EX-99.1 12 a2022q3cei-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 September 30, 2022 and December 31, 2021, consolidating condensed statements of operations for the three and nine months ended September 30, 2022 and 2021, cash flows for the nine months ended September 30, 2022 and 2021, and Adjusted EBITDA for the three and nine months ended September 30, 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 consolidating condensed balance sheets as of September 30, 2022 and December 31, 2021 are as follows:
September 30, 2022December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$443 $501 $944 $508 $562 $1,070 
Restricted cash and investments21 115 136 13 306 319 
Accounts receivable, net368 138 506 369 103 472 
Inventories32 14 46 30 12 42 
Prepayments and other current assets196 108 304 189 101 290 
Assets held for sale— — — — 3,771 3,771 
Total current assets1,060 876 1,936 1,109 4,855 5,964 
Investments in and advances to unconsolidated affiliates— 96 96 — 158 158 
Property and equipment, net11,571 3,021 14,592 11,688 2,913 14,601 
Gaming rights and other intangibles, net3,199 1,580 4,779 3,255 1,665 4,920 
Goodwill9,014 2,068 11,082 9,014 2,062 11,076 
Other assets, net1,528 (419)1,109 1,500 (188)1,312 
Total assets$26,372 $7,222 $33,594 $26,566 $11,465 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$157 $143 $300 $175 $79 $254 
Accrued interest104 125 229 118 202 320 
Accrued other liabilities1,031 796 1,827 1,053 920 1,973 
Due to affiliates799 (799)— 601 (601)— 
Current portion of long-term debt67 3 70 67 3 70 
Liabilities related to assets held for sale— — — — 2,680 2,680 
Total current liabilities2,158 268 2,426 2,014 3,283 5,297 
Long-term financing obligation11,321 1,244 12,565 11,191 1,233 12,424 
Long-term debt6,068 6,789 12,857 6,861 6,861 13,722 
Long-term debt to related party 15 (15)— 15 (15)— 
Deferred income taxes1,567 (585)982 1,555 (444)1,111 
Other long-term liabilities447 425 872 524 412 936 
Total liabilities21,576 8,126 29,702 22,160 11,330 33,490 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity4,783 (945)3,838 4,395 85 4,480 
Noncontrolling interests13 41 54 11 50 61 
Total stockholders’ equity4,796 (904)3,892 4,406 135 4,541 
Total liabilities and stockholders’ equity$26,372 $7,222 $33,594 $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 September 30, 2022 and 2021 are as follows:
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$1,017 $588 $1,605 $1,042 $468 $1,510 
Food and beverage351 60 411 295 52 347 
Hotel457 87 544 423 88 511 
Other282 45 327 283 34 317 
Net revenues2,107 780 2,887 2,043 642 2,685 
EXPENSES:
Casino and pari-mutuel commissions470 368 838 464 366 830 
Food and beverage200 40 240 175 35 210 
Hotel116 26 142 104 26 130 
Other98 7 105 109 5 114 
General and administrative363 166 529 326 160 486 
Corporate62 1 63 70 16 86 
Depreciation and amortization226 78 304 218 58 276 
Transaction costs and other operating costs5 2 7 14 7 21 
Total operating expenses1,540 688 2,228 1,480 673 2,153 
Operating income567 92 659 563 (31)532 
OTHER EXPENSE:
Interest expense, net(402)(167)(569)(421)(158)(579)
Loss on extinguishment of debt(33)— (33)(107)(10)(117)
Other income (loss)— 4 4 (1)(152)(153)
Total other expense(435)(163)(598)(529)(320)(849)
Income (loss) from continuing operations before income taxes132 (71)61 34 (351)(317)
Benefit (provision) for income taxes(13)5 (8)(1)91 90 
Net income (loss) from continuing operations, net of income taxes119 (66)53 33 (260)(227)
Discontinued operations, net of income taxes— — — 10 (14)(4)
Net income (loss)119 (66)53 43 (274)(231)
Net loss attributable to noncontrolling interests— (1)(1)(1)(1)(2)
Net income (loss) attributable to Caesars$119 $(67)$52 $42 $(275)$(233)












Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the nine months ended September 30, 2022 and 2021 are as follows:
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$3,000 $1,446 $4,446 $2,979 $1,329 $4,308 
Food and beverage987 185 1,172 677 120 797 
Hotel1,241 205 1,446 930 192 1,122 
Other818 118 936 669 83 752 
Net revenues6,046 1,954 8,000 5,255 1,724 6,979 
EXPENSES:
Casino and pari-mutuel commissions1,397 1,330 2,727 1,339 772 2,111 
Food and beverage564 120 684 401 83 484 
Hotel321 70 391 256 61 317 
Other277 21 298 250 12 262 
General and administrative1,034 511 1,545 896 388 1,284 
Corporate204 4 208 171 57 228 
Depreciation and amortization671 239 910 676 166 842 
Transaction costs and other operating costs14 (28)(14)51 62 113 
Total operating expenses4,482 2,267 6,749 4,040 1,601 5,641 
Operating income1,564 (313)1,251 1,215 123 1,338 
OTHER EXPENSE:
Interest expense, net(1,184)(496)(1,680)(1,255)(479)(1,734)
Loss on extinguishment of debt(33)— (33)(107)(33)(140)
Other income (loss)24 29 53 (5)(171)(176)
Total other expense(1,193)(467)(1,660)(1,367)(683)(2,050)
Income (loss) from continuing operations before income taxes371 (780)(409)(152)(560)(712)
Benefit (provision) for income taxes(54)101 47 71 96 167 
Net income (loss) from continuing operations, net of income taxes317 (679)(362)(81)(464)(545)
Discontinued operations, net of income taxes(2)(384)(386)(22)(16)(38)
Net income (loss)315 (1,063)(748)(103)(480)(583)
Net loss attributable to noncontrolling interests(1)(2)(3)(2)— (2)
Net income (loss) attributable to Caesars$314 $(1,065)$(751)$(105)$(480)$(585)














Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are as follows:
Nine Months Ended September 30, 2022Nine Months Ended September 30, 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$1,328 $(859)$469 $1,729 $(755)$974 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(463)(254)(717)(189)(124)(313)
Acquisition of William Hill, net of cash acquired— — — — (1,551)(1,551)
Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated— — — — (5)(5)
Acquisition of gaming rights and trademarks(11)— (11)(262)(20)(282)
Proceeds from sale of businesses, property and equipment, net of cash sold4 17 21 289 420 709 
Proceeds from the sale of investments— 121 121 — 206 206 
Proceeds from insurance related to property damage— 36 36 — 44 44 
Investments in unconsolidated affiliates— — — — (39)(39)
Net cash used in investing activities(470)(80)(550)(162)(1,069)(1,231)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities750 — 750 108 1,200 1,308 
Repayments of long-term debt and revolving credit facilities(1,667)(94)(1,761)(1,048)(77)(1,125)
Cash paid to settle convertible notes— — — — (367)(367)
Financing obligation payments(1)— (1)— — — 
Transactions with parent— — — (117)117 — 
Debt issuance and extinguishment costs— — — — (42)(42)
Taxes paid related to net share settlement of equity awards— (26)(26)— (33)(33)
Net cash used in financing activities(918)(120)(1,038)(1,057)798 (259)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by (used in) discontinued operations— 368 368 (18)(899)(917)
Change in cash, cash equivalents, and restricted cash classified as assets held for sale— — — — 10 10 
Effect of foreign currency exchange rates on cash— (29)(29)— 31 31 
Increase (decrease) in cash, cash equivalents and restricted cash(60)(720)(780)492 (1,884)(1,392)
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$467 $774 $1,241 $903 $1,985 $2,888 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for the three and nine months ended September 30, 2022 are as follows:
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$119 $(67)$52 $314 $(1,065)$(751)
Net income attributable to noncontrolling interests— 1 1 1 2 3 
Discontinued operations, net of income taxes— — — 2 384 386 
Provision (benefit) for income tax13 (5)8 54 (101)(47)
Other (income) loss— (4)(4)(24)(29)(53)
Loss on extinguishment of debt33 — 33 33 — 33 
Interest expense402 167 569 1,184 496 1,680 
Depreciation and amortization226 78 304 671 239 910 
Transaction costs and other operating costs5 2 7 14 (28)(14)
Stock-based compensation expense 26 — 26 77 — 77 
Other items12 4 16 33 29 62 
Adjusted EBITDA$836 $176 $1,012 $2,359 $(73)$2,286