We view each casino property as an operating segment and aggregate such casino properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how we manage the business.

The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year.

“All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.

Condensed Statements of Operations - By Segment

	Three Months Ended September 30, 2018
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Net revenues	$	910		$	1,125		$	152		$	(2	)	$	2,185
Depreciation and amortization	149			129			17			—			295
Income/(loss) from operations	141			172			(81		)	—			232
Interest expense	(87		)	(137		)	(117		)	—			(341		)
Restructuring and support expenses and other ⁽¹⁾	4			—			105			—			109
Income tax benefit ⁽²⁾	—			—			111			—			111



	Three Months Ended September 30, 2017
(In millions)	Las Vegas		Other U.S.			All Other			Elimination			Caesars
Net revenues	$	687	$	284		$	23		$	(1	)	$	993
Depreciation and amortization	124		24			2			—			150
Income/(loss) from operations	107		47			(70		)	—			84
Interest expense	—		(3		)	(117		)	—			(120		)
Restructuring and support expenses and other ⁽¹⁾	—		20			(468		)	—			(448		)
Income tax benefit ⁽²⁾	—		—			45			—			45



	Nine Months Ended September 30, 2018
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Net revenues	$	2,804		$	3,033		$	446		$	(7	)	$	6,276
Depreciation and amortization	423			371			49			—			843
Income/(loss) from operations	535			389			(285		)	—			639
Interest expense	(245		)	(414		)	(346		)	—			(1,005		)
Restructuring and support expenses and other ⁽¹⁾	4			2			332			—			338
Income tax benefit ⁽²⁾	—			—			134			—			134



	Nine Months Ended September 30, 2017
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Net revenues	$	2,042		$	870		$	57		$	(2	)	$	2,967
Depreciation and amortization	277			66			5			—			348
Income/(loss) from operations	415			123			(155		)	—			383
Interest expense	(8		)	(17		)	(384		)	—			(409		)
Restructuring and support expenses and other ⁽¹⁾	(3		)	20			(2,336		)	—			(2,319		)
Income tax provision ⁽²⁾	—			—			(34		)	—			(34		)

Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less 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 Adjusted 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 Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.

Adjusted 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). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.



	Three Months Ended September 30, 2018
(In millions)	Las Vegas			Other U.S.		All Other			Elimination			Caesars
Net income attributable to Caesars	$	58		$	35	$	17		$	—		$	110
Net income attributable to noncontrolling interests	—			—		1			—			1
Income tax benefit ⁽¹⁾	—			—		(111		)	—			(111		)
Restructuring and support expenses and other ⁽²⁾	(4		)	—		(105		)	—			(109		)
Interest expense	87			137		117			—			341
Depreciation and amortization	149			129		17			—			295
Other operating costs ⁽³⁾	13			6		11			(1		)	29
Stock-based compensation expense	2			2		13			—			17
Other items ⁽⁴⁾	2			1		23			1			27
Adjusted EBITDA	$	307		$	310	$	(17	)	$	—		$	600



	Three Months Ended September 30, 2017
(In millions)	Las Vegas		Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	107	$	70		$	(610	)	$	—	$	(433	)
Net loss attributable to noncontrolling interests	—		(6		)	—			—		(6		)
Income tax benefit ⁽¹⁾	—		—			(45		)	—		(45		)
Restructuring and support expenses and other ⁽²⁾	—		(20		)	468			—		448
Interest expense	—		3			117			—		120
Depreciation and amortization	124		24			2			—		150
Other operating costs ⁽³⁾	2		1			33			—		36
Stock-based compensation expense	1		—			7			—		8
Other items ⁽⁴⁾	1		2			23			—		26
Adjusted EBITDA	$	235	$	74		$	(5	)	$	—	$	304



	Nine Months Ended September 30, 2018
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	294		$	(24	)	$	(165	)	$	—	$	105
Net income attributable to noncontrolling interests	—			1			—			—		1
Income tax benefit ⁽¹⁾	—			—			(134		)	—		(134		)
Restructuring and support expenses and other ⁽²⁾	(4		)	(2		)	(332		)	—		(338		)
Interest expense	245			414			346			—		1,005
Depreciation and amortization	423			371			49			—		843
Other operating costs ⁽³⁾	42			13			73			—		128
Stock-based compensation expense	6			7			42			—		55
Other items ⁽⁴⁾	5			4			67			—		76
Adjusted EBITDA	$	1,011		$	784		$	(54	)	$	—	$	1,741



	Nine Months Ended September 30, 2017
(In millions)	Las Vegas		Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	404	$	133		$	(2,909	)	$	—	$	(2,372	)
Net loss attributable to noncontrolling interests	—		(7		)	—			—		(7		)
Income tax provision ⁽¹⁾	—		—			34			—		34
Restructuring and support expenses and other ⁽²⁾	3		(20		)	2,336			—		2,319
Interest expense	8		17			384			—		409
Depreciation and amortization	277		66			5			—		348
Other operating costs ⁽³⁾	17		3			33			—		53
Stock-based compensation expense	2		1			23			—		26
Other items ⁽⁴⁾	5		4			50			—		59
Adjusted EBITDA	$	716	$	197		$	(44	)	$	—	$	869

Condensed Balance Sheets - By Segment

	September 30, 2018
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	13,990	$	8,633	$	6,342	$	(2,999	)	$	25,966
Total liabilities	5,856		5,082		11,720		141			22,799



	December 31, 2017
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	14,145	$	6,865	$	7,458	$	(3,032	)	$	25,436
Total liabilities	5,239		5,012		11,780		108			22,139