Schedule I (Notes)

12 Months Ended

Dec. 31, 2015

Condensed Financial Statements, Captions [Line Items]

Restructuring and Related Activities Disclosure [Text Block]

Deconsolidation of Caesars Entertainment Operating Company

Chapter 11 Filing for Reorganization

On January 15, 2015 (the “Petition Date”), CEOC and certain of its United States subsidiaries (the “Debtors”) voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in order to implement a restructuring plan for balance sheet deleveraging. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. CEC (exclusive of its subsidiaries), CERP, and CGP are separate entities with independent capital structures and have not filed for bankruptcy relief. In addition, all Caesars Entertainment properties, and those owned by CEOC, are continuing to operate in the ordinary course.

As described in Note 1, under “CEOC Reorganization,” CEC has agreed to pay significant amounts and to take a series of other actions under CEOC’s plan of reorganization.

Deconsolidation of CEOC

CEOC’s filing for reorganization was a reconsideration event for Caesars Entertainment to reevaluate whether consolidation of CEOC continued to be appropriate. We have concluded that CEOC is a VIE, subsequent to its filing for bankruptcy, because the holders of equity at risk (including us) as a group no longer had the power to make the primary decisions. Our assessment focused on indicators that CEC did not have significant influence over the operating and financial policies of CEOC, primarily including:

•

CEOC expanded its board of directors and added two independent directors. The CEOC board then delegated certain key decision-making authority regarding the bankruptcy and related party matters to two committees, which are comprised of primarily the independent directors. Additionally, as a result of the bankruptcy proceedings, critical decisions are now subject to the overall jurisdiction of the Bankruptcy Court and the Creditors Committees (described below).


•	The Bankruptcy Court established the Creditors Committees to represent the rights of CEOC’s creditors during the bankruptcy proceedings. Through the Creditors Committees, creditors have the right to object to recommendations presented by CEOC’s management or Board of Directors.


•	CEOC’s executive leadership is comprised of individuals who are independent of CEC.

Accordingly, we are not the primary beneficiary of CEOC because the equity owners, including CEC, only possess non-substantive voting rights; CEC is not operating CEOC as debtor-in-possession as the CEC Board has ceded its authority to the Bankruptcy Court; CEC management cannot carry on all activities necessary for the ordinary course of business without Bankruptcy Court approval; and CEOC still manages day-to-day operations, but does not have discretion to make significant capital or operating budgetary changes or decisions, purchase or sell significant assets, or approve management or employee compensation arrangements, as CEOC’s material decisions are subject to review by the Creditors Committees and the Bankruptcy Court.

In addition to the above, we assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate CEOC effective on the Petition Date.

We further considered how to account for our continuing investment in CEOC after deconsolidation and concluded that for similar reasons, we do not have significant influence over CEOC during the pendency of the bankruptcy; therefore, Caesars Entertainment accounts for its investment in CEOC as a cost method investment subsequent to the deconsolidation.

Caesars Entertainment recognized a $7.1 billion gain associated with the deconsolidation of CEOC and recorded a cost method investment in CEOC of zero due to the negative equity associated with CEOC’s underlying financial position. As of December 31, 2014, CEOC represented total assets of $11.0 billion and total liabilities of $18.6 billion, including total long-term debt of $15.9 billion. For the 2015 period prior to the deconsolidation, CEOC segment net revenues totaled $158 million, net loss attributable to Caesars totaled $76 million, and negative cash flow from operating activities totaled $220 million.

Related Party Relationship

Subsequent to the Petition Date, CEOC has funded and is expected to continue to fund all expenses related to its operations that are being provided by CES and can continue to perform on its intercompany obligations to all Caesars entities. However, upon filing for Chapter 11 and the subsequent deconsolidation, transactions with CEOC are no longer eliminated in consolidation and are treated as related party transactions for Caesars Entertainment. These transactions include but are not limited to items such as casino management fees paid to CEOC, insurance expenses related to insurance coverage reimbursed by CEOC, and rent payments by CEOC to CERP under the Octavius Tower lease agreement. See Transactions with CEOC in Note 19 for all transactions between us and CEOC.

Parent Company [Member]

Condensed Financial Statements, Captions [Line Items]

Condensed Financial Information of Parent Company Disclosure

CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY

CAESARS ENTERTAINMENT CORPORATION

CONDENSED BALANCE SHEETS



	As of December 31,
(In millions)	2015		2014
Assets
Current assets
Cash and cash equivalents	$	48	$	378
Restricted cash	—		11
Prepayments and other current assets	7		25
Intercompany receivables	18		10
Total current assets	73		424
Restricted cash	100		76
Deferred income taxes	—		4
Deferred charges and other	94		—
Intercompany receivables	—		40
Investment in subsidiary	1,871		—
Total assets	$	2,138	$	544

Liabilities and Stockholders’ Equity/(Deficit)
Current liabilities
Accounts payable	$	4	$	—
Accrued expenses	940		—
Interest payables	—		1
Intercompany payables	—		6
Current portion of long-term debt	—		13
Total current liabilities	944		20
Accumulated losses of subsidiaries in excess of investment	—		5,214
Deferred credits and other	53		2
Deferred income taxes	154		—
Intercompany payables	—		55
Total liabilities	1,151		5,291
Total stockholders’ equity/(deficit)	987		(4,747		)
Total liabilities and stockholders’ equity/(deficit)	$	2,138	$	544

CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY

CAESARS ENTERTAINMENT CORPORATION

CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS



	Years Ended December 31,
(In millions)	2015			2014			2013
Net revenues	$	12		$	—		$	—
Operating expenses
Income on interests in non-consolidated affiliates	—			(1		)	(1		)
(Gain)/loss on interests in subsidiaries	(144		)	2,765			2,923
Corporate expense	95			14			16
Other operating costs	111			10			—
Total operating expenses	62			2,788			2,938
Loss from operations	(50		)	(2,788		)	(2,938		)
Interest income (expense)	(4		)	(3		)	2
Gain on investment in subsidiaries and other	6,110			15			23
Income/(loss) from operations before income taxes	6,056			(2,776		)	(2,913		)
Income tax benefit/(provision)	(136		)	(7		)	—
Net income/(loss)	5,920			(2,783		)	(2,913		)
Other comprehensive income, net of income taxes	—			—			—
Comprehensive income/(loss)	$	5,920		$	(2,783	)	$	(2,913	)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY

CAESARS ENTERTAINMENT CORPORATION

CONDENSED STATEMENT OF CASH FLOWS



	Years Ended December 31,
(In millions)	2015			2014			2013
Cash flows provided by/(used in) operating activities	$	(276	)	$	152		$	408
Cash flows from investing activities
Increase in restricted cash	(44		)	(56		)	(140		)
Decrease in restricted cash	20			20			89
Purchase of additional interest in subsidiary	—			—			(581		)
Purchase of LINQ/Octavius	—			—			(81		)
Proceeds paid for sale of assets	—			—			(29		)
Proceeds from long term receivable	40			—			—
Cash flows provided by/(used in) investing activities	16			(36		)	(742		)
Cash flows from financing activities
Issuance of common stock, net of fees	—			136			217
Proceeds from the issuance of long-term debt	—			13			—
Repayments of long-term debt	(68		)	—			—
Transfer to affiliates	—			—			223
Other financing	(2		)	—			—
Cash flows provided by/(used in) financing activities	(70		)	149			440
Net increase in cash and cash equivalents	(330		)	265			106
Cash and cash equivalents, beginning of period	378			113			7
Cash and cash equivalents, end of period	$	48		$	378		$	113

CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY

CAESARS ENTERTAINMENT CORPORATION

NOTES TO CONDENSED FINANCIAL INFORMATION


1.	Background and basis of presentation

These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment Corporation and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment Corporation and its subsidiaries (the “Company”). This information should be read in conjunction with the company’s consolidated financial statements included elsewhere in this filing.


2.	Restricted net assets of subsidiaries

Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held at December 31, 2015 and 2014 was approximately $2.1 billion and $2.4 billion, respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements.


3.	Commitments, contingencies, and long-term obligations

For a discussion of the Company’s commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 13 of the Company’s consolidated financial statements.


4.	Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”)

The accompanying financial statements are based upon the Company's current conclusions regarding ownership of assets and obligation to pay liabilities. On January 15, 2015, CEOC (the Company's largest subsidiary) and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015.


5.	Going concern

As described more fully in Note 1 of the Company’s consolidated financial statements, the Company made material commitments under CEOC’s plan of reorganization (the “Restructuring”) and is a defendant in litigation, including the Noteholder Disputes, and other noteholder disputes relating to certain CEOC transactions dating back to 2010. The circumstances described in Note 1 under “CEC Liquidity” raise substantial doubt as to the Company’s ability to continue as a going concern without securing additional funding to meet its ongoing obligations and its commitments under the Restructuring. Additionally, in each of the litigation matters disclosed in Note 1 under “Litigation,” claims have been made or could be made against the Company that, if resolved against it, raise substantial doubt about the Company’s ability to continue as a going concern. Under the terms of the Restructuring, all such litigation should be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters disclosed in Note 1, it is likely that a reorganization under Chapter 11 of the Bankruptcy Code would be necessary.

Business Description and Basis of Presentation [Text Block]

Background and basis of presentation

Restricted Assets Disclosure [Text Block]

Restricted net assets of subsidiaries

Commitments Contingencies and Guarantees [Text Block]

Commitments, contingencies, and long-term obligations

For a discussion of the Company’s commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 13 of the Company’s consolidated financial statements

Restructuring and Related Activities Disclosure [Text Block]

Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”)

Substantial Doubt about Going Concern, Conditions or Events


5.	Going concern