EX-99.1 9 a2023q1cei-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, 2023 and December 31, 2022, consolidating condensed statements of operations for the three months ended March 31, 2023 and 2022, cash flows for the three months ended March 31, 2023 and 2022, and Adjusted EBITDA for the three months ended March 31, 2023 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 March 31, 2023 and December 31, 2022 are as follows:
March 31, 2023December 31, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$468 $497 $965 $432 $606 $1,038 
Restricted cash24 131 155 15 116 131 
Accounts receivable, net409 134 543 463 148 611 
Inventories44 13 57 45 14 59 
Prepayments and other current assets203 88 291 171 92 263 
Total current assets1,148 863 2,011 1,126 976 2,102 
Investments in and advances to unconsolidated affiliates— 91 91 — 94 94 
Property and equipment, net11,545 3,063 14,608 11,540 3,058 14,598 
Goodwill9,014 1,990 11,004 9,014 1,990 11,004 
Intangible assets other than goodwill3,130 1,548 4,678 3,149 1,565 4,714 
Other assets, net1,495 (538)957 1,482 (467)1,015 
Total assets$26,332 $7,017 $33,349 $26,311 $7,216 $33,527 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$197 $88 $285 206 $108 $314 
Accrued interest106 146 252 120 198 318 
Accrued other liabilities965 807 1,772 1,070 858 1,928 
Due to affiliates1,476 (1,476)— 1,481 (1,481)— 
Current portion of long-term debt2 66 68 $67 41 108 
Total current liabilities2,746 (369)2,377 2,944 (276)2,668 
Long-term financing obligation11,398 1,250 12,648 11,364 1,246 12,610 
Long-term debt1,024 11,880 12,904 5,173 7,486 12,659 
Long-term debt to related party 4,435 (4,435)— 15 (15)— 
Deferred income taxes1,424 (493)931 1,518 (531)987 
Other long-term liabilities432 422 854 427 425 852 
Total liabilities21,459 8,255 29,714 21,441 8,335 29,776 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity4,861 (1,264)3,597 4,858 (1,145)3,713 
Noncontrolling interests12 26 38 12 26 38 
Total stockholders’ equity4,873 (1,238)3,635 4,870 (1,119)3,751 
Total liabilities and stockholders’ equity$26,332 $7,017 $33,349 $26,311 $7,216 $33,527 





Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the three months ended March 31, 2023 and 2022 are as follows:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$958 $627 $1,585 $972 $320 $1,292 
Food and beverage363 64 427 289 50 339 
Hotel450 53 503 335 48 383 
Other269 46 315 242 36 278 
Net revenues2,040 790 2,830 1,838 454 2,292 
EXPENSES:
Casino458 370 828 454 610 1,064 
Food and beverage209 42 251 167 35 202 
Hotel115 22 137 96 19 115 
Other100 7 107 83 5 88 
General and administrative339 170 509 325 174 499 
Corporate76 3 79 67 2 69 
Depreciation and amortization223 77 300 218 82 300 
Transaction and other operating costs. net9 7 16 4 (39)(35)
Total operating expenses1,529 698 2,227 1,414 888 2,302 
Operating income (loss)511 92 603 424 (434)(10)
OTHER EXPENSE:
Interest expense, net(404)(190)(594)(380)(172)(552)
Loss on extinguishment of debt(197)— (197)— — — 
Other income (loss)— 3 3 22 (18)4 
Total other expense(601)(187)(788)(358)(190)(548)
Income (loss) from continuing operations before income taxes(90)(95)(185)66 (624)(558)
Benefit for income taxes24 25 49 (10)117 107 
Loss from continuing operations, net of income taxes(66)(70)(136)56 (507)(451)
Discontinued operations, net of income taxes— — — (1)(228)(229)
Net loss(66)(70)(136)55 (735)(680)
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net loss attributable to Caesars$(66)$(70)$(136)$55 $(735)$(680)













Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the three months ended March 31, 2023 and 2022 are as follows:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
(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$192 $(18)$174 $85 $(331)$(246)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(186)(86)(272)(137)(73)(210)
Proceeds from sale of businesses, property and equipment, net of cash sold1 — 1 3 — 3 
Proceeds from the sale of investments— — — — 27 27 
Proceeds from insurance related to property damage— — — — 27 27 
Other40 — 40 — (6)(6)
Net cash used in investing activities(145)(86)(231)(134)(25)(159)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities4,420 280 4,700 — 475 475 
Repayments of long-term debt and revolving credit facilities(4,420)(210)(4,630)(16)(476)(492)
Financing obligation payments(1)— (1)— — — 
Debt issuance and extinguishment costs— (79)(79)— — — 
Taxes paid related to net share settlement of equity awards— (13)(13)— (20)(20)
Net cash used in financing activities(1)(22)(23)(16)(21)(37)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— — — — (13)(13)
Cash flows from investing activities— — — — (39)(39)
Cash flow from financing activities— — — — — — 
Net cash from discontinued operations— — — — (52)(52)
Effect of foreign currency exchange rates on cash— — — — (9)(9)
Decrease in cash, cash equivalents and restricted cash46 (126)(80)(65)(438)(503)
Cash, cash equivalents and restricted cash, beginning of period448 855 1,303 527 1,494 2,021 
Cash, cash equivalents and restricted cash, end of period$494 $729 $1,223 $462 $1,056 $1,518 


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, 2023 are as follows:
Three Months Ended March 31, 2023
(In millions)CRCOther Operations,
Eliminations		CEI Consolidated
Net loss attributable to Caesars$(66)$(70)$(136)
Benefit for income tax(24)(25)(49)
Other income— (3)(3)
Loss on extinguishment of debt197 — 197 
Interest expense, net404 190 594 
Depreciation and amortization223 77 300 
Transaction costs and other, net18 10 28 
Stock-based compensation expense 27 — 27 
Adjusted EBITDA$779 $179 $958