Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Contingency [Line Items]

Schedule of Components of Income Tax Expense (Benefit)

The composition of our income tax expense (benefit) was as follows:

	Year Ended December 31,														Period from October 6, 2017 to December 31, 2017
	2019							2018
(In thousands)	Current		Deferred			Total		Current		Deferred			Total		Current		Deferred			Total
Federal	$	1,100	$	46		$	1,146	$	1,693	$	(459	)	$	1,234	$	—	$	(1,909	)	$	(1,909	)
State	563		(4		)	559		126		81			207		11		(3		)	8
Income tax expense (benefit)	$	1,663	$	42		$	1,705	$	1,819	$	(378	)	$	1,441	$	11	$	(1,912	)	$	(1,901	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2019 and 2018, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:

(In thousands)	December 31, 2019			December 31, 2018
Deferred tax assets:
Federal net operating loss	$	—		$	—
Accruals, reserves and other	96			117
Total deferred tax assets	96			117
Deferred tax liabilities:
Land, buildings and equipment, net	(3,478		)	(3,457		)
Total deferred tax liabilities	(3,478		)	(3,457		)
Net deferred tax liability	$	(3,382	)	$	(3,340	)

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% in 2019 and 2018 and 35% in 2017:

	Year Ended December 31, 2019					Year Ended December 31, 2018					Period from October 6, 2017 to December 31, 2017
(Amounts in thousands)	Amount			Percent		Amount			Percent		Amount			Percent
Federal income tax expense at statutory rate	$	116,757		21.0	%	$	112,326		21.0	%	$	15,414		35.0	%
REIT income not subject to federal income tax	(115,395		)	(20.8	)	(111,035		)	(20.8	)	(14,897		)	(33.8	)
Pre-tax gain attributable to taxable subsidiaries	1,362			0.3		1,291			0.2		517			1.2
State income taxes, net of federal benefits	542			0.1		187			—		5			—
Non-deductible expenses and other	(199		)	—		(37		)	—		—			—
Impact of Tax Reform on deferred tax liability	—			—		—			—		(2,423		)	(5.5	)
Income tax expense (benefit)	$	1,705		0.3	%	$	1,441		0.2	%	$	(1,901	)	(4.3	)%

Federal Income Tax Note

For U.S. Federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2019 and 2018 are characterized as follows:

	Year Ended December 31,
($ per share)	2019		2018
Ordinary dividends	$	0.8465	$	0.9251
Section 199A dividends (1)	$	0.8159	$	0.9251
Qualified dividend (1)	$	0.0306	$	—
Non-dividend distribution	$	0.0985	$	—

____________________

(1)

These amounts are a subset of, and are included in, the ordinary dividend amounts.

Caesars Entertainment Outdoor

Income Tax Contingency [Line Items]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax (Provision)/Benefit
	(In thousands)
	Period from January 1, 2017 to October 5, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Current:
Federal	$	(100	)	$	(111	)	$	(98	)
State	—			—			—
Deferred	98			111			101
Income Tax Benefit	$	(2	)	$	—		$	3

Schedule of Deferred Tax Assets and Liabilities

Temporary Differences Resulting in Deferred Tax Assets and Liabilities
	(In thousands)
	As of October 5, 2017			As of December 31, 2016
Deferred tax assets:
Federal net operating loss	$	5,561		$	5,847
State net operating loss	378			392
Federal tax credits	82			82
Other	8			9
Subtotal	6,029			6,330
Less: valuation allowance	1,930			1,930
Total deferred tax assets	4,099			4,400
Deferred tax liabilities:
Depreciation and other property related items	(9,006		)	(9,423		)
Accrued expenses	(37		)	(20		)
Total deferred tax liabilities	(9,043		)	(9,443		)
Net deferred tax liability	$	(4,944	)	$	(5,043	)

Schedule of Unrecognized Tax Benefits Roll Forward

Reconciliation of Unrecognized Tax Benefit
	(In thousands)
	Period from January 1, 2017 to October 5, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Balance at beginning of period	$	1,309	$	1,309	$	1,309
Additions based on tax positions related to the current period	—		—		—
Balance at end of period	$	1,309	$	1,309	$	1,309

Summary of Income Tax Contingencies

Income Tax Expense Reconciliation
	(In thousands)
	Period from January 1, 2017 to October 5, 2017			Year Ended December 31, 2016		Year Ended December 31, 2015
Expected federal tax at the statutory tax rate	$	—		$	—	$	—
Increases/(decreases) in tax resulting from:
State taxes, net of federal tax benefit	—			—		—
Federal tax credits	—			—		3
Other	(2		)	—		—
Income tax (expense)/benefit	$	(2	)	$	—	$	3