858	$ (751)
Net income (loss) per share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.34	$ 0.24	$ 3.99	$ (1.70)
Basic loss per share from discontinued operations (in dollars per share)	0	0	0	(1.80)
Basic income (loss) per share (in dollars per share)	0.34	0.24	3.99	(3.50)
Net income (loss) per share - Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.34	0.24	3.97	(1.70)
Diluted loss per share from discontinued operations (in dollar per shares)	0	0	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ 0.34	$ 0.24	$ 3.97	$ (3.50)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	215	214	215	214
Weighted average diluted shares outstanding (in shares)	216	215	216	214
Casino
REVENUES:
Net revenues	$ 1,620	$ 1,605	$ 4,789	$ 4,446
EXPENSES:
Cost of goods and services	831	838	2,476	2,727
Food and beverage
REVENUES:
Net revenues	443	411	1,305	1,172
EXPENSES:
Cost of goods and services	266	240	775	684
Hotel
REVENUES:
Net revenues	553	544	1,581	1,446
EXPENSES:
Cost of goods and services	146	142	426	391
Other
REVENUES:
Net revenues	378	327	1,028	936
EXPENSES:
Cost of goods and services	$ 118	$ 105	$ 336	$ 298

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Net Revenues Disaggregated by 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 14 for additional information on the Company’s reportable segments.


	Three Months Ended September 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	323	$	1,111	$	186	$	—	$	—	$	1,620
Food and beverage	285		158		—		—		—		443
Hotel	341		212		—		—		—		553
Other	171		84		29		98		(4)		378


Net revenues	$	1,120	$	1,565	$	215	$	98	$	(4)	$	2,994


	Three Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	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


	Nine Months Ended September 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	945	$	3,247	$	599	$	—	$	(2)	$	4,789
Food and beverage	868		437		—		—		—		1,305
Hotel	1,067		514		—		—		—		1,581
Other	499		217		70		239		3		1,028


Net revenues	$	3,379	$	4,415	$	669	$	239	$	1	$	8,703


	Nine Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	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

Schedule of Accounts Receivable, Net


Accounts Receivable, Net
(In millions)	September 30, 2023		December 31, 2022
Casino	$	215	$	259
Food and beverage and hotel	137		144
Other	203		208
Accounts receivable, net	$	555	$	611

Schedule 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)	2023		2022		2023		2022		2023		2022
Balance at January 1	$	45	$	48	$	87	$	91	$	693	$	560
Balance at September 30	38		40		93		95		661		662
Increase / (decrease)	$	(7)	$	(8)	$	6	$	4	$	(32)	$	102

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023			2022			2023		2022
Income (loss) from continuing operations before income taxes	$	139		$	61		$	(20)	$	(409)
Benefit (provision) for income taxes	(47)			(8)			904		47
Effective tax rate	33.8		%	13.1		%	*		11.5		%

____________________

* Not meaningful.

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

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. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020 and William Hill PLC on April 22, 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR.”

Description of Business

The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 52,500 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 46,900 hotel rooms as of September 30, 2023. The Company operates and conducts sports wagering across 30 jurisdictions in North America, 24 of which offer mobile 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 our casino properties’ gaming operations, retail and online sports betting, online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.

The Company’s operations for retail and mobile sports betting, online casino, and online poker are included under the Caesars Digital segment. As part of the Caesars Digital segment, the Company has made significant investments into the interactive business in recent years, including the acquisition of William Hill PLC and strategic expansions into new markets as legalization permits. The Company has utilized significant marketing campaigns with distinguished actors, athletes and media personalities promoting the Caesars Sportsbook app. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online gaming and sports betting.

Divestitures

We periodically divest of assets in order to raise capital, as a result of a determination that the assets are not core to our business, or due to regulatory requirements. A summary of recently completed divestitures of our properties as of September 30, 2023 is as follows:

Segment

Property

Date Sold

Sales Price

Regional

Belle of Baton Rouge Casino & Hotel (“Baton Rouge”)

May 5, 2022

Discontinued operations:

N/A

William Hill International

July 1, 2022

£2.0 billion

____________________

*Not meaningful.

The following information presents the net revenues and net loss of recently completed divestitures:


	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
(In millions)	Baton Rouge		William Hill International		Baton Rouge		William Hill International
Net revenues	$	—	$	—	$	6	$	820
Net loss	—		—		(1)		(448)

Earnings per Share

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	74	$	52	$	858	$	(365)
Discontinued operations, net of income taxes	—		—		—		(386)
Net income (loss) attributable to Caesars	$	74	$	52	$	858	$	(751)
Shares outstanding:
Weighted average shares outstanding – basic	215		214		215		214
Effect of dilutive securities:

Stock-based compensation awards	1		1		1		—
Weighted average shares outstanding – diluted	216		215		216		214

Basic income (loss) per share from continuing operations	$	0.34	$	0.24	$	3.99	$	(1.70)
Basic loss per share from discontinued operations	—		—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – basic:	$	0.34	$	0.24	$	3.99	$	(3.50)

Diluted income (loss) per share from continuing operations	$	0.34	$	0.24	$	3.97	$	(1.70)
Diluted loss per share from discontinued operations	—		—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – diluted:	$	0.34	$	0.24	$	3.97	$	(3.50)

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 the Calculation of Earnings per Share

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2023	2022	2023	2022
Stock-based compensation awards	1	2	1	3
Total anti-dilutive common stock	1	2	1	3

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	74	$	52	$	858	$	(365)
Discontinued operations, net of income taxes	—		—		—		(386)
Net income (loss) attributable to Caesars	$	74	$	52	$	858	$	(751)
Shares outstanding:
Weighted average shares outstanding – basic	215		214		215		214
Effect of dilutive securities:

Stock-based compensation awards	1		1		1		—
Weighted average shares outstanding – diluted	216		215		216		214

Basic income (loss) per share from continuing operations	$	0.34	$	0.24	$	3.99	$	(1.70)
Basic loss per share from discontinued operations	—		—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – basic:	$	0.34	$	0.24	$	3.99	$	(3.50)

Diluted income (loss) per share from continuing operations	$	0.34	$	0.24	$	3.97	$	(1.70)
Diluted loss per share from discontinued operations	—		—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – diluted:	$	0.34	$	0.24	$	3.97	$	(3.50)

Schedule of Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings Per Share


Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings per Share

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2023	2022	2023	2022
Stock-based compensation awards	1	2	1	3
Total anti-dilutive common stock	1	2	1	3

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 139	$ 61	$ (20)	$ (409)
Benefit (provision) for income taxes	$ (47)	$ (8)	$ 904	$ 47
Effective tax rate	33.80%	13.10%		11.50%

- 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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+ Details

- Definition

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

+ References + Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harveys Lake Tahoe

Managed

The Cromwell

Caesars Virginia (b)

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Circus Circus Reno

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Eldorado Gaming Scioto Downs

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Eldorado Resort Casino Reno

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Grand Victoria Casino

Horseshoe Hammond

Caesars Windsor

Paris Las Vegas

Harrah’s Atlantic City

Horseshoe Indianapolis

Caesars Dubai (d)

Planet Hollywood Resort & Casino

Harrah’s Columbus Nebraska (c)

Horseshoe Lake Charles

Branded

Rio All-Suite Hotel & Casino (a)

Harrah’s Council Bluffs

Horseshoe St. Louis

Caesars Southern Indiana

Harrah’s Gulf Coast

Horseshoe Tunica

Harrah’s Northern California

Caesars Digital

Harrah’s Hoosier Park Racing & Casino

Isle Casino Bettendorf

Caesars Digital

Harrah’s Joliet

Isle of Capri Casino Boonville

Harrah’s Lake Tahoe

Isle of Capri Casino Lula

Harrah’s Laughlin

Isle Casino Waterloo

Harrah’s Metropolis

Lady Luck Casino - Black Hawk

Harrah’s New Orleans

Silver Legacy Resort Casino

Harrah’s North Kansas City

Trop Casino Greenville

Harrah’s Philadelphia

Tropicana Atlantic City

Harrah’s Pompano Beach

Tropicana Laughlin Hotel & Casino

____________________

(a)As of October 2, 2023, Caesars no longer operates the Rio All-Suite Hotel & Casino and all operations were assumed by the lessor.

(b)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in late 2024.

(c)Temporary gaming facility opened on June 12, 2023. The construction of the permanent facility of Harrah’s Columbus Nebraska is expected to be completed in the first half of 2024.

(d)On November 16, 2023, the Company expects to exit the management agreement associated with Caesars Dubai and the property will be renamed under new ownership.

The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Las Vegas:
Net revenues	$	1,120	$	1,077	$	3,379	$	3,133
Adjusted EBITDA	482		480		1,527		1,427
Regional:
Net revenues	1,565		1,530		4,415		4,348
Adjusted EBITDA	575		570		1,531		1,542
Caesars Digital:
Net revenues	215		212		669		311
Adjusted EBITDA	2		(38)		9		(661)
Managed and Branded:
Net revenues	98		70		239		210
Adjusted EBITDA	20		22		58		64
Corporate and Other:
Net revenues	(4)		(2)		1		(2)
Adjusted EBITDA	(36)		(22)		(117)		(86)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Net income (loss) attributable to Caesars	$	74	$	52	$	858	$	(751)
Net income attributable to noncontrolling interests	18		1		26		3
Net loss from discontinued operations	—		—		—		386
(Benefit) provision for income taxes	47		8		(904)		(47)
Other (income) loss (a)	1		(4)		(5)		(53)
Loss on extinguishment of debt	3		33		200		33
Interest expense, net	581		569		1,761		1,680
Depreciation and amortization	320		304		943		910

Transaction costs and other, net (b)	(27)		23		47		48
Stock-based compensation expense	26		26		82		77
Adjusted EBITDA	$	1,043	$	1,012	$	3,008	$	2,286

Adjusted EBITDA by Segment:
Las Vegas	$	482	$	480	$	1,527	$	1,427
Regional	575		570		1,531		1,542
Caesars Digital	2		(38)		9		(661)
Managed and Branded	20		22		58		64
Corporate and Other	(36)		(22)		(117)		(86)

____________________

(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 changes in the fair value of a disputed claim liability.

(b)Transaction costs and other, net for the three and nine months ended September 30, 2023 primarily includes (i) net proceeds received in exchange for participation rights in a potential insurance recovery, (ii) proceeds received for the termination of the Caesars Dubai management agreement and (iii) costs related to non-cash losses on the write down and disposal of assets, pre-opening costs in connection with new temporary facility openings and non-cash changes in equity method investments. Transaction costs and other, net for the three and nine months ended September 30, 2022 primarily represents professional services for integration activities and various contract exit or termination costs partially offset by a gain resulting from insurance proceeds received in excess of the respective carrying value of damaged assets associated with the Lake Charles property.

Schedule of Balance Sheet Information for Reportable Segments


Total Assets - By Segment
(In millions)	September 30, 2023		December 31, 2022
Las Vegas	$	23,965	$	23,547
Regional	15,206		14,908
Caesars Digital	1,086		1,200
Managed and Branded	206		140
Corporate and Other (a)	(7,234)		(6,268)
Total	$	33,229	$	33,527

____________________

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

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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, $0.00001 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)		215,710,686
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities	Basis of Presentation The accompanying unaudited Financial Statements of the Company 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. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. The presentation of financial information herein for the periods before the Company’s divestitures of various properties is not fully comparable to the periods after the sale dates. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include highly-liquid investments with original maturities of three months or less at the date of purchase including investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).
Restricted Cash	Restricted Cash Restricted cash includes certificates of deposit and similar instruments that are subject to remeasurement on a recurring basis, as well as cash deposits which are restricted under certain operating agreements, regulatory requirement, or for future capital expenditures in the normal course of business.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Advertising	AdvertisingAdvertising costs are expensed in the period the advertising first occurs.Advertising costs for the nine months ended September 30, 2022 included significant television, radio and internet marketing campaigns promoting our Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements to Be Implemented in Future Periods In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06 Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Interest expense	$ 597	$ 580	$ 1,798	$ 1,707
Capitalized interest	(13)	(8)	(27)	(19)
Interest income	(3)	(3)	(10)	(8)
Total interest expense, net	$ 581	$ 569	$ 1,761	$ 1,680

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Segment Information - Schedule of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 33,229	$ 33,527
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(7,234)	(6,268)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Assets	23,965	23,547
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Assets	15,206	14,908
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Assets	1,086	1,200
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 206	$ 140

- 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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+ Details

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 26	$ 26	$ 82	$ 77

Stock-Based Compensation and Stockholders' Equity

9 Months Ended

Sep. 30, 2023

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 to 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 during both of the three months ended September 30, 2023 and 2022 and $82 million and $77 million during the nine months ended September 30, 2023 and 2022, 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, 2023, as part of the annual incentive program, the Company granted 1.5 million RSUs to eligible participants with an aggregate fair value of $76 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, 2023, the Company also granted 192 thousand PSUs that are scheduled to cliff vest over a period of two 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 $9 million as of September 30, 2023.

In addition, during the nine months ended September 30, 2023, the Company granted 379 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, 2023 was $31 million.

During the nine months ended September 30, 2023, there were no grants of stock options and 88 stock options were exercised. In addition, during the nine months ended September 30, 2023, 1.1 million, 243 thousand and 140 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 Plan.

Outstanding at End of Period


	September 30, 2023			December 31, 2022
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)
Stock options	—	$	—	88	$	30.63
Restricted stock units	2,148,409	60.64		1,863,481	66.87
Performance stock units	327,835	46.35		383,157	51.73
Market-based stock units	871,284	85.11		741,803	83.24

____________________

(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, 2023, 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, 2023 and 2022.

Revenue Recognition - Schedule of Net Revenues Disaggregated by Type of Revenue and Reportable Segment and Accounts Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,994	$ 2,887	$ 8,703	$ 8,000
Accounts receivable, net	555		555		$ 611
Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,620	1,605	4,789	4,446
Accounts receivable, net	215		215		259
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	443	411	1,305	1,172
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	553	544	1,581	1,446
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	137		137		144
Other
Disaggregation of Revenue [Line Items]
Net revenues	378	327	1,028	936
Accounts receivable, net	203		203		$ 208
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(4)	(2)	1	(2)
Corporate and Other \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	(1)	(2)	(2)
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	(4)	(1)	3	0
Las Vegas \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,120	1,077	3,379	3,133
Las Vegas \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	323	323	945	929
Las Vegas \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	285	264	868	775
Las Vegas \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	341	335	1,067	959
Las Vegas \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	171	155	499	470
Regional \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,565	1,530	4,415	4,348
Regional \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,111	1,096	3,247	3,264
Regional \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	158	147	437	397
Regional \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	212	209	514	487
Regional \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	84	78	217	200
Caesars Digital \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	215	212	669	311
Caesars Digital \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	186	187	599	255
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	29	25	70	56
Managed and Branded \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	98	70	239	210
Managed and Branded \| Operating Segment \| Casino
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	0	0	0
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	$ 98	$ 70	$ 239	$ 210

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit related to change in deferred tax asset valuation allowance	$ 940

Related Affiliates	9 Months Ended
Related Affiliates	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Affiliates	Related Affiliates REI As of September 30, 2023, Recreational Enterprises, Inc. (“REI”) owned approximately 4.0% of the 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, 2023 and 2022, 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 monthly. Annual rent is subject to periodic rent escalations through the term of the lease. As of September 30, 2023 and December 31, 2022, there were no amounts due to or from CSY. CVA Holdco, LLC In May 2023, the Company entered into a joint venture, CVA Holdco, LLC, with the Eastern Band of Cherokee Indians (“EBCI”) and an additional minority partner, to construct, own and operate a gaming facility in Danville, Virginia (“Caesars Virginia”). Caesars Virginia opened in a temporary facility on May 15, 2023 which will be replaced by a permanent facility that is currently under construction and is estimated to open in late 2024. As the managing member, the Company 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. While the Company holds a 49.5% variable interest in the joint venture, it is the primary beneficiary; as such, the joint venture’s operations are included in the Financial Statements, with a minority interest recorded reflecting the operations attributed to the other partners. The Company participates ratably, based on ownership percentage, with the partners in the profits and losses of the joint venture. As of September 30, 2023, the Company has received $100 million in contributions for the project and EBCI and the other minority partners are obligated to contribute additional cash totaling $24 million to the joint venture.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Activity


	September 30, 2023			December 31, 2022
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)
Stock options	—	$	—	88	$	30.63
Restricted stock units	2,148,409	60.64		1,863,481	66.87
Performance stock units	327,835	46.35		383,157	51.73
Market-based stock units	871,284	85.11		741,803	83.24

____________________

Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Interest Expense, Net

Interest Expense, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Interest expense	$	597	$	580	$	1,798	$	1,707
Capitalized interest	(13)		(8)		(27)		(19)
Interest income	(3)		(3)		(10)		(8)
Total interest expense, net	$	581	$	569	$	1,761	$	1,680

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


(In millions)	September 30, 2023		December 31, 2022
Land	$	2,088	$	2,092
Buildings, riverboats, and leasehold and land improvements	13,365		13,094
Furniture, fixtures, and equipment	2,352		2,054
Construction in progress	682		351
Total property and equipment	18,487		17,591
Less: accumulated depreciation	(3,787)		(2,993)
Total property and equipment, net	$	14,700	$	14,598


Depreciation Expense
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Depreciation expense	$	284	$	260	$	835	$	758

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition


	Three Months Ended September 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	323	$	1,111	$	186	$	—	$	—	$	1,620
Food and beverage	285		158		—		—		—		443
Hotel	341		212		—		—		—		553
Other	171		84		29		98		(4)		378


Net revenues	$	1,120	$	1,565	$	215	$	98	$	(4)	$	2,994


	Three Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	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


	Nine Months Ended September 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	945	$	3,247	$	599	$	—	$	(2)	$	4,789
Food and beverage	868		437		—		—		—		1,305
Hotel	1,067		514		—		—		—		1,581
Other	499		217		70		239		3		1,028


Net revenues	$	3,379	$	4,415	$	669	$	239	$	1	$	8,703


	Nine Months Ended September 30, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	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


Accounts Receivable, Net
(In millions)	September 30, 2023		December 31, 2022
Casino	$	215	$	259
Food and beverage and hotel	137		144
Other	203		208
Accounts receivable, net	$	555	$	611

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 customers, (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)	2023		2022		2023		2022		2023		2022
Balance at January 1	$	45	$	48	$	87	$	91	$	693	$	560
Balance at September 30	38		40		93		95		661		662
Increase / (decrease)	$	(7)	$	(8)	$	6	$	4	$	(32)	$	102

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, 2023 and 2022, we recognized approximately $553 million and $544 million, respectively, and during the nine months ended September 30, 2023 and 2022, we recognized approximately $1.6 billion and $1.4 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 Food and beverage revenue in the Statements of Operations and during the three months ended September 30, 2023 and 2022, lease revenue related to conventions was approximately $5 million and $4 million, respectively, and during the nine months ended September 30, 2023 and 2022, lease revenue related to conventions was approximately $31 million and $23 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, 2023 and 2022, we recognized approximately $42 million for both periods, and during the nine months ended September 30, 2023 and 2022, we recognized approximately $122 million and $125 million, respectively, of real estate lease revenue.

Real estate lease revenue includes $14 million and $17 million of variable rental income for the three months ended September 30, 2023 and 2022, and $44 million and $45 million for the nine months ended September 30, 2023 and 2022, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Basis of Presentation and Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited Financial Statements of the Company 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. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation.

The presentation of financial information herein for the periods before the Company’s divestitures of various properties is not fully comparable to the periods after the sale dates.

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.

Transactions with Horseshoe Baltimore

On July 10, 2023, we completed the acquisition of the remaining 24.2% equity ownership in Horseshoe Baltimore, utilizing cash on hand, for a total of $66 million.

Cash and Cash Equivalents

Cash equivalents include highly-liquid investments with original maturities of three months or less at the date of purchase including investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).

Restricted Cash

Restricted cash includes certificates of deposit and similar instruments that are subject to remeasurement on a recurring basis, as well as cash deposits which are restricted under certain operating agreements, regulatory requirement, or for future capital expenditures in the normal course of business.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Advertising

Advertising costs are expensed in the period the advertising first occurs. Advertising costs for the three months ended September 30, 2023 and 2022 were $65 million and $114 million, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $185 million and $490 million, respectively, and are included within operating expenses. Advertising costs for the nine months ended September 30, 2022 included significant television, radio and internet marketing campaigns promoting our Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Interest Expense, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Interest expense	$	597	$	580	$	1,798	$	1,707
Capitalized interest	(13)		(8)		(27)		(19)
Interest income	(3)		(3)		(10)		(8)
Total interest expense, net	$	581	$	569	$	1,761	$	1,680

Recently Issued Accounting Pronouncements

Pronouncements to Be Implemented in Future Periods

In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06 Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.

Long-Term Debt - CEI Term Loans and CEI Revolving Credit Facility (Narrative) (Details)	Feb. 06, 2023 USD ($) stepdown	Oct. 05, 2022 USD ($) stepdown	Sep. 30, 2023 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate			4.30%
Senior Notes \| CEI Term Loan B
Long-term debt
Debt instrument, face amount	$ 2,500,000,000
Number of stepdowns \| stepdown	1
Leverage ratio stepdown	0.25%
Percentage of original principal amount amortization	0.25%
Percentage of principal amount issued	99.00%
Senior Notes \| CEI Term Loan B \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate	0.50%
Senior Notes \| CEI Term Loan B \| SOFR \| Component Two
Long-term debt
Spread on variable rate	1.00%
Senior Notes \| CEI Term Loan B \| Fed Funds Effective Rate Overnight Index Swap Rate \| Component Two
Long-term debt
Spread on variable rate	0.50%
Senior Notes \| CEI Term Loan B \| Base rate
Long-term debt
Spread on variable rate	2.25%
Senior Notes \| CEI Term Loan B \| Applicable Margin
Long-term debt
Spread on variable rate	3.25%
CEI Revolving Credit Facility
Long-term debt
Available borrowing capacity			$ 2,100,000,000
CEI Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility				$ 2,250,000,000
Amount outstanding			71,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature				$ 40,000,000
CEI Revolving Credit Facility, Regulatory Purpose
Long-term debt
Amount outstanding			$ 46,000,000
Line of Credit
Long-term debt
Line of credit facility, commitment fee percentage		0.35%
Line of Credit \| SOFR
Long-term debt
Spread on variable rate		2.25%
Line of Credit \| SOFR \| Component One
Long-term debt
Spread on variable rate		0.10%
Line of Credit \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate		0.00%
Line of Credit \| SOFR \| Component Two
Long-term debt
Spread on variable rate		1.00%
Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate \| Component Two
Long-term debt
Spread on variable rate		0.50%
Line of Credit \| Base rate
Long-term debt
Spread on variable rate		1.25%
Line of Credit \| Secured Debt
Long-term debt
Debt instrument, face amount		$ 750,000,000
Interest rate		1.25%
Number of stepdowns \| stepdown		3
Leverage ratio stepdown		0.25%
Line of Credit \| Revolving Credit Facility
Long-term debt
Credit facility		$ 2,250,000,000
Number of stepdowns \| stepdown		3
Leverage ratio stepdown		0.05%
Line of Credit \| Letter of Credit
Long-term debt
Credit facility		$ 388,000,000

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 36	$ 44	$ 108	$ 152

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18,487		$ 18,487		$ 17,591
Less: accumulated depreciation	(3,787)		(3,787)		(2,993)
Total property and equipment, net	14,700		14,700		14,598
Depreciation expense	284	$ 260	835	$ 758
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,088		2,088		2,092
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,365		13,365		13,094
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,352		2,352		2,054
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 682		$ 682		$ 351

Litigation, Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 26, 2023 lawsuit	Sep. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve		$ 208		$ 203
Atlantic City
Loss Contingencies [Line Items]
Escrow deposit			$ 400
Capital expenditure term			3 years
Restricted cash		21		118
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease		430			$ 325
Number of hotel rooms in new tower \| hotel_room					340
Capital expenditures		239
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements		639		$ 898
Insurance Carrier
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 2,000
Cybersecurity Incident \| Subsequent Event
Loss Contingencies [Line Items]
Number of putative class action lawsuits filed \| lawsuit	13

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Feb. 06, 2023	Dec. 31, 2022	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 12,455
Current portion of long-term debt	(65)		$ (108)
Long-term debt	12,230		12,659
Face Value
Long-term debt
Special Improvement District Bonds	45
Long-term notes and other payables	2
Total debt	12,455
Current portion of long-term debt	(65)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,390
Fair value	12,167
Book Value
Long-term debt
Special Improvement District Bonds	45		47
Long-term notes and other payables	2		2
Total debt	12,312		12,787
Current portion of long-term debt	(65)		(108)
Deferred finance charges associated with the CEI Revolving Credit Facility	(17)		(20)
Long-term debt	12,230		12,659
Unamortized discounts and deferred finance charges	160		318
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
CEI Term Loan A \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	722
CEI Term Loan A \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	719		747
CEI Term Loan B \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	2,487
CEI Term Loan B \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 2,437		0
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross					$ 1,000
Interest rate	5.75%				5.75%
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	$ 982		979
CEI Senior Secured Notes due 2025 \| Senior Notes
Long-term debt
Long-term debt, gross					$ 3,400
Interest rate	6.25%				6.25%
CEI Senior Secured Notes due 2025 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 3,399
CEI Senior Secured Notes due 2025 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 3,370		3,360
CEI Senior Secured Notes due 2030 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 2,000
Interest rate	7.00%	7.00%
CEI Senior Secured Notes due 2030 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 2,000
CEI Senior Secured Notes due 2030 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	1,978		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	0
Baltimore Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0		262
Convention Center Mortgage Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
Convention Center Mortgage Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0		400
CRC Incremental Term Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CRC Incremental Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0		972
CRC Term Loan \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CRC Term Loan \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 0		3,243
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross					$ 1,800
Interest rate	8.125%				8.125%
CEI Senior Notes due 2027 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,611
CEI Senior Notes due 2027 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,592		1,589
CEI Senior Notes due 2029 \| Senior Notes
Long-term debt
Long-term debt, gross				$ 1,200
Interest rate	4.625%			4.625%
CEI Senior Notes due 2029 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,200
CEI Senior Notes due 2029 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,187		$ 1,186

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 841	$ 1,038
Restricted cash	130	131
Accounts receivable, net	555	611
Inventories	45	59
Prepayments and other current assets	289	263
Total current assets	1,860	2,102
Investments in and advances to unconsolidated affiliates	91	94
Property and equipment, net	14,700	14,598
Goodwill	11,004	11,004
Intangible assets other than goodwill	4,640	4,714
Deferred tax asset	50	0
Other assets, net	884	1,015
Total assets	33,229	33,527
CURRENT LIABILITIES:
Accounts payable	371	314
Accrued interest	246	318
Accrued other liabilities	1,879	1,928
Current portion of long-term debt	65	108
Total current liabilities	2,561	2,668
Long-term financing obligations	12,725	12,610
Long-term debt	12,230	12,659
Deferred tax liability	99	987
Other long-term liabilities	872	852
Total liabilities	28,487	29,776
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	4,604	3,713
Noncontrolling interests	138	38
Total stockholders’ equity	4,742	3,751
Total liabilities and stockholders’ equity	$ 33,229	$ 33,527

Goodwill and Intangible Assets, net - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 1,502	$ 1,472
Accumulated Amortization	(520)	(412)
Net Carrying Amount	982	1,060
Non-amortizing intangible assets other than Goodwill	3,658	3,654
Total amortizing and non-amortizing intangible assets other than Goodwill, net	4,640	4,714
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,998	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,137	1,133
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	587	587
Accumulated Amortization	(339)	(276)
Net Carrying Amount	$ 248	311
Customer relationships \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	3 years
Customer relationships \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 242	212
Accumulated Amortization	(25)	(16)
Net Carrying Amount	$ 217	196
Gaming rights and other \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	10 years
Gaming rights and other \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	15 years
Gross Carrying Amount	$ 313	313
Accumulated Amortization	(87)	(73)
Net Carrying Amount	$ 226	240
Reacquired rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	24 years
Gross Carrying Amount	$ 250	250
Accumulated Amortization	(25)	(17)
Net Carrying Amount	$ 225	233
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	6 years
Gross Carrying Amount	$ 110	110
Accumulated Amortization	(44)	(30)
Net Carrying Amount	$ 66	$ 80

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Caesars	$ 74	$ 52	$ 858	$ (751)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-SubTopic 40
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

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+ Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,994	$ 2,887	$ 8,703	$ 8,000
Variable lease income	14	17	44	45
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	553	544	1,581	1,446
Food and beverage
Lessor, Lease, Description [Line Items]
Net revenues	443	411	1,305	1,172
Food and beverage \| Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	5	4	31	23
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 42	$ 42	$ 122	$ 125

- 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
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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 4,541	$ 0	$ 0	$ 6,877	$ (2,410)	$ 36	$ (23)	$ 61
Beginning balance (in shares) at Dec. 31, 2021			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25			25
Net income (loss)	(680)				(680)
Other comprehensive (loss) income, net of tax	(20)					(20)
Shares withheld related to net share settlement of stock awards	(20)			(20)
Ending balance (in shares) at Mar. 31, 2022		0
Ending balance at Mar. 31, 2022	3,846	$ 0	$ 0	6,882	(3,090)	16	(23)	61
Ending balance (in shares) at Mar. 31, 2022			214
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	4,541	$ 0	$ 0	6,877	(2,410)	36	(23)	61
Beginning balance (in shares) at Dec. 31, 2021			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(748)
Other comprehensive (loss) income, net of tax	57
Ending balance (in shares) at Sep. 30, 2022		0
Ending balance at Sep. 30, 2022	3,892	$ 0	$ 0	6,929	(3,161)	93	(23)	54
Ending balance (in shares) at Sep. 30, 2022			215
Beginning balance (in shares) at Mar. 31, 2022		0
Beginning balance at Mar. 31, 2022	3,846	$ 0	$ 0	6,882	(3,090)	16	(23)	61
Beginning balance (in shares) at Mar. 31, 2022			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	26			26
Net income (loss)	(121)				(123)			2
Other comprehensive (loss) income, 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 (in shares) at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	3,711	$ 0	$ 0	6,905	(3,213)	(20)	(23)	62
Ending balance (in shares) at Jun. 30, 2022			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1
Stock-based compensation	27			27
Net income (loss)	53				52			1
Other comprehensive (loss) income, 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 (in shares) at Sep. 30, 2022		0
Ending balance at Sep. 30, 2022	3,892	$ 0	$ 0	6,929	(3,161)	93	(23)	54
Ending balance (in shares) at Sep. 30, 2022			215
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	3,751	$ 0	$ 0	6,953	(3,309)	92	(23)	38
Beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	27			27
Net income (loss)	(136)				(136)
Other comprehensive (loss) income, net of tax	6					6
Shares withheld related to net share settlement of stock awards	(13)			(13)
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Ending balance (in shares) at Mar. 31, 2023			215
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	3,751	$ 0	$ 0	6,953	(3,309)	92	(23)	38
Beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	884
Other comprehensive (loss) income, net of tax	5
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	4,742	$ 0	$ 0	6,981	(2,451)	97	(23)	138
Ending balance (in shares) at Sep. 30, 2023			216
Beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Beginning balance (in shares) at Mar. 31, 2023			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	29			29
Net income (loss)	928				920			8
Shares withheld related to net share settlement of stock awards	(1)			(1)
Transactions with noncontrolling interests	76							76
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	4,667	$ 0	$ 0	6,995	(2,525)	98	(23)	122
Ending balance (in shares) at Jun. 30, 2023			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1
Stock-based compensation	26			26
Net income (loss)	92				74			18
Other comprehensive (loss) income, net of tax	(1)					(1)
Shares withheld related to net share settlement of stock awards	(11)			(11)
Transactions with noncontrolling interests	(31)			(29)				(2)
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	$ 4,742	$ 0	$ 0	$ 6,981	$ (2,451)	$ 97	$ (23)	$ 138
Ending balance (in shares) at Sep. 30, 2023			216

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationThe 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 4 and Note 5 for a discussion of any impairment of intangible assets 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, 2023:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harveys Lake Tahoe

Managed

The Cromwell

Caesars Virginia (b)

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Circus Circus Reno

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Eldorado Gaming Scioto Downs

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Eldorado Resort Casino Reno

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Grand Victoria Casino

Horseshoe Hammond

Caesars Windsor

Paris Las Vegas

Harrah’s Atlantic City

Horseshoe Indianapolis

Caesars Dubai (d)

Planet Hollywood Resort & Casino

Harrah’s Columbus Nebraska (c)

Horseshoe Lake Charles

Branded

Rio All-Suite Hotel & Casino (a)

Harrah’s Council Bluffs

Horseshoe St. Louis

Caesars Southern Indiana

Harrah’s Gulf Coast

Horseshoe Tunica

Harrah’s Northern California

Caesars Digital

Harrah’s Hoosier Park Racing & Casino

Isle Casino Bettendorf

Caesars Digital

Harrah’s Joliet

Isle of Capri Casino Boonville

Harrah’s Lake Tahoe

Isle of Capri Casino Lula

Harrah’s Laughlin

Isle Casino Waterloo

Harrah’s Metropolis

Lady Luck Casino - Black Hawk

Harrah’s New Orleans

Silver Legacy Resort Casino

Harrah’s North Kansas City

Trop Casino Greenville

Harrah’s Philadelphia

Tropicana Atlantic City

Harrah’s Pompano Beach

Tropicana Laughlin Hotel & Casino

____________________

(a)As of October 2, 2023, Caesars no longer operates the Rio All-Suite Hotel & Casino and all operations were assumed by the lessor.

(b)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in late 2024.

(c)Temporary gaming facility opened on June 12, 2023. The construction of the permanent facility of Harrah’s Columbus Nebraska is expected to be completed in the first half of 2024.

(d)On November 16, 2023, the Company expects to exit the management agreement associated with Caesars Dubai and the property will be renamed under new ownership.

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, 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 convention 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, in addition to Corporate and Other:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Las Vegas:
Net revenues	$	1,120	$	1,077	$	3,379	$	3,133
Adjusted EBITDA	482		480		1,527		1,427
Regional:
Net revenues	1,565		1,530		4,415		4,348
Adjusted EBITDA	575		570		1,531		1,542
Caesars Digital:
Net revenues	215		212		669		311
Adjusted EBITDA	2		(38)		9		(661)
Managed and Branded:
Net revenues	98		70		239		210
Adjusted EBITDA	20		22		58		64
Corporate and Other:
Net revenues	(4)		(2)		1		(2)
Adjusted EBITDA	(36)		(22)		(117)		(86)

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

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)	2023		2022		2023		2022
Net income (loss) attributable to Caesars	$	74	$	52	$	858	$	(751)
Net income attributable to noncontrolling interests	18		1		26		3
Net loss from discontinued operations	—		—		—		386
(Benefit) provision for income taxes	47		8		(904)		(47)
Other (income) loss (a)	1		(4)		(5)		(53)
Loss on extinguishment of debt	3		33		200		33
Interest expense, net	581		569		1,761		1,680
Depreciation and amortization	320		304		943		910

Transaction costs and other, net (b)	(27)		23		47		48
Stock-based compensation expense	26		26		82		77
Adjusted EBITDA	$	1,043	$	1,012	$	3,008	$	2,286

Adjusted EBITDA by Segment:
Las Vegas	$	482	$	480	$	1,527	$	1,427
Regional	575		570		1,531		1,542
Caesars Digital	2		(38)		9		(661)
Managed and Branded	20		22		58		64
Corporate and Other	(36)		(22)		(117)		(86)

____________________


Total Assets - By Segment
(In millions)	September 30, 2023		December 31, 2022
Las Vegas	$	23,965	$	23,547
Regional	15,206		14,908
Caesars Digital	1,086		1,200
Managed and Branded	206		140
Corporate and Other (a)	(7,234)		(6,268)
Total	$	33,229	$	33,527

____________________

(a)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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Revenue Recognition - Schedule of Activity Related to Contract and Contract-Related Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	$ 45	$ 48
Contract and contract-related liabilities, ending balance	38	40
Increase / (decrease)	(7)	(8)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	87	91
Contract and contract-related liabilities, ending balance	93	95
Increase / (decrease)	6	4
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	693	560
Contract and contract-related liabilities, ending balance	661	662
Increase / (decrease)	$ (32)	$ 102

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions	Sep. 30, 2023 USD ($)
Annual maturities of long-term debt
Remaining 2023	$ 16
2024	65
2025	4,453
2026	65
2027	1,676
Thereafter	6,180
Total debt	12,455
Estimated interest payments
Remaining 2023	100
2024	870
2025	830
2026	540
2027	530
Thereafter	820
Debt estimate interest payment, due	3,690
Total debt service obligation
Remaining 2023	116
2024	935
2025	5,283
2026	605
2027	2,206
Thereafter	7,000
Debt service obligation	$ 16,145

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	September 30, 2023						December 31, 2022
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	—	$	—	$	—
CEI Term Loan A	2028	variable	722		719		747
CEI Term Loan B	2030	variable	2,487		2,437		—
CRC Senior Secured Notes	2025	5.75%	989		982		979
CEI Senior Secured Notes due 2025	2025	6.25%	3,399		3,370		3,360
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,978		—
Baltimore Revolving Credit Facility	N/A	N/A	—		—		—
Baltimore Term Loan	N/A	N/A	—		—		262
Convention Center Mortgage Loan	N/A	N/A	—		—		400
CRC Incremental Term Loan	N/A	N/A	—		—		972
CRC Term Loan	N/A	N/A	—		—		3,243
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	1,611		1,592		1,589
CEI Senior Notes due 2029	2029	4.625%	1,200		1,187		1,186
Special Improvement District Bonds	2037	4.30%	45		45		47
Long-term notes and other payables			2		2		2
Total debt			12,455		12,312		12,787
Current portion of long-term debt			(65)		(65)		(108)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(17)		(20)
Long-term debt			$	12,390	$	12,230	$	12,659

Unamortized discounts and deferred finance charges					$	160	$	318
Fair value			$	12,167

Schedule of Maturities of Long-Term Debt


Annual Estimated Debt Service Requirements as of September 30, 2023
	Remaining		Years Ended December 31,
(In millions)	2023		2024		2025		2026		2027		Thereafter		Total
Annual maturities of long-term debt	$	16	$	65	$	4,453	$	65	$	1,676	$	6,180	$	12,455
Estimated interest payments	100		870		830		540		530		820		3,690
Total debt service obligation (a)	$	116	$	935	$	5,283	$	605	$	2,206	$	7,000	$	16,145

____________________

(a)Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking SOFR curve, where applicable. Actual payments may differ from these estimates.

Segment Information - Narrative (Details) ft² in Thousands	9 Months Ended
Segment Information - Narrative (Details) ft² in Thousands	Sep. 30, 2023 ft² segment ft ballroom
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

Long-Term Debt - CEI Senior Notes due 2029 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2023	Sep. 24, 2021
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2029 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2
Interest rate	4.625%	4.625%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt - CRC Term Loan and CRC Incremental Term Loan (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Feb. 06, 2023	Dec. 22, 2017	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Long-term debt
Loss on extinguishment			$ 3	$ 33	$ 200	$ 33
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, face amount		$ 4,700
Debt instrument, term		7 years
Repayments of debt	$ 3,400
Line of Credit \| CRC Incremental Term Loan
Long-term debt
Debt instrument, face amount		$ 1,800
Debt instrument, term		5 years
Repayments of debt	1,000
Line of Credit \| CRC Term Loan and CRC Incremental Term Loan
Long-term debt
Loss on extinguishment	$ 197

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe Company’s provision for income taxes during interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. However, the Company utilized a discrete effective tax rate method, as allowed by ASC 740-270 “Income Taxes, Interim Reporting,” to calculate taxes for the three and nine months ended September 30, 2023. The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, and therefore, the historical method would not provide a reliable estimate for the three and nine months ended September 30, 2023.


Income Tax Allocation
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2023			2022			2023		2022
Income (loss) from continuing operations before income taxes	$	139		$	61		$	(20)	$	(409)
Benefit (provision) for income taxes	(47)			(8)			904		47
Effective tax rate	33.8		%	13.1		%	*		11.5		%

____________________

* Not meaningful.

The Company classifies 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 existing deferred tax assets. During the second quarter of 2023, the Company evaluated its forecasted adjusted taxable income and objectively verifiable evidence and placed substantial weight on its 2022 and 2023 quarterly earnings, adjusted for non-recurring items, including the interest expense disallowed under current tax law. Accordingly, the Company determined it was more likely than not that a portion of the federal and state deferred tax assets will be realized and, as a result, during the second quarter of 2023, the Company reversed the valuation allowance related to these deferred tax assets and recorded an income tax benefit of $940 million. The Company is still carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed interest expense deferred tax asset, using the integrated approach.

The income tax provision for the three months ended September 30, 2023 differed from the expected income tax provision based on the federal tax rate of 21% primarily due to an increase in federal and state valuation allowances against the deferred tax assets for excess business interest expense. The income tax benefit for the nine months ended September 30, 2023 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to the partial release of federal and state valuation allowances.

The income tax benefit 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 deferred tax adjustment related to the tax impact of the settlement of preexisting relationships upon the acquisition of William Hill PLC in 2021 and nondeductible expenses.

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 2019, 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Related Affiliates (Details) ft² in Thousands	9 Months Ended
Related Affiliates (Details) ft² in Thousands	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related affiliates
Accounts receivable, net	$ 555,000,000		$ 611,000,000
Accounts payable	371,000,000		314,000,000
Corporate Joint Venture \| CVA Holdco, LLC \| Eastern Bank of Cherokee Indians and Minority Partners
Related affiliates
Outstanding cash obligation	24,000,000
Corporate Joint Venture \| VIEs \| CVA Holdco, LLC
Related affiliates
Related party transactions	$ 100,000,000
Variable interest entity, ownership percentage	49.50%
Gary Carano Family \| Related Party
Related affiliates
Related party transactions	$ 0	$ 0
C. S. & Y. Associates \| Related Party
Related affiliates
Area of real property leased \| ft²	30
Annual rent payable	$ 600,000
Accounts receivable, net	0		0
Accounts payable	$ 0		$ 0
REI
Related affiliates
Percentage of outstanding shares owned	4.00%

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars	$ 74	$ 52	$ 858	$ (751)
Net income attributable to noncontrolling interests	18	1	26	3
Net loss from discontinued operations	0	0	0	386
(Benefit) provision for income taxes	47	8	(904)	(47)
Other (income) loss	1	(4)	(5)	(53)
Loss on extinguishment of debt	3	33	200	33
Interest expense, net	581	569	1,761	1,680
Depreciation and amortization	320	304	943	910
Transaction costs and other, net	(27)	23	47	48
Stock-based compensation expense	26	26	82	77
Adjusted EBITDA	1,043	1,012	3,008	2,286
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(36)	(22)	(117)	(86)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	482	480	1,527	1,427
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	575	570	1,531	1,542
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	2	(38)	9	(661)
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 20	$ 22	$ 58	$ 64

Goodwill and Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets


Changes in Carrying Value of Goodwill and Other Intangible Assets
			Non-Amortizing Intangible Assets
(In millions)	Amortizing Intangible Assets		Goodwill		Other
Balances as of December 31, 2022	$	1,060	$	11,004	$	3,654
Amortization expense	(108)		—		—

Acquisition of gaming rights and trademarks	30		—		4

Balances as of September 30, 2023	$	982	$	11,004	$	3,658

Schedule of Finite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2023							December 31, 2022
(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	$	(339)	$	248	$	587	$	(276)	$	311
Gaming rights and other	10 - 34 years	242		(25)		217		212		(16)		196
Trademarks	15 years	313		(87)		226		313		(73)		240
Reacquired rights	24 years	250		(25)		225		250		(17)		233
Technology	6 years	110		(44)		66		110		(30)		80
		$	1,502	$	(520)	982		$	1,472	$	(412)	1,060

Non-amortizing intangible assets other than Goodwill
Trademarks						1,998						1,998
Gaming rights						1,137						1,133
Caesars Rewards						523						523

						3,658						3,654
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,640					$	4,714

Schedule of Indefinite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	September 30, 2023							December 31, 2022
(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	$	(339)	$	248	$	587	$	(276)	$	311
Gaming rights and other	10 - 34 years	242		(25)		217		212		(16)		196
Trademarks	15 years	313		(87)		226		313		(73)		240
Reacquired rights	24 years	250		(25)		225		250		(17)		233
Technology	6 years	110		(44)		66		110		(30)		80
		$	1,502	$	(520)	982		$	1,472	$	(412)	1,060

Non-amortizing intangible assets other than Goodwill
Trademarks						1,998						1,998
Gaming rights						1,137						1,133
Caesars Rewards						523						523

						3,658						3,654
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,640					$	4,714

Schedule of Estimated Annual Amortization Expense


Estimated Five-Year Amortization
	Remaining 2023		Years Ended December 31,
(In millions)			2024		2025		2026		2027		2028
Estimated annual amortization expense	$	36	$	130	$	122	$	122	$	80	$	43

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring Basis - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Marketable securities	$ 2	$ 4
Total assets at fair value	2	4
Level 1
Assets:
Marketable securities	2	2
Total assets at fair value	2	2
Level 2
Assets:
Marketable securities	0	2
Total assets at fair value	0	2
Level 3
Assets:
Marketable securities	0	0
Total assets at fair value	$ 0	$ 0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities 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, 2023
(In millions)	Level 1		Level 2		Level 3		Total
Assets:

Marketable securities	$	2	$	—	$	—	$	2


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


	December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	2	$	2	$	—	$	4


Total assets at fair value	$	2	$	2	$	—	$	4

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through September 30, 2023 and 2022 are shown below.


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






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

Balances as of December 31, 2022	$	94	$	(1)	$	(1)	$	92
Other comprehensive income before reclassifications	—		2		4		6

Total other comprehensive income, net of tax	—		2		4		6
Balances as of March 31, 2023	$	94	$	1	$	3	$	98
Other comprehensive income (loss) before reclassifications	—		(1)		1		—

Total other comprehensive income (loss), net of tax	—		(1)		1		—
Balances as of June 30, 2023	$	94	$	—	$	4	$	98
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of September 30, 2023	$	94	$	—	$	3	$	97

Long-Term Debt - CEI Senior Secured Notes due 2025 (Narrative) (Details) - USD ($) $ in Millions	Apr. 05, 2023	Sep. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate		4.30%
CEI Senior Secured Notes due 2025 \| Senior Notes
Long-term debt
Long-term debt, gross			$ 3,400
Interest rate		6.25%	6.25%
Repayments of debt	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Description of Business - Schedule of Recently Completed Divestitures of Our Properties (Details) - Discontinued Operations, Disposed of by Sale $ in Millions, £ in Billions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 01, 2022 GBP (£)
Baton Rouge
Variable Interest Entity [Line Items]
Net revenues	$ 0	$ 6
Net loss	0	(1)
William Hill International
Variable Interest Entity [Line Items]
Discontinued operations \| £			£ 2.0
Net revenues	0	820
Net loss	$ 0	$ (448)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Long-Term Debt - Debt Covenant Compliance (Narrative) (Details) - CEI Revolving Credit Facility and CEI Term Loan A	Sep. 30, 2023
Period One
Long-term debt
Leverage ratio, maximum	7.25
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.75
Period Two
Long-term debt
Leverage ratio, maximum	6.50
Debt instrument, covenant, fixed charge coverage ratio, minimum	2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt - CEI Senior Secured Notes due 2030 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2023	Feb. 06, 2023
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes due 2030 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 2.0
Interest rate	7.00%	7.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 2,994	$ 2,887	$ 8,703	$ 8,000
Adjusted EBITDA	1,043	1,012	3,008	2,286
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,120	1,077	3,379	3,133
Adjusted EBITDA	482	480	1,527	1,427
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Net revenues	1,565	1,530	4,415	4,348
Adjusted EBITDA	575	570	1,531	1,542
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	215	212	669	311
Adjusted EBITDA	2	(38)	9	(661)
Operating Segment \| Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	98	70	239	210
Adjusted EBITDA	20	22	58	64
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(4)	(2)	1	(2)
Adjusted EBITDA	$ (36)	$ (22)	$ (117)	$ (86)

- Definition

+ References

+ Details

Goodwill and Intangible Assets, net - Schedule of Estimated Annual Amortization Expense (Details) $ in Millions	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2023	$ 36
2024	130
2025	122
2026	122
2027	80
2028	$ 43

Organization and Description of Business (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Recently Completed Divestitures of Our Properties

A summary of recently completed divestitures of our properties as of September 30, 2023 is as follows:

Segment

Property

Date Sold

Sales Price

Regional

Belle of Baton Rouge Casino & Hotel (“Baton Rouge”)

May 5, 2022

Discontinued operations:

N/A

William Hill International

July 1, 2022

£2.0 billion

____________________

*Not meaningful.

The following information presents the net revenues and net loss of recently completed divestitures:


	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
(In millions)	Baton Rouge		William Hill International		Baton Rouge		William Hill International
Net revenues	$	—	$	—	$	6	$	820
Net loss	—		—		(1)		(448)

- 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

Fair Value Measurements - Narrative (Details) $ in Millions	9 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Derivative instruments - FX forward \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain on derivatives	$ 76

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 92	$ 53	$ 884	$ (748)
Foreign currency translation adjustments	0	110	1	33
Change in fair market value of interest rate swaps, net of tax	0	3	0	23
Other	(1)	0	4	1
Other comprehensive income (loss), net of tax	(1)	113	5	57
Comprehensive income (loss)	91	166	889	(691)
Comprehensive income attributable to noncontrolling interests	(18)	(1)	(26)	(3)
Comprehensive income (loss) attributable to Caesars	$ 73	$ 165	$ 863	$ (694)

- 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

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Goodwill and Intangible Assets, net - Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance			$ 1,060
Amortization expense	$ (36)	$ (44)	(108)	$ (152)
Acquisition of gaming rights and trademarks			30
Finite-lived intangible assets, net, ending balance	982		982
Goodwill
Goodwill, gross, beginning balance			11,004
Acquisition of gaming rights and trademarks			0
Goodwill, gross, ending balance	11,004		11,004
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance			3,654
Acquisition of gaming rights and trademarks			4
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,658		$ 3,658

Long-Term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt


	September 30, 2023						December 31, 2022
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	—	$	—	$	—
CEI Term Loan A	2028	variable	722		719		747
CEI Term Loan B	2030	variable	2,487		2,437		—
CRC Senior Secured Notes	2025	5.75%	989		982		979
CEI Senior Secured Notes due 2025	2025	6.25%	3,399		3,370		3,360
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,978		—
Baltimore Revolving Credit Facility	N/A	N/A	—		—		—
Baltimore Term Loan	N/A	N/A	—		—		262
Convention Center Mortgage Loan	N/A	N/A	—		—		400
CRC Incremental Term Loan	N/A	N/A	—		—		972
CRC Term Loan	N/A	N/A	—		—		3,243
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	1,611		1,592		1,589
CEI Senior Notes due 2029	2029	4.625%	1,200		1,187		1,186
Special Improvement District Bonds	2037	4.30%	45		45		47
Long-term notes and other payables			2		2		2
Total debt			12,455		12,312		12,787
Current portion of long-term debt			(65)		(65)		(108)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(17)		(20)
Long-term debt			$	12,390	$	12,230	$	12,659

Unamortized discounts and deferred finance charges					$	160	$	318
Fair value			$	12,167


Annual Estimated Debt Service Requirements as of September 30, 2023
	Remaining		Years Ended December 31,
(In millions)	2023		2024		2025		2026		2027		Thereafter		Total
Annual maturities of long-term debt	$	16	$	65	$	4,453	$	65	$	1,676	$	6,180	$	12,455
Estimated interest payments	100		870		830		540		530		820		3,690
Total debt service obligation (a)	$	116	$	935	$	5,283	$	605	$	2,206	$	7,000	$	16,145

____________________

Current Portion of Long-Term Debt

The current portion of long-term debt as of September 30, 2023 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 or prepay its outstanding indebtedness. Any such purchases or repayments 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 the original maturity or scheduled payment dates.

Fair Value

The fair value of debt has been calculated primarily based on the borrowing rates available as of September 30, 2023 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

CEI Term Loans and 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, as amended, provides for the CEI Revolving Credit Facility in an aggregate principal amount of $2.25 billion (the “CEI Revolving Credit Facility”). The CEI Revolving Credit Facility contains reserves of $40 million which are available only for certain permitted uses.

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, paid monthly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on 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% per annum 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.

On February 6, 2023, Caesars entered into an Incremental Assumption Agreement No. 2 pursuant to which the Company incurred a new senior secured term loan facility in an aggregate principal amount of $2.5 billion (the “CEI Term Loan B” and, together with the CEI Term Loan A, the “CEI Term Loans”) as a new term loan under the CEI Credit Agreement. The CEI Term Loan B requires scheduled quarterly amortization payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B, with the balance payable at maturity. Borrowings under the CEI Term Loan B bear interest, paid monthly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the Adjusted Term SOFR, subject to a floor of 0.50% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) 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 3.25% per annum in the case of any Adjusted Term SOFR loan and 2.25% per annum in the case of any Base Rate loan, subject to one 0.25% step-down based on the Company’s net total leverage ratio. The CEI Term Loan B was issued at a price of 99.0% of the principal amount and will mature in February 2030.

The net proceeds from the CEI Term Loan B, along with the net proceeds from the issuance of the CEI Senior Secured Notes due 2030 described below, were used to repay the outstanding principal balance, including accrued and unpaid interest, of both the CRC Term Loan and the CRC Incremental Term Loan.

During the nine months ended September 30, 2023, the Company utilized and fully repaid the CEI Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of September 30, 2023, the Company had $2.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $71 million in outstanding letters of credit, $46 million committed for regulatory purposes, and the reserves described above.

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. The CRC Senior Secured Notes rank equally with all existing and future first priority lien obligations of CRC, CRC Finco, Inc. and the subsidiary guarantors. 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.

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 due 2025”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2025 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2025 will mature on July 1, 2025, with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year. On April 5, 2023, the Company purchased $1 million in principal amount of the CEI Senior Secured Notes due 2025.

CEI Senior Secured Notes due 2030

On February 6, 2023, concurrently with the issuance of the CEI Term Loan B, the Company issued $2.0 billion in aggregate principal amount of 7.00% senior secured notes (the “CEI Senior Secured Notes due 2030”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto from time to time, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2030 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2030 will mature in February 2030, with interest paid semi-annually on February 15 and August 15 of each year, commencing August 15, 2023.

Baltimore Term Loan and Baltimore Revolving Credit Facility

On July 17, 2023, following the acquisition of the remaining 24.2% equity interest in Horseshoe Baltimore, the Company permanently repaid the outstanding principal balance of Horseshoe Baltimore’s senior secured term loan facility (the “Baltimore Term Loan”) by utilizing the CEI Revolving Credit Facility, which was also repaid as of September 30, 2023. In connection with the repayment, the Company recognized a $3 million loss on the early extinguishment of debt. The Baltimore Term Loan was subject to a variable rate of interest calculated as London Interbank Offered Rate (“LIBOR”) plus 4.00% until May 1, 2023, when the Baltimore Term Loan’s benchmark interest rate was amended from LIBOR to the Adjusted Term SOFR plus an applicable adjustment for the applicable period. In addition, Horseshoe Baltimore’s senior secured revolving credit facility (the “Baltimore Revolving Credit Facility”) matured on July 7, 2023. The Baltimore Revolving Credit Facility had borrowing capacity of up to $10 million, subject to a variable rate of interest calculated as Term SOFR plus 4.00%.

Convention Center Mortgage Loan

On September 18, 2020, the Company entered into a loan agreement with a subsidiary of VICI Properties L.P., a Delaware limited partnership (“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. On May 1, 2023, the Company elected to prepay the outstanding $400 million Mortgage Loan utilizing cash on hand. In connection with the repayment, the Company extended VICI’s call right relating to the CAESARS FORUM convention center from December 31, 2026 to December 31, 2028.

CRC Term Loan and CRC Incremental Term Loan

Caesars Resort Collection (“CRC”) was party to a credit agreement, dated as of December 22, 2017 (as amended, the “CRC Credit Agreement”), which provided for, among other things, an initial $4.7 billion seven-year senior secured term loan (the “CRC Term Loan”), and an incremental $1.8 billion five-year senior secured term loan (the “CRC Incremental Term Loan”).

The CRC Term Loan and the CRC Incremental Term Loan were subject to the terms described below prior to repayment. The Company repaid the $3.4 billion outstanding principal amount of the CRC Term Loan and the $1.0 billion outstanding principal amount of the CRC Incremental Term Loan on February 6, 2023, with proceeds from a new CEI Term Loan B and new CEI Senior Secured Notes due 2030, both of which are described above. Upon the termination of the CRC Term Loan and the CRC Incremental Term Loan, the Company recorded a loss on extinguishment of debt of $197 million.

Borrowings under the CRC Credit Agreement were subject to 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 and (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.

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 due 2027”), by and between the Escrow Issuer and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2027 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2027 will mature on July 1, 2027, with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year.

CEI 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 “CEI Senior Notes due 2029”) pursuant to an indenture dated as of September 24, 2021, between the Company and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2029 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2029 will mature on October 15, 2029, with interest payable on April 15 and October 15 of each year.

Debt Covenant Compliance

The Senior Credit Facilities, the CEI Term Loan B, and the indentures governing the CRC Senior Secured Notes, the CEI Senior Secured Notes due 2025, the CEI Senior Secured Notes due 2030, the CEI Senior Notes due 2027, and the CEI Senior Notes due 2029 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.

Following the Third Amendment, the Amended CEI Revolving Credit Facility and the CEI Term Loan A include a maximum net total leverage ratio financial covenant of 7.25:1 until December 31, 2024 and 6.50:1 from and after December 31, 2024. In addition, the Amended CEI Revolving Credit Facility and the CEI Term Loan A include a minimum fixed charge coverage ratio financial covenant of 1.75:1 until December 31, 2024 and 2.0:1 from and after December 31, 2024. From and after the repayment of the CEI Term Loan A, the financial covenants applicable to the Amended CEI Revolving Credit Facility will be tested solely to the extent that certain testing conditions are satisfied. 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, 2023, the Company was in compliance with all of the applicable financial covenants described above.

Guarantees

The Senior Credit Facilities, the CEI Term Loan B, the CEI Senior Secured Notes due 2025 and the CEI Senior Secured Notes due 2030 are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of the Company (subject to certain exceptions including CRC and its subsidiaries) and are secured by substantially all of the existing and future property and assets of the Company and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes due 2027 and the CEI Senior Notes due 2029 are guaranteed on a senior unsecured basis by such subsidiaries.

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 Senior Secured Notes are also guaranteed on a senior unsecured basis by the Company.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Organization and Description of Business - Narrative (Details)	Sep. 30, 2023 property state machine game hotel_room
Variable Interest Entity [Line Items]
Total number of properties \| property	53
Number of slot machines and video lottery terminals \| machine	52,500
Number of table games \| game	2,700
Number of room in hotel \| hotel_room	46,900
Domestic Gaming and Hospitality Properties
Variable Interest Entity [Line Items]
Number of states in which the company operates	18
Sports Wagering
Variable Interest Entity [Line Items]
Number of states in which the company operates	30
Mobile Sports Betting
Variable Interest Entity [Line Items]
Number of states in which the company operates	24
Online Real Money Gaming Businesses
Variable Interest Entity [Line Items]
Number of states in which the company operates	6

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ 74	$ 52	$ 858	$ (365)
Discontinued operations, net of income taxes	0	0	0	(386)
Net income (loss) attributable to Caesars	$ 74	$ 52	$ 858	$ (751)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	215	214	215	214
Effect of dilutive securities:
Stock-based compensation awards (in shares)	1	1	1	0
Weighted average shares outstanding - diluted (in shares)	216	215	216	214
Net loss per share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.34	$ 0.24	$ 3.99	$ (1.70)
Basic loss per share from discontinued operations (in dollars per share)	0	0	0	(1.80)
Basic income (loss) per share (in dollars per share)	0.34	0.24	3.99	(3.50)
Net loss per share - Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.34	0.24	3.97	(1.70)
Diluted loss per share from discontinued operations (in dollar per shares)	0	0	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ 0.34	$ 0.24	$ 3.97	$ (3.50)

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Exercise of stock options (in shares)	88
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,500,000
Equity instruments other than options, fair value \| $	$ 76
Share conversion (in shares)	1
Vested (in shares)	1,100,000
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)	192,000
Aggregate intrinsic value, nonvested \| $	$ 9
Vested (in shares)	243,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
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)	379,000
Aggregate intrinsic value, nonvested \| $	$ 31
Vested (in shares)	140,000
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%

Long-Term Debt - CRC Senior Secured Notes due 2025 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1.0
Interest rate	5.75%	5.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details