Segment Reporting

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

We view each casino property as an operating segment and currently aggregate all such casino properties into two reportable segments: CERP and CGP.

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, 2017
(In millions)	CERP			CGP			Other			Elimination			Caesars
Other revenues	$	77		$	55		$	1		$	(4	)	$	129
Net revenues	546			421			—			(4		)	963
Depreciation and amortization	56			46			—			—			102
Income/(loss) from operations	110			55			(7		)	—			158
Interest expense	(98		)	(48		)	(1		)	—			(147		)
Restructuring of CEOC and other	—			—			(463		)	—			(463		)
Income tax provision	(6		)	—			(66		)	—			(72		)

	Three Months Ended March 31, 2016
(In millions)	CERP			CGP			Other			Elimination			Caesars
Other revenues	$	76		$	50		$	1		$	(5	)	$	122
Net revenues	528			426			1			(5		)	950
Depreciation and amortization	73			39			—			—			112
Income/(loss) from operations	78			51			(41		)	—			88
Interest expense	(99		)	(52		)	—			—			(151		)
Restructuring of CEOC and other	(1		)	1			(237		)	—			(237		)
Income tax benefit/(provision)	6			1			(14		)	—			(7		)

Property EBITDA - by Segment

Property earnings before interest, taxes, depreciation and amortization (“EBITDA”) is presented as a 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. As a result of the sale of the SMG Business (see Note 1), we have determined that CIE stock-based compensation expense should be excluded from Property EBITDA as management no longer considers such expense to be indicative of Caesars Entertainment’s ongoing consolidated or segment operating performance. Therefore, Property EBITDA has been recast for prior periods to be consistent to the current year presentation.

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, 2017
(In millions)	CERP		CGP			Other			Elimination		Caesars
Net income/(loss) attributable to company	$	6	$	8		$	(560	)	$	—	$	(546	)
Net income/(loss) attributable to noncontrolling interests	—		(1		)	23			—		22
Income tax provision	6		—			66			—		72
Restructuring of CEOC and other	—		—			463			—		463
Interest expense	98		48			1			—		147
Depreciation and amortization	56		46			—			—		102
Corporate expense	10		7			16			—		33
Other operating costs	1		6			(10		)	—		(3		)
Property EBITDA	$	177	$	114		$	(1	)	$	—	$	290

	Three Months Ended March 31, 2016
(In millions)	CERP			CGP			Other			Elimination			Caesars
Net income/(loss) attributable to company	$	(16	)	$	30		$	(322	)	$	—		$	(308	)
Net income attributable to noncontrolling interests	—			4			30			—			34
Discontinued operations, net of income taxes	—			(33		)	—			—			(33		)
Income tax (benefit)/provision	(6		)	(1		)	14			—			7
Restructuring of CEOC and other	1			(1		)	237			—			237
Interest expense	99			52			—			—			151
Depreciation and amortization	73			39			—			—			112
Corporate expense	11			7			24			(1		)	41
Other operating costs	2			1			19			—			22
CIE stock-based compensation	—			13			—			—			13
Property EBITDA	$	164		$	111		$	2		$	(1	)	$	276

Condensed Balance Sheets - By Segment
	March 31, 2017
(In millions)	CERP		CGP		Other		Elimination			Caesars
Total assets	$	6,959	$	7,290	$	1,217	$	(654	)	$	14,812
Total liabilities	5,876		2,664		8,263		(65		)	16,738

	December 31, 2016
(In millions)	CERP		CGP		Other		Elimination			Caesars
Total assets	$	6,941	$	7,353	$	1,246	$	(646	)	$	14,894
Total liabilities	5,903		2,709		7,758		(58		)	16,312