EX-99.1 6 a2023q3cei-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, 2023 and December 31, 2022, consolidating condensed statements of operations for the three and nine months ended September 30, 2023 and 2022, cash flows for the nine months ended September 30, 2023 and 2022, and Adjusted EBITDA for the three and nine months ended September 30, 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 September 30, 2023 and December 31, 2022 are as follows:
September 30, 2023December 31, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$429 $412 $841 $432 $606 $1,038 
Restricted cash24 106 130 15 116 131 
Accounts receivable, net401 154 555 463 148 611 
Inventories34 11 45 45 14 59 
Prepayments and other current assets198 91 289 171 92 263 
Total current assets1,086 774 1,860 1,126 976 2,102 
Investments in and advances to unconsolidated affiliates— 91 91 — 94 94 
Property and equipment, net11,634 3,066 14,700 11,540 3,058 14,598 
Goodwill9,014 1,990 11,004 9,014 1,990 11,004 
Intangible assets other than goodwill3,108 1,532 4,640 3,149 1,565 4,714 
Deferred tax asset2 48 50 — — — 
Other assets, net1,519 (635)884 1,482 (467)1,015 
Total assets$26,363 $6,866 $33,229 $26,311 $7,216 $33,527 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$273 $98 $371 $206 $108 $314 
Accrued interest105 141 246 120 198 318 
Accrued other liabilities1,078 801 1,879 1,070 858 1,928 
Due to affiliates968 (968)— 1,481 (1,481)— 
Current portion of long-term debt2 63 65 67 41 108 
Total current liabilities2,426 135 2,561 2,944 (276)2,668 
Long-term financing obligation11,467 1,258 12,725 11,364 1,246 12,610 
Long-term debt1,024 11,206 12,230 5,173 7,486 12,659 
Long-term debt to related party 4,407 (4,407)— 15 (15)— 
Deferred tax liability240 (141)99 1,518 (531)987 
Other long-term liabilities446 426 872 427 425 852 
Total liabilities20,010 8,477 28,487 21,441 8,335 29,776 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity6,215 (1,611)4,604 4,858 (1,145)3,713 
Noncontrolling interests138 — 138 12 26 38 
Total stockholders’ equity6,353 (1,611)4,742 4,870 (1,119)3,751 
Total liabilities and stockholders’ equity$26,363 $6,866 $33,229 $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 September 30, 2023 and 2022 are as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$1,029 $591 $1,620 $1,017 $588 $1,605 
Food and beverage372 71 443 351 60 411 
Hotel458 95 553 457 87 544 
Other301 77 378 282 45 327 
Net revenues2,160 834 2,994 2,107 780 2,887 
EXPENSES:
Casino488 343 831 470 368 838 
Food and beverage220 46 266 200 40 240 
Hotel117 29 146 116 26 142 
Other111 7 118 98 7 105 
General and administrative365 163 528 363 166 529 
Corporate74 — 74 62 1 63 
Depreciation and amortization241 79 320 226 78 304 
Transaction and other costs. net10 (23)(13)5 2 7 
Total operating expenses1,626 644 2,270 1,540 688 2,228 
Operating income534 190 724 567 92 659 
OTHER EXPENSE:
Interest expense, net(396)(185)(581)(402)(167)(569)
Loss on extinguishment of debt— (3)(3)(33)— (33)
Other income (loss)1 (2)(1)— 4 4 
Total other expense(395)(190)(585)(435)(163)(598)
Income (loss) from continuing operations before income taxes139 — 139 132 (71)61 
Benefit (provision) for income taxes(29)(18)(47)(13)5 (8)
Income (loss) from continuing operations, net of income taxes110 (18)92 119 (66)53 
Discontinued operations, net of income taxes— — — — — — 
Net income (loss)110 (18)92 119 (66)53 
Net income attributable to noncontrolling interests(18)— (18)— (1)(1)
Net income (loss) attributable to Caesars$92 $(18)$74 $119 $(67)$52 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the nine months ended September 30, 2023 and 2022 are as follows:
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino$2,957 $1,832 $4,789 $3,000 $1,446 $4,446 
Food and beverage1,097 208 1,305 987 185 1,172 
Hotel1,352 229 1,581 1,241 205 1,446 
Other858 170 1,028 818 118 936 
Net revenues6,264 2,439 8,703 6,046 1,954 8,000 
EXPENSES:
Casino1,421 1,055 2,476 1,397 1,330 2,727 
Food and beverage641 134 775 564 120 684 
Hotel349 77 426 321 70 391 
Other314 22 336 277 21 298 
General and administrative1,039 497 1,536 1,034 511 1,545 
Corporate234 5 239 204 4 208 
Depreciation and amortization711 232 943 671 239 910 
Transaction and other costs, net50 (14)36 14 (28)(14)
Total operating expenses4,759 2,008 6,767 4,482 2,267 6,749 
Operating income (loss)1,505 431 1,936 1,564 (313)1,251 
OTHER EXPENSE:
Interest expense, net(1,198)(563)(1,761)(1,184)(496)(1,680)
Loss on extinguishment of debt(197)(3)(200)(33)— (33)
Other income (loss)— 5 5 24 29 53 
Total other expense(1,395)(561)(1,956)(1,193)(467)(1,660)
Income (loss) from continuing operations before income taxes110 (130)(20)371 (780)(409)
Benefit (provision) for income taxes1,151 (247)904 (54)101 47 
Income (loss) from continuing operations, net of income taxes1,261 (377)884 317 (679)(362)
Discontinued operations, net of income taxes— — — (2)(384)(386)
Net income (loss)1,261 (377)884 315 (1,063)(748)
Net income attributable to noncontrolling interests(26)— (26)(1)(2)(3)
Net income (loss) attributable to Caesars$1,235 $(377)$858 $314 $(1,065)$(751)

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the nine months ended September 30, 2023 and 2022 are as follows:
Nine Months Ended September 30, 2023Nine Months Ended September 30, 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$584 $717 $1,301 $1,328 $(859)$469 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(673)(222)(895)(463)(254)(717)
Acquisition of gaming rights and trademarks(15)(15)(30)(11)— (11)
Proceeds from sale of business, property and equipment, net of cash sold— 1 1 4 17 21 
Proceeds from the sale of investments— 3 3 — 121 121 
Proceeds from insurance related to property damage— — — — 36 36 
Other40 — 40 — — — 
Net cash used in investing activities(648)(233)(881)(470)(80)(550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities4,420 880 5,300 750 — 750 
Repayments of long-term debt and revolving credit facilities(4,434)(1,496)(5,930)(1,667)(94)(1,761)
Cash paid to settle convertible notes— — — — — — 
Financing obligation payments(6)(1)(7)(1)— (1)
Debt issuance and extinguishment costs— (79)(79)— — — 
Payments to acquire ownership interest in subsidiary— (66)(66)— — — 
Contributions from noncontrolling interest owners100 — 100 — — — 
Distributions to noncontrolling interests— (1)(1)— — — 
Taxes paid related to net share settlement of equity awards— (25)(25)— (26)(26)
Net cash used in financing activities80 (788)(708)(918)(120)(1,038)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— — — — (18)(18)
Cash flows from investing activities— — — — 386 386 
Cash flow from financing activities— — — — — — 
Net cash from discontinued operations— — — — 368 368 
Effect of foreign currency exchange rates on cash— — — — (29)(29)
Increase (decrease) in cash, cash equivalents and restricted cash16 (304)(288)(60)(720)(780)
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$464 $551 $1,015 $467 $774 $1,241 


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, 2023 are as follows:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$92 $(18)$74 $1,235 $(377)$858 
Net income attributable to noncontrolling interests18 — 18 26 — 26 
(Benefit) provision for income tax29 18 47 (1,151)247 (904)
Other (income) loss(1)2 1 — (5)(5)
Loss on extinguishment of debt— 3 3 197 3 200 
Interest expense, net396 185 581 1,198 563 1,761 
Depreciation and amortization241 79 320 711 232 943 
Transaction costs and other, net16 (43)(27)71 (24)47 
Stock-based compensation expense 26 — 26 82 — 82 
Adjusted EBITDA$817 $226 $1,043 $2,369 $639 $3,008