Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of debt

	September 30, 2019								December 31, 2018
(Dollars in millions)	Final Maturity	Rates	Face Value			Book Value			Book Value
Secured debt
CRC Revolving Credit Facility	2022	variable (1)	$	—		$	—		$	100
CRC Term Loan	2024	variable (2)	4,618			4,550			4,577
CEOC LLC Revolving Credit Facility	2022	variable (3)	—			—			—
CEOC LLC Term Loan	2024	variable (3)	1,224			1,222			1,483
Unsecured debt
CEC Convertible Notes	2024	5.00%	1,083			1,083			1,083
CRC Notes	2025	5.25%	1,700			1,670			1,668
Special Improvement District Bonds	2037	4.30%	53			53			54
Total debt			8,678			8,578			8,965
Current portion of long-term debt			(64		)	(64		)	(164		)
Long-term debt			$	8,614		$	8,514		$	8,801
Unamortized discounts and deferred finance charges						$	100		$	110
Fair value			$	8,699

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⁽¹⁾  London Interbank Offered Rate (“LIBOR”) plus 2.13%.

⁽²⁾  LIBOR plus 2.75%.

⁽³⁾ 

LIBOR plus 2.00%.

Schedule of annual estimated debt service requirements

Annual Estimated Debt Service Requirements as of September 30, 2019
	Remaining		Years Ended December 31,
(In millions)	2019		2020		2021		2022		2023		Thereafter		Total
Annual maturities of long-term debt	$	16	$	64	$	64	$	64	$	64	$	8,406	$	8,678
Estimated interest payments	160		440		420		390		370		460		2,240
Total debt service obligation (1)	$	176	$	504	$	484	$	454	$	434	$	8,866	$	10,918

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⁽¹⁾ 

Debt principal payments are estimated amounts based on maturity dates and borrowings under our revolving credit facilities, if any. 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 6). Actual payments may differ from these estimates.