Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020:

	September 30, 2020
(In millions)	Shreveport		MontBleu		Evansville
Assets:
Property and equipment, net	$	85	$	37	$	302
Goodwill	—		—		9
Gaming licenses and other intangibles, net	21		—		138
Other assets, net	15		32		48
Assets held for sale	$	121	$	69	$	497
Current liabilities	$	21	$	72	$	36
Liabilities related to assets held for sale	$	21	$	72	$	36

The following information presents the net revenues and net (loss) income for the Company’s properties that are held for sale:

	Three Months Ended September 30, 2020
(In millions)	Shreveport		MontBleu		Evansville
Net revenues	$	21	$	11	$	31
Net (loss) income	7		(3)		1

	Nine Months Ended September 30, 2020
(In millions)	Shreveport		MontBleu		Evansville
Net revenues	$	51	$	23	$	71
Net (loss) income	8		(43)		(7)

The following information presents the net revenues and net (loss) income of Kansas City and Vicksburg properties for the three and nine months ended September 30, 2020:

	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
(In millions)	Kansas City		Vicksburg		Kansas City		Vicksburg
Net revenues	$	—	$	—	$	18	$	7
Net (loss) income	1		—		3		(1)

The following information presents the net revenues and net (loss) income of held for sale properties for the three and nine months ended September 30, 2019:

	Three Months Ended September 30, 2019
(In millions)	Mountaineer		Cape  Girardeau		Caruthersville		Kansas City		Vicksburg		Presque		Nemacolin
Net revenues	$	33	$	14	$	9	$	15	$	6	$	—	$	—
Net income	3		2		1		1		—		—		—

	Nine Months Ended September 30, 2019
(In millions)	Mountaineer		Cape  Girardeau		Caruthersville		Kansas City		Vicksburg		Presque		Nemacolin
Net revenues	$	96	$	44	$	26	$	48	$	16	$	3	$	5
Net (loss) income	7		6		5		8		(1)		—		(1)

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of December 31, 2019:

	December 31, 2019
(In millions)	Kansas City		Vicksburg		Total
Assets:
Property and equipment, net	$	39	$	31	$	70
Goodwill	40		9		49
Gaming licenses and other intangibles, net	91		3		94
Other assets, net	36		4		40
Assets held for sale	$	206	$	47	$	253
Current liabilities	$	3	$	2	$	5
Other long-term liabilities	33		—		33
Liabilities related to assets held for sale	$	36	$	2	$	38

The following information presents the net revenues and net (loss) income for the Company’s properties that are part of discontinued operations for the three months ended September 30, 2020:

	Three Months Ended September 30, 2020
(In millions)	Harrah’s Louisiana Downs		Harrah’s Reno		Horseshoe Hammond		Caesars UK		Bally’s AC		Caesars Southern Indiana
Net revenues	$	9	$	—	$	66	$	11	$	31	$	39
Net (loss) income	2		(4)		9		(11)		5		1

The assets and liabilities held for sale as a discontinued operation, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020:

	September 30, 2020
(In millions)	Harrah’s Louisiana Downs		Horseshoe Hammond		Caesars UK		Bally’s AC		Caesars Southern Indiana
Assets:
Cash	$	9	$	14	$	36	$	10	$	7
Property and equipment, net	11		404		69		25		413
Goodwill	3		138		35		—		136
Gaming licenses and other intangibles, net	5		30		50		—		23
Other assets, net	1		43		107		6		4
Assets held for sale	$	29	$	629	$	297	$	41	$	583
Current liabilities	$	6	$	34	$	89	$	14	$	20
Other long-term liabilities (a)	6		73		125		20		1
Liabilities related to assets held for sale	$	12	$	107	$	214	$	34	$	21

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(a)We have included $25 million of deferred finance obligation as held for sale liabilities for Bally’s Atlantic City and Louisiana Downs, which represent our preliminary purchase price allocation of the liability which will be derecognized upon completion of those divestitures. We have not included any portion of the deferred finance obligation associated with Horseshoe Hammond or Caesars Southern Indiana as held for sale as we do not yet have any sale agreements in place or know the effect of any possible master lease modification on our deferred finance lease liability.