Segment Reporting Segment Reporting (Notes)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

We view each casino property and CIE as operating segments and currently aggregate all such casino properties and CIE into three reportable segments based on management’s view, which aligns with their ownership and underlying credit structures: CERP, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. CIE is comprised of the subsidiaries that operate CGP’s social and mobile games operations and WSOP. CEOC remained a reportable segment until its deconsolidation effective January 15, 2015 (see Note 1).

The results of each reportable segment presented below are consistent with the way Caesars management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within Caesars, as described below. Accordingly, the results of certain reportable segments presented in this filing differ from the financial statement information presented in their standalone filings.

“Other” includes parent, consolidating, and other adjustments to reconcile to consolidated Caesars results.

Condensed Statements of Operations - By Segment
	Three Months Ended March 31, 2016
(In millions)	CERP			CGP Casinos		CIE(1)			Other			Elimination			Caesars
Other revenues	$	73		$	46	$	—		$	1		$	(5	)	$	115
Net revenues	528			416		228			1			(5		)	1,168
Depreciation and amortization	73			39		7			—			—			119
Income/(loss) from operations	78			63		54			(41		)	—			154
Interest expense	99			51		1			1			(1		)	151
Deconsolidation and restructuring of CEOC and other	(1		)	1		—			(236		)	(1		)	(237		)
Income tax benefit/(provision)	6			—		(32		)	(14		)	—			(40		)

____________________

⁽¹⁾  Includes foreign net revenues of $188 million.

	Three Months Ended March 31, 2015
(In millions)	CEOC		CERP			CGP Casinos			CIE(1)			Other			Elimination			Caesars
Other revenues	$	24	$	71		$	37		$	—		$	4		$	(10	)	$	126
Net revenues	164		528			390			177			8			(14		)	1,253
Depreciation and amortization	11		49			34			7			1			—			102
Income/(loss) from operations	9		106			164			41			(176		)	—			144
Interest expense	87		101			46			2			2			—			238
Deconsolidation and restructuring of CEOC and other	—		—			(2		)	—			7,092			—			7,090
Income tax provision	—		(2		)	—			(13		)	(177		)	—			(192		)

____________________

⁽¹⁾  Includes foreign net revenues of $141 million.

Property EBITDA - by Segment

Property earnings before interest, taxes, depreciation and amortization (“EBITDA”) is presented as a supplemental measure of the Company’s performance. Property EBITDA is defined as revenues less property operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) income tax (benefit)/provision, (iii) depreciation and amortization, (iv) corporate expenses, and (v) certain items that we do not consider indicative of its ongoing operating performance at an operating property level. In evaluating Property EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Property EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.

Property EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income/(loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Property EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Property EBITDA is included because management uses Property EBITDA to measure performance and allocate resources, and believes that Property EBITDA provides investors with additional information consistent with that used by management.

	Three Months Ended March 31, 2016
(In millions)	CERP			CGP Casinos			CIE		Other			Elimination			Caesars
Net income/(loss) attributable to company	$	(16	)	$	13		$	17	$	(322	)	$	—		$	(308	)
Net income attributable to noncontrolling interests	—			—			4		30			—			34
Income tax (benefit)/provision	(6		)	—			32		14			—			40
Deconsolidation and restructuring of CEOC and other	1			(1		)	—		236			1			237
Interest expense	99			51			1		1			(1		)	151
Depreciation and amortization	73			39			7		—			—			119
Corporate expense	11			7			—		24			(1		)	41
Other operating costs	2			1			—		19			—			22
Property EBITDA	$	164		$	110		$	61	$	2		$	(1	)	$	336

	Three Months Ended March 31, 2015
(In millions)	CEOC			CERP		CGP Casinos			CIE		Other			Elimination			Caesars
Net income/(loss) attributable to company	$	(85	)	$	3	$	121		$	21	$	6,712		$	—		$	6,772
Net income/(loss) attributable to noncontrolling interests	—			—		(5		)	5		25			—			25
Loss from discontinued operations, net of income taxes	7			—		—			—		—			—			7
Income tax provision	—			2		—			13		177			—			192
Deconsolidation and restructuring of CEOC and other	—			—		2			—		(7,092		)	—			(7,090		)
Interest expense	87			101		46			2		2			—			238
Depreciation and amortization	11			49		34			7		1			—			102
Corporate expense	7			12		7			—		21			—			47
Other operating costs	4			2		(114		)	—		157			(1		)	48
Property EBITDA	$	31		$	169	$	91		$	48	$	3		$	(1	)	$	341

Condensed Balance Sheets - By Segment
	As of March 31, 2016
(In millions)	CERP		CGP Casinos		CIE(1)		Other		Elimination			Caesars
Total assets	$	7,062	$	4,170	$	472	$	1,320	$	(884	)	$	12,140
Total liabilities	6,105		2,571		252		1,355		(89		)	10,194

____________________

⁽¹⁾  Includes foreign assets of $276 million and foreign liabilities of $58 million.

	As of December 31, 2015
(In millions)	CERP		CGP Casinos		CIE(1)		Other		Elimination			Caesars
Total assets	$	7,028	$	4,174	$	485	$	1,409	$	(901	)	$	12,195
Total liabilities	6,073		2,583		269		1,155		(118		)	9,962

____________________

⁽¹⁾  Includes foreign assets of $281 million and foreign liabilities of $57 million.