Caesars Entertainment (CZR) 10-K 24 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3656781
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
Title of 12(b) Security	Common Stock, $.00001, par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 21.1
Entity Common Stock, Shares Outstanding		214,123,451
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A in connection with the Registrant’s Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2021.
Entity Central Index Key	0001590895
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	Las Vegas, Nevada

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,070	$ 1,776
Restricted cash and investments	319	2,021
Accounts receivable, net	472	342
Due from affiliates	0	44
Inventories	42	44
Prepayments and other current assets	290	253
Assets held for sale ($0 and $130 attributable to our VIEs)	3,771	1,583
Total current assets	5,964	6,063
Investments in and advances to unconsolidated affiliates	158	173
Property and equipment, net	14,601	14,735
Gaming rights and other intangibles, net	4,920	4,283
Goodwill	11,076	9,864
Other assets, net	1,312	1,267
Total assets	38,031	36,385
CURRENT LIABILITIES:
Accounts payable	254	167
Accrued interest	320	229
Accrued other liabilities	1,973	1,263
Current portion of long-term debt	70	67
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)	2,680	787
Total current liabilities	5,297	2,513
Long-term financing obligation	12,424	12,295
Long-term debt	13,722	14,073
Deferred income taxes	1,111	1,166
Other long-term liabilities	936	1,304
Total liabilities	33,490	31,351
Commitments and contingencies (Note 11)
STOCKHOLDERS' EQUITY:
Common stock, par value $0.00001, 500,000,000 shares authorized, 213,779,848 and 208,049,417 issued and outstanding, net of treasury shares	0	0
Paid-in capital	6,877	6,382
Accumulated deficit	(2,410)	(1,391)
Treasury stock at cost, 363,016 and 223,823 shares held	(23)	(9)
Accumulated other comprehensive income	36	34
Caesars stockholders' equity	4,480	5,016
Noncontrolling interests	61	18
Total stockholders’ equity	4,541	5,034
Total liabilities and stockholders’ equity	$ 38,031	$ 36,385

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets held for sale	$ 3,771	$ 1,583
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)	$ 2,680	$ 787
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	213,779,848	208,049,417
Common stock, shares outstanding (in shares)	213,779,848	208,049,417
Treasury stock (in shares)	363,016	223,823
VIEs
Assets held for sale	$ 0	$ 130
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)	$ 0	$ 130

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Net revenues	$ 9,570,000	$ 3,628,000	$ 2,528,000
EXPENSES:
Other	373,000	140,000	46,000
General and administrative	1,782,000	902,000	503,000
Corporate	309,000	195,000	66,000
Impairment charges	102,000	215,000	1,000
Depreciation and amortization	1,126,000	583,000	222,000
Transaction costs and other operating costs	144,000	270,000	37,000
Total operating expenses	8,110,000	4,011,000	2,118,000
Operating income (loss)	1,460,000	(383,000)	410,000
OTHER EXPENSE:
Interest expense, net	(2,295,000)	(1,202,000)	(286,000)
Loss on extinguishment of debt	(236,000)	(197,000)	(8,000)
Other income (loss)	(198,000)	176,000	9,000
Total other expense	(2,729,000)	(1,223,000)	(285,000)
Income (loss) from continuing operations before income taxes	(1,269,000)	(1,606,000)	125,000
Benefit (provision) for income taxes	283,000	(132,000)	(44,000)
Net income (loss) from continuing operations, net of income taxes	(986,000)	(1,738,000)	81,000
Discontinued operations, net of income taxes	(30,000)	(20,000)	0
Net income (loss)	(1,016,000)	(1,758,000)	81,000
Net (income) loss attributable to noncontrolling interests	(3,000)	1,000	0
Net income (loss) attributable to Caesars	$ (1,019,000)	$ (1,757,000)	$ 81,000
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations (in dollars per shares)	$ (4.69)	$ (13.35)	$ 1.04
Basic loss per share from discontinued operations (in dollars per share)	(0.14)	(0.15)	0
Basic income (loss) per share (in dollars per share)	(4.83)	(13.50)	1.04
Diluted income (loss) per share from continuing operations (in dollars per share)	(4.69)	(13.35)	1.03
Diluted loss per share from discontinued operations (in dollars per share)	(0.14)	(0.15)	0
Diluted income (loss) per share (in dollars per share)	$ (4.83)	$ (13.50)	$ 1.03
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	211	130	78
Weighted average diluted shares outstanding (in shares)	211	130	79
Casino and pari-mutuel commissions
REVENUES:
Net revenues	$ 5,827,000	$ 2,482,000	$ 1,808,000
EXPENSES:
Cost of goods and services	3,129,000	1,271,000	905,000
Food and beverage
REVENUES:
Net revenues	1,140,000	342,000	301,000
EXPENSES:
Cost of goods and services	707,000	265,000	239,000
Hotel
REVENUES:
Net revenues	1,551,000	450,000	300,000
EXPENSES:
Cost of goods and services	438,000	170,000	99,000
Other
REVENUES:
Net revenues	$ 1,052,000	$ 354,000	$ 119,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,016)	$ (1,758)	$ 81
Foreign currency translation adjustments	(45)	9	0
Change in fair market value of interest rate swaps, net of tax	47	26	0
Other	(1)	0	0
Other comprehensive income, net of tax	1	35	0
Comprehensive income (loss)	(1,015)	(1,723)	81
Net (income) loss attributable to noncontrolling interests	(3)	1	0
Foreign currency translation adjustments	1	(1)	0
Comprehensive income attributable to noncontrolling interests	(2)	0	0
Comprehensive income (loss) attributable to Caesars	$ (1,017)	$ (1,723)	$ 81

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2018			77
Beginning balance at Dec. 31, 2018	$ 1,029	$ (5)	$ 0	$ 748	$ 290	$ (5)	$ 0	$ (9)	$ 0
Issuance of restricted stock units (in shares)			1
Issuance of restricted stock units	20			20
Net income (loss)	81				81
Shares issued to Former Caesars shareholders	0
Shares withheld related to net share settlement of stock awards	(8)			(8)
Ending balance (in shares) at Dec. 31, 2019			78
Ending balance at Dec. 31, 2019	1,117		$ 0	760	366		0	(9)	0
Issuance of restricted stock units (in shares)			1
Issuance of restricted stock units	72			72
Issuance of common stock, net (in shares)			67
Issuance of common stock, net	3,172			3,172
Net income (loss)	(1,758)				(1,757)				(1)
Shares issued to Former Caesars shareholders (in shares)			62
Shares issued to Former Caesars shareholders	2,381			2,381
Former Caesars replacement awards	24			24
Other comprehensive income, net of tax	35						34		1
Shares withheld related to net share settlement of stock awards	(16)			(16)
Acquired noncontrolling interests	0			(18)					18
Other	7			7
Ending balance (in shares) at Dec. 31, 2020			208
Ending balance at Dec. 31, 2020	5,034		$ 0	6,382	(1,391)		34	(9)	18
Issuance of common stock, net (in shares)			5
Issuance of common stock, net	442			456				(14)
Issuance of restricted stock units (in shares)			1
Issuance of restricted stock units	83			83
Net income (loss)	(1,016)				(1,019)				3
Shares issued to Former Caesars shareholders	0
Other comprehensive income, net of tax	1						2		(1)
Shares withheld related to net share settlement of stock awards	(44)			(44)
Transactions with noncontrolling interests	41								41
Ending balance (in shares) at Dec. 31, 2021			214
Ending balance at Dec. 31, 2021	$ 4,541		$ 0	$ 6,877	$ (2,410)		$ 36	$ (23)	$ 61

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (1,016)	$ (1,758)	$ 81
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations	30	20	0
Depreciation and amortization	1,126	583	222
Amortization of deferred financing costs and discounts	347	156	18
Provision for doubtful accounts	26	29	1
Deferred revenue	(4)	(11)	(7)
Loss on extinguishment of debt	236	197	8
Non-cash lease amortization	39	14	3
(Gain) loss on investments	107	(34)	(9)
Stock compensation expense	82	79	20
(Gain) loss on sale of businesses and disposal of property and equipment	11	(7)	(50)
Impairment charges	102	215	1
(Benefit) provision for deferred income taxes	(283)	176	(2)
(Gain) loss on derivatives	127	(9)	0
Foreign currency transaction gain	(21)	(129)	0
Other non-cash adjustments to net income (loss)	(8)	(2)	3
Change in operating assets and liabilities:
Accounts receivable	(135)	(70)	5
Prepaid expenses and other assets	(67)	9	10
Income taxes (receivable) payable	13	(40)	(22)
Accounts payable, accrued expenses and other liabilities	486	25	31
Other	1	(4)	0
Net cash provided by (used in) operating activities	1,199	(561)	313
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(520)	(164)	(171)
Acquisition of gaming rights and trademarks	(312)	(35)	0
Proceeds from sale of businesses, property and equipment, net of cash sold	726	366	536
Proceeds from the sale of investments	239	25	5
Proceeds from insurance related to property damage	44	17	0
Investments in unconsolidated affiliates	(39)	(1)	(1)
Other	0	6	0
Net cash provided by (used in) investing activities	(1,448)	(6,100)	369
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	1,308	9,765	33
Repayments of long-term debt and revolving credit facilities	(1,977)	(3,742)	(736)
Proceeds from sale-leaseback financing arrangement	0	3,224	0
Financing obligation payments	(5)	(49)	0
Debt issuance and extinguishment costs	(56)	(356)	(1)
Proceeds from issuance of common stock	3	2,718	0
Cash paid to settle convertible notes	(367)	(903)	0
Taxes paid related to net share settlement of equity awards	(45)	(16)	(8)
Distributions to noncontrolling interest	(2)	0	0
Net cash provided by (used in) financing activities	(1,141)	10,641	(712)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	(27)	(21)	0
Cash flows from investing activities	(1,475)	(5)	0
Cash flows from financing activities	591	0	0
Net cash from discontinued operations	(911)	(26)	0
Change in cash, cash equivalents, and restricted cash classified as assets held for sale	10	(20)	0
Effect of foreign currency exchange rates on cash	32	129	0
Increase (decrease) in cash, cash equivalents and restricted cash	(2,259)	4,063	(30)
Cash, cash equivalents and restricted cash, beginning of period	4,280	217	247
Cash, cash equivalents and restricted cash, end of period	2,021	4,280	217
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	1,070	1,776	206
Restricted cash	319	2,021	4
Restricted and escrow cash included in other noncurrent assets	323	437	7
Cash and cash equivalents and restricted cash in discontinued operations	309	46	0
Total cash, cash equivalents and restricted cash	2,021	4,280	217
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	1,923	892	277
Income taxes (refunded) paid, net	9	(7)	51
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	100	40	11
Exchange for sale-leaseback financing obligation	0	246	0
Convertible notes settled with shares	440	454	0
Land contributed to joint venture	61	0	0
Shares issued to Former Caesars shareholders	0	2,381	0
Caesars Entertainment Corporation
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	0	(6,314)	0
William Hill
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	(1,581)	0	0
Horseshoe Baltimore
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	$ (5)	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization 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. Beginning in 2005, grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Tropicana Entertainment, Inc. 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”) and the Company changed the Company’s ticker symbol on the NASDAQ Stock Market from “ERI” to “CZR”. On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion (the “William Hill Acquisition”). See below for further discussion of the William Hill Acquisition. The Company owns, leases, brands or manages an aggregate of 52 domestic properties in 16 states with approximately 55,700 slot machines, video lottery terminals and e-tables, approximately 2,900 table games and approximately 47,700 hotel rooms as of December 31, 2021. The Company operates and conducts sports wagering across 21 states and domestic jurisdictions, 14 of which are mobile for sports betting, and operates regulated online real money gaming businesses in five states. 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. The Company’s primary source of revenue is generated by our casino properties’ gaming operations, retail and online sports betting, as well as online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties. The Company’s operations for retail and mobile sports betting, online casino, and online poker are included under the Caesars Digital segment. The Company has made significant investments into the interactive business with the completion of the Merger and the William Hill Acquisition. The Company has launched a significant marketing campaign with distinguished actors, athletes and media personalities promoting the launch of the Caesars Sportsbook app. The app offers numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. Caesars Sportsbook has partnerships with the NFL, NBA, NHL and MLB while being the exclusive odds provider for ESPN and CBS Sports. The Company also expects to continue to create new partnerships among collegiate and professional sports teams and recently entered into the exclusive naming-rights partnership that rebranded the Caesars Superdome. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting. The Company has divested certain properties and other assets, including non-core properties and divestitures required by regulatory agencies. See Note 4 for a discussion of properties recently sold or currently held for sale and Note 19 for segment information. William Hill Acquisition 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. On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion . See Note 3. In connection with the William Hill Acquisition, on April 22, 2021, a newly formed subsidiary of the Company (the “Bridge Facility Borrower”) entered into a Credit Agreement (the “Bridge Credit Agreement”) with certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, pursuant to which the lenders party thereto provided the Debt Financing (as defined below). The Bridge Credit Agreement provides for (a) a 540-day £1.0 billion asset sale bridge facility, (b) a 60-day £503 million cash confirmation bridge facility and (c) a 540-day £116 million revolving credit facility (collectively, the “Debt Financing”). The proceeds of the bridge loan facilities provided under the Bridge Credit Agreement were used (i) to pay a portion of the cash consideration for the acquisition and (ii) to pay fees and expenses related to the acquisition and related transactions. The proceeds of the revolving credit facility under the Bridge Credit Agreement may be used for working capital and general corporate purposes. The £1.5 billion Interim Facilities Agreement (the “Interim Facilities Agreement”) entered into on October 6, 2020 with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A., and amended on December 11, 2020, was terminated upon the execution of the Bridge Credit Agreement. On May 12, 2021, we repaid the £503 million cash confirmation bridge facility. On June 14, 2021, the Company drew down the full £116 million from the revolving credit facility and the proceeds, in addition to excess Company cash, were used to make a partial repayment of the asset sale bridge facility in the amount of £700 million. Outstanding borrowings under the Bridge Credit Agreement are expected to be repaid upon the sale of William Hill’s non-U.S. operations including the UK and international online divisions and the retail betting shops (collectively, “William Hill International”), all of which are held for sale as of the date of the closing of the William Hill Acquisition and reflected within discontinued operations. See Note 4. Certain investments acquired have been excluded from the held for sale asset group. See Note 8 for investments in which the Company elected to apply the fair value option. On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. After repayment of the outstanding debt under the Bridge Credit Agreement, described above, the Company expects to receive approximately £835 million, or $1.2 billion, subject to any permitted leakage, which is customary for sale transactions in the UK. In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company has entered into foreign exchange forward contracts. See Note 8. The sale is subject to satisfaction of customary conditions, including receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals, and is expected to close in the second quarter of 2022. Consolidation of Horseshoe Baltimore On August 26, 2021, the Company increased its ownership interest in CBAC Borrower, LLC (“Horseshoe Baltimore”), a property which it also manages, to approximately 75.8%. Caesars was subsequently determined to have a controlling financial interest in Horseshoe Baltimore and we began to consolidate the results of operations of the property following our change in ownership. See Note 3. Our previously held investment was remeasured as of the date of the change in ownership and the Company recognized a gain of $40 million during the year ended December 31, 2021. Management fees received prior to the consolidation event have been presented within the Managed and Branded segment. Following the increase in ownership, the operations of Horseshoe Baltimore are presented within the Regional segment. Basis of Presentation Our Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. The William Hill Acquisition and rebranding of our interactive business (formerly, Caesars Interactive Entertainment “CIE” and now, inclusive of William Hill US, “Caesars Digital”) expanded our access to conduct sports wagering and iGaming operations. As a result, the Company has made a change to the composition of its reportable segments. The Las Vegas and Regional segments are substantially unchanged, while the former Managed, International and CIE reportable segment has been recast for all periods presented into two segments: Caesars Digital and Managed and Branded. As a result of the sale of Caesars Entertainment UK, including the interest in Emerald Resort & Casino (together, “Caesars UK Group”) and the announced sale of William Hill International, international operations of our non-managed properties are classified as discontinued operations. See Note 19 for a listing of properties included in each segment and the determination of our segments. The presentation of financial information herein for the periods after the Company’s acquisitions of Former Caesars on July 20, 2020, William Hill on April 22, 2021 and the acquisition of an additional interest in Horseshoe Baltimore on August 26, 2021 is not fully comparable to the periods prior to the respective acquisitions. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties is not fully comparable to the periods prior to their respective sale dates. See Note 3 for further discussion of the acquisitions and related transactions and Note 4 for properties recently sold or currently held for sale. Consolidation of Subsidiaries and Variable Interest Entities Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“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 was a member in a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We previously determined that the Korea JV was a VIE and the Company was the primary beneficiary, and therefore, we previously consolidated the Korea JV into our financial statements. As of December 31, 2020, the assets and liabilities of the Korea JV were classified as held for sale and consisted of $130 million of Property and equipment and Other assets and $130 million of current and other long-term liabilities. We sold our interest in the Korea JV on January 21, 2021 and derecognized its assets and liabilities from our Balance Sheets. There was no gain or loss associated with the sale. Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and spread throughout much of the world, including the U.S. 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 COVID-19. During the year ended December 31, 2021, most of our properties experienced positive trends as restrictions on maximum capacities and amenities available were eased. Following temporary furloughs and salary reductions during 2020, the Company has emphasized a focus on labor efficiencies as operations resumed. As properties began to reopen during the year ended December 31, 2020, certain capacity restrictions, mask mandates, sanitation guidelines, and the federal COVID-19 vaccine and testing emergency temporary standard were adhered to as required by governmental or tribal orders, directives, and guidelines. The Company experienced positive operating trends in 2021, with a continued focus on operational efficiencies. Although the Company has experienced a decline in net income, Adjusted EBITDA and Adjusted EBITDA margins for the year ended December 31, 2021 exceeded pre-pandemic levels experienced in 2019 within our Las Vegas and Regional segments. However, certain revenue streams, such as convention and entertainment revenues, continued to be negatively impacted due to capacity restrictions in the first half of 2021. Future effects of COVID-19 from further outbreaks, including new variants, mask mandates or other restrictions are uncertain and could result in additional closures such as the temporary closure of Caesars Windsor from January 5, 2022 through January 31, 2022. Extensive closure periods impacting many of our properties would have a material adverse effect on future results of operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Additional significant accounting policy disclosures are provided within the applicable notes to the Financial Statements. Cash and Cash Equivalents Cash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Restricted Cash and Investments Restricted cash includes certificates of deposit and cash restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business. Investments consist primarily of debt and equity securities, held by the Company’s captive insurance subsidiaries, which are regularly purchased with the intention to resell in the short term. Restricted investments included shares acquired in conjunction with the Company’s sports betting agreements with William Hill that contained restrictions related to the ability to liquidate shares within a specified timeframe. As a result of the William Hill Acquisition, no restricted investments are held as of December 31, 2021. Trading securities are carried at fair value with changes in fair value recognized in current period income (See Note 8). Advertising Advertising costs are expensed in the period the advertising initially takes place. Advertising costs were $518 million, $64 million and $29 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are included within operating expenses. During the year ended December 31, 2021, the Company launched television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino and pari-mutuel commissions expense. Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. In June 2021, the Indiana Gaming Commission amended its order that previously required the Company to sell a third casino asset in the state. As a result, Horseshoe Hammond no longer meets the held for sale criteria. The assets and liabilities held for sale have been reclassified as held and used for all periods presented measured at the lower of the carrying amount, adjusted for depreciation and amortization that would have been recognized had the assets been continuously classified as held and used, and the fair value at the date of the amended ruling. Additionally, amounts previously presented in discontinued operations have been reclassified into continuing operations for all relevant periods presented. Recently Issued Accounting Pronouncements Pronouncements Implemented in 2021 Effective January 1, 2021, we adopted Accounting Standards Updates (“ASU”) 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General and ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging, which did not have a material effect on our Financial Statements. Pronouncements to Be Implemented in Future Periods In March 2020, the FASB issued ASU 2020-04 (amended through January 2021), 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 on a prospective basis. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The adoption of, and future elections under, ASU 2020-04 are not expected to have a material impact on our Financial Statements as the standard will ease, if warranted, the requirements for accounting for the future effects of the rate reform. 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. We have not yet adopted this new guidance as of December 31, 2021. LIBOR is expected to be discontinued by lending institutions after December 31, 2021 for new debt agreements and after June 30, 2023 no additional LIBOR rates will be available. We have variable rate debt instruments which are subject to LIBOR interest rates plus a margin or base rate. Our CRC Credit Facility contains alternative rates in the event that LIBOR is no longer available. The Baltimore Term Loan has been amended and we intend to work with our lenders to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Our interest rate swaps mature on December 31, 2022.

Acquisitions, Purchase Price Ac

Acquisitions, Purchase Price Accounting and Pro forma Information	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Purchase Price Accounting and Pro forma Information	Acquisitions, Purchase Price Accounting and Pro forma Information Acquisition of William Hill On April 22, 2021, we completed the previously announced acquisition of William Hill PLC for cash consideration of approximately £2.9 billion , or approximately $3.9 billion , based on the GBP to USD exchange rate on the closing date. Restricted cash which was held in escrow as of December 31, 2020 was used to complete the acquisition. Prior to the acquisition, William Hill PLC’s U.S. subsidiary, William Hill U.S. Holdco, Inc. (“William Hill US” and together with William Hill PLC, “William Hill”) operated 37 sportsbooks at our properties in eight states. Subsequent to the William Hill Acquisition, we conducted sports wagering in 21 states and domestic jurisdictions across the U.S. as of December 31, 2021. Additionally, we operated regulated online real money gaming businesses in five states as of December 31, 2021 and we continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services. Extensive usage of digital platforms, continued legalization in additional states, and growing bettor demand are driving the market for online sports betting platforms in the U.S. and the William Hill Acquisition positioned us to address this growing market. On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. The sale is subject to satisfaction of customary conditions, including receipt of the approval of shareholders and regulatory approvals, and is expected to close in the second quarter of 2022. The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 5). Accordingly, the acquisition is accounted for as a business combination achieved in stages, or a “step acquisition.” The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value. (In millions) Consideration Cash for outstanding William Hill common stock $ 3,909 Fair value of William Hill equity awards 30 Settlement of preexisting relationships (net of receivable/payable) 7 Settlement of preexisting relationships (net of previously held equity investment and off-market settlement) (34) Total purchase consideration $ 3,912 Preliminary Purchase Price Allocation The purchase price allocation for William Hill is preliminary as it relates to determining the fair value of certain assets and liabilities, including goodwill, and is subject to change. 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 following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill, with the excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Other current assets $ 164 Assets held for sale 4,337 Property and equipment, net 55 Goodwill 1,148 Intangible assets (a) 565 Other noncurrent assets 317 Total assets $ 6,586 Other current liabilities $ 242 Liabilities related to assets held for sale (b) 2,142 Deferred income taxes 245 Other noncurrent liabilities 35 Total liabilities 2,664 Noncontrolling interests 10 Net assets acquired $ 3,912 ____________________ (a) Intangible assets consist of gaming rights valued at $80 million, trademarks valued at $27 million, developed technology valued at $110 million, reacquired rights valued at $280 million and customer relationships valued at $68 million. (b) Includes debt of $1.1 billion related to William Hill International at the acquisition date. The preliminary purchase price allocation is subject to a measurement period and has since been revised. Assets and liabilities held for sale noted above are substantially all related to William Hill International and during the fourth quarter ended December 31, 2021, management has revised the estimated fair value of the William Hill International operations which has resulted in changes in net assets and the allocation of goodwill. The net impact of these changes was an increase of $4 million to other current assets, a $38 million decrease to assets held for sale, a $46 million increase to goodwill, a $10 million increase to other noncurrent assets, a $7 million decrease to other current liabilities, a $12 million increase to liabilities related to assets held for sale, and a $17 million increase to deferred income taxes. The effect of these revisions during the quarter did not have an impact on our Statements of Operations. 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 William Hill 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 noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the William Hill acquisition date. Assets and liabilities held for sale substantially represent William Hill International which has been initially valued using a combination of approaches including a market approach based on valuation multiples and EBITDA, the relief from royalty method and the replacement cost method. In addition to the approaches described, our estimates have been updated to reflect the sale price of William Hill International in the proposed sale to 888 Holdings Plc, described above. The acquired net assets of William Hill included certain investments in common stock. Investments with a publicly available share price were valued using the share price on the acquisition date. Investments without publicly available share data were valued at their carrying value, which approximated fair value. Other personal property assets such as furniture, equipment, computer hardware, and fixtures were valued using a cost approach which determined that the carrying values represented fair value of those items at the William Hill acquisition date. Trademarks and developed technology were valued using the relief from royalty method, which presumes that without ownership of such trademarks or technology, the Company would have to make a series of payments to the assets’ owner in return for the right to use their brand or technology. By virtue of their ownership of the respective intangible assets, the Company avoids any such payments and records the related intangible value. The estimated useful lives of the trademarks and developed technology are approximately 15 years and six years, respectively, from the acquisition date. Online user relationships are valued using a cost approach based on the estimated marketing and promotional cost to acquire the new active user base if the user relationships were not already in place and needed to be replaced. We estimate the useful life of the user relationships to be approximately three years from the acquisition date. Operating agreements with non-Caesars entities allowed William Hill to operate retail and online sportsbooks as well as online gaming within certain states. These agreements are valued using the excess earnings method, estimating the projected profits of the business attributable to the rights afforded through the agreements, adjusted for returns of other assets that contribute to the generation of this profit, such as working capital, fixed assets and other intangible assets. We estimate the useful life of these operating agreements to be approximately 20 years from the acquisition date and have included them within amortizing gaming rights. The reacquired rights intangible asset represents the estimated fair value of the Company’s share of the William Hill’s forecasted profits arising from the prior contractual arrangement with the Company to operate retail and online sportsbooks and online gaming. This fair value estimate was determined using the excess earnings method, an income-based approach that reflects the present value of the future profit William Hill expected to earn over the remaining term of the contract, adjusted for returns of other assets that contribute to the generation of this profit, such as working capital, fixed assets and other intangible assets. The forecasted profit used within this valuation is adjusted for the settlement of the preexisting relationship noted previously in the calculation of the purchase consideration in order to avoid double counting of this settlement. Reacquired rights are amortizable over the remaining contractual period of the contract in which the rights were granted and estimated to be approximately 24 years from the acquisition date. Goodwill is the result of expected synergies from the operations of the combined company and future customer relationships including the brand names and strategic partner relationships of Caesars and the technology and assembled workforce of William Hill. The goodwill acquired will not generate amortization deductions for income tax purposes. The fair value of long-term debt assumed has been calculated based on market quotes. The Company recognized acquisition-related transaction costs of $68 million and $8 million for the years ended December 31, 2021 and 2020, respectively, excluding additional transaction costs associated with sale of William Hill International. These costs were primarily associated with legal and professional services and were recorded in Transaction costs and other operating costs in our Statements of Operations. For the period of April 22, 2021 through December 31, 2021, the operations of William Hill generated net revenues of $183 million, excluding discontinued operations (see Note 4), and a net loss of $415 million. Unaudited Pro Forma Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the William Hill Acquisition as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and William Hill prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired, eliminate gains and losses related to certain investments and adjustments to the timing of acquisition related costs and expenses incurred during the year ended December 31, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the William Hill Acquisition been consummated as of the dates indicated, nor is it indicative of any future results. The unaudited pro forma financial information does not include the operations of William Hill International as such operations were expected to be divested upon the acquisition date. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,696 $ 3,834 Net loss (893) (1,991) Net loss attributable to Caesars (896) (1,989) Consolidation of Horseshoe Baltimore On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore, a property which it also manages, to approximately 75.8% for cash consideration of $55 million. Subsequent to the change in ownership, the Company was determined to have a controlling financial interest and has begun to consolidate the operations of Horseshoe Baltimore. Prior to the purchase, the Company held an interest in Horseshoe Baltimore of approximately 44.3% which was accounted for as an equity method investment. Our previously held investment was remeasured as of the date of our change in ownership and the Company recorded a gain of approximately $40 million, which was recorded in Other income (loss) on our Statements of Operations. (In millions) Consideration Cash for additional ownership interest $ 55 Preexisting relationships (net of receivable/payable) 18 Preexisting relationships (net of previously held equity investment) 81 Total purchase consideration $ 154 Preliminary Purchase Price Allocation The purchase price allocation for Horseshoe Baltimore is preliminary as it relates to determining the fair value of certain assets and liabilities, including potential goodwill, and is subject to change. The estimated fair values are based on management’s analysis, including preliminary work performed by a third-party valuation specialist, which is subject to finalization over the one-year measurement period. The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets and liabilities of Horseshoe Baltimore, with any potential excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Current assets $ 60 Property and equipment, net 317 Goodwill 63 Intangible assets (a) 53 Other noncurrent assets 183 Total assets $ 676 Current liabilities $ 26 Long-term debt 272 Other long-term liabilities 182 Total liabilities 480 Noncontrolling interests 42 Net assets acquired $ 154 ____________________ (a) Intangible assets consist of gaming rights valued at $43 million and customer relationships valued at $10 million. As noted above, the preliminary purchase price allocation is subject to a measurement period and our estimates as of September 30, 2021 have been revised. The net impact of these changes in our preliminary valuations was a $102 million increase to property and equipment, net, a $63 million increase to goodwill, a $188 million decrease to intangible assets, a $47 million increase to other noncurrent assets, and a $24 million increase in other long-term liabilities. The effect of these revisions during the quarter did not have a material impact on our Statements of Operations. 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 Horseshoe Baltimore 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 noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Horseshoe Baltimore acquisition date. Other personal property assets such as furniture, equipment, computer hardware, and fixtures were valued at the existing carrying values as they closely represented the estimated fair value of those items at the Horseshoe Baltimore acquisition date. The fair value of the buildings and improvements were estimated via the income approach. The remaining estimated useful life of the buildings and improvements is 40 years. The right of use asset and operating lease liability related to a ground lease for the site on which Horseshoe Baltimore is located was recorded at fair value and will be amortized over the estimated remaining useful life due to changes in the underlying fair value and estimated remaining useful life of the building and improvements. Renewal options are considered to be reasonably certain. The income approach was used to determine fair value, based on the estimated present value of the future lease payments over the lease term, including renewal options, using an incremental borrowing rate of approximately 7.6%. 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 seven years. The fair value of the gaming rights was determined using the excess earnings method, which 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 acquired gaming rights are considered to have an indefinite life. The goodwill acquired will generate amortization deductions for income tax purposes. The fair value of long-term debt has been calculated based on market quotes. For the period of August 26, 2021 through December 31, 2021, the operations of Horseshoe Baltimore generated net revenues of $72 million, and a net income of $4 million. Unaudited Pro Forma Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the Horseshoe Baltimore consolidation as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and Horseshoe Baltimore prior to the consolidation. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired and the adjustments to eliminate certain revenues and expenses which are considered intercompany activities. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the consolidation of Horseshoe Baltimore occurred as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the consolidation. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,693 $ 3,764 Net loss (1,049) (1,784) Net loss attributable to Caesars (1,056) (1,778) 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 (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 ____________________ (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of the Company’s Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of the Company’s Common Stock for the ten trading days ending on July 16, 2020). Final Purchase Price Allocation The fair values are based on management’s analysis including work performed by third party valuation specialists, which were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Current and other assets $ 3,540 Property and equipment 13,096 Goodwill 9,064 Intangible assets (a) 3,394 Other noncurrent assets 710 Total assets $ 29,804 Current liabilities $ 1,771 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,400 Total liabilities 18,911 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $396 million, trade names valued at $2.1 billion, the Caesars Rewards programs valued at $523 million and customer relationships valued at $425 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 noncurrent assets 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: Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount 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 seven years from the Merger date. 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 from the Merger date. Goodwill is the result of expected synergies from the operations of the combined company and the assembled workforce of Former Caesars. The final assignment of goodwill to reporting units has not been completed. The goodwill acquired will not generate amortization deductions for income tax purposes. 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 $30 million, $160 million and $80 million for the years ended December 31, 2021, 2020 and 2019, respectively, in connection with the Merger. Transaction costs were associated with legal, IT costs, internal labor and professional services and were recorded in Transaction costs and other operating costs in our Statements of Operations. For the period of July 20, 2020 through December 31, 2020, the properties of Former Caesars generated net revenues of $2.1 billion, excluding discontinued operations, and a net loss of $1.2 billion. Unaudited Pro Forma 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 year ended December 31, 2020 as if incurred on January 1, 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. Years Ended December 31, (In millions) 2020 2019 Net revenues $ 5,926 $ 10,534 Net loss (2,738) (1,069) Net loss attributable to Caesars (2,670) (1,065)

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	Assets and Liabilities Held for SaleThe Company periodically divests assets that it does not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of assets that meet the criteria for asset held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs, unless the assets represent a discontinued operation. Held for sale - Continuing operations Baton Rouge On December 1, 2020, the Company entered into a definitive agreement to sell the operations of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc. As a result, an impairment charge totaling $50 million was recorded during the year ended December 31, 2020 due to the carrying value exceeding the estimated net sales proceeds. The transaction has received regulatory approvals and is expected to close in the first quarter of 2022, subject to other customary closing conditions. Baton Rouge met the requirements for presentation as assets held for sale as of December 31, 2021. The assets and liabilities held for sale within continuing operations, accounted for at carrying value unless fair value is lower, were as follows as of December 31, 2021 and 2020: Baton Rouge (In millions) December 31, 2021 December 31, 2020 Assets: Cash $ 3 $ 2 Property and equipment, net 2 2 Other assets, net 1 1 Assets held for sale $ 6 $ 5 Liabilities: Current liabilities $ 3 $ 2 Other long-term liabilities 1 1 Liabilities related to assets held for sale $ 4 $ 3 The following information presents the net revenues and net loss of our held for sale property, with operations included in continuing operations, that has not been sold: Baton Rouge Years Ended December 31, (In millions) 2021 2020 Net revenues $ 17 $ 15 Net loss (2) (70) Held for sale - Sold Presque, Nemacolin, Mountaineer, Caruthersville, Cape Girardeau, Kansas City, Vicksburg, Shreveport, MontBleu, and Evansville Divestitures The sale of Presque Isle Downs & Casino (“Presque”) closed on January 11, 2019 resulting in a gain on sale of $22 million, net of final working capital adjustments, for the year ended December 31, 2019. The sale of Lady Luck Casino Nemacolin (“Nemacolin”) closed on March 8, 2019 resulting in a gain of less than $1 million on the sale, net of final working capital adjustments, for the year ended December 31, 2019. The sales of Mountaineer Casino, Racetrack and Resort (“Mountaineer”), Lady Luck Casino Caruthersville (“Caruthersville”) and Isle Casino Cape Girardeau (“Cape Girardeau”) were consummated on December 6, 2019, resulting in a gain of $29 million for the year ended December 31, 2019. On July 1, 2020, the Company consummated the sale of the equity interests of the entities that hold Lady Luck Casino Vicksburg (“Vicksburg”) and Isle of Capri Kansas City (“Kansas City”) to Bally’s Corporation (formerly Twin River Worldwide Holdings, Inc.) for $230 million resulting in a gain of $8 million. On December 23, 2020, the Company consummated the sale of Eldorado Shreveport (“Shreveport”) to Bally's Corporation for $140 million resulting in a gain of $29 million. On April 24, 2020, the Company entered into a definitive agreement to sell the equity interests of MontBleu Casino Resort & Spa (“MontBleu”) to Bally’s Corporation. As a result, an impairment charge totaling $45 million was recorded during the year ended December 31, 2020 due to the carrying value exceeding the estimated net sales proceeds. On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu to Bally’s Corporation for $15 million, subject to a customary working capital adjustment, resulting in a gain of less than $1 million. The purchase price for MontBleu is due no later than the first anniversary of the consummation of the transaction. On June 3, 2021, the Company consummated the sale of the real property and equity interests of Tropicana Evansville (“Evansville”) to Gaming and Leisure Properties, Inc. (“GLPI”) and Bally’s Corporation, respectively, for $480 million, subject to a customary working capital adjustment, resulting in a gain of $12 million. Prior to their respective closing dates, Presque, Nemacolin, Mountaineer, Caruthersville, Cape Girardeau, Kansas City, Vicksburg, Shreveport, MontBleu, and Evansville met the requirements for presentation as assets held for sale. 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 income (loss) of previously held for sale properties, which were recently sold: Year Ended December 31, 2021 (In millions) Evansville MontBleu Net revenues $ 58 $ 11 Net income 26 4 Year Ended December 31, 2020 (In millions) Kansas City Vicksburg Shreveport Evansville MontBleu Net revenues $ 18 $ 7 $ 68 $ 98 $ 31 Net income (loss) 3 (1) 12 (5) (42) Year Ended December 31, 2019 (In millions) Presque Nemacolin Mountaineer Cape Caruthersville Kansas City Vicksburg Net revenues $ 3 $ 5 $ 118 $ 54 $ 33 $ 63 $ 21 Net income (loss) — (1) 11 8 5 11 (1) The assets and liabilities held for sale were as follows as of December 31, 2020: December 31, 2020 (In millions) Evansville MontBleu Assets: Cash $ 7 $ 3 Property and equipment, net 302 37 Goodwill 9 — Gaming licenses and other intangibles, net 138 — Other assets, net 49 32 Assets held for sale $ 505 $ 72 Liabilities: Other liabilities $ 12 $ 8 Long-term lease obligation 24 63 Liabilities related to assets held for sale $ 36 $ 71 Held for sale - Discontinued operations On the closing date of the Merger, Harrah’s Louisiana Downs, Caesars UK group, which includes Emerald Resorts & Casino, and Caesars Southern Indiana met held for sale criteria. The operations of these properties are presented within discontinued operations. On September 3, 2020, the Company and VICI Properties L.P., a Delaware limited partnership (“VICI”) entered into an agreement to sell the equity interests of Harrah’s Louisiana Downs to Rubico Acquisition Corp. for $22 million, subject to a customary working capital adjustment. On November 1, 2021, the sale of Harrah’s Louisiana Downs was completed and the proceeds were split between the Company and VICI. The annual base rent payments under the Regional lease between Caesars and VICI remain unchanged. On December 24, 2020, the Company entered into an agreement to sell the equity interests of Caesars Southern Indiana to the Eastern Band of Cherokee Indians (“EBCI”) for $250 million, subject to customary purchase price adjustments. On September 3, 2021, the Company completed the sale of Caesars Southern Indiana, resulting in a gain of $12 million. In connection with this transaction, the Company’s annual base rent payments to VICI Properties under the Regional Master Lease were reduced by $33 million. Additionally, the Company and EBCI extended their existing relationship by entering into a 10-year brand license agreement, with cancellation rights in exchange for a termination fee at the buyer’s discretion following the fifth anniversary of the agreement, for the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana. Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement relating to the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana, is reported within the Managed and Branded segment. On July 16, 2021, the Company completed the sale of Caesars UK Group, in which the buyer assumed all liabilities associated with the Caesars UK Group, and we recorded an impairment of $14 million within discontinued operations. At the time that the William Hill Acquisition was consummated, the Company’s intent was to divest William Hill International. Accordingly, the assets and liabilities of William Hill International are classified as held for sale with operations presented within discontinued operations. See Note 1 and Note 2. The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the year ended December 31, 2021: Year Ended December 31, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 48 $ 30 $ 155 $ 1,221 Net income (loss) 10 (30) 27 (18) The assets and liabilities held for sale as discontinued operations, accounted for at carrying value unless fair value was lower, were as follows as of December 31, 2020: December 31, 2020 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana Assets held for sale $ 25 $ 255 $ 589 Liabilities related to assets held for sale (a) 12 193 345 ____________________ (a) We have included $5 million and $331 million of deferred finance obligations as held for sale liabilities for and Harrah’s Louisiana Downs and Caesars Southern Indiana, respectively, which represent the estimated liability derecognized upon completion of the divestitures. Not included in the above table are assets and liabilities held for sale of $3.8 billion and $2.7 billion, respectively, related to William Hill International. Liabilities held for sale include $617 million of debt related to the asset sale bridge facility and the revolving credit facility, which are expected to be repaid upon the sale of William Hill International, as described in Note 1. The Bridge Credit Agreement includes a financial covenant requiring the Bridge Facility Borrower to maintain a maximum total net leverage ratio of 10.50 to 1.00. The borrowings under the Bridge Credit Agreement are guaranteed by the Bridge Facility Borrower and its material wholly-owned subsidiaries (subject to exceptions), and are secured by a pledge of substantially all of the existing and future property and assets of the Bridge Facility Borrower and the guarantors (subject to exceptions). In addition, $943 million of debt is held for sale related to two trust deeds assumed in the William Hill Acquisition. One trust deed relates to £350 million aggregate principal amount of 4.750% Senior Notes due 2026, and the other trust deed relates to £350 million aggregate principal amount of 4.875% Senior Notes due 2023. Each of the trust deeds contain a put option due to a change in control which allowed noteholders to require the Company to purchase the notes at 101% of the principal amount with interest accrued. The put period with respect to the William Hill Acquisition expired on July 26, 2021, and approximately £1 million of debt was repurchased. As of December 31, 2021, the Company was in compliance with the financial covenant related to the Bridge Credit Agreement and no financial covenants were noted related to the two trust deeds assumed in the William Hill Acquisition.

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2021
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 previously entered into a 25-year agreement with William Hill, which became effective January 29, 2019, and 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. On April 22, 2021, the Company consummated its previously announced acquisition of William Hill PLC in an all-cash transaction. Prior to the acquisition, the Company accounted for its investment in William Hill PLC as an investment in equity securities. Additionally, we accounted for our investment in William Hill US as an equity method investment prior to the William Hill Acquisition. See Note 3 for further detail on the consideration transferred and the allocation of the purchase price. NeoGames The acquired net assets of William Hill included an investment in NeoGames S.A. (“NeoGames”), a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On September 16, 2021, the Company sold a portion of its shares of NeoGames common stock for $136 million which decreased its ownership interest from 24.5% to approximately 8.4%. As of December 31, 2021, the Company held approximately 2 million shares of NeoGames common stock with a fair value of $60 million. The shares have a readily determinable fair value and, accordingly, the Company remeasures the investment based on the publicly available share price (Level 1). See Note 8. For the year ended December 31, 2021, the Company recorded a loss related to the investment in NeoGames of $54 million, which is included within Other income (loss) on the Statements of Operations. Pompano Joint Venture In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. In June 2021, the joint venture issued a capital call and we contributed $3 million, for a total of $4 million in cash contributions since inception of the joint venture. On February 12, 2021, the Company contributed 186 acres to the joint venture with a fair value of $61 million. Total contributions of approximately 206 acres of land have been made with a fair value of approximately $69 million, and the Company has no further obligation to contribute additional real estate or cash as of December 31, 2021. We entered into a short-term lease agreement in February 2021, which we can cancel at any time, to lease back a portion of the land from the joint venture. While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such the investment in the joint venture is accounted for using the equity method. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction costs and other operating costs on the Statements of Operations. As of December 31, 2021 and December 31, 2020, the Company’s investment in the joint venture is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under ASC 805. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in operating income. Our property and equipment is subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 10 for further discussion of our leases. Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge may be recorded for any difference between fair value and the carrying value. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses, unless the assets represent a discontinued operation. For the year ended December 31, 2019, an impairment charge of $1 million was recorded related to non-operating real property located in Pennsylvania. For the year ended December 31, 2020, we recorded a tangible asset impairment of $4 million related to the sale of a corporate airplane. See Note 4 for further discussion of impairment on assets held for sale. Property and Equipment, Net December 31, (In millions) 2021 2020 Land $ 2,125 $ 2,187 Buildings, riverboats, and leasehold and land improvements 12,433 12,059 Furniture, fixtures, and equipment 1,650 1,419 Construction in progress 395 118 Total property and equipment 16,603 15,783 Less: accumulated depreciation (2,002) (1,048) Total property and equipment, net $ 14,601 $ 14,735 Depreciation Expense Years Ended December 31, (In millions) 2021 2020 2019 Depreciation expense $ 987 $ 527 $ 191 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 2021
Other And Intangible Assets Net 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. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests as of October 1 of each fiscal year. The Company performs this assessment more frequently if impairment indicators exist. We utilized an income approach using a discounted cash flow method to determine the fair value of our goodwill. The Company performed the annual goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount. The Company determines the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. The Company also evaluates the aggregate fair value of all of its reporting units and other non-operating assets in comparison to its aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in the industry. Indefinite-lived intangible assets consist primarily of trademarks and expenditures associated with obtaining racing and gaming licenses. Indefinite-lived intangible assets are not subject to amortization but are subject to an annual impairment test. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess amount. 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. We used the Excess Earnings Method and a Cost Approach for estimating fair value for these gaming rights. Finite-lived intangible assets consist of trade names and customer relationships acquired in business combinations. Amortization is recorded using the straight-line method over the estimated useful life of the asset. The Company evaluates for impairment whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future cash flows, undiscounted, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is recorded. In December 2021, the Company approved a capital plan which included the planned rebranding of certain of our properties, which is expected to be substantially complete by December 31, 2022. The Company utilized an income approach to determine the fair value of the trademarks subject to rebranding based on their expected future cash flows, which resulted in an impairment charge of $102 million. The adjusted carrying values of these trademarks, previously considered to have indefinite lives, have begun to be amortized over their respective remaining useful lives. During 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. When assets are deemed to be held for sale, any associated intangible assets, including goodwill, are reclassified to Assets held for sale on our Balance Sheets (see Note 4). Changes in Carrying Value of Goodwill by Segment (In millions) Las Vegas Regional Caesars Digital Managed and Branded CEI Total Gross Goodwill: Balance as of January 1, 2020 $ — $ 922 $ — $ — $ 922 Transferred to assets held for sale — (18) — — (18) Acquired (a) 6,873 2,141 50 — 9,064 Balance as of December 31, 2020 6,873 3,045 50 — 9,968 Accumulated Impairment: Balance as of January 1, 2020 — (12) — — (12) Impairment — (100) — — (100) Transferred to assets held for sale — 8 — — 8 Balance as of December 31, 2020 — (104) — — (104) Net carrying value, as of December 31, 2020 $ 6,873 $ 2,941 $ 50 $ — $ 9,864 Gross Goodwill: Balance as of January 1, 2021 $ 6,873 $ 3,045 $ 50 $ — $ 9,968 Acquired (a) — 63 1,148 — 1,211 Other 16 (15) — — 1 Balance as of December 31, 2021 6,889 3,093 1,198 — 11,180 Accumulated Impairment: Balance as of January 1, 2021 — (104) — — (104) Balance as of December 31, 2021 — (104) — — (104) Net carrying value, as of December 31, 2021 (b) $ 6,889 $ 2,989 $ 1,198 $ — $ 11,076 ____________________ (a) See Note 3 for further detail. (b) $352 million of goodwill within our Regional segment is associated with reporting units with zero or negative carrying value. Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2021 2020 2021 2020 2021 2020 Balance as of January 1 $ 501 $ 53 $ 3,782 $ 1,058 $ 4,283 $ 1,111 Impairment — — (102) (22) (102) (22) Amortization expense (139) (56) — — (139) (56) Transferred to assets held for sale — (5) — (174) — (179) Acquired (a) 575 489 43 2,905 618 3,394 Acquisition of gaming rights and trademarks (b) 253 20 50 15 303 35 Other 19 — (62) — (43) — Balance as of December 31 $ 1,209 $ 501 $ 3,711 $ 3,782 $ 4,920 $ 4,283 ____________________ (a) See Note 3 for further detail. (b) Includes acquired royalty-free license of Planet Hollywood Trademark with an estimated useful life of 15 years and other gaming rights. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 2021 December 31, 2020 (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 $ 587 $ (187) $ 400 $ 510 $ (92) $ 418 Gaming rights and others 20 - 34 years 174 (7) 167 84 (1) 83 Trademarks 15 years 322 (21) 301 — — — Reacquired rights 24 years 250 (7) 243 — — — Technology 6 years 110 (12) 98 — — — $ 1,443 $ (234) 1,209 $ 594 $ (93) 501 Non-amortizing intangible assets Trademarks 1,998 2,161 Gaming rights 1,190 1,098 Caesars Rewards 523 523 3,711 3,782 Total amortizing and non-amortizing intangible assets, net $ 4,920 $ 4,283 Amortization expense with respect to intangible assets for the years ended December 31, 2021, 2020 and 2019 totaled $139 million, $56 million and $30 million, respectively, which is included in depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Estimated annual amortization expense $ 184 $ 138 $ 123 $ 116 $ 116

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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 Balance Sheets at December 31, 2021 and 2020: (In millions) December 31, 2021 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 1 $ 1 $ — $ 2 Marketable securities 69 9 — 78 Derivative instruments - FX forward — 1 — 1 Total assets at fair value $ 70 $ 11 $ — $ 81 Liabilities: Derivative instruments - interest rate swaps $ — $ 28 $ — $ 28 Derivative instruments - FX forwards — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44 (In millions) December 31, 2020 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 1 $ 3 $ 44 $ 48 Marketable securities 23 10 — 33 Derivative instruments - FX forward — 40 — 40 Total assets at fair value $ 24 $ 53 $ 44 $ 121 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 326 $ — $ 326 Derivative instruments - interest rate swaps — 90 — 90 Total liabilities at fair value $ — $ 416 $ — $ 416 Change in restricted investments using Level 3 inputs (In millions) Level 3 Investment Level 3 Other Liabilities Fair value of investment at December 31, 2019 $ 29 $ — Value of additional investment received 5 2 Released from restrictions (8) (4) Unrealized gain 18 2 Fair value of investment at December 31, 2020 44 — Change in fair value 7 — Acquisition of William Hill (51) — Fair value at December 31, 2021 $ — $ — Restricted Cash and 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 cash classified as Level 1 includes cash equivalents held in short-term certificate of deposit accounts or money market type funds. Restricted cash that is not subject to remeasurement on a recurring basis is not included in the table above. Restricted investments included shares acquired in conjunction with the Company’s sports betting agreements that contained restrictions related to the ability to liquidate shares within a specified timeframe. As a result of the William Hill Acquisition, no restricted investments are held as of December 31, 2021. Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and investments acquired in the William Hill Acquisition (see Note 5). 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. The Company held common shares of Flutter Entertainment PLC (“Flutter”), which is a publicly traded company with a readily determinable share price. The Flutter shares contained certain restrictions which expired in December 2020. As such, the shares were transferred from a Level 3 investment to a Level 1 investment. There were no other transfers between Level 1, Level 2 and Level 3 investments. During the year ended December 31, 2020, the Company sold a portion of these shares for $24 million and recorded a gain of $14 million. As of December 31, 2020, the fair value of shares held was $10 million, and was included in Prepayments and other current assets on the Balance Sheets. On July 7, 2021, the Company sold these shares for $9 million and recorded a loss of $1 million during the year ended December 31, 2021. Gains and losses have been included in Other income (loss) on the Statements of Operations. 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 senior notes maturing in 2024 (“5% Convertible Notes”) which contained a derivative liability. On June 29, 2021, all outstanding 5% Convertible Notes were converted as a result of our mandatory conversion. See Note 12 for further discussion. The derivative liability associated with the conversion feature no longer exists following the mandatory conversion. Forward contracts T he Company has entered into several foreign exchange forward contracts with third parties to hedge the risk of fluctuations in the foreign exchange rates between USD and GBP and to fix the exchange rate for a portion of the funds used in the William Hill Acquisition, repayment of related debt, and expected proceeds of the sale of the international operations. Three of these forward contracts to purchase £724 million at a contracted exchange rate were settled on June 11, 2021 and December 31, 2021, resulting in total gains of $38 million, which were recorded in the Other income (loss) on the Statements of Operations. As of December 31, 2021, the Company is contracted to sell a total of £790 million at fixed exchange rates. These contracts are to hedge the risk of fluctuations in the foreign exchange rate related to a portion of the expected proceeds from the sale of William Hill International. The forward term of these contracts ends in March 2022. The Company recorded a loss of $15 million during the year ended December 31, 2021, related to these forward contracts, which was recorded in the Other income (loss) on the Statements of Operations. Interest Rate Swap Derivatives We assumed Former Caesars’ interest rate swaps to manage the mix of assumed debt between fixed and variable rate instruments. As of December 31, 2021, we have four interest rate swap agreements to fix the interest rate on $1.3 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 December 31, 2021 were as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.274% 0.09038% 12/31/2022 1/1/2019 200 2.828% 0.09038% 12/31/2022 1/1/2019 200 2.828% 0.09038% 12/31/2022 1/1/2019 600 2.739% 0.09038% 12/31/2022 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 Other assets, net or Other long-term 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 Sheets for amounts transferred into Accumulated other comprehensive income (loss) (“AOCI”) before tax was a gain of $62 million and $34 million, during the years ended December 31, 2021 and 2020, respectively. AOCI reclassified to Interest expense on the Statements of Operations was $59 million and $31 million, for years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the interest rate swaps derivative liability of $28 million and $90 million, respectively, was recorded in Other long-term liabilities. Net settlement of these interest rate swaps results in the reclassification of deferred gains and losses within AOCI to be reclassified to the income statement as a component of interest expense as settlements occur. The estimated amount of existing gains or 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 $28 million. Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the periods through December 31, 2021 and 2020 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2019 $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (5) 8 — 3 Amounts reclassified from accumulated other comprehensive income 31 — — 31 Total other comprehensive income, net of tax 26 8 — 34 Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (12) (44) (1) (57) Amounts reclassified from accumulated other comprehensive income 59 — — 59 Total other comprehensive income (loss), net of tax 47 (44) (1) 2 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36

Accrued Other Liabilities

Accrued Other Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Other Liabilities	Accrued Other Liabilities Accrued other liabilities consisted of the following: December 31, (In millions) 2021 2020 Contract and contract related liabilities (See Note 13) $ 614 $ 251 Accrued payroll and other related liabilities 377 180 Self-insurance claims and reserves (See Note 11) 221 223 Accrued taxes 183 172 Accrued marketing 159 16 Disputed claims liability 50 51 Operating lease liability 49 53 Exit cost accrual 12 28 Other accruals 308 289 Total accrued other liabilities $ 1,973 $ 1,263 Disputed Claims Liability and Exit Cost Accrual The disputed claims liability and exit cost accrual were assumed liabilities of Former Caesars. The disputed claims liability represents certain remaining unsecured claims related to Former Caesars bankruptcy for which we have estimated the fair value of the remaining liability. Exit costs are related to the unbundling of electric service provided by NV Energy and an Iowa greyhound pari-mutuel racing fund which we assumed from the Merger and other system contracts.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases The 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 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2021, the remaining term of our operating leases ranged from 1 to 75 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2021. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2021 and December 31, 2020, we obtained $13 million and $38 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. Leases recorded on the balance sheet consist of the following: (In millions) Classification on the Balance Sheet December 31, 2021 December 31, 2020 Assets: Operating lease ROU assets (a) Other assets, net $ 662 $ 457 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 49 53 Non-current operating lease liabilities (a) Other long-term liabilities 726 516 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) 28.8 25.6 Weighted Average Discount Rate 8.1 % 8.4 % Components of Lease Expense Years Ended December 31, (In millions) 2021 2020 Operating lease expense $ 128 $ 53 Short-term and variable lease expense 104 50 Total operating lease costs $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2021 2020 Operating cash flows for operating leases $ 96 $ 49 Maturities of Lease Liabilities (In millions) Operating Leases 2022 $ 108 2023 104 2024 69 2025 65 2026 64 Thereafter 2,011 Total future minimum lease payments 2,421 Less: present value factor (1,646) Total lease liability $ 775 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2021, our finance leases had remaining lease terms of up to approximately 37 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets liabilities Financing Obligations VICI Leases & Golf Course Use Agreement 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 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor commencing in lease year two of the initial term and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party 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 a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The sale of Caesars Southern Indiana to EBCI for $250 million was finalized on September 3, 2021 and as a result of the sale, Caesars’ annual payments to VICI Properties under the Regional Lease decreased by $33 million and variable rent under the lease shall exclude net revenue attributable to Caesars Southern Indiana. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the 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. 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 9.75%. 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. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, 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, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Lumière to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2021 were as follows: (In millions) GLPI Leases VICI Leases 2022 $ 110 $ 1,066 2023 111 1,087 2024 112 1,107 2025 113 1,120 2026 115 1,136 Thereafter 4,604 42,808 Total future payments 5,165 48,324 Less: Amounts representing interest (4,172) (38,079) Plus: Residual values 240 893 Financing obligation $ 1,233 $ 11,138 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2021 2020 2021 2020 Cash paid for principal $ — $ — $ 1 $ 49 Cash paid for interest 109 93 983 472 ____________________ (a) For the initial periods of the GLPI and VICI 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 contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2021. 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 years ended December 31, 2021 and 2020, we recognized $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements 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 years ended December 31, 2021 and 2020, we recognized $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2021, the remaining terms of these operating leases ranged from 1 to 84 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. 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. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2021 and 2020, we recognized $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2022 $ 62 2023 58 2024 52 2025 46 2026 45 Thereafter 704 Total $ 967
Leases	Leases The 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 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2021, the remaining term of our operating leases ranged from 1 to 75 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2021. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2021 and December 31, 2020, we obtained $13 million and $38 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. Leases recorded on the balance sheet consist of the following: (In millions) Classification on the Balance Sheet December 31, 2021 December 31, 2020 Assets: Operating lease ROU assets (a) Other assets, net $ 662 $ 457 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 49 53 Non-current operating lease liabilities (a) Other long-term liabilities 726 516 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) 28.8 25.6 Weighted Average Discount Rate 8.1 % 8.4 % Components of Lease Expense Years Ended December 31, (In millions) 2021 2020 Operating lease expense $ 128 $ 53 Short-term and variable lease expense 104 50 Total operating lease costs $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2021 2020 Operating cash flows for operating leases $ 96 $ 49 Maturities of Lease Liabilities (In millions) Operating Leases 2022 $ 108 2023 104 2024 69 2025 65 2026 64 Thereafter 2,011 Total future minimum lease payments 2,421 Less: present value factor (1,646) Total lease liability $ 775 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2021, our finance leases had remaining lease terms of up to approximately 37 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets liabilities Financing Obligations VICI Leases & Golf Course Use Agreement 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 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor commencing in lease year two of the initial term and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party 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 a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The sale of Caesars Southern Indiana to EBCI for $250 million was finalized on September 3, 2021 and as a result of the sale, Caesars’ annual payments to VICI Properties under the Regional Lease decreased by $33 million and variable rent under the lease shall exclude net revenue attributable to Caesars Southern Indiana. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the 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. 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 9.75%. 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. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, 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, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Lumière to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2021 were as follows: (In millions) GLPI Leases VICI Leases 2022 $ 110 $ 1,066 2023 111 1,087 2024 112 1,107 2025 113 1,120 2026 115 1,136 Thereafter 4,604 42,808 Total future payments 5,165 48,324 Less: Amounts representing interest (4,172) (38,079) Plus: Residual values 240 893 Financing obligation $ 1,233 $ 11,138 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2021 2020 2021 2020 Cash paid for principal $ — $ — $ 1 $ 49 Cash paid for interest 109 93 983 472 ____________________ (a) For the initial periods of the GLPI and VICI 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 contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2021. 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 years ended December 31, 2021 and 2020, we recognized $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements 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 years ended December 31, 2021 and 2020, we recognized $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2021, the remaining terms of these operating leases ranged from 1 to 84 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. 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. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2021 and 2020, we recognized $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2022 $ 62 2023 58 2024 52 2025 46 2026 45 Thereafter 704 Total $ 967
Leases	Leases The 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 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2021, the remaining term of our operating leases ranged from 1 to 75 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2021. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2021 and December 31, 2020, we obtained $13 million and $38 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. Leases recorded on the balance sheet consist of the following: (In millions) Classification on the Balance Sheet December 31, 2021 December 31, 2020 Assets: Operating lease ROU assets (a) Other assets, net $ 662 $ 457 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 49 53 Non-current operating lease liabilities (a) Other long-term liabilities 726 516 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) 28.8 25.6 Weighted Average Discount Rate 8.1 % 8.4 % Components of Lease Expense Years Ended December 31, (In millions) 2021 2020 Operating lease expense $ 128 $ 53 Short-term and variable lease expense 104 50 Total operating lease costs $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2021 2020 Operating cash flows for operating leases $ 96 $ 49 Maturities of Lease Liabilities (In millions) Operating Leases 2022 $ 108 2023 104 2024 69 2025 65 2026 64 Thereafter 2,011 Total future minimum lease payments 2,421 Less: present value factor (1,646) Total lease liability $ 775 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2021, our finance leases had remaining lease terms of up to approximately 37 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets liabilities Financing Obligations VICI Leases & Golf Course Use Agreement 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 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor commencing in lease year two of the initial term and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party 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 a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The sale of Caesars Southern Indiana to EBCI for $250 million was finalized on September 3, 2021 and as a result of the sale, Caesars’ annual payments to VICI Properties under the Regional Lease decreased by $33 million and variable rent under the lease shall exclude net revenue attributable to Caesars Southern Indiana. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the 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. 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 9.75%. 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. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, 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, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Lumière to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2021 were as follows: (In millions) GLPI Leases VICI Leases 2022 $ 110 $ 1,066 2023 111 1,087 2024 112 1,107 2025 113 1,120 2026 115 1,136 Thereafter 4,604 42,808 Total future payments 5,165 48,324 Less: Amounts representing interest (4,172) (38,079) Plus: Residual values 240 893 Financing obligation $ 1,233 $ 11,138 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2021 2020 2021 2020 Cash paid for principal $ — $ — $ 1 $ 49 Cash paid for interest 109 93 983 472 ____________________ (a) For the initial periods of the GLPI and VICI 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 contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2021. 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 years ended December 31, 2021 and 2020, we recognized $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements 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 years ended December 31, 2021 and 2020, we recognized $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2021, the remaining terms of these operating leases ranged from 1 to 84 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. 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. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2021 and 2020, we recognized $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2022 $ 62 2023 58 2024 52 2025 46 2026 45 Thereafter 704 Total $ 967

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are a party to various legal proceedings, which have arisen in the normal course of our business. 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 our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe 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. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. COVID-19 Insurance Claims The COVID-19 public health emergency had a significant impact on the Company’s business and employees, as well as the communities where the Company operates and serves. The Company purchased broad property insurance coverage to protect against “all risk of physical loss or damage” and resulting business interruption, unless specifically excluded by policies. The Company submitted claims for losses incurred as a result of the COVID-19 public health emergency which are expected to exceed $2 billion. The insurance carriers under the Company’s insurance policies have asserted that the policies do not cover losses incurred by the Company as a result of the COVID-19 public health emergency and have refused to make payments under the applicable policies. Therefore, on March 19, 2021, the Company filed a lawsuit against its insurance carriers in the state court in Clark County, Nevada. On June 8, 2021, the Company filed an amended complaint. Litigation is proceeding and there can be no assurance as to the outcome of the litigation. Contractual Commitments Capital Commitments Harrah’s New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board, entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation and the City entered into a Second Amended and Restated Lease Agreement. Based on these amendments related to Harrah’s New Orleans, the Company is required to make certain payments and to make a capital investment of $325 million on or around Harrah’s New Orleans by July 15, 2024. In connection with the capital investment in Harrah’s New Orleans, construction has begun and we are in the process of rebranding the property as Caesars New Orleans which we expect to be complete in 2024. Atlantic City As required by the New Jersey Gaming Control Board in connection with its approval of the Merger, we funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. This amount is currently included in restricted cash in Other assets, net. As of December 31, 2021, our restricted cash balance in the escrow account was $297 million for future capital expenditures in New Jersey. Sports Sponsorship/Partnership Obligations We have agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, and advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Additionally, a selection of such partnerships provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. In connection with the launch of the Caesars Sportsbook app, we entered into a significant marketing campaign with distinguished actors, athletes and other media personalities. As of December 31, 2021, obligations related to these agreements were $997 million, which include obligations assumed in the William Hill Acquisition, with contracts extending through 2040. These obligations include leasing of event suites that are generally considered short term leases for which we do not record a right of use asset or lease liability. We recognize expenses in the period services are received 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. Self-Insurance We are self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. Our total estimated self-insurance liability was $221 million and $223 million as of December 31, 2021 and 2020, respectively, which is included in Accrued other liabilities on our Balance Sheets. The assumptions, including those related to the COVID-19 public health emergency, 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. Contingent Liabilities Weather disruption - Lake Charles On August 27, 2020 , Hurricane Laura made landfall on Lake Charles as a Category 4 storm severely damaging the Isle of Capri Casino Lake Charles (“Lake Charles”). During the year ended December 31, 2021 , t he Company received insurance proceeds of $44 million related to damaged fixed assets and remediation costs. The Company also recorded a gain of $21 million as proceeds received for the cost to replace damaged property were in excess of the respective carrying value of the assets. The property will remain closed u ntil the second half of 2022 w hen construction of a new land-based casino is expected to be complete.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt December 31, 2021 December 31, 2020 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility 2022 variable $ — $ — $ — CRC Revolving Credit Facility 2022 variable — — — Baltimore Term Loan 2024 variable 282 275 — CRC Term Loan 2024 variable 4,512 4,190 4,133 CEI Revolving Credit Facility 2025 variable — — — CRC Incremental Term Loan 2025 variable 1,778 1,705 1,707 CRC Senior Secured Notes 2025 5.75% 1,000 985 981 CEI Senior Secured Notes 2025 6.25% 3,400 3,346 3,333 Convention Center Mortgage Loan 2025 7.85% 400 399 397 Unsecured Debt 5% Convertible Notes 2024 5.00% — — 288 CRC Notes 2025 5.25% — — 1,499 CEI Senior Notes 2027 8.125% 1,700 1,673 1,768 Senior Notes 2029 4.625% 1,200 1,183 — Special Improvement District Bonds 2037 4.30% 49 49 51 Long-term notes and other payables 2 2 2 Total debt 14,323 13,807 14,159 Current portion of long-term debt (70) (70) (67) Deferred finance charges associated with the CEI Revolving Credit Facility — (15) (19) Long-term debt $ 14,253 $ 13,722 $ 14,073 Unamortized premiums, discounts and deferred finance charges $ 531 $ 883 Fair value $ 14,713 Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Thereafter Total Annual maturities of long-term debt $ 70 $ 70 $ 4,714 $ 6,526 $ 3 $ 2,940 $ 14,323 Estimated interest payments 770 790 790 540 200 320 3,410 Total debt service obligation (a) $ 840 $ 860 $ 5,504 $ 7,066 $ 203 $ 3,260 $ 17,733 ____________________ (a) Debt principal payments are estimated amounts based on contractual maturity and repayment dates. Interest payments are estimated based on the forward-looking LIBOR curve, where applicable, and include the estimated impact of the four interest rate swap agreements related to our CRC Credit Facility (see Note 8). Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of December 31, 2021 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are contractually due within 12 months. The Company may, from time to time, seek to repurchase its outstanding indebtedness. Any such purchases may be funded by existing cash balances or the incurrence of debt. The amount and timing of any repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations. 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 December 31, 2021 and 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. Terms of Outstanding Debt Baltimore Term Loan and Baltimore Revolving Credit Facility As a result of our increased ownership interest in Horseshoe Baltimore, we began to consolidate the aggregate principal amount of Horseshoe Baltimore’s senior secured term loan facility (the “Baltimore Term Loan”) and amount outstanding, if any, under Horseshoe Baltimore’s senior secured revolving credit facility (the “Baltimore Revolving Credit Facility”). The Baltimore Term Loan matures in 2024 and is subject to a variable rate of interest calculated as LIBOR plus 4.00%. The Baltimore Revolving Credit Facility has borrowing capacity of up to $10 million available and matures in 2022, subject to a variable rate of interest calculated as LIBOR plus 6.00%. As of December 31, 2021, there was $10 million of available borrowing capacity under the Baltimore Revolving Credit Facility. CRC Term Loans and CRC Revolving Credit Facility CRC is party to a credit agreement, dated as of December 22, 2017 (as amended, the “CRC Credit Agreement”), which included a $1.0 billion five-year revolving credit facility (the “CRC Revolving Credit Facility”) and an initial $4.7 billion seven-year first lien term loan (the “CRC Term Loan”), which was increased by $1.8 billion pursuant to an incremental agreement executed in connection with the Merger (the “CRC Incremental Term Loan”). The CRC Term Loan matures in December 2024 and the CRC Incremental Term Loan matures in July 2025. The CRC Revolving Credit Facility matures in December 2022 and includes a $400 million letter of credit sub-facility. The CRC Term Loan and the CRC Incremental Term Loan require 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. 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. On September 21, 2021, CRC entered into a second amendment related to the CRC Incremental Term Loan to reduce the interest rate margins to 3.50% per annum in the case of any LIBOR loan or 2.50% per annum in the case of any base rate loan. The CRC Term Loan and the CRC Incremental Term Loan are LIBOR based loans as of December 31, 2021. 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. The Company had $956 million of available borrowing capacity, after consideration of $69 million in outstanding letters of credit under the CRC Revolving Credit Facility as of December 31, 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”). On November 10, 2021, the Company amended the CEI Revolving Credit Facility to establish reserves in the total amount of $190 million which are available only for permitted use. The CEI Revolving Credit Facility matures in July 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 the 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. As of December 31, 2021, the Company had $924 million of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $23 million in outstanding letters of credit, $48 million committed for regulatory purposes and the reserves described above. 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”), 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 indenture governing such notes. 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. 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”), 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 indenture governing such notes 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. 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. Beginning October 1, 2021, the Mortgage Loan is subject to an interest rate of 7.854% for the next twelve months. 5% Convertible Notes On October 6, 2017, Former Caesars issued $1.1 billion aggregate principal amount of 5% Convertible Notes maturing in 2024. The 5% Convertible Notes were convertible into approximately 0.014 shares of the Company’s Common Stock (“Company Common Stock”) and approximately $1.17 of cash per $1.00 principal amount of the 5% Convertible Notes. During the year ended December 31, 2021, the Company converted the remaining outstanding aggregate principal amount of the 5% Convertible Notes, which resulted in cash payments of $367 million, net of approximately $12 million paid into our trust accounts and the issuance of approximately 5 million shares of Company Common Stock. The fair value of the shares contributed to, and held in, the trust was $14 million, which is included within Treasury stock. The Company recognized a loss on the change in fair value of the derivative liability of $16 million recorded in Other income (loss) and a $23 million loss on extinguishment of debt, related to the unamortized discount, on the Statement of Operations. CRC Notes On October 16, 2017, CRC issued $1.7 billion aggregate principal amount of 5.25% senior notes due 2025 (the “CRC Notes”). During the year ended December 31, 2021, the Company purchased or redeemed all $1.7 billion of the CRC Notes and recognized a $199 million loss on the early extinguishment of debt. 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”), 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 indenture governing such notes 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. In September 2021, the Company began to repurchase CEI Senior Notes on the open market and, as of December 31, 2021, a total of $100 million in principal amount of CEI Senior Notes was purchased and the Company recognized a $14 million loss on the early extinguishment of debt. Senior Notes due 2029 On September 24, 2021, the Company issued $1.2 billion in aggregate principal amount of 4.625% Senior Notes due 2029 (the “Senior Notes”) pursuant to an indenture dated as of September 24, 2021 between the Company and U.S. Bank National Association, as Trustee. The Senior Notes will mature on October 15, 2029 with interest payable on April 15 and October 15 of each year, commencing April 15, 2022. Proceeds from the issuance of the Senior Notes, as well as cash on hand, was used to repay the CRC Notes, as described above. Net amortization of the debt issuance costs and the discount and/or premium associated with the Company’s indebtedness totaled $177 million, $80 million and $8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2021 (In millions) Proceeds Repayments Debt issuance and extinguishment costs Senior Notes $ 1,200 $ — $ 17 CRC Notes — 1,700 24 CEI Senior Notes — 100 13 CRC Term Loan — 47 — CRC Incremental Term Loan 108 126 2 Baltimore Term Loan — 2 — Special Improvement District Bonds — 2 — Total $ 1,308 $ 1,977 $ 56 Debt Covenant Compliance The CRC Credit Agreement, the CEI Revolving Credit Facility, the Baltimore Term Loan and the indentures governing the CEI Senior Secured Notes, the CEI Senior Notes, the CRC Senior Secured Notes, and the Senior 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 CRC Revolving Credit Facility and the 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. The Baltimore Revolving Credit Facility includes a senior secured leverage ratio financial covenant of 5.0:1. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. As of December 31, 2021, the Company was in compliance with all of the applicable financial covenants described above. 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 and the Senior Notes are guaranteed on a senior unsecured basis by such subsidiaries. The CRC Credit Agreement and the CRC Senior Secured Notes are guaranteed 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 CRC and its subsidiary guarantors (subject to certain exceptions). The CRC Credit Agreement and the CRC Senior Secured Notes are also guaranteed on a senior unsecured basis by CEI.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Accounting Policies Casino Revenues Our casino revenues consists of gaming wagers, pari-mutuel commissions, sports betting and iGaming wagers. 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 free bets, free play, matched deposits, and other similar incentives to its customers. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook app, such activity could result in negative net gaming revenue. Such periods are not expected to be long in duration. 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. Non-gaming Revenues Hotel, food and beverage, and other operating revenues are recognized as services are performed and is the net amount collected from the customer for such goods and services. Hotel, food and beverage services have been determined to be separate, stand-alone performance obligations and are recorded as revenue as the good or service is transferred to the customer over the customer’s stay at the hotel or when the delivery is made for the food and beverage. Advance deposits for future hotel occupancy, convention space or food and beverage services contract are recorded as deferred income until revenue recognition criteria has been met. The Company also provides goods and services that may include multiple performance obligations, such as for packages, for which revenues are allocated on a pro rata basis based on each service’s stand-alone selling price. Sales and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. The Company’s 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 19 for additional information on the Company’s reportable segments. Year Ended December 31, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 1,226 $ 4,305 $ 296 $ — $ — $ 5,827 Food and beverage 702 438 — — — 1,140 Hotel 968 583 — — — 1,551 Other 513 211 41 278 9 1,052 Net revenues $ 3,409 $ 5,537 $ 337 $ 278 $ 9 $ 9,570 Year Ended December 31, 2020 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 319 $ 2,079 $ 84 $ — $ — $ 2,482 Food and beverage 130 211 — 1 — 342 Hotel 186 264 — — — 450 Other 116 106 11 106 15 354 Net revenues $ 751 $ 2,660 $ 95 $ 107 $ 15 $ 3,628 Year Ended December 31, 2019 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ — $ 1,782 $ 26 $ — $ — $ 1,808 Food and beverage — 301 — — — 301 Hotel — 300 — — — 300 Other — 111 — — 8 119 Net revenues $ — $ 2,494 $ 26 $ — $ 8 $ 2,528 Accounts Receivable and Credit Risk We issue credit to approved casino customers following investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectability of these receivables. Accounts receivable are non-interest bearing and are initially recorded at cost. Marker play represents a meaningful portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. Trade receivables, including casino and hotel receivables, are typically non-interest bearing. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts, historical collection experience and reasonable forecasts which consider current economic and business conditions. Management believes that as of December 31, 2021 and 2020, no significant concentrations of credit risk related to receivables existed. Reserve for Uncollectible Accounts Receivable We reserve an estimated amount for receivables that may not be collected. Methodologies for estimating bad debt reserves range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for bad debts. Accounts Receivable, Net December 31, (In millions) 2021 2020 Casino and pari-mutuel commissions $ 168 $ 137 Food and beverage and hotel 100 25 Other 204 180 Accounts receivable, net $ 472 $ 342 Allowance for Doubtful Accounts (In millions) Contracts Other (a) Total Balance as of January 1, 2019 $ 2 $ 2 $ 4 Provision for doubtful accounts 1 — 1 Write-offs less recoveries 1 (1) — Balance as of December 31, 2019 4 1 5 Former Caesars consolidation 95 35 130 Provision for doubtful accounts 18 11 29 Write-offs less recoveries 3 (29) (26) Balance as of December 31, 2020 120 18 138 Provision for doubtful accounts 16 10 26 Write-offs less recoveries (26) (8) (34) Balance as of December 31, 2021 $ 110 $ 20 $ 130 ____________________ (a) “Other” includes allowance associated with lease receivables under ASC 842. See Note 10 for further details. 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, unpaid wagers, iGaming deposits, or future sports bets), 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 Balance Sheets. Outstanding Chip Liability The Company recognizes the impact on gaming revenues on an annual basis to reflect an estimate of the change in the value of outstanding chips that are not expected to be redeemed. This estimate is determined by measuring the difference between the total value of chips placed in service less the value of chips under our control. This measurement is performed on an annual basis utilizing a methodology in which a consistent formula is applied to estimate the percentage of chips not in our custody that are not expected to be redeemed. In addition to the formula, certain judgments are made with regard to various denominations and souvenir chips. The outstanding chip liability is included in accrued other liabilities on the Balance Sheets. Caesars Rewards Loyalty Program Caesars Rewards grants Reward Credits to Caesars Rewards Members based on on-property spending, including gaming, hotel, dining, and retail shopping at all Caesars-affiliated properties. Members may redeem Reward Credits for complimentary or discounted goods and services such as rooms, food and beverages, merchandise, free play, entertainment, and travel accommodations. Members are able to accumulate Reward Credits over time that they may redeem at their discretion under the terms of the program. A member’s Reward Credit balance is forfeited if the member does not earn at least one Reward Credit during a continuous six-month period. Because of the significance of the Caesars Rewards program and the ability for customers to accumulate Reward Credits based on their past play, we have determined that Reward Credits granted in conjunction with other earning activity represent a performance obligation. As a result, for transactions in which Reward Credits are earned, we allocate a portion of the transaction price to the Reward Credits that are earned based upon the relative standalone selling prices (“SSP”) of the goods and services involved. When the activity underlying the “earning” of the Reward Credits has a wide range of selling prices and is highly variable, such as in the case of gaming activities, we use the residual approach in this allocation by computing the value of the Reward Credits as described below and allocating the residual amount to the gaming activity. This allocation results in a significant portion of the transaction price being deferred and presented as a Contract liability on our accompanying Balance Sheets. Any amounts allocated to Contract liabilities are recognized as revenue when the Reward Credits are redeemed in accordance with the specific recognition policy of the activity for which the credits are redeemed. Our Caesars Rewards loyalty program includes various tiers that offer different benefits, and members are able to earn credits towards tier status, which generally enables them to receive discounts similar to those provided as complimentaries described below. We have determined that any such discounts received as a result of tier status do not represent material rights, and therefore, we do not account for them as distinct performance obligations. We have determined the SSP of a Reward Credit by computing the redemption value of credits expected to be redeemed. Because Reward Credits are not otherwise independently sold, we analyzed all Reward Credit redemption activity over the preceding calendar year and determined the redemption value based on the fair market value of the goods and services for which the Reward Credits were redeemed. We have applied the practical expedient under the portfolio approach to our Reward Credit transactions because of the similarity of gaming and other transactions and the homogeneity of Reward Credits. As part of determining the SSP for Reward Credits, we also determined that there is generally an amount of Reward Credits that is not redeemed, which is considered “breakage.” We recognize the expected breakage proportionally with the pattern of revenue recognized related to the redemption of Reward Credits. We periodically reassess our customer behaviors and revise our expectations as deemed necessary on a prospective basis. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2021 2020 2021 2020 2021 2020 Balance at January 1 $ 34 $ 10 $ 94 $ 13 $ 310 $ 172 Balance at December 31 48 34 91 94 560 310 Increase (decrease) $ 14 $ 24 $ (3) $ 81 $ 250 $ 138 The December 31, 2021 balances exclude liabilities related to assets held for sale recorded in 2021 and 2020 (see Note 4). The significant change in contract and contract-related liabilities during the year ended December 31, 2021 was primarily due to expansion in the Caesars Digital segment from the legalization of retail and online sports betting in new states. The significant change in customer deposits and other deferred revenue during the year ended December 31, 2020 was primarily attributed to the liabilities assumed subsequent to the Merger. Complimentaries The Company offers discretionary coupons and other discretionary complimentaries to customers outside of the loyalty program such as matching deposits, free bets and free play. Such complimentaries are provided in conjunction with other revenue‑earning activities and are generally provided to encourage additional customer spending on those activities. Accordingly, the Company allocates a portion of the transaction price received from such customers to the complimentary goods and services. The Company performs this allocation based on the SSP of the underlying goods and services, which is determined based upon the weighted-average cash sales prices received for similar services at similar points during the year. The retail value of complimentary food, beverage, hotel rooms and other services provided to customers is recognized as a reduction of revenues for the department which issued the complimentary and revenue for the department redeemed. Complimentaries provided by third parties at the discretion and under the control of the Company is recorded as an expense when incurred. The Company’s revenues included complimentaries and loyalty point redemptions totaling $1.0 billion, $406 million and $292 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. 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. The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (In millions, except per share amounts) 2021 2020 2019 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ (989) $ (1,737) $ 81 Discontinued operations, net of income taxes (30) (20) — Net income (loss) attributable to Caesars $ (1,019) $ (1,757) $ 81 Shares outstanding: Weighted average shares outstanding – basic 211 130 78 Effect of dilutive securities: Stock-based compensation awards — — 1 Weighted average shares outstanding – diluted 211 130 79 Basic income (loss) per share from continuing operations $ (4.69) $ (13.35) $ 1.04 Basic loss per share from discontinued operations (0.14) (0.15) — Net income (loss) per common share attributable to common stockholders – basic: $ (4.83) $ (13.50) $ 1.04 Diluted income (loss) per share from continuing operations $ (4.69) $ (13.35) $ 1.03 Diluted loss per share from discontinued operations (0.14) (0.15) — Net income (loss) per common share attributable to common stockholders – diluted: $ (4.83) $ (13.50) $ 1.03 Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2021 2020 2019 Stock-based compensation awards 3 9 — 5% Convertible notes — 4 — Total anti-dilutive common stock 3 13 —

Stock-Based Compensation and St

Stock-Based Compensation and Stockholder's Equity	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation and Stockholders’ Equity	Stock-Based Compensation and Stockholders’ Equity Stock-Based Awards The Company maintains long-term incentive plans which allow for granting stock-based compensation awards for directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, based on Company Common Stock, including performance-based and incentive stock options, restricted stock or restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur. Performance Incentive Plans In 2015, the Board of Directors (“Board”) adopted, and the Company’s stockholders approved, ERI’s 2015 Equity Incentive Plan (“2015 Plan”). In 2019, the Company’s Board approved, and the Company’s stockholders approved, the amended and restated 2015 Plan. The amendment to the 2015 Plan allows for 3 million shares available for grant, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment. As of December 31, 2021, the Company had 5 million shares available for grant under the 2015 Plan. Equity awards granted to employees and executive officers generally vest within three Total stock-based compensation expense in the accompanying Statements of Operations was $82 million, $79 million and $20 million during the years ended December 31, 2021, 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 Statements of Operations. Restricted Stock Unit Activity During the year ended December 31, 2021, as part of the annual incentive program, the Company granted RSUs to employees of the Company with an aggregate fair value of $79 million. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock. A summary of the RSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2020 2,414,111 $ 42.55 Granted (b) 927,016 86.37 Vested (1,136,673) 33.49 Forfeited (113,847) 54.34 Unvested outstanding as of December 31, 2021 2,090,607 61.47 ____________________ (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 23,139 RSUs granted to non-employee members of the Board during the year ended December 31, 2021. Performance Stock Unit Activity During the year ended December 31, 2021, the Company granted approximately 81 thousand PSUs that are scheduled to vest in three years from the grant date. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of Company Common Stock, based on the achievement of specified performance conditions. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached. The aggregate value of PSUs granted during the year ended December 31, 2021 was $9 million. A summary of the PSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2020 (b) 500,483 $ 48.32 Granted 81,006 112.28 Vested (161,556) 37.49 Forfeited (2,864) 73.21 Unvested outstanding as of December 31, 2021 417,069 62.20 ____________________ (a) Grant date fair value, for which compensation expense of these unvested awards is measured, has not been achieved. This represents the quoted market price of our common stock on the dated indicated. (b) PSUs were presented with RSUs as of December 31, 2020 in the 2020 Annual Report. Market-Based Stock Unit Activity During the year ended December 31, 2021, the Company granted approximately 147 thousand MSUs that are scheduled to cliff vest in three years from the grant date. 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 year ended December 31, 2021 was $15 million. A summary of the MSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2020 446,087 $ 49.37 Granted 147,471 102.98 Vested (208,866) 28.56 Forfeited (2,769) 84.12 Unvested outstanding as of December 31, 2021 381,923 77.09 ____________________ (a) Represents the grant date fair value determined using a Monte Carlo simulation model. Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 176,724 $ 22.57 1.71 $ 9 Exercised (114,884) 22.64 Forfeited (1,233) 26.65 Expired (16,702) 26.67 Outstanding as of December 31, 2021 43,905 20.69 1.05 3 Vested and expected to vest as of December 31, 2021 43,905 20.69 1.05 3 Exercisable as of December 31, 2021 42,610 20.84 1.05 3 Stock Option Exercises Years Ended December 31, (Dollars in millions) 2021 2020 2019 Option Exercises: Number of options exercised 114,884 70,608 — Cash received for options exercised $ 3 $ 1 $ — Aggregate intrinsic value of options exercised $ 9 $ 5 $ — Unrecognized Compensation Cost As of December 31, 2021, the Company had $120 million of unrecognized compensation expense, which is expected to be recognized over a weighted-average period of 1.4 years. Common Stock Offerings 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. Changes to the Authorized Shares On June 17, 2021, following receipt of required shareholder approvals, the Company amended its Certificate of Incorporation to increase the number of authorized shares of common stock from 300 million to 500 million, and authorize the issuance of up to 150 million shares of preferred stock. As of December 31, 2021, no shares of preferred stock have been issued. Share Repurchase Program In November 2018, the Board 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 December 31, 2021, the Company has acquired 223,823 shares of common stock at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the years ended December 31, 2021 or 2020.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2021
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Plans The Company offers several savings and retirement plans to substantially all employees who are not covered by collective bargaining agreements, who meet certain eligibility requirements, namely terms of service. All existing savings and retirement plans transitioned into the Caesars Entertainment, Inc. 401(k) Plan with Prudential Retirement. Under the 401(k) plan, the Company matches contributions equal to 50% of the first 6% as outlined per plan documents. The Company’s matching contribution expense totaled $27 million, $11 million and $6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Defined-Benefit Plans Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. As of December 31, 2021, the fair value of the plan assets was $1 million, and the fair value of the benefit obligations was $1 million. The plan assets are comprised primarily of money market and mutual funds whose values are determined based on quoted market prices and are classified in Level 1 of the fair value hierarchy. We did not make cash contributions to the Scioto Downs pension plan during 2021, 2020 and 2019. In addition, the Company also sponsors a defined-benefit plan for certain Tropicana Atlantic City employees under a Variable Annuity Pension Plan. As of December 31, 2021, the fair value of both, the plan assets and benefit obligations, was $21 million. Contributions to the plan were less than $1 million for the year ended December 31, 2021 and $2 million for the year ended December 31, 2020. The Company participated in a defined-benefit plan for employees of the London Clubs International subsidiary that provided benefits based on final pensionable salary. As of December 31, 2020, the plan had a net pension liability of $20 million, which was recorded within liabilities held for sale on our Balance Sheets. For the year ended December 31, 2020, we contributed $4 million to the plan. On July 16, 2021, the Company completed the sale of Caesars UK Group, in which the buyer assumed all liabilities associated with the Caesars UK Group. Deferred Compensation Plans CEI assumed Former Caesars deferred compensation plans, the Caesars Entertainment Corporation Executive Supplemental Savings Plan III (“ESSP III”) and the Caesars Entertainment Corporation Outside Director Deferred Compensation Plan. These plans are unfunded, non-qualified deferred compensation plans. Payment obligations pursuant to the plans are unsecured general obligations of the Company and affiliates of the Company employing participants in the ESSP III. The liability as of December 31, 2021 and 2020 was $3 million and $2 million, respectively, which was recorded in Deferred credits and other liabilities. As of December 31, 2021, certain current and former employees of Caesars, and our subsidiaries and affiliates, have balances under: (i) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan, (ii) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II, (iii) the Park Place Entertainment Corporation Executive Deferred Compensation Plan, (iv) the Harrah’s Entertainment, Inc. Deferred Compensation Plan, and (v) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (collectively, the “existing deferred compensation plans”). These plans are deferred compensation plans that allow certain employees an opportunity to save for retirement and other purposes. Each of the plans is now frozen and is no longer accepting contributions. However, participants may still earn returns on existing plan balances based upon their selected investment alternatives, which are reflected in their deferral accounts. The total liability recorded in Deferred credits and other liabilities for these plans was $43 million and $49 million as of December 31, 2021 and 2020, respectively. Trust Assets CEI is a party to a trust agreement (the “Trust Agreement”) and an escrow agreement with respect to all five of the existing deferred compensation plans (the “Escrow Agreement”), each structured as so-called “rabbi trust” arrangements, which holds assets that may be used to satisfy obligations under the existing deferred compensation plans above. Amounts held pursuant to the Trust Agreement and the Escrow Agreement were $87 million and $94 million, respectively, as of December 31, 2021 and 2020 and have been reflected within Deferred charges and other assets on the Balance Sheets. Multi-employer Pension Plans As a result of the Merger, the Company continues to contribute to a number of multi-employer defined benefit pension plans under the terms of collective bargaining agreements that cover union-represented employees of Former Caesars. Prior to the Merger, no significant contributions were made to such plans. The risks of participating in these multi-employer plans are different from a single-employer plan in the following respects: i. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. ii. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. iii. If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunding of the plan, referred to as a “withdrawal liability.” Multi-employer Pension Plan Participation Pension Protection Act Zone Status (a) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2021 FIP/RP Status (b) 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (c) Southern Nevada Culinary and Bartenders Pension Plan (d)(e) 88-6016617/001 Green No $ 18 $ 5 No May 31, 2023 Legacy Plan of the UNITE HERE Retirement Fund (d)(f) 82-0994119/001 Red Yes 9 4 No Various up to May 31, 2023 Central Pension Fund of the IUOE & Participating Employers 36-6052390/001 Green No 6 — N/A March 31, 2021 Western Conference of Teamsters Pension Plan 91-6145047/001 Green No 5 — N/A Various up to August 31, 2024 Local 68 Engineers Union Pension Plan (d)(g) 51-0176618/001 Yellow Yes 1 — No April 30, 2022 Painters IUPAT 52-6073909/001 Yellow Yes 1 — No Various up to June 30, 2026 Other Funds 1 5 Total Contributions $ 41 $ 14 ____________________ (a) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (b) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (c) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (d) Prior to the Merger, Former Caesars provided more than 5% of the total contributions for the plan year ended December 31, 2019. (e) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2020 and as of the date the financial statements were issued, Forms 5500 were not available for the 2021 plan year. (f) The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund. (g) Plan years begin July 1.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 are presented below. Components of Income (Loss) Before Income Taxes Years Ended December 31, (In millions) 2021 2020 2019 United States $ (1,272) $ (1,608) $ 125 Outside of the U.S. 3 2 — $ (1,269) $ (1,606) $ 125 Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2021 2020 2019 United States Current Federal $ (1) $ (43) $ 31 State & Local (2) (24) 14 Deferred Federal (219) 208 5 State & Local (106) (11) (6) Outside of the U.S. Current 2 2 — Deferred 43 — — $ (283) $ 132 $ 44 Allocation of Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2021 2020 2019 Income tax provision (benefit) applicable to: Income from operations $ (283) $ 132 $ 44 Discontinued operations 19 (9) — Other comprehensive income 3 8 — The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2021, 2020 and 2019: Effective Income Tax Rate Reconciliation Years Ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes 4.2 % 5.4 % 5.5 % Stock compensation 0.5 % (0.1) % 1.8 % Goodwill impairment and dispositions — % (1.6) % 7.4 % Nondeductible transaction expenses — % (0.5) % — % Nondeductible convertible notes costs (3.3) % (1.0) % — % Decrease in uncertain tax positions 0.4 % 0.9 % — % Change in tax rates from change in tax law (1.2) % — % — % Deferred tax benefit of foreign subsidiaries held for sale — % 1.0 % — % Valuation allowance 2.6 % (33.9) % 1.8 % Deferred tax recognition on life insurance (1.3) % — % — % Tax credits 0.4 % 0.1 % (1.1) % Other (1.0) % 0.5 % (1.2) % Effective income tax rate 22.3 % (8.2) % 35.2 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2021 and 2020 are as follows: As of December 31, (In millions) 2021 2020 Deferred tax assets: Loss carryforwards $ 1,006 $ 1,071 Foreign investment - held for sale — 74 Excess business interest expense 180 61 Credit carryforwards 114 106 Financing obligation 2,517 2,557 Long-term lease obligation 161 187 Other 330 289 4,308 4,345 Deferred tax liabilities: Identified intangibles (1,111) (836) Other debt-related items (35) (108) Foreign investment - held for sale (139) — Fixed assets (2,212) (2,424) Right-of-use assets (131) (154) Other (103) (68) (3,731) (3,590) Valuation allowance (1,840) (1,921) Net deferred tax liabilities $ (1,263) $ (1,166) The net deferred tax liabilities above are presented in the Balance Sheets as follows: As of December 31, (In millions) 2021 2020 Deferred income taxes $ (1,111) $ (1,166) Assets held for sale 7 1 Liabilities related to assets held for sale (159) (1) Net deferred tax liabilities $ (1,263) $ (1,166) As a result of the Merger, the Company assumed $767 million of additional net deferred tax liabilities, net of valuation allowances, plus $24 million in additional accruals for uncertain tax positions including accrued interest. As a result of the William Hill Acquisition, the Company assumed $377 million of additional net deferred tax liabilities net of valuation allowances, plus $34 million in additional accruals for uncertain tax positions including accrued interest. Of the deferred tax liabilities and uncertain tax positions recorded due to the William Hill Acquisition, $132 million and $34 million, respectively, have been presented in Liabilities related to assets held for sale. A valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Management must analyze all available positive and negative evidence regarding realization of the deferred tax assets and make an assessment of the likelihood of sufficient future taxable income. 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 of December 31, 2021, the Company had federal and state net operating loss carryforwards of $2.4 billion and $9.4 billion, respectively. The federal and state net operating loss carryforwards include $450 million and $2.2 billion, respectively, that do not expire. The remaining federal and state net operating loss carryforwards will begin to expire in 2032 and 2022, respectively. As of December 31, 2021, the Company had federal general business tax credit and research tax credit carryforwards of $116 million, which begin to expire in 2029. As of December 31, 2021, the Company had foreign net operating loss carryforwards of $60 million. The foreign net operating loss carryforwards include $58 million that do not expire. The remaining $2 million foreign net operating losses begin to expire in 2033. In general, Section 382 of the Internal Revenue Code provides an annual limitation with respect to the ability of a corporation to utilize its net operating loss carryovers, as well as certain built-in losses, against future taxable income in the event of a change in ownership. The Merger in July 2020 and the William Hill Acquisition in April 2021 resulted in a change in ownership for purposes of Section 382, making its provisions applicable to the Company. However, it is unlikely that the annual limitation on tax attribute usage resulting from the acquisition will adversely affect the Company’s ability to utilize its net operating loss carryovers against its future taxable income. Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2021 2020 2019 Balance as of beginning of year $ 137 $ — $ — Acquisition of Caesars Entertainment Corporation — 152 — Acquisition of William Hill 32 — — Additions based on tax positions related to the current year 4 — — Additions for tax positions of prior years 5 1 — Reductions for tax positions for prior years (8) — — Settlements — (4) — Expiration of statutes (13) (12) — Balance as of end of year $ 157 $ 137 $ — We classify reserves for tax uncertainties within Other long-term liabilities in our Balance Sheets, separate from any related income tax payable or Deferred income taxes. Included in the $157 million of unrecognized tax benefits as of the end of 2021 is $21 million related to discontinued operations. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. We accrue interest and penalties related to unrecognized tax benefits in income tax expense. During 2021, we increased our accrual by $20 million, primarily due to the William Hill Acquisition. During 2020, we increased our accrual by $137 million, primarily as a result of the Merger. There was no accrual during 2019. There was an accrual for the payment of interest and penalties of $2 million and $2 million as of December 31, 2021 and December 31, 2020, respectively. Included in the balances of unrecognized tax benefits as of December 31, 2021 and December 31, 2020 was $117 million and $123 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate. 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 the consolidated group. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2018. The tax years 2016 to 2021 remain subject to examination in Gibraltar and Malta. The tax years 2020 to 2021 remain subject to examination in the United Kingdom. We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Parties	Related Parties REI As of December 31, 2021, Recreational Enterprises, Inc. (“REI”) owned approximately 4.0% 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. For each of the years ended December 31, 2021, 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. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid quarterly. Annual rent is subject to periodic rent escalations through the term of the lease. As of December 31, 2021 and 2020 there were no amounts due to or from CSY. Transactions with Horseshoe Baltimore The Company held an interest in Horseshoe Baltimore of approximately 44.3%, which was accounted for as an equity method investment, prior to our acquisition of an additional interest and subsequent consolidation on August 26, 2021. These related party transactions included items such as casino management fees, reimbursement of various costs incurred on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. Transactions with NeoGames The Company holds an interest in NeoGames (see Note 5). NeoGames provides the player account management system to our wholly-owned Liberty platform. We have a dedicated team of programmers at NeoGames working on enhancements to our player account management system on our behalf, for which NeoGames is compensated under a services agreement. 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 December 31, 2020, Due from affiliates, net was $44 million, and represented transactions with Horseshoe Baltimore and William Hill. Amounts due from/to William Hill and Horseshoe Baltimore eliminate upon consolidation. See Note 3.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information 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 William Hill Acquisition, our principal operating activities occurred in three regionally-focused reportable segments: Las Vegas, Regional, and Managed, International, CIE, in addition to Corporate and Other. Following the William Hill Acquisition, the Company’s principal operating activities occur in four 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, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 4, Note 6 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 December 31, 2021: Las Vegas Regional Managed and Branded Bally’s Las Vegas Belle of Baton Rouge Casino & Hotel (a) Horseshoe Bossier City Managed Caesars Palace Las Vegas Caesars Atlantic City Horseshoe Council Bluffs Harrah’s Ak-Chin The Cromwell Circus Circus Reno Horseshoe Hammond Harrah’s Cherokee Flamingo Las Vegas Eldorado Gaming Scioto Downs Horseshoe Tunica Harrah’s Cherokee Valley River Harrah’s Las Vegas Eldorado Resort Casino Reno Indiana Grand Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Isle Casino Bettendorf Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Isle of Capri Casino Boonville Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Council Bluffs Isle of Capri Casino Hotel Lake Charles (c) Branded Rio All-Suite Hotel & Casino Harrah’s Gulf Coast Isle of Capri Casino Lula Caesars Southern Indiana (d) Harrah’s Joliet Isle Casino Hotel - Blackhawk Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle Casino Racing Pompano Park Caesars Digital Harrah’s Laughlin Isle Casino Waterloo Harrah’s Louisiana Downs (a) Lady Luck Casino - Black Hawk Harrah’s Metropolis Lumière Place Casino Harrah’s New Orleans MontBleu Casino Resort & Spa (a) Harrah’s North Kansas City Silver Legacy Resort Casino Harrah’s Philadelphia Trop Casino Greenville Harveys Lake Tahoe Tropicana Atlantic City Harrah’s Hoosier Park Racing & Casino Tropicana Evansville (a) Horseshoe Baltimore (c) Tropicana Laughlin Hotel & Casino ___________________ (a) During the year ended December 31, 2021, these properties were sold or held for sale. See Note 4 for additional details. (b) On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore to 75.8% and began to consolidate the property in our Regional segment following the change in ownership. Management fees prior to the consolidation of Horseshoe Baltimore have been reflected in the Managed and Branded segment. (c) Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and will remain closed until the second half of 2022 when construction of a new land-based casino is expected to be complete. (d) The sale of Caesars Southern Indiana closed on September 3, 2021 and the Company entered into a license agreement with the Eastern Band of Cherokee Indians for the continued use of the Caesars brand and the Caesars Rewards loyalty program at Caesars Southern Indiana. The properties listed above exclude the discontinued operations, including previous international properties which have been sold, or we have entered into agreements to sell. The sale of Caesars UK Group closed on July 16, 2021, in which the buyer assumed all liabilities associated with the Caesars UK Group. Additionally, on September 8, 2021, the Company entered into an agreement to sell William Hill International, which is expected to close in the second quarter of 2022. Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven; and Indiana Grand, which operates Winner’s Circle Clarksville. The LINQ Promenade, listed above in our Las Vegas segment, is an open-air dining, entertainment, and retail promenade located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”) that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM conference center, which is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ. “Corporate and Other” includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Years Ended December 31, (In millions) 2021 2020 2019 Las Vegas: Net revenues $ 3,409 $ 751 $ — Adjusted EBITDA 1,568 133 — Regional: Net revenues 5,537 2,660 2,494 Adjusted EBITDA 1,979 711 719 Caesars Digital: Net revenues 337 95 26 Adjusted EBITDA (476) 26 13 Managed and Branded: Net revenues 278 107 — Adjusted EBITDA 87 25 — Corporate and Other: Net revenues 9 15 8 Adjusted EBITDA (168) (101) (35) Reconciliation of Adjusted EBITDA - By Segment to Net Income (Loss) Attributable to Caesars 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 our 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 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. Years Ended December 31, (In millions) 2021 2020 2019 Adjusted EBITDA by Segment: Las Vegas $ 1,568 $ 133 $ — Regional 1,979 711 719 Caesars Digital (476) 26 13 Managed and Branded 87 25 — Corporate and Other (168) (101) (35) 2,990 794 697 Reconciliation to net income (loss) attributable to Caesars: Net (income) loss attributable to noncontrolling interests (3) 1 — Net loss from discontinued operations (30) (20) — Benefit (provision) for income taxes 283 (132) (44) Other income (loss) (a) (198) 176 9 Loss on extinguishment of debt (236) (197) (8) Interest expense, net (2,295) (1,202) (286) Depreciation and amortization (1,126) (583) (222) Impairment charges (102) (215) (1) Transaction costs and other operating costs (b) (144) (270) (37) Stock-based compensation expense (82) (79) (20) Other items (c) (76) (30) (7) Net income (loss) attributable to Caesars $ (1,019) $ (1,757) $ 81 ____________________ (a) Other income (loss) for the year ended December 31, 2021 primarily represents a loss on the change in fair value of investments held by the Company and a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. (b) Transaction costs and other operating costs for the year ended December 31, 2021 primarily represent costs related to the William Hill Acquisition and the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (c) Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, retention bonuses, and business optimization expenses. Capital Expenditures, Net - By Segment Years Ended December 31, (In millions) 2021 2020 2019 Las Vegas $ 85 $ 32 $ — Regional (a) 327 104 166 Caesars Digital 67 — — Managed and Branded — — — Corporate and Other 39 33 5 Total $ 518 $ 169 $ 171 ___________________ (a) Includes $2 million and $5 million of capital expenditures related to properties classified as discontinued operations for the years ended December 31, 2021 and 2020, respectively. Total Assets - By Segment December 31, (In millions) 2021 2020 Las Vegas $ 22,374 $ 21,464 Regional 14,419 13,732 Caesars Digital 1,878 323 Managed and Branded 3,527 225 Corporate and Other (4,167) 641 Total $ 38,031 $ 36,385

Consolidating Condensed Financi

Consolidating Condensed Financial Information	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Consolidating Condensed Financial Information	CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED BALANCE SHEETS As of December 31, (In millions) 2021 2020 ASSETS Current assets $ 221 $ 3,038 Investment in and advances to unconsolidated affiliates 60 128 Investment in subsidiaries 10,311 6,798 Property and equipment, net 8 18 Other assets, net 333 513 Total assets $ 10,933 $ 10,495 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $ 228 $ 231 Long-term debt, less current portion 6,190 5,084 Deferred income taxes — 4 Other long-term liabilities 35 160 Total liabilities 6,453 5,479 Total stockholders’ equity 4,480 5,016 Total liabilities and stockholders’ equity $ 10,933 $ 10,495 See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, (In millions) 2021 2020 2019 Net revenues $ 4 $ 7 $ 7 Expenses: Corporate expense 43 71 65 Management fee — (36) (22) Depreciation and amortization 6 6 5 Transaction costs and other operating costs 60 113 57 Total operating expenses 109 154 105 Operating loss (105) (147) (98) Other expense: Interest expense (395) (257) (141) Gain (loss) on interests in subsidiaries (437) (1,346) 210 Loss on extinguishment of debt (14) (132) (8) Other income (loss) (72) 197 9 Loss from operations before income taxes (1,023) (1,685) (28) Income tax benefit (provision) 4 (72) 109 Net income (loss) $ (1,019) $ (1,757) $ 81 See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (In millions) 2021 2020 2019 Cash flows used in operating activities $ (448) $ (296) $ (64) Cash flows from investing activities Purchase of property and equipment, net (1) (8) (5) Former Caesars acquisition — (8,470) — William Hill Acquisition (3,938) — — Investments in unconsolidated affiliates — — (1) Proceeds from sale of businesses, property and equipment, net of cash sold — — (209) Proceeds from the sale of investments 89 24 — Cash flows used in investing activities (3,850) (8,454) (215) Cash flows from financing activities Proceeds from long-term debt and revolving credit facilities 1,200 9,365 33 Debt issuance and extinguishment costs (17) (353) (1) Repayments of long-term debt and revolving credit facilities (100) (3,339) (736) Net proceeds from related parties 705 1,320 1,022 Cash paid to settle convertible notes (367) (903) — Proceeds from sale-leaseback financing arrangement — 3,219 — Taxes paid related to net share settlement of equity awards (45) (16) (8) Proceeds from issuance of common stock 3 2,718 — Cash flows provided by financing activities 1,379 12,011 310 Effect of foreign currency exchange rates on cash — 129 — Net increase (decrease) in cash, cash equivalents, and restricted cash (2,919) 3,390 31 Cash, cash equivalents, and restricted cash, beginning of period 3,434 44 13 Cash, cash equivalents, and restricted cash, end of period $ 515 $ 3,434 $ 44 RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS Cash and cash equivalents in current assets $ 199 $ 1,114 $ 44 Restricted cash in current assets — 1,895 — Restricted and escrow cash included in other assets, net 316 425 — Total cash, cash equivalents and restricted cash $ 515 $ 3,434 $ 44 See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. NOTES TO CONDENSED FINANCIAL INFORMATION 1. Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment, Inc. and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment, Inc. and its subsidiaries (the “Company”). This information should be read in conjunction with the Company’s consolidated financial statements included elsewhere in this filing. 2. Restricted net assets of subsidiaries Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held as of December 31, 2021 was approximately $4.4 billion. Such restrictions are on net assets of Caesars Entertainment, Inc. and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. 3. Commitments, contingencies, and long-term obligations For a discussion of the Company’s commitments, contingencies, and long-term obligations under its credit facilities, see Note 11 and Note 12 of the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. The William Hill Acquisition and rebranding of our interactive business (formerly, Caesars Interactive Entertainment “CIE” and now, inclusive of William Hill US, “Caesars Digital”) expanded our access to conduct sports wagering and iGaming operations. As a result, the Company has made a change to the composition of its reportable segments. The Las Vegas and Regional segments are substantially unchanged, while the former Managed, International and CIE reportable segment has been recast for all periods presented into two segments: Caesars Digital and Managed and Branded. As a result of the sale of Caesars Entertainment UK, including the interest in Emerald Resort & Casino (together, “Caesars UK Group”) and the announced sale of William Hill International, international operations of our non-managed properties are classified as discontinued operations. See Note 19 for a listing of properties included in each segment and the determination of our segments. The presentation of financial information herein for the periods after the Company’s acquisitions of Former Caesars on July 20, 2020, William Hill on April 22, 2021 and the acquisition of an additional interest in Horseshoe Baltimore on August 26, 2021 is not fully comparable to the periods prior to the respective acquisitions. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties is not fully comparable to the periods prior to their respective sale dates. See Note 3 for further discussion of the acquisitions and related transactions and Note 4 for properties recently sold or currently held for sale. Consolidation of Subsidiaries and Variable Interest Entities Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“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
Developments Related To COVID-19	Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and spread throughout much of the world, including the U.S. 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 COVID-19. During the year ended December 31, 2021, most of our properties experienced positive trends as restrictions on maximum capacities and amenities available were eased. Following temporary furloughs and salary reductions during 2020, the Company has emphasized a focus on labor efficiencies as operations resumed. As properties began to reopen during the year ended December 31, 2020, certain capacity restrictions, mask mandates, sanitation guidelines, and the federal COVID-19 vaccine and testing emergency temporary standard were adhered to as required by governmental or tribal orders, directives, and guidelines. The Company experienced positive operating trends in 2021, with a continued focus on operational efficiencies. Although the Company has experienced a decline in net income, Adjusted EBITDA and Adjusted EBITDA margins for the year ended December 31, 2021 exceeded pre-pandemic levels experienced in 2019 within our Las Vegas and Regional segments. However, certain revenue streams, such as convention and entertainment revenues, continued to be negatively impacted due to capacity restrictions in the first half of 2021. Future effects of COVID-19 from further outbreaks, including new variants, mask mandates or other restrictions are uncertain and could result in additional closures such as the temporary closure of Caesars Windsor from January 5, 2022 through January 31, 2022. Extensive closure periods impacting many of our properties would have a material adverse effect on future results of operations.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).
Restricted Cash and Investment	Restricted Cash and Investments Restricted cash includes certificates of deposit and cash restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business. Investments consist primarily of debt and equity securities, held by the Company’s captive insurance subsidiaries, which are regularly purchased with the intention to resell in the short term. Restricted investments included shares acquired in conjunction
Advertising	AdvertisingAdvertising costs are expensed in the period the advertising initially takes place.During the year ended December 31, 2021, the Company launched television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino and pari-mutuel commissions expense.
Reclassifications	Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. In June 2021, the Indiana Gaming Commission amended its order that previously required the Company to sell a third casino asset in the state. As a result, Horseshoe Hammond no longer meets the held for sale criteria. The assets and liabilities held for sale have been reclassified as held and used for all periods presented measured at the lower of the carrying amount, adjusted for depreciation and amortization that would have been recognized had the assets been continuously classified as held and used, and the fair value at the date of the amended ruling. Additionally, amounts previously presented in discontinued operations have been reclassified into continuing operations for all relevant periods presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements Implemented in 2021 Effective January 1, 2021, we adopted Accounting Standards Updates (“ASU”) 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General and ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging, which did not have a material effect on our Financial Statements. Pronouncements to Be Implemented in Future Periods In March 2020, the FASB issued ASU 2020-04 (amended through January 2021), 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 on a prospective basis. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The adoption of, and future elections under, ASU 2020-04 are not expected to have a material impact on our Financial Statements as the standard will ease, if warranted, the requirements for accounting for the future effects of the rate reform. 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. We have not yet adopted this new guidance as of December 31, 2021. LIBOR is expected to be discontinued by lending institutions after December 31, 2021 for new debt agreements and after June 30, 2023 no additional LIBOR rates will be available. We have variable rate debt instruments which are subject to LIBOR interest rates plus a margin or base rate. Our CRC Credit Facility contains alternative rates in the event that LIBOR is no longer available. The Baltimore Term Loan has been amended and we intend to work with our lenders to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Our interest rate swaps mature on December 31, 2022.
Property and Equipment	Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under ASC 805. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in operating income. Our property and equipment is subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 10 for further discussion of our leases. Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge may be recorded for any difference between fair value and the carrying value. All
Earnings per Share	Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

Acquisitions, Purchase Price _2

Acquisitions, Purchase Price Accounting and Pro forma Information (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Consideration Calculation	(In millions) Consideration Cash for outstanding William Hill common stock $ 3,909 Fair value of William Hill equity awards 30 Settlement of preexisting relationships (net of receivable/payable) 7 Settlement of preexisting relationships (net of previously held equity investment and off-market settlement) (34) Total purchase consideration $ 3,912 (In millions) Consideration Cash for additional ownership interest $ 55 Preexisting relationships (net of receivable/payable) 18 Preexisting relationships (net of previously held equity investment) 81 Total purchase consideration $ 154 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 (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 ____________________ (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of the Company’s Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of the Company’s Common Stock for the ten trading days ending on July 16, 2020).
Summary of Purchase Consideration to Identifiable 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 William Hill, with the excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Other current assets $ 164 Assets held for sale 4,337 Property and equipment, net 55 Goodwill 1,148 Intangible assets (a) 565 Other noncurrent assets 317 Total assets $ 6,586 Other current liabilities $ 242 Liabilities related to assets held for sale (b) 2,142 Deferred income taxes 245 Other noncurrent liabilities 35 Total liabilities 2,664 Noncontrolling interests 10 Net assets acquired $ 3,912 ____________________ (a) Intangible assets consist of gaming rights valued at $80 million, trademarks valued at $27 million, developed technology valued at $110 million, reacquired rights valued at $280 million and customer relationships valued at $68 million. (b) Includes debt of $1.1 billion related to William Hill International at the acquisition date. identifiable assets and liabilities of Horseshoe Baltimore, with any potential excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Current assets $ 60 Property and equipment, net 317 Goodwill 63 Intangible assets (a) 53 Other noncurrent assets 183 Total assets $ 676 Current liabilities $ 26 Long-term debt 272 Other long-term liabilities 182 Total liabilities 480 Noncontrolling interests 42 Net assets acquired $ 154 ____________________ (a) Intangible assets consist of gaming rights valued at $43 million and customer relationships valued at $10 million. (In millions) Fair Value Current and other assets $ 3,540 Property and equipment 13,096 Goodwill 9,064 Intangible assets (a) 3,394 Other noncurrent assets 710 Total assets $ 29,804 Current liabilities $ 1,771 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,400 Total liabilities 18,911 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $396 million, trade names valued at $2.1 billion, the Caesars Rewards programs valued at $523 million and customer relationships valued at $425 million.
Schedule of Unaudited Pro Forma Information	The unaudited pro forma financial information does not include the operations of William Hill International as such operations were expected to be divested upon the acquisition date. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,696 $ 3,834 Net loss (893) (1,991) Net loss attributable to Caesars (896) (1,989) Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,693 $ 3,764 Net loss (1,049) (1,784) Net loss attributable to Caesars (1,056) (1,778) Years Ended December 31, (In millions) 2020 2019 Net revenues $ 5,926 $ 10,534 Net loss (2,738) (1,069) Net loss attributable to Caesars (2,670) (1,065)
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: Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount attributable to other factors 2 Face value of financial assets $ 186

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
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 within continuing operations, accounted for at carrying value unless fair value is lower, were as follows as of December 31, 2021 and 2020: Baton Rouge (In millions) December 31, 2021 December 31, 2020 Assets: Cash $ 3 $ 2 Property and equipment, net 2 2 Other assets, net 1 1 Assets held for sale $ 6 $ 5 Liabilities: Current liabilities $ 3 $ 2 Other long-term liabilities 1 1 Liabilities related to assets held for sale $ 4 $ 3 The following information presents the net revenues and net loss of our held for sale property, with operations included in continuing operations, that has not been sold: Baton Rouge Years Ended December 31, (In millions) 2021 2020 Net revenues $ 17 $ 15 Net loss (2) (70) Year Ended December 31, 2021 (In millions) Evansville MontBleu Net revenues $ 58 $ 11 Net income 26 4 Year Ended December 31, 2020 (In millions) Kansas City Vicksburg Shreveport Evansville MontBleu Net revenues $ 18 $ 7 $ 68 $ 98 $ 31 Net income (loss) 3 (1) 12 (5) (42) Year Ended December 31, 2019 (In millions) Presque Nemacolin Mountaineer Cape Caruthersville Kansas City Vicksburg Net revenues $ 3 $ 5 $ 118 $ 54 $ 33 $ 63 $ 21 Net income (loss) — (1) 11 8 5 11 (1) The assets and liabilities held for sale were as follows as of December 31, 2020: December 31, 2020 (In millions) Evansville MontBleu Assets: Cash $ 7 $ 3 Property and equipment, net 302 37 Goodwill 9 — Gaming licenses and other intangibles, net 138 — Other assets, net 49 32 Assets held for sale $ 505 $ 72 Liabilities: Other liabilities $ 12 $ 8 Long-term lease obligation 24 63 Liabilities related to assets held for sale $ 36 $ 71 The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the year ended December 31, 2021: Year Ended December 31, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 48 $ 30 $ 155 $ 1,221 Net income (loss) 10 (30) 27 (18) The assets and liabilities held for sale as discontinued operations, accounted for at carrying value unless fair value was lower, were as follows as of December 31, 2020: December 31, 2020 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana Assets held for sale $ 25 $ 255 $ 589 Liabilities related to assets held for sale (a) 12 193 345 ____________________

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years Property and Equipment, Net December 31, (In millions) 2021 2020 Land $ 2,125 $ 2,187 Buildings, riverboats, and leasehold and land improvements 12,433 12,059 Furniture, fixtures, and equipment 1,650 1,419 Construction in progress 395 118 Total property and equipment 16,603 15,783 Less: accumulated depreciation (2,002) (1,048) Total property and equipment, net $ 14,601 $ 14,735 Depreciation Expense Years Ended December 31, (In millions) 2021 2020 2019 Depreciation expense $ 987 $ 527 $ 191

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2021
Other And Intangible Assets Net Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Changes in Carrying Value of Goodwill by Segment (In millions) Las Vegas Regional Caesars Digital Managed and Branded CEI Total Gross Goodwill: Balance as of January 1, 2020 $ — $ 922 $ — $ — $ 922 Transferred to assets held for sale — (18) — — (18) Acquired (a) 6,873 2,141 50 — 9,064 Balance as of December 31, 2020 6,873 3,045 50 — 9,968 Accumulated Impairment: Balance as of January 1, 2020 — (12) — — (12) Impairment — (100) — — (100) Transferred to assets held for sale — 8 — — 8 Balance as of December 31, 2020 — (104) — — (104) Net carrying value, as of December 31, 2020 $ 6,873 $ 2,941 $ 50 $ — $ 9,864 Gross Goodwill: Balance as of January 1, 2021 $ 6,873 $ 3,045 $ 50 $ — $ 9,968 Acquired (a) — 63 1,148 — 1,211 Other 16 (15) — — 1 Balance as of December 31, 2021 6,889 3,093 1,198 — 11,180 Accumulated Impairment: Balance as of January 1, 2021 — (104) — — (104) Balance as of December 31, 2021 — (104) — — (104) Net carrying value, as of December 31, 2021 (b) $ 6,889 $ 2,989 $ 1,198 $ — $ 11,076 ____________________ (a) See Note 3 for further detail. (b) $352 million of goodwill within our Regional segment is associated with reporting units with zero or negative carrying value. Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2021 2020 2021 2020 2021 2020 Balance as of January 1 $ 501 $ 53 $ 3,782 $ 1,058 $ 4,283 $ 1,111 Impairment — — (102) (22) (102) (22) Amortization expense (139) (56) — — (139) (56) Transferred to assets held for sale — (5) — (174) — (179) Acquired (a) 575 489 43 2,905 618 3,394 Acquisition of gaming rights and trademarks (b) 253 20 50 15 303 35 Other 19 — (62) — (43) — Balance as of December 31 $ 1,209 $ 501 $ 3,711 $ 3,782 $ 4,920 $ 4,283 ____________________ (a) See Note 3 for further detail. (b) Includes acquired royalty-free license of Planet Hollywood Trademark with an estimated useful life of 15 years and other gaming rights.
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 2021 December 31, 2020 (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 $ 587 $ (187) $ 400 $ 510 $ (92) $ 418 Gaming rights and others 20 - 34 years 174 (7) 167 84 (1) 83 Trademarks 15 years 322 (21) 301 — — — Reacquired rights 24 years 250 (7) 243 — — — Technology 6 years 110 (12) 98 — — — $ 1,443 $ (234) 1,209 $ 594 $ (93) 501 Non-amortizing intangible assets Trademarks 1,998 2,161 Gaming rights 1,190 1,098 Caesars Rewards 523 523 3,711 3,782 Total amortizing and non-amortizing intangible assets, net $ 4,920 $ 4,283
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated Five-Year Amortization Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Estimated annual amortization expense $ 184 $ 138 $ 123 $ 116 $ 116

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets 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 Balance Sheets at December 31, 2021 and 2020: (In millions) December 31, 2021 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 1 $ 1 $ — $ 2 Marketable securities 69 9 — 78 Derivative instruments - FX forward — 1 — 1 Total assets at fair value $ 70 $ 11 $ — $ 81 Liabilities: Derivative instruments - interest rate swaps $ — $ 28 $ — $ 28 Derivative instruments - FX forwards — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44 (In millions) December 31, 2020 Assets: Level 1 Level 2 Level 3 Total Restricted cash and investments $ 1 $ 3 $ 44 $ 48 Marketable securities 23 10 — 33 Derivative instruments - FX forward — 40 — 40 Total assets at fair value $ 24 $ 53 $ 44 $ 121 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 326 $ — $ 326 Derivative instruments - interest rate swaps — 90 — 90 Total liabilities at fair value $ — $ 416 $ — $ 416
Schedule of Change in Restricted Investments Valued Using Level 3 Inputs	Change in restricted investments using Level 3 inputs (In millions) Level 3 Investment Level 3 Other Liabilities Fair value of investment at December 31, 2019 $ 29 $ — Value of additional investment received 5 2 Released from restrictions (8) (4) Unrealized gain 18 2 Fair value of investment at December 31, 2020 44 — Change in fair value 7 — Acquisition of William Hill (51) — Fair value at December 31, 2021 $ — $ —
Schedule of Derivative Instruments	The major terms of the interest rate swap agreements as of December 31, 2021 were as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.274% 0.09038% 12/31/2022 1/1/2019 200 2.828% 0.09038% 12/31/2022 1/1/2019 200 2.828% 0.09038% 12/31/2022 1/1/2019 600 2.739% 0.09038% 12/31/2022
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in AOCI by component, net of tax, for the periods through December 31, 2021 and 2020 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2019 $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (5) 8 — 3 Amounts reclassified from accumulated other comprehensive income 31 — — 31 Total other comprehensive income, net of tax 26 8 — 34 Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (12) (44) (1) (57) Amounts reclassified from accumulated other comprehensive income 59 — — 59 Total other comprehensive income (loss), net of tax 47 (44) (1) 2 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36

Accrued Other Liabilities (Tabl

Accrued Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Other Liabilities	Accrued other liabilities consisted of the following: December 31, (In millions) 2021 2020 Contract and contract related liabilities (See Note 13) $ 614 $ 251 Accrued payroll and other related liabilities 377 180 Self-insurance claims and reserves (See Note 11) 221 223 Accrued taxes 183 172 Accrued marketing 159 16 Disputed claims liability 50 51 Operating lease liability 49 53 Exit cost accrual 12 28 Other accruals 308 289 Total accrued other liabilities $ 1,973 $ 1,263

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Leases Recorded on Balance Sheet	Leases recorded on the balance sheet consist of the following: (In millions) Classification on the Balance Sheet December 31, 2021 December 31, 2020 Assets: Operating lease ROU assets (a) Other assets, net $ 662 $ 457 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 49 53 Non-current operating lease liabilities (a) Other long-term liabilities 726 516 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.
Schedule of Other Information Related to Lease Terms and Discount Rates	Lease Terms and Discount Rate December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) 28.8 25.6 Weighted Average Discount Rate 8.1 % 8.4 %
Components of Lease Expense	Components of Lease Expense Years Ended December 31, (In millions) 2021 2020 Operating lease expense $ 128 $ 53 Short-term and variable lease expense 104 50 Total operating lease costs $ 232 $ 103
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2021 2020 Operating cash flows for operating leases $ 96 $ 49
Summary of Maturities of Lease Liabilities	Maturities of Lease Liabilities (In millions) Operating Leases 2022 $ 108 2023 104 2024 69 2025 65 2026 64 Thereafter 2,011 Total future minimum lease payments 2,421 Less: present value factor (1,646) Total lease liability $ 775
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 December 31, 2021 were as follows: (In millions) GLPI Leases VICI Leases 2022 $ 110 $ 1,066 2023 111 1,087 2024 112 1,107 2025 113 1,120 2026 115 1,136 Thereafter 4,604 42,808 Total future payments 5,165 48,324 Less: Amounts representing interest (4,172) (38,079) Plus: Residual values 240 893 Financing obligation $ 1,233 $ 11,138
Schedule of Cash Paid for Financing Obligation	Cash payments made relating to our long-term financing obligations during the years ended December 31, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2021 2020 2021 2020 Cash paid for principal $ — $ — $ 1 $ 49 Cash paid for interest 109 93 983 472 ____________________ (a) For the initial periods of the GLPI and VICI 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.
Schedule of Maturity of Lessor Lease Receivables	Maturities of Lease Receivables (In millions) Operating Leases 2022 $ 62 2023 58 2024 52 2025 46 2026 45 Thereafter 704 Total $ 967

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-term Debt	December 31, 2021 December 31, 2020 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility 2022 variable $ — $ — $ — CRC Revolving Credit Facility 2022 variable — — — Baltimore Term Loan 2024 variable 282 275 — CRC Term Loan 2024 variable 4,512 4,190 4,133 CEI Revolving Credit Facility 2025 variable — — — CRC Incremental Term Loan 2025 variable 1,778 1,705 1,707 CRC Senior Secured Notes 2025 5.75% 1,000 985 981 CEI Senior Secured Notes 2025 6.25% 3,400 3,346 3,333 Convention Center Mortgage Loan 2025 7.85% 400 399 397 Unsecured Debt 5% Convertible Notes 2024 5.00% — — 288 CRC Notes 2025 5.25% — — 1,499 CEI Senior Notes 2027 8.125% 1,700 1,673 1,768 Senior Notes 2029 4.625% 1,200 1,183 — Special Improvement District Bonds 2037 4.30% 49 49 51 Long-term notes and other payables 2 2 2 Total debt 14,323 13,807 14,159 Current portion of long-term debt (70) (70) (67) Deferred finance charges associated with the CEI Revolving Credit Facility — (15) (19) Long-term debt $ 14,253 $ 13,722 $ 14,073 Unamortized premiums, discounts and deferred finance charges $ 531 $ 883 Fair value $ 14,713
Schedule of Maturities of Principal Amount of Long-term Debt	Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Thereafter Total Annual maturities of long-term debt $ 70 $ 70 $ 4,714 $ 6,526 $ 3 $ 2,940 $ 14,323 Estimated interest payments 770 790 790 540 200 320 3,410 Total debt service obligation (a) $ 840 $ 860 $ 5,504 $ 7,066 $ 203 $ 3,260 $ 17,733 ____________________ (a) Debt principal payments are estimated amounts based on contractual maturity and repayment dates. Interest payments are estimated based on the forward-looking LIBOR curve, where applicable, and include the estimated impact of the four interest rate swap agreements related to our CRC Credit Facility (see Note 8). Actual payments may differ from these estimates.
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities	Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2021 (In millions) Proceeds Repayments Debt issuance and extinguishment costs Senior Notes $ 1,200 $ — $ 17 CRC Notes — 1,700 24 CEI Senior Notes — 100 13 CRC Term Loan — 47 — CRC Incremental Term Loan 108 126 2 Baltimore Term Loan — 2 — Special Improvement District Bonds — 2 — Total $ 1,308 $ 1,977 $ 56

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment	The Company’s 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 19 for additional information on the Company’s reportable segments. Year Ended December 31, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 1,226 $ 4,305 $ 296 $ — $ — $ 5,827 Food and beverage 702 438 — — — 1,140 Hotel 968 583 — — — 1,551 Other 513 211 41 278 9 1,052 Net revenues $ 3,409 $ 5,537 $ 337 $ 278 $ 9 $ 9,570 Year Ended December 31, 2020 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 319 $ 2,079 $ 84 $ — $ — $ 2,482 Food and beverage 130 211 — 1 — 342 Hotel 186 264 — — — 450 Other 116 106 11 106 15 354 Net revenues $ 751 $ 2,660 $ 95 $ 107 $ 15 $ 3,628 Year Ended December 31, 2019 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ — $ 1,782 $ 26 $ — $ — $ 1,808 Food and beverage — 301 — — — 301 Hotel — 300 — — — 300 Other — 111 — — 8 119 Net revenues $ — $ 2,494 $ 26 $ — $ 8 $ 2,528
Schedule of Accounts Receivable	Accounts Receivable, Net December 31, (In millions) 2021 2020 Casino and pari-mutuel commissions $ 168 $ 137 Food and beverage and hotel 100 25 Other 204 180 Accounts receivable, net $ 472 $ 342 Allowance for Doubtful Accounts (In millions) Contracts Other (a) Total Balance as of January 1, 2019 $ 2 $ 2 $ 4 Provision for doubtful accounts 1 — 1 Write-offs less recoveries 1 (1) — Balance as of December 31, 2019 4 1 5 Former Caesars consolidation 95 35 130 Provision for doubtful accounts 18 11 29 Write-offs less recoveries 3 (29) (26) Balance as of December 31, 2020 120 18 138 Provision for doubtful accounts 16 10 26 Write-offs less recoveries (26) (8) (34) Balance as of December 31, 2021 $ 110 $ 20 $ 130 ____________________ (a) “Other” includes allowance associated with lease receivables under ASC 842. See Note 10 for further details.
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 Deferred Revenue (In millions) 2021 2020 2021 2020 2021 2020 Balance at January 1 $ 34 $ 10 $ 94 $ 13 $ 310 $ 172 Balance at December 31 48 34 91 94 560 310 Increase (decrease) $ 14 $ 24 $ (3) $ 81 $ 250 $ 138

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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 required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (In millions, except per share amounts) 2021 2020 2019 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ (989) $ (1,737) $ 81 Discontinued operations, net of income taxes (30) (20) — Net income (loss) attributable to Caesars $ (1,019) $ (1,757) $ 81 Shares outstanding: Weighted average shares outstanding – basic 211 130 78 Effect of dilutive securities: Stock-based compensation awards — — 1 Weighted average shares outstanding – diluted 211 130 79 Basic income (loss) per share from continuing operations $ (4.69) $ (13.35) $ 1.04 Basic loss per share from discontinued operations (0.14) (0.15) — Net income (loss) per common share attributable to common stockholders – basic: $ (4.83) $ (13.50) $ 1.04 Diluted income (loss) per share from continuing operations $ (4.69) $ (13.35) $ 1.03 Diluted loss per share from discontinued operations (0.14) (0.15) — Net income (loss) per common share attributable to common stockholders – diluted: $ (4.83) $ (13.50) $ 1.03
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2021 2020 2019 Stock-based compensation awards 3 9 — 5% Convertible notes — 4 — Total anti-dilutive common stock 3 13 —

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of RSU Activity Including Performance Awards and Converted Isle Awards	A summary of the RSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2020 2,414,111 $ 42.55 Granted (b) 927,016 86.37 Vested (1,136,673) 33.49 Forfeited (113,847) 54.34 Unvested outstanding as of December 31, 2021 2,090,607 61.47 ____________________ (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 23,139 RSUs granted to non-employee members of the Board during the year ended December 31, 2021. A summary of the PSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2020 (b) 500,483 $ 48.32 Granted 81,006 112.28 Vested (161,556) 37.49 Forfeited (2,864) 73.21 Unvested outstanding as of December 31, 2021 417,069 62.20 ____________________ (a) Grant date fair value, for which compensation expense of these unvested awards is measured, has not been achieved. This represents the quoted market price of our common stock on the dated indicated. (b) PSUs were presented with RSUs as of December 31, 2020 in the 2020 Annual Report.
Share-based Payment Arrangement, Activity	A summary of the MSUs activity for the year ended December 31, 2021 is presented in the following table: Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2020 446,087 $ 49.37 Granted 147,471 102.98 Vested (208,866) 28.56 Forfeited (2,769) 84.12 Unvested outstanding as of December 31, 2021 381,923 77.09 ____________________ (a) Represents the grant date fair value determined using a Monte Carlo simulation model.
Schedule of Share-based Compensation, Stock Options Activity	Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 176,724 $ 22.57 1.71 $ 9 Exercised (114,884) 22.64 Forfeited (1,233) 26.65 Expired (16,702) 26.67 Outstanding as of December 31, 2021 43,905 20.69 1.05 3 Vested and expected to vest as of December 31, 2021 43,905 20.69 1.05 3 Exercisable as of December 31, 2021 42,610 20.84 1.05 3 Stock Option Exercises Years Ended December 31, (Dollars in millions) 2021 2020 2019 Option Exercises: Number of options exercised 114,884 70,608 — Cash received for options exercised $ 3 $ 1 $ — Aggregate intrinsic value of options exercised $ 9 $ 5 $ —

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Multiemployer Plans	Multi-employer Pension Plan Participation Pension Protection Act Zone Status (a) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2021 FIP/RP Status (b) 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (c) Southern Nevada Culinary and Bartenders Pension Plan (d)(e) 88-6016617/001 Green No $ 18 $ 5 No May 31, 2023 Legacy Plan of the UNITE HERE Retirement Fund (d)(f) 82-0994119/001 Red Yes 9 4 No Various up to May 31, 2023 Central Pension Fund of the IUOE & Participating Employers 36-6052390/001 Green No 6 — N/A March 31, 2021 Western Conference of Teamsters Pension Plan 91-6145047/001 Green No 5 — N/A Various up to August 31, 2024 Local 68 Engineers Union Pension Plan (d)(g) 51-0176618/001 Yellow Yes 1 — No April 30, 2022 Painters IUPAT 52-6073909/001 Yellow Yes 1 — No Various up to June 30, 2026 Other Funds 1 5 Total Contributions $ 41 $ 14 ____________________ (a) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (b) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (c) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (d) Prior to the Merger, Former Caesars provided more than 5% of the total contributions for the plan year ended December 31, 2019. (e) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2020 and as of the date the financial statements were issued, Forms 5500 were not available for the 2021 plan year. (f) The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund. (g) Plan years begin July 1.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 are presented below. Components of Income (Loss) Before Income Taxes Years Ended December 31, (In millions) 2021 2020 2019 United States $ (1,272) $ (1,608) $ 125 Outside of the U.S. 3 2 — $ (1,269) $ (1,606) $ 125 Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2021 2020 2019 United States Current Federal $ (1) $ (43) $ 31 State & Local (2) (24) 14 Deferred Federal (219) 208 5 State & Local (106) (11) (6) Outside of the U.S. Current 2 2 — Deferred 43 — — $ (283) $ 132 $ 44 Allocation of Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2021 2020 2019 Income tax provision (benefit) applicable to: Income from operations $ (283) $ 132 $ 44 Discontinued operations 19 (9) — Other comprehensive income 3 8 —
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2021, 2020 and 2019: Effective Income Tax Rate Reconciliation Years Ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes 4.2 % 5.4 % 5.5 % Stock compensation 0.5 % (0.1) % 1.8 % Goodwill impairment and dispositions — % (1.6) % 7.4 % Nondeductible transaction expenses — % (0.5) % — % Nondeductible convertible notes costs (3.3) % (1.0) % — % Decrease in uncertain tax positions 0.4 % 0.9 % — % Change in tax rates from change in tax law (1.2) % — % — % Deferred tax benefit of foreign subsidiaries held for sale — % 1.0 % — % Valuation allowance 2.6 % (33.9) % 1.8 % Deferred tax recognition on life insurance (1.3) % — % — % Tax credits 0.4 % 0.1 % (1.1) % Other (1.0) % 0.5 % (1.2) % Effective income tax rate 22.3 % (8.2) % 35.2 %
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2021 and 2020 are as follows: As of December 31, (In millions) 2021 2020 Deferred tax assets: Loss carryforwards $ 1,006 $ 1,071 Foreign investment - held for sale — 74 Excess business interest expense 180 61 Credit carryforwards 114 106 Financing obligation 2,517 2,557 Long-term lease obligation 161 187 Other 330 289 4,308 4,345 Deferred tax liabilities: Identified intangibles (1,111) (836) Other debt-related items (35) (108) Foreign investment - held for sale (139) — Fixed assets (2,212) (2,424) Right-of-use assets (131) (154) Other (103) (68) (3,731) (3,590) Valuation allowance (1,840) (1,921) Net deferred tax liabilities $ (1,263) $ (1,166) The net deferred tax liabilities above are presented in the Balance Sheets as follows: As of December 31, (In millions) 2021 2020 Deferred income taxes $ (1,111) $ (1,166) Assets held for sale 7 1 Liabilities related to assets held for sale (159) (1) Net deferred tax liabilities $ (1,263) $ (1,166)
Schedule of Unrecognized Tax Benefits Roll Forward	Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2021 2020 2019 Balance as of beginning of year $ 137 $ — $ — Acquisition of Caesars Entertainment Corporation — 152 — Acquisition of William Hill 32 — — Additions based on tax positions related to the current year 4 — — Additions for tax positions of prior years 5 1 — Reductions for tax positions for prior years (8) — — Settlements — (4) — Expiration of statutes (13) (12) — Balance as of end of year $ 157 $ 137 $ —

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021: Las Vegas Regional Managed and Branded Bally’s Las Vegas Belle of Baton Rouge Casino & Hotel (a) Horseshoe Bossier City Managed Caesars Palace Las Vegas Caesars Atlantic City Horseshoe Council Bluffs Harrah’s Ak-Chin The Cromwell Circus Circus Reno Horseshoe Hammond Harrah’s Cherokee Flamingo Las Vegas Eldorado Gaming Scioto Downs Horseshoe Tunica Harrah’s Cherokee Valley River Harrah’s Las Vegas Eldorado Resort Casino Reno Indiana Grand Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Isle Casino Bettendorf Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Isle of Capri Casino Boonville Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Council Bluffs Isle of Capri Casino Hotel Lake Charles (c) Branded Rio All-Suite Hotel & Casino Harrah’s Gulf Coast Isle of Capri Casino Lula Caesars Southern Indiana (d) Harrah’s Joliet Isle Casino Hotel - Blackhawk Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle Casino Racing Pompano Park Caesars Digital Harrah’s Laughlin Isle Casino Waterloo Harrah’s Louisiana Downs (a) Lady Luck Casino - Black Hawk Harrah’s Metropolis Lumière Place Casino Harrah’s New Orleans MontBleu Casino Resort & Spa (a) Harrah’s North Kansas City Silver Legacy Resort Casino Harrah’s Philadelphia Trop Casino Greenville Harveys Lake Tahoe Tropicana Atlantic City Harrah’s Hoosier Park Racing & Casino Tropicana Evansville (a) Horseshoe Baltimore (c) Tropicana Laughlin Hotel & Casino ___________________ (a) During the year ended December 31, 2021, these properties were sold or held for sale. See Note 4 for additional details. (b) On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore to 75.8% and began to consolidate the property in our Regional segment following the change in ownership. Management fees prior to the consolidation of Horseshoe Baltimore have been reflected in the Managed and Branded segment. (c) Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and will remain closed until the second half of 2022 when construction of a new land-based casino is expected to be complete. (d) The sale of Caesars Southern Indiana closed on September 3, 2021 and the Company entered into a license agreement with the Eastern Band of Cherokee Indians for the continued use of the Caesars brand and the Caesars Rewards loyalty program at Caesars Southern Indiana. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Years Ended December 31, (In millions) 2021 2020 2019 Las Vegas: Net revenues $ 3,409 $ 751 $ — Adjusted EBITDA 1,568 133 — Regional: Net revenues 5,537 2,660 2,494 Adjusted EBITDA 1,979 711 719 Caesars Digital: Net revenues 337 95 26 Adjusted EBITDA (476) 26 13 Managed and Branded: Net revenues 278 107 — Adjusted EBITDA 87 25 — Corporate and Other: Net revenues 9 15 8 Adjusted EBITDA (168) (101) (35) Years Ended December 31, (In millions) 2021 2020 2019 Adjusted EBITDA by Segment: Las Vegas $ 1,568 $ 133 $ — Regional 1,979 711 719 Caesars Digital (476) 26 13 Managed and Branded 87 25 — Corporate and Other (168) (101) (35) 2,990 794 697 Reconciliation to net income (loss) attributable to Caesars: Net (income) loss attributable to noncontrolling interests (3) 1 — Net loss from discontinued operations (30) (20) — Benefit (provision) for income taxes 283 (132) (44) Other income (loss) (a) (198) 176 9 Loss on extinguishment of debt (236) (197) (8) Interest expense, net (2,295) (1,202) (286) Depreciation and amortization (1,126) (583) (222) Impairment charges (102) (215) (1) Transaction costs and other operating costs (b) (144) (270) (37) Stock-based compensation expense (82) (79) (20) Other items (c) (76) (30) (7) Net income (loss) attributable to Caesars $ (1,019) $ (1,757) $ 81 ____________________ (a) Other income (loss) for the year ended December 31, 2021 primarily represents a loss on the change in fair value of investments held by the Company and a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. (b) Transaction costs and other operating costs for the year ended December 31, 2021 primarily represent costs related to the William Hill Acquisition and the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (c) Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, retention bonuses, and business optimization expenses.
Schedule of Capital Expenditures, Net for Reportable Segments	Capital Expenditures, Net - By Segment Years Ended December 31, (In millions) 2021 2020 2019 Las Vegas $ 85 $ 32 $ — Regional (a) 327 104 166 Caesars Digital 67 — — Managed and Branded — — — Corporate and Other 39 33 5 Total $ 518 $ 169 $ 171 ___________________ (a) Includes $2 million and $5 million of capital expenditures related to properties classified as discontinued operations for the years ended December 31, 2021 and 2020, respectively.
Schedule of Balance Sheet Information for Reportable Segments	Total Assets - By Segment December 31, (In millions) 2021 2020 Las Vegas $ 22,374 $ 21,464 Regional 14,419 13,732 Caesars Digital 1,878 323 Managed and Branded 3,527 225 Corporate and Other (4,167) 641 Total $ 38,031 $ 36,385

Consolidating Condensed Finan_2

Consolidating Condensed Financial Information (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Consolidating Condensed Balance Sheet	As of December 31, (In millions) 2021 2020 ASSETS Current assets $ 221 $ 3,038 Investment in and advances to unconsolidated affiliates 60 128 Investment in subsidiaries 10,311 6,798 Property and equipment, net 8 18 Other assets, net 333 513 Total assets $ 10,933 $ 10,495 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $ 228 $ 231 Long-term debt, less current portion 6,190 5,084 Deferred income taxes — 4 Other long-term liabilities 35 160 Total liabilities 6,453 5,479 Total stockholders’ equity 4,480 5,016 Total liabilities and stockholders’ equity $ 10,933 $ 10,495
Consolidating Condensed Statements of Operations	Years Ended December 31, (In millions) 2021 2020 2019 Net revenues $ 4 $ 7 $ 7 Expenses: Corporate expense 43 71 65 Management fee — (36) (22) Depreciation and amortization 6 6 5 Transaction costs and other operating costs 60 113 57 Total operating expenses 109 154 105 Operating loss (105) (147) (98) Other expense: Interest expense (395) (257) (141) Gain (loss) on interests in subsidiaries (437) (1,346) 210 Loss on extinguishment of debt (14) (132) (8) Other income (loss) (72) 197 9 Loss from operations before income taxes (1,023) (1,685) (28) Income tax benefit (provision) 4 (72) 109 Net income (loss) $ (1,019) $ (1,757) $ 81
Consolidating Condensed Statement of Cash Flows	Years Ended December 31, (In millions) 2021 2020 2019 Cash flows used in operating activities $ (448) $ (296) $ (64) Cash flows from investing activities Purchase of property and equipment, net (1) (8) (5) Former Caesars acquisition — (8,470) — William Hill Acquisition (3,938) — — Investments in unconsolidated affiliates — — (1) Proceeds from sale of businesses, property and equipment, net of cash sold — — (209) Proceeds from the sale of investments 89 24 — Cash flows used in investing activities (3,850) (8,454) (215) Cash flows from financing activities Proceeds from long-term debt and revolving credit facilities 1,200 9,365 33 Debt issuance and extinguishment costs (17) (353) (1) Repayments of long-term debt and revolving credit facilities (100) (3,339) (736) Net proceeds from related parties 705 1,320 1,022 Cash paid to settle convertible notes (367) (903) — Proceeds from sale-leaseback financing arrangement — 3,219 — Taxes paid related to net share settlement of equity awards (45) (16) (8) Proceeds from issuance of common stock 3 2,718 — Cash flows provided by financing activities 1,379 12,011 310 Effect of foreign currency exchange rates on cash — 129 — Net increase (decrease) in cash, cash equivalents, and restricted cash (2,919) 3,390 31 Cash, cash equivalents, and restricted cash, beginning of period 3,434 44 13 Cash, cash equivalents, and restricted cash, end of period $ 515 $ 3,434 $ 44 RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS Cash and cash equivalents in current assets $ 199 $ 1,114 $ 44 Restricted cash in current assets — 1,895 — Restricted and escrow cash included in other assets, net 316 425 — Total cash, cash equivalents and restricted cash $ 515 $ 3,434 $ 44

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional information (Details) £ in Millions	Aug. 26, 2021USD ($)	May 12, 2021GBP (£)	Apr. 22, 2021USD ($)	Apr. 22, 2021GBP (£)	Oct. 06, 2020GBP (£)	Dec. 31, 2021USD ($)statehotelu_eriEmployeemachinegameproperty	Sep. 08, 2021USD ($)	Sep. 08, 2021GBP (£)	Jun. 14, 2021GBP (£)	Dec. 31, 2020USD ($)
Organization and Basis of Presentation
Total number of properties | property						52
Number of states gaming facilities are located | state						16
Number of slot machines and video lottery terminals | machine						55,700
Number of table games | game						2,900
Number of room in hotel | hotel						47,700
Total liabilities | $						$ 33,490,000,000				$ 31,351,000,000
Sports Wagering
Organization and Basis of Presentation
Number of states gaming facilities are located | state						21
Mobile Sports Betting
Organization and Basis of Presentation
Number of states gaming facilities are located | u_eriEmployee						14
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states gaming facilities are located | state						5
VIEs
Organization and Basis of Presentation
Property and equipment, net | $										130,000,000
Total liabilities | $										$ 130,000,000
Gain on sale of joint venture | $						$ 0
Senior Secured 540-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Credit facility | £				£ 1,000
Senior Secured 60-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Credit facility | £				503
Senior Secured 540-Day Revolving Credit Facility | Line of Credit
Organization and Basis of Presentation
Credit facility | £				116
William Hill International
Organization and Basis of Presentation
Disposal group, consideration | £								£ 2,200
Working capital adjustments							$ 1,200,000,000	£ 835
William Hill
Organization and Basis of Presentation
Cash consideration paid			$ 3,900,000,000	£ 2,900
William Hill Acquisition | $			$ 3,912,000,000
William Hill | Sports Wagering
Organization and Basis of Presentation
Number of states gaming facilities are located | state						8
William Hill | Senior Secured 60-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Repayments of debt | £		£ 503
William Hill | Senior Secured Revolving Credit Facility | Line of Credit
Organization and Basis of Presentation
Credit facility | £									£ 116
William Hill | Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A
Organization and Basis of Presentation
William Hill Acquisition | £					£ 1,500
Asset Sale Bridge Facility | William Hill | Line of Credit
Organization and Basis of Presentation
Credit facility | £									£ 700
Horseshoe Baltimore
Organization and Basis of Presentation
Cash consideration paid | $	$ 55,000,000
William Hill Acquisition | $	$ 154,000,000
Percentage of outstanding shares owned	75.80%
Gain recognized on acquisition | $	$ 40,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Advertising costs	$ 518	$ 64	$ 29

Acquisitions, Purchase Price _3

Acquisitions, Purchase Price Accounting and Pro forma Information -Acquisition of William Hill- Additional Information (Details) $ in Millions, £ in Billions	Apr. 22, 2021GBP (£)	Apr. 22, 2021USD ($)	Dec. 31, 2021USD ($)statesportsbook	Dec. 31, 2021USD ($)statesportsbook	Dec. 31, 2021USD ($)statesportsbook	Dec. 31, 2020USD ($)	Sep. 08, 2021GBP (£)
Business Acquisition [Line Items]
Number of states gaming facilities are located | state			16	16	16
Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					15 years
William Hill International
Business Acquisition [Line Items]
Disposal group, consideration | £							£ 2.2
Sports Wagering
Business Acquisition [Line Items]
Number of states gaming facilities are located | state			21	21	21
Online Real Money Gaming Businesses
Business Acquisition [Line Items]
Number of states gaming facilities are located | state			5	5	5
William Hill
Business Acquisition [Line Items]
Cash consideration paid	£ 2.9	$ 3,900
Number of sportsbooks | sportsbook			37	37	37
Increase to other current assets			$ 4
Decrease to assets held for sale			38
Increase to goodwill			(46)
Other noncurrent assets		$ 317	10	$ 10	$ 10
Decrease to other current liabilities			7
Increase to liabilities related to assets held for sale			12
Increase to deferred income taxes			$ 17
Business acquisition, transaction costs					$ 68	$ 8
Revenue since transaction				183
Net income (loss)				$ (415)
William Hill | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					15 years
William Hill | Technology
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					6 years
William Hill | User Relationship
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					3 years
William Hill | Operating Agreements
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					20 years
William Hill | Rights Value
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					24 years
William Hill | Sports Wagering
Business Acquisition [Line Items]
Number of states gaming facilities are located | state			8	8	8

Acquisitions, Purchase Price _4

Acquisitions, Purchase Price Accounting and Pro forma Information - Schedule of Purchase Consideration Calculation (Details) $ / shares in Units, $ in Millions, £ in Billions	Aug. 26, 2021USD ($)	Apr. 22, 2021GBP (£)	Apr. 22, 2021USD ($)	Jul. 20, 2020USD ($)$ / shares
William Hill
Business Acquisition [Line Items]
Cash consideration paid		£ 2.9	$ 3,900
Fair value of William Hill equity awards			30
Total purchase consideration			3,912
William Hill | Common Stock
Business Acquisition [Line Items]
Cash consideration paid			3,909
William Hill | Net of Receivable or Payable
Business Acquisition [Line Items]
Settlement of preexisting relationships			7
William Hill | Off-Market Right
Business Acquisition [Line Items]
Settlement of preexisting relationships			$ (34)
Horseshoe Baltimore
Business Acquisition [Line Items]
Cash consideration paid	$ 55
Total purchase consideration	154
Horseshoe Baltimore | Net of Receivable or Payable
Business Acquisition [Line Items]
Settlement of preexisting relationships	18
Horseshoe Baltimore | Off-Market Right
Business Acquisition [Line Items]
Settlement of preexisting relationships	$ 81
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Cash consideration paid				$ 6,090
Shares issued to shareholders				2,381
Cash paid to retire business' long-term debt				2,356
Other consideration paid				48
Total purchase consideration				$ 10,875
Common stock conversion ratio				0.3085
Right to receive per share | $ / shares				$ 12.41

Acquisitions, Purchase Price _5

Acquisitions, Purchase Price Accounting and Pro forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 22, 2021	Dec. 31, 2020	Jul. 20, 2020
Assets
Goodwill	$ 11,076		$ 9,864
William Hill
Assets
Other current assets		$ 164
Assets held for sale		4,337
Property and equipment, net		55
Goodwill		1,148
Intangible assets		565
Other noncurrent assets	$ 10	317
Total assets		6,586
Liabilities
Current liabilities		242
Liabilities related to assets held for sale		2,142
Deferred income taxes		245
Noncurrent liabilities		35
Total liabilities		2,664
Noncontrolling interests		10
Net assets acquired		3,912
William Hill | William Hill International Debt
Liabilities
Liabilities related to assets held for sale		1,100
William Hill | Operating Agreements
Liabilities
Intangible asset		80
William Hill | Trade Names
Liabilities
Intangible asset		27
William Hill | Technology
Liabilities
Intangible asset		110
William Hill | Rights Value
Liabilities
Intangible asset		280
William Hill | User Relationship
Liabilities
Intangible asset		68
Horseshoe Baltimore
Assets
Current assets		60
Property and equipment, net		317
Goodwill		63
Intangible assets		53
Other noncurrent assets		183
Total assets		676
Liabilities
Current liabilities		26
Long-term debt		272
Other long-term liabilities		182
Total liabilities		480
Noncontrolling interests		42
Net assets acquired		154
Horseshoe Baltimore | Gaming rights and others
Liabilities
Intangible asset		43
Horseshoe Baltimore | Customer Relationships
Liabilities
Intangible asset		$ 10
Caesars Entertainment Corporation
Assets
Current and other assets				$ 3,540
Property and equipment, net				13,096
Goodwill				9,064
Intangible assets				3,394
Other noncurrent assets				710
Total assets				29,804
Liabilities
Current liabilities				1,771
Financing obligation				8,149
Long-term debt				6,591
Noncurrent liabilities				2,400
Total liabilities				18,911
Noncontrolling interests				18
Net assets acquired				10,875
Caesars Entertainment Corporation | Trade Names
Liabilities
Intangible asset				2,100
Caesars Entertainment Corporation | Gaming rights and others
Liabilities
Intangible asset				396
Caesars Entertainment Corporation | Customer Relationships
Liabilities
Intangible asset				425
Caesars Entertainment Corporation | Caesars Rewards
Liabilities
Intangible asset				$ 523

Acquisitions, Purchase Price _6

Acquisitions, Purchase Price Accounting and Pro forma Information - Unaudited Pro Forma Information - (Details) - USD ($) $ in Millions	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
William Hill
Business Acquisition [Line Items]
Net revenues		$ 9,696	$ 3,834
Net loss		(893)	(1,991)
Net loss attributable to Caesars		(896)	(1,989)
Horseshoe Baltimore
Business Acquisition [Line Items]
Net revenues		9,693	3,764
Net loss		(1,049)	(1,784)
Net loss attributable to Caesars		$ (1,056)	(1,778)
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Net revenues	$ 2,100		5,926	$ 10,534
Net loss	$ (1,200)		(2,738)	(1,069)
Net loss attributable to Caesars			$ (2,670)	$ (1,065)

Acquisitions, Purchase Price _7

Acquisitions, Purchase Price Accounting and Pro forma Information - Consolidation of Horseshoe Baltimore - Additional Information (Details) - Horseshoe Baltimore - USD ($) $ in Millions	Aug. 26, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Percentage of outstanding shares owned	75.80%
Cash consideration paid	$ 55
Percentage of ownership on outstanding shares	44.30%
Gain recognized on acquisition	$ 40
Increase to property and equipment		$ 102
Increase to goodwill		63
Decrease to intangible assets		188
Increase to other noncurrent assets		47
Increase in other long-term liabilities		$ 24
Incremental borrowing rate		7.60%	7.60%	7.60%
Revenue since transaction			$ 72
Net income (loss)			$ 4
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				7 years
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment, useful life				40 years

Acquisitions, Purchase Price _8

Acquisitions, Purchase Price Accounting and Pro forma Information - Merger with Caesars Entertainment Corporation-Additional Information (Details) - USD ($) $ in Millions	Jul. 20, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gaming rights and others
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			34 years
Maximum | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			7 years
Maximum | Gaming rights and others
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			34 years
Caesars Entertainment Corporation
Business Acquisition [Line Items]
William Hill Acquisition	$ 10,875
Business acquisition, transaction costs			$ 30	$ 160	$ 80
Net revenues		$ 2,100		5,926	10,534
Net income (loss)		$ 1,200		$ 2,738	$ 1,069

Acquisitions, Purchase Price _9

Acquisitions, Purchase Price Accounting and Pro forma Information - Financing Receivable, Allowance for Credit Loss (Details) - Caesars Entertainment Corporation $ in Millions	Jul. 20, 2020USD ($)
Business Acquisition [Line Items]
Purchase price of financial assets	$ 95
Allowance for credit losses at the acquisition date based on the acquirer’s assessment	89
Discount attributable to other factors	2
Face value of financial assets	$ 186

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale - Additional information (Details) £ in Millions, $ in Millions

Sep. 03, 2021USD ($)

Jul. 16, 2021USD ($)

Jun. 03, 2021USD ($)

Apr. 06, 2021USD ($)

Dec. 23, 2020USD ($)

Jul. 01, 2020USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2021GBP (£)

Sep. 08, 2021GBP (£)

Dec. 24, 2020USD ($)

Sep. 03, 2020USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment charges

$ 102

$ 215

$ 1

Assets held for sale ($0 and $130 attributable to our VIEs)

$ 3,771

1,583

Interest rate (as a percent)

4.30%

4.30%

Baton Rouge

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment charges

50

Presque

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

22

Mountaineer, Caruthersville and Cape Girardea

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

29

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

Evansville

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss from equity method investment

$ 12

Disposal group, consideration

$ 480

MontBleu

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment charges

45

Aggregate consideration subject to working capital adjustments

$ 15

Loss from equity method investment

$ 1

Harrah’s Louisiana Downs

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal group, consideration

$ 22

Caesars Southern Indiana

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

$ 12

Disposal group, consideration

$ 250

Reduction in annual lease payments for disposal of business

$ 33

Caesars UK Group

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment charges

$ 14

William Hill International

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal group, consideration | £

£ 2,200

Eastern Band of Cherokee Indians (“EBCI”)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Licensing agreement, term

10 years

Nemacolin

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

$ 1

Vicksburg and Kansas City to Twin River

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

$ 8

Shreveport

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale

$ 29

Aggregate consideration subject to working capital adjustments

$ 140

Disposal Group, Held-for-sale, Not Discontinued Operations | Baton Rouge

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

$ 6

5

Liabilities related to assets held for sale

4

3

Disposal Group, Held-for-sale, Not Discontinued Operations | Evansville

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

505

Liabilities related to assets held for sale

36

Disposal Group, Held-for-sale, Not Discontinued Operations | MontBleu

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

72

Liabilities related to assets held for sale

71

Disposal Group, Held-for-sale, Not Discontinued Operations | Harrah’s Louisiana Downs

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

25

Liabilities related to assets held for sale

12

Disposal Group, Held-for-sale, Not Discontinued Operations | Caesars Southern Indiana

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

589

Liabilities related to assets held for sale

345

Disposal Group, Held-for-sale, Not Discontinued Operations | Caesars UK Group

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

255

Liabilities related to assets held for sale

$ 193

Disposal Group, Held-for-sale, Not Discontinued Operations | William Hill International

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets held for sale ($0 and $130 attributable to our VIEs)

3,800

Liabilities related to assets held for sale

2,700

Long-term debt, gross

943

Disposal Group, Held-for-sale, Not Discontinued Operations | Asset Sale Bridge Facility

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Liabilities related to assets held for sale

$ 617

Maximum leverage ratio

10.50

10.50

Disposal Group, Held-for-sale, Not Discontinued Operations | Senior Notes

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt instrument, interest rate, effective percentage

101.00%

Debt instrument, repurchased face amount | £

£ 1

Disposal Group, Held-for-sale, Not Discontinued Operations | Senior Notes Due 2026 | Senior Notes

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt instrument, face amount | £

£ 350

Interest rate (as a percent)

4.75%

4.75%

Disposal Group, Held-for-sale, Not Discontinued Operations | Senior Notes Due 2023 | Senior Notes

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt instrument, face amount | £

£ 350

Interest rate (as a percent)

4.875%

4.875%

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Assets held for sale	$ 3,771	$ 1,583
Liabilities:
Current liabilities	2,680	787
Baton Rouge | Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Cash	3	2
Property and equipment, net	2	2
Other assets, net	1	1
Assets held for sale	6	5
Liabilities:
Current liabilities	3	2
Other long-term liabilities	1	1
Liabilities related to assets held for sale	$ 4	3
Evansville | Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Cash		7
Property and equipment, net		302
Other assets, net		49
Goodwill		9
Gaming licenses and other intangibles, net		138
Assets held for sale		505
Liabilities:
Current liabilities		12
Long-term lease obligation		24
Liabilities related to assets held for sale		36
MontBleu | Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Cash		3
Property and equipment, net		37
Other assets, net		32
Goodwill		0
Gaming licenses and other intangibles, net		0
Assets held for sale		72
Liabilities:
Current liabilities		8
Long-term lease obligation		63
Liabilities related to assets held for sale		$ 71

Assets and Liabilities Held f_5

Assets and Liabilities Held for Sale - Schedule of Information of Net Operating Revenues and Net Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 3,771	$ 1,583
Baton Rouge | 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	17	15
Net income (loss)	(2)	(70)
Assets held for sale	6	5
Liabilities related to assets held for sale	4	3
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	58	98
Net income (loss)	26	(5)
Assets held for sale		505
Liabilities related to assets held for sale		36
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	31
Net income (loss)	4	(42)
Assets held for sale		72
Liabilities related to assets held for sale		71
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		18	$ 63
Net income (loss)		3	11
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		7	21
Net income (loss)		(1)	(1)
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		68
Net income (loss)		12
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			3
Net income (loss)			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			5
Net income (loss)			(1)
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			118
Net income (loss)			11
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			54
Net income (loss)			8
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			33
Net income (loss)			$ 5
Harrah’s Louisiana Downs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred finance obligation	5
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	48
Net income (loss)	10
Assets held for sale		25
Liabilities related to assets held for sale		12
Caesars UK Group | 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	30
Net income (loss)	(30)
Assets held for sale		255
Liabilities related to assets held for sale		193
Caesars Southern Indiana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred finance obligation	331
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	155
Net income (loss)	27
Assets held for sale		589
Liabilities related to assets held for sale		$ 345
William Hill International | 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	1,221
Net income (loss)	(18)
Assets held for sale	3,800
Liabilities related to assets held for sale	$ 2,700

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) shares in Millions, $ in Millions	Sep. 16, 2021USD ($)	Feb. 12, 2021USD ($)a	Jan. 29, 2019	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)ashares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)ashares
Investment in Unconsolidated Affiliates
Land contributed to joint venture					$ 61	$ 0	$ 0
Payments to acquire equity method investments					$ 39	$ 1	$ 1
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake					50.00%			50.00%
Land contributed to joint venture		$ 61
Payments to acquire equity method investments								$ 4
Number of acres contributed | a		186
Number of acres contributed to date | a					206			206
Fair value of land contributed to date					$ 69			$ 69
William Hill
Investment in Unconsolidated Affiliates
Agreement period			25 years
Neo Games
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities	$ 136
Percentage of equity stake	24.50%				8.40%			8.40%
Equity stake value in ordinary shares (in shares) | shares					2			2
Equity securities fair value					$ 60			$ 60
Loss related to investment					$ 54
Cordish Companies
Investment in Unconsolidated Affiliates
Land contributed to joint venture				$ 3

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 16,603	$ 15,783
Less: accumulated depreciation	(2,002)	(1,048)
Total property and equipment, net	14,601	14,735
Depreciation expense	$ 987	527	$ 191
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	12 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,650	1,419
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Riverboats
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,125	2,187
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,433	12,059
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 395	$ 118

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Impairment charge of assets being held and used	$ 4	$ 1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment	$ 102	$ 22
Acquisition of gaming rights and trademarks		100
Amortization expense	1,126	583	$ 222
Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquisition of gaming rights and trademarks		100
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment	102
Trade Names | Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment		16
Trade Names and Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expense	$ 139	$ 56	$ 30

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Changes to Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 9,968	$ 922
Transferred to assets held for sale		(18)
Acquired	1,211	9,064
Other	1
Goodwill, gross, ending balance	11,180	9,968
Accumulated Impairment:
Accumulated Impairment, beginning balance	(104)	(12)
Impairment		(100)
Transferred to assets held for sale		8
Accumulated Impairment, ending balance	(104)	(104)
Goodwill, net carrying value, ending value	11,076	9,864
Las Vegas
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	6,873	0
Transferred to assets held for sale		0
Acquired	0	6,873
Other	16
Goodwill, gross, ending balance	6,889	6,873
Accumulated Impairment:
Accumulated Impairment, beginning balance	0	0
Impairment		0
Transferred to assets held for sale		0
Accumulated Impairment, ending balance	0	0
Goodwill, net carrying value, ending value	6,889	6,873
Regional
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	3,045	922
Transferred to assets held for sale		(18)
Acquired	63	2,141
Other	(15)
Goodwill, gross, ending balance	3,093	3,045
Accumulated Impairment:
Accumulated Impairment, beginning balance	(104)	(12)
Impairment		(100)
Transferred to assets held for sale		8
Accumulated Impairment, ending balance	(104)	(104)
Goodwill, net carrying value, ending value	2,989	2,941
Zero or negative carrying amount of goodwill	352
Caesars Digital
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	50	0
Transferred to assets held for sale		0
Acquired	1,148	50
Other	0
Goodwill, gross, ending balance	1,198	50
Accumulated Impairment:
Accumulated Impairment, beginning balance	0	0
Impairment		0
Transferred to assets held for sale		0
Accumulated Impairment, ending balance	0	0
Goodwill, net carrying value, ending value	1,198	50
Managed and Branded
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0	0
Transferred to assets held for sale		0
Acquired	0	0
Other	0
Goodwill, gross, ending balance	0	0
Accumulated Impairment:
Accumulated Impairment, beginning balance	0	0
Impairment		0
Transferred to assets held for sale		0
Accumulated Impairment, ending balance	0	0
Goodwill, net carrying value, ending value	$ 0	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortizing
Finite-lived intangible assets, net, beginning balance	$ 501	$ 53
Impairment	0	0
Amortization expense	(139)	(56)
Transferred to assets held for sale	0	(5)
Acquired	575	489
Acquisition of gaming rights and trademarks	253	20
Other	19	0
Finite-lived intangible assets, net, ending balance	1,209	501
Non-Amortizing
Indefinite-lived intangible assets (excluding goodwill), beginning balance	3,782	1,058
Impairment	(102)	(22)
Transferred to assets held for sale	0	(174)
Acquired	43	2,905
Acquisition of gaming rights and trademarks	50	15
Other	(62)	0
Indefinite-lived intangible assets (excluding goodwill), ending balance	3,711	3,782
Intangible assets other than goodwill, beginning balance	4,283	1,111
Impairment	(102)	(22)
Transferred to assets held for sale	0	(179)
Acquired	618	3,394
Acquisition of gaming rights and trademarks	303	35
Other	(43)	0
Intangible assets other than goodwill, ending balance	4,920	4,283
Trademarks
Amortizing
Finite-lived intangible assets, net, beginning balance	0
Finite-lived intangible assets, net, ending balance	$ 301	$ 0
Non-Amortizing
Finite-lived intangible asset, useful life	15 years

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-intangible assets, excluding goodwill- gross	$ 1,443	$ 594
Finite-lived intangible assets, accumulated amortization	(234)	(93)
Finite-lived intangible assets, net carrying amount	1,209	501	$ 53
Indefinite-lived intangible assets (excluding goodwill)	3,711	3,782	1,058
Total gaming licenses and other intangible assets, net	4,920	4,283	$ 1,111
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	1,998	2,161
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	1,190	1,098
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-intangible assets, excluding goodwill- gross	587	510
Finite-lived intangible assets, accumulated amortization	(187)	(92)
Finite-lived intangible assets, net carrying amount	$ 400	418
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	7 years
Gaming rights and others
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	34 years
Finite-intangible assets, excluding goodwill- gross	$ 174	84
Finite-lived intangible assets, accumulated amortization	(7)	(1)
Finite-lived intangible assets, net carrying amount	$ 167	83
Gaming rights and others | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	20 years
Gaming rights and others | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	15 years
Finite-intangible assets, excluding goodwill- gross	$ 322	0
Finite-lived intangible assets, accumulated amortization	(21)	0
Finite-lived intangible assets, net carrying amount	$ 301	0
Reacquired Rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	24 years
Finite-intangible assets, excluding goodwill- gross	$ 250	0
Finite-lived intangible assets, accumulated amortization	(7)	0
Finite-lived intangible assets, net carrying amount	$ 243	0
Technology-Based Intangible Assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	6 years
Finite-intangible assets, excluding goodwill- gross	$ 110	0
Finite-lived intangible assets, accumulated amortization	(12)	0
Finite-lived intangible assets, net carrying amount	$ 98	$ 0

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Customer relationships $ in Millions	Dec. 31, 2021USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
2022	$ 184
2023	138
2024	123
2025	116
2026	$ 116

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Oct. 06, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	4.30%
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%
Fair Value Recurring Basis
Assets:
Restricted cash and investments	$ 2	$ 48
Marketable securities	78	33
Total assets at fair value	81	121
Liabilities:
Total liabilities at fair value	44	416
Fair Value Recurring Basis | Interest Rate Swap
Liabilities:
Derivative Liability	28
Derivative instruments		90
Fair Value Recurring Basis | Foreign Exchange Contract
Assets:
Derivative instruments - FX forward	1	40
Liabilities:
Derivative Liability	16
Fair Value Recurring Basis | 5% Convertible notes
Liabilities:
Derivative instruments		326
Fair Value Recurring Basis | Level 1
Assets:
Restricted cash and investments	1	1
Marketable securities	69	23
Total assets at fair value	70	24
Liabilities:
Total liabilities at fair value	0	0
Fair Value Recurring Basis | Level 1 | Interest Rate Swap
Liabilities:
Derivative Liability	0
Derivative instruments		0
Fair Value Recurring Basis | Level 1 | Foreign Exchange Contract
Assets:
Derivative instruments - FX forward	0	0
Liabilities:
Derivative Liability	0
Fair Value Recurring Basis | Level 1 | 5% Convertible notes
Liabilities:
Derivative instruments		0
Fair Value Recurring Basis | Level 2
Assets:
Restricted cash and investments	1	3
Marketable securities	9	10
Total assets at fair value	11	53
Liabilities:
Total liabilities at fair value	44	416
Fair Value Recurring Basis | Level 2 | Interest Rate Swap
Liabilities:
Derivative Liability	28
Derivative instruments		90
Fair Value Recurring Basis | Level 2 | Foreign Exchange Contract
Assets:
Derivative instruments - FX forward	1	40
Liabilities:
Derivative Liability	16
Fair Value Recurring Basis | Level 2 | 5% Convertible notes
Liabilities:
Derivative instruments		326
Fair Value Recurring Basis | Level 3
Assets:
Restricted cash and investments	0	44
Marketable securities	0	0
Total assets at fair value	0	44
Liabilities:
Total liabilities at fair value	0	0
Fair Value Recurring Basis | Level 3 | Interest Rate Swap
Liabilities:
Derivative Liability	0
Derivative instruments		0
Fair Value Recurring Basis | Level 3 | Foreign Exchange Contract
Assets:
Derivative instruments - FX forward	0	0
Liabilities:
Derivative Liability	$ 0
Fair Value Recurring Basis | Level 3 | 5% Convertible notes
Liabilities:
Derivative instruments		$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) - Level 3 - Fair Value Recurring Basis - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities
Fair Value, Liabilities
Fair value of investment and liabilities, beginning balance	$ 0	$ 0
Value of additional investment received		2
Released from restrictions	0	(4)
Unrealized gain		2
Change in fair value	0
Fair value of investment and liabilities, ending balance	0	0
Restricted Investments
Fair Value, Assets
Fair value of investment and liabilities, beginning balance	44	29
Value of additional investment received		5
Released from restrictions	51	(8)
Unrealized gain		18
Change in fair value	7
Fair value of investment and liabilities, ending balance	$ 0	$ 44

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) £ in Millions	Jul. 07, 2021USD ($)	Dec. 31, 2021GBP (£)	Dec. 31, 2021USD ($)interestRateSwapAgreement	Dec. 31, 2020USD ($)	Jun. 11, 2021GBP (£)	Oct. 06, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)			4.30%
Gain on amounts transferred into AOCI before tax			$ 62,000,000	$ 34,000,000
Gain (loss) to be reclassified within twelve months			28,000,000
Interest Expense, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income			59,000,000	31,000,000
Foreign Exchange Contract | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount | £					£ 724
Unrealized gain from change in fair value			38,000,000
Proceeds from derivative settlement | £		£ 790
Unrealized gain (loss) on derivatives			15,000,000
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 1,300,000,000
Number of interest rate derivatives held | interestRateSwapAgreement			4
Other Long Term Liabilities | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability			$ 28,000,000	$ 90,000,000
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%
Debt instrument, face amount						$ 1,100,000,000
Flutter Entertainment PLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of equity securities	$ 9,000,000			$ 24,000,000
Realized gain on equity securities				14,000,000
Fair value, total				$ 10,000,000
Realized loss on equity securities			$ 1,000,000

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Derivative Instruments (Details) - Interest Rate Swap	Dec. 31, 2021USD ($)
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 250,000,000
Fixed Rate Paid	2.274%
Variable rate received	0.09038%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 200,000,000
Fixed Rate Paid	2.828%
Variable rate received	0.09038%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 200,000,000
Fixed Rate Paid	2.828%
Variable rate received	0.09038%
Interest Rate Swap, Effective Jan 1 2019, Maturing Dec 31 2022 Period 4
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 600,000,000
Fixed Rate Paid	2.739%
Variable rate received	0.09038%

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,034	$ 1,117
Total other comprehensive income (loss), net of tax	1	35
Ending balance	4,541	5,034
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	26	0
Other comprehensive income (loss) before reclassifications	(12)	(5)
Amounts reclassified from accumulated other comprehensive income	59	31
Total other comprehensive income (loss), net of tax	47	26
Ending balance	73	26
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	8	0
Other comprehensive income (loss) before reclassifications	(44)	8
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss), net of tax	(44)	8
Ending balance	(36)	8
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0
Other comprehensive income (loss) before reclassifications	(1)	0
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss), net of tax	(1)	0
Ending balance	(1)	0
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	34	0
Other comprehensive income (loss) before reclassifications	(57)	3
Amounts reclassified from accumulated other comprehensive income	59	31
Total other comprehensive income (loss), net of tax	2	34
Ending balance	$ 36	$ 34

Accrued Other Liabilities - Sch

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Contract and contract related liabilities (See Note 13)	$ 614	$ 251
Accrued payroll and other related liabilities	377	180
Self-insurance claims and reserves (See Note 11)	221	223
Accrued taxes	183	172
Accrued marketing	159	16
Disputed claims liability	50	51
Operating lease liability	49	53
Exit cost accrual	12	28
Other accruals	308	289
Accrued other liabilities	$ 1,973	$ 1,263

Leases - Operating and Finance

Leases - Operating and Finance Leases Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 13	$ 38
Remaining lease term, finance leases	37 years
Finance lease, right-of-use asset	$ 40	64
Finance lease liabilities	$ 43	$ 64
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term financing obligation, Accrued other liabilities	Long-term financing obligation, Accrued other liabilities
Minimum
Lessee, Lease, Description [Line Items]
Options to extend lease term	1 month
Remaining lease term, operating leases	1 year
Maximum
Lessee, Lease, Description [Line Items]
Options to extend lease term	75 years
Remaining lease term, operating leases	75 years

Leases - Schedule of Leases Rec

Leases - Schedule of Leases Recorded on Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Operating lease ROU assets	$ 662	$ 457
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Liabilities:
Current operating lease liabilities	$ 49	$ 53
Non-current operating lease liabilities	$ 726	$ 516
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued other liabilities	Accrued other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	28 years 9 months 18 days	25 years 7 months 6 days
Weighted Average Discount Rate	8.10%	8.40%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease expense:
Total operating lease costs	$ 232	$ 103
Operating Expenses
Operating lease expense:
Operating lease expense	128	53
Short-term and variable lease expense	$ 104	$ 50

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 96	$ 49

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Leases
2022	$ 108
2023	104
2024	69
2025	65
2026	64
Thereafter	2,011
Total future minimum lease payments	2,421
Less: present value factor	(1,646)
Total lease liability	$ 775

Leases - Financing Obligation (

Leases - Financing Obligation (Details) $ in Millions	Sep. 03, 2021USD ($)	Jul. 20, 2020USD ($)	Dec. 31, 2021USD ($)yrterm	Dec. 24, 2020USD ($)
Lessee, Lease, Description [Line Items]
Lessee, finance lease, discount rate			11.01%
Caesars Southern Indiana
Lessee, Lease, Description [Line Items]
Disposal group, consideration				$ 250
Reduction in annual lease payments for disposal of business	$ 33
VICI Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract			15 years
Lessee, finance lease, number of renewal options | term			4
Finance lease, renewal term			5 years
Contractual rent amount			$ 1,100
Annual escalation provision, floor percentage			2.00%
Annual escalation provision, starting year | yr			2
Variable element starting year | yr			8
VICI Golf Course Use Agreement | Golf Course
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract		15 years
Finance lease, renewal term		35 years
Annual escalation provision, floor percentage			2.00%
Lessee, annual base rent		$ 11
Lessee, annual use fee of property, plant and equipment		$ 3

Leases - GLPI Leases (Details)

Leases - GLPI Leases (Details) $ in Millions	Jul. 20, 2020	Dec. 31, 2021USD ($)yrterm
Lessee, Lease, Description [Line Items]
Lease term		35 years
Imputed discount rate		9.75%
Escalation provision, percent		1.02
Lessee, operating lease, lease year		2
Lessee, leasing arrangements, percentage of EBITDAR to rent ratio floor	120.00%
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year		2
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year		5
Master Lease Arrangement
Lessee, Lease, Description [Line Items]
Operating lease, term of contract		20 years
Number of renewal terms | term		4
Finance lease, renewal term		5 years
Lumiere Lease Arrangement
Lessee, Lease, Description [Line Items]
Number of renewal terms | term		4
Finance lease, renewal term		5 years
Escalation provision, percent		1.0125
GLPI
Lessee, Lease, Description [Line Items]
Escalation provision, percent		1.0175
Lumiere Lease
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $		$ 23
Escalation provision, percent		1.0175
Lumiere Lease | Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year		6
Lumiere Lease | Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year		7
Land | GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $		$ 24
Building | GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $		$ 63
Escalation provision, percent		1.0125
Building | GLPI | Gaming And Leisure Properties Master Lease, Five Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year		5
Building | GLPI | Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year		6
Building | GLPI | Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year		7
Building | GLPI | Gaming And Leisure Properties Master Lease, Eight Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year		8

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Financing Obligation (Details) $ in Millions	Dec. 31, 2021USD ($)
GLPI Leases
Lessee, Lease, Description [Line Items]
2022	$ 110
2023	111
2024	112
2025	113
2026	115
Thereafter	4,604
Total future payments	5,165
Less: Amounts representing interest	(4,172)
Plus: Residual values	240
Financing obligation	1,233
VICI Leases
Lessee, Lease, Description [Line Items]
2022	1,066
2023	1,087
2024	1,107
2025	1,120
2026	1,136
Thereafter	42,808
Total future payments	48,324
Less: Amounts representing interest	(38,079)
Plus: Residual values	893
Financing obligation	$ 11,138

Leases - Schedule of Cash Paid

Leases - Schedule of Cash Paid for Financing Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GLPI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	$ 0	$ 0
Cash paid for interest	109	93
VICI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	1	49
Cash paid for interest	$ 983	$ 472

Leases - Lessor Arrangements (D

Leases - Lessor Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Net revenues	$ 9,570,000	$ 3,628,000	$ 2,528,000
Lessor option to extend	five years
Variable lease income	$ 45,000	13,000
Minimum
Lessor, Lease, Description [Line Items]
Lessor term of contract	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessor term of contract	84 years
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	$ 1,551,000	450,000	300,000
Other
Lessor, Lease, Description [Line Items]
Net revenues	1,052,000	354,000	$ 119,000
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	7,000	3,000
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 149,000	$ 41,000

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lessor Lease Receivables (Details) $ in Millions	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 62
2023	58
2024	52
2025	46
2026	45
Thereafter	704
Total	$ 967

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2020
Loss Contingencies [Line Items]
Self insurance reserve	$ 221	$ 223
Insurance proceeds	44
Gain of insured event	21
Atlantic City
Loss Contingencies [Line Items]
Funded in escrow	$ 400
Capital expenditure term (in years)	3 years
Restricted cash balance in escrow	$ 297
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Capital investment			$ 325
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	997
Insurance Carriers
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 2,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 24, 2021	Dec. 31, 2020	Sep. 18, 2020	Jul. 20, 2020	Jul. 06, 2020	Oct. 16, 2017
Long-term debt
Interest rate (as a percent)	4.30%
Total debt	$ 14,323
Current portion of long-term debt	(70)		$ (67)
Long-term debt	13,722		14,073
Estimate of Fair Value Measurement
Long-term debt
Special Improvement District Bonds	49
Long-term notes and other payables	2
Total debt	14,323
Current portion of long-term debt	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	14,253
Fair value	14,713
Reported Value Measurement
Long-term debt
Special Improvement District Bonds	49		51
Long-term notes and other payables	2		2
Total debt	13,807		14,159
Current portion of long-term debt	(70)		(67)
Deferred finance charges associated with the CEI Revolving Credit Facility	(15)		(19)
Long-term debt	13,722		14,073
Unamortized premiums, discounts, and deferred finance charges	531		883
Baltimore Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	0
Baltimore Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	0		0
CRC Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	0
CRC Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	0		0
Baltimore Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	282
Baltimore Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	275		0
CRC Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	4,512
CRC Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	4,190		4,133
CEI Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term line of credit	0
CEI Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term line of credit	0		0
CRC Incremental Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	1,778				$ 1,800
CRC Incremental Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,705		1,707
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	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	$ 985		981
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	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	$ 3,346		3,333
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)	7.85%
Convention Center Mortgage Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross				$ 400
Convention Center Mortgage Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 399		397
5% Convertible notes
Long-term debt
Interest rate (as a percent)	5.00%
5% Convertible notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 0
5% Convertible notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 0		288
5% Convertible notes | Senior Notes
Long-term debt
Interest rate (as a percent)	5.00%
CRC Notes
Long-term debt
Interest rate (as a percent)	5.25%
CRC Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 0
CRC Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 0		1,499
CRC Notes | Senior Notes
Long-term debt
Long-term debt, gross							$ 1,700
CEI Senior Secured Notes
Long-term debt
Interest rate (as a percent)	8.125%
CEI Senior Secured Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,700
CEI Senior Secured Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,673		1,768
CEI Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross						$ 1,800
Senior Notes
Long-term debt
Interest rate (as a percent)	4.625%
Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,200
Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,183		$ 0
Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 1,200

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) $ in Millions	Dec. 31, 2021USD ($)interestRateSwapAgreement
Long-term debt
Annual maturities of long-term debt, 2022	$ 70
Annual maturities of long-term debt, 2023	70
Annual maturities of long-term debt, 2024	4,714
Annual maturities of long-term debt, 2025	6,526
Annual maturities of long-term debt, 2026	3
Annual maturities of long-term debt, thereafter	2,940
Total debt	14,323
Estimated interest payments, 2022	770
Estimated interest payments, 2023	790
Estimated interest payments, 2024	790
Estimated interest payments, 2025	540
Estimated interest payments, 2026	200
Estimated interest payments, thereafter	320
Estimated interest payments, total	3,410
Total debt service obligation, 2022	840
Total debt service obligation, 2023	860
Total debt service obligation, 2024	5,504
Total debt service obligation, 2025	7,066
Total debt service obligation, 2026	203
Total debt service obligation, thereafter	3,260
Total debt service obligation	$ 17,733
CRC Credit Agreement
Long-term debt
Number of interest rate derivatives held | interestRateSwapAgreement	4

Long-Term Debt -Baltimore Term

Long-Term Debt -Baltimore Term Loan and Baltimore Revolving Credit Facility (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Baltimore Term Loan | Secured Debt | LIBOR
Long-term debt
Spread on variable rate (as a percent)	4.00%
Baltimore Revolving Credit Facility | Revolving Credit Facility
Long-term debt
Line of credit facility, remaining borrowing capacity	$ 10
Baltimore Revolving Credit Facility | Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)	6.00%
Horseshoe Baltimore | Baltimore Revolving Credit Facility | Revolving Credit Facility
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility	$ 10

Long-Term Debt -CRC Term Loans

Long-Term Debt -CRC Term Loans and CRC Revolving Credit Facility (Details) - USD ($)	Sep. 21, 2021	Dec. 22, 2017	Dec. 31, 2021	Nov. 10, 2021	Jul. 20, 2020
Long-term debt
Interest rate (as a percent)			4.30%
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 Term Loan | Line of Credit
Long-term debt
Debt instrument, term		7 years
Debt instrument, face amount		$ 4,700,000,000
CRC Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross			$ 4,512,000,000
CRC Incremental Term Loan | Base rate
Long-term debt
Spread on variable rate (as a percent)	3.50%	3.50%
CRC Incremental Term Loan | LIBOR
Long-term debt
Spread on variable rate (as a percent)	2.50%	4.50%
CRC Incremental Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross			1,778,000,000		$ 1,800,000,000
CRC Credit Agreement | Base rate
Long-term debt
Spread on variable rate (as a percent)		0.00%
CRC Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)		0.50%
CRC Credit Agreement | LIBOR
Long-term debt
Spread on variable rate (as a percent)		1.00%
CRC Revolving Credit Facility
Long-term debt
Credit facility			$ 956,000,000
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		$ 1,000,000,000
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%
Letter of Credit
Long-term debt
Interest rate (as a percent)		0.125%
Letter of Credit | Caesars Resort Collection
Long-term debt
Credit facility		$ 400,000,000
Letter of Credit | Line of Credit
Long-term debt
Credit facility			$ 69,000,000	$ 250,000,000
CRC Term Loan | Line of Credit | Caesars Resort Collection
Long-term debt
Interest rate (as a percent)		0.25%

Long-Term Debt - CEI Revolving

Long-Term Debt - CEI Revolving Credit Facility (Details)	Jul. 20, 2020USD ($)	Dec. 31, 2021USD ($)	Nov. 10, 2021USD ($)	Dec. 22, 2017
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%
Line of Credit | CEI Revolving Credit Facility
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%
Available borrowing capacity		$ 924,000,000
Amount outstanding		48,000,000
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
CRC Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Credit facility			$ 190,000,000
Letter of Credit
Long-term debt
Interest rate (as a percent)				0.125%
Amount outstanding		23,000,000
Letter of Credit | Line of Credit
Long-term debt
Credit facility		$ 69,000,000	$ 250,000,000

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jul. 06, 2020
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%
CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,000	$ 1,000

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jul. 06, 2020
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%
CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 3,400	$ 3,400

Long-Term Debt - Convention Cen

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Billions	Sep. 18, 2020	Dec. 31, 2021	Oct. 01, 2021
Long-term debt
Interest rate (as a percent)		4.30%
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)		7.85%
Convention Center Mortgage Loan | Estimate of Fair Value Measurement | Senior Notes
Long-term debt
Long-term debt, gross	$ 0.4
VICI Properties L.P. | Convention Center Mortgage Loan
Long-term debt
Incremental cost of borrowing	8.30%
Interest rate (as a percent)	7.70%
VICI Properties L.P.
Long-term debt
Long-term debt, term	5 years
VICI Properties L.P. | Convention Center Mortgage Loan
Long-term debt
Interest rate (as a percent)			7.854%

Long-Term Debt - 5% Convertible

Long-Term Debt - 5% Convertible Notes (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Oct. 06, 2017USD ($)
Long-term debt
Interest rate (as a percent)	4.30%
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Cash paid to settle convertible notes	$ 367,000,000	$ 903,000,000	$ 0
Loss on extinguishment of debt	(236,000,000)	$ (197,000,000)	$ (8,000,000)
Former Caesars 5% Convertible Notes
Long-term debt
Common stock held in trust	$ 12,000,000
Shares issued upon conversion (in shares) | shares	5
Assets held-in-trust	$ 14,000,000
Former Caesars 5% Convertible Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	5.00%	5.00%		5.00%
Debt instrument, face amount				$ 1,100,000,000
Fraction of common share issued per outstanding dollar of debt	0.014
Common stock, par value (in dollars per share) | $ / shares	$ 1.17
Debt conversion price (in dollars per share) | $ / shares	$ 1
Cash paid to settle convertible notes	$ 367,000,000
Other income (loss)	16,000,000
Loss on extinguishment of debt	$ (23,000,000)

Long-Term Debt - CRC Notes (Det

Long-Term Debt - CRC Notes (Details) - USD ($) $ in Millions	Oct. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 16, 2017
Long-term debt
Interest rate (as a percent)		4.30%
Loss on extinguishment of debt		$ 236	$ 197	$ 8
CRC Notes
Long-term debt
Interest rate (as a percent)		5.25%
CRC Notes | Senior Notes
Long-term debt
Long-term debt, gross					$ 1,700
5.25% CRC Notes due 2025 | Senior Notes
Long-term debt
Loss on extinguishment of debt	$ 199

Long-Term Debt - CEI Senior Not

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 06, 2020
Long-term debt
Interest rate (as a percent)	4.30%
Loss on extinguishment of debt	$ 236	$ 197	$ 8
CEI Senior Secured Notes
Long-term debt
Interest rate (as a percent)	8.125%
CEI Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross				$ 1,800
Repayments of debt	$ 100
Loss on extinguishment of debt	$ 14

Long-Term Debt- Senior Notes du

Long-Term Debt- Senior Notes due 2029 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 24, 2021
Long-term debt
Interest rate (as a percent)	4.30%
Amortization of debt issuance costs and discounts	$ 177	$ 80	$ 8
Senior Notes
Long-term debt
Interest rate (as a percent)	4.625%
Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross				$ 1,200

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt and Revolving Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-term debt
Proceeds	$ 1,308	$ 9,765	$ 33
Repayments	1,977	$ 3,742	$ 736
Debt issuance and extinguishment costs	56
Senior Notes
Long-term debt
Proceeds	1,200
Repayments	0
Debt issuance and extinguishment costs	17
CRC Notes
Long-term debt
Proceeds	0
Repayments	1,700
Debt issuance and extinguishment costs	24
CEI Senior Notes
Long-term debt
Proceeds	0
Repayments	100
Debt issuance and extinguishment costs	13
CRC Term Loan
Long-term debt
Proceeds	0
Repayments	47
Debt issuance and extinguishment costs	0
CRC Incremental Term Loan
Long-term debt
Proceeds	108
Repayments	126
Debt issuance and extinguishment costs	2
Baltimore Term Loan
Long-term debt
Proceeds	0
Repayments	2
Debt issuance and extinguishment costs	0
Special Improvement District Bonds
Long-term debt
Proceeds	0
Repayments	2
Debt issuance and extinguishment costs	$ 0

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Details)	Dec. 31, 2021	Dec. 22, 2017
CRC Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum	6.35	0.00125
Baltimore Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum	5

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 9,570,000	$ 3,628,000	$ 2,528,000
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	5,827,000	2,482,000	1,808,000
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,140,000	342,000	301,000
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,551,000	450,000	300,000
Other
Disaggregation of Revenue [Line Items]
Net revenues	1,052,000	354,000	119,000
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	9,000	15,000	8,000
Corporate and Other | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	9,000	15,000	8,000
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	3,409,000	751,000	0
Las Vegas | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	1,226,000	319,000	0
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	702,000	130,000	0
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	968,000	186,000	0
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	513,000	116,000	0
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	5,537,000	2,660,000	2,494,000
Regional | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	4,305,000	2,079,000	1,782,000
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	438,000	211,000	301,000
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	583,000	264,000	300,000
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	211,000	106,000	111,000
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	337,000	95,000	26,000
Caesars Digital | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	296,000	84,000	26,000
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	41,000	11,000	0
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	278,000	107,000	0
Managed and Branded | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	1,000	0
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 278,000	$ 106,000	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 9,570,000,000	$ 3,628,000,000	$ 2,528,000,000
Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentrations of credit risk related to receivables	0	0
Complimentaries and Loyalty Point Redemptions
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,000,000,000	$ 406,000,000	$ 292,000,000

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 472	$ 342
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	138	5	$ 4
Former caesars consolidation		130
Provision for doubtful accounts	26	29	1
Write-offs less recoveries	(34)	(26)	0
Allowance for doubtful accounts, ending balance	130	138	5
Contracts
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	120	4	2
Former caesars consolidation		95
Provision for doubtful accounts	16	18	1
Write-offs less recoveries	(26)	3	1
Allowance for doubtful accounts, ending balance	110	120	4
Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	18	1	2
Former caesars consolidation		35
Provision for doubtful accounts	10	11	0
Write-offs less recoveries	(8)	(29)	(1)
Allowance for doubtful accounts, ending balance	20	18	$ 1
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Contract receivable	168	137
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Contract receivable	100	25
Other
Disaggregation of Revenue [Line Items]
Contract receivable	$ 204	$ 180

Revenue Recognition - Summary_3

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Balance at January 1	$ 251
Balance at December 31	614	$ 251
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Balance at January 1	34	10
Balance at December 31	48	34
Increase (decrease)	14	24
Caesars Rewards
Disaggregation of Revenue [Line Items]
Balance at January 1	94	13
Balance at December 31	91	94
Increase (decrease)	(3)	81
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Balance at January 1	310	172
Balance at December 31	560	310
Increase (decrease)	$ 250	$ 138

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, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ (989)	$ (1,737)	$ 81
Discontinued operations, net of income taxes	(30)	(20)	0
Net income (loss) attributable to Caesars	$ (1,019)	$ (1,757)	$ 81
Shares outstanding:
Weighted average shares outstanding - basic (in shares)	211	130	78
Weighted average shares outstanding – diluted (in shares)	211	130	79
Earnings Per Share, Basic [Abstract]
Basic income (loss) per share from continuing operations (in dollars per shares)	$ (4.69)	$ (13.35)	$ 1.04
Basic loss per share from discontinued operations (in dollars per share)	(0.14)	(0.15)	0
Basic income (loss) per share (in dollars per share)	(4.83)	(13.50)	1.04
Earnings Per Share, Diluted [Abstract]
Diluted income (loss) per share from continuing operations (in dollars per share)	(4.69)	(13.35)	1.03
Diluted loss per share from discontinued operations (in dollars per share)	(0.14)	(0.15)	0
Net income (loss) per common share attributable to common stockholders – diluted: (in dollars per share)	$ (4.83)	$ (13.50)	$ 1.03
Restricted Stock Units (RSUs)
Shares outstanding:
Effect of dilutive securities (in shares)	0	0	1

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	3	13	0
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	3	9	0
5% Convertible notes
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	0	4	0

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholder's Equity - Additional Information (Details) - USD ($)	Oct. 01, 2020	Jun. 19, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 17, 2021	Jun. 16, 2021	Mar. 28, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 82,000,000	$ 79,000,000	$ 20,000,000
Unrecognized compensation expense			$ 120,000,000
Sale of stock, price per share (in dollars per share)	$ 56	$ 39
Sale of stock, consideration received on transaction	$ 1,900,000,000	$ 772,000,000
Stock issuance costs	$ 50,000,000	$ 35,000,000
Common stock, shares authorized (in shares)			500,000,000	500,000,000		500,000,000	300,000,000
Preferred stock, shares authorized (in shares)						150,000,000
Preferred stock, shares issued (in shares)			0
Treasury stock (in shares)			363,016	223,823
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	35,650,000	20,700,000
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
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
Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			5,000,000					3,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value			$ 79,000,000
Granted (in shares)			927,016
Recognition period of unrecognized compensation cost			1 year 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (in shares)			81,006
Award grant day fair value			$ 9,000,000
Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (in shares)			147,471
Award grant day fair value			$ 15,000,000
Minimum | Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target			0.00%
Minimum | Restricted Stock Units (RSUs) | Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			0.00%
Maximum | Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target			200.00%
Maximum | Restricted Stock Units (RSUs) | Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			200.00%

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholder's Equity - Summary of Award Activity (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Restricted Stock Units (RSUs)
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	2,414,111
Granted (in shares)	927,016
Vested (in shares)	(1,136,673)
Forfeited (in shares)	(113,847)
Outstanding at the end of the period (in shares)	2,090,607
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 42.55
Granted (in dollars per share) | $ / shares	86.37
Vested (in dollars per share) | $ / shares	33.49
Forfeited (in dollars per share) | $ / shares	54.34
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 61.47
Restricted Stock Units (RSUs) | Non-Employee Members of BOD
Restricted Stock Units
Granted (in shares)	23,139
Performance Shares
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	500,483
Granted (in shares)	81,006
Vested (in shares)	(161,556)
Forfeited (in shares)	(2,864)
Outstanding at the end of the period (in shares)	417,069
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 48.32
Granted (in dollars per share) | $ / shares	112.28
Vested (in dollars per share) | $ / shares	37.49
Forfeited (in dollars per share) | $ / shares	73.21
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 62.20
Market-based Stock Units
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	446,087
Granted (in shares)	147,471
Vested (in shares)	(208,866)
Forfeited (in shares)	(2,769)
Outstanding at the end of the period (in shares)	381,923
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 49.37
Granted (in dollars per share) | $ / shares	102.98
Vested (in dollars per share) | $ / shares	28.56
Forfeited (in dollars per share) | $ / shares	84.12
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 77.09

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholder's Equity - Schedule of Share-based Compensation, Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Outstanding at the beginning of the period (in shares)	176,724
Exercised (in shares)	(114,884)	(70,608)	0
Forfeited (in shares)	(1,233)
Expired (in shares)	(16,702)
Outstanding at the end of the period (in shares)	43,905	176,724
Vested and expected to vest (in shares)	43,905
Exercisable (in shares)	42,610
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 22.57
Exercised (in dollars per share)	22.64
Forfeited (in dollars per share)	26.65
Expired (in dollars per share)	26.67
Outstanding at the end of the period (in dollars per share)	20.69	$ 22.57
Vested and expected to vest (in dollars per share)	20.69
Exercisable (in dollars per share)	$ 20.84
Weighted Average Remaining Contractual Term (years)
Outstanding (in years)	1 year 18 days	1 year 8 months 15 days
Vested and expected to vest (in years)	1 year 18 days
Exercisable (in years)	1 year 18 days
Aggregate Intrinsic Value (in millions)
Outstanding	$ 3	$ 9
Vested and expected to vest	3
Exercisable	$ 3

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholder's Equity - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Number of options exercised (in shares)	114,884	70,608	0
Cash received for options exercised	$ 3	$ 1	$ 0
Aggregate intrinsic value of options exercised	$ 9	$ 5	$ 0

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Defined contribution plan, employer matching contribution, percent of employees	6.00%
Matching contributions	$ 27	$ 11	$ 6
Deferred compensation liability, noncurrent	43	49
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation liability, noncurrent	3	2
Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Assets held-in-trust, noncurrent	87	94
Tropicana Atlantic City Employees Variable Annuity Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets and benefit obligation	21
Cash contributions to pension plan	1	2
London Clubs International
Defined Benefit Plan Disclosure [Line Items]
Net pension liability		20
Employer contributions		$ 4
Scioto Downs
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1
Fair value of benefit obligations	$ 1

Employee Benefit Plans - Multi-

Employee Benefit Plans - Multi-employer Pension Plan Participation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Multiemployer Plans [Line Items]
Other Funds	$ 1	$ 5
Total Contributions	$ 41	14
Southern Nevada Culinary and Bartenders Pension Plan
Multiemployer Plans [Line Items]
EIN	886016617
Pension Plan Number	001
Pension Protection Act Zone Status	Green
FIP/RP Status	No
Contributions	$ 18	$ 5
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	May 31, 2023
Percentage of total contributions made during the year		5.00%
Southern Nevada Culinary and Bartenders Pension Plan | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5.00%
Legacy Plan of the UNITE HERE Retirement Fund
Multiemployer Plans [Line Items]
EIN	820994119
Pension Plan Number	001
Pension Protection Act Zone Status	Red
FIP/RP Status	Implemented
Contributions	$ 9	$ 4
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	May 31, 2023
Percentage of total contributions made during the year		5.00%
Legacy Plan of the UNITE HERE Retirement Fund | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5.00%
Central Pension Fund of the IUOE & Participating Employers
Multiemployer Plans [Line Items]
EIN	366052390
Pension Plan Number	001
Pension Protection Act Zone Status	Green
FIP/RP Status	No
Contributions	$ 6	$ 0
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2021
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
EIN	916145047
Pension Plan Number	001
Pension Protection Act Zone Status	Green
FIP/RP Status	No
Contributions	$ 5	0
Expiration Date of Collective Bargaining Agreement	Aug. 31, 2024
Local 68 Engineers Union Pension Plan
Multiemployer Plans [Line Items]
EIN	510176618
Pension Plan Number	001
Pension Protection Act Zone Status	Yellow
FIP/RP Status	Implemented
Contributions	$ 1	$ 0
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Apr. 30, 2022
Percentage of total contributions made during the year		5.00%
Local 68 Engineers Union Pension Plan | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5.00%
Painters IUPAT
Multiemployer Plans [Line Items]
EIN	526073909
Pension Plan Number	001
Pension Protection Act Zone Status	Yellow
FIP/RP Status	Implemented
Contributions	$ 1	$ 0
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income (Loss) Before Income Taxes
United States	$ (1,272)	$ (1,608)	$ 125
Outside of the U.S.	3	2	0
Income (loss) before income taxes	(1,269)	(1,606)	125
Current
Federal	(1)	(43)	31
State & Local	(2)	(24)	14
Deferred
Federal	(219)	208	5
State & Local	(106)	(11)	(6)
Outside of U.S, Current	2	2	0
Outside of U.S, Deferred	43	0	0
Income tax (benefit) expense	(283)	132	44
Allocation of Income Tax Provision (Benefit)
Income from operations	(283)	132	44
Discontinued operations	19	(9)	0
Other comprehensive income	$ 3	$ 8	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the expected statutory federal income tax provision
Federal statutory rate	21.00%	21.00%	21.00%
State and local taxes	4.20%	5.40%	5.50%
Stock compensation	0.50%	(0.10%)	1.80%
Goodwill impairment and dispositions	0.00%	(1.60%)	7.40%
Nondeductible transaction expenses	0.00%	(0.50%)	0.00%
Nondeductible convertible notes costs	(3.30%)	(1.00%)	0.00%
Decrease in uncertain tax positions	0.40%	0.90%	0.00%
Change in tax rates from change in tax law	(1.20%)	0.00%	0.00%
Deferred tax benefit of foreign subsidiaries held for sale	0.00%	1.00%	0.00%
Valuation allowance	2.60%	(33.90%)	1.80%
Deferred tax recognition on life insurance	(1.30%)	0.00%	0.00%
Tax credits	0.40%	0.10%	(1.10%)
Other	(1.00%)	0.50%	(1.20%)
Effective income tax rate	22.30%	(8.20%)	35.20%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Loss carryforwards	$ 1,006	$ 1,071
Foreign investment - held for sale	0	74
Excess business interest expense	180	61
Credit carryforwards	114	106
Financing obligation	2,517	2,557
Long-term lease obligation	161	187
Other	330	289
Deferred tax assets	4,308	4,345
Deferred tax liabilities:
Identified intangibles	(1,111)	(836)
Other debt-related items	(35)	(108)
Foreign investment - held for sale	(139)	0
Fixed assets	(2,212)	(2,424)
Right-of-use assets	(131)	(154)
Other	(103)	(68)
Deferred tax liabilities	(3,731)	(3,590)
Valuation allowance	(1,840)	(1,921)
Net deferred tax liabilities	$ (1,263)	$ (1,166)

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Taxes Balance Sheet Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance [Line Items]
Net deferred tax liabilities	$ (1,263)	$ (1,166)
Deferred income taxes
Valuation Allowance [Line Items]
Net deferred tax liabilities	(1,111)	(1,166)
Assets held for sale
Valuation Allowance [Line Items]
Deferred tax liabilities in assets held for sale	7	1
Liabilities related to assets held for sale
Valuation Allowance [Line Items]
Net deferred tax liabilities	$ (159)	$ (1)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Examination [Line Items]
Deferred tax liabilities, net	$ 1,263,000,000	$ 1,166,000,000
Unrecognized tax benefits	157,000,000	137,000,000	$ 0	$ 0
Unrecognized tax benefits, interest and penalties accrued	2,000,000	2,000,000	$ 0
Unrecognized tax benefits that would impact effective tax rate	117,000,000	123,000,000
Discontinued Operations
Income Tax Examination [Line Items]
Unrecognized tax benefits	21,000,000
Liabilities related to assets held for sale
Income Tax Examination [Line Items]
Deferred tax liabilities, net	159,000,000	1,000,000
Caesars Entertainment Corporation
Income Tax Examination [Line Items]
Deferred tax liabilities, net	767,000,000
Unrecognized tax benefits	24,000,000
Unrecognized tax benefits, interest and penalties accrued		$ 137,000,000
William Hill
Income Tax Examination [Line Items]
Deferred tax liabilities, net	377,000,000
Unrecognized tax benefits	34,000,000
Unrecognized tax benefits, interest and penalties accrued	20,000,000
William Hill | Liabilities related to assets held for sale
Income Tax Examination [Line Items]
Deferred tax liabilities, net	132,000,000
Unrecognized tax benefits	34,000,000
Federal
Income Tax Examination [Line Items]
Net operating loss carryforwards	2,400,000,000
Net operating loss carryforwards, not subject to expiration	450,000,000
Tax credit carryforward, amount	116,000,000
State
Income Tax Examination [Line Items]
Net operating loss carryforwards	9,400,000,000
Net operating loss carryforwards, not subject to expiration	2,200,000,000
Foreign
Income Tax Examination [Line Items]
Net operating loss carryforwards	60,000,000
Net operating loss carryforwards, not subject to expiration	58,000,000
Net operating loss carryforwards, subject to expiration	$ 2,000,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of year	$ 137	$ 0	$ 0
Additions based on tax positions related to the current year	4	0	0
Additions for tax positions of prior years	5	1	0
Reductions for tax positions for prior years	(8)	0	0
Settlements	0	(4)	0
Expiration of statutes	(13)	(12)	0
Balance as of end of year	157	137	0
Caesars Entertainment Corporation
Reconciliation of Unrecognized Tax Benefits
Acquisitions	0	152	0
William Hill
Reconciliation of Unrecognized Tax Benefits
Acquisitions	$ 32	$ 0	$ 0

Related Parties - Additional In

Related Parties - Additional Information (Details) a in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)a	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related affiliates
Due from affiliates	$ 0	$ 44,000,000
REI
Related affiliates
Percentage of outstanding shares owned	4.00%
Gary Carano Family
Related affiliates
Related party transactions	$ 0	0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased | a	30
Annual rent payable	$ 600,000
Due to related parties	0	0
Due from related parties	$ 0	$ 0
Horseshoe Baltimore | Horseshoe Baltimore
Related affiliates
Ownership interest	44.30%

Segment Information - Additiona

Segment Information - Additional Information (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2021ft²segmentballroom	Aug. 26, 2021
Segment Reporting Information [Line Items]
Number of geographic regions | segment	3
Number of reportable segments | segment	4
Area of room | ft²	300
Number of ballrooms | ballroom	2
Horseshoe Baltimore
Segment Reporting Information [Line Items]
Percentage of outstanding shares owned		75.80%
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased | ft²	550

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 9,570,000	$ 3,628,000	$ 2,528,000
Adjusted EBITDA	2,990,000	794,000	697,000
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues	3,409,000	751,000	0
Adjusted EBITDA	1,568,000	133,000	0
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues	5,537,000	2,660,000	2,494,000
Adjusted EBITDA	1,979,000	711,000	719,000
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	337,000	95,000	26,000
Adjusted EBITDA	(476,000)	26,000	13,000
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	278,000	107,000	0
Adjusted EBITDA	87,000	25,000	0
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	9,000	15,000	8,000
Adjusted EBITDA	$ (168,000)	$ (101,000)	$ (35,000)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 2,990	$ 794	$ 697
Reconciliation to net income (loss) attributable to Caesars:
Net (income) loss attributable to noncontrolling interests	(3)	1	0
Discontinued operations, net of income taxes	(30)	(20)	0
Benefit (provision) for income taxes	283	(132)	(44)
Other income (loss)	(198)	176	9
Loss on extinguishment of debt	(236)	(197)	(8)
Interest expense, net	(2,295)	(1,202)	(286)
Depreciation and amortization	(1,126)	(583)	(222)
Impairment charges	(102)	(215)	(1)
Transaction costs and other operating costs	(144)	(270)	(37)
Stock-based compensation expense	(82)	(79)	(20)
Other items	(76)	(30)	(7)
Net income (loss) attributable to Caesars	$ (1,019)	(1,757)	81
Interest rate (as a percent)	4.30%
5% Convertible notes
Reconciliation to net income (loss) attributable to Caesars:
Interest rate (as a percent)	5.00%
5% Convertible notes | Senior Notes
Reconciliation to net income (loss) attributable to Caesars:
Interest rate (as a percent)	5.00%
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (168)	(101)	(35)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,568	133	0
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,979	711	719
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	(476)	26	13
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 87	$ 25	$ 0

Segment Information - Schedul_3

Segment Information - Schedule of Capital Expenditures, Net of Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 518	$ 169	$ 171
Regional | Discontinued Operations
Segment Reporting Information [Line Items]
Capital expenditures, net	2	5
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Capital expenditures, net	85	32	0
Operating Segment | Regional
Segment Reporting Information [Line Items]
Capital expenditures, net	327	104	166
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Capital expenditures, net	67	0	0
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Capital expenditures, net	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 39	$ 33	$ 5

Segment Information - Schedul_4

Segment Information - Schedule of Balance Sheet Information for Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 38,031	$ 36,385
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	(4,167)	641
Las Vegas | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	22,374	21,464
Regional | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	14,419	13,732
Caesars Digital | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,878	323
Managed and Branded | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,527	$ 225

Consolidating Condensed Finan_3

Consolidating Condensed Financial Information - Consolidating Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet
Current assets	$ 5,964	$ 6,063
Total assets	38,031	36,385
Current liabilities	5,297	2,513
Long-term debt, less current portion	13,722	14,073
Deferred income taxes	1,111	1,166
Total liabilities	33,490	31,351
Total stockholders’ equity	4,480	5,016
Total liabilities and stockholders’ equity	38,031	36,385
Parent Company
Condensed Balance Sheet
Current assets	221	3,038
Investment in and advances to unconsolidated affiliates	60	128
Investment in subsidiaries	10,311	6,798
Property and equipment, net	8	18
Other assets, net	333	513
Total assets	10,933	10,495
Current liabilities	228	231
Long-term debt, less current portion	6,190	5,084
Deferred income taxes	0	4
Other long-term liabilities	35	160
Total liabilities	6,453	5,479
Total stockholders’ equity	4,480	5,016
Total liabilities and stockholders’ equity	$ 10,933	$ 10,495

Consolidating Condensed Finan_4

Consolidating Condensed Financial Information - Consolidating Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Net revenues	$ 9,570,000	$ 3,628,000	$ 2,528,000
Operating expenses:
Corporate expense	309,000	195,000	66,000
Depreciation and amortization	1,126,000	583,000	222,000
Transaction costs and other operating costs	144,000	270,000	37,000
Total operating expenses	8,110,000	4,011,000	2,118,000
Operating income (loss)	1,460,000	(383,000)	410,000
Interest expense	(2,295,000)	(1,202,000)	(286,000)
Loss on extinguishment of debt	(236,000)	(197,000)	(8,000)
Other income (loss)	(198,000)	176,000	9,000
Income (loss) from continuing operations before income taxes	(1,269,000)	(1,606,000)	125,000
Income tax benefit (provision)	283,000	(132,000)	(44,000)
Net income (loss) attributable to Caesars	(1,019,000)	(1,757,000)	81,000
Parent Company
Revenues:
Net revenues	4,000	7,000	7,000
Operating expenses:
Corporate expense	43,000	71,000	65,000
Management fee	0	(36,000)	(22,000)
Depreciation and amortization	6,000	6,000	5,000
Transaction costs and other operating costs	60,000	113,000	57,000
Total operating expenses	109,000	154,000	105,000
Operating income (loss)	(105,000)	(147,000)	(98,000)
Interest expense	(395,000)	(257,000)	(141,000)
Gain (loss) on interests in subsidiaries	(437,000)	(1,346,000)	210,000
Loss on extinguishment of debt	(14,000)	(132,000)	(8,000)
Other income (loss)	(72,000)	197,000	9,000
Income (loss) from continuing operations before income taxes	(1,023,000)	(1,685,000)	(28,000)
Income tax benefit (provision)	4,000	(72,000)	109,000
Net income (loss) attributable to Caesars	$ (1,019,000)	$ (1,757,000)	$ 81,000

Consolidating Condensed Finan_5

Consolidating Condensed Financial Information - Consolidating Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from investing activities
Purchase of property and equipment, net	$ (520)	$ (164)	$ (171)
Investments in unconsolidated affiliates	(39)	(1)	(1)
Proceeds from sale of businesses, property and equipment, net of cash sold	726	366	536
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	1,308	9,765	33
Repayments of long-term debt and revolving credit facilities	(1,977)	(3,742)	(736)
Debt issuance and extinguishment costs	(56)
Cash paid to settle convertible notes	(367)	(903)	0
Proceeds from sale-leaseback financing arrangement	0	3,224	0
Taxes paid related to net share settlement of equity awards	(45)	(16)	(8)
Proceeds from issuance of common stock	3	2,718	0
Effect of foreign currency exchange rates on cash	32	129	0
Increase (decrease) in cash, cash equivalents and restricted cash	(2,259)	4,063	(30)
Cash, cash equivalents and restricted cash, beginning of period	4,280	217	247
Cash, cash equivalents and restricted cash, end of period	2,021	4,280	217
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents in current assets	1,070	1,776	206
Restricted cash in current assets	319	2,021	4
Total cash, cash equivalents and restricted cash	2,021	4,280	217
Parent Company
Condensed Statement of Cash Flows
Cash flows used in operating activities	(448)	(296)	(64)
Cash flows from investing activities
Purchase of property and equipment, net	(1)	(8)	(5)
Former Caesars acquisition	0	(8,470)	0
Net cash used in business combinations	(3,938)	0	0
Investments in unconsolidated affiliates	0	0	(1)
Proceeds from sale of businesses, property and equipment, net of cash sold	0	0	(209)
Proceeds from the sale of investments	89	24	0
Net cash provided by (used in) investing activities	(3,850)	(8,454)	(215)
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	1,200	9,365	33
Repayments of long-term debt and revolving credit facilities	(100)	(3,339)	(736)
Debt issuance and extinguishment costs	(17)	(353)	(1)
Net proceeds from related parties	705	1,320	1,022
Cash paid to settle convertible notes	(367)	(903)	0
Proceeds from sale-leaseback financing arrangement	0	3,219	0
Taxes paid related to net share settlement of equity awards	(45)	(16)	(8)
Proceeds from issuance of common stock	3	2,718	0
Net cash provided by (used in) financing activities	1,379	12,011	310
Effect of foreign currency exchange rates on cash	0	129	0
Increase (decrease) in cash, cash equivalents and restricted cash	(2,919)	3,390	31
Cash, cash equivalents and restricted cash, beginning of period	3,434	44	13
Cash, cash equivalents and restricted cash, end of period	515	3,434	44
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents in current assets	199	1,114	44
Restricted cash in current assets	0	1,895	0
Restricted and escrow cash included in other assets, net	316	425	0
Total cash, cash equivalents and restricted cash	$ 515	$ 3,434	$ 44

Consolidating Condensed Finan_6

Consolidating Condensed Financial Information - Additional Information (Details) $ in Billions	Dec. 31, 2021USD ($)
Condensed Financial Information Disclosure [Abstract]
Amount of restricted net assets for consolidated subsidiaries	$ 4.4