Caesars Entertainment (CZR) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Central Index Key	0001590895
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		208,277,138
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	CZR
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-36629
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $.00001 par value
Security Exchange Name	NASDAQ

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents ($8 and $0 attributable to our VIEs)	$ 1,037	$ 206
Restricted cash and investments	2,259	4
Accounts receivable, net	385	54
Due from affiliates	37	4
Inventories	49	18
Prepayments and other current assets ($5 and $0 attributable to our VIEs)	265	66
Assets held for sale	2,266	253
Total current assets	6,298	605
Property and equipment, net ($84 and $0 attributable to our VIEs)	14,630	2,615
Gaming licenses and other intangibles, net	4,466	1,111
Goodwill	9,450	910
Other assets, net ($25 and $0 attributable to our VIEs)	1,224	264
Deferred income taxes	1	0
Total assets	36,239	5,641
CURRENT LIABILITIES:
Current portion of long-term debt	67	246
Accounts payable ($98 and $0 attributable to our VIEs)	274	62
Accrued interest	241	36
Accrued other liabilities ($2 and $0 attributable to our VIEs)	1,371	307
Current liabilities	517	37
Total current liabilities	2,470	688
Investment in and advances to unconsolidated affiliates	170	136
Long-term financing obligation	12,547	971
Long-term debt, less current portion	15,203	2,325
Deferred income taxes	1,081	197
Other long-term liabilities ($19 and $0 attributable to our VIEs)	1,549	343
Total liabilities	32,850	4,524
Commitments and contingencies (Note 13)
STOCKHOLDERS' EQUITY:
Caesars stockholders’ equity	3,370	1,117
Noncontrolling interests	19	0
Total stockholders’ equity	3,389	1,117
Total liabilities and stockholders’ equity	$ 36,239	$ 5,641

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Cash and cash equivalents ($8 and $0 attributable to our VIEs)	$ 1,037	$ 206
Prepayments and other current assets ($5 and $0 attributable to our VIEs)	265	66
Property and equipment, net ($84 and $0 attributable to our VIEs)	14,630	2,615
Other assets, net ($25 and $0 attributable to our VIEs)	1,224	264
Accounts payable ($98 and $0 attributable to our VIEs)	274	62
Accrued other liabilities ($2 and $0 attributable to our VIEs)	1,371	307
Other long-term liabilities ($19 and $0 attributable to our VIEs)	1,549	343
VIEs
Cash and cash equivalents ($8 and $0 attributable to our VIEs)	8	0
Prepayments and other current assets ($5 and $0 attributable to our VIEs)	5	0
Property and equipment, net ($84 and $0 attributable to our VIEs)	84	0
Other assets, net ($25 and $0 attributable to our VIEs)	25	0
Accounts payable ($98 and $0 attributable to our VIEs)	98	0
Accrued other liabilities ($2 and $0 attributable to our VIEs)	2	0
Other long-term liabilities ($19 and $0 attributable to our VIEs)	$ 19	$ 0

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES:
Net revenues	$ 1,377,000	$ 663,000	$ 1,977,000	$ 1,936,000
EXPENSES:
Other	52,000	12,000	62,000	34,000
General and administrative	330,000	130,000	495,000	381,000
Corporate	90,000	13,000	120,000	51,000
Impairment charges	0	0	161,000	1,000
Depreciation and amortization	223,000	53,000	322,000	167,000
Transaction costs and other operating costs	219,000	14,000	242,000	2,000
Total operating expenses	1,529,000	538,000	2,331,000	1,585,000
Operating (loss) income	(152,000)	125,000	(354,000)	351,000
OTHER EXPENSE:
Interest expense, net	(473,000)	(72,000)	(608,000)	(217,000)
Loss on extinguishment of debt	(173,000)	(1,000)	(173,000)	(1,000)
Other (loss) income	9,000	3,000	(1,000)	0
Total other expense	(637,000)	(70,000)	(782,000)	(218,000)
(Loss) income from continuing operations before income taxes	(789,000)	55,000	(1,136,000)	133,000
Provision for income taxes	(135,000)	(18,000)	(64,000)	(39,000)
Net (loss) income from continuing operations, net of income taxes	(924,000)	37,000	(1,200,000)	94,000
Discontinued operations, net of income taxes	(1,000)	0	(1,000)	0
Net (loss) income	(925,000)	37,000	(1,201,000)	94,000
Net income attributable to noncontrolling interests	(1,000)	0	(1,000)	0
Net (loss) income attributable to Caesars	$ (926,000)	$ 37,000	$ (1,202,000)	$ 94,000
Net (Loss) Income per Share - Basic
Basic (loss) income per share from continuing operations (in dollars per share)	$ (6.09)	$ 0.48	$ (11.55)	$ 1.21
Basic loss per share from discontinued operations (in dollars per share)	0	0	(0.01)	0
Basic (loss) income per share (in dollars per share)	(6.09)	0.48	(11.56)	1.21
Net (Loss) Income per Share - Diluted
Diluted (loss) income per share from continuing operations (in dollars per share)	(6.09)	0.47	(11.55)	1.20
Diluted loss per share from discontinued operations (in dollars per share)	0	0	(0.01)	0
Diluted (loss) income per share (in dollars per share)	$ (6.09)	$ 0.47	$ (11.56)	$ 1.20
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	152,000,000	78,000,000	104,000,000	78,000,000
Weighted average diluted shares outstanding (in shares)	152,000,000	79,000,000	104,000,000	79,000,000
Casino and pari-mutuel commissions
REVENUES:
Net revenues	$ 919,000	$ 458,000	$ 1,360,000	$ 1,386,000
EXPENSES:
Cost of goods and services	461,000	229,000	685,000	693,000
Food and beverage
REVENUES:
Net revenues	125,000	78,000	188,000	229,000
EXPENSES:
Cost of goods and services	91,000	60,000	153,000	180,000
Hotel
REVENUES:
Net revenues	200,000	94,000	257,000	237,000
EXPENSES:
Cost of goods and services	63,000	27,000	91,000	76,000
Other
REVENUES:
Net revenues	$ 133,000	$ 33,000	$ 172,000	$ 84,000

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (925)	$ 37	$ (1,201)	$ 94
Foreign currency translation adjustments	1	0	1	0
Change in fair market value of interest rate swaps, net of tax	14	0	14	0
Other comprehensive income, net of tax	15	0	15	0
Comprehensive (loss) income	(910)	37	(1,186)	94
Comprehensive income attributable to noncontrolling interests	(1)	0	(1)	0
Comprehensive (loss) income	$ (911)	$ 37	$ (1,187)	$ 94

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018		77,000,000
Beginning balance at Dec. 31, 2018	$ 1,029,000	$ 0	$ 748,000	$ 290,000	$ 0	$ (9,000)	$ 0
Cumulative change in accounting principle, net of tax	(5,000)			(5,000)
Issuance of restricted stock units (in shares)		0
Issuance of restricted stock units	5,000		5,000
Net (loss) income	38,000			38,000
Shares withheld related to net share settlement of stock awards (in shares)		0
Shares withheld related to net share settlement of stock awards	(4,000)		(4,000)
Ending balance (in shares) at Mar. 31, 2019		77,000,000
Ending balance at Mar. 31, 2019	1,063,000	$ 0	749,000	323,000	0	(9,000)	0
Beginning balance (in shares) at Dec. 31, 2018		77,000,000
Beginning balance at Dec. 31, 2018	1,029,000	$ 0	748,000	290,000	0	(9,000)	0
Issuance of common stock, net	0
Net (loss) income	94,000
Shares issued to Former Caesars shareholders	0
Ending balance (in shares) at Sep. 30, 2019		77,000,000
Ending balance at Sep. 30, 2019	1,126,000	$ 0	756,000	379,000	0	(9,000)	0
Beginning balance (in shares) at Mar. 31, 2019		77,000,000
Beginning balance at Mar. 31, 2019	1,063,000	$ 0	749,000	323,000	0	(9,000)	0
Issuance of restricted stock units (in shares)		0
Issuance of restricted stock units	6,000		6,000
Net (loss) income	19,000			19,000
Shares withheld related to net share settlement of stock awards (in shares)		0
Shares withheld related to net share settlement of stock awards	(3,000)		(3,000)
Ending balance (in shares) at Jun. 30, 2019		77,000,000
Ending balance at Jun. 30, 2019	1,085,000	$ 0	752,000	342,000	0	(9,000)	0
Issuance of restricted stock units (in shares)		0
Issuance of restricted stock units	4,000		4,000
Net (loss) income	37,000			37,000
Ending balance (in shares) at Sep. 30, 2019		77,000,000
Ending balance at Sep. 30, 2019	1,126,000	$ 0	756,000	379,000	0	(9,000)	0
Beginning balance (in shares) at Dec. 31, 2019		78,000,000
Beginning balance at Dec. 31, 2019	1,117,000	$ 0	760,000	366,000	0	(9,000)	0
Issuance of restricted stock units (in shares)		0
Issuance of restricted stock units	6,000		6,000
Net (loss) income	(176,000)			(176,000)
Shares withheld related to net share settlement of stock awards (in shares)		0
Shares withheld related to net share settlement of stock awards	(7,000)		(7,000)
Ending balance (in shares) at Mar. 31, 2020		78,000,000
Ending balance at Mar. 31, 2020	940,000	$ 0	759,000	190,000	0	(9,000)	0
Beginning balance (in shares) at Dec. 31, 2019		78,000,000
Beginning balance at Dec. 31, 2019	1,117,000	$ 0	760,000	366,000	0	(9,000)	0
Issuance of common stock, net	235,000
Net (loss) income	(1,201,000)
Shares issued to Former Caesars shareholders	2,381,000
Ending balance (in shares) at Sep. 30, 2020		169,000,000
Ending balance at Sep. 30, 2020	3,389,000	$ 0	4,200,000	(836,000)	15,000	(9,000)	19,000
Beginning balance (in shares) at Mar. 31, 2020		78,000,000
Beginning balance at Mar. 31, 2020	940,000	$ 0	759,000	190,000	0	(9,000)	0
Issuance of restricted stock units (in shares)		0
Issuance of restricted stock units	4,000		4,000
Issuance of common stock, net (in shares)		21,000,000
Issuance of common stock, net	772,000		772,000
Net (loss) income	(100,000)			(100,000)
Ending balance (in shares) at Jun. 30, 2020		99,000,000
Ending balance at Jun. 30, 2020	1,616,000	$ 0	1,535,000	90,000	0	(9,000)	0
Issuance of restricted stock units (in shares)		1,000,000
Issuance of restricted stock units	37,000		37,000
Issuance of common stock, net (in shares)		7,000,000
Issuance of common stock, net	235,000		235,000
Net (loss) income	$ (925,000)			(926,000)			1,000
Shares issued to Former Caesars shareholders (in shares)	62,000,000
Shares issued to Former Caesars shareholders	$ 2,381,000
Former Caesars replacement awards	24,000		24,000
Total other comprehensive income, net of tax	15,000				15,000
Shares withheld related to net share settlement of stock awards (in shares)		0
Shares withheld related to net share settlement of stock awards	1,000		1,000
Acquired noncontrolling interests	0		(18,000)				18,000
Other	5,000		5,000
Ending balance (in shares) at Sep. 30, 2020		169,000,000
Ending balance at Sep. 30, 2020	$ 3,389,000	$ 0	$ 4,200,000	$ (836,000)	$ 15,000	$ (9,000)	$ 19,000

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$ (220)	$ 260
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(94)	(135)
Former Caesars acquisition, net of cash acquired	(6,374)	0
Acquisition of gaming rights	(20)	0
Sale of restricted investments	0	5
Proceeds from sale of businesses, property and equipment, net of cash sold	231	169
Investment in unconsolidated affiliates	(1)	(1)
Net cash (used in) provided by investing activities	(6,258)	38
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	9,765	0
Repayments of long-term debt and revolving credit facilities	(2,826)	(315)
Proceeds from sale-leaseback financing arrangement	3,219	0
Financing obligation payments	(49)	0
Debt issuance and extinguishment costs	(356)	(1)
Proceeds from issuance of common stock	772	0
Cash paid to settle convertible notes	(574)	0
Taxes paid related to net share settlement of equity awards	(8)	(7)
Net cash (used in) provided by financing activities	9,943	(323)
Cash flows from operating activities	23	0
Cash flows from investing activities	(4)	0
Net cash from discontinued operations	19	0
Increase (decrease) in cash, cash equivalents and restricted cash	3,484	(25)
Cash, cash equivalents and restricted cash, beginning of period	217	247
Cash, cash equivalents and restricted cash, end of period	3,701	222
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Total cash, cash equivalents and restricted cash	3,701	222
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	373	214
Income taxes paid, net	19	43
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	(44)	11
Exchange for sale-leaseback financing obligation	246	0
Shares issued to settle convertible notes	235	0
Shares issued to Former Caesars shareholders	$ 2,381	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying consolidated financial statements include the accounts of Caesars Entertainment, Inc., a Delaware corporation formerly known as Eldorado Resorts, Inc. (“ERI” or “Eldorado”), and its consolidated subsidiaries which may be referred to as the “Company,” “CEI,” “Caesars,” “we,” “our,” or “us” within these financial statements. The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. The Company partnered with MGM Resorts International to build Silver Legacy Resort Casino in Reno, Nevada in 1993 and, beginning in 2005, grew through a series of acquisitions, including the acquisition of Eldorado Shreveport in 2005, MTR Gaming Group, Inc. in 2014, Circus Circus Reno and the 50% membership interest in the Silver Legacy that was owned by MGM Resorts International in 2015, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Grand Victoria Casino (“Elgin”) and Tropicana Entertainment, Inc. (“Tropicana”) in 2018. On July 20, 2020, the Company completed the merger with Caesars Entertainment Corporation (“Former Caesars”) pursuant to which Former Caesars became a wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company currently owns, leases or manages an aggregate of 56 domestic properties in 16 states with approximately 67,200 slot machines, video lottery terminals (“VLTs”) and e-tables, approximately 3,500 table games and approximately 48,800 hotel rooms as of September 30, 2020. We also have international operations in five countries outside of the U.S. In addition, we have other domestic and international properties that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. Upon completion of our previously announced sales, or expected sales, of certain gaming properties, we expect to continue to own, lease or manage 51 properties. See Note 15. The Company’s primary source of revenue is generated by gaming operations, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, sportsbook offerings, retail shops and other services to attract customers to its properties. In connection with the Merger, Caesars Entertainment Corporation changed its name to “Caesars Holdings, Inc.” and Eldorado Resorts, Inc. converted into a Delaware corporation and changed its name to “Caesars Entertainment, Inc.” In addition, effective as of July 21, 2020 the Company’s ticker symbol on the NASDAQ Stock Market changed from “ERI” to “CZR”. In connection with the Merger, the Company also entered into a Master Transaction Agreement (the “MTA”) with VICI Properties L.P., a Delaware limited partnership (“VICI”), pursuant to which, among other things, the Company agreed to consummate certain sale and leaseback transactions and amend certain lease agreements with VICI and/or its affiliates, with respect to certain property described in the MTA. See Note 2 for further discussion of the Merger and related transactions. On January 11, 2019 and March 8, 2019, respectively, the Company completed its sales of Presque Isle Downs & Casino (“Presque”) and Lady Luck Casino Nemacolin (“Nemacolin”), which are both located in Pennsylvania. On December 6, 2019, the Company completed its sales of Mountaineer Casino, Racetrack and Resort (“Mountaineer”), Isle Casino Cape Girardeau (“Cape Girardeau”) and Lady Luck Casino Caruthersville (“Caruthersville”). Mountaineer is located in West Virginia and Cape Girardeau and Caruthersville are located in Missouri. On July 1, 2020, the Company completed the sales of Isle of Capri Casino Kansas City (“Kansas City”) and Lady Luck Casino Vicksburg (“Vicksburg”). Kansas City is located in Missouri and Vicksburg is located in Mississippi. On September 30, 2020, the Company completed the sale of Harrah’s Reno which is located in Nevada. See Note 4. On April 24, 2020, the Company entered into a definitive purchase agreement with Twin River Worldwide Holdings, Inc. (“Twin River”) and certain of its affiliates for the sale of the equity interests of Eldorado Resort Casino Shreveport Joint Venture and Columbia Properties Tahoe, LLC, the entities that hold Eldorado Resort Casino Shreveport (“Eldorado Shreveport”) and MontBleu Casino Resort & Spa (“MontBleu”), for aggregate consideration of $155 million, subject to a working capital adjustment. The definitive agreement provides that the consummation of the sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals. Eldorado Shreveport and MontBleu are expected to close in the first quarter of 2021. In connection with its review of the Merger, the Indiana Gaming Commission determined on July 16, 2020 that the Company is required to divest three properties within the state of Indiana in order to avoid undue economic concentrations as conditions to the Indiana Gaming Commission’s approval of the Merger. On October 27, 2020, the Company entered into an agreement to sell Tropicana Evansville (“Evansville”) to GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc. (“GLPI”) and Twin River for $480 million in cash, subject to a customary working capital adjustment. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in mid-2021. In addition, the Company plans to enter into agreements to divest of Caesars Southern Indiana and Horseshoe Hammond prior to December 31, 2020. Also on October 27, 2020, the Company’s subsidiaries, Isle of Capri Bettendorf, L.C. and IOC Black Hawk County, Inc (collectively, the “Exchanging Subsidiaries”) entered into an Exchange Agreement with GLPI pursuant to which the Exchanging Subsidiaries agreed to transfer the real estate relating to the Isle Casino & Hotels located in Bettendorf, Iowa and Waterloo, Iowa to GLPI in exchange for the real estate relating to Evansville. Following such exchange, the real estate relating to the Isle Casino & Hotels located in Bettendorf, Iowa and Waterloo, Iowa will be subject to the master lease with GLPI that we entered into in connection with the acquisition of Tropicana (the “GLPI Master Lease”). On September 3, 2020, the Company and VICI entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) with Rubico Acquisition Corp. for $22 million, subject to a customary working capital adjustment, where the proceeds will be split between the Company and VICI. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in the first half of 2021. Former Caesars properties, including Harrah’s Louisiana Downs, Caesars Southern Indiana, Horseshoe Hammond, Harrah’s Reno, Caesars UK group, including Emerald Resort & Casino, and Bally’s Atlantic City, have met, or are expected to meet within a short period of time, held for sale criteria as of the date of the closing of the Merger. The sales of these properties have or are expected to close within one year from the date of the closing of the Merger and the properties are classified as discontinued operations. Proposed Acquisition of William Hill The Company has entered into agreements, which became effective January 29, 2019, with William Hill plc and William Hill U.S. Holdco, Inc. (“William Hill US”), its U.S. subsidiary (together, “William Hill”) which granted to William Hill the right to conduct betting activities, including operating certain of our sportsbooks, in retail channels under certain skins for online channels with respect to the Company’s current and future properties, and conduct certain real money online gaming activities. The Company received a 20% ownership interest in William Hill US as well as 13.4 million ordinary shares of William Hill plc, which carry certain time restrictions on when they can be sold. See Note 6 related to the investments in William Hill. Additionally, the Company receives a profit share from the operations of sports betting and other gaming activities associated with the Company’s properties. On September 30, 2020, the Company announced that it had reached an agreement with William Hill plc on the terms of a recommended cash acquisition pursuant to which the Company would acquire the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill plc, in an all-cash transaction of approximately £2.9 billion, or $3.7 billion . The transaction is conditioned on, among other things, the approval of William Hill plc shareholders and receipt of required regulatory approvals. To provide liquidity to fund the cash purchase price for the proposed acquisition, the Company entered into various financing transactions. On September 25, 2020, the Company borrowed $900 million under the CEI Revolving Credit Facility (defined below), which was repaid subsequent to September 30, 2020. See Note 10. On September 28, 2020, the Company deposited $2.1 billion, which included the borrowings under the CEI Revolving Credit Facility, into an escrow account related to the William Hill offer. As of September 30, 2020, these funds in escrow were classified as restricted cash until certain regulatory approvals were received. In addition, on October 1, 2020, the Company raised an additional $1.9 billion through a public offering of Company Common Stock. See Note 5. In order to manage the risk of appreciation of the GBP denominated purchase price the Company has entered into foreign exchange forward contracts. See Note 11 . In connection with the proposed acquisition of William Hill plc, on September 29, 2020, the Company entered into a debt financing commitment letter pursuant to which the lenders party thereto have committed to arrange and provide a newly formed subsidiary of the Company with (a) a £1.0 billion senior secured 540-day bridge loan facility, (b) a £116 million senior secured 540-day revolving credit facility and (c) a £503 million senior secured 60-day bridge loan facility (collectively, the “Debt Financing”). The proceeds of the Debt Financing will be used (i) to pay a portion of the cash consideration for the proposed acquisition, (ii) to refinance certain of William Hill plc's and its subsidiaries' existing debt, (iii) to pay fees and expenses related to the acquisition and related transactions and (iv) for working capital and general corporate purposes. Pending negotiation of the loan agreement for the Debt Financing, on October 6, 2020, a newly formed subsidiary of the Company entered into a £1.5 billion Interim Facilities Agreement with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A. to provide: (a) a 90-day £1.0 billion interim asset sale bridge facility and (b) a 90-day £503 million interim cash confirmation bridge facility, which Interim Facilities Agreement will be terminated upon the execution of the loan agreement for the Debt Financing. Upon receipt of regulatory approvals, the restriction on the $2.1 billion funded as of September 30, 2020, was released and the Company transferred $1.4 billion of cash into the Company’s operating accounts and the outstanding balance of the CEI Revolving Credit Facility was repaid in full. Approximately $598 million of cash remains in an unrestricted account. Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Marketing and promotions expense previously disclosed for the three and nine months ended September 30, 2019 has been reclassified to Casino and pari-mutuel commissions expense and General and administrative expense based on the nature of the expense. Basis of Presentation The accompanying unaudited consolidated condensed financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Merger, our principal operating activities occurred in five geographic regions and reportable segments: West, Midwest, South, East and Central. Following the Merger, the Company’s principal operating activities occur in three regionally-focused reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, and (3) Managed, International, CIE, in addition to Corporate and Other. See Note 15 for a listing of properties included in each segment. The presentation of financial information herein for the period after the Company’s acquisition of Former Caesars on July 20, 2020 is not fully comparable to the periods prior to the acquisition. In addition, the presentation of financial information herein for the periods after the Company’s sales of Presque and Nemacolin on January 11, 2019 and March 8, 2019, respectively, the Company’s sales of Mountaineer, Cape Girardeau and Caruthersville on December 6, 2019, and the Company’s sales of Kansas City and Vicksburg on July 1, 2020 are not fully comparable to the periods prior to their respective sale dates. See Note 4. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Consolidation of Subsidiaries and Variable Interest Entities Our consolidated condensed financial statements include the accounts of Caesars and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, there may be a material effect to our financial statements. Consolidation of Korea Joint Venture The Company has a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV is a VIE and the Company is the primary beneficiary, and therefore, we consolidate the Korea JV into our financial statements. Recent Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and has since spread throughout much of the world, including the United States. All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of the COVID-19 public health emergency. On May 15, 2020, the Company began reopening properties and has resumed certain operations at all properties as of September 30, 2020, with the exception of The Cromwell, Planet Hollywood Resort and Casino (“Planet Hollywood”), Rio All-Suite Hotel & Casino, and Caesars Windsor. Planet Hollywood and Caesars Windsor reopened on October 8, 2020, and The Cromwell reopened on October 29, 2020. The COVID-19 public health emergency has had a material adverse effect on the Company’s business, financial condition and results of operations for the three and nine months ended September 30, 2020. The Company continued to pay its full-time employees through April 10, 2020, including tips and tokens. Effective April 11, 2020, the Company furloughed approximately 90% of its employees, implemented salary reductions and committed to continue to provide benefits to its employees through September 30, 2020. Subsequently, the benefit coverage for furloughed employees was extended indefinitely. A portion of the Company’s workforce has returned to service as the properties have resumed with limited capacities and in compliance with operating restrictions imposed by governmental or tribal orders, directives, and guidelines. Due to a triggering event resulting from the COVID-19 public health emergency, the Company recognized impairment charges related to goodwill and trade names during the nine months ended September 30, 2020. See Note 7 for details. Due to the impact of the ongoing COVID-19 public health emergency on the Company’s results of operations, in June 2020 the Company obtained waivers on the financial covenants in its former credit facility agreement and the GLPI Master Lease. In addition, Former Caesars obtained a waiver of the financial covenant in the credit agreement by and among Caesars Resort Collection, LLC and the lenders thereunder (the “CRC Credit Agreement”). Furthermore, the Company obtained waivers from VICI in relation to annual capital expenditure requirements during the period from June 1, 2020 until December 31, 2020. See Note 10 for details. The extent of the ongoing and future effects of the COVID-19 public health emergency on the Company’s business and the casino resort industry generally is uncertain, but the Company expects that it will continue to have a significant impact on its business, results of operations and financial condition. The extent and duration of the impact of COVID-19 will ultimately depend on future developments, including but not limited to, the duration and severity of the outbreak, restrictions on operations imposed by governmental authorities, the potential for authorities reimposing stay at home orders or additional restrictions in response to continued developments with the COVID-19 public health emergency, the Company’s ability to adapt to evolving operating procedures, the impact on consumer demand and discretionary spending, the length of time it takes for demand to return and the Company’s ability to adjust its cost structures for the duration of the outbreak’s effect on its operations. Recently Issued Accounting Pronouncements Pronouncements Implemented in 2020 In June 2016 (modified in November 2018), the Financial Accounting Standards Board (“FASB”) issued ASU No 2016-13, Financial Instruments – Credit Losses related to the timing of recognizing impairment losses on financial assets. The new guidance lowers the threshold on when losses are incurred, from a determination that a loss is probable to a determination that a loss is expected. The guidance is effective for interim and annual periods beginning after December 15, 2019. Adoption of the guidance required a modified-retrospective approach and a cumulative adjustment to retained earnings to the first reporting period that the update is effective. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This generally means that an intangible asset is recognized for the software license and, to the extent that the payments attributable to the software license are made over time, a liability also is recognized. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. This generally means that the fees associated with the hosting element (service) of the arrangement are expensed as incurred. The amendment was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This amendment modifies the disclosure requirements for fair value measurements and was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. Pronouncements To Be Implemented In Future Periods In August 2018, the FASB issued ASU No 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General. This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020 with early adoption allowed. The Company anticipates adopting this amendment during the first quarter of 2021, and currently does not expect it to have a significant impact on its Consolidated Condensed Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. This amendment modifies accounting guidelines for income taxes and is effective for annual and interim periods beginning after December 15, 2020 with early adoption allowed. The Company will adopt the new guidance on January 1, 2021. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Condensed Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The amendments in this update are intended to provide relief to the companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 and companies may elect to apply the amendments prospectively through December 31, 2022. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Condensed Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging. This update amends guidance on convertible instruments and the guidance on derivative scope exception for contracts in an entity’s own equity. The amendments for convertible instruments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, the amendments provide guidance on instruments that will continue to be subject to separation models and improves disclosure for convertible instruments and guidance for earnings per share. Furthermore, the update amends guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. These amendments should be applied on either a modified retrospective basis or a fully retrospective basis. The Company is currently assessing the effect the adoption of this standard will have on our prospective financial statements.

Acquisition of Former Caesars

Acquisition of Former Caesars	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisition of Former Caesars	Acquisition of Former Caesars Merger with Caesars Entertainment Corporation On July 20, 2020, the Merger was consummated and Former Caesars became a wholly-owned subsidiary of the Company. The strategic rationale for the Merger includes, but is not limited to, the following: • Creation of the largest owner, operator and manager of domestic gaming assets • Diversification of the Company’s domestic footprint • Access to iconic brands, rewards programs and new gaming opportunities expected to enhance customer experience • Realization of significant identified synergies The total purchase consideration for Former Caesars was $10.9 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value. (In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 Based on the closing price of $38.24 per share of the Company’s common stock, par value $0.00001 per share (“Company Common Stock”), reported on NASDAQ on July 20, 2020, the aggregate implied value of the aggregate merger consideration paid to former holders of Former Caesars common stock in connection with the Merger was approximately $8.5 billion, including approximately $2.4 billion in the Company Common Stock and approximately $6.1 billion in cash. The aggregate merger consideration transferred also included approximately $2.4 billion related to the repayment of certain outstanding debt balances of Former Caesars and approximately $48 million of other consideration paid which includes $19 million related to a transaction success fee, for the benefit of Former Caesars, and $29 million for the replacement of equity awards of certain employees attributable to services provided prior to the Merger. Pursuant to the Merger, each share of Former Caesars common stock was converted into the right to receive, at the election of the holder thereof and subject to proration, approximately $12.41 of cash consideration or approximately 0.3085 shares of Company Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of Company Common Stock for the 10 trading days ending on July 16, 2020). Following the consummation of the Merger, stockholders of the Company and stockholders of Former Caesars held approximately 61% and 39%, respectively, of the outstanding shares of Company Common Stock. Preliminary Purchase Price Allocation The fair values are based on management’s analysis including preliminary work performed by third party valuation specialists, which are subject to finalization over the one-year measurement period. The purchase price accounting for Former Caesars is preliminary as it relates to determining the fair value of certain assets and liabilities, including goodwill, and is subject to change. The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of September 30, 2020: (In millions) Fair Value Current and other assets $ 4,264 Property and equipment 12,730 Goodwill 8,649 Intangible assets (a) 3,549 Other noncurrent assets 684 Total assets $ 29,876 Current liabilities $ 1,896 Financing obligation 8,134 Long-term debt 6,591 Noncurrent liabilities 2,362 Total liabilities 18,983 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming licenses valued at $537 million, trade names valued at $2.1 billion and Caesars Rewards programs valued at $540 million and customer relationships of $404 million. The fair values of the assets acquired and liabilities assumed were determined using the market, income, and cost approaches, or a combination. Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Former Caesars acquisition make use of Level 3 inputs, such as expected cash flows and projected financial results. The market approach indicates value for a subject asset based on available market pricing for comparable assets. Trade receivables and payables and other current and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Former Caesars acquisition date. Assets and liabilities held for sale are recorded at fair value, less costs to sell, based on the agreements reached as of the acquisition date, or an income approach. Certain financial assets acquired were determined to have experienced more than insignificant deterioration of credit quality since origination. A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount / (premium) attributable to other factors 2 Face value of financial assets $ 186 The fair value of land was determined using the sales comparable approach. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. The value of building and site improvements was estimated via the income approach. Other personal property assets such as furniture, gaming and computer equipment, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based on replacement or reproduction costs of the asset. The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence. Non-amortizing intangible assets acquired primarily include trademarks, Caesars Rewards and gaming rights. The fair value for these intangible assets was determined using either the relief from royalty method and excess earnings method under the income approach or a replacement cost market approach. Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program. The acquired Trademarks, including Caesars Rewards are indefinite lived intangible assets. Customer relationships are valued using an income approach, comparing the prospective cash flows with and without the customer relationships in place to estimate the fair value of the customer relationships, with the fair value assumed to be equal to the discounted cash flows of the business that would be lost if the customer relationships were not in place and needed to be replaced. We estimate the useful life of these customer relationships to be approximately 7 years. Gaming rights include our gaming licenses in various jurisdictions and may have indefinite lives or an estimated useful life. The fair value of the gaming rights was determined using the excess earnings or replacement cost methodology, based on whether the license resides in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. The replacement cost of the gaming license was used as an indicator of fair value. The acquired gaming rights have indefinite lives, with the exception of one jurisdiction in which we estimate the useful life of the license to be approximately 34 years. Goodwill is the result of expected synergies from the operations of the combined company and the assembled workforce of Former Caesars. The goodwill acquired will not generate amortization deductions for income tax purposes. Pushdown accounting, including the allocation of goodwill to our reportable segments, is not complete. The fair value of long-term debt has been calculated based on market quotes. The fair value of the financing obligations were calculated as the net present value of both the fixed base rent payments and the forecasted variable payments plus the expected residual value of the land and building returned at the end of the expected usage period. The Company recognized acquisition-related transaction costs of $107 million and $129 million for the three and nine months ended September 30, 2020, respectively, and $13 million and $17 million for the three and nine months ended September 30, 2019, respectively. These costs were associated with legal, IT costs, internal labor and professional services and were recognized as Transaction costs and other operating costs in our Consolidated Statements of Comprehensive (Loss) Income. For the period of July 20, 2020 through September 30, 2020, Former Caesars generated net revenues of $924 million and net loss of $564 million. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of Former Caesars as if it had occurred on January 1, 2019. The pro forma amounts include the historical operating results of the Company and Former Caesars prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental depreciation and amortization expense to be incurred based on preliminary fair values of the identifiable property and equipment and intangible assets acquired, the incremental interest expense associated with the issuance of debt to finance the acquisition and the adjustments to exclude acquisition related costs incurred during the three and nine months ended September 30, 2020 and to recognize these costs during the nine months ended September 30, 2019 as if incurred in the first quarter of 2019. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations of the combined company were, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Net revenues $ 1,639 $ 2,607 $ 4,145 $ 7,652 Net loss (989) (363) (2,266) (894) Net loss attributable to Caesars (927) (362) (2,200) (892)

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	. Revenue Recognition The Company recognizes as casino revenue the net win from gaming activities, which is the difference between gaming wins and losses, not the total amount wagered. Progressive jackpots are accrued and charged to revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of certain cash and free play incentives. Pari-mutuel commissions consist of commissions earned from thoroughbred and harness racing and importing of simulcast signals from other race tracks and are recognized at the time wagers are made. Such commissions are a designated portion of the wagering handle as determined by state racing commissions and are shown net of the taxes assessed by state and local agencies, as well as purses and other contractual amounts paid to horsemen associations. The Company recognizes revenues from fees earned through the exporting of simulcast signals to other race tracks at the time wagers are made, which are recorded on a gross basis. Such fees are based upon a predetermined percentage of handle as contracted with the other race tracks. The Company’s consolidated condensed statement of operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Refer to Note 1 and Note 15 for additional information on the Company’s reportable segments. Three Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 122 $ 774 $ 23 $ — $ 919 Food and beverage 52 72 1 — 125 Hotel 79 121 — — 200 Other 51 33 45 4 133 Net revenues $ 304 $ 1,000 $ 69 $ 4 $ 1,377 Three Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 458 $ — $ — $ 458 Food and beverage — 78 — — 78 Hotel — 94 — — 94 Other — 31 — 2 33 Net revenues $ — $ 661 $ — $ 2 $ 663 Nine Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 122 $ 1,215 $ 23 $ — $ 1,360 Food and beverage 52 135 1 — 188 Hotel 79 178 — — 257 Other 51 68 45 8 172 Net revenues $ 304 $ 1,596 $ 69 $ 8 $ 1,977 Nine Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 1,386 $ — $ — $ 1,386 Food and beverage — 229 — — 229 Hotel — 237 — — 237 Other — 78 — 6 84 Net revenues $ — $ 1,930 $ — $ 6 $ 1,936 Accounts receivable, net include the following amounts: Balance Sheet as of (In millions) September 30, 2020 December 31, 2019 Casino and pari-mutuel commissions $ 121 $ 16 Food and beverage and hotel 27 17 Other 237 21 Accounts receivable, net $ 385 $ 54 Contract and Contract Related Liabilities The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer,(2) player loyalty program obligations, subsequently combined as Caesars Rewards, which represents the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on on-property spending, including gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which is primarily funds deposited by customers related to gaming play, advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space or for unpaid wagers), and deferred revenues associated with the Company’s existing interests in William Hill (see Note 6). Except for deferred revenues related to William Hill, these liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within accrued other liabilities on the Company’s Consolidated Condensed Balance Sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2020 2019 2020 2019 2020 2019 Balance at January 1 $ 10 $ 9 $ 13 $ 18 $ 172 $ 28 Balance at September 30 28 8 106 14 270 173 Increase / (decrease) $ 18 $ (1) $ 93 $ (4) $ 98 $ 145 The September 30, 2020 balances exclude liabilities related to assets held for sale recorded in 2020 and 2019 (see Note 4). The significant change in contract and contract-related liabilities during the nine months ended September 30, 2020 was primarily due to the liabilities assumed subsequent to the Merger with Former Caesars. The significant change in customer deposits and

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale Held for sale - Continuing operations Eldorado Shreveport, MontBleu and Evansville In connection with its review of the Merger, the Indiana Gaming Commission determined on July 16, 2020 that the Company is required to divest three properties within the state of Indiana in order to avoid undue economic concentrations as conditions to the Indiana Gaming Commission’s approval of the Merger. On October 27, 2020, the Company entered into an agreement to sell Evansville to GLPI and Twin River for $480 million in cash, subject to a customary working capital adjustment. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in mid-2021. In addition, the Company plans to enter into agreements to divest of Caesars Southern Indiana and Horseshoe Hammond prior to December 31, 2020. Evansville met the requirements for presentation as assets held for sale as of September 30, 2020, while Caesars Southern Indiana and Horseshoe Hammond met the requirements for presentation as held for sale and discontinued operations. On April 24, 2020, the Company entered into a definitive purchase agreement with Twin River and certain of its affiliates for the sale of the equity interests of Eldorado Resort Casino Shreveport Joint Venture and Columbia Properties Tahoe, LLC, the entities that hold Eldorado Shreveport and MontBleu, respectively, for aggregate consideration of $155 million, subject to a working capital adjustment. The definitive agreement provides that the consummation of the sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals. Eldorado Shreveport and MontBleu are expected to close in the first quarter of 2021. Eldorado Shreveport and MontBleu met the requirements for presentation as assets held for sale as of September 30, 2020. However, the pending divestitures of Eldorado Shreveport and MontBleu did not meet the requirements for presentation as discontinued operations and are included in income from continuing operations in the periods presented. As a result of the agreement to sell MontBleu, an impairment charge totaling $45 million was recorded during the nine months ended September 30, 2020 due to the carrying value exceeding the estimated net sales proceeds. The impairment charges resulted in a reduction to the carrying amounts of the right-of-use assets, property and equipment, goodwill and other intangibles totaling $18 million, $23 million and $4 million, respectively. See Note 7. The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020: September 30, 2020 (In millions) Shreveport MontBleu Evansville Assets: Property and equipment, net $ 85 $ 37 $ 302 Goodwill — — 9 Gaming licenses and other intangibles, net 21 — 138 Other assets, net 15 32 48 Assets held for sale $ 121 $ 69 $ 497 Current liabilities $ 21 $ 72 $ 36 Liabilities related to assets held for sale $ 21 $ 72 $ 36 The following information presents the net revenues and net (loss) income for the Company’s properties that are held for sale: Three Months Ended September 30, 2020 (In millions) Shreveport MontBleu Evansville Net revenues $ 21 $ 11 $ 31 Net (loss) income 7 (3) 1 Nine Months Ended September 30, 2020 (In millions) Shreveport MontBleu Evansville Net revenues $ 51 $ 23 $ 71 Net (loss) income 8 (43) (7) Held for sale - Sold Kansas City, Vicksburg, Mountaineer, Caruthersville, Cape Girardeau, Presque and Nemacolin Divestitures On July 1, 2020, the Company consummated the sale of the equity interests of the entities that hold Vicksburg and Kansas City to Twin River for $230 million resulting in a gain of $8 million . The sales of Mountaineer, Caruthersville and Cape Girardeau were consummated on December 6, 2019. The sale of Nemacolin closed on March 8, 2019 resulting in a gain on sale of $0.1 million, net of final working capital adjustments, for the nine months ended September 30, 2019. The sale of Presque closed on January 11, 2019 resulting in a gain on sale of $22 million, net of final working capital adjustments, for the nine months ended September 30, 2019. Prior to their respective closing dates, Vicksburg, Kansas City, Mountaineer, Caruthersville, Cape Girardeau, Nemacolin and Presque met the requirements for presentation as assets held for sale under generally accepted accounting principles. However, they did not meet the requirements for presentation as discontinued operations. All properties were previously reported in the Regional segment. The following information presents the net revenues and net (loss) income of Kansas City and Vicksburg properties for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (In millions) Kansas City Vicksburg Kansas City Vicksburg Net revenues $ — $ — $ 18 $ 7 Net (loss) income 1 — 3 (1) The following information presents the net revenues and net (loss) income of held for sale properties for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 (In millions) Mountaineer Cape Girardeau Caruthersville Kansas City Vicksburg Presque Nemacolin Net revenues $ 33 $ 14 $ 9 $ 15 $ 6 $ — $ — Net income 3 2 1 1 — — — Nine Months Ended September 30, 2019 (In millions) Mountaineer Cape Girardeau Caruthersville Kansas City Vicksburg Presque Nemacolin Net revenues $ 96 $ 44 $ 26 $ 48 $ 16 $ 3 $ 5 Net (loss) income 7 6 5 8 (1) — (1) The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of December 31, 2019: December 31, 2019 (In millions) Kansas City Vicksburg Total Assets: Property and equipment, net $ 39 $ 31 $ 70 Goodwill 40 9 49 Gaming licenses and other intangibles, net 91 3 94 Other assets, net 36 4 40 Assets held for sale $ 206 $ 47 $ 253 Current liabilities $ 3 $ 2 $ 5 Other long-term liabilities 33 — 33 Liabilities related to assets held for sale $ 36 $ 2 $ 38 These amounts include historical operating results, adjusted to eliminate the internal allocation of interest expense that was not assumed by the buyer. Held for sale - Discontinued operations As result of the Merger, certain Former Caesars properties, including Harrah’s Louisiana Downs, Caesars Southern Indiana, Horseshoe Hammond, Harrah’s Reno, Caesars UK group, including Emerald Resorts & Casino, and Bally’s Atlantic City (“Bally’s AC”) have met, or are expected to meet within a short period of time, held for sale criteria as of the date of the closing of the Merger. The sales of these properties have or are expected to close within one year from the date of the closing of the Merger and the properties are classified as discontinued operations. On September 30, 2020, the Company and VICI completed the sale of Harrah’s Reno for $42 million. The proceeds from the sale were split between the Company and VICI, and the Company received $8 million of net proceeds. The following information presents the net revenues and net (loss) income for the Company’s properties that are part of discontinued operations for the three months ended September 30, 2020: Three Months Ended September 30, 2020 (In millions) Harrah’s Louisiana Downs Harrah’s Reno Horseshoe Hammond Caesars UK Bally’s AC Caesars Southern Indiana Net revenues $ 9 $ — $ 66 $ 11 $ 31 $ 39 Net (loss) income 2 (4) 9 (11) 5 1 The assets and liabilities held for sale as a discontinued operation, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020: September 30, 2020 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Bally’s AC Caesars Southern Indiana Assets: Cash $ 9 $ 14 $ 36 $ 10 $ 7 Property and equipment, net 11 404 69 25 413 Goodwill 3 138 35 — 136 Gaming licenses and other intangibles, net 5 30 50 — 23 Other assets, net 1 43 107 6 4 Assets held for sale $ 29 $ 629 $ 297 $ 41 $ 583 Current liabilities $ 6 $ 34 $ 89 $ 14 $ 20 Other long-term liabilities (a) 6 73 125 20 1 Liabilities related to assets held for sale $ 12 $ 107 $ 214 $ 34 $ 21 ____________________

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation and Stockholders’ Equity	. Stock-Based Compensation and Stockholders’ Equity Common Stock Offering On June 19, 2020, the Company completed the public offering of 20,700,000 shares (including the shares sold pursuant to the underwriters’ overallotment option) of Company Common Stock, at an offering price of $39.00 per share, which provided $772 million of proceeds, net of fees and estimated expenses of $35 million. On October 1, 2020, the Company completed the public offering of 35,650,000 shares (including the shares sold pursuant to the underwriters’ overallotment option) of Company Common Stock, at an offering price of $56.00 per share, which provided $1.9 billion of proceeds, net of fees and estimated expenses of $50 million. Share Repurchase Program In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of September 30, 2020, the Company acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the nine months ended September 30, 2020 and 2019. Stock-Based Compensation The Company maintains long-term incentive plans for management, other personnel, and key service providers. The plans allow for granting stock-based compensation awards, based on Company Common Stock, including time-based and performance-based stock options, restricted stock units (“RSUs”), performance stock units, market-based stock units (“MSUs”), restricted stock awards, stock grants, or a combination of awards. Forfeitures are recognized in the period in which they occur. Total stock-based compensation expense in the accompanying Consolidated Condensed Statements of Operations totaled $45 million and $4 million during the three months ended September 30, 2020 and 2019, respectively, and $55 million and $16 million during the nine months ended September 30, 2020 and 2019, respectively. These amounts are included in corporate expenses and, in the case of certain property positions, general and administrative expenses in the Company’s Consolidated Condensed Statements of Operations. In connection with the Merger, Former Caesars’ outstanding performance-based stock options ceased to represent an option or right to acquire shares of Former Caesars common stock and were converted into an option or right to purchase shares of Company Common Stock on the same terms and conditions as were applicable to such option immediately prior to the consummation of the Merger. Former Caesars’ unvested RSUs and MSUs were converted into a number of RSUs or MSUs, as applicable, in respect of shares of Company Common Stock and remained subject to the same terms and conditions as were applicable to such RSUs and MSUs immediately prior to the consummation of the Merger. In addition, during the three months ended September 30, 2020, the Company granted both RSUs and MSUs to members of management. Vesting of the awards varies, and includes awards that cliff vest after a two or three year service period, as well as awards that vest ratably on each anniversary during the three year service period. In addition, awards were granted to certain key individuals related to their efforts and the related shareholder return from potential transactions. Vesting of the awards is subject to various service and performance conditions and will accelerate and vest immediately upon the closing of a qualifying transaction as defined by the agreements. Certain awards contained a market-based performance condition with which the fair value of the awards was determined based on a Monte Carlo simulation. The grant date fair value for these awards with a market-based performance condition was approximately $7 million. Restricted Stock Unit Activity During the three and nine months ended September 30, 2020, as part of the annual incentive program, the Company granted RSUs to employees of the Company with an aggregate fair value of $42 million and $59 million, respectively. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock. In connection with the Merger, on July 20, 2020, each Former Caesars’ RSU that was eligible to vest based solely on the passage of time that was outstanding as of immediately prior to the consummation of the Merger was converted into a RSU in respect of Company Common Stock and remained subject to the same terms and conditions as were applicable as of immediately prior to the consummation of the Merger. A summary of the RSUs activity, including performance awards, for the nine months ended September 30, 2020 is presented in the following table: Units Weighted- Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2019 1,246,641 $ 35.56 Granted (b) 1,222,736 48.17 Acquired (c) 1,876,969 38.24 Vested (1,068,509) 33.22 Forfeited (22,912) 41.89 Unvested outstanding as of September 30, 2020 3,254,925 42.56 ___________________ (a) Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date. (b) Included are 20,615 RSUs granted to non-employee members of the Board of Directors during the nine months ended September 30, 2020. (c) Assumed RSU shares of Former Caesars as of the Merger date. Market-Based Stock Unit Activity During the quarter ended September 30, 2020, the Company granted approximately 185,639 MSUs that are scheduled to cliff vest in three years. On the vesting date, recipients will receive between 0% and 200% of the granted MSUs in the form of Company Common Stock based on the achievement of specified market and service conditions. Based on the terms and conditions of the awards, the grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance. The aggregate value of MSUs granted during the nine months ended September 30, 2020 was $13 million. In connection with the Merger, on July 20, 2020, each MSU of Former Caesars was converted into a MSU in respect of shares of Company Common Stock and remained subject to the same terms and conditions as were applicable as of immediately prior to the consummation of the Merger. Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2019 — $ — Granted 185,639 70.26 Acquired (b) 124,984 63.36 Vested (61,322) 63.36 Forfeited — — Unvested outstanding as of September 30, 2020 249,301 68.50 ____________________ (a) Represents the fair value determined using a Monte-Carlo simulation model. (b) Assumed MSU shares of Former Caesars as of the Merger date. Stock Option Activity There were 26,900 stock options exercised for the nine months ended September 30, 2020. Outstanding options as of September 30, 2020 totaled 220,432, of which 104,257 options were exercisable. Unrecognized Compensation Cost As of September 30, 2020, the Company had $103 million of unrecognized compensation expense, which is expected to be recognized over a weighted-average period of 1.7 years.

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	. Investments in and Advances to Unconsolidated Affiliates William Hill The Company entered into a 25-year agreement, which became effective January 29, 2019, with William Hill which granted to William Hill the right to conduct betting activities, including operating our sportsbooks, in retail channels under certain skins for online channels with respect to the Company’s current and future properties, and conduct certain real money online gaming activities. The Company received a 20% ownership interest in William Hill US as well as 13 million ordinary shares of William Hill plc, which carry certain time restrictions on when they can be sold. Additionally, the Company receives a profit share from the operations of sports betting and other gaming activities associated with the Company’s properties. “Skin” in the context of this agreement refers to the Company’s ability to grant to William Hill an online channel that allows William Hill to operate online casino and sports gaming activities in reliance on, and utilizing the benefit of, any licenses granted to the Company or its subsidiaries. On September 30, 2020, the Company announced its intention to acquire William Hill plc in an all-cash transaction. See Note 1. As of September 30, 2020 and December 31, 2019, the Company’s receivable from William Hill totaled $1 million and $4 million, respectively, and is reflected in Due from affiliates on the Consolidated Condensed Balance Sheets. The Company is accounting for its investment in William Hill US under the equity method. The fair value of the Company’s initial investment in William Hill US of $129 million at January 29, 2019 was determined using Level 3 inputs. As of September 30, 2020 and December 31, 2019, the carrying value of the Company’s interest in William Hill US totaled $126 million and $127 million, respectively, and is recorded in Investment in and advances to unconsolidated affiliates on the Consolidated Condensed Balance Sheets. As of September 30, 2020 and December 31, 2019, the fair value of the William Hill plc shares totaled $43 million and $29 million, respectively, net of cumulative unrealized gains of $15 million and $2 million, respectively, and is included in Investment in and advances to unconsolidated affiliates on the Consolidated Condensed Balance Sheets. The Company recorded an unrealized gain of $26 million and an unrealized loss of $4 million during the three months ended September 30, 2020 and 2019, respectively. The Company recorded an unrealized gain of $13 million during the nine months ended September 30, 2020. The Company recorded a loss of less than $1 million for the nine months ended September 30, 2019 As described above, the Company granted William Hill the right to the use of certain skins in exchange for an equity method investment. The fair value of the William Hill US and William Hill plc shares received has been deferred and is recognized as revenue on a straight-line basis over the 25-year agreement term. The Company recognized revenue of $2 million for both of the three months ended September 30, 2020 and 2019, and $7 million and $4 million during the nine months ended September 30, 2020 and 2019, respectively and is recorded in Other revenue in the Consolidated Condensed Statement of

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2019 $ 53 $ 910 $ 1,058 Amortization (35) — — Impairments — (100) (20) Acquired (a) 488 8,649 3,081 Assets held for sale (see Note 4) (5) (9) (154) September 30, 2020 $ 501 $ 9,450 $ 3,965 ____________________ (a) Includes intangible assets and goodwill acquired upon Merger and $20 million of acquisition of gaming rights. See Note 2 and Note 13 for further detail. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill September 30, 2020 December 31, 2019 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (71) $ 417 $ 101 $ (48) $ 53 Gaming rights and others 34.2 years 84 — 84 — — — $ 572 $ (71) 501 $ 101 $ (48) 53 Non-amortizing intangible assets Trademarks 2,202 165 Gaming rights 1,223 893 Caesars Rewards 540 — 3,965 1,058 Total amortizing and non-amortizing intangible assets, net $ 4,466 $ 1,111 Gaming rights represent intangible assets acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate in the jurisdiction. These gaming license rights are not subject to amortization as the Company has determined that they have indefinite useful lives. For gaming jurisdictions with high barriers of renewal of the gaming rights, such as material costs of renewal, the gaming rights are deemed to have a finite useful life and are amortized over the expected useful life. During the nine months ended September 30, 2020, the Company recognized impairment charges in our Regional segment related to goodwill and trade names totaling $100 million and $16 million, respectively, due to declines in recent performance and the expected impact on future cash flows as a result of COVID-19. Additionally, in conjunction with the classification of MontBleu’s operations as assets held for sale as of September 30, 2020 (see Note 4) as a result of the announced sale, an impairment charge totaling $45 million was recorded due to the carrying value exceeding the estimate sales proceeds. Trade names, property, plant and equipment and other assets were impaired by $4 million, $23 million and $18 million, respectively, recorded in the Regional segment. Amortization expense with respect to intangible assets for the three months ended September 30, 2020 and 2019 totaled $21 million and $8 million, respectively, and $35 million and $23 million for the nine months ended September 30, 2020 and 2019, respectively, which is included in depreciation and amortization in the Consolidated Condensed Statements of Operations. Estimated Five-Year Amortization Years Ended December 31, (In millions) Remaining 2020 2021 2022 2023 2024 2025 Estimated annual amortization expense $ 20 $ 78 $ 64 $ 60 $ 60 $ 60

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	. Income Taxes Income Tax Allocation Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 (Loss) income from continuing operations before income taxes $ (789) $ 55 $ (1,136) $ 133 Provision for income taxes (135) (18) (64) (39) Effective tax rate (17.1) % 32.7 % (5.6) % 29.3 % We classify accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets separate from any related income tax payable which is reported within Accrued other liabilities. The accrual amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal, state and foreign deferred tax assets that were not deemed realizable based upon estimates of future taxable income. As a result of the Merger, the Company acquired $779 million of additional net deferred tax liabilities net of necessary valuation allowances, plus $24 million in additional accruals for uncertain tax positions. The income tax expense for the three and nine months ended September 30, 2020 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to an increase in the valuation allowance against the deferred tax assets due to the series of transactions with VICI during the quarter. The income tax expense for the three and nine months ended September 30, 2019 differed from the expected income tax expense based on the federal tax rate of 21% primarily due to excess tax benefits associated with stock compensation, state and local income taxes and changes in the valuation allowance against deferred tax assets. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. The CARES Act includes, among other things, refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical amendments regarding the income tax depreciation of qualified improvement property placed in service after December 31, 2017. These amendments allow for retroactive accelerated income tax depreciation on certain of the Company’s leasehold improvement assets. The financial impact of these technical amendments on the business was recorded in the three month period ended September 30, 2020 but had no impact on the income tax provision. The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to examinations by tax authorities for years before 2016, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	. LeasesThe Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 60 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Financing Obligations VICI Leases & Golf Course Use Agreement Upon consummation of the Merger, CEI assumed obligations of certain real property assets leased from VICI by Former Caesars under the following agreements: (i) for a portfolio of properties at various locations throughout the United States (the “Non-CPLV lease”), (ii) for Caesars Palace Las Vegas (the “CPLV lease”), (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”) and (iv) for Harrah’s Las Vegas (the “HLV Lease”). These lease agreements provided for annual fixed rent (subject to escalation) of $773 million during an initial period, then rent consisting of both base rent and variable rent elements. The lease agreements had a 15-year initial term and four five-year renewal options. The lease agreements included escalation provisions beginning in year two of the initial term and continuing through the renewal terms. The lease agreements also included provisions for variable rent payments calculated, in part, based on increases or decreases of net revenue of the underlying lease properties, commencing in year eight of the initial term and continuing through the renewal terms. In connection with the closing of the Merger on July 20, 2020, the Company and certain of its affiliates consummated a series of transactions with VICI in accordance with the MTA and the purchase and sales agreements entered on September 26, 2019. The Company and certain of its affiliates consummated sale leaseback transactions related to Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Resort Atlantic City, including the Harrah’s Atlantic City Waterfront Conference Center, for approximately $1.8 billion of net proceeds. The Non-CPLV lease was amended to include these properties (as amended, the “Regional Lease”), and was further amended to increase the annual rent thereunder by $154 million in the aggregate related to such added properties and extend the term of such lease so that following the amendment of such lease there will be 15 years remaining until the expiration of the initial term. The Joliet Lease term was also amended such that 15 years remain until the expiration of the initial term. Former Caesars entered into a Golf Course Use Agreement with VICI, which has a 35-year term (inclusive of all renewal periods), pursuant to which such affiliates of the Company agreed to pay (i) an annual payment of $10 million, subject to escalation, (ii) an annual use fee of $3 million, subject to escalation beginning in the second year, and (iii) certain per-round fees, all as more particularly set forth in the Golf Course Use Agreement. Furthermore, the term of the Golf Course Use Agreement was extended such that there will be 15 years remaining until the expiration of the initial term. The amendment to the Regional Lease also contains a put-call agreement related to the Centaur properties, which are Hoosier Park and Indiana Grand, pursuant to which the Company may require VICI to purchase and lease back (as lessor) the real estate components of the gaming and racetrack facilities of Hoosier Park and Indiana Grand and VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of such gaming and racetrack facilities. Election by either party to put or call the Centaur properties must be made during the election period beginning January 1, 2022 and ending December 31, 2024. Upon either party exercising their option, the Centaur properties would be sold at the price in accordance with the agreement and subsequently leased back to CEI by adding the leaseback to the pre-existing Regional lease agreement. As such, the Centaur properties would be leased back over the remaining term of the Regional lease agreement and the Regional lease agreement annual rental payments would be increased by the amount of rent required to achieve a rent coverage ratio of 1.3 as of the exercise date. A liability of $6 million associated with this agreement has been recorded within Other long-term liabilities. Additionally, in connection with the Merger, the Company received a one-time payment from VICI of approximately $1.4 billion for amendments to the CPLV Lease (as amended, the “Las Vegas Lease”) to, among other things, (i) add the land and improvements of HLV to the lease and terminate the HLV Lease (ii) add the rent payable with respect to the HLV Lease and further increase the annual rent payable with respect to HLV by approximately $15 million, (iii) increase the annual rent with respect to CPLV by approximately $84 million and (iv) extend the term of such lease so that following the amendment of such lease there will be 15 years remaining until the expiration of the initial term. In connection with the Merger, the land and building components subject to the lease amendments described above did not qualify for sale-leaseback accounting and are accounted for as post-combination debt modifications. GLPI Leases The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 10.2%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant. The GLPI Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease provides for an initial term of 20 (as amended below) with no purchase option. At the Company’s option, the GLPI Master Lease may be extended for up to four five-year renewal terms beyond the initial 20 years-year term (as amended below). On June 15, 2020, the Company entered into an Amended and Restated Master Lease with GLPI, which, among other things, (i) extended the initial term from 15 to 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) commencing October 1, 2020, removed the percentage rent payable in exchange for an increase to the non-escalating portion of land base rent to $24 million, (iii) amended the dates on which, and the amounts by which, the escalating portion of base rent escalates, and (iv) provided certain relief under the operating, capital expenditure and financial covenants in the event of facility closures due to public health emergencies, governmental restrictions and certain other instances of unavoidable delay. The amendment to the GLPI Master Lease became effective on July 17, 2020 following receipt of required regulatory approvals. If the Company elects to renew the term of the GLPI Master Lease, the renewal will be effective as to all, but not less than all, of the leased property then subject to the GLPI Master Lease. The GLPI Master Lease does not provide the Company with the option to purchase the leased property and the Company does not have the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. On September 29, 2020, Company entered into a sale-leaseback transaction with GLPI for the Lumière property. On October 1, 2018, the Company borrowed $246 million from GLPI to fund the purchase price of the real estate underlying Lumière. As part of the consideration for the purchase of the property, GLPI cancelled the $246 million loan. The lease (the “Lumiere Lease”) has an initial term that ends on October 31, 2033 and four five-year renewal options. Following the amendments and transactions above, the land and building components subject to the lease amendments described above did not qualify for sale-leaseback accounting and are accounted for as post-combination debt modifications. The future minimum payments related to the GLPI leases, including the Lumière Lease, and VICI leases financing obligation, as amended, at September 30, 2020 were as follows: (In millions) GLPI Leases VICI Leases 2020 (excluding the nine months ended September 30, 2020) $ 27 $ 268 2021 109 1,079 2022 109 1,097 2023 111 1,119 2024 112 1,139 Thereafter 4,880 46,737 Total future payments 5,348 51,439 Less: Amounts representing interest (4,522) (41,020) Plus: Residual values 399 906 Financing obligation $ 1,225 $ 11,325 Cash payments made relating to our long-term financing obligations during the three and nine months ended September 30, 2020 and 2019 are as follows: GLPI Leases (a) VICI Leases Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 2020 2019 2020 2019 Cash paid for principal $ 22 $ 22 $ 66 $ 66 $ 49 $ — $ 49 $ — Cash paid for interest 24 25 74 74 128 — 128 — ____________________ (a) For the initial periods of the GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term. Lease Covenants The GLPI Leases and VICI leases contains certain operating, capital expenditure and financial covenants thereunder, and the Company’s ability to maintain compliance with these covenants was also negatively impacted. On June 15, 2020, the Company entered into an amendment to the GLPI Master Lease which provides certain relief under these covenants in the event of facility closures due to public health emergencies, governmental restrictions and certain other instances of unavoidable delay. Furthermore, the Company obtained waivers from VICI with relation to annual capital expenditure requirements the leases with VICI starting with the annual period ending December 31, 2020. Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three and nine months ended September 30, 2020, we recognized approximately $200 million and $257 million, respectively, in lease revenue related to lodging arrangements, which is included in Rooms revenue in the Statement of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statement of Operations, and during the three and nine months ended September 30, 2020, we recognized approximately $2 million in lease revenue related to conventions.
Leases	. LeasesThe Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 60 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Financing Obligations VICI Leases & Golf Course Use Agreement Upon consummation of the Merger, CEI assumed obligations of certain real property assets leased from VICI by Former Caesars under the following agreements: (i) for a portfolio of properties at various locations throughout the United States (the “Non-CPLV lease”), (ii) for Caesars Palace Las Vegas (the “CPLV lease”), (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”) and (iv) for Harrah’s Las Vegas (the “HLV Lease”). These lease agreements provided for annual fixed rent (subject to escalation) of $773 million during an initial period, then rent consisting of both base rent and variable rent elements. The lease agreements had a 15-year initial term and four five-year renewal options. The lease agreements included escalation provisions beginning in year two of the initial term and continuing through the renewal terms. The lease agreements also included provisions for variable rent payments calculated, in part, based on increases or decreases of net revenue of the underlying lease properties, commencing in year eight of the initial term and continuing through the renewal terms. In connection with the closing of the Merger on July 20, 2020, the Company and certain of its affiliates consummated a series of transactions with VICI in accordance with the MTA and the purchase and sales agreements entered on September 26, 2019. The Company and certain of its affiliates consummated sale leaseback transactions related to Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Resort Atlantic City, including the Harrah’s Atlantic City Waterfront Conference Center, for approximately $1.8 billion of net proceeds. The Non-CPLV lease was amended to include these properties (as amended, the “Regional Lease”), and was further amended to increase the annual rent thereunder by $154 million in the aggregate related to such added properties and extend the term of such lease so that following the amendment of such lease there will be 15 years remaining until the expiration of the initial term. The Joliet Lease term was also amended such that 15 years remain until the expiration of the initial term. Former Caesars entered into a Golf Course Use Agreement with VICI, which has a 35-year term (inclusive of all renewal periods), pursuant to which such affiliates of the Company agreed to pay (i) an annual payment of $10 million, subject to escalation, (ii) an annual use fee of $3 million, subject to escalation beginning in the second year, and (iii) certain per-round fees, all as more particularly set forth in the Golf Course Use Agreement. Furthermore, the term of the Golf Course Use Agreement was extended such that there will be 15 years remaining until the expiration of the initial term. The amendment to the Regional Lease also contains a put-call agreement related to the Centaur properties, which are Hoosier Park and Indiana Grand, pursuant to which the Company may require VICI to purchase and lease back (as lessor) the real estate components of the gaming and racetrack facilities of Hoosier Park and Indiana Grand and VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of such gaming and racetrack facilities. Election by either party to put or call the Centaur properties must be made during the election period beginning January 1, 2022 and ending December 31, 2024. Upon either party exercising their option, the Centaur properties would be sold at the price in accordance with the agreement and subsequently leased back to CEI by adding the leaseback to the pre-existing Regional lease agreement. As such, the Centaur properties would be leased back over the remaining term of the Regional lease agreement and the Regional lease agreement annual rental payments would be increased by the amount of rent required to achieve a rent coverage ratio of 1.3 as of the exercise date. A liability of $6 million associated with this agreement has been recorded within Other long-term liabilities. Additionally, in connection with the Merger, the Company received a one-time payment from VICI of approximately $1.4 billion for amendments to the CPLV Lease (as amended, the “Las Vegas Lease”) to, among other things, (i) add the land and improvements of HLV to the lease and terminate the HLV Lease (ii) add the rent payable with respect to the HLV Lease and further increase the annual rent payable with respect to HLV by approximately $15 million, (iii) increase the annual rent with respect to CPLV by approximately $84 million and (iv) extend the term of such lease so that following the amendment of such lease there will be 15 years remaining until the expiration of the initial term. In connection with the Merger, the land and building components subject to the lease amendments described above did not qualify for sale-leaseback accounting and are accounted for as post-combination debt modifications. GLPI Leases The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 10.2%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant. The GLPI Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease provides for an initial term of 20 (as amended below) with no purchase option. At the Company’s option, the GLPI Master Lease may be extended for up to four five-year renewal terms beyond the initial 20 years-year term (as amended below). On June 15, 2020, the Company entered into an Amended and Restated Master Lease with GLPI, which, among other things, (i) extended the initial term from 15 to 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) commencing October 1, 2020, removed the percentage rent payable in exchange for an increase to the non-escalating portion of land base rent to $24 million, (iii) amended the dates on which, and the amounts by which, the escalating portion of base rent escalates, and (iv) provided certain relief under the operating, capital expenditure and financial covenants in the event of facility closures due to public health emergencies, governmental restrictions and certain other instances of unavoidable delay. The amendment to the GLPI Master Lease became effective on July 17, 2020 following receipt of required regulatory approvals. If the Company elects to renew the term of the GLPI Master Lease, the renewal will be effective as to all, but not less than all, of the leased property then subject to the GLPI Master Lease. The GLPI Master Lease does not provide the Company with the option to purchase the leased property and the Company does not have the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. On September 29, 2020, Company entered into a sale-leaseback transaction with GLPI for the Lumière property. On October 1, 2018, the Company borrowed $246 million from GLPI to fund the purchase price of the real estate underlying Lumière. As part of the consideration for the purchase of the property, GLPI cancelled the $246 million loan. The lease (the “Lumiere Lease”) has an initial term that ends on October 31, 2033 and four five-year renewal options. Following the amendments and transactions above, the land and building components subject to the lease amendments described above did not qualify for sale-leaseback accounting and are accounted for as post-combination debt modifications. The future minimum payments related to the GLPI leases, including the Lumière Lease, and VICI leases financing obligation, as amended, at September 30, 2020 were as follows: (In millions) GLPI Leases VICI Leases 2020 (excluding the nine months ended September 30, 2020) $ 27 $ 268 2021 109 1,079 2022 109 1,097 2023 111 1,119 2024 112 1,139 Thereafter 4,880 46,737 Total future payments 5,348 51,439 Less: Amounts representing interest (4,522) (41,020) Plus: Residual values 399 906 Financing obligation $ 1,225 $ 11,325 Cash payments made relating to our long-term financing obligations during the three and nine months ended September 30, 2020 and 2019 are as follows: GLPI Leases (a) VICI Leases Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 2020 2019 2020 2019 Cash paid for principal $ 22 $ 22 $ 66 $ 66 $ 49 $ — $ 49 $ — Cash paid for interest 24 25 74 74 128 — 128 — ____________________ (a) For the initial periods of the GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term. Lease Covenants The GLPI Leases and VICI leases contains certain operating, capital expenditure and financial covenants thereunder, and the Company’s ability to maintain compliance with these covenants was also negatively impacted. On June 15, 2020, the Company entered into an amendment to the GLPI Master Lease which provides certain relief under these covenants in the event of facility closures due to public health emergencies, governmental restrictions and certain other instances of unavoidable delay. Furthermore, the Company obtained waivers from VICI with relation to annual capital expenditure requirements the leases with VICI starting with the annual period ending December 31, 2020. Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three and nine months ended September 30, 2020, we recognized approximately $200 million and $257 million, respectively, in lease revenue related to lodging arrangements, which is included in Rooms revenue in the Statement of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statement of Operations, and during the three and nine months ended September 30, 2020, we recognized approximately $2 million in lease revenue related to conventions.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: September 30, 2020 December 31, (Dollars in millions) Final Rates Face Value Book Value Book Value Secured Debt CEI Senior Secured Notes 2025 6.25% $ 3,400 $ 3,330 $ — CEI Revolving Credit Facility 2025 variable (a) 900 880 — ERI Term Loan N/A N/A — — 491 CRC Term Loan B 2024 variable (b) 4,571 4,120 — CRC Term Loan B-1 2025 variable (c) 1,800 1,709 — CRC Revolving Credit Facility 2022 variable (d) — — — CRC Senior Secured Notes 2025 5.75% 1,000 978 — Convention Center Mortgage Loan 2025 7.70% 400 397 — Lumière Loan N/A N/A — — 246 Unsecured Debt CEI Senior Notes 2027 8.13% 1,800 1,767 — CRC Notes 2025 5.25% 1,700 1,490 — 5% Convertible Notes 2024 5.00% 597 546 — 6% Senior Notes 2026 N/A — — 582 6% Senior Notes 2025 N/A — — 879 7% Senior Notes 2023 N/A — — 370 Special Improvement District Bonds 2037 4.30% 51 51 — Long-term notes and other payables 2 2 3 Total debt 16,221 15,270 2,571 Current portion of long-term debt (67) (67) (246) Long-term debt $ 16,154 $ 15,203 $ 2,325 Unamortized premiums, discounts and deferred finance charges (e) $ 951 $ 34 Fair value $ 16,135 ____________________ (a) Prime rate plus 2.25%. (b) LIBOR plus 2.75%. (c) $1.2 billion at 1 month LIBOR plus 4.50% and $600 million at 3 month LIBOR plus 4.50%. (d) LIBOR plus 2.00%. (e) Approximately $7 million of deferred financing costs related to our revolving credit facilities are included within Other assets, net as of December 31, 2019. Current Portion of Long-Term Debt The current portion of long-term debt as of September 30, 2020 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are contractually due within 12 months. Debt Discounts or Premiums and Deferred Finance Charges Debt discounts or premiums and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to its original maturity date. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of September 30, 2020 based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy. New Debt Transactions The Company was party to a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto dated as of April 17, 2017 (as amended the “ERI Credit Facility”), consisting of a $1.5 billion term loan facility (the “ERI Term Loan”) and a $500 million revolving credit facility (the “ERI Revolving Credit Facility”). In an effort to maintain liquidity and provide financial flexibility as the effects of COVID-19 continued to evolve and impact global financial markets, the Company borrowed $465 million under the revolving credit facility on March 16, 2020, which we repaid in July 2020 utilizing, in part, proceeds from the sale of the Company’s interests in Kansas City and Vicksburg. On July 6, 2020, Colt Merger Sub, Inc., a wholly-owned subsidiary of the Company (the “Escrow Issuer”), issued $3.4 billion aggregate principal amount of 6.25% Senior Secured Notes due 2025 (the “CEI Senior Secured Notes”), $1.8 billion aggregate principal amount of 8.125% Senior Notes due 2027 (the “CEI Senior Notes”) and $1.0 billion aggregate principal amount of 5.75% Senior Secured Notes due 2025 (the “CRC Senior Secured Notes”). On July 20, 2020, in connection with the closing of the Merger, the Company entered into a new credit agreement (“CEI Credit Agreement”), which provide a five-year senior secured revolving credit facility in an aggregate principal amount of $1.2 billion (the “CEI Revolving Credit Facility”). In addition, Caesars Resort Collection, LLC (“CRC”) entered into incremental amendments to the CRC Credit Agreement (described below), which provided a $1.8 billion incremental term loan. A portion of the proceeds from these arrangements was used to prepay in full the loans outstanding and terminate all commitments under the ERI Credit Facility, and to satisfy and discharge the Company’s 6% Senior Notes due 2025, 6% Senior Notes due 2026, and the 7% Senior Notes due 2023. The 6% Senior Notes due 2025 were redeemed at a redemption price of 104.5%, the 7% Senior Notes due 2023 were redeemed at a redemption price of 103.5%, and $210 million aggregate principal amount of the 6% Senior Notes due 2026 was redeemed at a redemption price of 106% with the remaining balance redeemed at a redemption price of 100% of the aggregate principal amount thereof plus the Applicable Premium, as defined in the indenture for the 6% Senior Notes due 2026. The redemption of the senior notes resulted in a loss on extinguishment of debt of $132 million during the three and nine months ended September 30, 2020, which is recorded within Other (loss) income on the Statement of Operations. CEI Senior Secured Notes due 2025 On July 6, 2020, the Escrow Issuer issued $3.4 billion in aggregate principal amount of 6.25% Senior Secured Notes due 2025 pursuant to an indenture dated July 6, 2020 (the “CEI Senior Secured Notes Indenture”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The Company assumed the rights and obligations under the CEI Senior Secured Notes and the Senior Secured Notes Indenture on July 20, 2020. The CEI Senior Secured Notes will mature on July 1, 2025 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year, commencing January 1, 2021. CEI Senior Notes due 2027 On July 6, 2020, the Escrow Issuer issued $1.8 billion in aggregate principal amount of 8.125% Senior Notes due 2027 pursuant to an indenture, dated July 6, 2020 (the “CEI Senior Notes Indenture”), by and between the Escrow Issuer and U.S. Bank National Association, as trustee. The Company assumed the rights and obligations under the CEI Senior Notes and the CEI Senior Notes Indenture on July 20, 2020. The CEI Secured Notes will mature on July 1, 2027 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year, commencing January 1, 2021. CRC Senior Secured Notes due 2025 On July 6, 2020, the Company issued $1.0 billion in aggregate principal amount of 5.75% Senior Notes due 2025 pursuant to an indenture, dated July 6, 2020 (the “CRC Senior Secured Notes Indenture”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee and Credit Suisse AG, Cayman Islands Branch, as collateral agent. In connection with the consummation of the Merger, CRC assumed the rights and obligations under the CRC Senior Secured Notes and the CRC Senior Secured Notes Indenture. The CRC Senior Secured Notes will mature on July 1, 2025 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year, commencing January 1, 2021. CEI Revolving Credit Facility On July 20, 2020, the Escrow Issuer entered into a new credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as collateral agent, and certain banks and other financial institutions and lenders party thereto, which provide for a five-year CEI Revolving Credit Facility in an aggregate principal amount of $1.2 billion. The CEI Revolving Credit Facility matures in 2025 and includes a letter of credit sub-facility of $250 million. The interest rate per annum applicable under the CEI Revolving Credit Facility, at the Company’s option is either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by JPMorgan Chase Bank, N.A. and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be 3.25% per annum in the case of any LIBOR loan and 2.25% per annum in the case of any base rate loan, subject to three 0.25% step-downs based on the Company’s total leverage ratio. Additionally, the Company is required to pay a commitment fee in respect of any unused commitments under CEI Revolving Credit Facility in the amount of 0.50% of principal amount of the commitments of all lenders, subject to a step-down to 0.375% based upon the Company’s total leverage ratio. The Company is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. The Company had $266 million of available borrowing capacity, after consideration of $19 million in outstanding letters of credit under CEI Revolving Credit Facility, as of September 30, 2020. The Company paid down $900 million subsequent to September 30, 2020. Convention Center Mortgage Loan On September 18, 2020, the Company entered into a loan agreement with VICI to borrow a 5-year, $400 million Forum Convention Center mortgage loan (the “Mortgage Loan”). The Mortgage Loan bears interest at a rate of, initially, 7.7% per annum, which escalates annually to a maximum interest rate of 8.3% per annum. Assumed Debt Activity Former Caesars and its subsidiaries incurred the following indebtedness that remained outstanding following the consummation of the Merger. CRC Term Loans and CRC Revolving Credit Facility CRC is party to the Credit Agreement, dated as of December 22, 2017 (as amended, the “CRC Credit Agreement”), which included a $1.0 billion five seven The CRC Term Loan matures in 2024. The CRC Revolving Credit Facility matures in 2022 and includes a letter of credit sub-facility. The CRC Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CRC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions. As of September 30, 2020, approximately $64 million was committed to outstanding letters of credit. As of September 30, 2020, there were no borrowings outstanding under the CRC Revolving Credit Facility. Borrowings under the CRC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CRC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CRC Term Loan, 2.75% per annum in the case of any LIBOR loan or 1.75% per annum in the case of any base rate loan, (b) with respect to the CRC Incremental Term Loan, 4.50% per annum in the case of any LIBOR loan or 3.50% in the case of any base rate loan and (c) in the case of the CRC Revolving Credit Facility, 2.25% per annum in the case of any LIBOR loan and 1.25% per annum in the case of any base rate loan, subject in the case of the CRC Revolving Credit Facility to two 0.125% step-downs based on CRC’s senior secured leverage ratio (“SSLR”), the ratio of first lien senior secured net debt to adjusted earnings before interest, taxes, depreciation and amortization. The CRC Revolving Credit Facility is subject to a financial covenant discussed below. In addition, CRC is required to pay a commitment fee in respect of any commitments under the CRC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CRC’s SSLR. CRC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. CRC Notes On October 16, 2017, CRC issued $1.7 billion aggregate principal amount of 5.25% senior notes due 2025 (the “CRC Notes”). Former Caesars 5% Convertible Notes On October 6, 2017, Former Caesars issued $1.1 billion aggregate principal amount of 5.00% convertible senior notes maturing in 2024 (the “5% Convertible Notes”). The 5% Convertible Notes are convertible into the weighted average of the number of shares of Company Common Stock and amount of cash actually received per share by holders of common stock of Former Caesars that made elections for consideration in the Merger. As of September 30, 2020, we have paid approximately $574 million and issued approximately 6.8 million shares upon conversion of $487 million in aggregate principal amount of the 5% Convertible Notes during 2020. Through November 2, 2020, we paid an additional $328 million and issued 3.9 million shares upon conversion of an additional $281 million of the 5% Convertible Notes. The Company has determined that the 5% Convertible Notes contain derivative features that require bifurcation. The Company separately accounts for the liability component and equity conversion option of the 5% Convertible Notes. The difference between the overall instrument value and the value of the liability component was assumed to be the value of the equity conversion option component. The value of the liability is determined based on a discounted cash flow of the debt instrument. See Note 11 for more information on the 5% Convertible Notes’ fair value measurements. Net amortization of the debt issuance costs and the discount and/or premium associated with the Company’s indebtedness totaled $34 million and $2 million for the three months ended September 30, 2020 and 2019, respectively, and $37 million and $6 million for the nine months ended September 30, 2020 and 2019 respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. Annual Estimated Debt Service Requirements as of September 30, 2020 Remaining Years Ended December 31, (In millions) 2020 2021 2022 2023 2024 Thereafter Total Annual maturities of long-term debt $ 16 $ 67 $ 67 $ 67 $ 5,036 $ 10,968 $ 16,221 Estimated interest payments 200 850 820 790 790 690 4,140 Total debt service obligation (a) $ 216 $ 917 $ 887 $ 857 $ 5,826 $ 11,658 $ 20,361 ____________________ (a) 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 related to our CRC Credit Facility (see Note 11). Actual payments may differ from these estimates. Lumière Loan The Company borrowed $246 million from GLPI to fund the purchase price of the real estate underlying Lumière, which was scheduled to mature on October 1, 2020. On June 24, 2020, the Company received approval from Missouri Gaming Commission to sell Lumière to GLPI and leaseback the property under a long-term financing obligation. As of September 30, 2020, the Lumière real estate has been refinanced under a financing obligation. See Note 9 . Debt Covenant Compliance The CRC Credit Agreement, the CEI Revolving Credit Facility and the indentures governing the CEI Senior Secured Notes, the CEI Senior Notes, the CRC Senior Secured Notes and the CRC's 5.25% senior notes due 2025 (the “CRC Notes”) contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The indenture for the 5% Convertible Notes contained limited covenants as a result of amendments that became effective in connection with the consummation of the Merger. The CRC Revolving Credit Facility and CEI Revolving Credit Facility include a maximum first-priority net senior secured leverage ratio financial covenant of 6.35:1, which is applicable solely to the extent that certain testing conditions are satisfied. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. The Company’s results of operations have been materially adversely affected by the impacts of the COVID-19 public health emergency. As a result, the current terms of the CEI Credit Agreement and the CRC Credit Agreement provide that the financial covenant measurement period is not effective through September 30, 2021 so long as the Company and CRC, respectively, comply with a minimum liquidity requirement, which includes any such availability under the applicable revolving credit facilities. As of September 30, 2020, the Company was in compliance with all of the applicable financial covenants under the CEI Credit Agreement, the CRC Credit Agreement, CEI Senior Secured Notes, CEI Senior Notes, and CRC Senior Secured Notes, 5% Convertible Notes and CRC Notes. Guarantees The CEI Revolving Credit Facility and the CEI Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CEI (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CEI and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes are guaranteed on a senior unsecured basis by such subsidiaries. The CRC Credit Agreement and the CRC Senior Secured Notes are guarantees on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CRC (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CEI and its subsidiary guarantors (subject to certain exceptions). The CRC Notes are guaranteed on a senior unsecured basis by such subsidiaries.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Items Measured at Fair Value on a Recurring Basis : The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Condensed Balance Sheets at September 30, 2020 and December 31, 2019: (In millions) September 30, 2020 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 8 $ 3 $ 50 $ 61 Marketable securities 31 12 — 43 Total assets at fair value $ 39 $ 15 $ 50 $ 104 Liabilities: Other liabilities related to restricted investments $ — $ — $ 4 $ 4 Derivative instruments - 5% Convertible Notes — 575 — 575 Derivative instruments - interest rate swaps and FX forward — 114 — 114 Total liabilities at fair value $ — $ 689 $ 4 $ 693 December 31, 2019 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 11 $ 2 $ 29 $ 42 Marketable securities 27 8 — 35 Total assets at fair value $ 38 $ 10 $ 29 $ 77 The change in restricted cash and investments and liabilities valued using Level 3 inputs for the nine months ended September 30, 2020 is as follows: (In millions) Level 3 Investments Level 3 Fair value of investment and liabilities at December 31, 2019 $ 29 $ — Value of additional investment received 5 2 Unrealized gain 16 2 Fair value at September 30, 2020 $ 50 $ 4 There were no transfers in or out of Level 3 investments during the nine months ended September 30, 2020. Restricted Investments The estimated fair values of the Company’s restricted cash and investments are based upon quoted prices available in active markets (Level 1), or quoted prices for similar assets in active and inactive markets (Level 2), or quoted prices available in active markets adjusted for time restrictions related to the sale of the investment (Level 3) and represent the amounts the Company would expect to receive if the Company sold the restricted cash and investments. Restricted investments include shares acquired in conjunction with the Company’s sports betting agreements that contain restrictions related to the ability to liquidate shares within a specified timeframe. In November 2018, the Company entered into a 20-year agreement with The Stars Group Inc. (“TSG”) to provide TSG with options to obtain access to a second skin for online sports wagering and third skin for real money online gaming and poker with respect to the Company’s properties in the United States. Under the terms of the agreement, the Company received 1 million TSG common shares as a revenue share from the operation of the applicable verticals by TSG under the Company’s licenses. The fair value of the shares received has been deferred and is recognized as revenue on a straight-line basis over the 20-year agreement term. All shares are subject to a one year restriction on transfer from the date they are received. On May 5, 2020, Flutter Entertainment PLC (“Flutter”) completed the acquisition of all of the issued and outstanding common shares of TSG in exchange for 0.2253 Flutter shares per common share of TSG. As of September 30, 2020 and December 31, 2019, the fair value of unrestricted shares totaled $19 million and $14 million, respectively, net of cumulative unrealized gains of $9 million and $4 million, respectively, and is included in Prepayments and other current assets on the Consolidated Condensed Balance Sheet. In addition, as of September 30, 2020, the fair value of restricted shares in Flutter totaled $8 million, net of cumulative unrealized gains of $3 million, and is included in restricted cash and investments on the Consolidated Condensed Balance Sheet. The Company recorded unrealized gains of $5 million and $8 million during the three and nine months ended September 30, 2020, respectively, and unrealized loss of $2 million during the three months ended September 30, 2019. For the nine months ended September 30, 2019, the Company recorded an unrealized loss of less than a million. Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and unrestricted shares acquired in conjunction with the Company’s sports betting agreements. These investments also include collateral for several escrow and trust agreements with third-party beneficiaries. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities. Derivative Instruments The Company does not purchase or hold any derivative financial instruments for trading purposes. 5% Convertible Notes - Derivative Liability On October 6, 2017, Former Caesars issued $1.1 billion aggregate principal amount of 5% Convertible Notes. The 5% Convertible Notes are convertible into the weighted average of the number of shares of Company Common Stock and amount of cash actually received per share by holders of common stock of Former Caesars that made elections for consideration in the Merger. As a result, the 5% Convertible Notes are convertible into a number of shares of Company Common Stock that is equal to approximately 0.014 shares of Company Common Stock and $1.17 of cash per $1.00 principal amount of 5% Convertible Notes. The 5% Convertible Notes are convertible at any time at the option of the holders thereof and, beginning in October 2020, are convertible at the option of the Company if the last reported sale price of Company Common Stock equals or exceeds 140% of the conversion price for the 5% Convertible Notes in effect on each of at least 20 trading days during any 30 consecutive trading day period. As of September 30, 2020, approximately $487 million of the 5% Convertible Notes have been converted into cash and shares resulting in a net gain of approximately $34 million which is recorded within other (loss) income on the Statement of Operations. The outstanding balance of $607 million of which $10 million was held in trust as of September 30, 2020, would result in the issuance of an aggregate of 8.4 million shares of Company Common Stock and payment of $708 million upon conversion of the remaining outstanding 5% Convertible Notes. As of September 30, 2020, the remaining life of the 5% Convertible Notes is approximately 4 years. Management analyzed the conversion features for derivative accounting consideration under ASC Topic 815, Derivatives and Hedging , (“ASC 815”) and determined that the 5% Convertible Notes contain bifurcated derivative features and qualify for derivative accounting. In accordance with ASC 815, the Company has bifurcated the conversion features of the 5% Convertible Notes and recorded a derivative liability. The 5% Convertible Notes derivative features are not designated as hedging instruments. The derivative features of the 5% Convertible Notes are carried on the Company’s Balance Sheet at fair value in Other long-term liabilities. The derivative liability is marked-to-market each measurement period and the changes in fair value as a result of fluctuations in the share price of our common stock resulted in a loss of $87 million for the three month ended September 30, 2020, which was recorded as a component of Other (loss) income in the Statement of Operations. The derivative liability associated with the 5% Convertible Notes will remain in effect until such time as the underlying convertible notes are exercised or terminated and the resulting derivative liability will be transitioned from a liability to equity as of such date. Valuation Methodology The 5% Convertible Notes had an initial face value of $1.1 billion, an initial term of 7 years, and a coupon rate of 5%. As of September 30, 2020 we estimated the fair value of the 5% Convertible Notes using a market-based approach that incorporated the value of both the straight debt and conversion features of the 5% Convertible Notes. The valuation model incorporated actively traded prices of the 5% Convertible Notes as of the reporting date, and assumptions regarding the incremental cost of borrowing for CEI. The key assumption used in the valuation model is the actively traded price of 5% Convertible Notes and the incremental cost of borrowing is an indirectly observable input. The fair value for the conversion features of the 5% Convertible Notes is classified as Level 2 measurement. Key Assumptions as of September 30, 2020: • Actively traded price of 5% Convertible Notes - $193.00 • Incremental cost of borrowing - 6.0% Forward contracts In relation to the proposed acquisition of William Hill plc, on September 28, 2020, the Company entered into a foreign exchange forward contract to hedge the risk of appreciation of the GBP denominated purchase price. Under the agreement, the Company will purchase £1.3 billion at a contracted exchange rate. An unrealized loss of $5 million related to the change in fair value during the period from September 28, 2020 and September 30, 2020 was recorded in the consolidated condensed statement of operations. As of September 30, 2020, the forward derivative liability of $5 million was recorded in Other long-term liabilities. On October 1, 2020 the contract was cancelled. On October 9, 2020, the Company entered into a foreign exchange forward contract to hedge the risk of appreciation of the GBP denominated purchase price. Under the agreement, the Company will purchase £536 million at a contracted exchange rate. The forward term of the contract ends on March 31, 2021. Interest Rate Swap Derivatives We use interest rate swaps to manage the mix of our debt between fixed and variable rate instruments. As of September 30, 2020, Former Caesars has entered into ten interest rate swap agreements to fix the interest rate on $3.0 billion of variable rate debt related to the CRC Credit Agreement. The interest rate swaps are designated as cash flow hedging instruments. The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense at settlement. Changes in the variable interest rates to be received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows. The major terms of the interest rate swap agreements as of September 30, 2020 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 12/31/2018 250 2.274% 0.156% 12/31/2022 12/31/2018 200 2.828% 0.156% 12/31/2022 12/31/2018 600 2.739% 0.156% 12/31/2022 1/1/2019 250 2.153% 0.156% 12/31/2020 1/1/2019 250 2.196% 0.156% 12/31/2021 1/1/2019 400 2.788% 0.156% 12/31/2021 1/1/2019 200 2.828% 0.156% 12/31/2022 1/2/2019 250 2.172% 0.156% 12/31/2020 1/2/2019 200 2.731% 0.156% 12/31/2020 1/2/2019 400 2.707% 0.156% 12/31/2021 Valuation Methodology The estimated fair values of our interest rate swap derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments are included in either Deferred charges and other assets or Deferred credits and other liabilities on our Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. None of our derivative instruments are offset and all were classified as Level 2. Financial Statement Effect The effect of derivative instruments designated as hedging instruments on the Balance Sheet for amounts transferred into Accumulated other comprehensive income/(loss) (“AOCI”) before tax was a gain of $18 million during the three months ended September 30, 2020. AOCI reclassified to Interest expense on the Statements of Operations was $12 million for the three months ended September 30, 2020. The estimated amount of existing losses that are reported in AOCI at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $62 million. As of September 30, 2020, the interest rate swaps derivative liability of $109 million was recorded in Other long-term liabilities. Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the period through September 30, 2020 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Total Balances as of December 31, 2019 $ — $ — $ — Other comprehensive income before reclassifications 2 1 3 Amounts reclassified from accumulated other comprehensive income 12 — 12 Total other comprehensive income, net of tax 14 1 15 Balances as of September 30, 2020 $ 14 $ 1 $ 15

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per Share	. Earnings per ShareThe following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (In millions, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to Caesars $ (926) $ 37 $ (1,202) $ 94 Shares outstanding: Weighted average shares outstanding – basic 152 78 104 78 Effect of dilutive securities: Stock-based compensation awards — 1 — 1 Weighted average shares outstanding – diluted 152 79 104 79 Basic (loss) income per share from continuing operations $ (6.09) $ 0.48 $ (11.55) $ 1.21 Basic loss per share from discontinued operations — — (0.01) — Net (loss) income per common share attributable to common stockholders – basic: $ (6.09) $ 0.48 $ (11.56) $ 1.21 Diluted (loss) income per share from continuing operations $ (6.09) $ 0.47 $ (11.55) $ 1.20 Diluted loss income per share from discontinued operations — — (0.01) — Net (loss) income per common share attributable to common stockholders – diluted: $ (6.09) $ 0.47 $ (11.56) $ 1.20 For a period in which the Company generated a net loss, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Three Months Ended Nine Months Ended (In millions) 2020 2019 2020 2019 Stock-based compensation awards 3 — 7 — 5% Convertible notes 8 — 8 — Total anti-dilutive common stock 11 — 15 —

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	. Litigation, Commitments and Contingencies Litigation The Company is a party to various legal proceedings. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact the Company’s consolidated financial condition or results of operations. While the Company maintains insurance coverage that the Company believes is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. On July 14, 2020, the Company filed a lawsuit for damages and declaratory relief in state court in New York relating to a transfer fee of $50 million that was assessed by the Indiana Gaming Commission upon the Company’s purchase of Hoosier Park Racino and Casino in 2017 from Centaur Holdings, LLC. Contemporaneous with the filing of the lawsuit, the Company notified Centaur that it was withholding payment of $50 million from Centaur Holdings that was otherwise due as a portion of a deferred payment for the purchase from Centaur. In the lawsuit, the Company seeks a declaration from the Court that the Sellers are required to indemnify Caesars for its losses arising out of or relating to payment of the transfer fee and that the Company is entitled to offset the $50 million transfer fee against payments otherwise due to Centaur. General In addition, the Company is a party to various legal and administrative proceedings, which have arisen in the normal course of its business. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on the Company’s results of operations. Contractual Commitments The following contractual commitments were assumed by the Company associated with Former Caesars as result of the consummation of the Merger. Extension of Casino Operating Contract and Ground Lease for Harrah’s New Orleans On April 1, 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board (the “LGCB”), entered into an Amended and Restated Casino Operating Contract (as amended by a First Amendment to the Amended and Restated Casino Operating Contract dated April 9, 2020, the “Casino Operating Contract”) to amend and restate the casino operating contract between the Company and the LGCB with respect to Harrah’s New Orleans to, among other things: (a) extend the term of the Company’s authority to conduct gaming operations at Harrah’s New Orleans for thirty (30) years to 2054; (b) require the Company to make (i) a capital investment of $325 million on or around Harrah’s New Orleans by July 15, 2024 (subject to extensions for force majeure events) (the “Capital Investment”), (ii) certain one-time payments totaling $65 million to the City of New Orleans (the “City”) and the State of Louisiana, (iii) annual payments totaling $9 million to the City and the State of Louisiana and (iv) an annual license payment of $3 million to the LGCB starting April 1, 2022; and (c) delay the date by which the Company must deliver certain payments to the State of Louisiana and the City primarily driven by the reopening date of the casino. On April 3, 2020, the Company, New Orleans Building Corporation (“NOBC”) and the City (collectively, the “Ground Lease Parties”) entered into a Second Amended and Restated Lease Agreement (as amended by a letter agreement of the same date, the “Ground Lease”) to amend and restate the ground lease among the Ground Lease Parties with respect to Harrah’s New Orleans to, among other things: (a) require the Company to make (i) the Capital Investment, (ii) certain payments to the City as also required by the Casino Operating Contract and (iii) certain one-time payments totaling $29 million to NOBC; (b) increase the minimum amount of certain annual payments to be made by the Company to NOBC; (c) provide that NOBC approves (subject to the satisfaction of certain conditions) of (i) the consummation of the Merger and (ii) a sale-leaseback transaction between the Company and an affiliate of VICI; and (d) delay the date by which the Company must deliver certain payments to the City and NOBC primarily driven by the reopening date of the casino. As certain operations have resumed at Harrah’s New Orleans, under Former Caesars, approximately $61 million was paid of which $47 million reflected additional gaming rights, and $14 million was operating costs, related to the payments described above. Subsequent to the Merger, the Company made additional payments totaling approximately $20 million of additional gaming rights as of, or for the period ended, September 30, 2020, related to the payments described above. Sports Sponsorship/Partnership Obligations We have agreements with certain professional sports leagues and teams, sporting event facilities and sports television networks for tickets, suites, and advertising, marketing, promotional and sponsorship opportunities. As of September 30, 2020, obligations related to these agreements were $318 million with contracts extending through 2035. We recognize expenses in the period services are rendered in accordance with the various agreements. In addition, assets or liabilities may be recorded related to the timing of payments as required by the respective agreement. On September 1, 2020, we amended our agreement with Turner Sports, Inc. for advertising and televised specials. On September 10, 2020, the Company entered into a multi-year agreement with ESPN including link integrations from ESPN’s website and app to sportsbooks with our sports betting partner, William Hill. Self-Insurance We are self-insured for workers compensation and other risk insurance, as well as health insurance. Our total estimated self-insurance liability was $235 million as of September 30, 2020. Due to the novel nature of the disruption resulting from the COVID-19 public health emergency, actuarial data is limited for determining its effect. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future. Alternatively, as a result of the current work stoppages, a reduction of claims in future periods could be beneficial to our financial condition and results of operations. Contingent Liabilities Uncertainties Since 2009, Harrah’s New Orleans has undergone audits by state and local departments of revenue related to sales taxes on hotel rooms, parking and entertainment complimentaries. The periods that have been or are currently being audited are 2004 through 2016. In connection with these audits, certain periods have been paid under protest or are currently in various stages of litigation. On July 2, 2019, the judge denied Harrah’s New Orleans’ motion for partial summary judgment and granted the Department of Revenue’s (the “Department”) partial motion for summary judgment, finding that Harrah’s New Orleans owes state sales taxes, as well as district and New Orleans occupancy taxes to the Department on all discounted or complimentary rooms furnished by Harrah’s New Orleans to patrons or guests at Harrah’s New Orleans hotel and certain third party hotels. On September 3, 2019, Harrah’s New Orleans filed a Motion for Suspensive Appeal, which was granted. Harrah’s filed its reply on February 3, 2020. Oral argument was on February 20, 2020. Under Former Caesars, $9 million has been paid under protest and is being held in escrow by the Department. Harrah’s New Orleans had accrued contingent liabilities of $42 million on September 30, 2020. Weather disruption - Lake Charles On August 27, 2020 Hurricane Laura made landfall on Lake Charles as a Category 4 storm. The hurricane severely damaged the Isle of Capri Casino Lake Charles and the Company has recorded an insurance receivable of $31 million, of which $15 million related to fixed asset impairments and $16 million related to remediation costs and repairs that have been incurred in the three months ended September 30, 2020

Related Affiliates

Related Affiliates	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Affiliates	Related Affiliates REI As of September 30, 2020, Recreational Enterprises, Inc. (“REI”) owned approximately 5.1% of outstanding common stock of the Company. The directors of REI are the Company’s Executive Chairman of the Board, Gary L. Carano, its Chief Executive Officer and Board member, Thomas R. Reeg, and its former Senior Vice President of Regional Operations, Gene Carano. In addition, Gary L. Carano also serves as the Vice President of REI and Gene Carano also serves as the Secretary and Treasurer of REI. Members of the Carano family, including Gary L. Carano and Gene Carano, own the equity interests in REI. During the nine months ended September 30, 2020 and 2019, there were no related party transactions between the Company and the Carano family other than compensation, including salary and equity incentives, and the CSY Lease listed below. C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) which is an entity partially owned by REI (the “CSY Lease”). The CSY Lease expires on June 30, 2057. Rent pursuant to the CSY Lease is $0.6 million annually and paid quarterly during the year. As of September 30, 2020 and December 31, 2019, there were no amounts due to or from CSY. Transactions with Horseshoe Baltimore The Company holds an interest in Horseshoe Baltimore of approximately 44.3% which is accounted for as an equity method investment and is considered to be a related party. These related party transactions include items such as casino management fees, reimbursement of various costs incurred by CEOC, LLC on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. A summary of the transactions with Horseshoe Baltimore is provided in the table below. (In millions) Three Months Ended Transactions with Horseshoe Baltimore Management fees $ 2 Allocated expenses 1 Due from/to Affiliates Amounts due from or to affiliates for each counterparty represent the net receivable or payable as of the end of the reporting period primarily resulting from the transactions described above and settled on a net basis by each counterparty in accordance with the legal and contractual restrictions governing transactions by and among the Company’s consolidated entities. As of September 30, 2020 and December 31, 2019, Due from affiliates, net was $37 million and $4 million, respectively, and represented transactions with Horseshoe Baltimore and William Hill.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	. Segment InformationThe executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Merger, our principal operating activities occurred in five geographic regions and reportable segments: West, Midwest, South, East and Central. Following the Merger, the Company’s principal operating activities occur in three regionally-focused and reportable segments. The reportable segments are based on the similar characteristics of the operating segments within the regions in which they operate: (1) Las Vegas, (2) Regional, and (3) Managed, International, CIE, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 4 and Note 7 for a discussion of the impairment of intangibles and long-lived assets related to certain segments. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2020: Las Vegas Regional Managed, International, CIE (a) Bally’s Las Vegas Eldorado Resort Casino Reno (a) Harrah’s Atlantic City International (a) The Cromwell Silver Legacy Resort Casino (a) Harrah’s Laughlin (a) Caesars Cairo (a) Flamingo Las Vegas Circus Circus Reno (a) Harrah’s New Orleans (a) Ramses Casino (a) The LINQ Hotel & Casino MontBleu Casino Resort & Spa (c) (a) Hoosier Park (f) (a) Emerald Casino Resort (b) (a) Paris Las Vegas Tropicana Laughlin Hotel & Casino (a) Indiana Grand (g) (a) Alea Glasgow (b) (a) Planet Hollywood Resort & Casino Isle Casino Hotel - Blackhawk (a) Bally’s Atlantic City (b) (a) Alea Nottingham (b) (a) Caesars Palace Las Vegas Lady Luck Casino - Black Hawk (a) Caesars Atlantic City (a) The Empire Casino (b) (a) Harrah’s Las Vegas Isle Casino Waterloo (a) Caesars Southern Indiana (e)(b) (a) Manchester235 (b) (a) Rio All-Suite Hotel & Casino Isle Casino Bettendorf (a) Harrah’s Council Bluffs (a) Playboy Club London (b) Isle of Capri Casino Boonville (a) Harrah’s Gulf Coast (a) Rendezvous Brighton (b) Isle of Capri Casino Kansas City (d) (a) Harrah’s Joliet (a) Rendezvous Southend-on-Sea (j)(b) Isle Casino Racing Pompano Park (a) Harrah’s Lake Tahoe (a) The Sportsman (b) Eldorado Resort Casino Shreveport (c) (a) Harrah’s Louisiana Downs (h)(b) Managed Isle of Capri Casino Hotel Lake Charles (a) Harrah’s Metropolis (a) Harrah’s Ak-Chin Belle of Baton Rouge Casino & Hotel (a) Harrah’s North Kansas City (a) Harrah’s Cherokee Isle of Capri Casino Lula (a) Harrah’s Philadelphia (a) Harrah’s Cherokee Valley River Lady Luck Casino Vicksburg (d) (a) Harrah’s Reno (i)(b) (a) Harrah’s Resort Southern California Trop Casino Greenville (a) Harveys Lake Tahoe (a) Horseshoe Baltimore (k) Eldorado Gaming Scioto Downs (a) Horseshoe Bossier City (a) Caesars Windsor Tropicana Casino and Resort, Atlantic City (a) Horseshoe Council Bluffs (a) Kings & Queens Casino Grand Victoria Casino (a) Horseshoe Hammond (e)(b) (a) Caesars Dubai Lumière Place Casino (a) Horseshoe Tunica CIE Tropicana Evansville (e) (a) Caesars Interactive Entertainment ___________________ (a) These properties were acquired from the Merger with Former Caesars on July 20, 2020. (b) As a result of the Merger, the sales of these properties met the requirements for presentation as discontinued operations as of September 30, 2020. (c) In April 2020, the Company entered into an agreement to sell Eldorado Shreveport and MontBleu, which are expected to close in the first quarter of 2021. As of September 30, 2020, the properties’ assets and liabilities were classified as held for sale. (d) Kansas City and Vicksburg were sold on July 1, 2020. (e) On October 27, 2020, the Company entered into an agreement to sell Evansville, which is expected to close mid-2021. In addition, the Company plans to enter into an agreement to divest of Caesars Southern Indiana and Horseshoe Hammond prior to December 31, 2020. As of September 30, 2020, Evansville’s assets and liabilities were classified as held for sale. (f) Hoosier Park includes operations of our off-track betting locations, Winner’s Circle Indianapolis and Winner’s Circle New Haven. (g) Indiana Grand includes operations of our off-track betting location, Winner’s Circle Clarksville. (h) On September 3, 2020, the Company entered into an agreement to sell Harrah’s Louisiana Downs, which is expected to close in the first half of 2021. (i) Harrah’s Reno was sold on September 30, 2020. (j) Rendezvous Southend-on-Sea permanently closed in June 2020 following the recent closure due to the COVID-19 public health emergency. (k) As of September 30, 2020, Horseshoe Baltimore was 44.3% owned and held as an equity-method investment. In addition to our properties listed above, other domestic and international properties, including Harrah’s Northern California, are authorized to use the brands and marks of Caesars Entertainment, Inc. We also own the CAESARS FORUM conference center, which is a 550,000 sq. ft. conference center with 300,000 sq. ft. of flexible meeting space and two of the largest pillarless ballrooms. “Corporate and Other” includes parent other adjustments and eliminations to reconcile to consolidated Caesars results. The following table sets forth, for the periods indicated, certain operating data for the Company’s three reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended Nine Months Ended (In millions) 2020 2019 2020 2019 Revenues and expenses Las Vegas: Net revenues $ 304 $ — $ 304 $ — Net loss attributable to Caesars (162) — (162) — Adjusted EBITDA 43 — 43 — Regional: Net revenues 1,000 661 1,596 1,930 Net (loss) income attributable to Caesars 47 117 (175) 300 Adjusted EBITDA 331 205 439 569 Managed, International, CIE: Net revenues 69 — 69 — Net income attributable to Caesars 3 — 3 — Adjusted EBITDA 18 — 18 — Corporate and Other: Net revenues 4 2 8 6 Net loss attributable to Caesars (814) (80) (868) (206) Adjusted EBITDA (41) (8) (59) (27) Total Net revenues $ 1,377 $ 663 $ 1,977 $ 1,936 Net (loss) income attributable to Caesars $ (926) $ 37 $ (1,202) $ 94 Adjusted EBITDA $ 351 $ 197 $ 441 $ 542 Adjusted EBITDA - By Segment 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, and (iv) 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, 2020 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ (162) $ 47 $ 3 $ (814) $ (926) Net income attributable to noncontrolling interests — 1 — — 1 Net (income) loss from discontinued operations — (9) 10 — 1 Interest expense, net 92 157 — 224 473 Provision for income taxes (a) — — — 135 135 Other loss (b) — — — 164 164 Depreciation and amortization 91 117 — 15 223 Stock-based compensation 3 4 — 38 45 Transaction costs and other operating costs (c) 19 7 5 188 219 Other items (d) — 7 — 9 16 Adjusted EBITDA $ 43 $ 331 $ 18 $ (41) $ 351 Three Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ — $ 117 $ — $ (80) $ 37 Provision for income taxes (a) — — — 18 18 Other income — — — (2) (2) Interest expense, net — 35 — 37 72 Depreciation and amortization — 51 — 2 53 Transaction costs and other operating costs — — — 14 14 Stock-based compensation expense — — — 4 4 Other items (d) — 2 — (1) 1 Adjusted EBITDA $ — $ 205 $ — $ (8) $ 197 Nine Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ (162) $ (175) $ 3 $ (868) $ (1,202) Net income attributable to noncontrolling interests — 1 — — 1 Net (income) loss from discontinued operations — (9) 10 — 1 Provision for income taxes (a) — — — 64 64 Other loss (b) — — — 174 174 Interest expense, net 92 229 — 287 608 Depreciation and amortization 91 213 — 18 322 Impairment charges — 161 — — 161 Transaction costs and other operating costs (c) 19 8 5 210 242 Stock-based compensation expense 3 4 — 48 55 Other items (d) — 7 — 8 15 Adjusted EBITDA $ 43 $ 439 $ 18 $ (59) $ 441 Nine Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ — $ 300 $ — $ (206) $ 94 Provision for income taxes (a) — — — 39 39 Other loss — — — 1 1 Interest expense, net — 103 — 114 217 Depreciation and amortization — 162 — 5 167 Impairment charges — — — 1 1 Transaction costs and other operating costs — 1 — 1 2 Stock-based compensation expense — — — 16 16 Other items (d) — 3 — 2 5 Adjusted EBITDA $ — $ 569 $ — $ (27) $ 542 ____________________ (a) Taxes are recorded at the consolidated level and not estimated or recorded to our Las Vegas, Regional, and Managed, International, CIE segments. (b) Other loss for three and nine months ended September 30, 2020 primarily represents loss on early repayment of debt in connection with the consummation of the Merger and unrealized loss on the change in fair value of the derivative liability related to the 5% Convertible Notes, slightly offset by a gain on William Hill UK and Flutter stock and a realized gain on conversion of the 5% Convertible Notes. (c) Transaction costs and other operating costs for the three and nine months ended September 30, 2020 primarily represent costs related to the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (d) Other items represent internal labor charges related to certain departed executives, retention bonuses, business optimization expenses and contract labor. Nine Months Ended September 30, (In millions) 2020 2019 Capital Expenditures, Net Las Vegas $ 16 $ — Regional (a) 62 131 Managed, International, CIE (a) 1 — Corporate and Other 19 4 Total $ 98 $ 135 ___________________ (a) Includes $4 million of capital expenditures related to properties classified as discontinued operations. Balance Sheet as of (In millions) September 30, 2020 December 31, 2019 Total Assets Las Vegas $ 21,552 $ — Regional 14,096 6,787 Managed, International, CIE 604 — Corporate and Other (13) (1,146) Total $ 36,239 $ 5,641

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Marketing and promotions expense previously disclosed for the three and nine months ended September 30, 2019 has been reclassified to Casino and pari-mutuel commissions expense and General and administrative expense based on the nature of the expense.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated condensed financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Merger, our principal operating activities occurred in five geographic regions and reportable segments: West, Midwest, South, East and Central. Following the Merger, the Company’s principal operating activities occur in three regionally-focused reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, and (3) Managed, International, CIE, in addition to Corporate and Other. See Note 15 for a listing of properties included in each segment. The presentation of financial information herein for the period after the Company’s acquisition of Former Caesars on July 20, 2020 is not fully comparable to the periods prior to the acquisition. In addition, the presentation of financial information herein for the periods after the Company’s sales of Presque and Nemacolin on January 11, 2019 and March 8, 2019, respectively, the Company’s sales of Mountaineer, Cape Girardeau and Caruthersville on December 6, 2019, and the Company’s sales of Kansas City and Vicksburg on July 1, 2020 are not fully comparable to the periods prior to their respective sale dates. See Note 4. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Consolidation of Subsidiaries and Variable Interest Entities Our consolidated condensed financial statements include the accounts of Caesars and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, there may be a material effect to our financial statements. Consolidation of Korea Joint Venture The Company has a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV is a VIE and the Company is the primary beneficiary, and therefore, we consolidate the Korea JV into our financial statements.
Recent Developments Related to COVID-19	Recent Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and has since spread throughout much of the world, including the United States. All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of the COVID-19 public health emergency. On May 15, 2020, the Company began reopening properties and has resumed certain operations at all properties as of September 30, 2020, with the exception of The Cromwell, Planet Hollywood Resort and Casino (“Planet Hollywood”), Rio All-Suite Hotel & Casino, and Caesars Windsor. Planet Hollywood and Caesars Windsor reopened on October 8, 2020, and The Cromwell reopened on October 29, 2020. The COVID-19 public health emergency has had a material adverse effect on the Company’s business, financial condition and results of operations for the three and nine months ended September 30, 2020. The Company continued to pay its full-time employees through April 10, 2020, including tips and tokens. Effective April 11, 2020, the Company furloughed approximately 90% of its employees, implemented salary reductions and committed to continue to provide benefits to its employees through September 30, 2020. Subsequently, the benefit coverage for furloughed employees was extended indefinitely. A portion of the Company’s workforce has returned to service as the properties have resumed with limited capacities and in compliance with operating restrictions imposed by governmental or tribal orders, directives, and guidelines. Due to a triggering event resulting from the COVID-19 public health emergency, the Company recognized impairment charges related to goodwill and trade names during the nine months ended September 30, 2020. See Note 7 for details. Due to the impact of the ongoing COVID-19 public health emergency on the Company’s results of operations, in June 2020 the Company obtained waivers on the financial covenants in its former credit facility agreement and the GLPI Master Lease. In addition, Former Caesars obtained a waiver of the financial covenant in the credit agreement by and among Caesars Resort Collection, LLC and the lenders thereunder (the “CRC Credit Agreement”). Furthermore, the Company obtained waivers from VICI in relation to annual capital expenditure requirements during the period from June 1, 2020 until December 31, 2020. See Note 10 for details.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements Implemented in 2020 In June 2016 (modified in November 2018), the Financial Accounting Standards Board (“FASB”) issued ASU No 2016-13, Financial Instruments – Credit Losses related to the timing of recognizing impairment losses on financial assets. The new guidance lowers the threshold on when losses are incurred, from a determination that a loss is probable to a determination that a loss is expected. The guidance is effective for interim and annual periods beginning after December 15, 2019. Adoption of the guidance required a modified-retrospective approach and a cumulative adjustment to retained earnings to the first reporting period that the update is effective. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This generally means that an intangible asset is recognized for the software license and, to the extent that the payments attributable to the software license are made over time, a liability also is recognized. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. This generally means that the fees associated with the hosting element (service) of the arrangement are expensed as incurred. The amendment was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This amendment modifies the disclosure requirements for fair value measurements and was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance on January 1, 2020. Adoption of this guidance did not have a material impact on the Company’s Consolidated Condensed Financial Statements. Pronouncements To Be Implemented In Future Periods In August 2018, the FASB issued ASU No 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General. This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020 with early adoption allowed. The Company anticipates adopting this amendment during the first quarter of 2021, and currently does not expect it to have a significant impact on its Consolidated Condensed Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. This amendment modifies accounting guidelines for income taxes and is effective for annual and interim periods beginning after December 15, 2020 with early adoption allowed. The Company will adopt the new guidance on January 1, 2021. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Condensed Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The amendments in this update are intended to provide relief to the companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 and companies may elect to apply the amendments prospectively through December 31, 2022. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Condensed Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging. This update amends guidance on convertible instruments and the guidance on derivative scope exception for contracts in an entity’s own equity. The amendments for convertible instruments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, the amendments provide guidance on instruments that will continue to be subject to separation models and improves disclosure for convertible instruments and guidance for earnings per share. Furthermore, the update amends guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. These amendments should be applied on either a modified retrospective basis or a fully retrospective basis. The Company is currently assessing the effect the adoption of this standard will have on our prospective financial statements.

Acquisition of Former Caesars (

Acquisition of Former Caesars (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	(In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of September 30, 2020: (In millions) Fair Value Current and other assets $ 4,264 Property and equipment 12,730 Goodwill 8,649 Intangible assets (a) 3,549 Other noncurrent assets 684 Total assets $ 29,876 Current liabilities $ 1,896 Financing obligation 8,134 Long-term debt 6,591 Noncurrent liabilities 2,362 Total liabilities 18,983 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming licenses valued at $537 million, trade names valued at $2.1 billion and Caesars Rewards programs valued at $540 million and customer relationships of $404 million.
Financing Receivable, Allowance for Credit Loss	A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount / (premium) attributable to other factors 2 Face value of financial assets $ 186
Business Acquisition, Pro Forma Information	Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Net revenues $ 1,639 $ 2,607 $ 4,145 $ 7,652 Net loss (989) (363) (2,266) (894) Net loss attributable to Caesars (927) (362) (2,200) (892)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment	The Company’s consolidated condensed statement of operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Refer to Note 1 and Note 15 for additional information on the Company’s reportable segments. Three Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 122 $ 774 $ 23 $ — $ 919 Food and beverage 52 72 1 — 125 Hotel 79 121 — — 200 Other 51 33 45 4 133 Net revenues $ 304 $ 1,000 $ 69 $ 4 $ 1,377 Three Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 458 $ — $ — $ 458 Food and beverage — 78 — — 78 Hotel — 94 — — 94 Other — 31 — 2 33 Net revenues $ — $ 661 $ — $ 2 $ 663 Nine Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 122 $ 1,215 $ 23 $ — $ 1,360 Food and beverage 52 135 1 — 188 Hotel 79 178 — — 257 Other 51 68 45 8 172 Net revenues $ 304 $ 1,596 $ 69 $ 8 $ 1,977 Nine Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 1,386 $ — $ — $ 1,386 Food and beverage — 229 — — 229 Hotel — 237 — — 237 Other — 78 — 6 84 Net revenues $ — $ 1,930 $ — $ 6 $ 1,936 Accounts receivable, net include the following amounts: Balance Sheet as of (In millions) September 30, 2020 December 31, 2019 Casino and pari-mutuel commissions $ 121 $ 16 Food and beverage and hotel 27 17 Other 237 21 Accounts receivable, net $ 385 $ 54
Summary of Activity Related to Contract and Contract Related Liabilities	The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2020 2019 2020 2019 2020 2019 Balance at January 1 $ 10 $ 9 $ 13 $ 18 $ 172 $ 28 Balance at September 30 28 8 106 14 270 173 Increase / (decrease) $ 18 $ (1) $ 93 $ (4) $ 98 $ 145

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)	The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020: September 30, 2020 (In millions) Shreveport MontBleu Evansville Assets: Property and equipment, net $ 85 $ 37 $ 302 Goodwill — — 9 Gaming licenses and other intangibles, net 21 — 138 Other assets, net 15 32 48 Assets held for sale $ 121 $ 69 $ 497 Current liabilities $ 21 $ 72 $ 36 Liabilities related to assets held for sale $ 21 $ 72 $ 36 The following information presents the net revenues and net (loss) income for the Company’s properties that are held for sale: Three Months Ended September 30, 2020 (In millions) Shreveport MontBleu Evansville Net revenues $ 21 $ 11 $ 31 Net (loss) income 7 (3) 1 Nine Months Ended September 30, 2020 (In millions) Shreveport MontBleu Evansville Net revenues $ 51 $ 23 $ 71 Net (loss) income 8 (43) (7) The following information presents the net revenues and net (loss) income of Kansas City and Vicksburg properties for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (In millions) Kansas City Vicksburg Kansas City Vicksburg Net revenues $ — $ — $ 18 $ 7 Net (loss) income 1 — 3 (1) The following information presents the net revenues and net (loss) income of held for sale properties for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 (In millions) Mountaineer Cape Girardeau Caruthersville Kansas City Vicksburg Presque Nemacolin Net revenues $ 33 $ 14 $ 9 $ 15 $ 6 $ — $ — Net income 3 2 1 1 — — — Nine Months Ended September 30, 2019 (In millions) Mountaineer Cape Girardeau Caruthersville Kansas City Vicksburg Presque Nemacolin Net revenues $ 96 $ 44 $ 26 $ 48 $ 16 $ 3 $ 5 Net (loss) income 7 6 5 8 (1) — (1) The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of December 31, 2019: December 31, 2019 (In millions) Kansas City Vicksburg Total Assets: Property and equipment, net $ 39 $ 31 $ 70 Goodwill 40 9 49 Gaming licenses and other intangibles, net 91 3 94 Other assets, net 36 4 40 Assets held for sale $ 206 $ 47 $ 253 Current liabilities $ 3 $ 2 $ 5 Other long-term liabilities 33 — 33 Liabilities related to assets held for sale $ 36 $ 2 $ 38 The following information presents the net revenues and net (loss) income for the Company’s properties that are part of discontinued operations for the three months ended September 30, 2020: Three Months Ended September 30, 2020 (In millions) Harrah’s Louisiana Downs Harrah’s Reno Horseshoe Hammond Caesars UK Bally’s AC Caesars Southern Indiana Net revenues $ 9 $ — $ 66 $ 11 $ 31 $ 39 Net (loss) income 2 (4) 9 (11) 5 1 The assets and liabilities held for sale as a discontinued operation, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2020: September 30, 2020 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Bally’s AC Caesars Southern Indiana Assets: Cash $ 9 $ 14 $ 36 $ 10 $ 7 Property and equipment, net 11 404 69 25 413 Goodwill 3 138 35 — 136 Gaming licenses and other intangibles, net 5 30 50 — 23 Other assets, net 1 43 107 6 4 Assets held for sale $ 29 $ 629 $ 297 $ 41 $ 583 Current liabilities $ 6 $ 34 $ 89 $ 14 $ 20 Other long-term liabilities (a) 6 73 125 20 1 Liabilities related to assets held for sale $ 12 $ 107 $ 214 $ 34 $ 21 ____________________

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Activity	A summary of the RSUs activity, including performance awards, for the nine months ended September 30, 2020 is presented in the following table: Units Weighted- Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2019 1,246,641 $ 35.56 Granted (b) 1,222,736 48.17 Acquired (c) 1,876,969 38.24 Vested (1,068,509) 33.22 Forfeited (22,912) 41.89 Unvested outstanding as of September 30, 2020 3,254,925 42.56 ___________________ (a) Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date. (b) Included are 20,615 RSUs granted to non-employee members of the Board of Directors during the nine months ended September 30, 2020. (c) Assumed RSU shares of Former Caesars as of the Merger date.
Share-based Payment Arrangement, Activity	Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2019 — $ — Granted 185,639 70.26 Acquired (b) 124,984 63.36 Vested (61,322) 63.36 Forfeited — — Unvested outstanding as of September 30, 2020 249,301 68.50 ____________________ (a) Represents the fair value determined using a Monte-Carlo simulation model. (b) Assumed MSU shares of Former Caesars as of the Merger date.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets, Net	Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2019 $ 53 $ 910 $ 1,058 Amortization (35) — — Impairments — (100) (20) Acquired (a) 488 8,649 3,081 Assets held for sale (see Note 4) (5) (9) (154) September 30, 2020 $ 501 $ 9,450 $ 3,965 ____________________ (a) Includes intangible assets and goodwill acquired upon Merger and $20 million of acquisition of gaming rights. See Note 2 and Note 13 for further detail.
Schedule of Finite-Lived Intangible Assets	September 30, 2020 December 31, 2019 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (71) $ 417 $ 101 $ (48) $ 53 Gaming rights and others 34.2 years 84 — 84 — — — $ 572 $ (71) 501 $ 101 $ (48) 53 Non-amortizing intangible assets Trademarks 2,202 165 Gaming rights 1,223 893 Caesars Rewards 540 — 3,965 1,058 Total amortizing and non-amortizing intangible assets, net $ 4,466 $ 1,111
Schedule of Indefinite-Lived Intangible Assets	September 30, 2020 December 31, 2019 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (71) $ 417 $ 101 $ (48) $ 53 Gaming rights and others 34.2 years 84 — 84 — — — $ 572 $ (71) 501 $ 101 $ (48) 53 Non-amortizing intangible assets Trademarks 2,202 165 Gaming rights 1,223 893 Caesars Rewards 540 — 3,965 1,058 Total amortizing and non-amortizing intangible assets, net $ 4,466 $ 1,111
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated Five-Year Amortization Years Ended December 31, (In millions) Remaining 2020 2021 2022 2023 2024 2025 Estimated annual amortization expense $ 20 $ 78 $ 64 $ 60 $ 60 $ 60

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 (Loss) income from continuing operations before income taxes $ (789) $ 55 $ (1,136) $ 133 Provision for income taxes (135) (18) (64) (39) Effective tax rate (17.1) % 32.7 % (5.6) % 29.3 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Future Minimum Lease Payments for Financing Obligation	The future minimum payments related to the GLPI leases, including the Lumière Lease, and VICI leases financing obligation, as amended, at September 30, 2020 were as follows: (In millions) GLPI Leases VICI Leases 2020 (excluding the nine months ended September 30, 2020) $ 27 $ 268 2021 109 1,079 2022 109 1,097 2023 111 1,119 2024 112 1,139 Thereafter 4,880 46,737 Total future payments 5,348 51,439 Less: Amounts representing interest (4,522) (41,020) Plus: Residual values 399 906 Financing obligation $ 1,225 $ 11,325
Schedule of Cash Paid for Financing Obligation	Cash payments made relating to our long-term financing obligations during the three and nine months ended September 30, 2020 and 2019 are as follows: GLPI Leases (a) VICI Leases Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 2020 2019 2020 2019 Cash paid for principal $ 22 $ 22 $ 66 $ 66 $ 49 $ — $ 49 $ — Cash paid for interest 24 25 74 74 128 — 128 — ____________________ (a) For the initial periods of the GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following: September 30, 2020 December 31, (Dollars in millions) Final Rates Face Value Book Value Book Value Secured Debt CEI Senior Secured Notes 2025 6.25% $ 3,400 $ 3,330 $ — CEI Revolving Credit Facility 2025 variable (a) 900 880 — ERI Term Loan N/A N/A — — 491 CRC Term Loan B 2024 variable (b) 4,571 4,120 — CRC Term Loan B-1 2025 variable (c) 1,800 1,709 — CRC Revolving Credit Facility 2022 variable (d) — — — CRC Senior Secured Notes 2025 5.75% 1,000 978 — Convention Center Mortgage Loan 2025 7.70% 400 397 — Lumière Loan N/A N/A — — 246 Unsecured Debt CEI Senior Notes 2027 8.13% 1,800 1,767 — CRC Notes 2025 5.25% 1,700 1,490 — 5% Convertible Notes 2024 5.00% 597 546 — 6% Senior Notes 2026 N/A — — 582 6% Senior Notes 2025 N/A — — 879 7% Senior Notes 2023 N/A — — 370 Special Improvement District Bonds 2037 4.30% 51 51 — Long-term notes and other payables 2 2 3 Total debt 16,221 15,270 2,571 Current portion of long-term debt (67) (67) (246) Long-term debt $ 16,154 $ 15,203 $ 2,325 Unamortized premiums, discounts and deferred finance charges (e) $ 951 $ 34 Fair value $ 16,135 ____________________ (a) Prime rate plus 2.25%. (b) LIBOR plus 2.75%. (c) $1.2 billion at 1 month LIBOR plus 4.50% and $600 million at 3 month LIBOR plus 4.50%. (d) LIBOR plus 2.00%. (e) Approximately $7 million of deferred financing costs related to our revolving credit facilities are included within Other assets, net as of December 31, 2019.
Schedule of Maturities of Long-term Debt	Annual Estimated Debt Service Requirements as of September 30, 2020 Remaining Years Ended December 31, (In millions) 2020 2021 2022 2023 2024 Thereafter Total Annual maturities of long-term debt $ 16 $ 67 $ 67 $ 67 $ 5,036 $ 10,968 $ 16,221 Estimated interest payments 200 850 820 790 790 690 4,140 Total debt service obligation (a) $ 216 $ 917 $ 887 $ 857 $ 5,826 $ 11,658 $ 20,361 ____________________ (a) 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 related to our CRC Credit Facility (see Note 11). Actual payments may differ from these estimates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Condensed Balance Sheets at September 30, 2020 and December 31, 2019: (In millions) September 30, 2020 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 8 $ 3 $ 50 $ 61 Marketable securities 31 12 — 43 Total assets at fair value $ 39 $ 15 $ 50 $ 104 Liabilities: Other liabilities related to restricted investments $ — $ — $ 4 $ 4 Derivative instruments - 5% Convertible Notes — 575 — 575 Derivative instruments - interest rate swaps and FX forward — 114 — 114 Total liabilities at fair value $ — $ 689 $ 4 $ 693 December 31, 2019 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 11 $ 2 $ 29 $ 42 Marketable securities 27 8 — 35 Total assets at fair value $ 38 $ 10 $ 29 $ 77
Schedule of Change in Restricted Investments Valued Using Level 3 Inputs	The change in restricted cash and investments and liabilities valued using Level 3 inputs for the nine months ended September 30, 2020 is as follows: (In millions) Level 3 Investments Level 3 Fair value of investment and liabilities at December 31, 2019 $ 29 $ — Value of additional investment received 5 2 Unrealized gain 16 2 Fair value at September 30, 2020 $ 50 $ 4
Schedule of Derivative Instruments	The major terms of the interest rate swap agreements as of September 30, 2020 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 12/31/2018 250 2.274% 0.156% 12/31/2022 12/31/2018 200 2.828% 0.156% 12/31/2022 12/31/2018 600 2.739% 0.156% 12/31/2022 1/1/2019 250 2.153% 0.156% 12/31/2020 1/1/2019 250 2.196% 0.156% 12/31/2021 1/1/2019 400 2.788% 0.156% 12/31/2021 1/1/2019 200 2.828% 0.156% 12/31/2022 1/2/2019 250 2.172% 0.156% 12/31/2020 1/2/2019 200 2.731% 0.156% 12/31/2020 1/2/2019 400 2.707% 0.156% 12/31/2021
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in AOCI by component, net of tax, for the period through September 30, 2020 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Total Balances as of December 31, 2019 $ — $ — $ — Other comprehensive income before reclassifications 2 1 3 Amounts reclassified from accumulated other comprehensive income 12 — 12 Total other comprehensive income, net of tax 14 1 15 Balances as of September 30, 2020 $ 14 $ 1 $ 15

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations	The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (In millions, except per share data) 2020 2019 2020 2019 Net (loss) income attributable to Caesars $ (926) $ 37 $ (1,202) $ 94 Shares outstanding: Weighted average shares outstanding – basic 152 78 104 78 Effect of dilutive securities: Stock-based compensation awards — 1 — 1 Weighted average shares outstanding – diluted 152 79 104 79 Basic (loss) income per share from continuing operations $ (6.09) $ 0.48 $ (11.55) $ 1.21 Basic loss per share from discontinued operations — — (0.01) — Net (loss) income per common share attributable to common stockholders – basic: $ (6.09) $ 0.48 $ (11.56) $ 1.21 Diluted (loss) income per share from continuing operations $ (6.09) $ 0.47 $ (11.55) $ 1.20 Diluted loss income per share from discontinued operations — — (0.01) — Net (loss) income per common share attributable to common stockholders – diluted: $ (6.09) $ 0.47 $ (11.56) $ 1.20
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended Nine Months Ended (In millions) 2020 2019 2020 2019 Stock-based compensation awards 3 — 7 — 5% Convertible notes 8 — 8 — Total anti-dilutive common stock 11 — 15 —

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of the transactions with Horseshoe Baltimore is provided in the table below. (In millions) Three Months Ended Transactions with Horseshoe Baltimore Management fees $ 2 Allocated expenses 1

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Operating Data for Reportable Segments	The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2020: Las Vegas Regional Managed, International, CIE (a) Bally’s Las Vegas Eldorado Resort Casino Reno (a) Harrah’s Atlantic City International (a) The Cromwell Silver Legacy Resort Casino (a) Harrah’s Laughlin (a) Caesars Cairo (a) Flamingo Las Vegas Circus Circus Reno (a) Harrah’s New Orleans (a) Ramses Casino (a) The LINQ Hotel & Casino MontBleu Casino Resort & Spa (c) (a) Hoosier Park (f) (a) Emerald Casino Resort (b) (a) Paris Las Vegas Tropicana Laughlin Hotel & Casino (a) Indiana Grand (g) (a) Alea Glasgow (b) (a) Planet Hollywood Resort & Casino Isle Casino Hotel - Blackhawk (a) Bally’s Atlantic City (b) (a) Alea Nottingham (b) (a) Caesars Palace Las Vegas Lady Luck Casino - Black Hawk (a) Caesars Atlantic City (a) The Empire Casino (b) (a) Harrah’s Las Vegas Isle Casino Waterloo (a) Caesars Southern Indiana (e)(b) (a) Manchester235 (b) (a) Rio All-Suite Hotel & Casino Isle Casino Bettendorf (a) Harrah’s Council Bluffs (a) Playboy Club London (b) Isle of Capri Casino Boonville (a) Harrah’s Gulf Coast (a) Rendezvous Brighton (b) Isle of Capri Casino Kansas City (d) (a) Harrah’s Joliet (a) Rendezvous Southend-on-Sea (j)(b) Isle Casino Racing Pompano Park (a) Harrah’s Lake Tahoe (a) The Sportsman (b) Eldorado Resort Casino Shreveport (c) (a) Harrah’s Louisiana Downs (h)(b) Managed Isle of Capri Casino Hotel Lake Charles (a) Harrah’s Metropolis (a) Harrah’s Ak-Chin Belle of Baton Rouge Casino & Hotel (a) Harrah’s North Kansas City (a) Harrah’s Cherokee Isle of Capri Casino Lula (a) Harrah’s Philadelphia (a) Harrah’s Cherokee Valley River Lady Luck Casino Vicksburg (d) (a) Harrah’s Reno (i)(b) (a) Harrah’s Resort Southern California Trop Casino Greenville (a) Harveys Lake Tahoe (a) Horseshoe Baltimore (k) Eldorado Gaming Scioto Downs (a) Horseshoe Bossier City (a) Caesars Windsor Tropicana Casino and Resort, Atlantic City (a) Horseshoe Council Bluffs (a) Kings & Queens Casino Grand Victoria Casino (a) Horseshoe Hammond (e)(b) (a) Caesars Dubai Lumière Place Casino (a) Horseshoe Tunica CIE Tropicana Evansville (e) (a) Caesars Interactive Entertainment ___________________ (a) These properties were acquired from the Merger with Former Caesars on July 20, 2020. (b) As a result of the Merger, the sales of these properties met the requirements for presentation as discontinued operations as of September 30, 2020. (c) In April 2020, the Company entered into an agreement to sell Eldorado Shreveport and MontBleu, which are expected to close in the first quarter of 2021. As of September 30, 2020, the properties’ assets and liabilities were classified as held for sale. (d) Kansas City and Vicksburg were sold on July 1, 2020. (e) On October 27, 2020, the Company entered into an agreement to sell Evansville, which is expected to close mid-2021. In addition, the Company plans to enter into an agreement to divest of Caesars Southern Indiana and Horseshoe Hammond prior to December 31, 2020. As of September 30, 2020, Evansville’s assets and liabilities were classified as held for sale. (f) Hoosier Park includes operations of our off-track betting locations, Winner’s Circle Indianapolis and Winner’s Circle New Haven. (g) Indiana Grand includes operations of our off-track betting location, Winner’s Circle Clarksville. (h) On September 3, 2020, the Company entered into an agreement to sell Harrah’s Louisiana Downs, which is expected to close in the first half of 2021. (i) Harrah’s Reno was sold on September 30, 2020. (j) Rendezvous Southend-on-Sea permanently closed in June 2020 following the recent closure due to the COVID-19 public health emergency. (k) As of September 30, 2020, Horseshoe Baltimore was 44.3% owned and held as an equity-method investment. The following table sets forth, for the periods indicated, certain operating data for the Company’s three reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended Nine Months Ended (In millions) 2020 2019 2020 2019 Revenues and expenses Las Vegas: Net revenues $ 304 $ — $ 304 $ — Net loss attributable to Caesars (162) — (162) — Adjusted EBITDA 43 — 43 — Regional: Net revenues 1,000 661 1,596 1,930 Net (loss) income attributable to Caesars 47 117 (175) 300 Adjusted EBITDA 331 205 439 569 Managed, International, CIE: Net revenues 69 — 69 — Net income attributable to Caesars 3 — 3 — Adjusted EBITDA 18 — 18 — Corporate and Other: Net revenues 4 2 8 6 Net loss attributable to Caesars (814) (80) (868) (206) Adjusted EBITDA (41) (8) (59) (27) Total Net revenues $ 1,377 $ 663 $ 1,977 $ 1,936 Net (loss) income attributable to Caesars $ (926) $ 37 $ (1,202) $ 94 Adjusted EBITDA $ 351 $ 197 $ 441 $ 542 Three Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ (162) $ 47 $ 3 $ (814) $ (926) Net income attributable to noncontrolling interests — 1 — — 1 Net (income) loss from discontinued operations — (9) 10 — 1 Interest expense, net 92 157 — 224 473 Provision for income taxes (a) — — — 135 135 Other loss (b) — — — 164 164 Depreciation and amortization 91 117 — 15 223 Stock-based compensation 3 4 — 38 45 Transaction costs and other operating costs (c) 19 7 5 188 219 Other items (d) — 7 — 9 16 Adjusted EBITDA $ 43 $ 331 $ 18 $ (41) $ 351 Three Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ — $ 117 $ — $ (80) $ 37 Provision for income taxes (a) — — — 18 18 Other income — — — (2) (2) Interest expense, net — 35 — 37 72 Depreciation and amortization — 51 — 2 53 Transaction costs and other operating costs — — — 14 14 Stock-based compensation expense — — — 4 4 Other items (d) — 2 — (1) 1 Adjusted EBITDA $ — $ 205 $ — $ (8) $ 197 Nine Months Ended September 30, 2020 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ (162) $ (175) $ 3 $ (868) $ (1,202) Net income attributable to noncontrolling interests — 1 — — 1 Net (income) loss from discontinued operations — (9) 10 — 1 Provision for income taxes (a) — — — 64 64 Other loss (b) — — — 174 174 Interest expense, net 92 229 — 287 608 Depreciation and amortization 91 213 — 18 322 Impairment charges — 161 — — 161 Transaction costs and other operating costs (c) 19 8 5 210 242 Stock-based compensation expense 3 4 — 48 55 Other items (d) — 7 — 8 15 Adjusted EBITDA $ 43 $ 439 $ 18 $ (59) $ 441 Nine Months Ended September 30, 2019 (In millions) Las Vegas Regional Managed, International, CIE Corporate and Other Total Net (loss) income attributable to Caesars $ — $ 300 $ — $ (206) $ 94 Provision for income taxes (a) — — — 39 39 Other loss — — — 1 1 Interest expense, net — 103 — 114 217 Depreciation and amortization — 162 — 5 167 Impairment charges — — — 1 1 Transaction costs and other operating costs — 1 — 1 2 Stock-based compensation expense — — — 16 16 Other items (d) — 3 — 2 5 Adjusted EBITDA $ — $ 569 $ — $ (27) $ 542 ____________________ (a) Taxes are recorded at the consolidated level and not estimated or recorded to our Las Vegas, Regional, and Managed, International, CIE segments. (b) Other loss for three and nine months ended September 30, 2020 primarily represents loss on early repayment of debt in connection with the consummation of the Merger and unrealized loss on the change in fair value of the derivative liability related to the 5% Convertible Notes, slightly offset by a gain on William Hill UK and Flutter stock and a realized gain on conversion of the 5% Convertible Notes. (c) Transaction costs and other operating costs for the three and nine months ended September 30, 2020 primarily represent costs related to the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (d) Other items represent internal labor charges related to certain departed executives, retention bonuses, business optimization expenses and contract labor.
Schedule Of Capital Expenditures By Segment	Nine Months Ended September 30, (In millions) 2020 2019 Capital Expenditures, Net Las Vegas $ 16 $ — Regional (a) 62 131 Managed, International, CIE (a) 1 — Corporate and Other 19 4 Total $ 98 $ 135 ___________________ (a) Includes $4 million of capital expenditures related to properties classified as discontinued operations.
Schedule of Balance Sheet Information for Reportable Segments	Balance Sheet as of (In millions) September 30, 2020 December 31, 2019 Total Assets Las Vegas $ 21,552 $ — Regional 14,096 6,787 Managed, International, CIE 604 — Corporate and Other (13) (1,146) Total $ 36,239 $ 5,641

Organization and Basis of Pre_3

Organization and Basis of Presentation - Organization (Details) $ in Millions	Oct. 01, 2020USD ($)	Jun. 19, 2020USD ($)	Apr. 24, 2020USD ($)	Oct. 27, 2020USD ($)	Sep. 30, 2020Statecountrypropertyu_eriMachineGameHotel	Sep. 03, 2020USD ($)	Dec. 31, 2015
Organization and Basis of Presentation
Total number of properties | property					51
Number of states gaming facilities are located | State					16
Number of slot machines and video lottery terminals | u_eriMachine					67,200
Number of table games | Game					3,500
Number of room in hotel | Hotel					48,800
Number of countries | country					5
Sale of stock, consideration received on transaction		$ 772
Caesars Entertainment Corporation
Organization and Basis of Presentation
Total number of properties | property					56
Harrah’s Louisiana Downs
Organization and Basis of Presentation
Disposal group, including discontinued operation, consideration						$ 22
Eldorado Resort Casino Shreveport Joint Venture and Columbia Properties Tahoe, LLC
Organization and Basis of Presentation
Aggregate consideration subject to working capital adjustments			$ 155
Subsequent Event
Organization and Basis of Presentation
Sale of stock, consideration received on transaction	$ 1,900
Subsequent Event | Evansville
Organization and Basis of Presentation
Disposal group, including discontinued operation, consideration				$ 480
Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest							50.00%

Organization and Basis of Pre_4

Organization and Basis of Presentation - Proposed Acquisition of William Hill (Details) € in Millions, shares in Millions, $ in Millions

Oct. 06, 2020EUR (€)

Oct. 01, 2020USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2020EUR (€)

Jun. 19, 2020USD ($)

Sep. 30, 2020USD ($)segment

Jun. 30, 2020USD ($)

Sep. 30, 2020USD ($)u_eriRegionorSegment

Sep. 30, 2019USD ($)

Sep. 29, 2020EUR (€)

Sep. 28, 2020USD ($)

Sep. 25, 2020USD ($)

Jul. 20, 2020USD ($)

Jul. 02, 2019USD ($)

Jan. 29, 2019USD ($)shares

Organization and Basis of Presentation

Escrow deposit

$ 9

Issuance of common stock, net

$ 235

$ 772

$ 235

$ 0

Number of reportable segments

3

3

Sale of stock, consideration received on transaction

$ 772

Subsequent Event

Organization and Basis of Presentation

Sale of stock, consideration received on transaction

$ 1,900

CEI Revolving Credit Facility | Line of Credit

Organization and Basis of Presentation

Credit facility

$ 900

$ 1,200

Escrow deposit

$ 598

$ 598

$ 598

$ 2,100

Restricted investments

2,100

$ 2,100

$ 2,100

Payments of loan costs

1,400

Senior Secured 540-day Bridge Loan Facility | Line of Credit

Organization and Basis of Presentation

Credit facility | €

€ 1,000

Senior Secured Revolving Credit Facility | Line of Credit

Organization and Basis of Presentation

Credit facility | €

116

Senior Secured 60-day Bridge Loan Facility | Line of Credit

Organization and Basis of Presentation

Credit facility | €

€ 503

William Hill PLC

Organization and Basis of Presentation

Cash consideration paid

$ 3,700

€ 2,900

William Hill

Organization and Basis of Presentation

Ownership interest

20.00%

Equity stake value in ordinary shares (in shares) | shares

13

Fair value of initial investment

$ 13.4

Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | William Hill | Subsequent Event

Organization and Basis of Presentation

Purchase consideration | €

€ 1,500

Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | Asset Sale Bridge Facility | Subsequent Event

Organization and Basis of Presentation

Amount outstanding | €

1,000

Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | Cash Confirmation Bridge Facility | Subsequent Event

Organization and Basis of Presentation

Amount outstanding | €

€ 503

Organization and Basis of Pre_5

Organization and Basis of Presentation - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020segment	Sep. 30, 2020u_eriRegionorSegment	Apr. 11, 2020
Organization and Basis of Presentation
Number of geographic regions		3
Number of reportable segments	3	3
Percentage of furloughed employees			90.00%

Acquisition of Former Caesars -

Acquisition of Former Caesars - Merger with Caesars Entertainment Corporation (Details) $ / shares in Units, $ in Millions	Jul. 20, 2020USD ($)$ / shares	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Former Caesars replacement awards		$ 24
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Purchase consideration	$ 10,875
Business acquisition, share price (in dollars per share) | $ / shares	$ 38.24
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001
Business combination, consideration transferred, cash interest	$ 6,100
Cash paid to retire Former Caesars debt	2,356
Other consideration paid	48
Business acquisition, transaction costs	19
Former Caesars replacement awards	$ 29
Right to receive per share (in dollars per share) | $ / shares	$ 12.41
Common stock conversion ratio	0.3085
Equity interests issued and issuable, cash paid per acquiree share (in dollars per share) | $ / shares	$ 12.41
Percentage of ownership on outstanding shares	61.00%
Caesars Entertainment Corporation | Former Caesars Stockholders
Business Acquisition [Line Items]
Percentage of ownership on outstanding shares	39.00%
Former Caesars Entertainment Corporation
Business Acquisition [Line Items]
Purchase consideration	$ 8,500

Acquisition of Former Caesars_2

Acquisition of Former Caesars - Schedule of Business Acquisition by Acquisition (Details) - Caesars Entertainment Corporation $ in Millions	Jul. 20, 2020USD ($)
Business Acquisition [Line Items]
Cash consideration paid	$ 6,090
Shares issued to Former Caesars shareholders	2,381
Cash paid to retire Former Caesars debt	2,356
Other consideration paid	48
Total purchase consideration	$ 10,875

Acquisition of Former Caesars_3

Acquisition of Former Caesars - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 20, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 9,450		$ 910
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Current and other assets		$ 4,264
Property and equipment		12,730
Goodwill		8,649
Intangible assets		3,549
Other noncurrent assets		684
Total assets		29,876
Current liabilities		1,896
Financing obligation		8,134
Long-term debt		6,591
Noncurrent liabilities		2,362
Total liabilities		18,983
Noncontrolling interests		18
Net assets acquired		10,875
Caesars Entertainment Corporation | Gaming Licenses
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles		537
Caesars Entertainment Corporation | Trade Names
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles		2,100
Caesars Entertainment Corporation | Caesars Rewards
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles		540
Caesars Entertainment Corporation | Customer Relationships
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles		$ 404

Acquisition of Former Caesars_4

Acquisition of Former Caesars - Financing Receivable, Allowance for Credit Loss (Details) $ in Millions	Jul. 20, 2020USD ($)
Business Combinations [Abstract]
Purchase price of financial assets	$ 95
Allowance for credit losses at the acquisition date based on the acquirer’s assessment	89
Discount / (premium) attributable to other factors	2
Face value of financial assets	$ 186

Acquisition of Former Caesars_5

Acquisition of Former Caesars - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Business combination, acquisition related costs		$ 107	$ 13	$ 129	$ 17
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Revenue since transaction	$ 924
Loss since transaction	$ 564

Acquisition of Former Caesars_6

Acquisition of Former Caesars - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Combinations [Abstract]
Net revenues	$ 1,639	$ 2,607	$ 4,145	$ 7,652
Net loss	(989)	(363)	(2,266)	(894)
Net loss attributable to Caesars	$ (927)	$ (362)	$ (2,200)	$ (892)

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,377,000	$ 663,000	$ 1,977,000	$ 1,936,000
Accounts receivable, net	385,000		385,000		$ 54,000
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	919,000	458,000	1,360,000	1,386,000
Contract receivable	121,000		121,000		16,000
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	125,000	78,000	188,000	229,000
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	200,000	94,000	257,000	237,000
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Contract receivable	27,000		27,000		17,000
Other
Disaggregation of Revenue [Line Items]
Net revenues	133,000	33,000	172,000	84,000
Contract receivable	237,000		237,000		$ 21,000
Corporate and other
Disaggregation of Revenue [Line Items]
Net revenues	4,000	2,000	8,000	6,000
Corporate and other | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Net revenues	4,000	2,000	8,000	6,000
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	304,000	0	304,000	0
Las Vegas | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	122,000	0	122,000	0
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	52,000	0	52,000	0
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	79,000	0	79,000	0
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	51,000	0	51,000	0
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,000,000	661,000	1,596,000	1,930,000
Regional | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	774,000	458,000	1,215,000	1,386,000
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	72,000	78,000	135,000	229,000
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	121,000	94,000	178,000	237,000
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	33,000	31,000	68,000	78,000
Managed, International, CIE | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	69,000	0	69,000	0
Managed, International, CIE | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	23,000	0	23,000	0
Managed, International, CIE | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,000	0	1,000	0
Managed, International, CIE | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed, International, CIE | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 45,000	$ 0	$ 45,000	$ 0

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Balance at January 1	$ 10,000	$ 9,000
Balance at September 30	28,000	8,000
Increase / (decrease)	18,000	(1,000)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Balance at January 1	13,000	18,000
Balance at September 30	106,000	14,000
Increase / (decrease)	93,000	(4,000)
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Balance at January 1	172,000	28,000
Balance at September 30	270,000	173,000
Increase / (decrease)	$ 98,000	$ 145,000

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 01, 2020	Apr. 24, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 27, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges				$ 0	$ 0	$ 161	$ 1
Property and equipment, net ($84 and $0 attributable to our VIEs)	$ 14,630			14,630		14,630			$ 2,615
MontBleu
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges						45
Right-of-use assets	18			18		18
Property and equipment, net ($84 and $0 attributable to our VIEs)	23			23		23
Goodwill and other intangibles	4			$ 4		$ 4
Presque
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of equity interests							22
Harrah’s Reno
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration subject to working capital adjustments	8
Evansville | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration								$ 480
Vicksburg and Kansas City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration subject to working capital adjustments		$ 230
Eldorado Resort Casino Shreveport Joint Venture and Columbia Properties Tahoe, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration subject to working capital adjustments			$ 155
Vicksburg and Kansas City to Twin River
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of equity investments		$ 8
Nemacolin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of equity interests							$ 0.1
VICI Properties L.P. | Harrah’s Reno
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration subject to working capital adjustments	$ 42

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Liabilities [Abstract]
Current liabilities	$ 517,000	$ 37,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net		70,000
Goodwill		49,000
Gaming licenses and other intangibles, net		94,000
Other assets, net		40,000
Assets held for sale		253,000
Liabilities [Abstract]
Current liabilities		5,000
Other long-term liabilities		33,000
Liabilities related to assets held for sale		38,000
Shreveport | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net	85,000
Goodwill	0
Gaming licenses and other intangibles, net	21,000
Other assets, net	15,000
Assets held for sale	121,000
Liabilities [Abstract]
Current liabilities	21,000
Liabilities related to assets held for sale	21,000
MontBleu | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net	37,000
Goodwill	0
Gaming licenses and other intangibles, net	0
Other assets, net	32,000
Assets held for sale	69,000
Liabilities [Abstract]
Current liabilities	72,000
Liabilities related to assets held for sale	72,000
Evansville | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net	302,000
Goodwill	9,000
Gaming licenses and other intangibles, net	138,000
Other assets, net	48,000
Assets held for sale	497,000
Liabilities [Abstract]
Current liabilities	36,000
Liabilities related to assets held for sale	36,000
Kansas City | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net		39,000
Goodwill		40,000
Gaming licenses and other intangibles, net		91,000
Other assets, net		36,000
Assets held for sale		206,000
Liabilities [Abstract]
Current liabilities		3,000
Other long-term liabilities		33,000
Liabilities related to assets held for sale		36,000
Vicksburg | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Property and equipment, net		31,000
Goodwill		9,000
Gaming licenses and other intangibles, net		3,000
Other assets, net		4,000
Assets held for sale		47,000
Liabilities [Abstract]
Current liabilities		2,000
Other long-term liabilities		0
Liabilities related to assets held for sale		$ 2,000
Harrah’s Louisiana Downs | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash	9,000
Property and equipment, net	11,000
Goodwill	3,000
Gaming licenses and other intangibles, net	5,000
Other assets, net	1,000
Assets held for sale	29,000
Liabilities [Abstract]
Current liabilities	6,000
Other long-term liabilities	6,000
Liabilities related to assets held for sale	12,000
Horseshoe Hammond | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash	14,000
Property and equipment, net	404,000
Goodwill	138,000
Gaming licenses and other intangibles, net	30,000
Other assets, net	43,000
Assets held for sale	629,000
Liabilities [Abstract]
Current liabilities	34,000
Other long-term liabilities	73,000
Liabilities related to assets held for sale	107,000
Caesars UK | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash	36,000
Property and equipment, net	69,000
Goodwill	35,000
Gaming licenses and other intangibles, net	50,000
Other assets, net	107,000
Assets held for sale	297,000
Liabilities [Abstract]
Current liabilities	89,000
Other long-term liabilities	125,000
Liabilities related to assets held for sale	214,000
Bally’s AC | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash	10,000
Property and equipment, net	25,000
Goodwill	0
Gaming licenses and other intangibles, net	0
Other assets, net	6,000
Assets held for sale	41,000
Liabilities [Abstract]
Current liabilities	14,000
Other long-term liabilities	20,000
Liabilities related to assets held for sale	34,000
Caesars Southern Indiana | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash	7,000
Property and equipment, net	413,000
Goodwill	136,000
Gaming licenses and other intangibles, net	23,000
Other assets, net	4,000
Assets held for sale	583,000
Liabilities [Abstract]
Current liabilities	20,000
Other long-term liabilities	1,000
Liabilities related to assets held for sale	$ 21,000

Assets Held for Sale - Schedu_2

Assets Held for Sale - Schedule of Information of Net Revenues and Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred finance obligation	$ 25,000		$ 25,000
Shreveport | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	21,000		51,000
Net (loss) income	7,000		8,000
MontBleu | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	11,000		23,000
Net (loss) income	(3,000)		(43,000)
Evansville | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	31,000		71,000
Net (loss) income	1,000		(7,000)
Mountaineer | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		$ 33,000		$ 96,000
Net (loss) income		3,000		7,000
Cape  Girardeau | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		14,000		44,000
Net (loss) income		2,000		6,000
Caruthersville | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		9,000		26,000
Net (loss) income		1,000		5,000
Kansas City | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	15,000	18,000	48,000
Net (loss) income	1,000	1,000	3,000	8,000
Vicksburg | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	6,000	7,000	16,000
Net (loss) income	0	0	$ (1,000)	(1,000)
Presque | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		3,000
Net (loss) income		0		0
Nemacolin | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		5,000
Net (loss) income		$ 0		$ (1,000)
Harrah’s Louisiana Downs | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	9,000
Net (loss) income	2,000
Harrah’s Reno | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0
Net (loss) income	(4,000)
Horseshoe Hammond | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	66,000
Net (loss) income	9,000
Caesars UK | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	11,000
Net (loss) income	(11,000)
Bally’s AC | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	31,000
Net (loss) income	5,000
Caesars Southern Indiana | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	39,000
Net (loss) income	$ 1,000

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Additional Information (Details) - USD ($)	Oct. 01, 2020	Jun. 19, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share)		$ 39
Sale of stock, consideration received on transaction		$ 772,000,000
Payments of stock issuance costs		$ 35,000,000
Stock-based compensation expense			$ 45,000,000	$ 4,000,000	$ 55,000,000	$ 16,000,000
Exercise of stock options (in shares)					26,900
Options outstanding (in shares)			220,432		220,432
Options exercisable (in shares)			104,257		104,257
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, shares issued in transaction (in shares)	35,650,000
Sale of stock, price per share (in dollars per share)	$ 56
Sale of stock, consideration received on transaction	$ 1,900,000,000
Payments of stock issuance costs	$ 50,000,000
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, shares issued in transaction (in shares)		20,700,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, fair value			$ 42,000,000		$ 59,000,000
Granted (in shares)					1,222,736
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition					1 year 8 months 12 days
Vested (in shares)					(1,068,509)
Unrecognized compensation expense			103,000,000		$ 103,000,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested			7,000,000		7,000,000
Market-based Stock Units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested			$ 13,000,000		$ 13,000,000
Granted (in shares)			185,639		185,639
Award vesting period			3 years
Vested (in shares)					(61,322)
Market-based Stock Units (MSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			0.00%
Market-based Stock Units (MSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			200.00%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount							$ 150,000,000
Treasury stock (in shares)			223,823		223,823
Common stock acquired value					$ 9,000,000
Common stock acquired average price per share (in dollars per share)					$ 40.80
Common stock shares acquired (in shares)					0	0

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock Units Activity (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restricted Stock Units (RSUs)
Units
Outstanding at the beginning of the Period (in shares)		1,246,641
Granted (in shares)		1,222,736
Acquired (in shares)		1,876,969
Vested (in shares)		(1,068,509)
Forfeited (in shares)		(22,912)
Outstanding at the end of the Period (in shares)	3,254,925	3,254,925
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share)		$ 35.56
Granted (in dollars per share)		48.17
Acquired (in dollars per share)		38.24
Vested (in dollars per share)		33.22
Forfeited (in dollars per share)		41.89
Unvested outstanding as of end of period (in dollars per share)	$ 42.56	$ 42.56
Restricted Stock Units (RSUs) | Non Employee Members Of B O D
Units
Granted (in shares)		20,615
Market-based Stock Units (MSUs)
Units
Outstanding at the beginning of the Period (in shares)		0
Granted (in shares)	185,639	185,639
Acquired (in shares)		124,984
Vested (in shares)		(61,322)
Forfeited (in shares)		0
Outstanding at the end of the Period (in shares)	249,301	249,301
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share)		$ 0
Granted (in dollars per share)		70.26
Acquired (in dollars per share)		63.36
Vested (in dollars per share)		63.36
Forfeited (in dollars per share)		0
Unvested outstanding as of end of period (in dollars per share)	$ 68.50	$ 68.50

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-based Compensation, Market Stock Units Activity (Details) - Market-based Stock Units (MSUs) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Units
Outstanding at the beginning of the Period (in shares)		0
Granted (in shares)	185,639	185,639
Acquired (in shares)		124,984
Vested (in shares)		(61,322)
Forfeited (in shares)		0
Unvested outstanding as of end of period (in dollars per share)	$ 68.50	$ 68.50
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share)		0
Granted (in dollars per share)		70.26
Acquired (in dollars per share)		63.36
Vested (in dollars per share)		63.36
Forfeited (in dollars per share)		$ 0
Outstanding at the end of the Period (in shares)	249,301	249,301

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	Jan. 29, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investment in Unconsolidated Affiliates
Receivable from partnership		$ 37		$ 37		$ 4
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures		170		170		136
William Hill
Investment in Unconsolidated Affiliates
Agreement period	25 years
Percentage of equity stake	20.00%
Equity stake value in ordinary shares (in shares)	13
Receivable from partnership		$ 1		1		4
Fair value of initial investment	$ 13.4
Recognizing revenue on straight-line basis over a period		25 years
Recognized revenue		$ 2		7	$ 4
William Hill | Other Long Term Liabilities
Investment in Unconsolidated Affiliates
Deferred revenue		135		135		142
William Hill US
Investment in Unconsolidated Affiliates
Fair value of initial investment	$ 129
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures		126		126		127
William Hill PLC
Investment in Unconsolidated Affiliates
Fair value of restricted investments		43		43		29
Cumulative unrealized gain				15		$ 2
Unrealized loss on investments		$ 26	$ 4	$ 13	$ 1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill and Other Intangible Assets, Net (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance	$ 53
Amortization	(35)
Impairments	0
Acquired	488
Assets held for sale (see Note 4)	(5)
Finite-lived intangible assets, net, ending balance	501
Goodwill
Goodwill, gross, beginning balance	910
Goodwill, impairment	(100)
Goodwill, acquired	8,649
Goodwill, assets held for sale	(9)
Goodwill, gross, ending balance	9,450
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance	1,058
Impairments	(20)
Acquired	3,081
Assets held for sale (see Note 4)	(154)
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,965

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross	$ 572	$ 101
Finite-lived intangible assets, accumulated amortization	(71)	(48)
Finite-Lived Intangible Assets, Net, Total	501	53
Indefinite-lived intangible assets (excluding goodwill)	3,965	1,058
Total amortizing and non-amortizing intangible assets, net	4,466	1,111
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	2,202	165
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	1,223	893
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	540	0
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross	488	101
Finite-lived intangible assets, accumulated amortization	(71)	(48)
Finite-Lived Intangible Assets, Net, Total	$ 417	53
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	7 years
Gaming rights and others
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	34 years 2 months 12 days
Finite-lived intangible assets, gross	$ 84	0
Finite-lived intangible assets, accumulated amortization	0	0
Finite-Lived Intangible Assets, Net, Total	$ 84	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	Aug. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill impairment				$ 100
Impairment of intangible assets	$ 15
Impairment charges		$ 0	$ 0	161	$ 1
Depreciation and amortization		223	53	322	167
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, amortization expense, 2022		64		64
Finite-lived intangible assets, amortization expense, 2023		60		60
Depreciation and amortization		$ 21	$ 8	35	$ 23
MontBleu
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges				45
MontBleu | Asset Held For Sale
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges				45
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets				$ 16

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Impairment Charges Recorded by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Total impairment charges	$ 0	$ 0	$ 161	$ 1
Impairments			20
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairments			4
Property, Plant and Equipment
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of long-lived assets held-for-use			23
Right-of Use Assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Operating lease, impairment loss			18
MontBleu
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Total impairment charges			45
MontBleu | Asset Held For Sale
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Total impairment charges			$ 45

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Customer relationships $ in Millions	Sep. 30, 2020USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Remainder of 2020	$ 20
Finite-lived intangible assets, amortization expense, 2021	78
Finite-lived intangible assets, amortization expense, 2022	64
Finite-lived intangible assets, amortization expense, 2023	60
Finite-lived intangible assets, amortization expense, 2024	60
Finite-lived intangible assets, amortization expense, 2025	$ 60

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
(Loss) income from continuing operations before income taxes	$ (789)	$ 55	$ (1,136)	$ 133
Provision for income taxes	$ 135	$ 18	$ 64	$ 39
Effective tax rate	(17.10%)	32.70%	(5.60%)	29.30%
Deferred tax liabilities, net	$ 779		$ 779
Unrecognized tax benefits			$ 24

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Sep. 30, 2020
Minimum
Lessee, Lease, Description [Line Items]
Options to extend lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Options to extend lease term	60 years

Leases - Financing Obligation (

Leases - Financing Obligation (Details) $ in Millions	Sep. 29, 2020USD ($)u_eriOption	Jul. 20, 2020USD ($)u_eriOption	Jun. 15, 2020USD ($)u_eriOption	Sep. 30, 2020USD ($)u_eriOption	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lessee, annual use fee of property, plant and equipment		$ 3
Other long-term liabilities ($19 and $0 attributable to our VIEs)				$ 1,549	$ 343
Lease term				35 years
Imputed discount rate				10.20%
Lease agreement, amount of percentage, base rent			$ 24
GLPI | Lumiere Loan
Lessee, Lease, Description [Line Items]
Lessee, finance lease, renewal term	5 years
Number of renewal options | u_eriOption	4
Lumière Loan	$ 246
Master Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, renewal term		5 years	5 years
Term of contract				20 years
Number of renewal options | u_eriOption			4	4
Master Lease | Minimum
Lessee, Lease, Description [Line Items]
Term of contract			15 years
Master Lease | Maximum
Lessee, Lease, Description [Line Items]
Term of contract			20 years
Joliet Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract		15 years
Harrah's Lease Agreements
Lessee, Lease, Description [Line Items]
Proceeds from sale-leaseback financing arrangement		$ 1,800
Non-CPLV Lease
Lessee, Lease, Description [Line Items]
Contractual rent amount		$ 154
Lessee, finance lease, term of contract		15 years
Regional Lease Agreement
Lessee, Lease, Description [Line Items]
Lessee, leasing arrangements, percentage of EBITDAR to rent ratio floor		130.00%
Other long-term liabilities ($19 and $0 attributable to our VIEs)		$ 6
CPLV Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract		15 years
Lessee, annual base rent		$ 84
Proceeds from lease amendments		1,400
HLV Lease
Lessee, Lease, Description [Line Items]
Annual rent payable		15
Real Property Assets | VICI Lease
Lessee, Lease, Description [Line Items]
Contractual rent amount		$ 773
Lessee, finance lease, term of contract		15 years
Lessee, finance lease, number of renewal options | u_eriOption		4
Lessee, finance lease, renewal term		5 years
Golf Course | VICI Golf Course Use Agreement
Lessee, Lease, Description [Line Items]
Lessee, finance lease, renewal term		35 years
Lessee, annual base rent		$ 10

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Financing Obligation (Details) $ in Millions	Sep. 30, 2020USD ($)
GLPI Leases
Lessee, Lease, Description [Line Items]
2020 (excluding the nine months September 30, 2020)	$ 27
2021	109
2022	109
2023	111
2024	112
Thereafter	4,880
Total future payments	5,348
Less: Amounts representing interest	4,522
Plus: Residual values	399
Financing obligation	1,225
VICI Leases
Lessee, Lease, Description [Line Items]
2020 (excluding the nine months September 30, 2020)	268
2021	1,079
2022	1,097
2023	1,119
2024	1,139
Thereafter	46,737
Total future payments	51,439
Less: Amounts representing interest	41,020
Plus: Residual values	906
Financing obligation	$ 11,325

Leases - Schedule of Cash Paid

Leases - Schedule of Cash Paid for Financing Obligation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
GLPI Leases
Lessee, Lease, Description [Line Items]
Financing Obligation, Principal Payments	$ 22	$ 22	$ 66	$ 66
Financing Obligation, Interest Payments	24	25	74	74
VICI Leases
Lessee, Lease, Description [Line Items]
Financing Obligation, Principal Payments	49	0	49	0
Financing Obligation, Interest Payments	$ 128	$ 0	$ 128	$ 0

Leases - Lessor Arrangements (D

Leases - Lessor Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessor, Lease, Description [Line Items]
Net revenues	$ 1,377,000	$ 663,000	$ 1,977,000	$ 1,936,000
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	200,000	94,000	257,000	237,000
Other
Lessor, Lease, Description [Line Items]
Net revenues	133,000	$ 33,000	$ 172,000	$ 84,000
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 20, 2020	Sep. 30, 2020	Jul. 06, 2020	Dec. 31, 2019
Long-term debt
Total debt		$ 16,221
Less: Current portion		(67)		$ (246)
Total long-term debt		$ 15,203		2,325
Interest rate (as a percent)		4.30%
Reported Value Measurement
Long-term debt
Special Improvement District Bonds		$ 51		0
Long-term notes and other payables		2		3
Total debt		15,270		2,571
Less: Current portion		(67)		(246)
Total long-term debt		15,203		2,325
Unamortized premiums, discounts and deferred finance charges		(951)		(34)
Estimate of Fair Value Measurement
Long-term debt
Special Improvement District Bonds		51
Long-term notes and other payables		2
Total debt		16,221
Less: Current portion		(67)
Total long-term debt		16,154
Unamortized premiums, discounts and deferred finance charges		$ (16,135)
Revolving Credit Facility
Long-term debt
Deferred finance costs				7
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)		6.25%	6.25%
CEI Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 3,330		0
CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 3,400	$ 3,400
CEI Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Revolving Credit Facility
Long-term debt
Spread on variable rate (as a percent)		2.25%
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)	0.00%	2.75%
CEI Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Revolving Credit Facility		$ 880		0
CEI Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Revolving Credit Facility		900
CEI Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		0		491
CEI Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		0
CRC Term Loan B | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		4,120		0
CRC Term Loan B | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		4,571
CRC Term Loan B-1 | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		1,709		0
CRC Term Loan B-1 | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		1,800
CRC Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Revolving Credit Facility		0		0
CRC Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Revolving Credit Facility		$ 0
CRC Revolving Credit Facility | Senior Notes | LIBOR | Estimate of Fair Value Measurement
Long-term debt
Spread on variable rate (as a percent)		2.00%
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)		5.75%	5.75%
CRC Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 978		0
CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 1,000	$ 1,000
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)		7.70%
Convention Center Mortgage Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 397		0
Convention Center Mortgage Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		400
Lumiere Loan | Senior Notes | Reported Value Measurement
Long-term debt
Lumière Loan		0		246
Lumiere Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Lumière Loan		$ 0
CEI Senior Notes
Long-term debt
Interest rate (as a percent)		8.13%	8.125%
CEI Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 1,767		0
CEI Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross			$ 1,800
CEI Senior Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 1,800
CRC Notes
Long-term debt
Interest rate (as a percent)		5.25%
CRC Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 1,490		0
CRC Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 1,700
5% Convertible notes
Long-term debt
Interest rate (as a percent)		5.00%
5% Convertible notes | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 546		0
5% Convertible notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 597
5% Convertible notes | Senior Notes
Long-term debt
Interest rate (as a percent)		5.00%
Senior Secured Notes 6 Due 2026 | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 0		582
Senior Secured Notes 6 Due 2026 | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 0
Senior Secured Notes 6 Due 2026 | Senior Notes
Long-term debt
Interest rate (as a percent)		6.00%
Senior Secured Notes 6 Due 2025 | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 0		879
Senior Secured Notes 6 Due 2025 | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 0
Senior Secured Notes 6 Due 2025 | Senior Notes
Long-term debt
Interest rate (as a percent)		6.00%
Senior Secured Notes 7 Due 2023 | Reported Value Measurement
Long-term debt
Long-term debt, gross		$ 0		$ 370
Senior Secured Notes 7 Due 2023 | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 0
Senior Secured Notes 7 Due 2023 | Senior Notes
Long-term debt
Interest rate (as a percent)		7.00%
1-Month CRC Term Loan B-1 | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Debt instrument, face amount		$ 1,200
1-Month CRC Term Loan B-1 | Senior Notes | LIBOR | Estimate of Fair Value Measurement
Long-term debt
Spread on variable rate (as a percent)		4.50%
3-Month CRC Term Loan B-1 | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Debt instrument, face amount		$ 600
3-Month CRC Term Loan B-1 | Senior Notes | LIBOR | Estimate of Fair Value Measurement
Long-term debt
Spread on variable rate (as a percent)		450.00%

Long-Term Debt - New Debt Trans

Long-Term Debt - New Debt Transactions (Details) - USD ($)

Sep. 18, 2020

Jul. 20, 2020

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Sep. 25, 2020

Jul. 06, 2020

Mar. 16, 2020

Dec. 31, 2019

Dec. 22, 2017

Apr. 17, 2017

Long-term debt

Interest rate (as a percent)

4.30%

4.30%

Loss on extinguishment of debt

$ (173,000,000)

$ (1,000,000)

$ (173,000,000)

$ (1,000,000)

Other (Loss) Income

Long-term debt

Loss on extinguishment of debt

$ 132,000,000

Senior Notes | Other (Loss) Income

Long-term debt

Loss on extinguishment of debt

$ 132,000,000

CEI Senior Secured Notes | Senior Notes

Long-term debt

Interest rate (as a percent)

6.25%

6.25%

6.25%

CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 3,400,000,000

$ 3,400,000,000

$ 3,400,000,000

CEI Senior Secured Notes | Senior Notes | Reported Value Measurement

Long-term debt

Long-term debt, gross

$ 3,330,000,000

$ 3,330,000,000

$ 0

CEI Senior Notes

Long-term debt

Interest rate (as a percent)

8.13%

8.13%

8.125%

CEI Senior Notes | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 1,800,000,000

CEI Senior Notes | Reported Value Measurement

Long-term debt

Long-term debt, gross

$ 1,767,000,000

$ 1,767,000,000

0

CEI Senior Notes | Senior Notes | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 1,800,000,000

$ 1,800,000,000

CRC Senior Secured Notes | Senior Notes

Long-term debt

Interest rate (as a percent)

5.75%

5.75%

5.75%

CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 1,000,000,000

$ 1,000,000,000

$ 1,000,000,000

CRC Senior Secured Notes | Senior Notes | Reported Value Measurement

Long-term debt

Long-term debt, gross

978,000,000

978,000,000

0

Senior Notes 6% due 2025 | Senior Notes

Long-term debt

Interest rate (as a percent)

6.00%

Senior Notes 6% due 2026 | Senior Notes

Long-term debt

Interest rate (as a percent)

6.00%

Senior Notes 6% due 2026 | Senior Notes | Debt Instrument, Redemption, Period One

Long-term debt

Debt instrument, face amount

$ 210,000,000

Senior Notes 6% due 2026 | Senior Notes | Debt Instrument, Redemption, Period Four

Long-term debt

Debt Instrument, redemption price, percentage

100.00%

Senior Notes 7% due 2023 | Senior Notes

Long-term debt

Interest rate (as a percent)

7.00%

Senior Secured Notes 6 Due 2025 | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

0

0

Senior Secured Notes 6 Due 2025 | Reported Value Measurement

Long-term debt

Long-term debt, gross

$ 0

$ 0

879,000,000

Senior Secured Notes 6 Due 2025 | Senior Notes

Long-term debt

Interest rate (as a percent)

6.00%

6.00%

Senior Secured Notes 6 Due 2025 | Senior Notes | Debt Instrument, Redemption, Period One

Long-term debt

Debt Instrument, redemption price, percentage

104.50%

Senior Secured Notes 7 Due 2023 | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 0

$ 0

Senior Secured Notes 7 Due 2023 | Reported Value Measurement

Long-term debt

Long-term debt, gross

$ 0

$ 0

370,000,000

Senior Secured Notes 7 Due 2023 | Senior Notes

Long-term debt

Interest rate (as a percent)

7.00%

7.00%

Senior Secured Notes 7 Due 2023 | Senior Notes | Debt Instrument, Redemption, Period Two

Long-term debt

Debt Instrument, redemption price, percentage

103.50%

Senior Secured Notes 7 Due 2023 | Senior Notes | Debt Instrument, Redemption, Period Three

Long-term debt

Debt Instrument, redemption price, percentage

106.00%

Convention Center Mortgage Loan | VICI Properties L.P.

Long-term debt

Interest rate (as a percent)

7.70%

Debt instrument, interest rate, increase (decrease)

8.30%

Convention Center Mortgage Loan | Senior Notes

Long-term debt

Interest rate (as a percent)

7.70%

7.70%

Convention Center Mortgage Loan | Senior Notes | Estimate of Fair Value Measurement

Long-term debt

Long-term debt, gross

$ 400,000,000

$ 400,000,000

Convention Center Mortgage Loan | Senior Notes | Reported Value Measurement

Long-term debt

Long-term debt, gross

397,000,000

397,000,000

$ 0

Term Loan Under Secured Credit Facility

Long-term debt

Credit facility

$ 1,500,000,000

Revolving Credit Facility

Long-term debt

Credit facility

$ 900,000,000

$ 900,000,000

$ 500,000,000

Revolving Credit Facility

Long-term debt

Credit facility

$ 465,000,000

Revolving Credit Facility | Line of Credit

Long-term debt

Debt instrument, term

5 years

CEI Revolving Credit Facility

Long-term debt

Interest rate (as a percent)

0.125%

CEI Revolving Credit Facility | Line of Credit

Long-term debt

Credit facility

$ 1,200,000,000

$ 900,000,000

CRC Term Loan | Line of Credit | Caesars Resort Collection

Long-term debt

Credit facility

$ 1,800,000,000

Interest rate (as a percent)

0.25%

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 06, 2020	Dec. 31, 2019
Long-term debt
Interest rate (as a percent)	4.30%
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	6.25%	6.25%
CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 3,400	$ 3,400
CEI Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 3,330		$ 0

Long-Term Debt - CEI Senior Not

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 06, 2020	Dec. 31, 2019
Long-term debt
Interest rate (as a percent)	4.30%
CEI Senior Notes
Long-term debt
Interest rate (as a percent)	8.13%	8.125%
CEI Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross		$ 1,800
CEI Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,767		$ 0

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 06, 2020	Dec. 31, 2019
Long-term debt
Interest rate (as a percent)	4.30%
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	5.75%	5.75%
CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,000	$ 1,000
CRC Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 978		$ 0

Long-Term Debt - CEI Revolving

Long-Term Debt - CEI Revolving Credit Facility (Details)	Jul. 20, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 25, 2020USD ($)	Mar. 16, 2020USD ($)	Dec. 22, 2017	Apr. 17, 2017USD ($)
Long-term debt
Interest rate (as a percent)		4.30%
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)	0.00%	2.75%
Revolving Credit Facility
Long-term debt
Credit facility				$ 465,000,000
Revolving Credit Facility | CEI Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)		2.25%
Revolving Credit Facility | Line of Credit
Long-term debt
Debt instrument, term	5 years
CEI Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum	0.0025
Line of credit facility, commitment fee percentage	0.50%
Debt instrument, covenant, leverage ratio, minimum	0.00375
Interest rate (as a percent)	0.125%
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)	1.00%
CEI Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)	0.50%
CEI Revolving Credit Facility | Prime Rate
Long-term debt
Spread on variable rate (as a percent)	3.25%
CEI Revolving Credit Facility | Base rate
Long-term debt
Spread on variable rate (as a percent)	2.25%
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility	$ 1,200,000,000		$ 900,000,000
Letter of Credit
Long-term debt
Interest rate (as a percent)					0.125%
Amount outstanding		$ 19,000,000
Letter of Credit | Line of Credit
Long-term debt
Credit facility	$ 250,000,000	64,000,000
Revolving Credit Facility
Long-term debt
Credit facility		900,000,000				$ 500,000,000
Available borrowing capacity		$ 266,000,000

Long-Term Debt - Convention Cen

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Millions	Sep. 18, 2020	Sep. 30, 2020
Long-term debt
Long-term debt		$ 16,221
Interest rate (as a percent)		4.30%
VICI Properties L.P. | Convention Center Mortgage Loan
Long-term debt
Long-term debt	$ 400
Interest rate (as a percent)	7.70%
Debt instrument, interest rate, increase (decrease)	8.30%
VICI Properties L.P.
Long-term debt
Long-term debt, term	5 years

Long-Term Debt - Assumed Debt A

Long-Term Debt - Assumed Debt Activity (Details) - USD ($) $ in Millions	Dec. 22, 2017	Sep. 30, 2020	Jul. 20, 2020
Long-term debt
Interest rate (as a percent)		4.30%
CRC Credit Agreement | Base rate
Long-term debt
Spread on variable rate (as a percent)	0.00%
CRC Credit Agreement | LIBOR
Long-term debt
Spread on variable rate (as a percent)	1.00%
CRC Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)	0.50%
CRC Term Loan | Base rate
Long-term debt
Spread on variable rate (as a percent)	1.75%
CRC Term Loan | LIBOR
Long-term debt
Spread on variable rate (as a percent)	2.75%
CRC Incremental Term Loan | Base rate
Long-term debt
Spread on variable rate (as a percent)	3.50%
CRC Incremental Term Loan | LIBOR
Long-term debt
Spread on variable rate (as a percent)	4.50%
Line of Credit | First Lien Term Loan
Long-term debt
Debt instrument, term	7 years
Debt instrument, face amount	$ 4,700
CRC Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum	0.00125	6.35
CRC Revolving Credit Facility | Base rate
Long-term debt
Spread on variable rate (as a percent)	1.25%
CRC Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)	2.25%
CRC Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility	$ 1,000
Debt instrument, term	5 years
Line of credit facility, commitment fee percentage	0.50%
CRC Revolving Credit Facility | Line of Credit | Minimum
Long-term debt
Line of credit facility, commitment fee percentage	0.375%
CRC Revolving Credit Facility | Line of Credit | Maximum
Long-term debt
Line of credit facility, commitment fee percentage	0.25%
CRC Term Loan | Line of Credit | Caesars Resort Collection
Long-term debt
Credit facility			$ 1,800
Interest rate (as a percent)	0.25%
Letter of Credit
Long-term debt
Interest rate (as a percent)	0.125%
Letter of Credit | Line of Credit
Long-term debt
Credit facility		$ 64	$ 250

Long-Term Debt - CRC Notes (Det

Long-Term Debt - CRC Notes (Details) - USD ($) $ in Billions	Sep. 30, 2020	Oct. 16, 2017
Long-term debt
Interest rate (as a percent)	4.30%
5.25% CRC Notes due 2025 | Senior Notes
Long-term debt
Debt instrument, face amount		$ 1.7
Interest rate (as a percent)		5.25%

Long-Term Debt - Former Caesars

Long-Term Debt - Former Caesars 5% Convertible Notes (Details) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2020	Nov. 02, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2020	Oct. 06, 2017
Long-term debt
Interest rate (as a percent)	4.30%		4.30%		4.30%
Amortization of debt issuance costs and discounts			$ 34	$ 2	$ 37	$ 6
Former Caesars 5% Convertible Notes | Senior Notes
Long-term debt
Debt instrument, face amount	$ 574		$ 574		$ 574			$ 1,100
Interest rate (as a percent)	5.00%		5.00%		5.00%			5.00%
Debt conversion (in shares)	6.8
Debt conversion, converted instrument, amount	$ 487
Former Caesars 5% Convertible Notes | Senior Notes | Subsequent Event
Long-term debt
Debt instrument, face amount		$ 328
Interest rate (as a percent)		5.00%					5.00%
Debt conversion (in shares)		3.9
Debt conversion, converted instrument, amount		$ 281

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) $ in Millions	Sep. 30, 2020USD ($)
Debt Disclosure [Abstract]
Scheduled maturities of long-term debt for remainder of 2020	$ 16
Scheduled maturities of long-term debt in 2021	67
Scheduled maturities of long-term debt in 2022	67
Scheduled maturities of long-term debt in 2023	67
Scheduled maturities of long-term debt in 2024	5,036
Scheduled maturities of long-term debt thereafter	10,968
Total debt	16,221
Debt estimate interest payment, due remainder of 2020	200
Debt estimate interest payment, due 2021	850
Debt estimate interest payment, due 2022	820
Debt estimate interest payment, due 2023	790
Debt estimate interest payment, due 2024	790
Debt estimate interest payment, due thereafter	690
Debt estimate interest payment, due	4,140
Debt service obligation due remainder of 2020	216
Debt service obligation due 2021	917
Debt service obligation due 2022	887
Debt service obligation due 2023	857
Debt service obligation due 2024	5,826
Debt service obligation due thereafter	11,658
Debt service obligation	$ 20,361

Long-Term Debt - Lumiere Loan (

Long-Term Debt - Lumiere Loan (Details) $ in Millions	Sep. 29, 2020USD ($)
Lumiere Loan | Gaming and Leisure Properties
Long-term debt
Loan amount to fund real property	$ 246

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Details)	Sep. 30, 2020	Jul. 06, 2020	Dec. 22, 2017
Long-term debt
Interest rate (as a percent)	4.30%
CRC Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum	6.35		0.00125
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	5.75%	5.75%
CRC Senior Secured Notes Due 2025 [Member] | Senior Notes
Long-term debt
Interest rate (as a percent)	5.25%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Restricted cash and investments	$ 43,000	$ 42,000
Marketable securities	61,000	35,000
Total assets at fair value	104,000	77,000
Liabilities, Fair Value Disclosure [Abstract]
Other liabilities related to restricted investments	4,000
Total liabilities at fair value	693,000
5% Convertible notes
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	575,000
Interest Rate Swaps and FX Forward
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	114,000
Fair Value, Inputs, Level 1
Assets:
Restricted cash and investments	8,000	11,000
Marketable securities	31,000	27,000
Total assets at fair value	39,000	38,000
Liabilities, Fair Value Disclosure [Abstract]
Other liabilities related to restricted investments	0
Total liabilities at fair value	0
Fair Value, Inputs, Level 1 | 5% Convertible notes
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	0
Fair Value, Inputs, Level 1 | Interest Rate Swaps and FX Forward
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	0
Fair Value, Inputs, Level 2
Assets:
Restricted cash and investments	3,000	2,000
Marketable securities	12,000	8,000
Total assets at fair value	15,000	10,000
Liabilities, Fair Value Disclosure [Abstract]
Other liabilities related to restricted investments	0
Total liabilities at fair value	689,000
Fair Value, Inputs, Level 2 | 5% Convertible notes
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	575,000
Fair Value, Inputs, Level 2 | Interest Rate Swaps and FX Forward
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	114,000
Fair Value, Inputs, Level 3
Assets:
Restricted cash and investments	50,000	29,000
Marketable securities	0	0
Total assets at fair value	50,000	$ 29,000
Liabilities, Fair Value Disclosure [Abstract]
Other liabilities related to restricted investments	4,000
Total liabilities at fair value	4,000
Fair Value, Inputs, Level 3 | 5% Convertible notes
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	0
Fair Value, Inputs, Level 3 | Interest Rate Swaps and FX Forward
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) - Fair Value Recurring Basis $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value, Assets
Investments, beginning balance	$ 42,000
Other liabilities, ending balance	4,000
Investments, ending balance	43,000
Fair Value, Inputs, Level 3
Fair Value, Assets
Investments, beginning balance	29,000
Other liabilities, ending balance	4,000
Investments, ending balance	50,000
Other Liabilities | Fair Value, Inputs, Level 3
Fair Value, Assets
Other liabilities, beginning balance	0
Value of additional investment received	2,000
Unrealized gain	2,000
Other liabilities, ending balance	4,000
Restricted Cash and Investments | Fair Value, Inputs, Level 3
Fair Value, Assets
Investments, beginning balance	29,000
Value of additional investment received	5,000
Unrealized gain	16,000
Investments, ending balance	$ 50,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2020USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, Level 2 To Level 3 transfers amount	$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0
Fair value assets, Level 3 To Level 1 transfers amount	0
Fair value assets, Level 1 to Level 2 transfers amount	0
Fair value assets, Level 3 to Level 2 transfers amount	0
Fair value assets, Level 1 to Level 3 transfers amount	$ 0

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investments (Details) - TSG - USD ($) $ in Millions	May 05, 2020	Nov. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Agreement period		20 years
Number of common shares received under agreement (in shares)	0.2253	1,000,000
Common shares, sales restriction period, upon exercise of first option		1 year
Cumulative unrealized gains (losses)			$ 5	$ (2)	$ 8
Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, total			19		19	$ 14
Cumulative unrealized gains (losses)					9	$ 4
Restricted Cash and Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, total			$ 8		8
Cumulative unrealized gains (losses)					$ 3

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instruments (Details) $ / shares in Units, € in Millions, $ in Millions	Sep. 30, 2020USD ($)interest_rate_swap_agreement$ / sharesshares	Sep. 28, 2020USD ($)	Oct. 06, 2017USD ($)$ / sharesshares	Nov. 02, 2020USD ($)	Oct. 31, 2020day	Sep. 30, 2020USD ($)interest_rate_swap_agreement$ / sharesshares	Sep. 30, 2020USD ($)interest_rate_swap_agreement$ / sharesshares	Oct. 09, 2020EUR (€)	Sep. 28, 2020EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	4.30%					4.30%	4.30%
Common stock issued (in shares) | shares	8,400,000					8,400,000	8,400,000
Conversion of stock, amount converted	$ 708
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax						$ 18
Cash flow hedge gain (loss) to be reclassified within twelve months							$ (62)
Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income						12	12
Other Long Term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5					5	5
Foreign Exchange Contract | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount | €									€ 1,300
Derivative, gain (loss) on derivative, net		$ 5
Foreign Exchange Contract | Not Designated as Hedging Instrument | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount | €								€ 536
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 3,000					$ 3,000	$ 3,000
Number of interest rate derivatives held | interest_rate_swap_agreement	10					10	10
Interest Rate Swap | Other Long Term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 109					$ 109	$ 109
Former Caesars 5% Convertible Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	5.00%		5.00%			5.00%	5.00%
Common stock issued (in shares) | shares			0.014
Common stock, par value (in dollars per share) | $ / shares			$ 1.17
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares	$ 193		$ 1			$ 193	$ 193
Debt conversion, converted instrument, amount	$ 487
Other (loss) income	34					$ 87
Convertible debt	607					607	$ 607
Common stock held in trust	$ 10					10	10
Debt instrument, term	4 years		7 years
Debt instrument, face amount	$ 574		$ 1,100			$ 574	$ 574
Debt instrument, interest rate, increase (decrease)	6.00%
Former Caesars 5% Convertible Notes | Senior Notes | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)				5.00%	5.00%
Debt instrument, convertible, threshold percentage of stock price trigger					140.00%
Debt instrument, convertible, threshold trading days | day					20
Debt instrument, convertible, threshold consecutive trading days | day					30
Debt conversion, converted instrument, amount				$ 281
Debt instrument, face amount				$ 328

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Derivative Instruments (Details) - Interest Rate Swap	Sep. 30, 2020USD ($)
Interest Rate Swap, Effective Dec 31 2018, Maturing Dec 31 2022, Period 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 250,000,000
Derivative, fixed interest rate	2.274%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Dec 31 2018, Maturing Dec 31 2022, Period 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 200,000,000
Derivative, fixed interest rate	2.828%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Dec 31 2018, Maturing Dec 31 2022, Period 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 600,000,000
Derivative, fixed interest rate	2.739%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 250,000,000
Derivative, fixed interest rate	2.153%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 202, Period 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 250,000,000
Derivative, fixed interest rate	2.196%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2021, Period 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 400,000,000
Derivative, fixed interest rate	2.788%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 200,000,000
Derivative, fixed interest rate	2.828%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 2 2019, Maturing Dec 31 2020, Period 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 250,000,000
Derivative, fixed interest rate	2.172%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 2 2019, Maturing Dec 31 2020, Period 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 200,000,000
Derivative, fixed interest rate	2.731%
Derivative, variable interest rate	0.156%
Interest Rate Swap, Effective Jan 2 2019, Maturing Dec 31 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 400,000,000
Derivative, fixed interest rate	2.707%
Derivative, variable interest rate	0.156%

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,616	$ 1,117
Total other comprehensive income, net of tax	15
Ending balance	3,389	3,389
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		0
Other comprehensive income before reclassifications		2
Amounts reclassified from accumulated other comprehensive income		12
Total other comprehensive income, net of tax		14
Ending balance	14	14
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		0
Other comprehensive income before reclassifications		1
Amounts reclassified from accumulated other comprehensive income		0
Total other comprehensive income, net of tax		1
Ending balance	1	1
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		0
Other comprehensive income before reclassifications		3
Amounts reclassified from accumulated other comprehensive income		12
Total other comprehensive income, net of tax		15
Ending balance	$ 15	$ 15

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net (loss) income attributable to Caesars	$ (926)	$ 37	$ (1,202)	$ 94
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	152,000,000	78,000,000	104,000,000	78,000,000
Weighted average diluted shares outstanding (in shares)	152,000,000	79,000,000	104,000,000	79,000,000
Net (Loss) Income per Share - Basic
Basic (loss) income per share from continuing operations (in dollars per share)	$ (6.09)	$ 0.48	$ (11.55)	$ 1.21
Basic loss per share from discontinued operations (in dollars per share)	0	0	(0.01)	0
Net (loss) income per common share attributable to common stockholders – basic: (in dollars per share)	(6.09)	0.48	(11.56)	1.21
Net (Loss) Income per Share - Diluted
Diluted (loss) income per share from continuing operations (in dollars per share)	(6.09)	0.47	(11.55)	1.20
Diluted loss per share from discontinued operations (in dollars per share)	0	0	(0.01)	0
Net (loss) income per common share attributable to common stockholders – diluted: (in dollars per share)	$ (6.09)	$ 0.47	$ (11.56)	$ 1.20
Restricted Stock Units (RSUs)
Shares outstanding:
Effect of dilutive securities (in shares)		1,000,000		1,000,000

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)	11	0	15	0

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)	11	0	15	0
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)	3	0	7	0
5% Convertible notes
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)	8	0	8	0

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 27, 2020	Jul. 14, 2020	Apr. 03, 2020	Apr. 01, 2020	Sep. 30, 2020	Sep. 30, 2020	Jul. 02, 2019
Loss Contingencies [Line Items]
Self insurance reserve					$ 235	$ 235
Escrow deposit							$ 9
Insurance settlements receivable	$ 31
Impairment of intangible assets	$ 15
Cost of property repairs and maintenance					16
Harrah’s New Orleans
Loss Contingencies [Line Items]
Accrued contingent liabilities					42	42
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Capital leases, net investment in sales type leases				$ 325
Sale leaseback transaction, one time payment				65
Sale leaseback transaction, annual rental payments				9
Sale leaseback transaction, annual license payment				$ 3
NBOC Ground Lease
Loss Contingencies [Line Items]
Sale leaseback transaction, one time payment			$ 29
Harrah's New Orleans Lease
Loss Contingencies [Line Items]
Sale leaseback transaction, one time payment			61
Operating costs and expenses			14
Payments to acquire intangible assets						20
Harrah's New Orleans Lease | Gaming rights
Loss Contingencies [Line Items]
Goodwill and other intangibles			$ 47
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements					$ 318	$ 318
Declaratory Relief from Centaur Holdings, LLC
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 50

Related Affiliates - Additional

Related Affiliates - Additional Information (Details) ft² in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)ft²	Sep. 30, 2020USD ($)ft²	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related affiliates
Due from affiliates	$ 37,000,000	$ 37,000,000		$ 4,000,000
Gary Carano Family
Related affiliates
Related party transactions		$ 0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased | ft²	30	30
Annual rent payable	$ 600,000
Due from related parties	0	$ 0		0
Due to related parties	$ 0	$ 0		$ 0
REI
Related affiliates
Percentage of outstanding shares owned	5.10%	5.10%
Caesars Entertainment Corporation | Affiliated Entity | Horseshoe Baltimore
Related affiliates
Percentage of outstanding shares owned	44.30%	44.30%

Related Affiliates - Schedule o

Related Affiliates - Schedule of Related Party Transactions (Details) - Horseshoe Baltimore - Affiliated Entity $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)
Management fees
Related affiliates
Related party transaction, expenses from transactions with related party	$ 2
Allocated Expenses
Related affiliates
Related party transaction, expenses from transactions with related party	$ 1

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020ft²segmentnumberOfBallrooms	Sep. 30, 2020ft²u_eriRegionorSegmentnumberOfBallrooms
Segment Reporting Information [Line Items]
Total number of geographic regions		5
Total number of reportable segments		5
Number of geographic regions		3
Number of reportable segments	3	3
Area of room | ft²	300,000	300,000
Number of ballrooms | numberOfBallrooms	2	2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased | ft²	550,000	550,000

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and expenses
Net revenues	$ 1,377,000	$ 663,000	$ 1,977,000	$ 1,936,000
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars	(926,000)	37,000	(1,202,000)	94,000
Adjusted EBITDA	351,000	197,000	441,000	542,000
Regional
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars				300,000
Operating Segment
Unallocated (loss) income and expenses:
Adjusted EBITDA	331,000	205,000	439,000	569,000
Operating Segment | Las Vegas
Revenues and expenses
Net revenues	304,000	0	304,000	0
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars		0	(162,000)	0
Adjusted EBITDA	43,000	0	43,000	0
Operating Segment | Regional
Revenues and expenses
Net revenues	1,000,000	661,000	1,596,000	1,930,000
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars	47,000	117,000	(175,000)	300,000
Adjusted EBITDA	331,000	205,000	439,000	569,000
Operating Segment | Managed, International, CIE
Revenues and expenses
Net revenues	69,000	0	69,000	0
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars	3,000	0	3,000	0
Adjusted EBITDA	18,000	0	18,000	0
Corporate and other
Revenues and expenses
Net revenues	4,000	2,000	8,000	6,000
Unallocated (loss) income and expenses:
Net (loss) income attributable to Caesars	(814,000)	(80,000)	(868,000)	(206,000)
Adjusted EBITDA	$ (41,000)	$ (8,000)	$ (59,000)	$ (27,000)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars	$ (926)	$ 37	$ (1,202)	$ 94
Net income attributable to noncontrolling interests	1	0	1	0
Net (income) loss from discontinued operations	1		1
Interest expense, net	473	72	608	217
Provision for income taxes	135	18	64	39
Other loss	164	(2)	174	1
Impairment charges	0	0	161	1
Depreciation and amortization	223	53	322	167
Stock-based compensation expense	45	4	55	16
Transaction costs and other operating costs	219	14	242	2
Other items	16	1	15	5
Adjusted EBITDA	351	197	441	542
Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	331	205	439	569
Corporate and other
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars	(814)	(80)	(868)	(206)
Net income attributable to noncontrolling interests	0		0
Net (income) loss from discontinued operations	0		0
Interest expense, net	224	37	287	114
Provision for income taxes	135	18	64	39
Other loss	164	(2)	174	1
Impairment charges			0	1
Depreciation and amortization	15	2	18	5
Stock-based compensation expense	38	4	48	16
Transaction costs and other operating costs	188	14	210	1
Other items	9	(1)	8	2
Adjusted EBITDA	(41)	(8)	(59)	(27)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars		0	(162)	0
Net income attributable to noncontrolling interests	0		0
Net (income) loss from discontinued operations	0		0
Interest expense, net	92	0	92	0
Provision for income taxes	0	0	0	0
Other loss	0	0	0	0
Impairment charges			0	0
Depreciation and amortization	91	0	91	0
Stock-based compensation expense	3	0	3	0
Transaction costs and other operating costs	19	0	19	0
Other items	0	0	0	0
Adjusted EBITDA	43	0	43	0
Regional
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars				300
Regional | Operating Segment
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars	47	117	(175)	300
Net income attributable to noncontrolling interests	1		1
Net (income) loss from discontinued operations	(9)		(9)
Interest expense, net	157	35	229	103
Provision for income taxes	0	0	0	0
Other loss	0	0	0	0
Impairment charges			161	0
Depreciation and amortization	117	51	213	162
Stock-based compensation expense	4	0	4	0
Transaction costs and other operating costs	7	0	8	1
Other items	7	2	7	3
Adjusted EBITDA	331	205	439	569
Managed, International, CIE | Operating Segment
Segment Reporting Information [Line Items]
Net (loss) income attributable to Caesars	3	0	3	0
Net income attributable to noncontrolling interests	0		0
Net (income) loss from discontinued operations	10		10
Interest expense, net	0	0	0	0
Provision for income taxes	0	0	0	0
Other loss	0	0	0	0
Impairment charges			0	0
Depreciation and amortization	0	0	0	0
Stock-based compensation expense	0	0	0	0
Transaction costs and other operating costs	5	0	5	0
Other items	0	0	0	0
Adjusted EBITDA	$ 18	$ 0	$ 18	$ 0

Segment Information - Schedul_3

Segment Information - Schedule Of Capital Expenditures By Segment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 98	$ 135
Assets	36,239		$ 5,641
Corporate and other
Segment Reporting Information [Line Items]
Capital expenditures, net	19	4
Assets	(13)		(1,146)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net	16	0
Assets	21,552		0
Regional | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net	62	131
Assets	14,096		6,787
Managed, International, CIE | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net	1	$ 0
Assets	604		$ 0
Regional and Managed International and CIE | Discontinued Operations
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 4

Uncategorized Items - eri-20200

Label	Element	Value
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 2,251,000,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	6,000,000
Restricted And Escrow Cash Included In Other Noncurrent	eri_RestrictedAndEscrowCashIncludedInOtherNoncurrent	7,000,000
Restricted And Escrow Cash Included In Other Noncurrent	eri_RestrictedAndEscrowCashIncludedInOtherNoncurrent	$ 413,000,000