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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Statements of Operations - by Segment

Condensed Statements of Operations - By Segment

	Year Ended December 31, 2018
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Casino	$	1,104		$	2,889		$	254		$	—		$	4,247
Food and beverage	975			571			28			—			1,574
Rooms	1,117			399			3			—			1,519
Management fees	—			—			63			(3		)	60
Reimbursed management costs	—			2			200			—			202
Entertainment and other	411			175			45			(3		)	628
Total contract revenues	3,607			4,036			593			(6		)	8,230
Other	146			11			5			(1		)	161
Net revenues	$	3,753		$	4,047		$	598		$	(7	)	$	8,391

Depreciation and amortization	$	582		$	501		$	62		$	—		$	1,145
Income/(loss) from operations	716			434			(411		)	—			739
Interest expense	(327		)	(556		)	(463		)	—			(1,346		)
Loss on extinguishment of debt	—			—			(1		)	—			(1		)
Other income	3			2			786			—			791
Income tax benefit ⁽¹⁾	—			—			121			—			121



	Year Ended December 31, 2017
(In millions)	Las Vegas			Other U.S.			All Other			Elimination			Caesars
Casino	$	864		$	1,188		$	116		$	—		$	2,168
Food and beverage	700			274			8			—			982
Rooms	872			201			1			—			1,074
Management fees	—			—			15			(3		)	12
Reimbursed management costs	1			1			46			—			48
Entertainment and other	300			84			24			(3		)	405
Total contract revenues	2,737			1,748			210			(6		)	4,689
Other	165			10			5			(1		)	179
Net revenues	$	2,902		$	1,758		$	215		$	(7	)	$	4,868

Depreciation and amortization	$	420		$	186		$	20		$	—		$	626
Income/(loss) from operations	549			199			(211		)	—			537
Interest expense	(65		)	(153		)	(555		)	—			(773		)
Gain on deconsolidation of subsidiary	—			31			—			—			31
Restructuring and support expenses	—			(177		)	(1,851		)	—			(2,028		)
Loss on extinguishment of debt	(4		)	(13		)	(215		)	—			(232		)
Other income	4			1			90			—			95
Income tax benefit ⁽¹⁾	—			2			1,993			—			1,995



	Year Ended December 31, 2016
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Casino	$	765		$	802		$	41		$	—	$	1,608
Food and beverage	630			190			2			—		822
Rooms	800			150			—			—		950
Entertainment and other	257			55			7			—		319
Total contract revenues	2,452			1,197			50			—		3,699
Other	161			12			5			—		178
Net revenues	$	2,613		$	1,209		$	55		$	—	$	3,877

Depreciation and amortization	$	344		$	90		$	5		$	—	$	439
Income/(loss) from operations	526			163			(463		)	—		226
Interest expense	(21		)	(30		)	(548		)	—		(599		)
Restructuring and support expenses	—			—			(5,729		)	—		(5,729		)
Other losses	—			—			(29		)	—		(29		)
Income tax benefit/(provision) ⁽¹⁾	1			—			(328		)	—		(327		)

____________________

⁽¹⁾

Taxes are recorded at the consolidated level and not estimated or recorded to our Las Vegas and Other U.S. segments.

Adjusted EBITDA



	Year Ended December 31, 2018
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	392		$	(122	)	$	33		$	—	$	303
Net income/(loss) attributable to noncontrolling interests	—			2			(1		)	—		1
Income tax benefit ⁽¹⁾	—			—			(121		)	—		(121		)
Loss on extinguishment of debt	—			—			1			—		1
Other income ⁽²⁾	(3		)	(2		)	(786		)	—		(791		)
Interest expense	327			556			463			—		1,346
Depreciation and amortization	582			501			62			—		1,145
Impairment of goodwill	—			17			26			—		43
Impairment of tangible and other intangible assets	—			26			9			—		35
Other operating costs ⁽³⁾	52			21			82			—		155
Stock-based compensation expense	8			10			61			—		79
Other items ⁽⁴⁾	4			5			103			—		112
Adjusted EBITDA	$	1,362		$	1,014		$	(68	)	$	—	$	2,308



	Year Ended December 31, 2017
(In millions)	Las Vegas			Other U.S.			All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	484		$	(103	)	$	(749	)	$	—	$	(368	)
Net loss attributable to noncontrolling interests	—			(7		)	—			—		(7		)
Income tax benefit ⁽¹⁾	—			(2		)	(1,993		)	—		(1,995		)
Gain on deconsolidation of subsidiary	—			(31		)	—			—		(31		)
Restructuring and support expenses	—			177			1,851			—		2,028
Loss on extinguishment of debt	4			13			215			—		232
Other income ⁽²⁾	(4		)	(1		)	(90		)	—		(95		)
Interest expense	65			153			555			—		773
Depreciation and amortization	420			186			20			—		626
Other operating costs ⁽³⁾	25			3			37			—		65
Stock-based compensation expense	4			3			36			—		43
Other items ⁽⁴⁾	9			7			74			—		90
Adjusted EBITDA	$	1,007		$	398		$	(44	)	$	—	$	1,361



	Year Ended December 31, 2016
(In millions)	Las Vegas			Other U.S.		All Other			Elimination		Caesars
Net income/(loss) attributable to Caesars	$	506		$	129	$	(3,684	)	$	—	$	(3,049	)
Net income/(loss) attributable to noncontrolling interests	—			4		(33		)	—		(29		)
Discontinued operations, net of income taxes	—			—		(3,380		)	—		(3,380		)
Income tax (benefit)/provision ⁽¹⁾	(1		)	—		328			—		327
Restructuring and support expenses	—			—		5,729			—		5,729
Other losses	—			—		29			—		29
Interest expense	21			30		548			—		599
Depreciation and amortization	344			90		5			—		439
Other operating costs ⁽³⁾	8			—		83			—		91
CIE stock-based compensation	—			—		189			—		189
Stock-based compensation expense	3			2		38			—		43
Other items ⁽⁴⁾	—			4		77			—		81
Adjusted EBITDA	$	881		$	259	$	(71	)	$	—	$	1,069

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⁽¹⁾	Taxes are recorded at the consolidated level and not estimated or recorded to our Las Vegas and Other U.S. segments.


⁽²⁾	Amounts include changes in fair value of the derivative liability related to the conversion option of the CEC Convertible Notes and the disputed claims liability as well as interest and dividend income.

⁽³⁾

Amounts primarily represent costs incurred in connection with development activities and reorganization activities, and/or recoveries associated with such items, including acquisition and integration costs, contract exit fees including exiting the fully bundled sales system of NV Energy for electric service at our Nevada properties, lease termination costs, gains and losses on asset sales, weather related property closure costs, demolition costs primarily at our Las Vegas properties for renovations, and project opening costs.

⁽⁴⁾

Amounts include other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as professional and consulting services, sign-on and retention bonuses, business optimization expenses for IT transformation, severance and relocation costs, litigation awards and settlements, permit remediation costs, and costs associated with CEOC’s restructuring and related litigation.

Condensed Balance Sheets - By Segment

Condensed Balance Sheets - By Segment

	As of December 31, 2018
(In millions)	Las Vegas		Other U.S.		All Other		Elimination			Caesars
Total assets	$	13,987	$	8,565	$	6,046	$	(2,823	)	$	25,775
Total liabilities	5,730		5,143		11,267		297			22,437



	As of 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