0001590895-24-000124 | 10-Q | XBRL Viewer | Caesars Entertainment INC

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]


(In millions)	June 30, 2024		December 31, 2023
Land	$	2,088	$	2,088
Buildings, riverboats, and leasehold and land improvements	13,803		13,543
Furniture, fixtures, and equipment	2,545		2,409
Construction in progress	1,022		762
Total property and equipment	19,458		18,802
Less: accumulated depreciation	(4,598)		(4,046)
Total property and equipment, net	$	14,860	$	14,756

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Depreciation expense	$	293	$	287	$	584	$	551

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

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company’s principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 3 and Note 4 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 June 30, 2024:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harveys Lake Tahoe

Managed

The Cromwell

Caesars New Orleans

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Caesars Virginia (a)

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Circus Circus Reno

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Eldorado Gaming Scioto Downs

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Eldorado Resort Casino Reno

Horseshoe Hammond

Caesars Windsor

Paris Las Vegas

Grand Victoria Casino

Horseshoe Indianapolis

Branded

Planet Hollywood Resort & Casino

Harrah’s Atlantic City

Horseshoe Lake Charles

Caesars Republic Scottsdale

Harrah’s Columbus Nebraska (b)

Horseshoe St. Louis

Caesars Southern Indiana

Caesars Digital

Harrah’s Council Bluffs

Horseshoe Tunica

Harrah’s Northern California

Caesars Digital

Harrah’s Gulf Coast

Isle Casino Bettendorf

Harrah’s Hoosier Park Racing & Casino

Isle of Capri Casino Boonville

Harrah’s Joliet

Isle of Capri Casino Lula

Harrah’s Lake Tahoe

Isle Casino Waterloo

Harrah’s Laughlin

Lady Luck Casino - Black Hawk

Harrah’s Metropolis

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

(b)Temporary gaming facility was open from June 12, 2023 through March 20, 2024, closing in anticipation of the permanent facility which opened on May 17, 2024, following weeks of construction disruption due to weather.

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Las Vegas:
Net revenues	$	1,101	$	1,128	$	2,129	$	2,259
Adjusted EBITDA	514		512		954		1,045
Regional:
Net revenues	1,385		1,461		2,750		2,850
Adjusted EBITDA	469		508		902		956
Caesars Digital:
Net revenues	276		216		558		454
Adjusted EBITDA	40		11		45		7
Managed and Branded:
Net revenues	70		72		138		141
Adjusted EBITDA	17		19		35		38
Corporate and Other:
Net revenues	(2)		2		(3)		5
Adjusted EBITDA	(40)		(43)		(83)		(81)

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Net income (loss) attributable to Caesars	$	(122)	$	920	$	(280)	$	784
Net income attributable to noncontrolling interests	20		8		36		8

(Benefit) provision for income taxes (a)	10		(902)		25		(951)
Other (income) loss (b)	1		(3)		(25)		(6)
Loss on extinguishment of debt	3		—		51		197
Interest expense, net	594		586		1,184		1,180
Depreciation and amortization	326		323		653		623
Impairment charges (c)	118		—		118		—
Transaction costs and other, net (d)	26		46		42		74
Stock-based compensation expense	24		29		49		56
Adjusted EBITDA	$	1,000	$	1,007	$	1,853	$	1,965

Adjusted EBITDA by Segment:
Las Vegas	$	514	$	512	$	954	$	1,045
Regional	469		508		902		956
Caesars Digital	40		11		45		7
Managed and Branded	17		19		35		38
Corporate and Other	(40)		(43)		(83)		(81)

____________________

(a)Benefit for income taxes during the three and six months ended June 30, 2023 includes the release of $940 million of valuation allowance against deferred tax assets.

(b)Other (income) loss for the six months ended June 30, 2024 primarily represents a change in estimate of our disputed claims liability.

(c)Impairment charges for the three and six months ended June 30, 2024 primarily includes impairment within our Regional segment as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition.

(d)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our temporary facility openings, and non-cash changes in equity method investments.


Total Assets - By Segment
(In millions)	June 30, 2024		December 31, 2023
Las Vegas	$	24,771	$	24,230
Regional	15,537		15,291
Caesars Digital	977		1,095
Managed and Branded	255		224
Corporate and Other (a)	(8,456)		(7,474)
Total	$	33,084	$	33,366

____________________

(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.

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+ Details

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,761,661	1,922,419
Weighted average exercise price (in dollars per share)	$ 50.33	$ 60.11
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	380,350	328,230
Weighted average exercise price (in dollars per share)	$ 39.74	$ 46.88
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,122,649	872,019
Weighted average exercise price (in dollars per share)	$ 73.65	$ 85.11

- 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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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions	Jun. 30, 2024 USD ($)
Annual maturities of long-term debt
Remaining 2024	$ 50
2025	100
2026	100
2027	1,713
2028	625
Thereafter	9,842
Total debt	12,430
Estimated interest payments
Remaining 2024	460
2025	860
2026	820
2027	800
2028	630
Thereafter	1,170
Debt estimate interest payment, due	4,740
Total debt service obligation
Remaining 2024	510
2025	960
2026	920
2027	2,513
2028	1,255
Thereafter	11,012
Debt service obligation	$ 17,170

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 830	$ 1,005
Restricted cash	111	122
Accounts receivable, net	546	608
Inventories	45	46
Prepayments and other current assets	291	264
Total current assets	1,823	2,045
Investments in and advances to unconsolidated affiliates	157	157
Property and equipment, net	14,860	14,756
Goodwill	10,949	10,990
Intangible assets other than goodwill	4,403	4,523
Deferred tax asset	54	47
Other long-term assets, net	838	848
Total assets	33,084	33,366
CURRENT LIABILITIES:
Accounts payable	436	408
Accrued interest	312	369
Accrued other liabilities	1,763	1,848
Current portion of long-term debt	100	65
Total current liabilities	2,611	2,690
Long-term financing obligations	12,829	12,759
Long-term debt	12,162	12,224
Deferred tax liability	115	102
Other long-term liabilities	872	871
Total liabilities	28,589	28,646
Commitments and contingencies (Note 5)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	4,305	4,552
Noncontrolling interests	190	168
Total stockholders’ equity	4,495	4,720
Total liabilities and stockholders’ equity	$ 33,084	$ 33,366

Stock-Based Compensation and Stockholders' Equity - Shares Held in Escrow (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Share-Based Payment Arrangement [Abstract]
Shares issued in settlement of convertible notes (in shares) \| shares	139
Value of shares issued in settlement of convertible notes \| $	$ 14

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars	$ (122)	$ 920	$ (280)	$ 784
Net income attributable to noncontrolling interests	20	8	36	8
(Benefit) provision for income taxes	10	(902)	25	(951)
Other (income) loss	1	(3)	(25)	(6)
Loss on extinguishment of debt	3	0	51	197
Interest expense, net	594	586	1,184	1,180
Depreciation and amortization	326	323	653	623
Impairment charges	118	0	118	0
Transaction costs and other, net	26	46	42	74
Stock-based compensation expense	24	29	49	56
Adjusted EBITDA	1,000	1,007	1,853	1,965
Income tax benefit related to change in deferred tax asset valuation allowance		940
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(40)	(43)	(83)	(81)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	514	512	954	1,045
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	469	508	902	956
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	40	11	45	7
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 17	$ 19	$ 35	$ 38

Goodwill and Intangible Assets, net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

The Company evaluates for impairment whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future cash flows, discounted, to the carrying value of the asset. If the discounted cash flows exceed the carrying value, no impairment is recorded. Impairment charges are presented on the statements of operations.

Based on the negative performance indicators at certain regional properties, the Company recognized impairment charges in our Regional segment. These impairments were due to a decrease in projected future cash flows at certain regional properties primarily due to localized competition within certain markets. The Company identified three reporting units with estimated fair values associated with trademarks, gaming rights and goodwill below their respective carrying values and recorded impairments.

During the three and six months ended June 30, 2024, the Company recognized impairment charges in our Regional segment related to trademarks, gaming rights and goodwill totaling $118 million. During the three and six months ended months ended June 30, 2023, the Company did not realize an impairment.


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, 2023	$	946	$	10,990	$	3,577
Amortization expense	(69)		—		—

Acquisition of gaming rights and customer relationships	26		—		—
Impairment	—		(41)		(77)
Balances as of June 30, 2024	$	903	$	10,949	$	3,500


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	June 30, 2024							December 31, 2023
(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	$	593	$	(400)	$	193	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(34)		228		242		(28)		214
Trademarks	15 years	313		(100)		213		313		(91)		222
Reacquired rights	24 years	250		(33)		217		250		(28)		222
Technology	6 years	110		(58)		52		110		(49)		61
		$	1,528	$	(625)	903		$	1,502	$	(556)	946

Non-amortizing intangible assets other than Goodwill
Trademarks						1,994						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523

						3,500						3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,403					$	4,523

Amortization expense with respect to intangible assets for the three months ended June 30, 2024 and 2023 totaled $33 million and $36 million, respectively, and for the six months ended June 30, 2024 and 2023 totaled $69 million and $72 million, respectively, which is included in Depreciation and amortization in the Statements of Operations.


Estimated Five-Year Amortization
	Remaining 2024		Years Ended December 31,
(In millions)			2025		2026		2027		2028		2029
Estimated annual amortization expense	$	63	$	126	$	126	$	82	$	45	$	11

Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Interest Expense, Net

Interest Expense, Net


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Interest expense	$	614	$	597	$	1,221	$	1,201
Capitalized interest	(18)		(8)		(33)		(14)
Interest income	(2)		(3)		(4)		(7)
Total interest expense, net	$	594	$	586	$	1,184	$	1,180

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 2,830	$ 2,879	$ 5,572	$ 5,709
Adjusted EBITDA	1,000	1,007	1,853	1,965
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,101	1,128	2,129	2,259
Adjusted EBITDA	514	512	954	1,045
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Net revenues	1,385	1,461	2,750	2,850
Adjusted EBITDA	469	508	902	956
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	276	216	558	454
Adjusted EBITDA	40	11	45	7
Operating Segment \| Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	70	72	138	141
Adjusted EBITDA	17	19	35	38
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(2)	2	(3)	5
Adjusted EBITDA	$ (40)	$ (43)	$ (83)	$ (81)

- 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

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+ Details

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	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 in 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 51,000 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 44,900 hotel rooms as of June 30, 2024. In addition, the Company has other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The Company’s primary source of revenue is generated by its casino properties’ gaming operations, which includes retail and online sports betting and 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 online sports betting, iGaming, horse racing and online poker are included under the Caesars Digital segment. The Company operates the Caesars Sportsbook app, the Caesars Racebook app and the recently launched Caesars Palace Online Casino app. The Company operates retail and online sports wagering in 32 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of June 30, 2024. On June 18, 2024, the Company completed the acquisition of the operations of WynnBET’s Michigan iGaming business and long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. The Company expects to continue to grow its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming.

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Caesars	$ (122)	$ 920	$ (280)	$ 784
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	216	215	216	215
Effect of dilutive securities:
Stock-based compensation awards (in shares)	0	1	0	1
Weighted average diluted shares outstanding (in shares)	216	216	216	216
Net income (loss) per common share attributable to common stockholders – basic (in dollars per share)	$ (0.56)	$ 4.27	$ (1.29)	$ 3.65
Net income (loss) per common share attributable to common stockholders – diluted (in dollars per share)	$ (0.56)	$ 4.26	$ (1.29)	$ 3.63

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt


	June 30, 2024						December 31, 2023
(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	693		692		710
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	120		112		—
CEI Term Loan B	2030	variable	2,369		2,325		2,432
CEI Term Loan B-1	2031	variable	2,893		2,855		—
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,980		1,978
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,483		—
CEI Senior Secured Notes due 2025	N/A	N/A	—		—		3,374
CRC Senior Secured Notes	N/A	N/A	—		—		983
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	1,611		1,596		1,593
CEI Senior Notes due 2029	2029	4.625%	1,200		1,189		1,188
Special Improvement District Bonds	2037	4.30%	42		42		45
Long-term notes and other payables			2		2		2
Total debt			12,430		12,276		12,305
Current portion of long-term debt			(100)		(100)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(14)		(16)
Long-term debt			$	12,330	$	12,162	$	12,224

Unamortized discounts and deferred finance charges					$	168	$	150
Fair value			$	12,422


Annual Estimated Debt Service Requirements as of June 30, 2024
	Remaining		Years Ended December 31,
(In millions)	2024		2025		2026		2027		2028		Thereafter		Total
Annual maturities of long-term debt	$	50	$	100	$	100	$	1,713	$	625	$	9,842	$	12,430
Estimated interest payments	460		860		820		800		630		1,170		4,740
Total debt service obligation (a)	$	510	$	960	$	920	$	2,513	$	1,255	$	11,012	$	17,170

____________________

(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.

Current Portion of Long-Term Debt

The current portion of long-term debt as of June 30, 2024 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 June 30, 2024 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”) and will 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 CEI Revolving Credit Facility includes a letter of credit sub-facility of $388 million and contains reserves of $40 million which are available only for certain permitted uses.

On October 5, 2022, Caesars entered into an amendment to the CEI Credit Agreement pursuant to which the Company 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 and made certain other amendments to the CEI Credit Agreement. The CEI Term Loan A will 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 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.

Borrowings under the CEI Revolving Credit Facility and the CEI Term Loan A bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on Secured Overnight Financing Rate (“Term 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 CEI Revolving Credit Facility a commitment fee in respect of any unused commitments under the 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”) as a new term loan under the CEI Credit Agreement. The CEI Term Loan B requires scheduled quarterly principal 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, as amended, bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, in each case, plus an applicable margin. Such applicable margin is 2.75% per annum in the case of any Term SOFR loan and 1.75% per annum in the case of any Base Rate loan. The CEI Term Loan B was issued at a price of 99.0% of the principal amount and will mature on February 6, 2030. On June 28, 2024, the Company made a voluntary repayment of $100 million in aggregate principal amount of the CEI Term Loan B with cash on hand.

On February 6, 2024, the Company entered into an Incremental Assumption Agreement No. 3 pursuant to which the Company incurred a new senior secured incremental term loan in an aggregate principal amount of $2.9 billion (the “CEI Term Loan B-1”) under the CEI Credit Agreement. The CEI Term Loan B-1 requires quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B-1, with the balance payable at maturity. Borrowings under the CEI Term Loan B-1 bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, in each case, plus an applicable margin. Such applicable margin is 2.75% per annum in the case of any Term SOFR loan and 1.75% per annum in the case of any Base Rate loan. The CEI Term Loan B-1 was issued at a price of 99.75% of the principal amount and will mature on February 6, 2031.

The net proceeds from the CEI Term Loan B-1 and the net proceeds from the issuance of the CEI Senior Secured Notes due 2032 (as described below), together with borrowings under the CEI Revolving Credit Facility, were used to tender, redeem, repurchase, defease, and/or satisfy and discharge any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees of both the 5.75% Senior Secured Notes due 2025 (the “CRC Senior Secured Notes”) and the 6.25%

Senior Secured Notes due 2025 (the “CEI Senior Secured Notes due 2025”). As a result of these transactions, the Company recognized $48 million of loss on early extinguishment of debt.

During the three and six months ended June 30, 2024, 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 June 30, 2024, the Company had $2.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $68 million in outstanding letters of credit, $46 million committed for regulatory purposes, and the reserves described above.

Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029

On April 26, 2024, Caesars Virginia, LLC entered into a credit agreement with Wells Fargo Bank, N.A., as administrative agent and collateral agent, and certain banks and other financial institutions and lenders party thereto (the “CVA Credit Agreement”), which provides for a senior secured first lien multi-draw term loan facility in an aggregate principal amount of $400 million (the “CVA Delayed Draw Term Loan”) and a senior secured first lien revolving credit facility in an aggregate principal amount of $25 million (the “CVA Revolving Credit Facility”), both maturing on April 26, 2029.

The CVA Delayed Draw Term Loan requires quarterly principal payments commencing on the last day of the first full fiscal quarter following the opening date of the permanent facility of Caesars Virginia. The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are subject to a variable rate of interest based on Term SOFR plus an applicable margin. The CVA Revolving Credit Facility includes a $10 million letter of credit sub-facility. As of June 30, 2024, there was $120 million utilized under the CVA Delayed Draw Term Loan and $25 million of available borrowing capacity under the CVA Revolving Credit Facility.

CEI Senior Secured Notes due 2030

On February 6, 2023, 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 on February 15, 2030, with interest payable semi-annually on February 15 and August 15 of each year.

CEI Senior Secured Notes due 2032

On February 6, 2024, the Company issued $1.5 billion in aggregate principal amount of 6.50% senior secured notes due 2032 (the “CEI Senior Secured Notes due 2032”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2032 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2032 will mature on February 15, 2032, with interest payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024.

CEI Senior Secured Notes due 2025

On July 6, 2020, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $3.4 billion in aggregate principal amount of the CEI Senior Secured Notes due 2025 pursuant to an indenture dated July 6, 2020, 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 ranked equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2025 were scheduled to mature on July 1, 2025, with interest payable semi-annually 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. On February 6, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees.

CRC Senior Secured Notes due 2025

On July 6, 2020, the Escrow Issuer issued $1.0 billion in aggregate principal amount of the CRC Senior Secured Notes due 2025 pursuant to an indenture, dated July 6, 2020, 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 ranked equally with all existing and future first priority lien obligations of CRC, CRC Finco, Inc. and the subsidiary guarantors. The CRC Senior Secured Notes were scheduled to mature on July 1, 2025, with interest payable semi-annually on January 1 and July 1 of each year. On February 6, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees.

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 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 semi-annually on April 15 and October 15 of each year.

Debt Covenant Compliance

The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1 and the indentures governing the CEI Senior Secured Notes due 2030, the CEI Senior Secured Notes due 2032, 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.

The 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 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 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 June 30, 2024, the Company was in compliance with all of the applicable financial covenants described above.

The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan contain covenants which are standard and customary for this type of agreement, including a maximum net total leverage ratio financial covenant of 4:1 and a minimum fixed charge coverage ratio financial covenant of 1.05:1. Caesars Virginia LLC’s compliance requirements commence after the first full quarter following the opening of the permanent facility of Caesars Virginia.

Guarantees

The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1, the CEI Senior Secured Notes due 2030 and the CEI Senior Secured Notes due 2032 are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of the Company 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 CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are secured by substantially all material assets of Caesars Virginia, LLC and any newly formed wholly-owned subsidiary of Caesars Virginia, LLC. CEI does not provide a guarantee of these facilities.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Long-Term Debt - CEI Senior Notes due 2029 (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2024	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.

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Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ (92)	$ 26	$ (219)	$ (159)
Benefit (provision) for income taxes	$ (10)	$ 902	$ (25)	$ 951
Effective tax rate	(10.90%)		(11.40%)

- Definition

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

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- Definition

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

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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2024		2023		2024		2023


Net income (loss) attributable to Caesars	$	(122)	$	920	$	(280)	$	784
Shares outstanding:
Weighted average shares outstanding – basic	216		215		216		215
Effect of dilutive securities:

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



Net income (loss) per common share attributable to common stockholders – basic:	$	(0.56)	$	4.27	$	(1.29)	$	3.65



Net income (loss) per common share attributable to common stockholders – diluted:	$	(0.56)	$	4.26	$	(1.29)	$	3.63

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 June 30,		Six Months Ended June 30,
(In millions)	2024	2023	2024	2023
Stock-based compensation awards	4	3	4	3
Total anti-dilutive common stock	4	3	4	3

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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)		216,337,975
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Long-Term Debt - CEI Senior Secured Notes due 2025 (Narrative) (Details) - CEI Senior Secured Notes due 2025 - Senior Notes - USD ($) $ in Millions	Apr. 05, 2023	Jul. 06, 2020
Long-term debt
Long-term debt, gross		$ 3,400
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

Revenue Recognition - Schedule of Activity Related to Contract and Contract-Related Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	$ 42	$ 45
Contract and contract-related liabilities, ending balance	41	45
Increase / (decrease)	(1)	0
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	86	87
Contract and contract-related liabilities, ending balance	86	92
Increase / (decrease)	0	5
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	693	693
Contract and contract-related liabilities, ending balance	659	807
Increase / (decrease)	$ (34)	$ 114

- 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

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
Preferred stock, 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
Common stock, 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)
Preferred stock, 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
Common stock, ending balance (in shares) at Mar. 31, 2023			215
Preferred stock, 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
Common stock, beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	792
Other comprehensive (loss) income, net of tax	6
Preferred stock, 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
Common stock, ending balance (in shares) at Jun. 30, 2023			215
Preferred stock, 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
Common stock, 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
Other comprehensive (loss) income, net of tax	0
Shares withheld related to net share settlement of stock awards	(1)			(1)
Transactions with noncontrolling interests	76							76
Preferred stock, 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
Common stock, ending balance (in shares) at Jun. 30, 2023			215
Preferred stock, beginning balance (in shares) at Dec. 31, 2023		0
Beginning balance at Dec. 31, 2023	4,720	$ 0	$ 0	7,001	(2,523)	97	(23)	168
Common stock, beginning balance (in shares) at Dec. 31, 2023			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25			25
Net income (loss)	(142)				(158)			16
Other comprehensive (loss) income, net of tax	(1)					(1)
Shares withheld related to net share settlement of stock awards	(14)			(14)
Preferred stock, ending balance (in shares) at Mar. 31, 2024		0
Ending balance at Mar. 31, 2024	4,588	$ 0	$ 0	7,012	(2,681)	96	(23)	184
Common stock, ending balance (in shares) at Mar. 31, 2024			216
Preferred stock, beginning balance (in shares) at Dec. 31, 2023		0
Beginning balance at Dec. 31, 2023	4,720	$ 0	$ 0	7,001	(2,523)	97	(23)	168
Common stock, beginning balance (in shares) at Dec. 31, 2023			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(244)
Other comprehensive (loss) income, net of tax	(1)
Preferred stock, ending balance (in shares) at Jun. 30, 2024		0
Ending balance at Jun. 30, 2024	4,495	$ 0	$ 0	7,021	(2,803)	96	(9)	190
Common stock, ending balance (in shares) at Jun. 30, 2024			216
Preferred stock, beginning balance (in shares) at Mar. 31, 2024		0
Beginning balance at Mar. 31, 2024	4,588	$ 0	$ 0	7,012	(2,681)	96	(23)	184
Common stock, beginning balance (in shares) at Mar. 31, 2024			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24			24
Net income (loss)	(102)				(122)			20
Other comprehensive (loss) income, net of tax	0
Shares withheld related to net share settlement of stock awards	(1)			(1)
Cancellation of shares issued	0			(14)			14
Transactions with noncontrolling interests	(14)							(14)
Preferred stock, ending balance (in shares) at Jun. 30, 2024		0
Ending balance at Jun. 30, 2024	$ 4,495	$ 0	$ 0	$ 7,021	$ (2,803)	$ 96	$ (9)	$ 190
Common stock, ending balance (in shares) at Jun. 30, 2024			216

Segment Information - Narrative (Details) ft² in Thousands	6 Months Ended
Segment Information - Narrative (Details) ft² in Thousands	Jun. 30, 2024 ft² option ft ballroom	Jun. 30, 2024 ft² ft ballroom segment
Segment Reporting Information [Line Items]
Number of reportable segments	4	4
Observation wheel height \| ft	550	550
Area of room	300	300
Number of ballrooms \| ballroom	2	2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550	550

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

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 12 for additional information on the Company’s reportable segments.


	Three Months Ended June 30, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	296	$	1,017	$	246	$	—	$	(2)	$	1,557
Food and beverage	296		139		—		—		—		435
Hotel	357		157		—		—		—		514
Other	152		72		30		70		—		324


Net revenues	$	1,101	$	1,385	$	276	$	70	$	(2)	$	2,830


	Three Months Ended June 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	313	$	1,078	$	194	$	—	$	(1)	$	1,584
Food and beverage	293		142		—		—		—		435
Hotel	353		172		—		—		—		525
Other	169		69		22		72		3		335


Net revenues	$	1,128	$	1,461	$	216	$	72	$	2	$	2,879


	Six Months Ended June 30, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	535	$	2,048	$	512	$	—	$	(3)	$	3,092
Food and beverage	583		274		—		—		—		857
Hotel	719		288		—		—		—		1,007
Other	292		140		46		138		—		616


Net revenues	$	2,129	$	2,750	$	558	$	138	$	(3)	$	5,572


	Six Months Ended June 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	622	$	2,136	$	413	$	—	$	(2)	$	3,169
Food and beverage	583		279		—		—		—		862
Hotel	726		302		—		—		—		1,028
Other	328		133		41		141		7		650
Net revenues	$	2,259	$	2,850	$	454	$	141	$	5	$	5,709

Schedule of Accounts Receivable, Net


Accounts Receivable, Net
(In millions)	June 30, 2024		December 31, 2023
Casino	$	215	$	274
Food and beverage and hotel	123		118
Other	208		216
Accounts receivable, net	$	546	$	608

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)	2024		2023		2024		2023		2024		2023
Balance at January 1	$	42	$	45	$	86	$	87	$	693	$	693
Balance at June 30	41		45		86		92		659		807
Increase / (decrease)	$	(1)	$	—	$	—	$	5	$	(34)	$	114

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Caesars	$ (122)	$ 920	$ (280)	$ 784

- Definition

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

+ References

+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harveys Lake Tahoe

Managed

The Cromwell

Caesars New Orleans

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Caesars Virginia (a)

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Circus Circus Reno

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Eldorado Gaming Scioto Downs

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Eldorado Resort Casino Reno

Horseshoe Hammond

Caesars Windsor

Paris Las Vegas

Grand Victoria Casino

Horseshoe Indianapolis

Branded

Planet Hollywood Resort & Casino

Harrah’s Atlantic City

Horseshoe Lake Charles

Caesars Republic Scottsdale

Harrah’s Columbus Nebraska (b)

Horseshoe St. Louis

Caesars Southern Indiana

Caesars Digital

Harrah’s Council Bluffs

Horseshoe Tunica

Harrah’s Northern California

Caesars Digital

Harrah’s Gulf Coast

Isle Casino Bettendorf

Harrah’s Hoosier Park Racing & Casino

Isle of Capri Casino Boonville

Harrah’s Joliet

Isle of Capri Casino Lula

Harrah’s Lake Tahoe

Isle Casino Waterloo

Harrah’s Laughlin

Lady Luck Casino - Black Hawk

Harrah’s Metropolis

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

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Las Vegas:
Net revenues	$	1,101	$	1,128	$	2,129	$	2,259
Adjusted EBITDA	514		512		954		1,045
Regional:
Net revenues	1,385		1,461		2,750		2,850
Adjusted EBITDA	469		508		902		956
Caesars Digital:
Net revenues	276		216		558		454
Adjusted EBITDA	40		11		45		7
Managed and Branded:
Net revenues	70		72		138		141
Adjusted EBITDA	17		19		35		38
Corporate and Other:
Net revenues	(2)		2		(3)		5
Adjusted EBITDA	(40)		(43)		(83)		(81)


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Net income (loss) attributable to Caesars	$	(122)	$	920	$	(280)	$	784
Net income attributable to noncontrolling interests	20		8		36		8

(Benefit) provision for income taxes (a)	10		(902)		25		(951)
Other (income) loss (b)	1		(3)		(25)		(6)
Loss on extinguishment of debt	3		—		51		197
Interest expense, net	594		586		1,184		1,180
Depreciation and amortization	326		323		653		623
Impairment charges (c)	118		—		118		—
Transaction costs and other, net (d)	26		46		42		74
Stock-based compensation expense	24		29		49		56
Adjusted EBITDA	$	1,000	$	1,007	$	1,853	$	1,965

Adjusted EBITDA by Segment:
Las Vegas	$	514	$	512	$	954	$	1,045
Regional	469		508		902		956
Caesars Digital	40		11		45		7
Managed and Branded	17		19		35		38
Corporate and Other	(40)		(43)		(83)		(81)

____________________

(a)Benefit for income taxes during the three and six months ended June 30, 2023 includes the release of $940 million of valuation allowance against deferred tax assets.

(b)Other (income) loss for the six months ended June 30, 2024 primarily represents a change in estimate of our disputed claims liability.

Schedule of Balance Sheet Information for Reportable Segments


Total Assets - By Segment
(In millions)	June 30, 2024		December 31, 2023
Las Vegas	$	24,771	$	24,230
Regional	15,537		15,291
Caesars Digital	977		1,095
Managed and Branded	255		224
Corporate and Other (a)	(8,456)		(7,474)
Total	$	33,084	$	33,366

____________________

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

Segment Information - Schedule of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 33,084	$ 33,366
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(8,456)	(7,474)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Assets	24,771	24,230
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Assets	15,537	15,291
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Assets	977	1,095
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 255	$ 224

- Definition

Amount of asset recognized for present right to economic benefit.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2024		2023		2024		2023


Net income (loss) attributable to Caesars	$	(122)	$	920	$	(280)	$	784
Shares outstanding:
Weighted average shares outstanding – basic	216		215		216		215
Effect of dilutive securities:

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



Net income (loss) per common share attributable to common stockholders – basic:	$	(0.56)	$	4.27	$	(1.29)	$	3.65



Net income (loss) per common share attributable to common stockholders – diluted:	$	(0.56)	$	4.26	$	(1.29)	$	3.63

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


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

	Three Months Ended June 30,		Six Months Ended June 30,
(In millions)	2024	2023	2024	2023
Stock-based compensation awards	4	3	4	3
Total anti-dilutive common stock	4	3	4	3

Goodwill and Intangible Assets, net - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 1,528	$ 1,502
Accumulated Amortization	(625)	(556)
Net Carrying Amount	903	946
Non-amortizing intangible assets other than Goodwill	3,500	3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net	4,403	4,523
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,994	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	983	1,056
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	593	587
Accumulated Amortization	(400)	(360)
Net Carrying Amount	$ 193	227
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	$ 262	242
Accumulated Amortization	(34)	(28)
Net Carrying Amount	$ 228	214
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	(100)	(91)
Net Carrying Amount	$ 213	222
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	(33)	(28)
Net Carrying Amount	$ 217	222
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	6 years
Gross Carrying Amount	$ 110	110
Accumulated Amortization	(58)	(49)
Net Carrying Amount	$ 52	$ 61

Litigation, Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 221	$ 200
Casino Operating Contract and Ground Lease for Caesars New Orleans
Loss Contingencies [Line Items]
Net investment in lease			$ 325
Number of hotel rooms in new tower \| hotel_room			340
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	$ 537	$ 605

- 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

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advertising expense	$ 48	$ 52	$ 112	$ 120
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 2		$ 2		$ 2

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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 six months ended June 30, 2024 and 2023. The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate (“AETR”), and therefore, the AETR method would not provide a reliable estimate.


Income Tax Allocation
	Three Months Ended June 30,					Six Months Ended June 30,
(In millions)	2024			2023		2024			2023
Income (loss) from continuing operations before income taxes	$	(92)		$	26	$	(219)		$	(159)
Benefit (provision) for income taxes	(10)			902		(25)			951
Effective tax rate	(10.9)		%	*		(11.4)		%	*

____________________

* 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 and six months ended June 30, 2024 differed from the expected income tax benefit 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 three and six months ended June 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 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 2020, 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	3	4	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	3	4	3

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


(In millions)	June 30, 2024		December 31, 2023
Land	$	2,088	$	2,088
Buildings, riverboats, and leasehold and land improvements	13,803		13,543
Furniture, fixtures, and equipment	2,545		2,409
Construction in progress	1,022		762
Total property and equipment	19,458		18,802
Less: accumulated depreciation	(4,598)		(4,046)
Total property and equipment, net	$	14,860	$	14,756


Depreciation Expense
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Depreciation expense	$	293	$	287	$	584	$	551

Long-Term Debt - CEI Senior Secured Notes due 2030 (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2024	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

Goodwill and Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023	$	946	$	10,990	$	3,577
Amortization expense	(69)		—		—

Acquisition of gaming rights and customer relationships	26		—		—
Impairment	—		(41)		(77)
Balances as of June 30, 2024	$	903	$	10,949	$	3,500

Schedule of Finite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	June 30, 2024							December 31, 2023
(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	$	593	$	(400)	$	193	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(34)		228		242		(28)		214
Trademarks	15 years	313		(100)		213		313		(91)		222
Reacquired rights	24 years	250		(33)		217		250		(28)		222
Technology	6 years	110		(58)		52		110		(49)		61
		$	1,528	$	(625)	903		$	1,502	$	(556)	946

Non-amortizing intangible assets other than Goodwill
Trademarks						1,994						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523

						3,500						3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,403					$	4,523

Schedule of Indefinite-Lived Intangible Assets


Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
	June 30, 2024							December 31, 2023
(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	$	593	$	(400)	$	193	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(34)		228		242		(28)		214
Trademarks	15 years	313		(100)		213		313		(91)		222
Reacquired rights	24 years	250		(33)		217		250		(28)		222
Technology	6 years	110		(58)		52		110		(49)		61
		$	1,528	$	(625)	903		$	1,502	$	(556)	946

Non-amortizing intangible assets other than Goodwill
Trademarks						1,994						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523

						3,500						3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net						$	4,403					$	4,523

Schedule of Estimated Annual Amortization Expense


Estimated Five-Year Amortization
	Remaining 2024		Years Ended December 31,
(In millions)			2025		2026		2027		2028		2029
Estimated annual amortization expense	$	63	$	126	$	126	$	82	$	45	$	11

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 24, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 24	$ 29	$ 49	$ 56
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)					8,000,000

- 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

Goodwill and Intangible Assets, net - Schedule of Estimated Annual Amortization Expense (Details) $ in Millions	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 63
2025	126
2026	126
2027	82
2028	45
2029	$ 11

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition


	Three Months Ended June 30, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	296	$	1,017	$	246	$	—	$	(2)	$	1,557
Food and beverage	296		139		—		—		—		435
Hotel	357		157		—		—		—		514
Other	152		72		30		70		—		324


Net revenues	$	1,101	$	1,385	$	276	$	70	$	(2)	$	2,830


	Three Months Ended June 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	313	$	1,078	$	194	$	—	$	(1)	$	1,584
Food and beverage	293		142		—		—		—		435
Hotel	353		172		—		—		—		525
Other	169		69		22		72		3		335


Net revenues	$	1,128	$	1,461	$	216	$	72	$	2	$	2,879


	Six Months Ended June 30, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	535	$	2,048	$	512	$	—	$	(3)	$	3,092
Food and beverage	583		274		—		—		—		857
Hotel	719		288		—		—		—		1,007
Other	292		140		46		138		—		616


Net revenues	$	2,129	$	2,750	$	558	$	138	$	(3)	$	5,572


	Six Months Ended June 30, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	622	$	2,136	$	413	$	—	$	(2)	$	3,169
Food and beverage	583		279		—		—		—		862
Hotel	726		302		—		—		—		1,028
Other	328		133		41		141		7		650
Net revenues	$	2,259	$	2,850	$	454	$	141	$	5	$	5,709


Accounts Receivable, Net
(In millions)	June 30, 2024		December 31, 2023
Casino	$	215	$	274
Food and beverage and hotel	123		118
Other	208		216
Accounts receivable, net	$	546	$	608

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)	2024		2023		2024		2023		2024		2023
Balance at January 1	$	42	$	45	$	86	$	87	$	693	$	693
Balance at June 30	41		45		86		92		659		807
Increase / (decrease)	$	(1)	$	—	$	—	$	5	$	(34)	$	114

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 June 30, 2024 and 2023, we recognized lease revenue of approximately $514 million and $525 million, respectively, and during the six months ended June 30, 2024 and 2023, we recognized approximately $1.0 billion for both periods, 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 June 30, 2024 and 2023, lease revenue related to conventions was approximately $12 million for both periods, and during the six months ended June 30, 2024 and 2023, lease revenue related to conventions was approximately $25 million and $26 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 June 30, 2024 and 2023, we recognized approximately $37 million and $43 million, respectively, and during the six months ended June 30, 2024 and 2023, we recognized approximately $72 million and $80 million, respectively, of real estate lease revenue.

Real estate lease revenue includes $15 million and $16 million of variable rental income for the three months ended June 30, 2024 and 2023, respectively, and $28 million and $30 million for the six months ended June 30, 2024 and 2023, 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

Goodwill and Intangible Assets, net - Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance			$ 946
Amortization expense	$ (33)	$ (36)	(69)	$ (72)
Acquisition of gaming rights and customer relationships			26
Impairment			0
Finite-lived intangible assets, net, ending balance	903		903
Goodwill
Goodwill, beginning balance			10,990
Acquisition of gaming rights and customer relationships			0
Impairment			(41)
Goodwill, ending balance	10,949		10,949
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance			3,577
Acquisition of gaming rights and customer relationships			0
Impairment			(77)
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,500		$ 3,500

Goodwill and Intangible Assets, net - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) reporting_unit	Jun. 30, 2023 USD ($)
Goodwill [Line Items]
Number of reporting units impaired \| reporting_unit			3
Amortization of intangible assets	$ 33,000,000	$ 36,000,000	$ 69,000,000	$ 72,000,000
Regional
Goodwill [Line Items]
Impairment charges	$ 118,000,000	$ 0	$ 118,000,000	$ 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Long-Term Debt - CRC Senior Secured Notes due 2025 (Narrative) (Details) $ in Billions	Jul. 06, 2020 USD ($)
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross	$ 1.0

- 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

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
NET REVENUES:
Net revenues	$ 2,830	$ 2,879	$ 5,572	$ 5,709
OPERATING EXPENSES:
General and administrative	465	499	965	1,008
Corporate	80	86	158	165
Impairment charges	118	0	118	0
Depreciation and amortization	326	323	653	623
Transaction and other costs, net	13	33	19	49
Total operating expenses	2,324	2,270	4,581	4,497
Operating income	506	609	991	1,212
OTHER EXPENSE:
Interest expense, net	(594)	(586)	(1,184)	(1,180)
Loss on extinguishment of debt	(3)	0	(51)	(197)
Other income (loss)	(1)	3	25	6
Total other expense	(598)	(583)	(1,210)	(1,371)
Income (loss) from continuing operations before income taxes	(92)	26	(219)	(159)
Benefit (provision) for income taxes	(10)	902	(25)	951
Income (loss) from continuing operations, net of income taxes	(102)	928	(244)	792
Net income (loss)	(102)	928	(244)	792
Net income attributable to noncontrolling interests	(20)	(8)	(36)	(8)
Net income (loss) attributable to Caesars	$ (122)	$ 920	$ (280)	$ 784
Net income (loss) per share - basic and diluted:
Basic income (loss) per share (in dollars per share)	$ (0.56)	$ 4.27	$ (1.29)	$ 3.65
Diluted income (loss) per share (in dollars per share)	$ (0.56)	$ 4.26	$ (1.29)	$ 3.63
Weighted average basic shares outstanding (in shares)	216	215	216	215
Weighted average diluted shares outstanding (in shares)	216	216	216	216
Casino
NET REVENUES:
Net revenues	$ 1,557	$ 1,584	$ 3,092	$ 3,169
OPERATING EXPENSES:
Cost of goods and services	817	817	1,669	1,645
Food and beverage
NET REVENUES:
Net revenues	435	435	857	862
OPERATING EXPENSES:
Cost of goods and services	266	258	529	509
Hotel
NET REVENUES:
Net revenues	514	525	1,007	1,028
OPERATING EXPENSES:
Cost of goods and services	139	143	276	280
Other
NET REVENUES:
Net revenues	324	335	616	650
OPERATING EXPENSES:
Cost of goods and services	$ 100	$ 111	$ 194	$ 218

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (102)	$ 928	$ (244)	$ 792
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	326	323	653	623
Amortization of deferred financing costs and discounts			89	104
Provision for doubtful accounts			19	22
Loss on extinguishment of debt	3	0	51	197
Non-cash lease amortization			13	31
Gain on investments			(6)	(4)
Stock compensation expense	24	29	49	56
Loss on sale and disposal of property and equipment			9	9
Impairment charges	118	0	118	0
Deferred income taxes			25	(951)
Other non-cash adjustments to net income (loss)			(24)	23
Change in operating assets and liabilities:
Accounts receivable			42	23
Prepaid expenses and other assets			(26)	(12)
Income taxes receivable and payable, net			(20)	(12)
Accounts payable, accrued expenses and other liabilities			(214)	52
Net cash provided by operating activities			534	953
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(593)	(573)
Acquisition of gaming rights and trademarks			0	(15)
Proceeds from sale of property and equipment			0	1
Proceeds from the sale of investments			1	3
Other			0	40
Net cash used in investing activities			(592)	(544)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities			5,395	4,840
Repayments of long-term debt and revolving credit facilities			(5,404)	(5,204)
Financing obligation payments			(4)	(4)
Debt issuance and extinguishment costs			(84)	(79)
Contributions from noncontrolling interest owners			0	77
Distributions to noncontrolling interest owners			(14)	(1)
Taxes paid related to net share settlement of equity awards			(15)	(14)
Net cash used in financing activities			(126)	(385)
Increase (decrease) in cash, cash equivalents and restricted cash			(184)	24
Cash, cash equivalents and restricted cash, beginning of period			1,143	1,303
Cash, cash equivalents and restricted cash, end of period	959	1,327	959	1,327
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	830	1,122	830	1,122
Restricted cash	111	126	111	126
Restricted and escrow cash included in other long-term assets, net	18	79	18	79
Total cash, cash equivalents and restricted cash	$ 959	$ 1,327	959	1,327
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt			525	401
Cash interest paid for rent related to financing obligations			660	640
Income taxes paid, net			20	11
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures			275	163
Acquisition of gaming rights and customer relationships			$ 26	$ 0

Litigation, Commitments and Contingencies	6 Months Ended
Litigation, Commitments and Contingencies	Jun. 30, 2024
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. Contractual Commitments Capital Commitments Caesars 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 Caesars New Orleans, formerly Harrah’s New Orleans, the Company was required to make a capital investment of at least $325 million on or around Caesars New Orleans. The capital investment involves 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. As of June 30, 2024, the Company has met the capital investment requirements, and the project is expected to be completed in late 2024. 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. Some of the agreements provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. As of June 30, 2024 and December 31, 2023, obligations related to these agreements were $537 million and $605 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 June 30, 2024 and December 31, 2023, was $221 million and $200 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.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	June 30, 2024						December 31, 2023
(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	693		692		710
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	120		112		—
CEI Term Loan B	2030	variable	2,369		2,325		2,432
CEI Term Loan B-1	2031	variable	2,893		2,855		—
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,980		1,978
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,483		—
CEI Senior Secured Notes due 2025	N/A	N/A	—		—		3,374
CRC Senior Secured Notes	N/A	N/A	—		—		983
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	1,611		1,596		1,593
CEI Senior Notes due 2029	2029	4.625%	1,200		1,189		1,188
Special Improvement District Bonds	2037	4.30%	42		42		45
Long-term notes and other payables			2		2		2
Total debt			12,430		12,276		12,305
Current portion of long-term debt			(100)		(100)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(14)		(16)
Long-term debt			$	12,330	$	12,162	$	12,224

Unamortized discounts and deferred finance charges					$	168	$	150
Fair value			$	12,422

Schedule of Maturities of Long-Term Debt


Annual Estimated Debt Service Requirements as of June 30, 2024
	Remaining		Years Ended December 31,
(In millions)	2024		2025		2026		2027		2028		Thereafter		Total
Annual maturities of long-term debt	$	50	$	100	$	100	$	1,713	$	625	$	9,842	$	12,430
Estimated interest payments	460		860		820		800		630		1,170		4,740
Total debt service obligation (a)	$	510	$	960	$	920	$	2,513	$	1,255	$	11,012	$	17,170

____________________

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Interest expense	$ 614	$ 597	$ 1,221	$ 1,201
Capitalized interest	(18)	(8)	(33)	(14)
Interest income	(2)	(3)	(4)	(7)
Total interest expense, net	$ 594	$ 586	$ 1,184	$ 1,180

Long-Term Debt - CEI Term Loans and CEI Revolving Credit Facility (Narrative) (Details)						3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($)	Feb. 06, 2024 USD ($)	Apr. 05, 2023 USD ($)	Feb. 06, 2023 USD ($)	Oct. 05, 2022 USD ($) stepdown	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate						4.30%		4.30%
Loss on extinguishment of debt						$ (3,000,000)	$ 0	$ (51,000,000)	$ (197,000,000)
CRC Senior Secured Notes and CEI Senior Secured Notes Due 2025
Long-term debt
Loss on extinguishment of debt		$ 48,000,000
Senior Notes \| CEI Term Loan B
Long-term debt
Debt instrument, face amount				$ 2,500,000,000
Percentage of original principal amount amortization				0.25%
Percentage of principal amount issued				99.00%
Repayments of debt	$ 100,000,000
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 \| Base rate
Long-term debt
Spread on variable rate				1.75%
Senior Notes \| CEI Term Loan B \| Applicable Margin
Long-term debt
Spread on variable rate				2.75%
Senior Notes \| CEI Term Loan B-1
Long-term debt
Debt instrument, face amount		$ 2,900,000,000
Percentage of original principal amount amortization		0.25%
Percentage of principal amount issued		99.75%
Senior Notes \| CEI Term Loan B-1 \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate		0.50%
Senior Notes \| CEI Term Loan B-1 \| Base rate
Long-term debt
Spread on variable rate		1.75%
Senior Notes \| CEI Term Loan B-1 \| Applicable Margin
Long-term debt
Spread on variable rate		2.75%
Senior Notes \| CRC Senior Secured Notes
Long-term debt
Interest rate		5.75%
Senior Notes \| CEI Senior Secured Notes due 2025
Long-term debt
Interest rate		6.25%
Repayments of debt			$ 1,000,000
CEI Revolving Credit Facility
Long-term debt
Number of stepdowns \| stepdown					3
Leverage ratio stepdown					0.05%
Line of credit facility, commitment fee percentage					0.35%
Available borrowing capacity						2,100,000,000		2,100,000,000
CEI Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility										$ 2,250,000,000
Amount outstanding						68,000,000		68,000,000
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		$ 46,000,000
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| SOFR
Long-term debt
Spread on variable rate					2.25%
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| SOFR \| Component One
Long-term debt
Spread on variable rate					0.10%
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate					0.00%
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| SOFR \| Component Two
Long-term debt
Spread on variable rate					1.00%
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| Fed Funds Effective Rate Overnight Index Swap Rate \| Component Two
Long-term debt
Spread on variable rate					0.50%
Line of Credit \| CEI Revolving Credit Facility and CEI Term Loan A \| Base rate
Long-term debt
Spread on variable rate					1.25%
Line of Credit \| Letter of Credit
Long-term debt
Credit facility										$ 388,000,000
Line of Credit \| Secured Debt \| CEI Revolving Credit Facility and CEI Term Loan A
Long-term debt
Number of stepdowns \| stepdown					3
Leverage ratio stepdown					0.25%
Line of Credit \| Secured Debt \| CEI Term Loan A
Long-term debt
Debt instrument, face amount					$ 750,000,000
Interest rate					1.25%

Stock-Based Compensation and Stockholders' Equity

6 Months Ended

Jun. 30, 2024

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.

The Board of Directors (“Board”) adopted, and the Company’s stockholders approved, the 2015 Equity Incentive Plan, as amended and restated in 2019 (the “2015 Plan”), which allows for shares to be granted as part of the Company’s long-term incentive plan. On April 24, 2024, the Board approved an amendment to the 2015 Plan and the Company’s stockholders subsequently approved the adoption of the amended and restated 2015 Plan on June 11, 2024. The amendment to the 2015 Plan allows for, among other things, an increase in the number of shares available for future grants to 8 million shares, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment.

Total stock-based compensation expense in the accompanying Statements of Operations totaled $24 million and $29 million during the three months ended June 30, 2024 and 2023, respectively, and $49 million and $56 million during the six months ended June 30, 2024 and 2023, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations.

2015 Equity Incentive Plan (“2015 Plan”)

During the six months ended June 30, 2024, as part of the annual incentive program, the Company granted 1.8 million RSUs to eligible participants with an aggregate fair value of $81 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 six months ended June 30, 2024, the Company also granted 133 thousand PSUs 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 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 $5 million as of June 30, 2024.

In addition, during the six months ended June 30, 2024, the Company granted 429 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 six months ended June 30, 2024 was $25 million.

During the six months ended June 30, 2024, there were no grants of stock options. In addition, during the six months ended June 30, 2024, 847 thousand, 99 thousand and 19 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 Plan.

Outstanding at End of Period


	June 30, 2024			December 31, 2023
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)

Restricted stock units	2,761,661	$	50.33	1,922,419	$	60.11
Performance stock units	380,350	39.74		328,230	46.88
Market-based stock units	1,122,649	73.65		872,019	85.11

____________________

(a)Represents the 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.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through June 30, 2024 and 2023 are shown below.


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

Balances as of December 31, 2023	$	94	$	—	$	3	$	97
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of March 31, 2024	$	94	$	—	$	2	$	96




Other comprehensive income (loss) before reclassifications	—		—		—		—

Total other comprehensive income (loss), net of tax	—		—		—		—
Balances as of June 30, 2024	$	94	$	—	$	2	$	96

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 June 30, 2024, 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 six months ended June 30, 2024 and 2023.

Shares Held in Escrow

In connection with the settlement of convertible notes during 2021, the Company issued approximately 139 thousand shares of common stock, at a fair value of approximately $14 million. The shares were contributed to, and held in, an escrow trust, which was recorded within Treasury stock. During the six months ended June 30, 2024, the shares were released from escrow and returned to the Company following an update to the estimated disputed claims liability.

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,800,000
Equity instruments other than options, fair value \| $	$ 81
Share conversion (in shares)	1
Vested (in shares)	847,000
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)	133,000
Aggregate intrinsic value, nonvested \| $	$ 5
Vested (in shares)	99,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200.00%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	429,000
Aggregate intrinsic value, nonvested \| $	$ 25
Vested (in shares)	19,000
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%

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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. The presentation of financial information herein for the periods after our completed divestiture of Rio All-Suite Hotel & Casino at the end of the third quarter of 2023 is not fully comparable to the periods prior to such divestiture. 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.
Fair Value Measurements	Fair Value Measurements The Company measures certain of its financial assets and liabilities at fair value, on a recurring basis, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Levels of the hierarchy prioritize the inputs used to measure fair value and include: •Level 1: Observable inputs such as quoted prices in active markets. •Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable. •Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include 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. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Cash and cash equivalents also include cash maintained for gaming operations.
Restricted Cash	Restricted Cash Restricted cash includes cash equivalents held in certificates of deposit accounts or money market type funds, that are not subject to remeasurement on a recurring basis, which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business.
Marketable Securities	Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s 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) and represent the amounts the Company would expect to receive if the Company sold these marketable securities.
Derivative Instruments	Derivative Instruments The Company may enter into derivative instruments to hedge the risk of fluctuations in interest rates, foreign exchange rates or pricing for other commodities. These agreements are designated as cash flow hedges.
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	Advertising Advertising costs are expensed in the period the advertising first occurs.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 December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes: Improvements to Income Tax Disclosures,” which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. These updates apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Updates will be applied on a prospective basis with the option to apply the standard retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This guidance is effective for years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. Early adoption is permitted. Amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the amendments in this update to have a material impact on our Financial Statements. In October 2023, the 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.

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,830	$ 2,879	$ 5,572	$ 5,709
Accounts receivable, net	546		546		$ 608
Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,557	1,584	3,092	3,169
Accounts receivable, net	215		215		274
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	435	435	857	862
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	514	525	1,007	1,028
Other
Disaggregation of Revenue [Line Items]
Net revenues	324	335	616	650
Accounts receivable, net	208		208		216
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	123		123		$ 118
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(2)	2	(3)	5
Corporate and Other \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	(2)	(1)	(3)	(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	0	3	0	7
Las Vegas \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,101	1,128	2,129	2,259
Las Vegas \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	296	313	535	622
Las Vegas \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	296	293	583	583
Las Vegas \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	357	353	719	726
Las Vegas \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	152	169	292	328
Regional \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,385	1,461	2,750	2,850
Regional \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,017	1,078	2,048	2,136
Regional \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	139	142	274	279
Regional \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	157	172	288	302
Regional \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	72	69	140	133
Caesars Digital \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	276	216	558	454
Caesars Digital \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	246	194	512	413
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	30	22	46	41
Managed and Branded \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	70	72	138	141
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	$ 70	$ 72	$ 138	$ 141

Organization and Description of Business - Narrative (Details)	Jun. 30, 2024 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	51,000
Number of table games \| game	2,800
Number of room in hotel \| hotel_room	44,900
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	32
Mobile Sports Betting
Variable Interest Entity [Line Items]
Number of states in which the company operates	26
Online Real Money Gaming Businesses
Variable Interest Entity [Line Items]
Number of states in which the company operates	5

Long-Term Debt - Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029 (Details) - USD ($) $ in Millions	Jun. 30, 2024	Apr. 26, 2024
Long-term debt
Total debt	$ 12,430
Line of Credit \| CVA Credit Agreement \| Secured Debt
Long-term debt
Debt instrument, face amount		$ 400
Total debt	120
Line of Credit \| CVA Credit Agreement \| Revolving Credit Facility
Long-term debt
Credit facility		25
Line of credit facility, remaining borrowing capacity	$ 25
Line of Credit \| CVA Credit Agreement \| Letter of Credit
Long-term debt
Credit facility		$ 10

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


Income Tax Allocation
	Three Months Ended June 30,					Six Months Ended June 30,
(In millions)	2024			2023		2024			2023
Income (loss) from continuing operations before income taxes	$	(92)		$	26	$	(219)		$	(159)
Benefit (provision) for income taxes	(10)			902		(25)			951
Effective tax rate	(10.9)		%	*		(11.4)		%	*

____________________

* Not meaningful.

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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.

The presentation of financial information herein for the periods after our completed divestiture of Rio All-Suite Hotel & Casino at the end of the third quarter of 2023 is not fully comparable to the periods prior to such divestiture.

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.

Fair Value Measurements

The Company measures certain of its financial assets and liabilities at fair value, on a recurring basis, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Levels of the hierarchy prioritize the inputs used to measure fair value and include:

•Level 1: Observable inputs such as quoted prices in active markets.

•Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable.

•Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity.

Cash and Cash Equivalents

Cash equivalents include 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. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Cash and cash equivalents also include cash maintained for gaming operations.

Restricted Cash

Restricted cash includes cash equivalents held in certificates of deposit accounts or money market type funds, that are not subject to remeasurement on a recurring basis, which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business.

Marketable Securities

Marketable securities consist primarily of trading securities held by the Company’s 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) and represent the amounts the Company would expect to receive if the Company sold these marketable securities. As of both June 30, 2024 and December 31, 2023, the Company held $2 million in Level 1 securities.

Derivative Instruments

The Company may enter into derivative instruments to hedge the risk of fluctuations in interest rates, foreign exchange rates or pricing for other commodities. These agreements are designated as cash flow hedges. As of June 30, 2024 and December 31, 2023, the Company did not hold any cash flow hedges or any derivative financial instruments for trading purposes.

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 June 30, 2024 and 2023 were $48 million and $52 million, respectively, and for the six months ended June 30, 2024 and 2023 totaled $112 million and $120 million, respectively, and are included within operating expenses. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Interest Expense, Net


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Interest expense	$	614	$	597	$	1,221	$	1,201
Capitalized interest	(18)		(8)		(33)		(14)
Interest income	(2)		(3)		(4)		(7)
Total interest expense, net	$	594	$	586	$	1,184	$	1,180

Recently Issued Accounting Pronouncements

Pronouncements to Be Implemented in Future Periods

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes: Improvements to Income Tax Disclosures,” which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. These updates apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Updates will be applied on a prospective basis with the option to apply the standard retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This guidance is effective for years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. Early adoption is permitted. Amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the amendments in this update to have a material impact on our Financial Statements.

In October 2023, the 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.

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 19,458		$ 19,458		$ 18,802
Less: accumulated depreciation	(4,598)		(4,598)		(4,046)
Total property and equipment, net	14,860		14,860		14,756
Depreciation expense	293	$ 287	584	$ 551
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,088		2,088		2,088
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,803		13,803		13,543
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,545		2,545		2,409
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,022		$ 1,022		$ 762

Related Party and Affiliate Transactions	6 Months Ended
Related Party and Affiliate Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party and Affiliate Transactions	Related Party and Affiliate Transactions C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Resort Casino Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) (the “CSY Lease”). CSY is a general partnership in which a trust has an approximate 27% interest. The Company’s Executive Chairman of the Board, Gary L. Carano, and his siblings are direct or indirect beneficiaries of the trust. 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 of 1 to 2 percent through the term of the lease. Commensurate with its interest, the trust receives directly from the Company approximately 27% of the rent paid by the Company. As of June 30, 2024 and December 31, 2023, 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 December 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. During the three months ended June 30, 2024, the Company made distributions totaling $14 million to EBCI and the other minority partner. Pompano Joint Venture In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. 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 and is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheet. 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. Since inception of the joint venture, the Company has contributed a total of $7 million in cash and approximately 209 acres of land with a total fair value of $69 million. The Company has no further obligation to contribute additional real estate or cash. During the year ended December 31, 2023, the Company recorded $64 million of income related to the investment, primarily due to the joint venture’s gain on the sale of a land parcel. As of both June 30, 2024 and December 31, 2023, the Company’s investment in the joint venture was $147 million and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets.

- 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
-SubTopic 20
-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
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party and Affiliate Transactions - Narrative (Details) ft² in Thousands	3 Months Ended	6 Months Ended	12 Months Ended	75 Months Ended
	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2024 USD ($) ft² a	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²
Related affiliates
Accounts receivable, net	$ 546,000,000	$ 546,000,000	$ 608,000,000	$ 546,000,000
Accounts payable	436,000,000	436,000,000	408,000,000	436,000,000
Investments in and advances to unconsolidated affiliates	$ 157,000,000	$ 157,000,000	157,000,000	$ 157,000,000
Pompano Joint Venture
Related affiliates
Ownership interest	50.00%	50.00%		50.00%
Payments to acquire equity method investments				$ 7,000,000
Land contributed to joint venture		$ 69,000,000
Acres of land contributed to variable interest \| a		209
Gain on sale of joint venture			64,000,000
Investments in and advances to unconsolidated affiliates	$ 147,000,000	$ 147,000,000	147,000,000	$ 147,000,000
Related Party \| Donald L. Carano Trust \| C. S. & Y. Associates
Related affiliates
Percentage of outstanding shares owned	27.00%	27.00%		27.00%
Corporate Joint Venture \| VIEs \| CVA Holdco, LLC
Related affiliates
Variable interest entity, ownership percentage		49.50%
C. S. & Y. Associates \| Related Party
Related affiliates
Area of real property leased \| ft²	30	30		30
Annual rent payable	$ 600,000	$ 600,000		$ 600,000
Accounts receivable, net	0	0	0	0
Accounts payable	$ 0	$ 0	$ 0	$ 0
C. S. & Y. Associates \| Related Party \| Minimum
Related affiliates
Periodic rent escalations, percent		1.00%
C. S. & Y. Associates \| Related Party \| Maximum
Related affiliates
Periodic rent escalations, percent		2.00%
Donald L. Carano Trust \| Related Party
Related affiliates
Annual rent payable percentage	27.00%	27.00%		27.00%
EBCI and Minority Partner \| Corporate Joint Venture \| VIEs \| CVA Holdco, LLC
Related affiliates
Related party transactions	$ 14,000,000

Stock-Based Compensation and Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,588	$ 4,720	$ 3,635	$ 3,751
Other comprehensive income (loss) before reclassifications	0	(1)	0	6
Total other comprehensive income (loss), net of tax	0	(1)	0	6
Ending balance	4,495	4,588	4,667	3,635
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	96	97	98	92
Ending balance	96	96	98	98
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94	94	94
Other comprehensive income (loss) before reclassifications	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Ending balance	94	94	94	94
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	1	(1)
Other comprehensive income (loss) before reclassifications	0	0	(1)	2
Total other comprehensive income (loss), net of tax	0	0	(1)	2
Ending balance	0	0	0	1
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2	3	3	(1)
Other comprehensive income (loss) before reclassifications	0	(1)	1	4
Total other comprehensive income (loss), net of tax	0	(1)	1	4
Ending balance	$ 2	$ 2	$ 4	$ 3

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Long-Term Debt - CEI Senior Notes due 2027 (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2024	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.

+ References

+ Details

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 06, 2024	Dec. 31, 2023	Feb. 06, 2023	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 12,430
Current portion of long-term debt	(100)		$ (65)
Long-term debt	12,162		12,224
Face Value
Long-term debt
Special Improvement District Bonds	42
Long-term notes and other payables	2
Total debt	12,430
Current portion of long-term debt	(100)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,330
Fair value	12,422
Book Value
Long-term debt
Special Improvement District Bonds	42		45
Long-term notes and other payables	2		2
Total debt	12,276		12,305
Current portion of long-term debt	(100)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility	(14)		(16)
Long-term debt	12,162		12,224
Unamortized discounts and deferred finance charges	168		150
CEI Revolving Credit Facility \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	0
CEI Revolving Credit Facility \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	0		0
CEI Term Loan A \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	693
CEI Term Loan A \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	692		710
CVA Revolving Credit Facility \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	0
CVA Revolving Credit Facility \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	0		0
CVA Delayed Draw Term Loan \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	120
CVA Delayed Draw Term Loan \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	112		0
CEI Term Loan B \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,369
CEI Term Loan B \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	2,325		2,432
CEI Term Loan B-1 \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,893
CEI Term Loan B-1 \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	$ 2,855		0
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	$ 1,980		1,978
CEI Senior Secured Notes due 2032 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1,500
Interest rate	6.50%	6.50%
CEI Senior Secured Notes due 2032 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,500
CEI Senior Secured Notes due 2032 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	1,483		0
CEI Senior Secured Notes due 2025 \| Senior Notes
Long-term debt
Long-term debt, gross						$ 3,400
Interest rate		6.25%
CEI Senior Secured Notes due 2025 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CEI Senior Secured Notes due 2025 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0		3,374
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross						1,000
Interest rate		5.75%
CRC Senior Secured Notes \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CRC Senior Secured Notes \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 0		983
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	$ 1,596		1,593
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	$ 1,189		$ 1,188

Stock-Based Compensation and Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Activity


	June 30, 2024			December 31, 2023
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)

Restricted stock units	2,761,661	$	50.33	1,922,419	$	60.11
Performance stock units	380,350	39.74		328,230	46.88
Market-based stock units	1,122,649	73.65		872,019	85.11

____________________

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 June 30, 2024 and 2023 are shown below.


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

Balances as of December 31, 2023	$	94	$	—	$	3	$	97
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of March 31, 2024	$	94	$	—	$	2	$	96




Other comprehensive income (loss) before reclassifications	—		—		—		—

Total other comprehensive income (loss), net of tax	—		—		—		—
Balances as of June 30, 2024	$	94	$	—	$	2	$	96

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (102)	$ 928	$ (244)	$ 792
Foreign currency translation adjustments	0	(1)	0	1
Other	0	1	(1)	5
Other comprehensive income (loss), net of tax	0	0	(1)	6
Comprehensive income (loss)	(102)	928	(245)	798
Comprehensive income attributable to noncontrolling interests	(20)	(8)	(36)	(8)
Comprehensive income (loss) attributable to Caesars	$ (122)	$ 920	$ (281)	$ 790

- Definition

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

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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.

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Long-Term Debt - CEI Senior Secured Notes due 2032 (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2024	Feb. 06, 2024
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes due 2032 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1.5
Interest rate	6.50%	6.50%

- 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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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

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,830	$ 2,879	$ 5,572	$ 5,709
Variable lease income	15	16	28	30
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	514	525	1,007	1,028
Food and beverage
Lessor, Lease, Description [Line Items]
Net revenues	435	435	857	862
Food and beverage \| Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	12	12	25	26
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 37	$ 43	$ 72	$ 80

- Definition

+ References

+ Details

Long-Term Debt - Debt Covenant Compliance (Narrative) (Details)	Jun. 30, 2024
CVA Credit Agreement \| Line of Credit
Long-term debt
Leverage ratio, maximum	4
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.05
CEI Revolving Credit Facility and CEI Term Loan A \| Period One
Long-term debt
Leverage ratio, maximum	7.25
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.75
CEI Revolving Credit Facility and CEI Term Loan A \| 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.

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+ Details