EX-99.1 6 a2022q1cei-ex991financiali.htm EX-99.1 Document
Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Exhibit. Supplemental Consolidating Financial Information
The following tables present the consolidating condensed balance sheets as of March 31, 2022 and December 31, 2021, consolidating condensed statements of operations and cash flows for the three months ended March 31, 2022 and 2021, and Adjusted EBITDA for the three months ended March 31, 2022 of Caesars Resort Collection, LLC (“CRC”), as it consolidates into CEI as a wholly-owned subsidiary. “Other Operations, Eliminations” presents the operations of CEI’s other subsidiaries, including eliminations of intercompany transactions. The tables have been recast for all periods presented as Horseshoe Hammond no longer met the held for sale criteria in September 2021. See further discussion in Note 1 - Basis of Presentation, of Caesars Entertainment, Inc.’s quarterly report for the quarter ended March 31, 2022 on Form 10-Q.
The consolidating condensed balance sheets as of March 31, 2022 and December 31, 2021 are as follows:
March 31, 2022December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$434 $380 $814 $508 $562 $1,070 
Restricted cash and investments23 162 185 13 306 319 
Accounts receivable, net330 120 450 369 103 472 
Inventories32 12 44 30 12 42 
Prepayments and other current assets197 116 313 189 101 290 
Assets held for sale— 3,314 3,314 — 3,771 3,771 
Total current assets1,016 4,104 5,120 1,109 4,855 5,964 
Investments in and advances to unconsolidated affiliates— 97 97 — 158 158 
Property and equipment, net11,679 2,958 14,637 11,688 2,913 14,601 
Gaming rights and other intangibles, net3,233 1,630 4,863 3,255 1,665 4,920 
Goodwill9,014 2,068 11,082 9,014 2,062 11,076 
Other assets, net1,516 (242)1,274 1,500 (188)1,312 
Total assets$26,458 $10,615 $37,073 $26,566 $11,465 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$234 $294 $528 $175 $79 $254 
Accrued interest104 131 235 118 202 320 
Accrued other liabilities933 817 1,750 1,053 920 1,973 
Due to affiliates436 (436)— 601 (601)— 
Current portion of long-term debt67 3 70 67 3 70 
Liabilities related to assets held for sale— 2,562 2,562 — 2,680 2,680 
Total current liabilities1,774 3,371 5,145 2,014 3,283 5,297 
Long-term financing obligation11,246 1,237 12,483 11,191 1,233 12,424 
Long-term debt6,875 6,866 13,741 6,861 6,861 13,722 
Long-term debt to related party 15 (15)— 15 (15)— 
Deferred income taxes1,562 (633)929 1,555 (444)1,111 
Other long-term liabilities500 429 929 524 412 936 
Total liabilities21,972 11,255 33,227 22,160 11,330 33,490 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity4,475 (690)3,785 4,395 85 4,480 
Noncontrolling interests11 50 61 11 50 61 
Total stockholders’ equity4,486 (640)3,846 4,406 135 4,541 
Total liabilities and stockholders’ equity$26,458 $10,615 $37,073 $26,566 $11,465 $38,031 



Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the three months ended March 31, 2022 and 2021 are as follows:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$972 $320 $1,292 $846 $381 $1,227 
Food and beverage289 50 339 140 29 169 
Hotel335 48 383 175 40 215 
Other242 36 278 159 22 181 
Net revenues1,838 454 2,292 1,320 472 1,792 
EXPENSES:
Casino and pari-mutuel commissions454 610 1,064 406 181 587 
Food and beverage167 35 202 87 21 108 
Hotel96 19 115 66 15 81 
Other83 5 88 66 3 69 
General and administrative325 174 499 279 101 380 
Corporate67 2 69 48 18 66 
Depreciation and amortization218 82 300 217 48 265 
Transaction costs and other operating costs4 (39)(35)10 10 20 
Total operating expenses1,414 888 2,302 1,179 397 1,576 
Operating income (loss)424 (434)(10)141 75 216 
OTHER EXPENSE:
Interest expense, net(380)(172)(552)(417)(162)(579)
Other income (loss)22 (18)4 (4)(129)(133)
Total other expense(358)(190)(548)(421)(291)(712)
Income (loss) from continuing operations before income taxes66 (624)(558)(280)(216)(496)
Benefit (provision) for income taxes(10)117 107 67 9 76 
Net income (loss) from continuing operations, net of income taxes56 (507)(451)(213)(207)(420)
Discontinued operations, net of income taxes(1)(228)(229)(4)— (4)
Net income (loss)55 (735)(680)(217)(207)(424)
Net loss attributable to noncontrolling interests— — — — 1 1 
Net income (loss) attributable to Caesars$55 $(735)$(680)$(217)$(206)$(423)
















Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the three months ended March 31, 2022 and 2021 are as follows:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$85 $(331)$(246)$145 $(84)$61 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(137)(73)(210)(38)(27)(65)
Acquisition of gaming rights and trademarks— — — — (2)(2)
Proceeds from sale of businesses, property and equipment, net of cash sold3 — 3 3 1 4 
Proceeds from the sale of investments— 27 27 — 42 42 
Proceeds from insurance related to property damage— 27 27 — 26 26 
Investments in unconsolidated affiliates— — — — (30)(30)
Other— (6)(6)— — — 
Net cash provided by (used in) investing activities(134)(25)(159)(35)10 (25)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities— 475 475 — — — 
Repayments of long-term debt and revolving credit facilities(16)(476)(492)(16)— (16)
Taxes paid related to net share settlement of equity awards— (20)(20)— (14)(14)
Net cash provided by (used in) financing activities(16)(21)(37)(16)(14)(30)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— (13)(13)13 (17)(4)
Cash flows from investing activities— (39)(39)— — — 
Net cash provided by (used in) discontinued operations— (52)(52)13 (17)(4)
Effect of foreign currency exchange rates on cash— (9)(9)— 21 21 
Increase (decrease) in cash, cash equivalents and restricted cash(65)(438)(503)107 (84)23 
Cash, cash equivalents and restricted cash, beginning of period527 1,494 2,021 411 3,869 4,280 
Cash, cash equivalents and restricted cash, end of period$462 $1,056 $1,518 $518 $3,785 $4,303 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for the three months ended March 31, 2022 are as follows:
Three Months Ended March 31, 2022
(In millions)CRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$55 $(735)$(680)
Discontinued operations, net of income taxes1 228 229 
Provision (benefit) for income tax10 (117)(107)
Other (income) loss(22)18 (4)
Interest expense380 172 552 
Depreciation and amortization218 82 300 
Transaction costs and other operating costs4 (39)(35)
Stock-based compensation expense 25 — 25 
Other items10 6 16 
Adjusted EBITDA$681 $(385)$296