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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                 
Commission File No. 001-36629
CAESARS ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware46-3657681
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
100 West Liberty Street, 12th Floor, Reno, Nevada 89501
(Address and zip code of principal executive offices)
(775) 328-0100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par value
CZRNASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of October 26, 2023 was 215,710,686.


CAESARS ENTERTAINMENT, INC.
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PART I - FINANCIAL INFORMATION
Item 1.  Unaudited Financial Statements
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(In millions)September 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$841 $1,038 
Restricted cash130 131 
Accounts receivable, net555 611 
Inventories45 59 
Prepayments and other current assets289 263 
Total current assets1,860 2,102 
Investments in and advances to unconsolidated affiliates91 94 
Property and equipment, net 14,700 14,598 
Goodwill11,004 11,004 
Intangible assets other than goodwill4,640 4,714 
Deferred tax asset50 — 
Other assets, net884 1,015 
Total assets$33,229 $33,527 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$371 $314 
Accrued interest246 318 
Accrued other liabilities1,879 1,928 
Current portion of long-term debt65 108 
Total current liabilities2,561 2,668 
Long-term financing obligations12,725 12,610 
Long-term debt12,230 12,659 
Deferred tax liability99 987 
Other long-term liabilities872 852 
Total liabilities28,487 29,776 
Commitments and contingencies (Note 7)


STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity4,604 3,713 
Noncontrolling interests138 38 
Total stockholders’ equity4,742 3,751 
Total liabilities and stockholders’ equity$33,229 $33,527 
The accompanying notes are an integral part of these consolidated condensed financial statements.
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CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2023202220232022
REVENUES:
Casino$1,620 $1,605 $4,789 $4,446 
Food and beverage443 411 1,305 1,172 
Hotel553 544 1,581 1,446 
Other378 327 1,028 936 
Net revenues2,994 2,887 8,703 8,000 
EXPENSES:
Casino831 838 2,476 2,727 
Food and beverage266 240 775 684 
Hotel146 142 426 391 
Other118 105 336 298 
General and administrative528 529 1,536 1,545 
Corporate74 63 239 208 
Depreciation and amortization320 304 943 910 
Transaction and other costs, net(13)7 36 (14)
Total operating expenses2,270 2,228 6,767 6,749 
Operating income724 659 1,936 1,251 
OTHER EXPENSE:
Interest expense, net(581)(569)(1,761)(1,680)
Loss on extinguishment of debt(3)(33)(200)(33)
Other income (loss)
(1)4 5 53 
Total other expense(585)(598)(1,956)(1,660)
Income (loss) from continuing operations before income taxes139 61 (20)(409)
Benefit (provision) for income taxes(47)(8)904 47 
Income (loss) from continuing operations, net of income taxes92 53 884 (362)
Discontinued operations, net of income taxes— — — (386)
Net income (loss)92 53 884 (748)
Net income attributable to noncontrolling interests(18)(1)(26)(3)
Net income (loss) attributable to Caesars$74 $52 $858 $(751)
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations$0.34 $0.24 $3.99 $(1.70)
Basic loss per share from discontinued operations— — — (1.80)
Basic income (loss) per share$0.34 $0.24 $3.99 $(3.50)
Diluted income (loss) per share from continuing operations$0.34 $0.24 $3.97 $(1.70)
Diluted loss per share from discontinued operations— — — (1.80)
Diluted income (loss) per share$0.34 $0.24 $3.97 $(3.50)
Weighted average basic shares outstanding215 214 215 214 
Weighted average diluted shares outstanding216 215 216 214 
The accompanying notes are an integral part of these consolidated condensed financial statements.
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CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Net income (loss)$92 $53 $884 $(748)
Foreign currency translation adjustments— 110 1 33 
Change in fair market value of interest rate swaps, net of tax— 3 — 23 
Other(1)— 4 1 
Other comprehensive income (loss), net of tax(1)113 5 57 
Comprehensive income (loss)91 166 889 (691)
Comprehensive income attributable to noncontrolling interests(18)(1)(26)(3)
Comprehensive income (loss) attributable to Caesars$73 $165 $863 $(694)
The accompanying notes are an integral part of these consolidated condensed financial statements.
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CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
Caesars Stockholders’ Equity
Preferred StockCommon StockTreasury Stock
(In millions)SharesAmountSharesAmountPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)AmountNoncontrolling InterestsTotal Stockholders’ Equity
Balance, December 31, 2021— $— 214 $— $6,877 $(2,410)$36 $(23)$61 $4,541 
Stock-based compensation— — — — 25 — — — — 25 
Net loss— — — — — (680)— — — (680)
Other comprehensive loss, net of tax— — — — — — (20)— — (20)
Shares withheld related to net share settlement of stock awards— — — — (20)— — — — (20)
Balance, March 31, 2022— $— 214 $— $6,882 $(3,090)$16 $(23)$61 $3,846 
Stock-based compensation— — — — 26 — — — — 26 
Net income (loss)— — — — — (123)— — 2 (121)
Other comprehensive loss, net of tax— — — — — — (36)— — (36)
Shares withheld related to net share settlement of stock awards— — — — (3)— — — — (3)
Transactions with noncontrolling interests— — — — — — — — (1)(1)
Balance, June 30, 2022— $— 214 $— $6,905 $(3,213)$(20)$(23)$62 $3,711 
Stock-based compensation— — 1 — 27 — — — — 27 
Net income— — — — — 52 — — 1 53 
Other comprehensive income, net of tax— — — — — — 113 — — 113 
Shares withheld related to net share settlement of stock awards
— — — — (3)— — — — (3)
Transactions with noncontrolling interests— — — — — — — — (9)(9)
Balance, September 30, 2022— $— 215 $— $6,929 $(3,161)$93 $(23)$54 $3,892 
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Caesars Stockholders’ Equity
Preferred StockCommon StockTreasury Stock
(In millions)SharesAmountSharesAmountPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)AmountNoncontrolling InterestsTotal Stockholders’ Equity
Balance, December 31, 2022— $— 215 $— $6,953 $(3,309)$92 $(23)$38 $3,751 
Stock-based compensation— — — — 27 — — — — 27 
Net loss— — — — — (136)— — — (136)
Other comprehensive income, net of tax— — — — — — 6 — — 6 
Shares withheld related to net share settlement of stock awards — — — — (13)— — — — (13)
Balance, March 31, 2023— $— 215 $— $6,967 $(3,445)$98 $(23)$38 $3,635 
Stock-based compensation— — — — 29 — — — — 29 
Net income— — — — — 920 — — 8 928 
Shares withheld related to net share settlement of stock awards— — — — (1)— — — — (1)
Transactions with noncontrolling interests— — — — — — — — 76 76 
Balance, June 30, 2023— $— 215 $— $6,995 $(2,525)$98 $(23)$122 $4,667 
Stock-based compensation— — 1 — 26 — — — — 26 
Net income— — — — — 74 — — 18 92 
Other comprehensive loss, net of tax
— — — — — — (1)— — (1)
Shares withheld related to net share settlement of stock awards— — — — (11)— — — — (11)
Transactions with noncontrolling interests— — — — (29)— — — (2)(31)
Balance, September 30, 2023— $— 216 $— $6,981 $(2,451)$97 $(23)$138 $4,742 
The accompanying notes are an integral part of these consolidated condensed financial statements.
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CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
(In millions)20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$884 $(748)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations— 386 
Depreciation and amortization943 910 
Amortization of deferred financing costs and discounts155 234 
Provision for doubtful accounts29 14 
Loss on extinguishment of debt200 33 
Non-cash lease amortization45 42 
(Gain) loss on investments(2)48 
Stock compensation expense82 77 
Loss on sale of business and disposal of property and equipment12 8 
Deferred income taxes(904)(47)
Gain on derivatives— (73)
Other non-cash adjustments to net income (loss)22 (70)
Change in operating assets and liabilities:
Accounts receivable(17)(63)
Prepaid expenses and other assets11 (43)
Income taxes payable(24)(4)
Accounts payable, accrued expenses and other liabilities(135)(235)
Net cash provided by operating activities1,301 469 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(895)(717)
Acquisition of gaming rights and trademarks(30)(11)
Proceeds from sale of business, property and equipment, net of cash sold1 21 
Proceeds from the sale of investments3 121 
Proceeds from insurance related to property damage— 36 
Other 40 — 
Net cash used in investing activities(881)(550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities5,300 750 
Repayments of long-term debt and revolving credit facilities(5,930)(1,761)
Financing obligation payments(7)(1)
Debt issuance and extinguishment costs(79)— 
Payments to acquire ownership interest in subsidiary
(66)— 
Contributions from noncontrolling interest owners100 — 
Distributions to noncontrolling interest(1)— 
Taxes paid related to net share settlement of equity awards(25)(26)
Net cash used in financing activities(708)(1,038)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities— (18)
Cash flows from investing activities— 386 
Cash flows from financing activities— — 
Net cash from discontinued operations— 368 
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Nine Months Ended September 30,
(In millions)20232022
Effect of foreign currency exchange rates on cash— (29)
Decrease in cash, cash equivalents and restricted cash
(288)(780)
Cash, cash equivalents and restricted cash, beginning of period1,303 2,021 
Cash, cash equivalents and restricted cash, end of period$1,015 $1,241 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$841 $944 
Restricted cash130 136 
Restricted and escrow cash included in other assets, net44 161 
Total cash, cash equivalents and restricted cash$1,015 $1,241 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt$749 $679 
Cash interest paid for rent related to financing obligations959 892 
Income taxes paid, net23 18 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures193 118 
The accompanying notes are an integral part of these consolidated condensed financial statements.
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
The accompanying consolidated condensed financial statements include the accounts of Caesars Entertainment, Inc., a Delaware corporation, and its consolidated subsidiaries which may be referred to as the “Company,” “CEI,” “Caesars,” “we,” “our,” or “us” within these financial statements.
This Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). Capitalized terms used but not defined in this Form 10-Q have the same meanings as in the 2022 Annual Report.
We also refer to (i) our Consolidated Condensed Financial Statements as our “Financial Statements,” (ii) our Consolidated Condensed Balance Sheets as our “Balance Sheets,” (iii) our Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Loss) as our “Statements of Operations,” and (iv) our Consolidated Condensed Statements of Cash Flows as our “Statements of Cash Flows.”
Note 1. Organization and Description of Business
Organization
The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020 and William Hill PLC on April 22, 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR.”
Description of Business
The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 52,500 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 46,900 hotel rooms as of September 30, 2023. The Company operates and conducts sports wagering across 30 jurisdictions in North America, 24 of which offer mobile sports betting, and operates regulated online real money gaming businesses in six jurisdictions in North America. In addition, we have other domestic and international properties that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The Company’s primary source of revenue is generated by our casino properties’ gaming operations, retail and online sports betting, online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.
The Company’s operations for retail and mobile sports betting, online casino, and online poker are included under the Caesars Digital segment. As part of the Caesars Digital segment, the Company has made significant investments into the interactive business in recent years, including the acquisition of William Hill PLC and strategic expansions into new markets as legalization permits. The Company has utilized significant marketing campaigns with distinguished actors, athletes and media personalities promoting the Caesars Sportsbook app. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online gaming and sports betting.
Divestitures
We periodically divest of assets in order to raise capital, as a result of a determination that the assets are not core to our business, or due to regulatory requirements. A summary of recently completed divestitures of our properties as of September 30, 2023 is as follows:
SegmentPropertyDate SoldSales Price
RegionalBelle of Baton Rouge Casino & Hotel (“Baton Rouge”)May 5, 2022*
Discontinued operations:
N/AWilliam Hill InternationalJuly 1, 2022£2.0 billion
____________________
*Not meaningful.
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
The following information presents the net revenues and net loss of recently completed divestitures:
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
(In millions)Baton RougeWilliam Hill InternationalBaton RougeWilliam Hill International
Net revenues$— $— $6 $820 
Net loss— — (1)(448)
Note 2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation.
The presentation of financial information herein for the periods before the Company’s divestitures of various properties is not fully comparable to the periods after the sale dates.
Consolidation of Subsidiaries and Variable Interest Entities
Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions.
We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities.
We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Transactions with Horseshoe Baltimore
On July 10, 2023, we completed the acquisition of the remaining 24.2% equity ownership in Horseshoe Baltimore, utilizing cash on hand, for a total of $66 million.
Cash and Cash Equivalents
Cash equivalents include highly-liquid investments with original maturities of three months or less at the date of purchase including investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).
Restricted Cash
Restricted cash includes certificates of deposit and similar instruments that are subject to remeasurement on a recurring basis, as well as cash deposits which are restricted under certain operating agreements, regulatory requirement, or for future capital expenditures in the normal course of business.
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Advertising
Advertising costs are expensed in the period the advertising first occurs. Advertising costs for the three months ended September 30, 2023 and 2022 were $65 million and $114 million, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $185 million and $490 million, respectively, and are included within operating expenses. Advertising costs for the nine months ended September 30, 2022 included significant television, radio and internet marketing campaigns promoting our Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.
Interest Expense, Net
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Interest expense$597 $580 $1,798 $1,707 
Capitalized interest(13)(8)(27)(19)
Interest income(3)(3)(10)(8)
Total interest expense, net$581 $569 $1,761 $1,680 
Recently Issued Accounting Pronouncements
Pronouncements to Be Implemented in Future Periods
In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06 Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.
Note 3. Investments in and Advances to Unconsolidated Affiliates
Pompano Joint Venture
In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval.
While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such, the investment in the joint venture is accounted for using the equity method. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction and other costs, net on the Statements of Operations. As of both September 30, 2023 and December 31, 2022, the Company’s investment in the joint venture was $80 million and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets. The Company has no further obligation to contribute additional real estate or cash as of September 30, 2023.
NeoGames
The Company held an investment in NeoGames S.A., a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On March 14, 2022, the Company sold its investment at fair value for $26 million and recorded a loss of $34 million during the nine months ended September 30, 2022, which is included within Other income (loss) on the Statements of Operations.
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Note 4. Property and Equipment
(In millions)September 30, 2023December 31, 2022
Land$2,088 $2,092 
Buildings, riverboats, and leasehold and land improvements13,365 13,094 
Furniture, fixtures, and equipment2,352 2,054 
Construction in progress682 351 
Total property and equipment18,487 17,591 
Less: accumulated depreciation(3,787)(2,993)
Total property and equipment, net$14,700 $14,598 
A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases.
Depreciation Expense
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Depreciation expense$284 $260 $835 $758 
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.
Note 5. Goodwill and Intangible Assets, net
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill.
Changes in Carrying Value of Goodwill and Other Intangible Assets
Non-Amortizing Intangible Assets
(In millions)Amortizing Intangible AssetsGoodwillOther
Balances as of December 31, 2022
$1,060 $11,004 $3,654 
Amortization expense(108)— — 
Acquisition of gaming rights and trademarks30 — 4 
Balances as of September 30, 2023
$982 $11,004 $3,658 
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
September 30, 2023December 31, 2022
(Dollars in millions)Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizing intangible assets
Customer relationships
3 - 7 years
$587 $(339)$248 $587 $(276)$311 
Gaming rights and other
10 - 34 years
242 (25)217 212 (16)196 
Trademarks
15 years
313 (87)226 313 (73)240 
Reacquired rights
24 years
250 (25)225 250 (17)233 
Technology
6 years
110 (44)66 110 (30)80 
$1,502 $(520)982 $1,472 $(412)1,060 
Non-amortizing intangible assets other than Goodwill
Trademarks1,998 1,998 
Gaming rights1,137 1,133 
Caesars Rewards523 523 
3,658 3,654 
Total amortizing and non-amortizing intangible assets other than Goodwill, net$4,640 $4,714 
Amortization expense with respect to intangible assets for the three months ended September 30, 2023 and 2022 totaled $36 million and $44 million, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $108 million and $152 million, respectively, which is included in Depreciation and amortization in the Statements of Operations.
Estimated Five-Year Amortization
Remaining 2023Years Ended December 31,
(In millions)20242025202620272028
Estimated annual amortization expense$36 $130 $122 $122 $80 $43 
Note 6. Fair Value Measurements
Items Measured at Fair Value on a Recurring Basis
The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets:
September 30, 2023
(In millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$2 $— $— $2 
Total assets at fair value$2 $— $— $2 
December 31, 2022
(In millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$2 $2 $— $4 
Total assets at fair value$2 $2 $— $4 
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13
CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Marketable Securities 
Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and deferred compensation plans. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities.
Restricted Cash
The estimated fair values of the Company’s restricted cash are based upon quoted prices available in active markets (Level 1) or quoted prices for similar assets in active and inactive markets (Level 2) and represent the amounts the Company would expect to receive if the Company sold the instruments classified as restricted cash. Restricted cash classified as Level 1 includes cash equivalents held in short-term certificate of deposit accounts or money market type funds. Restricted cash that is not subject to remeasurement on a recurring basis is not included in the table above.
Derivative Instruments
The Company does not purchase or hold any derivative financial instruments for trading purposes.
Forward Contracts
The Company entered into several foreign exchange forward contracts with third parties to hedge the risk of fluctuations in the foreign exchange rates between USD and GBP. During the nine months ended September 30, 2022, the Company recorded gains of $76 million related to forward contracts, which have been recorded in Other income (loss) on the Statements of Operations. All forward contracts were settled as of July 1, 2022.
Interest Rate Swap Derivatives
The Company used interest rate swaps to manage the mix of debt between fixed and variable rate instruments. The term of the last interest rate swaps ended on December 31, 2022.
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CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through September 30, 2023 and 2022 are shown below.
(In millions)Unrealized Net Gains on Derivative InstrumentsForeign Currency Translation Adjustments OtherTotal
Balances as of December 31, 2021
$73 $(36)$(1)$36 
Other comprehensive income (loss) before reclassifications5 (33)— (28)
Amounts reclassified from accumulated other comprehensive income8 — — 8 
Total other comprehensive income (loss), net of tax13 (33)— (20)
Balances as of March 31, 2022
$86 $(69)$(1)$16 
Other comprehensive income (loss) before reclassifications1 (44)1 (42)
Amounts reclassified from accumulated other comprehensive income6 — — 6 
Total other comprehensive income (loss), net of tax7 (44)1 (36)
Balances as of June 30, 2022$93 $(113)$— $(20)
Other comprehensive income before reclassifications
1 110 — 111 
Amounts reclassified from accumulated other comprehensive income2 — — 2 
Total other comprehensive income, net of tax
3 110 — 113 
Balances as of September 30, 2022
$96 $(3)$— $93 
Balances as of December 31, 2022
$94 $(1)$(1)$92 
Other comprehensive income before reclassifications
— 2 4 6 
Total other comprehensive income, net of tax
— 2 4 6 
Balances as of March 31, 2023
$94 $1 $3 $98 
Other comprehensive income (loss) before reclassifications— (1)1 — 
Total other comprehensive income (loss), net of tax— (1)1 — 
Balances as of June 30, 2023$94 $— $4 $98 
Other comprehensive loss before reclassifications
— — (1)(1)
Total other comprehensive loss, net of tax
— — (1)(1)
Balances as of September 30, 2023
$94 $— $3 $97 
Note 7. Litigation, Commitments and Contingencies
Litigation
General
We are party to various legal proceedings, which have arisen in the normal course of our business. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations.
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