XML 41 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Acquisition of Former Caesars (Tables)
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(In millions)Consideration
Cash consideration paid$6,090 
Shares issued to Former Caesars shareholders2,381 
Cash paid to retire Former Caesars debt2,356 
Other consideration paid48 
Total purchase consideration$10,875 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of September 30, 2020:
(In millions)Fair Value
Current and other assets$4,264 
Property and equipment12,730 
Goodwill8,649 
Intangible assets (a)
3,549 
Other noncurrent assets684 
Total assets$29,876 
Current liabilities$1,896 
Financing obligation8,134 
Long-term debt6,591 
Noncurrent liabilities2,362 
Total liabilities18,983 
Noncontrolling interests18 
Net assets acquired$10,875 
____________________
(a)Intangible assets consist of gaming licenses valued at $537 million, trade names valued at $2.1 billion and Caesars Rewards programs valued at $540 million and customer relationships of $404 million.
Financing Receivable, Allowance for Credit Loss A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows:
(In millions)
Purchase price of financial assets$95 
Allowance for credit losses at the acquisition date based on the acquirer’s assessment
89 
Discount / (premium) attributable to other factors2 
Face value of financial assets$186 
Business Acquisition, Pro Forma Information
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2020201920202019
Net revenues$1,639 $2,607 $4,145 $7,652 
Net loss(989)(363)(2,266)(894)
Net loss attributable to Caesars(927)(362)(2,200)(892)