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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Summary of Debt
 
December 31, 2018
 
December 31, 2017
(Dollars in millions)
Final
Maturity
 
Rate(s) (1)
 
Face Value
 
Book Value
 
Book Value
Secured debt
 
 
 
 
 
 
 
 
 
CRC Revolving Credit Facility
2022
 
variable (2)
 
$
100

 
$
100

 
$
—

CRC Term Loan
2024
 
variable (3)
 
4,653

 
4,577

 
4,616

CEOC LLC Revolving Credit Facility
2022
 
variable (4)
 
—

 
—

 
—

CEOC LLC Term Loan
2024
 
variable (5)
 
1,485

 
1,483

 
1,499

Unsecured debt
 
 
 
 
 
 
 
 
 
CEC Convertible Notes
2024
 
5.00%
 
1,083

 
1,083

 
1,078

CRC Notes
2025
 
5.25%
 
1,700

 
1,668

 
1,664

Special Improvement District Bonds
2037
 
4.30%
 
54

 
54

 
56

Total debt
 
9,075

 
8,965

 
8,913

Current portion of long-term debt
 
(164
)
 
(164
)
 
(64
)
Long-term debt
 
$
8,911

 
$
8,801

 
$
8,849

 
 
 
 
 
 
 
Unamortized premiums, discounts and deferred finance charges
 
 
 
$
110

 
$
121

Fair value
 
$
8,527

 


 
 
____________________
(1) 
Interest rate is fixed, except where noted.
(2) 
London Interbank Offered Rate (“LIBOR”) plus 2.00%. On May 4, 2018, the interest rate was reduced from the previous LIBOR plus 2.25% to LIBOR plus 2.13% and on August 2, 2018, the interest rate was further reduced to LIBOR plus 2.00% due to step-downs based on the senior secured leverage ratio in accordance with the CRC Credit Agreement. On November 2, 2018, the interest rate was increased to LIBOR plus 2.13% due to a step-up based on the senior secured leverage ratio as of September 30, 2018.
(3) 
LIBOR plus 2.75%.
(4) 
LIBOR plus 2.00%.
(5) 
LIBOR plus 2.00%. On April 16, 2018, the interest rate was repriced from the previous LIBOR plus 2.50%, see below.
Annual Estimated Debt Service Requirements
Annual Estimated Debt Service Requirements
 
Years Ended December 31,
 
 
 
 
(In millions)
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
Annual maturities of long-term debt
$
164

 
$
64

 
$
64

 
$
64

 
$
64

 
$
8,655

 
$
9,075

Estimated interest payments
480

 
470

 
470

 
460

 
450

 
540

 
2,870

Total debt service obligation (1)
$
644

 
$
534

 
$
534

 
$
524

 
$
514

 
$
9,195

 
$
11,945

____________________
(1) 
Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve and include the estimated impact of the ten interest rate swap agreements (see Note 8). Actual payments may differ from these estimates.
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2018
(In millions)
Proceeds
 
Repayments
 
Loss on Extinguishment of Debt
CRC Revolving Credit Facility
$
700

 
$
(600
)
 
$
—

CRC Term Loan
—

 
(47
)
 
—

CEOC LLC Term Loan (1)
467

 
(482
)
 
(1
)
Other debt activity
—

 
(1
)
 
—

Total
$
1,167

 
$
(1,130
)
 
$
(1
)

____________________
(1) 
Includes amounts related to Amendment No. 1 to the CEOC LLC Credit Agreement discussed above.