Debt (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Summary of Debt by Financing Structure

	As of December 31,
	2015						2014
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,694		$	4,627		$	4,754
CGP	2,402			2,337			2,312
CEOC⁽¹⁾	—			—			15,930
CEC	—			—			13
Total debt	7,096			6,964			23,009
Current portion of long-term debt	(187		)	(187		)	(15,779		)
Long-term debt	$	6,909		$	6,777		$	7,230
Fair value of debt	$	6,421

____________________


⁽¹⁾	CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3.

Annual Estimated Debt Service Requirements

Annual Estimated Debt Service Requirements

	Years ended December 31,
(In millions)	2016		2017		2018		2019		2020		Thereafter		Total
Principal
CERP	$	117	$	27	$	25	$	25	$	3,350	$	1,150	$	4,694
CGP	70		21		25		201		300		1,785		2,402
Total principal	187		48		50		226		3,650		2,935		7,096

Estimated Interest
CERP	390		390		400		400		400		130		2,110
CGP	190		190		190		190		170		150		1,080
Total interest	580		580		590		590		570		280		3,190

Principal and Interest
CERP	507		417		425		425		3,750		1,280		6,804
CGP	260		211		215		391		470		1,935		3,482
Total principal and interest	$	767	$	628	$	640	$	816	$	4,220	$	3,215	$	10,286

Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities

Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities

	December 31, 2015					December 31, 2014
(In millions)	Proceeds		Repayments			Proceeds		Repayments
CERP Term Loan	$	—	$	(25	)	$	—	$	(25	)
CERP Senior Secured Revolver	230		(330		)	295		(115		)
CGPH Term Loan	—		(12		)	1,141		—
CGPH Senior Secured Revolving Credit Facility	80		(35		)	—		—
CGPH First Closing Term Loan	—		—			693		(700		)
CGPH Notes	—		—			660		—
Horseshoe Baltimore Credit Facility	—		—			76		—
Horseshoe Baltimore FF&E Facility	—		(3		)	30		—
Cromwell Credit Facility	—		(10		)	—		—
Planet Hollywood Loan Agreement	—		—			—		(495		)
Incremental Term Loans	—		—			1,528		(1,275		)
Other debt activity	—		(25		)	13		(189		)
Capital lease payments	—		(10		)	—		(34		)
Total	$	310	$	(450	)	$	4,436	$	(2,833	)

Summary of Loss on Extinguishment of Debt

Summary of Loss on Extinguishment of Debt

(In millions)	Years Ended December 31,
Related Transaction	2014		2013
CEOC Secured Debt	$	14	$	29
CEOC Credit Facilities	22		—
CEOC Unsecured Senior Debt	31		—
Planet Hollywood Loan Agreement	28		—
Other	1		1
Total loss on extinguishment of debt	$	96	$	30

Credit Facilities



Credit Facility	Covenant Type	Effective Period	Requirement
CERP Credit Facilities	CERP Maximum SSLR	From inception	8.00	to 1.00
CGPH Senior Secured Term Loan	CGPH Maximum SSLR	From inception	6.00	to 1.00
Horseshoe Baltimore Credit and FF&E Facilities⁽¹⁾	CBAC Maximum SSLR	Q1 - Q4 2016	7.50	to 1.00
	CBAC Maximum SSLR	Q1 - Q4 2017	6.00	to 1.00
	CBAC Maximum SSLR	Q1 2018 and thereafter	4.75	to 1.00
Cromwell Credit Facility	Cromwell Minimum EBITDA	Q4 2014 - Q1 2015	$7.5 Million
	Cromwell Maximum SSLR	Q2 2015 - Q1 2016	5.25	to 1.00
	Cromwell Maximum SSLR	Q2 2016 - Q1 2017	5.00	to 1.00
	Cromwell Maximum SSLR	Q2 2017 and thereafter	4.75	to 1.00

________________________________


⁽¹⁾	CBAC Borrower, LLC (“CBAC”) is a joint venture in which Caesars Baltimore Investment Company, LLC (“CBIC”) holds an interest. CBIC is a wholly owned subsidiary of CGP.

Caesars Entertainment Resort Properties [Member]

Debt Instrument [Line Items]

Summary of Debt

CERP Debt

	As December 31,
	2015								2014
Detail of Debt (Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CERP Credit Facilities
CERP Term Loan⁽²⁾	2020	7.00%	$	2,450		$	2,403		$	2,420
CERP Senior Secured Revolving Credit Facility ⁽³⁾	2018	variable	80			80			180
CERP Notes⁽⁴⁾
CERP First Lien Notes	2020	8.00%	1,000			992			990
CERP Second Lien Notes	2021	11.00%	1,150			1,138			1,137
Capital lease obligations and other	to 2017	various	14			14			27
Total CERP debt			4,694			4,627			4,754
Current portion of CERP long-term debt			(117		)	(117		)	(39		)
CERP long-term debt			$	4,577		$	4,510		$	4,715

________________________________


⁽¹⁾	Interest rate is fixed, except where noted.


⁽²⁾	Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015.


⁽³⁾	Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%.


⁽⁴⁾	Registered pursuant to a registration statement on Form S-4, which was declared effective on February 10, 2015.

Caesars Growth Partners, LLC [Member]

Debt Instrument [Line Items]

Summary of Debt

CGP Debt

	As December 31,
	2015								2014
Detail of Debt (Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CGPH Credit Facilities
CGPH Senior Secured Term Loan ⁽²⁾	2021	6.25%	$	1,157		$	1,126		$	1,133
CGPH Senior Secured Revolving Credit Facility ⁽³⁾	2019	variable	45			45			—
CGPH Notes ⁽⁴⁾	2022	9.38%	675			660			659
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Credit Facility⁽⁵⁾	2020	8.25%	300			288			286
Horseshoe Baltimore Revolving Facility Loan⁽⁶⁾	2018	variable	—			—			—
Horseshoe Baltimore FF&E Facility⁽⁵⁾	2019	8.75%	27			27			30
Cromwell Credit Facility⁽⁵⁾	2019	11.00%	175			169			178
Other secured debt	2018	8.00%	5			4			4
Special Improvement District Bonds	2037	5.30%	14			14			14
Capital lease obligations and other	2016 to 2017	various	4			4			8
Total CGP debt			2,402			2,337			2,312
Current portion of CGP long-term debt			(70		)	(70		)	(20		)
CGP long-term debt			$	2,332		$	2,267		$	2,292

________________________________


⁽¹⁾	Interest rate is fixed, except where noted.


⁽²⁾	Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015.


⁽³⁾	Variable interest rate calculated as LIBOR plus 5.25%.


⁽⁴⁾	Registered pursuant to a registration statement on Form S-4, which was declared effective on June 26, 2015.


⁽⁵⁾	Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015.


⁽⁶⁾	Variable interest rate calculated as LIBOR plus 7.00%.

Caesars Entertainment Operating Company [Member]

Debt Instrument [Line Items]

Summary of Debt



	As of
	December 31, 2014
(In millions)	Book Value
Secured Debt	$	9,884
Credit Facilities ⁽¹⁾	5,106
Subsidiary-Guaranteed Debt	477
Unsecured Senior Debt	463
Other Unsecured Borrowings	77
Total CEOC Debt	16,007
Additional Debt Discount	(77		)
Total CEOC Debt, as consolidated	$	15,930

________________________________


⁽¹⁾	CEC guarantees collection of amounts under the CEOC Credit Facilities (see Note 1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details