Caesars Entertainment (CZR) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $.00001 par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		214,416,918
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 997	$ 1,070
Restricted cash and investments	145	319
Accounts receivable, net	494	472
Inventories	47	42
Prepayments and other current assets	291	290
Assets held for sale	2,926	3,771
Total current assets	4,900	5,964
Investment in and advances to unconsolidated affiliates	96	158
Property and equipment, net	14,606	14,601
Gaming rights and other intangibles, net	4,812	4,920
Goodwill	11,082	11,076
Other assets, net	1,174	1,312
Total assets	36,670	38,031
CURRENT LIABILITIES:
Accounts payable	323	254
Accrued interest	314	320
Accrued other liabilities	1,818	1,973
Current portion of long-term debt	70	70
Liabilities related to assets held for sale	2,372	2,680
Total current liabilities	4,897	5,297
Long-term financing obligation	12,523	12,424
Long-term debt	13,668	13,722
Deferred income taxes	980	1,111
Other long-term liabilities	891	936
Total liabilities	32,959	33,490
Commitments and contingencies (Note 8)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	3,649	4,480
Noncontrolling interests	62	61
Total stockholders’ equity	3,711	4,541
Total liabilities and stockholders’ equity	$ 36,670	$ 38,031

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Net revenues	$ 2,821	$ 2,502	$ 5,113	$ 4,294
EXPENSES:
Other	105	79	193	148
General and administrative	517	418	1,016	798
Corporate	76	76	145	142
Depreciation and amortization	306	301	606	566
Transaction and other operating costs, net	14	72	(21)	92
Total operating expenses	2,219	1,912	4,521	3,488
Operating income	602	590	592	806
OTHER EXPENSE:
Interest expense, net	(559)	(576)	(1,111)	(1,155)
Loss on extinguishment of debt	0	(23)	0	(23)
Other income (loss)	45	110	49	(23)
Total other expense	(514)	(489)	(1,062)	(1,201)
Income (loss) from continuing operations before income taxes	88	101	(470)	(395)
Benefit (provision) for income taxes	(52)	1	55	77
Net income (loss) from continuing operations, net of income taxes	36	102	(415)	(318)
Discontinued operations, net of income taxes	(157)	(30)	(386)	(34)
Net income (loss)	(121)	72	(801)	(352)
Net income attributable to noncontrolling interests	(2)	(1)	(2)	0
Net income (loss) attributable to Caesars	$ (123)	$ 71	$ (803)	$ (352)
Net income (loss) per share - basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.16	$ 0.48	$ (1.95)	$ (1.52)
Basic loss per share from discontinued operations (in dollars per share)	(0.73)	(0.14)	(1.80)	(0.16)
Basic income (loss) per share (in dollars per share)	(0.57)	0.34	(3.75)	(1.68)
Net income (loss) per share -Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.16	0.48	(1.95)	(1.52)
Diluted loss per share from discontinued operations (in dollar per shares)	(0.73)	(0.14)	(1.80)	(0.16)
Diluted income (loss) per share (in dollars per share)	$ (0.57)	$ 0.34	$ (3.75)	$ (1.68)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	214	209	214	209
Weighted average diluted shares outstanding (in shares)	215	211	214	209
Casino and pari-mutuel commissions
REVENUES:
Net revenues	$ 1,549	$ 1,571	$ 2,841	$ 2,798
EXPENSES:
Cost of goods and services	825	694	1,889	1,281
Food and beverage
REVENUES:
Net revenues	422	281	761	450
EXPENSES:
Cost of goods and services	242	166	444	274
Hotel
REVENUES:
Net revenues	519	396	902	611
EXPENSES:
Cost of goods and services	134	106	249	187
Other
REVENUES:
Net revenues	$ 331	$ 254	$ 609	$ 435

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (121)	$ 72	$ (801)	$ (352)
Foreign currency translation adjustments	(44)	(11)	(77)	(11)
Change in fair market value of interest rate swaps, net of tax	7	10	20	22
Other	1	3	1	2
Other comprehensive income (loss), net of tax	(36)	2	(56)	13
Comprehensive income (loss)	(157)	74	(857)	(339)
Comprehensive income attributable to noncontrolling interests	(2)	(1)	(2)	0
Comprehensive income (loss) attributable to Caesars	$ (159)	$ 73	$ (859)	$ (339)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2020		208
Beginning balance at Dec. 31, 2020	$ 5,034	$ 0	$ 6,382	$ (1,391)	$ 34	$ (9)	$ 18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	23		23
Net income (loss)	(424)			(423)			(1)
Other comprehensive income (loss), net of tax	11				11
Shares withheld related to net share settlement of stock awards	(14)		(14)
Ending balance (in shares) at Mar. 31, 2021		208
Ending balance at Mar. 31, 2021	4,630	$ 0	6,391	(1,814)	45	(9)	17
Beginning balance (in shares) at Dec. 31, 2020		208
Beginning balance at Dec. 31, 2020	5,034	$ 0	6,382	(1,391)	34	(9)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(352)
Ending balance (in shares) at Jun. 30, 2021		213
Ending balance at Jun. 30, 2021	5,162	$ 0	6,853	(1,743)	47	(23)	28
Beginning balance (in shares) at Mar. 31, 2021		208
Beginning balance at Mar. 31, 2021	4,630	$ 0	6,391	(1,814)	45	(9)	17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	21		21
Issuance of common stock, net (in shares)		5
Issuance of common stock, net	440		454			(14)
Net income (loss)	72			71			1
Other comprehensive income (loss), net of tax	2				2
Shares withheld related to net share settlement of stock awards	(13)		(13)
Acquired noncontrolling interest	10						10
Ending balance (in shares) at Jun. 30, 2021		213
Ending balance at Jun. 30, 2021	5,162	$ 0	6,853	(1,743)	47	(23)	28
Beginning balance (in shares) at Dec. 31, 2021		214
Beginning balance at Dec. 31, 2021	4,541	$ 0	6,877	(2,410)	36	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	25		25
Net income (loss)	(680)			(680)
Other comprehensive income (loss), net of tax	(20)				(20)
Shares withheld related to net share settlement of stock awards	(20)		(20)
Ending balance (in shares) at Mar. 31, 2022		214
Ending balance at Mar. 31, 2022	3,846	$ 0	6,882	(3,090)	16	(23)	61
Beginning balance (in shares) at Dec. 31, 2021		214
Beginning balance at Dec. 31, 2021	4,541	$ 0	6,877	(2,410)	36	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(801)
Ending balance (in shares) at Jun. 30, 2022		214
Ending balance at Jun. 30, 2022	3,711	$ 0	6,905	(3,213)	(20)	(23)	62
Beginning balance (in shares) at Mar. 31, 2022		214
Beginning balance at Mar. 31, 2022	3,846	$ 0	6,882	(3,090)	16	(23)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units	26		26
Net income (loss)	(121)			(123)			2
Other comprehensive income (loss), net of tax	(36)				(36)
Shares withheld related to net share settlement of stock awards	(3)		(3)
Transactions with noncontrolling interests	(1)						(1)
Ending balance (in shares) at Jun. 30, 2022		214
Ending balance at Jun. 30, 2022	$ 3,711	$ 0	$ 6,905	$ (3,213)	$ (20)	$ (23)	$ 62

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 116	$ 672
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(471)	(177)
Acquisition of William Hill, net of cash acquired	0	(2,042)
Acquisition of gaming rights and trademarks	0	(272)
Proceeds from sale of businesses, property and equipment, net of cash sold	4	460
Proceeds from the sale of investments	121	44
Proceeds from insurance related to property damage	33	40
Investments in unconsolidated affiliates	0	(33)
Net cash used in investing activities	(313)	(1,980)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	750	0
Repayments of long-term debt and revolving credit facilities	(878)	(35)
Cash paid to settle convertible notes	0	(367)
Taxes paid related to net share settlement of equity awards	(23)	(27)
Net cash used in financing activities	(151)	(429)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	(18)	(67)
Cash flows from investing activities	(82)	(916)
Cash flows from financing activities	0	591
Net cash from discontinued operations	(100)	(392)
Effect of foreign currency exchange rates on cash	(29)	19
Decrease in cash, cash equivalents and restricted cash	(477)	(2,110)
Cash, cash equivalents and restricted cash, beginning of period	2,021	4,280
Cash, cash equivalents and restricted cash, end of period	1,544	2,170
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	997	1,128
Restricted cash included in restricted cash and investments	145	237
Restricted and escrow cash included in other assets, net	210	385
Cash and cash equivalents and restricted cash held for sale - discontinued operations	192	420
Total cash, cash equivalents and restricted cash	1,544	2,170
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	986	923
Income taxes paid, net	14	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	115	54
Convertible notes settled with shares	0	440
Land contributed to joint venture	$ 0	$ 61

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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, the Company 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 51 domestic properties in 16 states with approximately 53,200 slot machines, video lottery terminals and e-tables, approximately 2,900 table games and approximately 47,500 hotel rooms as of June 30, 2022. The Company operates and conducts sports wagering across 25 jurisdictions in North America, 18 of which are mobile for sports betting, and operates regulated online real money gaming businesses in six jurisdictions in North America. 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 its 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 horse racing wagering, online casino, and online poker are included within 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. In addition, in connection with the launch and rebranding of the Caesars Sportsbook app, our Caesars Digital segment initiated a significant marketing campaign with distinguished actors, former athletes and other media personalities. As new states and jurisdictions have legalized sports betting, we have made significant upfront investments which have been executed through marketing campaigns and promotional incentives to acquire new customers and establish ourselves as an industry leader. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook app, the Company intends to limit the duration and apply discretion to determine the level of investment for a particular jurisdiction. The Caesars Sportsbook 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 and is the exclusive odds provider for ESPN and CBS Sports. The Company also intends to continue to create new partnerships among collegiate and professional sports teams and entered into the exclusive naming-rights partnership to rebrand the Superdome in New Orleans as the Caesars Superdome. In addition to the Caesars Sportsbook app, the Company and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., launched the Caesars Racebook app. The Caesars Racebook app provides access for wagers at over 300 race tracks around the world. Wagers placed can earn credits towards the Caesars Rewards program or points which can be redeemed for free wagering credits. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and online horse racing wagering. The Company has divested certain properties and other assets, including non-core properties and divestitures required by regulatory agencies. See Note 3 for a discussion of properties recently sold or currently held for sale and Note 15 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 2. 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, the Company 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. On July 1, 2022, outstanding borrowings under the Bridge Credit Agreement were repaid immediately following the sale of William Hill’s non-U.S. operations, which included the UK and international online divisions and the retail betting shops (collectively, “William Hill International”), all of which were held for sale as of the date of the closing of the William Hill Acquisition with operations reflected within discontinued operations. See Note 3. Certain investments acquired have been excluded from the held for sale asset group. See Note 7 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. In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company entered into foreign exchange forward contracts. See Note 7. On April 7, 2022, the Company amended the agreement to sell the non-US assets of William Hill to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflects a £250 million reduction in consideration payable at closing and up to £100 million as deferred consideration to be paid to the Company, subject to 888 Holdings Plc meeting certain 2023 financial targets. During the three and six months ended June 30, 2022 , the Company recorded impairments to assets held for sale of $174 million and $503 million, respectively, within discontinued operations based on the revised and final sales prices. On July 1, 2022, the Company completed the sale of William Hill International to 888 Holdings Plc. After the repayment of the Bridge Credit Agreement, other permitted leakage, and the settlement of related forward contracts, Caesars received net proceeds of $730 million. Including open market repurchases during the second quarter and subsequent repurchases and repayments in July 2022, the Company utilized all $730 million to reduce the Company’s outstanding debt. See Note 9. Basis of Presentation The accompanying unaudited Financial Statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The presentation of financial information herein for the periods after the Company’s acquisition of 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 2 for further discussion of the acquisitions and related transactions and Note 3 for properties recently sold or currently held for sale. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. 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 investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, no longer qualifies, as a VIE, there may be a material effect to our Financial Statements. Developments Related to COVID-19 The resurgence of the Omicron variant of COVID-19 continued to impact the beginning of the year, however, many of our properties experienced positive trends during much of the six months ended June 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. COVID-19 had a significant impact to the prior year results as mandates and restrictions on maximum capacities and amenities available were eased, discretionary consumer spending was supplemented via governmental stimulus and consumers pent up demand resulted in strong results during 2021 across our properties. Our results of operations remain comparable to pre-pandemic years, however, specifically within our Regional segment, are slightly down to the comparative prior year period. Additionally, future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could, once again, have a significant impact on our future operations. Recently Issued Accounting Pronouncements Pronouncements Implemented in 2022 Effective January 1, 2022, we adopted Accounting Standards Update 2020-04 (amended through January 2021), Reference Rate Reform. We will apply this guidance to applicable contracts and instruments if, and when, they are modified. Such application is not expected to have a material effect on our Financial Statements.

Acquisitions and Purchase Price

Acquisitions and Purchase Price Accounting	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Purchase Price Accounting	Acquisitions and Purchase Price Accounting Acquisition of William Hill On April 22, 2021, we completed the 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. We acquired William Hill PLC and its U.S. subsidiary, William Hill U.S. Holdco (“William Hill US” and together with William Hill PLC, “William Hill”) to better position the Company to address the extensive usage of digital platforms, continued legalization in additional states and jurisdictions, and growing bettor demand, which are driving the market for online sports betting platforms in the U.S. In addition, we continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services across these digital platforms. On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. On April 7, 2022, the Company amended the agreement to sell the non-US assets of William Hill to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. On July 1, 2022 the Company completed the sale of William Hill International to 888 Holdings Plc. The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 4). Accordingly, the acquisition was accounted for as a business combination achieved in stages, or a “step acquisition.” As mentioned above, the total purchase consideration for William Hill was approximately $3.9 billion . 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 (a) $ 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 ____________________ (a) William Hill common stock of approximately 1.0 billion shares as of the acquisition date was paid at £2.72 per share, or approximately $3.77 per share using the GBP to USD exchange rate on the acquisition date. 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 William Hill, with the excess recorded as goodwill as of June 30, 2022: (In millions) Fair Value Other current assets $ 164 Assets held for sale 4,337 Property and equipment, net 55 Goodwill 1,154 Intangible assets (a) 565 Other noncurrent assets 317 Total assets $ 6,592 Other current liabilities $ 242 Liabilities related to assets held for sale (b) 2,142 Deferred income taxes 251 Other noncurrent liabilities 35 Total liabilities 2,670 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 a t $280 million and user relationships valued at $68 million. (b) Includes the fair value of debt of $1.1 billion related to William Hill International at the acquisition date. 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 was 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 $7 million and $62 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $67 million for the six months ended June 30, 2022 and 2021, respectively, excluding additional transaction costs associated with the sale of William Hill International. These costs were primarily associated with legal and professional services and were recorded in Transaction and other operating costs, net in our Statements of Operations. For the period of January 1, 2022 through June 30, 2022, the operations of William Hill resulted in net revenues of $17 million, excluding discontinued operations (see Note 3), and a net loss of $1.2 billion. Unaudited Pro Forma Financial 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, 2021. 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 three and six months ended June 30, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial position or 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. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the acquisition. (In millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net revenues $ 2,532 $ 4,421 Net income (loss) 175 (265) Net income (loss) attributable to Caesars 174 (265) 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. (In millions) Consideration Cash for additional ownership interest $ 55 Preexisting relationships (net of receivable/payable) 18 Preexisting relationships (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 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 June 30, 2022: (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. 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 January 1, 2022 through June 30, 2022, the operations of Horseshoe Baltimore generated net revenues of $117 million, and net income of $6 million.

Assets Held for Sale

Assets Held for Sale	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale The Company periodically divests assets 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 the net assets 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 - Sold Baton Rouge, MontBleu and Evansville Divestitures On May 5, 2022, the Company consummated the sale of the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc., subject to a customary working capital adjustment, resulting in a loss of $3 million. Baton Rouge was within the Regional segment. On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu Casino Resort & Spa (“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 Company received the payment in full on April 5, 2022. MontBleu was within the Regional segment. 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 (formerly Twin River Worldwide Holdings, Inc.), respectively, for $480 million, subject to a customary working capital adjustment, resulting in a gain of $12 million. Evansville was within the Regional segment. The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold: Baton Rouge (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net revenues $ 2 $ 6 Net loss (1) (1) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (In millions) Baton Rouge MontBleu Evansville Baton Rouge MontBleu Evansville Net revenues $ 5 $ — $ 27 $ 9 $ 11 $ 58 Net income (loss) — — 13 (1) 4 26 The assets and liabilities held for sale were as follows as of December 31, 2021: Baton Rouge (In millions) December 31, 2021 Assets: Cash $ 3 Property and equipment, net 2 Other assets, net 1 Assets held for sale $ 6 Liabilities: Current liabilities $ 3 Other long-term liabilities 1 Liabilities related to assets held for sale $ 4 Held for sale - Discontinued operations On the closing date of the Merger, Harrah’s Louisiana Downs, Caesars Southern Indiana and Caesars UK Group, which includes Emerald Resorts & Casino met held for sale criteria. The operations of these properties, until their respective date of divestiture, have been 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 proceeds were split between the Company and VICI. The annual base rent payments under the Regional Master Lease between Caesars and VICI remained 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 entered into a 10-year brand license agreement for the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana. The agreement contains cancellation rights in exchange for a termination fee at the buyer’s discretion following the fifth anniversary of the agreement. 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 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 three and six months ended June 30, 2022 and 2021: William Hill International (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net revenues $ 401 $ 820 Net loss (145) (448) Three months ended June 30, 2021 Six Months Ended June 30, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 16 $ 20 $ 65 $ 343 $ 29 $ 30 $ 114 $ 343 Net income (loss) 5 (39) 9 (2) 9 (46) 9 (2) Not included in tables are assets and liabilities held for sale of $2.9 billion and $2.4 billion, respectively, as of June 30, 2022 and $3.8 billion and $2.7 billion, respectively, as of December 31, 2021, related to William Hill International. Liabilities held for sale as of June 30, 2022 and December 31, 2021 include $557 million and $617 million, respectively, of debt related to the Bridge Credit Agreement, which was repaid upon the sale of William Hill International on July 1, 2022, as described in Note 1. The Bridge Credit Agreement included a financial covenant, of which the Company was in compliance as of June 30, 2022, 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 were guaranteed by the Bridge Facility Borrower and its material wholly-owned subsidiaries (subject to exceptions), and were 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, $850 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 expired on July 26, 2021, and approximately £1 million of debt was repurchased. No financial covenants were noted related to the two trust deeds assumed in the William Hill Acquisition. The two trust deeds were included within liabilities held for sale, which were disposed of on July 1, 2022 with the completion of the sale of William Hill International.

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2022
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 which granted William Hill the right to conduct betting activities, including operating our sportsbooks, 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 and William Hill US as an equity method investment. See Note 2 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 publicly traded common stock of 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 Company’s ownership interest from 24.5% to 8.4%. Additionally, on March 14, 2022 the Company sold its remaining 2 million shares at fair value for $26 million and recorded a loss on the change in fair value of $34 million during the six months ended June 30, 2022, 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 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 June 30, 2022. 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 and other operating costs, net on the Statements of Operations.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment (In millions) June 30, 2022 December 31, 2021 Land $ 2,093 $ 2,125 Buildings, riverboats, and leasehold and land improvements 12,680 12,433 Furniture, fixtures, and equipment 1,830 1,650 Construction in progress 495 395 Total property and equipment 17,098 16,603 Less: accumulated depreciation (2,492) (2,002) Total property and equipment, net $ 14,606 $ 14,601 Our property and equipment are 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. Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Depreciation expense $ 255 $ 264 $ 498 $ 509 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	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2021 $ 1,209 $ 11,076 $ 3,711 Amortization (108) — — Other (a) — 6 — June 30, 2022 $ 1,101 $ 11,082 $ 3,711 ____________________ (a) Purchase price adjustment related to William Hill Acquisition. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2022 December 31, 2021 (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 $ (233) $ 354 $ 587 $ (187) $ 400 Gaming rights and other 20 - 34 years 174 (10) 164 174 (7) 167 Trademarks 15 years 307 (50) 257 322 (21) 301 Reacquired rights 24 years 250 (12) 238 250 (7) 243 Technology 6 years 110 (22) 88 110 (12) 98 $ 1,428 $ (327) 1,101 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,190 1,190 Caesars Rewards 523 523 3,711 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,812 $ 4,920 Amortization expense with respect to intangible assets for the three months ended June 30, 2022 and 2021 totaled $51 million and $37 million, respectively, and for the six months ended June 30, 2022 and 2021 totale d $108 million and $57 million, respectively, which is included in depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Remaining 2022 Years Ended December 31, (In millions) 2023 2024 2025 2026 2027 Estimated annual amortization expense $ 76 $ 138 $ 123 $ 116 $ 116 $ 73

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: June 30, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ 1 $ — $ 3 Derivative instruments - FX forward — 3 — 3 Total assets at fair value $ 2 $ 4 $ — $ 6 Liabilities: Derivative instruments - interest rate swaps $ — $ 1 $ — $ 1 Total liabilities at fair value $ — $ 1 $ — $ 1 December 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash $ 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 forward — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44 Restricted Cash The estimated fair values of the Company’s restricted cash 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. 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. 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 4. These investments also include collateral for several escrow and trust agreements with third-party beneficiaries. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities. Derivative Instruments The Company does not purchase or hold any derivative financial instruments for trading purposes. 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. As of June 30, 2022 the Company has one contract related to the expected proceeds of the sale of the international operations. During the three months ended June 30, 2022 and 2021, the Company recorded total gains of $55 million and $9 million, respectively, and $76 million and $10 million for the six months ended June 30, 2022 and 2021, respectively, related to forward contracts, which is recorded in the Other income (loss) on the Statements of Operations. The remaining forward contract was settled in connection with the completion of the sale of William Hill International on July 1, 2022. 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 June 30, 2022, 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 June 30, 2022 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.274% 1.0617% 12/31/2022 1/1/2019 200 2.828% 1.0617% 12/31/2022 1/1/2019 200 2.828% 1.0617% 12/31/2022 1/1/2019 600 2.739% 1.0617% 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 $10 million and $14 million during the three months ended June 30, 2022 and 2021, respectively, and a gain of $27 million and $29 million during the six months ended June 30, 2022 and 2021, respectively. AOCI reclassified to Interest expense on the Statements of Operations was $6 million and $15 million for the three months ended June 30, 2022 and 2021, respectively, and $14 million and $29 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, the interest rate swaps derivative liability of $1 million and $28 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 less than $1 million. Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the periods through June 30, 2022 and 2021 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (2) — (1) (3) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Total other comprehensive income (loss), net of tax 12 — (1) 11 Balances as of March 31, 2021 $ 38 $ 8 $ (1) $ 45 Other comprehensive income (loss) before reclassifications (5) (11) 3 (13) Amounts reclassified from accumulated other comprehensive income 15 — — 15 Total other comprehensive income (loss), net of tax 10 (11) 3 2 Balances as of June 30, 2021 $ 48 $ (3) $ 2 $ 47 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income (loss) before reclassifications 5 (33) — (28) Amounts reclassified from accumulated other comprehensive income 8 — — 8 Total other comprehensive income (loss), net of tax 13 (33) — (20) Balances as of March 31, 2022 $ 86 $ (69) $ (1) $ 16 Other comprehensive income (loss) before reclassifications 1 (44) 1 (42) Amounts reclassified from accumulated other comprehensive income 6 — — 6 Total other comprehensive income (loss), net of tax 7 (44) 1 (36) Balances as of June 30, 2022 $ 93 $ (113) $ — $ (20)

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 The following contractual commitments associated with Former Caesars were assumed by the Company as a result of the consummation of the Merger. 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 (the “Ground Lease”). 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. The capital investment will include a renovation and full interior and exterior redesign, updated casino floor, new culinary experiences and a new 340 room hotel tower as we are in the process of rebranding the property as Caesars New Orleans. As of June 30, 2022, total capital expenditures were $64 million. Atlantic City As required by the New Jersey Gaming Control Board in connection with its approval of the Merger, we have 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 June 30, 2022 and December 31, 2021, our restricted cash balance in the escrow account was $189 million and $297 million, respectively, 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, 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, former athletes and other media personalities. As of June 30, 2022 and December 31, 2021 , obligations related to these agreements were $988 million and $997 million, respectively, 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 as of June 30, 2022 and December 31, 2021, was $212 million and $221 million, respectively, which is included in Accrued other liabilities in our Balance Sheets. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future. Contingencies 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. During the six months ended June 30, 2022 , the Company reached a final settlement agreement with the insurance carriers for a total amount of $128 million, before our insurance deductible of $25 million. The Company has received $100 million related to damaged fixed assets, remediation costs and business interruption. We expect to receive an additional $3 million in the third quarter of 2022 , which is included in Accounts receivable, net. No gain was recorded during the three months ended June 30, 2022 . The Company recorded a gain of $14 million during the three months ended June 30, 2021, and a gain of $38 million and $22 million during the six months ended June 30, 2022 and 2021, respectively, which are included in Transaction and other operating costs, net in our Statements of Operations, 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 fourth quarter of 2022 w hen construction of a new land-based casino, Horseshoe Lake Charles, is expected to be complete.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt June 30, 2022 December 31, 2021 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CRC Revolving Credit Facility 2022 variable $ — $ — $ — Baltimore Revolving Credit Facility 2023 variable — — — Baltimore Term Loan 2024 variable 278 272 275 CRC Term Loan 2024 variable 4,488 4,217 4,190 CEI Revolving Credit Facility 2025 variable — — — CRC Incremental Term Loan 2025 variable 1,769 1,703 1,705 CRC Senior Secured Notes 2025 5.75% 989 976 985 CEI Senior Secured Notes 2025 6.25% 3,400 3,353 3,346 Convention Center Mortgage Loan 2025 7.85% 400 399 399 Unsecured Debt CEI Senior Notes 2027 8.125% 1,621 1,598 1,673 Senior Notes 2029 4.625% 1,200 1,184 1,183 Special Improvement District Bonds 2037 4.30% 47 47 49 Long-term notes and other payables 2 2 2 Total debt 14,194 13,751 13,807 Current portion of long-term debt (70) (70) (70) Deferred finance charges associated with the CEI Revolving Credit Facility — (13) (15) Long-term debt $ 14,124 $ 13,668 $ 13,722 Unamortized premiums, discounts and deferred finance charges $ 456 $ 531 Fair value $ 13,506 Annual Estimated Debt Service Requirements as of June 30, 2022 Remaining Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Thereafter Total Annual maturities of long-term debt $ 34 $ 70 $ 4,711 $ 6,515 $ 3 $ 2,861 $ 14,194 Estimated interest payments 450 930 880 550 190 310 3,310 Total debt service obligation (a) $ 484 $ 1,000 $ 5,591 $ 7,065 $ 193 $ 3,171 $ 17,504 ____________________ (a) Debt principal and interest payments are estimated amounts based on contractual maturity and repayment dates and exclude the effect of discretionary early repayments, such as our early repayments made in July 2022, as discussed below. 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 7). Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of June 30, 2022 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 June 30, 2022 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, subject to a variable rate of interest calculated as LIBOR plus 6.00%. On June 24, 2022, we entered into an amendment related to the Baltimore Revolving Credit Facility to extend the maturity date to July 7, 2023. As of June 30, 2022, 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 provided for 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 June 30, 2022. 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. During the six months ended June 30, 2022, the Company utilized and fully repaid on the CRC Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of June 30, 2022, the Company had $966 million of available borrowing capacity, after consideration of $59 million in outstanding letters of credit under the CRC Revolving Credit Facility. Following the closing of the sale of William Hill International, the Company made partial prepayments totaling $630 million of the outstanding balance of the CRC Incremental Term Loan in July 2022 and recognized a $23 million loss on the early extinguishment of debt. CEI Revolving Credit Facility CEI is party to a credit agreement, dated as of July 20, 2020, 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 provided 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. On May 23, 2022, pursuant to the amendment, the Company obtained approval for a reduction of $150 million in required reserves. 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%, 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 June 30, 2022, the Company had $1.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $18 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, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $1.0 billion in aggregate principal amount of 5.75% Senior Secured 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. In the second quarter, the Company purchased a total of $11 million in principal amount of the CRC Senior Secured Notes. 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%. 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 Senior 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 the second quarter, the Company purchased a total of $79 million in principal amount of CEI Senior Notes. The Company purchased a total of $10 million of the outstanding balance of the CEI Senior Notes in July 2022. 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, which began on April 15, 2022. Debt Covenant Compliance The CRC Credit Agreement, the CEI Revolving Credit Facility, the Baltimore Term Loan, the Baltimore Revolving Credit Facility, 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 June 30, 2022, 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	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionThe Company’s Statements 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. Refer to Note 15 for additional information on the Company’s reportable segments. Three Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 315 $ 1,098 $ 137 $ — $ (1) $ 1,549 Food and beverage 291 131 — — — 422 Hotel 358 161 — — — 519 Other 178 65 15 74 (1) 331 Net revenues $ 1,142 $ 1,455 $ 152 $ 74 $ (2) $ 2,821 Three Months Ended June 30, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 315 $ 1,178 $ 78 $ — $ — $ 1,571 Food and beverage 171 109 — 1 — 281 Hotel 242 154 — — — 396 Other 127 49 8 65 5 254 Net revenues $ 855 $ 1,490 $ 86 $ 66 $ 5 $ 2,502 Six Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 606 $ 2,168 $ 68 $ — $ (1) $ 2,841 Food and beverage 511 250 — — — 761 Hotel 624 278 — — — 902 Other 315 122 31 140 1 609 Net revenues $ 2,056 $ 2,818 $ 99 $ 140 $ — $ 5,113 Six Months Ended June 30, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 541 $ 2,145 $ 112 $ — $ — $ 2,798 Food and beverage 255 193 — 2 — 450 Hotel 357 254 — — — 611 Other 199 89 13 125 9 435 Net revenues $ 1,352 $ 2,681 $ 125 $ 127 $ 9 $ 4,294 Accounts Receivable, Net (In millions) June 30, 2022 December 31, 2021 Casino and pari-mutuel commissions $ 152 $ 168 Food and beverage and hotel 163 100 Other 179 204 Accounts receivable, net $ 494 $ 472 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) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play and 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. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within other long-term liabilities on the Company’s Balance Sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 48 $ 34 $ 91 $ 94 $ 560 $ 310 Balance at June 30 45 32 98 96 665 352 Increase / (decrease) $ (3) $ (2) $ 7 $ 2 $ 105 $ 42 The June 30, 2022 balances above exclude liabilities related to liabilities held for sale recorded in 2022 and 2021. See Note 3. The change in customer deposits and other deferred revenue during the period ended June 30, 2022 was primarily due to expansion of the Caesars Digital segment from the legalization of retail and online sports betting in new jurisdictions. Lease Revenue Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended June 30, 2022 and 2021, we recognized approximately $519 million and $396 million, respectively, and during the six months ended June 30, 2022 and 2021, we recognized approximately $902 million and $611 million, respectively, 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 Statements of Operations, and during the three months ended June 30, 2022 and 2021, lease revenue related to conventions was approximately $13 million and less than $1 million, respectively, and during the six months ended June 30, 2022 and 2021, lease revenue related to conventions was approximately $19 million and less than $1 million, respectively. Real Estate Operating Leases Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended June 30, 2022 and 2021, we recognized approximately $47 million and $44 million, respectively, and during the six months ended June 30, 2022 and 2021, we recognized approximately $83 million and $65 million, respectively, of real estate lease revenue. Real estate lease revenue includes $16 million and $6 million of variable rental income for the three months ended June 30, 2022 and 2021, respectively, and $28 million and $13 million for the six months ended June 30, 2022 and 2021, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2022 2021 2022 2021 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ 34 $ 101 $ (417) $ (318) Discontinued operations, net of income taxes (157) (30) (386) (34) Net income (loss) attributable to Caesars $ (123) $ 71 $ (803) $ (352) Shares outstanding: Weighted average shares outstanding – basic 214 209 214 209 Effect of dilutive securities: Stock-based compensation awards 1 2 — — Weighted average shares outstanding – diluted 215 211 214 209 Basic income (loss) per share from continuing operations $ 0.16 $ 0.48 $ (1.95) $ (1.52) Basic loss per share from discontinued operations (0.73) (0.14) (1.80) (0.16) Net income (loss) per common share attributable to common stockholders – basic: $ (0.57) $ 0.34 $ (3.75) $ (1.68) Diluted income (loss) per share from continuing operations $ 0.16 $ 0.48 $ (1.95) $ (1.52) Diluted loss per share from discontinued operations (0.73) (0.14) (1.80) (0.16) Net income (loss) per common share attributable to common stockholders – diluted: $ (0.57) $ 0.34 $ (3.75) $ (1.68) For a period in which the Company generated a net loss from continuing operations, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Stock-based compensation awards 2 — 3 3 Total anti-dilutive common stock 2 — 3 3

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [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, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur. Total stock-based compensation expense in the accompanying Statements of Operations totaled $26 million and $20 million during the three months ended June 30, 2022 and 2021, respectively, and $51 million and $43 million during the six months ended June 30, 2022 and 2021, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations. 2015 Equity Incentive Plan (“2015 Plan”) During the six months ended June 30, 2022, as part of the annual incentive program, the Company granted 718 thousand RSUs to employees of the Company with an aggregate fair value of $53 million and a ratable vesting period of one During the six months ended June 30, 2022, the Company also granted 80 thousand PSUs that are scheduled to vest over a period of one In addition, during the six months ended June 30, 2022, the Company granted 428 thousand MSUs that are scheduled to cliff vest over a period of one During the six months ended June 30, 2022, there were no grants of stock options and 19 thousand stock options were exercised. In addition, during the six months ended June 30, 2022, 589 thousand, 185 thousand and 113 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 plan. Outstanding at End of Period June 30, 2022 December 31, 2021 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options 25,402 $ 16.12 43,905 $ 20.69 Restricted stock units 2,170,957 67.56 2,090,607 61.47 Performance stock units 391,429 50.42 417,069 62.20 Market-based stock units 750,184 83.46 381,923 77.09 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model. Share Repurchase Program In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of June 30, 2022, the Company has acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the six months ended June 30, 2022 and 2021. Changes to the Authorized Shares

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Income (loss) from continuing operations before income taxes $ 88 $ 101 $ (470) $ (395) Benefit (provision) for income taxes (52) 1 55 77 Effective tax rate 59.1 % (1.0) % 11.7 % 19.5 % We classify accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets separate from any related income tax payable or deferred income taxes. 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. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal, state and foreign deferred tax assets that were not deemed realizable based upon estimates of future taxable income. As a result of the William Hill Acquisition, the Company assumed $381 million of additional net deferred tax liabilities net of necessary valuation allowances, plus $34 million in additional accruals for uncertain tax positions. $130 million of the additional deferred tax liabilities and $34 million of the accruals for uncertain tax positions relating to the William Hill Acquisition are presented in Liabilities held for sale as they relate to William Hill International. The income tax benefit (provision) for the three and six months ended June 30, 2022 differed from the expected income tax benefit (provision) based on the federal tax rate of 21% primarily due to a true-up adjustment related to the tax impact of the settlement of preexisting relationships upon the acquisition of William Hill in 2021. The income tax benefit (provision) for the three and six months ended June 30, 2021 differed from the expected income tax benefit (provision) based on the federal tax rate of 21% due to the tax impacts of; (i) changes in certain U.S. state tax laws and the United Kingdom tax rate, each enacted in June 2021, (ii) certain income and deductions that are not tax benefited, and (iii) the reclassification of Horseshoe Hammond from held for sale. The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2018, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

Related Affiliates

Related Affiliates	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Affiliates	Related Affiliates REI As of June 30, 2022, 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. During the six months ended June 30, 2022 and 2021, 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 June 30, 2022 and December 31, 2021, 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. Related party transactions include items such as casino management fees, reimbursement of various costs incurred on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. Following our consolidation of Horseshoe Baltimore, these transactions are eliminated.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
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. 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 3 and Note 6 for a discussion of any impairment of intangibles or long-lived assets related to certain segments, when applicable. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of June 30, 2022: Las Vegas Regional Managed and Branded Bally’s Las Vegas Caesars Atlantic City Horseshoe Bossier City Managed Caesars Palace Las Vegas Circus Circus Reno Horseshoe Council Bluffs Harrah’s Ak-Chin The Cromwell Eldorado Gaming Scioto Downs Horseshoe Hammond Harrah’s Cherokee Flamingo Las Vegas Eldorado Resort Casino Reno Horseshoe Indianapolis Harrah’s Cherokee Valley River Harrah’s Las Vegas Grand Victoria Casino Horseshoe St. Louis Harrah’s Resort Southern California The LINQ Hotel & Casino Harrah’s Atlantic City Horseshoe Tunica Caesars Windsor Paris Las Vegas Harrah’s Council Bluffs Isle Casino Bettendorf Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Gulf Coast Isle of Capri Casino Boonville Branded Rio All-Suite Hotel & Casino Harrah’s Hoosier Park Racing & Casino Horseshoe Lake Charles (b) Caesars Southern Indiana (c) Harrah’s Joliet Isle of Capri Casino Lula Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle Casino Hotel - Black Hawk Caesars Digital Harrah’s Laughlin Isle Casino Pompano Park Harrah’s Metropolis Isle Casino Waterloo Harrah’s New Orleans Lady Luck Casino - Black Hawk Harrah’s North Kansas City Silver Legacy Resort Casino Harrah’s Philadelphia Trop Casino Greenville Harveys Lake Tahoe Tropicana Atlantic City Horseshoe Baltimore (a) Tropicana Laughlin Hotel & Casino ___________________ (a) 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. (b) Isle of Capri Casino Hotel Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and will remain closed until the fourth quarter of 2022 when construction of a new land-based casino, Horseshoe Lake Charles, is expected to be complete. (c) 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. Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement, is reported within the Managed and Branded segment. 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 closed on July 1, 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 Horseshoe Indianapolis (formerly “Indiana Grand”), which operates Winner’s Circle Clarksville. The LINQ Promenade 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. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Las Vegas: Net revenues $ 1,142 $ 855 $ 2,056 $ 1,352 Adjusted EBITDA 547 423 947 585 Regional: Net revenues 1,455 1,490 2,818 2,681 Adjusted EBITDA 513 602 972 995 Caesars Digital: Net revenues 152 86 99 125 Adjusted EBITDA (69) (5) (623) (7) Managed and Branded: Net revenues 74 66 140 127 Adjusted EBITDA 22 26 42 47 Corporate and Other: Net revenues (2) 5 — 9 Adjusted EBITDA (35) (42) (64) (81) 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 certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (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. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Adjusted EBITDA by Segment: Las Vegas $ 547 $ 423 $ 947 $ 585 Regional 513 602 972 995 Caesars Digital (69) (5) (623) (7) Managed and Branded 22 26 42 47 Corporate and Other (35) (42) (64) (81) 978 1,004 1,274 1,539 Reconciliation to net income (loss) attributable to Caesars: Net income attributable to noncontrolling interests (2) (1) (2) — Net loss from discontinued operations (157) (30) (386) (34) Benefit (provision) for income taxes (52) 1 55 77 Other income (loss) (a) 45 110 49 (23) Loss on extinguishment of debt — (23) — (23) Interest expense, net (559) (576) (1,111) (1,155) Depreciation and amortization (306) (301) (606) (566) Transaction and other operating costs, net (b) (14) (72) 21 (92) Stock-based compensation expense (26) (20) (51) (43) Other items (c) (30) (21) (46) (32) Net income (loss) attributable to Caesars $ (123) $ 71 $ (803) $ (352) ____________________ (a) Other income (loss) for the three and six months ended June 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and the changes in the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger. Other income (loss) for the three and six months ended June 30, 2021 primarily represents a gain in the change of fair value of the Company’s investments offset by a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. (b) Transaction and other operating costs, net for the three and six months ended June 30, 2022 primarily represents a gain resulting from insurance proceeds received in excess of the respective carrying value of the assets damaged at Lake Charles by Hurricane Laura partially offset by various contract or lease termination exit costs. Transaction and other operating costs, net for the three and six months ended June 30, 2021 primarily represents 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. Total Assets - By Segment (In millions) June 30, 2022 December 31, 2021 Las Vegas $ 22,960 $ 22,374 Regional 14,678 14,419 Caesars Digital 1,265 1,878 Managed and Branded 3,026 3,527 Corporate and Other (a) (5,259) (4,167) Total $ 36,670 $ 38,031 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities	Basis of Presentation The accompanying unaudited Financial Statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The presentation of financial information herein for the periods after the Company’s acquisition of 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 2 for further discussion of the acquisitions and related transactions and Note 3 for properties recently sold or currently held for sale. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. 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 investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Developments Related to COVID-19	Developments Related to COVID-19The resurgence of the Omicron variant of COVID-19 continued to impact the beginning of the year, however, many of our properties experienced positive trends during much of the six months ended June 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. COVID-19 had a significant impact to the prior year results as mandates and restrictions on maximum capacities and amenities available were eased, discretionary consumer spending was supplemented via governmental stimulus and consumers pent up demand resulted in strong results during 2021 across our properties. Our results of operations remain comparable to pre-pandemic years, however, specifically within our Regional segment, are slightly down to the comparative prior year period. Additionally, future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could, once again, have a significant impact on our future operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements Implemented in 2022 Effective January 1, 2022, we adopted Accounting Standards Update 2020-04 (amended through January 2021), Reference Rate Reform. We will apply this guidance to applicable contracts and instruments if, and when, they are modified. Such application is not expected to have a material effect on our Financial Statements.

Acquisitions and Purchase Pri_2

Acquisitions and Purchase Price Accounting (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	As mentioned above, the total purchase consideration for William Hill was approximately $3.9 billion . 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 (a) $ 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 ____________________ (a) William Hill common stock of approximately 1.0 billion shares as of the acquisition date was paid at £2.72 per share, or approximately $3.77 per share using the GBP to USD exchange rate on the acquisition date. (In millions) Consideration Cash for additional ownership interest $ 55 Preexisting relationships (net of receivable/payable) 18 Preexisting relationships (previously held equity investment) 81 Total purchase consideration $ 154
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill, with the excess recorded as goodwill as of June 30, 2022: (In millions) Fair Value Other current assets $ 164 Assets held for sale 4,337 Property and equipment, net 55 Goodwill 1,154 Intangible assets (a) 565 Other noncurrent assets 317 Total assets $ 6,592 Other current liabilities $ 242 Liabilities related to assets held for sale (b) 2,142 Deferred income taxes 251 Other noncurrent liabilities 35 Total liabilities 2,670 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 a t $280 million and user relationships valued at $68 million. (b) Includes the fair value of debt of $1.1 billion related to William Hill International at the acquisition date. (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.
Schedule of 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, 2021. 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 three and six months ended June 30, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial position or 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. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the acquisition. (In millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net revenues $ 2,532 $ 4,421 Net income (loss) 175 (265) Net income (loss) attributable to Caesars 174 (265)

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Held for Sale and Information of Net Operating Revenues and Net Income (Loss)	The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold: Baton Rouge (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net revenues $ 2 $ 6 Net loss (1) (1) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (In millions) Baton Rouge MontBleu Evansville Baton Rouge MontBleu Evansville Net revenues $ 5 $ — $ 27 $ 9 $ 11 $ 58 Net income (loss) — — 13 (1) 4 26 The assets and liabilities held for sale were as follows as of December 31, 2021: Baton Rouge (In millions) December 31, 2021 Assets: Cash $ 3 Property and equipment, net 2 Other assets, net 1 Assets held for sale $ 6 Liabilities: Current liabilities $ 3 Other long-term liabilities 1 Liabilities related to assets held for sale $ 4 The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the three and six months ended June 30, 2022 and 2021: William Hill International (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Net revenues $ 401 $ 820 Net loss (145) (448) Three months ended June 30, 2021 Six Months Ended June 30, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 16 $ 20 $ 65 $ 343 $ 29 $ 30 $ 114 $ 343 Net income (loss) 5 (39) 9 (2) 9 (46) 9 (2)

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	(In millions) June 30, 2022 December 31, 2021 Land $ 2,093 $ 2,125 Buildings, riverboats, and leasehold and land improvements 12,680 12,433 Furniture, fixtures, and equipment 1,830 1,650 Construction in progress 495 395 Total property and equipment 17,098 16,603 Less: accumulated depreciation (2,492) (2,002) Total property and equipment, net $ 14,606 $ 14,601 Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Depreciation expense $ 255 $ 264 $ 498 $ 509

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets, Net	Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2021 $ 1,209 $ 11,076 $ 3,711 Amortization (108) — — Other (a) — 6 — June 30, 2022 $ 1,101 $ 11,082 $ 3,711 ____________________ (a) Purchase price adjustment related to William Hill Acquisition.
Schedule of Finite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2022 December 31, 2021 (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 $ (233) $ 354 $ 587 $ (187) $ 400 Gaming rights and other 20 - 34 years 174 (10) 164 174 (7) 167 Trademarks 15 years 307 (50) 257 322 (21) 301 Reacquired rights 24 years 250 (12) 238 250 (7) 243 Technology 6 years 110 (22) 88 110 (12) 98 $ 1,428 $ (327) 1,101 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,190 1,190 Caesars Rewards 523 523 3,711 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,812 $ 4,920
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2022 December 31, 2021 (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 $ (233) $ 354 $ 587 $ (187) $ 400 Gaming rights and other 20 - 34 years 174 (10) 164 174 (7) 167 Trademarks 15 years 307 (50) 257 322 (21) 301 Reacquired rights 24 years 250 (12) 238 250 (7) 243 Technology 6 years 110 (22) 88 110 (12) 98 $ 1,428 $ (327) 1,101 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,190 1,190 Caesars Rewards 523 523 3,711 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,812 $ 4,920
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated Five-Year Amortization Remaining 2022 Years Ended December 31, (In millions) 2023 2024 2025 2026 2027 Estimated annual amortization expense $ 76 $ 138 $ 123 $ 116 $ 116 $ 73

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: June 30, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ 1 $ — $ 3 Derivative instruments - FX forward — 3 — 3 Total assets at fair value $ 2 $ 4 $ — $ 6 Liabilities: Derivative instruments - interest rate swaps $ — $ 1 $ — $ 1 Total liabilities at fair value $ — $ 1 $ — $ 1 December 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash $ 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 forward — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44
Schedule of Derivative Instruments	The major terms of the interest rate swap agreements as of June 30, 2022 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.274% 1.0617% 12/31/2022 1/1/2019 200 2.828% 1.0617% 12/31/2022 1/1/2019 200 2.828% 1.0617% 12/31/2022 1/1/2019 600 2.739% 1.0617% 12/31/2022
Schedule of Changes in AOCI by Component	The changes in AOCI by component, net of tax, for the periods through June 30, 2022 and 2021 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (2) — (1) (3) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Total other comprehensive income (loss), net of tax 12 — (1) 11 Balances as of March 31, 2021 $ 38 $ 8 $ (1) $ 45 Other comprehensive income (loss) before reclassifications (5) (11) 3 (13) Amounts reclassified from accumulated other comprehensive income 15 — — 15 Total other comprehensive income (loss), net of tax 10 (11) 3 2 Balances as of June 30, 2021 $ 48 $ (3) $ 2 $ 47 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income (loss) before reclassifications 5 (33) — (28) Amounts reclassified from accumulated other comprehensive income 8 — — 8 Total other comprehensive income (loss), net of tax 13 (33) — (20) Balances as of March 31, 2022 $ 86 $ (69) $ (1) $ 16 Other comprehensive income (loss) before reclassifications 1 (44) 1 (42) Amounts reclassified from accumulated other comprehensive income 6 — — 6 Total other comprehensive income (loss), net of tax 7 (44) 1 (36) Balances as of June 30, 2022 $ 93 $ (113) $ — $ (20)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	June 30, 2022 December 31, 2021 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CRC Revolving Credit Facility 2022 variable $ — $ — $ — Baltimore Revolving Credit Facility 2023 variable — — — Baltimore Term Loan 2024 variable 278 272 275 CRC Term Loan 2024 variable 4,488 4,217 4,190 CEI Revolving Credit Facility 2025 variable — — — CRC Incremental Term Loan 2025 variable 1,769 1,703 1,705 CRC Senior Secured Notes 2025 5.75% 989 976 985 CEI Senior Secured Notes 2025 6.25% 3,400 3,353 3,346 Convention Center Mortgage Loan 2025 7.85% 400 399 399 Unsecured Debt CEI Senior Notes 2027 8.125% 1,621 1,598 1,673 Senior Notes 2029 4.625% 1,200 1,184 1,183 Special Improvement District Bonds 2037 4.30% 47 47 49 Long-term notes and other payables 2 2 2 Total debt 14,194 13,751 13,807 Current portion of long-term debt (70) (70) (70) Deferred finance charges associated with the CEI Revolving Credit Facility — (13) (15) Long-term debt $ 14,124 $ 13,668 $ 13,722 Unamortized premiums, discounts and deferred finance charges $ 456 $ 531 Fair value $ 13,506
Schedule of Maturities of Long-term Debt	Annual Estimated Debt Service Requirements as of June 30, 2022 Remaining Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Thereafter Total Annual maturities of long-term debt $ 34 $ 70 $ 4,711 $ 6,515 $ 3 $ 2,861 $ 14,194 Estimated interest payments 450 930 880 550 190 310 3,310 Total debt service obligation (a) $ 484 $ 1,000 $ 5,591 $ 7,065 $ 193 $ 3,171 $ 17,504 ____________________ (a) Debt principal and interest payments are estimated amounts based on contractual maturity and repayment dates and exclude the effect of discretionary early repayments, such as our early repayments made in July 2022, as discussed below. 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 7). Actual payments may differ from these estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment	The Company’s Statements 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. Refer to Note 15 for additional information on the Company’s reportable segments. Three Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 315 $ 1,098 $ 137 $ — $ (1) $ 1,549 Food and beverage 291 131 — — — 422 Hotel 358 161 — — — 519 Other 178 65 15 74 (1) 331 Net revenues $ 1,142 $ 1,455 $ 152 $ 74 $ (2) $ 2,821 Three Months Ended June 30, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 315 $ 1,178 $ 78 $ — $ — $ 1,571 Food and beverage 171 109 — 1 — 281 Hotel 242 154 — — — 396 Other 127 49 8 65 5 254 Net revenues $ 855 $ 1,490 $ 86 $ 66 $ 5 $ 2,502 Six Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 606 $ 2,168 $ 68 $ — $ (1) $ 2,841 Food and beverage 511 250 — — — 761 Hotel 624 278 — — — 902 Other 315 122 31 140 1 609 Net revenues $ 2,056 $ 2,818 $ 99 $ 140 $ — $ 5,113 Six Months Ended June 30, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino and pari-mutuel commissions $ 541 $ 2,145 $ 112 $ — $ — $ 2,798 Food and beverage 255 193 — 2 — 450 Hotel 357 254 — — — 611 Other 199 89 13 125 9 435 Net revenues $ 1,352 $ 2,681 $ 125 $ 127 $ 9 $ 4,294
Schedule of Accounts Receivable, Net	Accounts Receivable, Net (In millions) June 30, 2022 December 31, 2021 Casino and pari-mutuel commissions $ 152 $ 168 Food and beverage and hotel 163 100 Other 179 204 Accounts receivable, net $ 494 $ 472
Summary of Activity Related to Contract and Contract Related Liabilities	The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 48 $ 34 $ 91 $ 94 $ 560 $ 310 Balance at June 30 45 32 98 96 665 352 Increase / (decrease) $ (3) $ (2) $ 7 $ 2 $ 105 $ 42

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Loss Per Share Computations	The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2022 2021 2022 2021 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ 34 $ 101 $ (417) $ (318) Discontinued operations, net of income taxes (157) (30) (386) (34) Net income (loss) attributable to Caesars $ (123) $ 71 $ (803) $ (352) Shares outstanding: Weighted average shares outstanding – basic 214 209 214 209 Effect of dilutive securities: Stock-based compensation awards 1 2 — — Weighted average shares outstanding – diluted 215 211 214 209 Basic income (loss) per share from continuing operations $ 0.16 $ 0.48 $ (1.95) $ (1.52) Basic loss per share from discontinued operations (0.73) (0.14) (1.80) (0.16) Net income (loss) per common share attributable to common stockholders – basic: $ (0.57) $ 0.34 $ (3.75) $ (1.68) Diluted income (loss) per share from continuing operations $ 0.16 $ 0.48 $ (1.95) $ (1.52) Diluted loss per share from discontinued operations (0.73) (0.14) (1.80) (0.16) Net income (loss) per common share attributable to common stockholders – diluted: $ (0.57) $ 0.34 $ (3.75) $ (1.68)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Stock-based compensation awards 2 — 3 3 Total anti-dilutive common stock 2 — 3 3

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	June 30, 2022 December 31, 2021 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options 25,402 $ 16.12 43,905 $ 20.69 Restricted stock units 2,170,957 67.56 2,090,607 61.47 Performance stock units 391,429 50.42 417,069 62.20 Market-based stock units 750,184 83.46 381,923 77.09 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Income (loss) from continuing operations before income taxes $ 88 $ 101 $ (470) $ (395) Benefit (provision) for income taxes (52) 1 55 77 Effective tax rate 59.1 % (1.0) % 11.7 % 19.5 %

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022: Las Vegas Regional Managed and Branded Bally’s Las Vegas Caesars Atlantic City Horseshoe Bossier City Managed Caesars Palace Las Vegas Circus Circus Reno Horseshoe Council Bluffs Harrah’s Ak-Chin The Cromwell Eldorado Gaming Scioto Downs Horseshoe Hammond Harrah’s Cherokee Flamingo Las Vegas Eldorado Resort Casino Reno Horseshoe Indianapolis Harrah’s Cherokee Valley River Harrah’s Las Vegas Grand Victoria Casino Horseshoe St. Louis Harrah’s Resort Southern California The LINQ Hotel & Casino Harrah’s Atlantic City Horseshoe Tunica Caesars Windsor Paris Las Vegas Harrah’s Council Bluffs Isle Casino Bettendorf Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Gulf Coast Isle of Capri Casino Boonville Branded Rio All-Suite Hotel & Casino Harrah’s Hoosier Park Racing & Casino Horseshoe Lake Charles (b) Caesars Southern Indiana (c) Harrah’s Joliet Isle of Capri Casino Lula Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle Casino Hotel - Black Hawk Caesars Digital Harrah’s Laughlin Isle Casino Pompano Park Harrah’s Metropolis Isle Casino Waterloo Harrah’s New Orleans Lady Luck Casino - Black Hawk Harrah’s North Kansas City Silver Legacy Resort Casino Harrah’s Philadelphia Trop Casino Greenville Harveys Lake Tahoe Tropicana Atlantic City Horseshoe Baltimore (a) Tropicana Laughlin Hotel & Casino ___________________ (a) 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. (b) Isle of Capri Casino Hotel Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and will remain closed until the fourth quarter of 2022 when construction of a new land-based casino, Horseshoe Lake Charles, is expected to be complete. (c) 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. Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement, is reported within the Managed and Branded segment. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Las Vegas: Net revenues $ 1,142 $ 855 $ 2,056 $ 1,352 Adjusted EBITDA 547 423 947 585 Regional: Net revenues 1,455 1,490 2,818 2,681 Adjusted EBITDA 513 602 972 995 Caesars Digital: Net revenues 152 86 99 125 Adjusted EBITDA (69) (5) (623) (7) Managed and Branded: Net revenues 74 66 140 127 Adjusted EBITDA 22 26 42 47 Corporate and Other: Net revenues (2) 5 — 9 Adjusted EBITDA (35) (42) (64) (81) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Adjusted EBITDA by Segment: Las Vegas $ 547 $ 423 $ 947 $ 585 Regional 513 602 972 995 Caesars Digital (69) (5) (623) (7) Managed and Branded 22 26 42 47 Corporate and Other (35) (42) (64) (81) 978 1,004 1,274 1,539 Reconciliation to net income (loss) attributable to Caesars: Net income attributable to noncontrolling interests (2) (1) (2) — Net loss from discontinued operations (157) (30) (386) (34) Benefit (provision) for income taxes (52) 1 55 77 Other income (loss) (a) 45 110 49 (23) Loss on extinguishment of debt — (23) — (23) Interest expense, net (559) (576) (1,111) (1,155) Depreciation and amortization (306) (301) (606) (566) Transaction and other operating costs, net (b) (14) (72) 21 (92) Stock-based compensation expense (26) (20) (51) (43) Other items (c) (30) (21) (46) (32) Net income (loss) attributable to Caesars $ (123) $ 71 $ (803) $ (352) ____________________ (a) Other income (loss) for the three and six months ended June 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and the changes in the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger. Other income (loss) for the three and six months ended June 30, 2021 primarily represents a gain in the change of fair value of the Company’s investments offset by a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. (b) Transaction and other operating costs, net for the three and six months ended June 30, 2022 primarily represents a gain resulting from insurance proceeds received in excess of the respective carrying value of the assets damaged at Lake Charles by Hurricane Laura partially offset by various contract or lease termination exit costs. Transaction and other operating costs, net for the three and six months ended June 30, 2021 primarily represents 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 Balance Sheet Information for Reportable Segments	Total Assets - By Segment (In millions) June 30, 2022 December 31, 2021 Las Vegas $ 22,960 $ 22,374 Regional 14,678 14,419 Caesars Digital 1,265 1,878 Managed and Branded 3,026 3,527 Corporate and Other (a) (5,259) (4,167) Total $ 36,670 $ 38,031 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Organization and Basis of Pre_3

Organization and Basis of Presentation - Organization (Details) £ in Billions, $ in Billions	Apr. 22, 2021 GBP (£)	Apr. 22, 2021 USD ($)	Jun. 30, 2022 hotel_room state race_track machine property game
Organization and Basis of Presentation
Total number of properties | property			51
Number of slot machines and video lottery terminals | machine			53,200
Number of table games | game			2,900
Number of room in hotel | hotel_room			47,500
Number of race tracks | race_track			300
Domestic Gaming and Hospitality Properties
Organization and Basis of Presentation
Number of states in which the company operates			16
Sports Wagering
Organization and Basis of Presentation
Number of states in which the company operates			25
Mobile Sports Betting
Organization and Basis of Presentation
Number of states in which the company operates			18
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states in which the company operates			6
William Hill
Organization and Basis of Presentation
Cash consideration paid	£ 2.9	$ 3.9

Organization and Basis of Pre_4

Organization and Basis of Presentation - William Hill Acquisition (Details) £ in Millions, $ in Millions						3 Months Ended	4 Months Ended	6 Months Ended
	Apr. 07, 2022 GBP (£)	May 12, 2021 GBP (£)	Apr. 22, 2021 GBP (£)	Apr. 22, 2021 USD ($)	Oct. 06, 2020 GBP (£)	Jun. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jul. 01, 2022 USD ($)	Sep. 08, 2021 GBP (£)	Jun. 14, 2021 GBP (£)
Subsequent Event
Organization and Basis of Presentation
Repayments of debt | $							$ 730
William Hill International
Organization and Basis of Presentation
Disposal group, consideration	£ 2,000									£ 2,200
Reduction in consideration due at closing	250
Reduction in deferred consideration	£ 100
Impairment charge of net assets being sold | $						$ 174		$ 503
William Hill International | Subsequent Event
Organization and Basis of Presentation
Disposal group, proceeds after repayment of debt and other permitted leakage | $									$ 730
William Hill
Organization and Basis of Presentation
Cash consideration paid			£ 2,900	$ 3,900
Total purchase consideration | $				$ 3,912
William Hill | Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A
Organization and Basis of Presentation
Total purchase consideration					£ 1,500
William Hill | Senior Secured 540-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Long-term debt, term			540 days
Credit facility			£ 1,000
William Hill | Senior Secured 60-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Long-term debt, term			60 days
Credit facility			£ 503
Repayments of debt		£ 503
William Hill | Senior Secured 540-day Revolving Credit Facility | Line of Credit
Organization and Basis of Presentation
Long-term debt, term			540 days
Credit facility			£ 116
William Hill | Senior Secured Revolving Credit Facility | Line of Credit
Organization and Basis of Presentation
Credit facility											£ 116
Bridge Credit Agreement | Line of Credit | William Hill
Organization and Basis of Presentation
Credit facility											£ 700

Acquisitions and Purchase Pri_3

Acquisitions and Purchase Price Accounting - Narrative (Details) $ in Millions, £ in Billions				3 Months Ended		6 Months Ended
	Aug. 26, 2021 USD ($)	Apr. 22, 2021 GBP (£)	Apr. 22, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 07, 2022 GBP (£)	Sep. 08, 2021 GBP (£)
Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						15 years
William Hill International
Business Acquisition [Line Items]
Disposal group, consideration | £								£ 2	£ 2.2
William Hill
Business Acquisition [Line Items]
Cash consideration paid		£ 2.9	$ 3,900
Business combination, acquisition related costs				$ 7	$ 62	$ 8	$ 67
Revenue since transaction						17
Net income (loss)						$ (1,200)
William Hill | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						15 years
William Hill | Technology
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						6 years
William Hill | User Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						3 years
William Hill | Operating Agreements
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						20 years
William Hill | Rights Value
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life						24 years
Horseshoe Baltimore
Business Acquisition [Line Items]
Cash consideration paid	$ 55
Finite-lived intangible assets, useful life						7 years
Revenue since transaction						$ 117
Net income (loss)						$ 6
Percentage of outstanding shares owned	75.80%
Percentage of outstanding shares owned before additional interest purchased	44.30%
Operating lease, discount rate				7.60%		7.60%
Horseshoe Baltimore | Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment, useful life						40 years

Acquisitions and Purchase Pri_4

Acquisitions and Purchase Price Accounting - Estimated purchase consideration (Details) £ / shares in Units, $ / shares in Units, $ in Millions, £ in Billions, shares in Billions	Aug. 26, 2021 USD ($)	Apr. 22, 2021 GBP (£) £ / shares shares	Apr. 22, 2021 USD ($) shares	Apr. 22, 2021 $ / 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 | Net of Receivable or Payable
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship			7
William Hill | Off-Market Right
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship			(34)
William Hill | Common Stock
Business Acquisition [Line Items]
Cash consideration paid			$ 3,909
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares		1	1
Business acquisition, share price (in dollars per share) | (per share)		£ 2.72		$ 3.77
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]
Business combination, separately recognized transactions, settlement of pre existing relationship	18
Horseshoe Baltimore | Off-Market Right
Business Acquisition [Line Items]
Business combination, separately recognized transactions, settlement of pre existing relationship	$ 81

Acquisitions and Purchase Pri_5

Acquisitions and Purchase Price Accounting - Acquisition of William Hill Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 11,082	$ 11,076
William Hill
Business Acquisition [Line Items]
Other current assets	164
Assets held for sale	4,337
Property and equipment, net	55
Goodwill	1,154
Intangible assets	565
Other noncurrent assets	317
Total assets	6,592
Other current liabilities	242
Liabilities related to assets held for sale	2,142
Deferred income taxes	251
Other noncurrent liabilities	35
Total liabilities	2,670
Noncontrolling interests	10
Net assets acquired	3,912
Intangible asset	1,100
William Hill | Gaming rights and other
Business Acquisition [Line Items]
Intangible asset	80
William Hill | Trade Names
Business Acquisition [Line Items]
Intangible asset	27
William Hill | Technology
Business Acquisition [Line Items]
Intangible asset	110
William Hill | Rights Value
Business Acquisition [Line Items]
Intangible asset	280
William Hill | User Relationship
Business Acquisition [Line Items]
Intangible asset	$ 68

Acquisitions and Purchase Pri_6

Acquisitions and Purchase Price Accounting - Business Acquisition, Pro Forma Information (Details) - William Hill - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 2,532	$ 4,421
Net income (loss)	175	(265)
Net income (loss) attributable to Caesars	$ 174	$ (265)

Acquisitions and Purchase Pri_7

Acquisitions and Purchase Price Accounting - Consolidation of Horseshoe Baltimore (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 11,082	$ 11,076
Horseshoe Baltimore
Business Acquisition [Line Items]
Current assets	60
Property and equipment, net	317
Goodwill	63
Intangible assets	53
Other noncurrent assets	183
Total assets	676
Other 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 other
Business Acquisition [Line Items]
Intangible asset	43
Horseshoe Baltimore | Customer Relationships
Business Acquisition [Line Items]
Intangible asset	$ 10

Assets Held for Sale - Narrativ

Assets Held for Sale - Narrative (Details) $ in Millions

6 Months Ended

May 05, 2022 USD ($)

Sep. 03, 2021 USD ($)

Jul. 16, 2021 USD ($)

Jun. 03, 2021 USD ($)

Apr. 06, 2021 USD ($)

Jun. 30, 2022 USD ($) deed

Jun. 30, 2022 GBP (£)

Apr. 07, 2022 GBP (£)

Dec. 31, 2021 USD ($)

Sep. 08, 2021 GBP (£)

Dec. 24, 2020 USD ($)

Sep. 03, 2020 USD ($)

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

Assets held for sale

$ 2,926

$ 3,771

Interest rate

4.30%

4.30%

Senior Notes | Discontinued Operations, Held-for-sale

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

Debt instrument, interest rate, effective percentage

101%

Debt instrument, repurchased face amount | £

£ 1,000,000

Senior Notes | Discontinued Operations, Held-for-sale | Senior Notes Due 2026

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

Debt instrument, face amount | £

£ 350,000,000

Interest rate

4.75%

4.75%

Senior Notes | Discontinued Operations, Held-for-sale | Senior Notes Due 2023

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

Debt instrument, face amount | £

£ 350,000,000

Interest rate

4.875%

4.875%

Eastern Band of Cherokee Indians (“EBCI”) | Discontinued Operations, Held-for-sale

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

Licensing agreement, term

10 years

Baton Rouge | Discontinued Operations, Held for sale - Sold

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

Gain (loss) from equity method investment

$ (3)

Assets held for sale

6

Liabilities held for sale

4

MontBleu | Discontinued Operations, Held for sale - Sold

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

Gain (loss) from equity method investment

$ 1

Aggregate consideration subject to working capital adjustments

$ 15

Evansville | Discontinued Operations, Held for sale - Sold

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

Gain (loss) from equity method investment

$ 12

Disposal group, consideration

$ 480

Harrah’s Louisiana Downs | Discontinued Operations, Held-for-sale

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

Disposal group, consideration

$ 22

Caesars Southern Indiana | Discontinued Operations, Held-for-sale

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

Disposal group, consideration

$ 250

Gain on working capital adjustment

$ 12

Reduction in annual lease payments for disposal of business

$ 33

Caesars UK Group | Discontinued Operations, Held-for-sale

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 | £

£ 2,000,000,000

£ 2,200,000,000

William Hill International | Discontinued Operations, Held-for-sale

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

Assets held for sale

$ 2,900

3,800

Liabilities held for sale

2,400

2,700

Long-term debt, gross

$ 850

Number of trust deeds assumed | deed

2

Bridge Credit Agreement | Discontinued Operations, Held-for-sale

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

Liabilities held for sale

$ 557

$ 617

Maximum leverage ratio

10.50

10.50

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Information of Net Revenues and Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Baton Rouge | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 2	$ 5	$ 6	$ 9
Net income (loss)	(1)	0	(1)	(1)
MontBleu | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		0		11
Net income (loss)		0		4
Evansville | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		27		58
Net income (loss)		13		26
William Hill International | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	401	343	820	343
Net income (loss)	$ (145)	(2)	$ (448)	(2)
Harrah’s Louisiana Downs | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		16		29
Net income (loss)		5		9
Caesars UK Group | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		20		30
Net income (loss)		(39)		(46)
Caesars Southern Indiana | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		65		114
Net income (loss)		$ 9		$ 9

Assets Held for Sale - Schedu_2

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Assets held for sale	$ 2,926	$ 3,771
Liabilities:
Current liabilities	$ 2,372	2,680
Baton Rouge | Discontinued Operations, Held for sale - Sold
Assets:
Cash		3
Property and equipment, net		2
Other assets, net		1
Assets held for sale		6
Liabilities:
Current liabilities		3
Other long-term liabilities		1
Liabilities related to assets held for sale		$ 4

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Details) shares in Millions, $ in Millions				1 Months Ended	6 Months Ended		51 Months Ended
	Mar. 14, 2022 USD ($) shares	Sep. 16, 2021 USD ($)	Feb. 12, 2021 USD ($) a	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) a	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) a	Sep. 15, 2021
Investment in Unconsolidated Affiliates
Land contributed to joint venture					$ 0	$ 61
Payments to acquire equity method investments					$ 0	$ 33
William Hill
Investment in Unconsolidated Affiliates
Agreement period					25 years
Neo Games S.A
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities		$ 136
Percentage of equity stake		8.40%						24.50%
Equity securities, shares sold (in shares) | shares	2
Equity securities, amount sold	$ 26
Equity securities, loss					$ 34
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake					50%		50%
Land contributed to joint venture			$ 61	$ 3
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

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 17,098		$ 17,098		$ 16,603
Less: accumulated depreciation	(2,492)		(2,492)		(2,002)
Total property and equipment, net	14,606		14,606		14,601
Depreciation expense	255	$ 264	498	$ 509
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,093		2,093		2,125
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	12,680		12,680		12,433
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,830		1,830		1,650
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 495		$ 495		$ 395

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill and Other Intangible Assets, Net (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance	$ 1,209
Amortization	(108)
Other	0
Finite-lived intangible assets, net, ending balance	1,101
Goodwill
Goodwill, gross, beginning balance	11,076
Other	6
Goodwill, gross, ending balance	11,082
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance	3,711
Other	0
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,711

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,428	$ 1,443
Finite-lived intangible assets, accumulated amortization	(327)	(234)
Finite-lived intangible assets, net, carrying amount	1,101	1,209
Non-amortizing intangible assets	3,711	3,711
Total amortizing and non-amortizing intangible assets, net	4,812	4,920
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	1,998	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	1,190	1,190
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	587	587
Finite-lived intangible assets, accumulated amortization	(233)	(187)
Finite-lived intangible assets, net, carrying amount	$ 354	400
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 174	174
Finite-lived intangible assets, accumulated amortization	(10)	(7)
Finite-lived intangible assets, net, carrying amount	$ 164	167
Gaming rights and other | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	20 years
Gaming rights and other | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	15 years
Finite-lived intangible assets, gross carrying amount	$ 307	322
Finite-lived intangible assets, accumulated amortization	(50)	(21)
Finite-lived intangible assets, net, carrying amount	$ 257	301
Reacquired rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	24 years
Finite-lived intangible assets, gross carrying amount	$ 250	250
Finite-lived intangible assets, accumulated amortization	(12)	(7)
Finite-lived intangible assets, net, carrying amount	$ 238	243
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life	6 years
Finite-lived intangible assets, gross carrying amount	$ 110	110
Finite-lived intangible assets, accumulated amortization	(22)	(12)
Finite-lived intangible assets, net, carrying amount	$ 88	$ 98

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 306	$ 301	$ 606	$ 566
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 51	$ 37	$ 108	$ 57

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Customer relationships $ in Millions	Jun. 30, 2022 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Remaining 2022	$ 76
2023	138
2024	123
2025	116
2026	116
2027	$ 73

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring Basis - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Restricted cash		$ 2
Marketable securities	$ 3	78
Total assets at fair value	6	81
Liabilities:
Total liabilities at fair value	1	44
Level 1
Assets:
Restricted cash		1
Marketable securities	2	69
Total assets at fair value	2	70
Liabilities:
Total liabilities at fair value	0	0
Level 2
Assets:
Restricted cash		1
Marketable securities	1	9
Total assets at fair value	4	11
Liabilities:
Total liabilities at fair value	1	44
Level 3
Assets:
Restricted cash		0
Marketable securities	0	0
Total assets at fair value	0	0
Liabilities:
Total liabilities at fair value	0	0
Derivative instruments - FX forward
Assets:
Derivative instruments - FX forward	3	1
Liabilities:
Derivative instruments		16
Derivative instruments - FX forward | Level 1
Assets:
Derivative instruments - FX forward	0	0
Liabilities:
Derivative instruments		0
Derivative instruments - FX forward | Level 2
Assets:
Derivative instruments - FX forward	3	1
Liabilities:
Derivative instruments		16
Derivative instruments - FX forward | Level 3
Assets:
Derivative instruments - FX forward	0	0
Liabilities:
Derivative instruments		0
Derivative instruments - interest rate swaps
Liabilities:
Derivative liability	1
Derivative instruments		28
Derivative instruments - interest rate swaps | Level 1
Liabilities:
Derivative liability	0
Derivative instruments		0
Derivative instruments - interest rate swaps | Level 2
Liabilities:
Derivative liability	1
Derivative instruments		28
Derivative instruments - interest rate swaps | Level 3
Liabilities:
Derivative liability	$ 0
Derivative instruments		$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022 USD ($) agreement	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) agreement	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on amounts transferred into AOCI before tax	$ 10		$ 14		$ 27	$ 29
Amounts reclassified from accumulated other comprehensive income	(6)	$ (8)	(15)	$ (14)
Gain (loss) to be reclassified within twelve months (less than)					1
Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income	6		15		14	29
Derivative instruments - FX forward | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ 55		$ 9		$ 76	$ 10
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate derivatives held | agreement	4				4
Notional amount	$ 1,300				$ 1,300
Derivative instruments - interest rate swaps | Other Long Term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability							$ 28

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Derivative Instruments (Details) - Derivative instruments - interest rate swaps	Jun. 30, 2022 USD ($)
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%
Derivative, variable interest rate	1.0617%
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%
Derivative, variable interest rate	1.0617%
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%
Derivative, variable interest rate	1.0617%
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%
Derivative, variable interest rate	1.0617%

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,846	$ 4,541	$ 4,630	$ 5,034	$ 4,541	$ 5,034
Other comprehensive loss before reclassifications	(42)	(28)	(13)	(3)
Amounts reclassified from accumulated other comprehensive income	6	8	15	14
Other comprehensive income (loss), net of tax	(36)	(20)	2	11	(56)	13
Ending balance	3,711	3,846	5,162	4,630	3,711	5,162
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	16	36	45	34	36	34
Ending balance	(20)	16	47	45	(20)	47
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	86	73	38	26	73	26
Other comprehensive loss before reclassifications	1	5	(5)	(2)
Amounts reclassified from accumulated other comprehensive income	6	8	15	14
Other comprehensive income (loss), net of tax	7	13	10	12
Ending balance	93	86	48	38	93	48
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(69)	(36)	8	8	(36)	8
Other comprehensive loss before reclassifications	(44)	(33)	(11)	0
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Other comprehensive income (loss), net of tax	(44)	(33)	(11)	0
Ending balance	(113)	(69)	(3)	8	(113)	(3)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	(1)	(1)	0	(1)	0
Other comprehensive loss before reclassifications	1	0	3	(1)
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Other comprehensive income (loss), net of tax	1	0	3	(1)
Ending balance	$ 0	$ (1)	$ 2	$ (1)	$ 0	$ 2

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 212,000,000		$ 212,000,000		$ 221,000,000
Weather Disruption - Lake Charles
Loss Contingencies [Line Items]
Insurance settlement, amount, before deductible	128,000,000		128,000,000
Deductible	25,000,000		25,000,000
Cumulative proceeds from insurance settlement	100,000,000		100,000,000
Insurance settlements receivable, current	3,000,000		3,000,000
Insured event, gain	0	$ 14,000,000	38,000,000	$ 22,000,000
Atlantic City
Loss Contingencies [Line Items]
Escrow deposit	400,000,000		$ 400,000,000
Capital expenditure term			3 years
Restricted cash	189,000,000		$ 189,000,000		297,000,000
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease						$ 325,000,000
Number of hotel rooms in new tower | hotel_room						340
Capital expenditures			64,000,000
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	$ 988,000,000		988,000,000		$ 997,000,000
Insurance Carrier
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 2,000,000,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Sep. 24, 2021	Sep. 18, 2020	Jul. 20, 2020	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 14,194
Current portion of long-term debt	(70)	$ (70)
Long-term debt	13,668	13,722
Face Value
Long-term debt
Special Improvement District Bonds	47
Long-term notes and other payables	2
Total debt	14,194
Current portion of long-term debt	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	14,124
Fair value	13,506
Book Value
Long-term debt
Special Improvement District Bonds	47	49
Long-term notes and other payables	2	2
Total debt	13,751	13,807
Current portion of long-term debt	(70)	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	(13)	(15)
Long-term debt	13,668	13,722
Unamortized premiums, discounts and deferred finance charges	456	531
CRC Revolving Credit Facility | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
CRC Revolving Credit Facility | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0	0
Baltimore Revolving Credit Facility | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
Baltimore Revolving Credit Facility | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0	0
Baltimore Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	278
Baltimore Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	272	275
CRC Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	4,488
CRC Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	4,217	4,190
CEI Revolving Credit Facility | Senior Notes | Face Value
Long-term debt
Long-term line of credit	0
CEI Revolving Credit Facility | Senior Notes | Book Value
Long-term debt
Long-term line of credit	0	0
CRC Incremental Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	1,769					$ 1,800
CRC Incremental Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,703	1,705
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate	5.75%						5.75%
Long-term debt, gross							$ 1,000
CRC Senior Secured Notes | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 989
CRC Senior Secured Notes | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 976	985
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate	6.25%						6.25%
Long-term debt, gross							$ 3,400
CEI Senior Secured Notes | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 3,400
CEI Senior Secured Notes | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 3,353	3,346
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate	7.85%		7.854%
Convention Center Mortgage Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 400				$ 400
Convention Center Mortgage Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 399	399
CEI Senior Notes
Long-term debt
Interest rate	8.125%						8.125%
CEI Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 1,621
CEI Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,598	1,673
CEI Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross							$ 1,800
Senior Notes
Long-term debt
Interest rate	4.625%			4.625%
Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 1,200
Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,184	$ 1,183
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	Jun. 30, 2022 USD ($) agreement
Annual maturities of long-term debt
Remainder of 2022	$ 34
2023	70
2024	4,711
2025	6,515
2026	3
Thereafter	2,861
Total debt	14,194
Estimated interest payments
Remainder of 2022	450
2023	930
2024	880
2025	550
2026	190
Thereafter	310
Debt estimate interest payment, due	3,310
Total debt service obligation
Remainder of 2022	484
2023	1,000
2024	5,591
2025	7,065
2026	193
Thereafter	3,171
Debt service obligation	$ 17,504
CRC Credit Agreement
Long-term debt
Number of interest rate derivatives held | agreement	4

Long-Term Debt - Baltimore Term

Long-Term Debt - Baltimore Term Loan and Baltimore Revolving Credit Facility (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Baltimore Term Loan | Secured Debt | LIBOR
Long-term debt
Spread on variable rate	4%
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 | Horseshoe Baltimore
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility	$ 10
Baltimore Revolving Credit Facility | Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate	6%

Long-Term Debt - CRC Term Loans

Long-Term Debt - CRC Term Loans and CRC Revolving Credit Facility (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 21, 2021	Dec. 22, 2017	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Nov. 10, 2021	Jul. 20, 2020
Long-term debt
Interest rate				4.30%		4.30%
Loss on extinguishment of debt				$ 0	$ 23,000,000	$ 0	$ 23,000,000
CRC Term Loan | Base rate
Long-term debt
Spread on variable rate		1.75%
CRC Term Loan | LIBOR
Long-term debt
Spread on variable rate		2.75%
CRC Incremental Term Loan | Base rate
Long-term debt
Spread on variable rate	3.50%	3.50%
CRC Incremental Term Loan | LIBOR
Long-term debt
Spread on variable rate	2.50%	4.50%
CRC Credit Agreement | Base rate
Long-term debt
Spread on variable rate		0%
CRC Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate		0.50%
CRC Credit Agreement | LIBOR
Long-term debt
Spread on variable rate		1%
Line of Credit | CRC Term Loan
Long-term debt
Debt instrument, term		7 years
Debt instrument, face amount		$ 4,700,000,000
Senior Notes | CRC Incremental Term Loan | Subsequent Event
Long-term debt
Prepayment of debt			$ 630,000,000
Loss on extinguishment of debt			$ 23,000,000
Senior Notes | CRC Incremental Term Loan | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross				$ 1,769,000,000		$ 1,769,000,000			$ 1,800,000,000
CRC Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum		0.00125		6.35		6.35
CRC Revolving Credit Facility | Base rate
Long-term debt
Spread on variable rate		1.25%
CRC Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate		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%
Line of credit facility, remaining borrowing capacity				$ 966,000,000		$ 966,000,000
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		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				$ 59,000,000		$ 59,000,000		$ 250,000,000
CRC Term Loan | Line of Credit | Caesars Resort Collection
Long-term debt
Interest rate		0.25%

Long-Term Debt - CEI Revolving

Long-Term Debt - CEI Revolving Credit Facility (Details)	Jul. 20, 2020 USD ($) stepdown	Jun. 30, 2022 USD ($)	May 23, 2022 USD ($)	Nov. 10, 2021 USD ($)	Dec. 22, 2017
Long-term debt
Interest rate		4.30%
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate	0%
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 number of stepdowns | stepdown	3
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	0.125%
Amount outstanding		$ 48,000,000
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate	1%
CEI Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate	0.50%
CEI Revolving Credit Facility | Prime Rate
Long-term debt
Spread on variable rate	3.25%
CEI Revolving Credit Facility | Base rate
Long-term debt
Spread on variable rate	2.25%
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility	$ 1,200,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Credit facility				$ 190,000,000
Reduction in required reserves			$ 150,000,000
Letter of Credit
Long-term debt
Interest rate					0.125%
Amount outstanding		18,000,000
Letter of Credit | Line of Credit
Long-term debt
Credit facility		59,000,000		$ 250,000,000
Revolving Credit Facility
Long-term debt
Available borrowing capacity		$ 1,100,000,000

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CRC Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 1,000
Interest rate	5.75%	5.75%
Repayments of debt	$ 11

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - USD ($) $ in Billions	Jun. 30, 2022	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 3.4
Interest rate	6.25%	6.25%

Long-Term Debt - Convention Cen

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Millions	Sep. 18, 2020	Jun. 30, 2022	Oct. 01, 2021
Long-term debt
Interest rate		4.30%
Convention Center Mortgage Loan | VICI Properties
Long-term debt
Interest rate	7.70%
Debt instrument, interest rate, increase (decrease)	8.30%
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate		7.85%	7.854%
Convention Center Mortgage Loan | Estimate of Fair Value Measurement | Senior Notes
Long-term debt
Long-term debt, gross	$ 400	$ 400
VICI Properties
Long-term debt
Long-term debt, term	5 years

Long-Term Debt - CEI Senior Not

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	4 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Jul. 31, 2022	Jul. 06, 2020
Long-term debt
Interest rate		4.30%
Subsequent Event
Long-term debt
Repayments of debt			$ 730
CEI Senior Notes
Long-term debt
Interest rate		8.125%		8.125%
CEI Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross				$ 1,800
Repayments of debt		$ 79
CEI Senior Notes | Senior Notes | Subsequent Event
Long-term debt
Repayments of debt	$ 10

Long-Term Debt -Senior Notes du

Long-Term Debt -Senior Notes due 2029 (Details) - USD ($) $ in Billions	Jun. 30, 2022	Sep. 24, 2021
Long-term debt
Interest rate	4.30%
Senior Notes
Long-term debt
Interest rate	4.625%	4.625%
Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Details)	Jun. 30, 2022	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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,821	$ 2,502	$ 5,113	$ 4,294
Accounts receivable, net	494		494		$ 472
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	1,549	1,571	2,841	2,798
Accounts receivable, net	152		152		168
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	422	281	761	450
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	519	396	902	611
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	163		163		100
Other
Disaggregation of Revenue [Line Items]
Net revenues	331	254	609	435
Accounts receivable, net	179		179		$ 204
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(2)	5	0	9
Corporate and Other | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	(1)	0	(1)	0
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	(1)	5	1	9
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,142	855	2,056	1,352
Las Vegas | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	315	315	606	541
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	291	171	511	255
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	358	242	624	357
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	178	127	315	199
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,455	1,490	2,818	2,681
Regional | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	1,098	1,178	2,168	2,145
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	131	109	250	193
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	161	154	278	254
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	65	49	122	89
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	152	86	99	125
Caesars Digital | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	137	78	68	112
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	15	8	31	13
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	74	66	140	127
Managed and Branded | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	1	0	2
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 74	$ 65	$ 140	$ 125

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 45	$ 32	$ 48	$ 34
Increase / (decrease)	(3)	(2)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	98	96	91	94
Increase / (decrease)	7	2
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	665	352	$ 560	$ 310
Increase / (decrease)	$ 105	$ 42

Revenue Recognition - Lease Rev

Revenue Recognition - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,821	$ 2,502	$ 5,113	$ 4,294
Variable lease income	16	6	28	13
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	519	396	902	611
Other
Lessor, Lease, Description [Line Items]
Net revenues	331	254	609	435
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	13	1	19	1
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 47	$ 44	$ 83	$ 65

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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ 34	$ 101	$ (417)	$ (318)
Discontinued operations, net of income taxes	(157)	(30)	(386)	(34)
Net income (loss) attributable to Caesars	$ (123)	$ 71	$ (803)	$ (352)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	214	209	214	209
Effect of dilutive securities:
Stock-based compensation awards (in shares)	1	2	0	0
Weighted average shares outstanding - diluted (in shares)	215	211	214	209
Net Loss per Share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.16	$ 0.48	$ (1.95)	$ (1.52)
Basic loss per share from discontinued operations (in dollars per share)	(0.73)	(0.14)	(1.80)	(0.16)
Basic income (loss) per share (in dollars per share)	(0.57)	0.34	(3.75)	(1.68)
Net income (loss) per share -Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	0.16	0.48	(1.95)	(1.52)
Diluted loss per share from discontinued operations (in dollar per shares)	(0.73)	(0.14)	(1.80)	(0.16)
Diluted income (loss) per share (in dollars per share)	$ (0.57)	$ 0.34	$ (3.75)	$ (1.68)

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	2	0	3	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	2	0	3	3

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 26	$ 20	$ 51	$ 43

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Exercise of stock options (in shares)	19,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	718,000
Equity instruments other than options, fair value | $	$ 53
Share conversion (in shares)	1
Vested (shares)	589,000
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	80,000
Aggregate intrinsic value, nonvested | $	$ 3
Vested (shares)	185,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	428,000
Aggregate intrinsic value, nonvested | $	$ 36
Vested (shares)	113,000
Market-based stock units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	225,000
Awards granted, grant date fair value | $	$ 16
Awards granted, grant date fair value, achievement period	3 years
Market-based stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0%
Market-based stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholders' Equity - Outstanding at End of Period (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	25,402	43,905
Stock options weighted average exercise price (in dollars per share)	$ 16.12	$ 20.69
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,170,957	2,090,607
Weighted average exercise price (in dollars per share)	$ 67.56	$ 61.47
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	391,429	417,069
Weighted average exercise price (in dollars per share)	$ 50.42	$ 62.20
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	750,184	381,923
Weighted average exercise price (in dollars per share)	$ 83.46	$ 77.09

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Nov. 30, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150
Treasury stock (in shares)	223,823
Common stock acquired value	$ 9
Common stock acquired average price per share (in dollars per share)	$ 40.80
Common stock shares acquired (in shares)	0	0

Stock-Based Compensation and _7

Stock-Based Compensation and Stockholders' Equity - Changes to the Authorized Shares (Details) - shares shares in Millions	Jun. 17, 2021	Jun. 16, 2021
Share-Based Payment Arrangement [Abstract]
Common stock, shares authorized (in shares)	500	300
Preferred stock, shares issued (in shares)	150

Income Taxes - Income Tax Alloc

Income Taxes - Income Tax Allocation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 88	$ 101	$ (470)	$ (395)
Benefit (provision) for income taxes	$ (52)	$ 1	$ 55	$ 77
Effective tax rate	59.10%	(1.00%)	11.70%	19.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - William Hill $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	$ 381
Unrecognized tax benefits	34
Liabilities Related To Assets Held For Sale
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	130
Unrecognized tax benefits	$ 34

Related Affiliates (Details)

Related Affiliates (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 26, 2021
Horseshoe Baltimore
Related affiliates
Percentage of outstanding shares owned before additional interest purchased				44.30%
Gary Carano Family
Related affiliates
Related party transactions	$ 0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased | ft²	30
Annual rent payable	$ 600,000
Due to related parties	0		$ 0
Due from related parties	$ 0		$ 0
REI
Related affiliates
Percentage of outstanding shares owned	4%

Segment Information - Narrative

Segment Information - Narrative (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2022 ft² segment ft ballroom	Aug. 26, 2021
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Observation wheel height | ft	550
Area of room	300
Number of ballrooms | ballroom	2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550
Horseshoe Baltimore
Segment Reporting Information [Line Items]
Percentage of outstanding shares owned		75.80%

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 2,821	$ 2,502	$ 5,113	$ 4,294
Adjusted EBITDA	978	1,004	1,274	1,539
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,142	855	2,056	1,352
Adjusted EBITDA	547	423	947	585
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues	1,455	1,490	2,818	2,681
Adjusted EBITDA	513	602	972	995
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	152	86	99	125
Adjusted EBITDA	(69)	(5)	(623)	(7)
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	74	66	140	127
Adjusted EBITDA	22	26	42	47
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(2)	5	0	9
Adjusted EBITDA	$ (35)	$ (42)	$ (64)	$ (81)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 978	$ 1,004	$ 1,274	$ 1,539
Net income attributable to noncontrolling interests	(2)	(1)	(2)	0
Net loss from discontinued operations	(157)	(30)	(386)	(34)
Benefit (provision) for income taxes	(52)	1	55	77
Other income (loss)	45	110	49	(23)
Loss on extinguishment of debt	0	(23)	0	(23)
Interest expense, net	(559)	(576)	(1,111)	(1,155)
Depreciation and amortization	(306)	(301)	(606)	(566)
Transaction and other operating costs, net	(14)	(72)	21	(92)
Stock-based compensation expense	(26)	(20)	(51)	(43)
Other items	(30)	(21)	(46)	(32)
Net income (loss) from continuing operations, net of income taxes	$ (123)	71	$ (803)	(352)
Interest rate	4.30%		4.30%
5% Convertible Notes
Segment Reporting Information [Line Items]
Interest rate	5%		5%
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (35)	(42)	$ (64)	(81)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	547	423	947	585
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	513	602	972	995
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	(69)	(5)	(623)	(7)
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 22	$ 26	$ 42	$ 47

Segment Information - Schedul_3

Segment Information - Schedule Of Capital Expenditures By Segment (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 36,670	$ 38,031
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(5,259)	(4,167)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Assets	22,960	22,374
Regional | Operating Segment
Segment Reporting Information [Line Items]
Assets	14,678	14,419
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Assets	1,265	1,878
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 3,026	$ 3,527