Caesars Entertainment (CZR) 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3656781
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $.00001, par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7.8
Entity Common Stock, Shares Outstanding		215,180,664
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A in connection with the Registrant’s Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001590895
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Las Vegas, Nevada
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 1,038	$ 1,070
Restricted cash	131	319
Accounts receivable, net	611	472
Inventories	59	42
Prepayments and other current assets	263	290
Assets held for sale	0	3,771
Total current assets	2,102	5,964
Investments in and advances to unconsolidated affiliates	94	158
Property and equipment, net	14,598	14,601
Gaming rights and other intangibles, net	4,714	4,920
Goodwill	11,004	11,076
Other assets, net	1,015	1,312
Total assets	33,527	38,031
CURRENT LIABILITIES:
Accounts payable	314	254
Accrued interest	318	320
Accrued other liabilities	1,928	1,973
Current portion of long-term debt	108	70
Liabilities related to assets held for sale	0	2,680
Total current liabilities	2,668	5,297
Long-term financing obligation	12,610	12,424
Long-term debt	12,659	13,722
Deferred income taxes	987	1,111
Other long-term liabilities	852	936
Total liabilities	29,776	33,490
Commitments and contingencies (Note 11)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.00001 par value, 150,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.00001 par value, 500,000,000 shares authorized, 214,671,754 and 213,779,848 issued and outstanding, net of treasury shares	0	0
Paid-in capital	6,953	6,877
Accumulated deficit	(3,309)	(2,410)
Treasury stock at cost, 363,016 and 363,016 shares held	(23)	(23)
Accumulated other comprehensive income	92	36
Caesars stockholders' equity	3,713	4,480
Noncontrolling interests	38	61
Total stockholders’ equity	3,751	4,541
Total liabilities and stockholders’ equity	$ 33,527	$ 38,031

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	150,000,000	150,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	214,671,754	213,779,848
Common stock, shares outstanding (in shares)	214,671,754	213,779,848
Treasury stock (in shares)	363,016	363,016

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Net revenues	$ 10,821	$ 9,570	$ 3,628
EXPENSES:
Other	411	373	140
General and administrative	2,068	1,782	902
Corporate	286	309	195
Impairment of goodwill and indefinite-lived intangible assets	108	102	215
Depreciation and amortization	1,205	1,126	583
Transaction and other costs	14	144	270
Total operating expenses	9,082	8,110	4,011
Operating income (loss)	1,739	1,460	(383)
OTHER EXPENSE:
Interest expense	(2,265)	(2,295)	(1,202)
Loss on extinguishment of debt	(85)	(236)	(197)
Other income (loss)	46	(198)	176
Total other expense	(2,304)	(2,729)	(1,223)
Loss from continuing operations before income taxes	(565)	(1,269)	(1,606)
Benefit (provision) for income taxes	41	283	(132)
Loss from continuing operations, net of income taxes	(524)	(986)	(1,738)
Discontinued operations, net of income taxes	(386)	(30)	(20)
Net loss	(910)	(1,016)	(1,758)
Net (income) loss attributable to noncontrolling interests	11	(3)	1
Net loss attributable to Caesars	$ (899)	$ (1,019)	$ (1,757)
Net Loss per Share - Basic
Basic loss per share from continuing operations (in dollars per shares)	$ (2.39)	$ (4.69)	$ (13.35)
Basic loss per share from discontinued operations (in dollars per share)	(1.80)	(0.14)	(0.15)
Basic loss per share (in dollars per share)	(4.19)	(4.83)	(13.50)
Net income (loss) per share - diluted
Diluted loss per share from continuing operations (in dollars per share)	(2.39)	(4.69)	(13.35)
Diluted loss per share from discontinued operations (in dollars per share)	(1.80)	(0.14)	(0.15)
Diluted loss per share (in dollars per share)	$ (4.19)	$ (4.83)	$ (13.50)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	214	211	130
Weighted average diluted shares outstanding (in shares)	214	211	130
Casino
REVENUES:
Net revenues	$ 5,997	$ 5,827	$ 2,482
EXPENSES:
Cost of goods and services	3,526	3,129	1,271
Food and beverage
REVENUES:
Net revenues	1,596	1,140	342
EXPENSES:
Cost of goods and services	935	707	265
Hotel
REVENUES:
Net revenues	1,957	1,551	450
EXPENSES:
Cost of goods and services	529	438	170
Other
REVENUES:
Net revenues	$ 1,271	$ 1,052	$ 354

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (910)	$ (1,016)	$ (1,758)
Foreign currency translation adjustments	34	(45)	9
Change in fair market value of interest rate swaps, net of tax	21	47	26
Other	0	(1)	0
Total other comprehensive income , net of tax	55	1	35
Comprehensive loss	(855)	(1,015)	(1,723)
Net (income) loss attributable to noncontrolling interests	11	(3)	1
Foreign currency translation adjustments	1	1	(1)
Comprehensive (income) loss attributable to noncontrolling interests	12	(2)	0
Comprehensive loss attributable to Caesars	$ (843)	$ (1,017)	$ (1,723)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2019		0
Beginning balance at Dec. 31, 2019	$ 1,117	$ 0	$ 0	$ 760	$ 366	$ 0	$ (9)	$ 0
Common stock, beginning balance (in shares) at Dec. 31, 2019			78,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	72			72
Issuance of common stock, net (in shares)			67,000,000
Issuance of common stock, net	3,172			3,172
Net income (loss)	(1,758)				(1,757)			(1)
Shares issued to Former Caesars shareholders (in shares)			62,000,000
Shares issued to Former Caesars shareholders				2,381
Former Caesars replacement awards	24			24
Other comprehensive income, net of tax	35					34		1
Shares withheld related to net share settlement of stock awards	(16)			(16)
Acquired noncontrolling interests	0			(18)				18
Other	7			7
Preferred stock, ending balance (in shares) at Dec. 31, 2020		0
Ending balance at Dec. 31, 2020	5,034	$ 0	$ 0	6,382	(1,391)	34	(9)	18
Common stock, ending balance (in shares) at Dec. 31, 2020			208,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	83			83
Issuance of common stock, net (in shares)			5,000,000
Issuance of common stock, net	442			456			(14)
Net income (loss)	(1,016)				(1,019)			3
Other comprehensive income, net of tax	1					2		(1)
Shares withheld related to net share settlement of stock awards	(44)			(44)
Transactions with noncontrolling interests	$ 41							41
Preferred stock, ending balance (in shares) at Dec. 31, 2021	0	0
Ending balance at Dec. 31, 2021	$ 4,541	$ 0	$ 0	6,877	(2,410)	36	(23)	61
Common stock, ending balance (in shares) at Dec. 31, 2021	213,779,848		214,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	$ 102			102
Net income (loss)	(910)				(899)			(11)
Other comprehensive income, net of tax	55					56		(1)
Shares withheld related to net share settlement of stock awards	(26)			(26)
Transactions with noncontrolling interests	$ (11)							(11)
Preferred stock, ending balance (in shares) at Dec. 31, 2022	0	0
Ending balance at Dec. 31, 2022	$ 3,751	$ 0	$ 0	$ 6,953	$ (3,309)	$ 92	$ (23)	$ 38
Common stock, ending balance (in shares) at Dec. 31, 2022	214,671,754		215,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (910)	$ (1,016)	$ (1,758)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from discontinued operations	386	30	20
Depreciation and amortization	1,205	1,126	583
Amortization of deferred financing costs and discounts	297	347	156
Provision for doubtful accounts	25	26	29
Deferred revenue	(2)	(4)	(11)
Loss on extinguishment of debt	85	236	197
Non-cash lease amortization	54	39	14
(Gain) loss on investments	54	107	(34)
Stock compensation expense	101	82	79
(Gain) loss on sale of businesses and disposal of property and equipment	5	11	(7)
Impairment charges	108	102	215
(Benefit) provision for deferred income taxes	(41)	(283)	176
(Gain) loss on derivatives	(73)	127	(9)
Foreign currency transaction gain	0	(21)	(129)
Other non-cash adjustments to net loss	(57)	(8)	(2)
Change in operating assets and liabilities:
Accounts receivable	(143)	(135)	(70)
Prepaid expenses and other assets	(15)	(67)	9
Income taxes (receivable) payable	(7)	13	(40)
Accounts payable, accrued expenses and other liabilities	(80)	486	25
Other	1	1	(4)
Net cash provided by (used in) operating activities	993	1,199	(561)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(952)	(520)	(164)
Acquisition of gaming rights and trademarks	(11)	(312)	(35)
Proceeds from sale of businesses, property and equipment, net of cash sold	39	726	366
Proceeds from the sale of investments	126	239	25
Proceeds from insurance related to property damage	36	44	17
Investments in unconsolidated affiliates	0	(39)	(1)
Other	(6)	0	6
Net cash used in investing activities	(768)	(1,448)	(6,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	1,500	1,308	9,765
Repayments of long-term debt and revolving credit facilities	(2,738)	(1,977)	(3,742)
Proceeds from sale-leaseback financing arrangement	0	0	3,224
Financing obligation payments	(3)	(5)	(49)
Debt issuance and extinguishment costs	(12)	(56)	(356)
Proceeds from issuance of common stock	1	3	2,718
Cash paid to settle convertible notes	0	(367)	(903)
Taxes paid related to net share settlement of equity awards	(27)	(45)	(16)
Distributions to noncontrolling interest	(3)	(2)	0
Net cash provided by (used in) financing activities	(1,282)	(1,141)	10,641
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	(18)	(27)	(21)
Cash flows from investing activities	386	(1,475)	(5)
Cash flows from financing activities	0	591	0
Net cash from discontinued operations	368	(911)	(26)
Change in cash, cash equivalents, and restricted cash classified as assets held for sale	0	10	(20)
Effect of foreign currency exchange rates on cash	(29)	32	129
Increase (decrease) in cash, cash equivalents and restricted cash	(718)	(2,259)	4,063
Cash, cash equivalents and restricted cash, beginning of period	2,021	4,280	217
Cash, cash equivalents and restricted cash, end of period	1,303	2,021	4,280
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	1,038	1,070	1,776
Restricted cash	131	319	2,021
Restricted and escrow cash included in other noncurrent assets	134	323	437
Cash and cash equivalents and restricted cash in discontinued operations	0	309	46
Total cash, cash equivalents and restricted cash	1,303	2,021	4,280
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	2,010	1,923	892
Income taxes (refunded) paid, net	22	9	(7)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	145	100	40
Exchange for sale-leaseback financing obligation	0	0	246
Convertible notes settled with shares	0	440	454
Land contributed to joint venture	0	61	0
Shares issued to Former Caesars shareholders	0	0	2,381
Caesars Entertainment Corporation
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	0	0	(6,314)
William Hill
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	0	(1,581)	0
Horseshoe Baltimore
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisitions, net of cash acquired	$ 0	$ (5)	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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. in 2017, Tropicana Entertainment, Inc. in 2018 and a merger with Caesars Entertainment Corporation (“Former Caesars”) on July 20, 2020, 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 (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 52,800 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 47,200 hotel rooms as of December 31, 2022. The Company operates and conducts sports wagering across 28 jurisdictions in North America, 20 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 our casino properties’ gaming operations, including retail and online sports betting, as well as online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties. The Company’s operations for retail and mobile sports betting, online casino, and online poker are included under the Caesars Digital segment. The Company has made significant investments into the interactive business in recent years with the completion of the Merger, the William Hill Acquisition, and strategic expansion into new markets as legalization permits. The Company utilized significant marketing campaigns with distinguished actors, athletes and media personalities promoting the launch of the Caesars Sportsbook app. The app offers numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. Caesars Sportsbook has partnerships with the NFL, NBA, NHL and MLB while being the exclusive odds provider for ESPN and CBS Sports. The Company has continued to create new partnerships among professional sports teams and, in 2021, entered into a 20-year exclusive naming-rights partnership branding the Caesars Superdome in New Orleans. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online gaming and sports betting. The Company has divested certain properties and other assets, including non-core properties and divestitures required by regulatory agencies. See Note 4 for a discussion of properties recently sold and Note 19 for segment information. William Hill Acquisition On September 30, 2020, the Company announced that it had reached an agreement with William Hill PLC on the terms of a recommended cash acquisition pursuant to which the Company would acquire the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill PLC, in an all-cash transaction. On the acquisition date, the Company’s intent was to divest William Hill PLC’s non-U.S. operations, including the United Kingdom 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 such operations reflected within discontinued operations. On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion . See Note 3. 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 William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflected a £250 million reduction in consideration payable at closing and up to £100 million in deferred consideration to be paid to the Company, subject to 888 Holdings Plc meeting certain 2023 financial targets. During the year ended December 31, 2022, the Company recorded impairments to assets held for sale of $503 million 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 and outstanding borrowings under the Bridge Credit Agreement between the Company and certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, were immediately repaid. 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 and repayments, the Company utilized all $730 million to reduce the Company’s outstanding debt. See Note 12. Basis of Presentation Our Financial Statements are prepared in accordance with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could materially differ from those estimates. The presentation of financial information herein for the periods after the Company’s acquisitions or before divestitures of various properties is not fully comparable to the periods prior to their respective purchase or after the sale dates. See Note 3 for further discussion of the acquisitions and related transactions and Note 4 for properties recently sold. 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, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements. Developments Related to COVID-19 Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the year ended December 31, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could have a significant impact on our future operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Additional significant accounting policy disclosures are provided within the applicable Notes to the Financial Statements. Cash and Cash Equivalents Cash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Restricted Cash Restricted cash includes certificates of deposit and similar instruments that are subject to remeasurement on a recurring basis (see Note 8) and cash deposits which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business. Advertising Advertising costs are expensed in the period the advertising initially takes place. Advertising costs were $571 million, $518 million and $64 million for the years ended December 31, 2022, 2021 and 2020, respectively, and are included within operating expenses. During the years ended December 31, 2022 and 2021, the Company launched significant television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense. Interest Expense, Net Years Ended December 31, (In millions) 2022 2021 2020 Interest expense $ 2,303 $ 2,320 $ 1,213 Capitalized interest (26) (9) (1) Interest income (12) (16) (10) Total interest expense, net $ 2,265 $ 2,295 $ 1,202 Recently Issued Accounting Pronouncements Pronouncements Implemented in 2022 Effective January 1, 2022, we adopted Accounting Standards Update 2020-04 (amended through December 2022), 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, Purchase Price Ac

Acquisitions, Purchase Price Accounting and Pro forma Information	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Purchase Price Accounting and Pro forma Information	Acquisitions, Purchase Price Accounting and Pro forma Information Acquisition of William Hill On April 22, 2021, we completed the 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. At the time that the William Hill Acquisition was consummated, the Company’s intent was to divest William Hill International. 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 William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. During the year ended December 31, 2022, the Company recorded impairments to assets held for sale of $503 million 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. 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. 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 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, and 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 December 31, 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 at $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 represented 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 were updated to reflect the sale price of William Hill International in the 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 were 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 estimated 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 were 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 estimated 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 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 the valuation was adjusted for the settlement of the preexisting relationship in order to avoid double counting of the 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 was calculated based on market quotes. The Company recognized acquisition-related transaction costs of $21 million, $68 million and $8 million for the years ended December 31, 2022, 2021 and 2020, respectively, excluding additional transaction costs associated with sale of William Hill International. These costs were associated with legal, professional services, and certain severance and retention costs and were primarily recorded in Transaction and other costs in our Statements of Operations. For the period of April 22, 2021 through December 31, 2021, the operations of William Hill generated net revenues of $183 million, excluding discontinued operations (see Note 4), and a net loss of $415 million. Unaudited Pro Forma 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, 2020. The pro forma amounts include the historical operating results of the Company and William Hill prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired, eliminate gains and losses related to certain investments and adjustments to the timing of acquisition related costs and expenses incurred during the year ended December 31, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial 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. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,696 $ 3,834 Net loss (893) (1,991) Net loss attributable to Caesars (896) (1,989) Consolidation of Horseshoe Baltimore On August 26, 2021 (the “Consolidation Date”), 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. Our previously held investment was remeasured as of the date of the change in ownership and the Company recognized a gain of $40 million during the year ended December 31, 2021. Subsequent to the change in ownership, the Company was determined to have a controlling financial interest and began 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 (net of previously held equity investment) 81 Total purchase consideration $ 154 Final Purchase Price Allocation The fair values are based on management’s analysis, including work performed by a third-party valuation specialist, and were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets and liabilities of Horseshoe Baltimore, with excess recorded as goodwill as of December 31, 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 of Horseshoe Baltimore on the Consolidation Date 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 on the Consolidation 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 on the Consolidation 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 on the Consolidation Date 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 from the Consolidation Date. The fair value of the gaming rights was determined using the excess earnings method, which is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. The acquired gaming rights are considered to have an indefinite life. The goodwill acquired will generate amortization deductions for income tax purposes. The fair value of long-term debt has been calculated based on market quotes. For the period of August 26, 2021 through December 31, 2021, the operations of Horseshoe Baltimore generated net revenues of $72 million, and a net income of $4 million. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the Horseshoe Baltimore consolidation as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and Horseshoe Baltimore prior to the consolidation. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired and the adjustments to eliminate certain revenues and expenses which are considered intercompany activities. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the consolidation of Horseshoe Baltimore occurred as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the consolidation. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,693 $ 3,764 Net loss (1,049) (1,784) Net loss attributable to Caesars (1,056) (1,778) Merger with Caesars Entertainment Corporation On July 20, 2020, the Merger was consummated and Former Caesars became a wholly-owned subsidiary of the Company. The strategic rationale for the Merger includes, but is not limited to, the following: • Creation of the largest owner, operator and manager of domestic gaming assets • Diversification of the Company’s domestic footprint • Access to iconic brands, rewards programs and new gaming opportunities expected to enhance customer experience • Realization of significant identified synergies The total purchase consideration for Former Caesars was $10.9 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value. (In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 ____________________ (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of the Company’s Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of the Company’s Common Stock for the ten trading days ending on July 16, 2020). Final Purchase Price Allocation The fair values are based on management’s analysis including work performed by third party valuation specialists, which were finalized over the one-year measurement period. The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of December 31, 2021: (In millions) Fair Value Current and other assets $ 3,540 Property and equipment 13,096 Goodwill 9,064 Intangible assets (a) 3,394 Other noncurrent assets 710 Total assets $ 29,804 Current liabilities $ 1,771 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,400 Total liabilities 18,911 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $396 million, trade names valued at $2.1 billion, the Caesars Rewards programs valued at $523 million and customer relationships valued at $425 million. The fair values of the assets acquired and liabilities assumed were determined using the market, income, and cost approaches, or a combination. Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Former Caesars acquisition make use of Level 3 inputs, such as expected cash flows and projected financial results. The market approach indicates value for a subject asset based on available market pricing for comparable assets. Trade receivables and payables and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Former Caesars acquisition date. Assets and liabilities held for sale are recorded at fair value, less costs to sell, based on the agreements reached as of the acquisition date, or an income approach. Certain financial assets acquired were determined to have experienced more than insignificant deterioration of credit quality since origination. A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount attributable to other factors 2 Face value of financial assets $ 186 The fair value of land was determined using the sales comparable approach. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. The value of building and site improvements was estimated via the income approach. Other personal property assets such as furniture, gaming and computer equipment, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based on replacement or reproduction costs of the asset. The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence. Non-amortizing intangible assets acquired primarily include trademarks, Caesars Rewards and gaming rights. The fair value for these intangible assets was determined using either the relief from royalty method and excess earnings method under the income approach or a replacement cost market approach. Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program. The acquired trademarks, including Caesars Rewards, are indefinite lived intangible assets. Customer relationships are valued using an income approach, comparing the prospective cash flows with and without the customer relationships in place to estimate the fair value of the customer relationships, with the fair value assumed to be equal to the discounted cash flows of the business that would be lost if the customer relationships were not in place and needed to be replaced. We estimated the useful life of these customer relationships to be approximately seven years from the Merger date. Gaming rights include our gaming licenses in various jurisdictions and may have indefinite lives or an estimated useful life. The fair value of the gaming rights was determined using the excess earnings or replacement cost methodology, based on whether the license resides in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. The replacement cost of the gaming license was used as an indicator of fair value. The acquired gaming rights have indefinite lives, with the exception of one jurisdiction in which we estimated the useful life of the license to be approximately 34 years from the Merger date. Goodwill is the result of expected synergies from the operations of the combined company and the assembled workforce of Former Caesars. The final assignment of goodwill to reporting units has not been completed. The goodwill acquired will not generate amortization deductions for income tax purposes. The fair value of long-term debt has been calculated based on market quotes. The fair value of the financing obligations was calculated as the net present value of both the fixed base rent payments and the forecasted variable payments plus the expected residual value of the land and building returned at the end of the expected usage period. The Company recognized acquisition-related transaction costs of $30 million and $160 million for the years ended December 31, 2021, and 2020, respectively, in connection with the Merger. Transaction costs were associated with legal, IT costs, internal labor and professional services and were recorded in Transaction and other costs in our Statements of Operations. For the period of July 20, 2020 through December 31, 2020, the properties of Former Caesars generated net revenues of $2.1 billion, excluding discontinued operations, and a net loss of $1.2 billion. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of Former Caesars as if it had occurred on January 1, 2019. The pro forma amounts include the historical operating results of the Company and Former Caesars prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental depreciation and amortization expense to be incurred based on preliminary fair values of the identifiable property and equipment and intangible assets acquired, the incremental interest expense associated with the issuance of debt to finance the acquisition and the adjustments to exclude acquisition related costs incurred during the year ended December 31, 2020 as if incurred on January 1, 2019. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations of the combined company were, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition. (In millions) Year Ended December 31, 2020 Net revenues $ 5,926 Net loss (2,738) Net loss attributable to Caesars (2,670)

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale The Company periodically divests assets to raise capital or, in previous 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, Evansville, MontBleu, Shreveport, Kansas City and Vicksburg Divestitures On December 1, 2020, the Company entered into a definitive agreement to sell the operations of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc. As a result, an impairment charge totaling $50 million was recorded during the year ended December 31, 2020 due to the carrying value exceeding the estimated net sales proceeds. On May 5, 2022, the Company consummated the sale of the equity interests of Baton Rouge to CQ Holding Company, Inc., resulting in a loss of $3 million. On June 3, 2021, the Company consummated the sale of the real property and equity interests of Tropicana Evansville (“Evansville”) to Gaming and Leisure Properties, Inc. (“GLPI”) and Bally’s Corporation, respectively, for $480 million, resulting in a gain of $12 million. On April 24, 2020, the Company entered into a definitive agreement to sell the equity interests of MontBleu Casino Resort & Spa (“MontBleu”) to Bally’s Corporation. As a result, an impairment charge totaling $45 million was recorded during the year ended December 31, 2020 due to the carrying value exceeding the estimated net sales proceeds. On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu to Bally’s Corporation for $15 million, resulting in a gain of less than $1 million. The Company received the payment in full on April 5, 2022. On December 23, 2020, the Company consummated the sale of Eldorado Shreveport (“Shreveport”) to Bally's Corporation for $140 million resulting in a gain of $29 million. On July 1, 2020, the Company consummated the sale of the equity interests of the entities that hold Lady Luck Casino Vicksburg (“Vicksburg”) and Isle of Capri Kansas City (“Kansas City”) to Bally’s Corporation (formerly Twin River Worldwide Holdings, Inc.) for $230 million resulting in a gain of $8 million. Prior to their respective closing dates, Baton Rouge, Evansville, MontBleu, Shreveport, Kansas City and Vicksburg, met the requirements for presentation as assets held for sale. However, they did not meet the requirements for presentation as discontinued operations. All properties were previously reported in the Regional segment. The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold: Year Ended December 31, 2022 (In millions) Baton Rouge Net revenues $ 6 Net loss (1) Year Ended December 31, 2021 (In millions) Baton Rouge Evansville MontBleu Net revenues $ 17 $ 58 $ 11 Net income (loss) (2) 26 4 Year Ended December 31, 2020 (In millions) Baton Rouge Evansville MontBleu Shreveport Kansas City Vicksburg Net revenues $ 15 $ 98 $ 31 $ 68 $ 18 $ 7 Net income (loss) (70) (5) (42) 12 3 (1) The assets and liabilities held for sale were as follows as of December 31, 2021: (In millions) Baton Rouge 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 included Emerald Resort & Casino, met held for sale criteria. The operations of these properties, until their respective date of divestiture, have been presented within discontinued operations. In addition, 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 these reporting units were classified as held for sale with operations 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. 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 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. The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the year ended December 31, 2022 and 2021: Year Ended December 31, 2022 (In millions) William Hill International Net revenues $ 820 Net loss (448) Year Ended December 31, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 48 $ 30 $ 155 $ 1,221 Net income (loss) 10 (30) 27 (18)

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates NeoGames The acquired net assets of William Hill included an investment in NeoGames S.A. (“NeoGames”), a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On September 16, 2021, the Company sold a portion of its shares of NeoGames common stock for $136 million which decreased its ownership interest from 24.5% to approximately 8.4%. Additionally, on March 14, 2022 the Company sold its remaining 2 million shares at fair value for $26 million. During the years ended December 31, 2022 and 2021, the Company recorded losses related to the investment in NeoGames of $34 million and $54 million, respectively, which is included within Other income (loss) on the Statements of Operations. Pompano Joint Venture In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. In June 2021, the joint venture issued a capital call and we contributed $3 million, for a total of $4 million in cash contributions since inception of the joint venture. On February 12, 2021, the Company contributed 186 acres to the joint venture with a fair value of $61 million. Total contributions of approximately 206 acres of land have been made with a fair value of approximately $69 million, and the Company has no further obligation to contribute additional real estate or cash. 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 costs on the Statements of Operations. As of December 31, 2022 and 2021, the Company’s investment in the joint venture is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under Accounting Standards Codification (“ASC”) 805. Internal use software costs are capitalized during the application development stage. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Gains or losses on the disposal of property and equipment are included in operating income. Useful lives of each asset class are generally as follows: Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 10 for further discussion of our leases. The Company evaluates its property and equipment and other long-lived assets for impairment whenever indicators of impairment exist. The Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge may be recorded for any difference between fair value and the carrying value. All recognized impairment losses are recorded as operating expenses, unless the assets represent a discontinued operation. For the year ended December 31, 2020, we recorded a tangible asset impairment of $4 million related to the sale of a corporate airplane. See Note 4 for further discussion of impairment on assets held for sale. Property and Equipment, Net December 31, (In millions) 2022 2021 Land $ 2,092 $ 2,125 Buildings, riverboats, and leasehold and land improvements 13,094 12,433 Furniture, fixtures, and equipment 2,054 1,650 Construction in progress 351 395 Total property and equipment 17,591 16,603 Less: accumulated depreciation (2,993) (2,002) Total property and equipment, net $ 14,598 $ 14,601 Depreciation Expense Years Ended December 31, (In millions) 2022 2021 2020 Depreciation expense $ 1,018 $ 987 $ 527 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 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. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests as of October 1 of each fiscal year. The Company performs this assessment more frequently if impairment indicators exist. We utilized an income approach using a discounted cash flow method to determine the fair value of our goodwill. The Company performed the annual goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount. The Company determines the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general, and expected sales proceeds. The Company also evaluates the aggregate fair value of all of its reporting units and other non-operating assets in comparison to its aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in the industry. Indefinite-lived intangible assets consist primarily of trademarks, Caesars Rewards and expenditures associated with obtaining racing and gaming licenses. Indefinite-lived intangible assets are not subject to amortization but are subject to an annual impairment test. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess amount. Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program. Gaming rights represent intangible assets acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate in the jurisdiction. These gaming license rights are not subject to amortization as the Company has determined that they have indefinite useful lives. For gaming jurisdictions with high barriers of renewal of the gaming rights, such as material costs of renewal, the gaming rights are deemed to have a finite useful life and are amortized over the expected useful life. We used the Excess Earnings Method and a Cost Approach for estimating fair value for these gaming rights. Finite-lived intangible assets consist of trade names and customer relationships acquired in business combinations. Amortization is recorded using the straight-line method over the estimated useful life of the asset. The Company evaluates for impairment whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future cash flows, undiscounted, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is recorded. Impairment charges are presented on the statements of operations. As a result of the finalized and approved capital and operating plans and the completion of the annual impairment testing, the Company recognized impairment charges in our Regional segment primarily due to an increase in the related discount rates, which represents the higher required cost of capital as a result of the macroeconomic environment and projected outlook. The Company identified one property, where the estimated fair value of the associated gaming rights was less than the carrying value and recorded an impairment of $30 million. In addition, the Company identified two reporting units with which the estimated fair value of the respective reporting unit was below the carrying value and we recorded a total impairment of $78 million to goodwill. In December 2021, the Company approved a capital plan which included the planned rebranding of certain of our properties. The Company utilized an income approach to determine the fair value of the trademarks subject to rebranding based on their expected future cash flows, which resulted in an impairment charge of $102 million during the year ended December 31, 2021. The adjusted carrying values of these trademarks were amortized over their respective useful lives. During the year ended December 31, 2020, the Company recognized impairment charges in our Regional segment related to goodwill and trade names totaling $100 million and $16 million, respectively, due to declines in recent performance and the expected impact on future cash flows as a result of COVID-19. When assets are deemed to be held for sale, any associated intangible assets, including goodwill, are reclassified to Assets held for sale on our Balance Sheets (see Note 4). Changes in Carrying Value of Goodwill by Segment (In millions) Las Vegas Regional Caesars Digital Managed and Branded CEI Total Gross Goodwill: Balance as of January 1, 2021 $ 6,873 $ 3,045 $ 50 $ — $ 9,968 Acquired (a) — 63 1,148 — 1,211 Other 16 (15) — — 1 Balance as of December 31, 2021 6,889 3,093 1,198 — 11,180 Accumulated Impairment: Balance as of January 1, 2021 — (104) — — (104) Balance as of December 31, 2021 — (104) — — (104) Net carrying value, as of December 31, 2021 $ 6,889 $ 2,989 $ 1,198 $ — $ 11,076 Gross Goodwill: Balance as of January 1, 2022 $ 6,889 $ 3,093 $ 1,198 $ — $ 11,180 Other (a) — — 6 — 6 Balance as of December 31, 2022 6,889 3,093 1,204 — 11,186 Accumulated Impairment: Balance as of January 1, 2022 — (104) — — (104) Impairment — (78) — — (78) Balance as of December 31, 2022 — (182) — — (182) Net carrying value, as of December 31, 2022 (b) $ 6,889 $ 2,911 $ 1,204 $ — $ 11,004 ____________________ (a) See Note 3 for further detail. Purchase price allocation finalized in 2022. (b) $468 million of goodwill within our Regional segment is associated with reporting units with zero or negative carrying value. Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2022 2021 2022 2021 2022 2021 Balance as of January 1 $ 1,209 $ 501 $ 3,711 $ 3,782 $ 4,920 $ 4,283 Impairment — — (30) (102) (30) (102) Amortization expense (187) (139) — — (187) (139) Acquired (a) — 575 — 43 — 618 Acquisition of gaming rights and trademarks 10 253 1 50 11 303 Other 28 19 (28) (62) — (43) Balance as of December 31 $ 1,060 $ 1,209 $ 3,654 $ 3,711 $ 4,714 $ 4,920 ____________________ (a) See Note 3 for further detail. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 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 $ (276) $ 311 $ 587 $ (187) $ 400 Gaming rights and other 10 - 34 years 212 (16) 196 174 (7) 167 Trademarks 15 years 313 (73) 240 322 (21) 301 Reacquired rights 24 years 250 (17) 233 250 (7) 243 Technology 6 years 110 (30) 80 110 (12) 98 $ 1,472 $ (412) 1,060 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,133 1,190 Caesars Rewards 523 523 3,654 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,714 $ 4,920 Amortization expense with respect to intangible assets for the years ended December 31, 2022, 2021 and 2020 totaled $187 million, $139 million and $56 million, respectively, which is included in depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Years Ended December 31, (In millions) 2023 2024 2025 2026 2027 Estimated annual amortization expense $ 141 $ 126 $ 119 $ 119 $ 76

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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, where applicable, measured at fair value on a recurring basis, by input level, in the Balance Sheets at December 31, 2022 and 2021: (In millions) December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Marketable securities 2 2 — 4 Total assets at fair value $ 2 $ 2 $ — $ 4 (In millions) December 31, 2021 Assets: Level 1 Level 2 Level 3 Total 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 forwards — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44 Change in restricted investments using Level 3 inputs (In millions) Level 3 Investment Fair value of investment at December 31, 2020 $ 44 Change in fair value 7 Acquisition of William Hill (51) Fair value of investment at December 31, 2021 $ — 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) and represent the amounts the Company would expect to receive if the Company sold instruments classified as restricted cash. Restricted cash 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, deferred compensation plans and investments acquired in the William Hill Acquisition. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities. The Company held common shares of Flutter Entertainment PLC, which is a publicly traded company with a readily determinable share price. During the year ended December 31, 2020, the Company sold a portion of these shares for $24 million and recorded a gain of $14 million. On July 7, 2021, the Company sold the remaining shares for $9 million and recorded a loss of $1 million on the sale date. Gains and losses have been included in Other income (loss) on the Statements of Operations. Derivative Instruments The Company does not purchase or hold any derivative financial instruments for trading purposes. Forward contracts T he Company 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. During the years ended December 31, 2022 and 2021, the Company recorded a gain of $73 million and $23 million, respectively , related to forward contracts, which was recorded in the Other income (loss) on the Statements of Operations. All forward contracts have been settled as of 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. During the year ended December 31, 2022, we had 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 were designated as cash flow hedging instruments. The difference to be paid or received under the terms of the interest rate swap agreements was accrued as interest rates changed and recognized as an adjustment to interest expense at settlement. The term of the interest rate swaps ended on December 31, 2022. Valuation Methodology The estimated fair values of our interest rate swap derivative instruments were derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represented the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments were included in either Other assets, net or Other long-term liabilities on our Balance Sheets. Our derivatives were recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative was an asset, or adjusted for the credit rating of the Company if the derivative was a liability. None of our derivative instruments were offset and all were classified as Level 2. Financial Statement Effect The effect of interest rate swaps designated as hedging instruments on the Balance Sheets for amounts transferred into Accumulated other comprehensive income (loss) (“AOCI”) before tax was a gain of $28 million and $62 million, during the years ended December 31, 2022 and 2021, respectively. AOCI reclassified to Interest expense on the Statements of Operations was $12 million and $59 million, for years ended December 31, 2022 and 2021, respectively. As of December 31, 2021, the interest rate swaps derivative liability was $28 million. Net settlement of these interest rate swaps resulted in the reclassification of deferred gains and losses within AOCI to be reclassified to the income statement as a component of interest expense as settlement occurred. Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the periods through December 31, 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 (12) (44) (1) (57) Amounts reclassified from accumulated other comprehensive income 59 — — 59 Total other comprehensive income (loss), net of tax 47 (44) (1) 2 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income before reclassifications 9 35 — 44 Amounts reclassified from accumulated other comprehensive income 12 — — 12 Total other comprehensive income , net of tax 21 35 — 56 Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92

Accrued Other Liabilities

Accrued Other Liabilities	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Other Liabilities	Accrued Other Liabilities Accrued other liabilities consisted of the following: December 31, (In millions) 2022 2021 Contract and contract related liabilities (See Note 13) $ 747 $ 614 Accrued payroll and other related liabilities 283 377 Self-insurance claims and reserves (See Note 11) 203 221 Accrued taxes 195 183 Operating lease liability 50 49 Disputed claims liability 26 50 Accrued marketing 20 159 Exit cost accrual 13 12 Other accruals 391 308 Total accrued other liabilities $ 1,928 $ 1,973 Disputed Claims Liability and Exit Cost Accrual The disputed claims liability and exit cost accrual were assumed liabilities of Former Caesars. The disputed claims liability represents certain remaining unsecured claims related to Former Caesars bankruptcy for which we have estimated the fair value of the remaining liability. Exit costs are related to the unbundling of electric service provided by NV Energy which we assumed from the Merger.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2022, the remaining term of our operating leases ranged from 1 to 69 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2022. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2022 and 2021, we obtained $43 million and $13 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During the year ended December 31, 2022, we disposed of $12 million of ROU assets and lease liabilities. Leases recorded on the balance sheet consist of the following: December 31, (In millions) Classification on the Balance Sheet 2022 2021 Assets: Operating lease ROU assets (a) Other assets, net $ 639 $ 662 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 50 49 Non-current operating lease liabilities (a) Other long-term liabilities 710 726 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) 32.2 28.8 Weighted Average Discount Rate 8.3 % 8.1 % Components of Lease Expense Years Ended December 31, (In millions) 2022 2021 2020 Operating lease expense $ 132 $ 128 $ 53 Short-term and variable lease expense 138 104 50 Total operating lease costs $ 270 $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2022 2021 2020 Operating cash flows for operating leases $ 110 $ 96 49 Maturities of Lease Liabilities (In millions) Operating Leases 2023 $ 109 2024 75 2025 73 2026 71 2027 72 Thereafter 1,975 Total future minimum lease payments 2,375 Less: present value factor (1,615) Total lease liability $ 760 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2022, our finance leases had remaining lease terms of up to approximately 36 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets and liabilities were $73 million and $78 million as of December 31, 2022, respectively, and $40 million and $43 million as of December 31, 2021, respectively. Financing Obligations VICI Leases & Golf Course Use Agreement The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor which commenced in lease year two of the initial terms and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party must be made during the election period beginning January 1, 2022 and ending December 31, 2024. Upon either party exercising their option, the Centaur properties would be sold at a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the agreement. Furthermore, the term of the Golf Course Use Agreement was extended such that there will be 15 years remaining until the expiration of the initial term. GLPI Leases The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 9.75%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, respectively, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Horseshoe St. Louis, formerly known as Lumière, to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2022 were as follows: (In millions) GLPI Leases VICI Leases 2023 $ 111 $ 1,166 2024 112 1,188 2025 113 1,204 2026 115 1,221 2027 117 1,242 Thereafter 4,487 44,616 Total future payments 5,055 50,637 Less: Amounts representing interest (4,050) (40,236) Plus: Residual values 240 893 Financing obligation $ 1,245 $ 11,294 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2022, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2022 2021 2020 2022 2021 2020 Cash paid for principal $ — $ — $ — $ 1 $ 1 $ 49 Cash paid for interest 110 109 93 1,095 983 472 ____________________ (a) For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term. Lease Covenants The GLPI Leases and VICI Leases contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2022. Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the years ended December 31, 2022, 2021 and 2020, we recognized $2.0 billion, $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statement of Operations, and during the years ended December 31, 2022, 2021 and 2020, we recognized $34 million, $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2022, the remaining terms of these operating leases ranged from 1 to 83 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2022, 2021 and 2020, we recognized $168 million, $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $64 million, $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2022, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2023 $ 73 2024 66 2025 60 2026 58 2027 52 Thereafter 703 Total $ 1,012
Leases	Leases The Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2022, the remaining term of our operating leases ranged from 1 to 69 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2022. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2022 and 2021, we obtained $43 million and $13 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During the year ended December 31, 2022, we disposed of $12 million of ROU assets and lease liabilities. Leases recorded on the balance sheet consist of the following: December 31, (In millions) Classification on the Balance Sheet 2022 2021 Assets: Operating lease ROU assets (a) Other assets, net $ 639 $ 662 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 50 49 Non-current operating lease liabilities (a) Other long-term liabilities 710 726 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) 32.2 28.8 Weighted Average Discount Rate 8.3 % 8.1 % Components of Lease Expense Years Ended December 31, (In millions) 2022 2021 2020 Operating lease expense $ 132 $ 128 $ 53 Short-term and variable lease expense 138 104 50 Total operating lease costs $ 270 $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2022 2021 2020 Operating cash flows for operating leases $ 110 $ 96 49 Maturities of Lease Liabilities (In millions) Operating Leases 2023 $ 109 2024 75 2025 73 2026 71 2027 72 Thereafter 1,975 Total future minimum lease payments 2,375 Less: present value factor (1,615) Total lease liability $ 760 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2022, our finance leases had remaining lease terms of up to approximately 36 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets and liabilities were $73 million and $78 million as of December 31, 2022, respectively, and $40 million and $43 million as of December 31, 2021, respectively. Financing Obligations VICI Leases & Golf Course Use Agreement The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor which commenced in lease year two of the initial terms and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party must be made during the election period beginning January 1, 2022 and ending December 31, 2024. Upon either party exercising their option, the Centaur properties would be sold at a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the agreement. Furthermore, the term of the Golf Course Use Agreement was extended such that there will be 15 years remaining until the expiration of the initial term. GLPI Leases The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 9.75%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, respectively, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Horseshoe St. Louis, formerly known as Lumière, to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2022 were as follows: (In millions) GLPI Leases VICI Leases 2023 $ 111 $ 1,166 2024 112 1,188 2025 113 1,204 2026 115 1,221 2027 117 1,242 Thereafter 4,487 44,616 Total future payments 5,055 50,637 Less: Amounts representing interest (4,050) (40,236) Plus: Residual values 240 893 Financing obligation $ 1,245 $ 11,294 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2022, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2022 2021 2020 2022 2021 2020 Cash paid for principal $ — $ — $ — $ 1 $ 1 $ 49 Cash paid for interest 110 109 93 1,095 983 472 ____________________ (a) For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term. Lease Covenants The GLPI Leases and VICI Leases contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2022. Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the years ended December 31, 2022, 2021 and 2020, we recognized $2.0 billion, $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statement of Operations, and during the years ended December 31, 2022, 2021 and 2020, we recognized $34 million, $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2022, the remaining terms of these operating leases ranged from 1 to 83 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2022, 2021 and 2020, we recognized $168 million, $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $64 million, $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2022, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2023 $ 73 2024 66 2025 60 2026 58 2027 52 Thereafter 703 Total $ 1,012
Leases	Leases The Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 75 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below. Lessee Arrangements Operating Leases We lease real estate and equipment used in our operations from third parties. As of December 31, 2022, the remaining term of our operating leases ranged from 1 to 69 years with various extension options available, if we elect to exercise them. However, our remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2022. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. We do not include costs associated with our non-lease components in our lease costs disclosed in the table below. During the years ended December 31, 2022 and 2021, we obtained $43 million and $13 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During the year ended December 31, 2022, we disposed of $12 million of ROU assets and lease liabilities. Leases recorded on the balance sheet consist of the following: December 31, (In millions) Classification on the Balance Sheet 2022 2021 Assets: Operating lease ROU assets (a) Other assets, net $ 639 $ 662 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 50 49 Non-current operating lease liabilities (a) Other long-term liabilities 710 726 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less. Lease Terms and Discount Rate December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) 32.2 28.8 Weighted Average Discount Rate 8.3 % 8.1 % Components of Lease Expense Years Ended December 31, (In millions) 2022 2021 2020 Operating lease expense $ 132 $ 128 $ 53 Short-term and variable lease expense 138 104 50 Total operating lease costs $ 270 $ 232 $ 103 Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2022 2021 2020 Operating cash flows for operating leases $ 110 $ 96 49 Maturities of Lease Liabilities (In millions) Operating Leases 2023 $ 109 2024 75 2025 73 2026 71 2027 72 Thereafter 1,975 Total future minimum lease payments 2,375 Less: present value factor (1,615) Total lease liability $ 760 Finance Leases We have finance leases for certain equipment and real estate. As of December 31, 2022, our finance leases had remaining lease terms of up to approximately 36 years, some of which include options to extend the lease terms in one month increments. Our finance lease ROU assets and liabilities were $73 million and $78 million as of December 31, 2022, respectively, and $40 million and $43 million as of December 31, 2021, respectively. Financing Obligations VICI Leases & Golf Course Use Agreement The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%. CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet Hotel & Casino (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor which commenced in lease year two of the initial terms and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Regional Lease includes a put-call option whereby the Company may require VICI to purchase and lease back (as lessor) or whereby VICI may require the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Indiana Grand (“Centaur properties”). Election to exercise the option by either party must be made during the election period beginning January 1, 2022 and ending December 31, 2024. Upon either party exercising their option, the Centaur properties would be sold at a price in accordance with the agreement and leased back to CEI in accordance to the pre-existing terms of the Regional Lease. The Golf Course Use Agreement between the Company and VICI, encompassing four golf courses in three states, has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay (i) an annual membership fee of $11 million, subject to annual escalation provisions based on the CPI and a 2% floor (ii) annual use fees of $3 million, including escalation provisions based on the CPI and a 2% floor commencing on the second lease year through and including the final lease year and (iii) certain per-round fees, as set forth in the agreement. Furthermore, the term of the Golf Course Use Agreement was extended such that there will be 15 years remaining until the expiration of the initial term. GLPI Leases The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 9.75%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant. CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), with four five-year renewals at the Company’s option, (ii) annual land and building base rent of $24 million and $63 million, respectively, (iii) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (iv) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures. The GLPI Master Lease does not provide the Company with an option to purchase the leased property or the ability to terminate its obligations under the GLPI Master Lease prior to its expiration without GLPI’s consent. The Lumière Lease was entered into by the Company and GLPI, whereby the Company sold the real estate underlying Horseshoe St. Louis, formerly known as Lumière, to GLPI and leased back the property under a long-term financing obligation. The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, (v) maintaining a minimum of 1.20:1 adjusted revenue to rent ratio and (vi) certain relief under the financial covenant in the event of involuntary closures. The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives. The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2022 were as follows: (In millions) GLPI Leases VICI Leases 2023 $ 111 $ 1,166 2024 112 1,188 2025 113 1,204 2026 115 1,221 2027 117 1,242 Thereafter 4,487 44,616 Total future payments 5,055 50,637 Less: Amounts representing interest (4,050) (40,236) Plus: Residual values 240 893 Financing obligation $ 1,245 $ 11,294 Cash payments made relating to our long-term financing obligations during the years ended December 31, 2022, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2022 2021 2020 2022 2021 2020 Cash paid for principal $ — $ — $ — $ 1 $ 1 $ 49 Cash paid for interest 110 109 93 1,095 983 472 ____________________ (a) For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term. Lease Covenants The GLPI Leases and VICI Leases contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The Company was in compliance with all applicable covenants as of December 31, 2022. Lessor Arrangements Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the years ended December 31, 2022, 2021 and 2020, we recognized $2.0 billion, $1.6 billion and $450 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statement of Operations, and during the years ended December 31, 2022, 2021 and 2020, we recognized $34 million, $7 million and $3 million, respectively, in lease revenue related to conventions. Real Estate Operating Leases We enter into long-term real estate leasing arrangements with third-party lessees at our properties. As of December 31, 2022, the remaining terms of these operating leases ranged from 1 to 83 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2022, 2021 and 2020, we recognized $168 million, $149 million and $41 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $64 million, $45 million and $13 million, respectively, of variable rental income for the years ended December 31, 2022, 2021 and 2020. Maturities of Lease Receivables (In millions) Operating Leases 2023 $ 73 2024 66 2025 60 2026 58 2027 52 Thereafter 703 Total $ 1,012

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 exceed $2 billion. The insurance carriers under the Company’s insurance policies have asserted that the policies do not cover losses incurred by the Company as a result of the COVID-19 public health emergency and have refused to make payments under the applicable policies. Therefore, on March 19, 2021, the Company filed a lawsuit against its insurance carriers in the state court in Clark County, Nevada. On June 8, 2021, the Company filed an amended complaint. Litigation is proceeding and there can be no assurance as to the outcome of the litigation. Contractual Commitments Capital Commitments Harrah’s New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board, entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation and the City entered into a Second Amended and Restated Lease Agreement. Based on these amendments related to Harrah’s New Orleans, the Company is required to make 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 part of the project to rebrand the property to Caesars New Orleans. As of December 31, 2022, total capital expenditures on the project have been $112 million. Atlantic City As required by the New Jersey Gaming Control Board in connection with its approval of the Merger, we funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. This amount is currently included in restricted cash in Other assets, net. As of December 31, 2022 and 2021, our restricted cash balance in the escrow account was $118 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, and advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Additionally, a selection of such partnerships provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. In connection with the launch of the Caesars Sportsbook app, we entered into a significant marketing campaign with distinguished actors, former athletes and other media personalities. As of December 31, 2022 and 2021 , obligations related to these agreements were $898 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 was $203 million and $221 million as of December 31, 2022 and 2021, respectively, which is included in Accrued other liabilities on 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 (“Lake Charles”). During the year ended December 31, 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 a total of $103 million related to damaged fixed assets, remediation costs and business interruption. The Company recorded gains of $38 million and $21 million during the years ended December 31, 2022 and 2021 , respectively, which are included in Transaction and other costs, net in our Statements of Operations, as proceeds received for the cost to replace damaged property were in excess of respective carrying value of the assets. The construction of our new land-based casino, Horseshoe Lake Charles, was completed and reopened in December 2022.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt December 31, 2022 December 31, 2021 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility 2023 variable $ — $ — $ — Baltimore Term Loan 2024 variable 267 262 275 CRC Term Loan (a) 2024 variable 3,415 3,243 4,190 CRC Incremental Term Loan (a) 2025 variable 1,004 972 1,705 CEI Revolving Credit Facility 2028 variable — — — CEI Term Loan A 2028 variable 750 747 — CRC Senior Secured Notes 2025 5.75% 989 979 985 CEI Senior Secured Notes 2025 6.25% 3,400 3,360 3,346 Convention Center Mortgage Loan 2025 8.01% 400 400 399 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,589 1,673 CEI Senior Notes due 2029 2029 4.625% 1,200 1,186 1,183 Special Improvement District Bonds 2037 4.30% 47 47 49 Long-term notes and other payables 2 2 2 Total debt 13,085 12,787 13,807 Current portion of long-term debt (108) (108) (70) Deferred finance charges associated with the CEI Revolving Credit Facility — (20) (15) Long-term debt $ 12,977 $ 12,659 $ 13,722 Unamortized discounts and deferred finance charges $ 318 $ 531 Fair value $ 12,675 ____________________ (a) Refer to “Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes” for a discussion of the repayment of these term loans. Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2023 2024 (a) 2025 (a) 2026 2027 Thereafter (a) Total Annual maturities of long-term debt $ 108 $ 3,690 $ 5,797 $ 40 $ 1,651 $ 1,799 $ 13,085 Estimated interest payments 920 830 560 220 220 120 2,870 Total debt service obligation (b) $ 1,028 $ 4,520 $ 6,357 $ 260 $ 1,871 $ 1,919 $ 15,955 ____________________ (a) Maturities of $3.4 billion in 2024 and $1.0 billion in 2025 were repaid with the net proceeds of the $2.5 billion CEI Term Loan B and the $2.0 billion CEI Senior Secured Notes, due 2030. See “Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes” below. (b) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking LIBOR and SOFR curve, where applicable. Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of December 31, 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 the original maturity or payment dates. Net amortization of the debt issuance costs and the discount and/or premium associated with the Company’s indebtedness totaled $139 million, $177 million and $80 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of December 31, 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 the increased ownership interest in Horseshoe Baltimore, the Company 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 July 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, subject to a variable rate of interest calculated as Term SOFR plus 4.00% subject to one 0.25% step-down based on senior secured leverage ratio, the ratio of first lien senior secured net debt to adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). On June 24, 2022, the Company entered into an amendment related to the Baltimore Revolving Credit Facility to extend the maturity date to July 7, 2023. As of December 31, 2022, there was $10 million of available borrowing capacity under the Baltimore Revolving Credit CRC Term Loans and CRC Revolving Credit Facility The CRC Term Loan, the CRC Incremental Term Loan and the CRC Revolving Credit Facility were subject to the terms described below prior to termination or repayment. The CRC Revolving Credit Facility was terminated in October 2022 and on February 6, 2023, the Company repaid the CRC Term Loan and the CRC Incremental Term Loan with proceeds from a new CEI Term Loan B and new CEI Senior Secured Notes, due 2030. See “Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes” below. CRC was 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”), an initial $4.7 billion seven-year senior secured term loan (the “CRC Term Loan”), and an incremental $1.8 billion five-year senior secured term loan that was incurred in connection with the Merger (the “CRC Incremental Term Loan”). The CRC Term Loan had a maturity date in December 2024 and the CRC Incremental Term Loan had a maturity date in July 2025. The CRC Term Loan and the CRC Incremental Term Loan required scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balances due at maturity. The CRC Credit Agreement also included customary voluntary and mandatory prepayment provisions, subject to certain exceptions. The CRC Revolving Credit Facility contained a maturity date in December 2022 and included a $400 million letter of credit sub-facility. Borrowings under the CRC Credit Agreement were subject to 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 and (b) with respect to the CRC Incremental Term Loan, 3.50% per annum in the case of any LIBOR loan or 2.50% in the case of any base rate loan. The CRC Term Loan and the CRC Incremental Term Loan were LIBOR based loans as of December 31, 2022. During the year ended December 31, 2022, the Company utilized and fully repaid borrowings on the CRC Revolving Credit Facility, prior to its termination. Additionally, the Company made several partial prepayments of outstanding principal of the CRC Term Loan utilizing operating cash flows totaling $300 million, excluding the prepayments resulting from the proceeds of the CEI Term Loan A described below, and recognized a related $16 million loss on the early extinguishment of debt during the year ended December 31, 2022. Following the closing of the sale of William Hill International, the Company utilized the proceeds from the sale, as well as cash on hand to make partial prepayments totaling $755 million of the outstanding principal of the CRC Incremental Term Loan and recognized a $27 million loss on the early extinguishment of debt during the year ended December 31, 2022. On October 5, 2022, in connection with the Third Amendment (as defined below) to the CEI Credit Agreement, the Company utilized the entire proceeds of a new $750 million CEI Term Loan A (as defined below) to make a partial prepayment of the outstanding principal of the CRC Term Loan, as well as terminate the CRC Revolving Credit Facility. As a result of the partial prepayment, the Company recognized a $41 million loss on the early extinguishment of debt. See below. CEI Term Loan A and 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 (the “CEI Credit Agreement”), which provided for a five-year CEI Revolving Credit Facility in an aggregate principal amount of $1.2 billion (the “CEI Revolving Credit Facility”). The CEI Revolving Credit Facility contained reserves of $190 million which are available only for certain permitted uses. On May 23, 2022, the Company obtained approval for a reduction of $150 million in required reserves. Prior to further amendment, described below, the CEI Revolving Credit Facility was scheduled to mature in July 2025 and included a letter of credit sub-facility of $250 million. Prior to the Third Amendment (as defined below) of the CEI Credit Agreement on October 5, 2022, the interest rate per annum applicable under the CEI Revolving Credit Facility, at the Company’s option was 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 rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin was 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 net total leverage ratio. Additionally, prior to the Third Amendment (as defined below) of the CEI Credit Agreement, the Company was required to pay a commitment fee in respect of any unused commitments under the CEI Revolving Credit Facility in the amount of 0.50% per annum, subject to a step-down to 0.375% per annum based upon the Company’s net total leverage ratio. The Company was 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% per annum of the daily stated amount of such letter of credit. On October 5, 2022, Caesars entered into a third amendment to the CEI Credit Agreement (the “Third Amendment”) pursuant to which the Company (a) incurred a senior secured term loan in an aggregate principal amount of $750 million (the “CEI Term Loan A”) as a new term loan under the credit agreement, (b) amended and extended the CEI Revolving Credit Facility under the CEI Credit Agreement (the CEI Revolving Credit Facility, as so amended, the “Amended CEI Revolving Credit Facility” and, together with the CEI Term Loan A, the “Senior Credit Facilities”), (c) increased the aggregate principal amount of the CEI Revolving Credit Facility to $2.25 billion, and (d) made certain other amendments to the CEI Credit Agreement. Both the Amended CEI Revolving Credit Facility and the new CEI Term Loan A mature on January 31, 2028, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. The Amended CEI Revolving Credit Facility includes a letter of credit sub-facility of $388 million. The CEI Term Loan A requires scheduled quarterly payments in amounts equal to 1.25% of the original aggregate principal amount of the CEI Term Loan A, with the balance payable at maturity. The Company may make voluntary prepayments of the CEI Term Loan A at any time prior to maturity at par. Borrowings under the Senior Credit Facilities bear interest at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the secured overnight financing rate (“SOFR”) for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), subject to a floor of 0% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Adjusted Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Adjusted Term SOFR loan and 1.25% per annum in the case of any Base Rate loan, subject to three 0.25% step-downs based on the Company’s net total leverage ratio. In addition, on a quarterly basis, the Company is required to pay each lender under the Amended CEI Revolving Credit Facility a commitment fee in respect of any unused commitments under the Amended CEI Revolving Credit Facility in the amount of 0.35% per annum of the principal amount of the unused commitments of such lender, subject to three 0.05% step-downs based on the Company’s net total leverage ratio. As of December 31, 2022, the Company had $2.1 billion of available borrowing capacity under the Amended CEI Revolving Credit Facility, after consideration of $82 million in outstanding letters of credit, $48 million committed for regulatory purposes and the reserves described above. Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes On February 6, 2023, the Company issued $2.0 billion in aggregate principal amount of 7.00% senior secured notes (the “CEI Senior Secured Notes due 2030”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto from time to time, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2030 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2030 will mature in February 2030, with interest paid semi-annually on February 15 and August 15 of each year, commencing August 15, 2023. Additionally, on February 6, 2023, Caesars entered into an Incremental Assumption Agreement No. 2 pursuant to which the Company incurred a new senior secured term loan facility in an aggregate principal amount of $2.5 billion (the “CEI Term Loan B”) as a new term loan under the CEI Credit Agreement. The CEI Term Loan B requires scheduled quarterly amortization payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B, with the balance payable at maturity. Borrowings under the CEI Term Loan B bear interest at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the secured overnight financing rate for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), subject to a floor of 0.50% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Adjusted Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 3.25% per annum in the case of any Adjusted Term SOFR loan and 2.25% per annum in the case of any Base Rate loan, subject to one 0.25% step-down based on the Company’s net total leverage ratio. The CEI Term Loan B was issued at a price of 99.0% of the principal amount and will mature in February 2030. The net proceeds from the issuance of the CEI Senior Secured Notes due 2030 and the net proceeds from the CEI Term Loan B, were used to repay the outstanding principal balance, including accrued and unpaid interest, of both the CRC Term Loan and the CRC Incremental Term Loan. The remaining net proceeds were to be used to pay related fees, or for general corporate use. Upon the termination of the CRC Term Loan and the CRC Incremental Term Loan, the Company recorded a loss on extinguishment of debt of approximately $200 million. 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 rank equally with all existing and future first priority lien obligations of CRC, CRC Finco, Inc. and the subsidiary guarantors. 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. During the year ended December 31, 2022, 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 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. 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 on the anniversary of the closing date to a maximum interest rate of 8.3% per annum. 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 due 2027”), 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 due 2027 and the indenture governing such notes on July 20, 2020. The CEI Senior Notes due 2027 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2027 will mature on July 1, 2027 with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year. During the year ended December 31, 2022, the Company purchased a total of $89 million in principal amount of the CEI Senior Notes due 2027. CEI 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 “CEI Senior Notes due 2029”) pursuant to an indenture dated as of September 24, 2021 between the Company and U.S. Bank National Association, as Trustee. The CEI Senior Notes due 2029 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2029 will mature on October 15, 2029 with interest payable on April 15 and October 15 of each year, which began on April 15, 2022. Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2022 (In millions) Proceeds Repayments (a) CRC Revolving Credit Facility $ 750 $ 750 CEI Term Loan A 750 — CEI Senior Notes due 2027 — 89 CRC Term Loan — 1,097 CRC Incremental Term Loan — 773 CRC Senior Secured Notes — 11 Baltimore Term Loan — 16 Special Improvement District Bonds — 2 Total $ 1,500 $ 2,738 ____________________ (a) Includes contractually scheduled repayments as well as voluntary accelerated repayments. Debt Covenant Compliance The CRC Credit Agreement, the Senior Credit Facilities, the Baltimore Term Loan, the Baltimore Revolving Credit Facility and the indentures governing the CEI Senior Secured Notes, the CEI Senior Notes due 2027, the CEI Senior Notes due 2029, and the CRC Senior Secured 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. Following the Third Amendment, the Amended CEI Revolving Credit Facility and the CEI Term Loan A include a maximum net total leverage ratio financial covenant of 7.25:1 until December 31, 2024 and 6.50:1 from and after December 31, 2024. In addition, the Amended CEI Revolving Credit Facility and the CEI Term Loan A include a minimum fixed charge coverage ratio financial covenant of 1.75:1 until December 31, 2024 and 2.00:1 from and after December 31, 2024. From and after the repayment of the CEI Term Loan A, the financial covenants applicable to the Amended CEI Revolving Credit Facility will be tested solely to the extent that certain testing conditions are satisfied. The Baltimore Revolving Credit Facility includes a net senior secured leverage ratio financial covenant of 5.0:1. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. As of December 31, 2022, the Company was in compliance with all of the applicable financial covenants described above. Guarantees The Senior Credit Facilities, the CEI Senior Secured Notes and the CEI Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of the Company (subject to certain exceptions including CRC and its subsidiaries) and are secured by substantially all of the existing and future property and assets of the Company and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes due 2027 and the CEI Senior Notes due 2029 are guaranteed on a senior unsecured basis by such subsidiaries.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Accounting Policies Casino Revenues Our casino revenues consists of gaming wagers, pari-mutuel commissions, sports betting and iGaming wagers. The Company recognizes as casino revenue the net win from these gaming activities, which is the difference between gaming wins and losses, not the total amount wagered. Progressive jackpots are accrued and charged to revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of free bets, free play, matched deposits, and other similar incentives to its customers. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook or Caesars Racebook apps, such activity could result in negative net gaming revenue. Such periods are not expected to be long in duration as our level of investment during these promotional periods is within our discretion. Pari-mutuel commissions consist of commissions earned from thoroughbred and harness racing and importing of simulcast signals from other race tracks and are recognized at the time wagers are made. Such commissions are a designated portion of the wagering handle as determined by state racing commissions and are shown net of the taxes assessed by state and local agencies, as well as purses and other contractual amounts paid to horsemen associations. The Company recognizes revenues from fees earned through the exporting of simulcast signals to other race tracks at the time wagers are made, which are recorded on a gross basis. Such fees are based upon a predetermined percentage of handle as contracted with the other race tracks. Non-gaming Revenues Hotel, food and beverage, and other operating revenues are recognized as services are performed and is the net amount collected from the customer for such goods and services. Hotel, food and beverage services have been determined to be separate, stand-alone performance obligations and are recorded as revenue as the good or service is transferred to the customer over the customer’s stay at the hotel or when the delivery is made for the food and beverage. Advance deposits for future hotel occupancy, convention space or food and beverage services contract are recorded as deferred income until revenue recognition criteria has been met. The Company also provides goods and services that may include multiple performance obligations, such as for packages, for which revenues are allocated on a pro rata basis based on each service’s stand-alone selling price. Sales and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. The Company’s Statement of Operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 1 and Note 19 for additional information on the Company’s reportable segments. Year Ended December 31, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 1,247 $ 4,291 $ 462 $ — $ (3) $ 5,997 Food and beverage 1,063 533 — — — 1,596 Hotel 1,341 616 — — — 1,957 Other 636 264 86 282 3 1,271 Net revenues $ 4,287 $ 5,704 $ 548 $ 282 $ — $ 10,821 Year Ended December 31, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 1,226 $ 4,305 $ 296 $ — $ — $ 5,827 Food and beverage 702 438 — — — 1,140 Hotel 968 583 — — — 1,551 Other 513 211 41 278 9 1,052 Net revenues $ 3,409 $ 5,537 $ 337 $ 278 $ 9 $ 9,570 Year Ended December 31, 2020 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 319 $ 2,079 $ 84 $ — $ — $ 2,482 Food and beverage 130 211 — 1 — 342 Hotel 186 264 — — — 450 Other 116 106 11 106 15 354 Net revenues $ 751 $ 2,660 $ 95 $ 107 $ 15 $ 3,628 Accounts Receivable and Credit Risk We issue credit to approved casino customers following investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectability of these receivables. Accounts receivable are non-interest bearing and are initially recorded at cost. Marker play represents a meaningful portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. Trade receivables, including casino and hotel receivables, are typically non-interest bearing. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. Management believes that as of December 31, 2022 and 2021, no significant concentrations of credit risk related to receivables existed. Reserve for Uncollectible Accounts Receivable An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts, historical collection experience and reasonable forecasts which consider current economic and business conditions. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for bad debts. Accounts Receivable, Net December 31, (In millions) 2022 2021 Casino $ 259 $ 168 Food and beverage and hotel 144 100 Other 208 204 Accounts receivable, net $ 611 $ 472 Allowance for Doubtful Accounts (In millions) Contracts Other (a) Total Balance as of January 1, 2020 $ 4 $ 1 $ 5 Former Caesars consolidation 95 35 130 Provision for doubtful accounts 18 11 29 Write-offs less recoveries 3 (29) (26) Balance as of December 31, 2020 120 18 138 Provision for doubtful accounts 16 10 26 Write-offs less recoveries (26) (8) (34) Balance as of December 31, 2021 110 20 130 Provision for doubtful accounts 13 12 25 Write-offs less recoveries (22) (15) (37) Balance as of December 31, 2022 $ 101 $ 17 $ 118 ____________________ (a) “Other” includes allowance associated with lease receivables under ASC 842. See Note 10 for further details. Contract and Contract Related Liabilities The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer,(2) 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, 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. Outstanding Chip Liability The Company recognizes the impact on gaming revenues on an annual basis to reflect an estimate of the change in the value of outstanding chips that are not expected to be redeemed. This estimate is determined by measuring the difference between the total value of chips placed in service less the value of chips under our control. This measurement is performed on an annual basis utilizing a methodology in which a consistent formula is applied to estimate the percentage of chips not in our custody that are not expected to be redeemed. In addition to the formula, certain judgments are made with regard to various denominations and souvenir chips. The outstanding chip liability is included in accrued other liabilities on the Balance Sheets. Caesars Rewards Loyalty Program Caesars Rewards grants Reward Credits to Caesars Rewards Members based on various types of consumer spend, including online and retail gaming, hotel, dining, and retail shopping at Caesars-affiliated properties. Members may redeem Reward Credits for complimentary or discounted goods and services such as rooms, food and beverages, merchandise, free play, entertainment, and travel accommodations. Members are able to accumulate Reward Credits over time that they may redeem at their discretion under the terms of the program. A member’s Reward Credit balance is forfeited if the member does not earn at least one Reward Credit during a continuous six-month period. Because of the significance of the Caesars Rewards program and the ability for customers to accumulate Reward Credits based on their past play, we have determined that Reward Credits granted in conjunction with other earning activity represent a performance obligation. As a result, for transactions in which Reward Credits are earned, we allocate a portion of the transaction price to the Reward Credits that are earned based upon the relative standalone selling prices (“SSP”) of the goods and services involved. When the activity underlying the “earning” of the Reward Credits has a wide range of selling prices and is highly variable, such as in the case of gaming activities, we use the residual approach in this allocation by computing the value of the Reward Credits as described below and allocating the residual amount to the gaming activity. This allocation results in a significant portion of the transaction price being deferred and presented as a Contract liability on our accompanying Balance Sheets. Any amounts allocated to Contract liabilities are recognized as revenue when the Reward Credits are redeemed in accordance with the specific recognition policy of the activity for which the credits are redeemed. Our Caesars Rewards loyalty program includes various tiers that offer different benefits, and members are able to earn credits towards tier status, which generally enables them to receive discounts similar to those provided as complimentaries described below. We have determined that any such discounts received as a result of tier status do not represent material rights, and therefore, we do not account for them as distinct performance obligations. We have determined the SSP of a Reward Credit by computing the redemption value of credits expected to be redeemed. Because Reward Credits are not otherwise independently sold, we analyzed all Reward Credit redemption activity over the preceding calendar year and determined the redemption value based on the fair market value of the goods and services for which the Reward Credits were redeemed. We have applied the practical expedient under the portfolio approach to our Reward Credit transactions because of the similarity of gaming and other transactions and the homogeneity of Reward Credits. As part of determining the SSP for Reward Credits, we also determined that there is generally an amount of Reward Credits that is not redeemed, which is considered “breakage.” We recognize the expected breakage proportionally with the pattern of revenue recognized related to the redemption of Reward Credits. We periodically reassess our customer behaviors and revise our expectations as deemed necessary on a prospective basis. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 48 $ 34 $ 91 $ 94 $ 560 $ 310 Balance at December 31 45 48 87 91 693 560 Increase (decrease) $ (3) $ 14 $ (4) $ (3) $ 133 $ 250 The table above excludes liabilities related to assets held for sale as of December 31, 2021 (see Note 4). Customer deposits and other deferred revenues have increased primarily due to our expansion in the Caesars Digital segment with the legalization of retail and online sports betting in new states. Complimentaries The Company offers discretionary coupons and other discretionary complimentaries to customers outside of the loyalty program such as matching deposits, free bets and free play. Such complimentaries are provided in conjunction with other revenue‑earning activities and are generally provided to encourage additional customer spending on those activities. Accordingly, the Company allocates a portion of the transaction price received from such customers to the complimentary goods and services. The Company performs this allocation based on the SSP of the underlying goods and services, which is determined based upon the weighted-average cash sales prices received for similar services at similar points during the year. The retail value of complimentary food, beverage, hotel rooms and other services provided to customers is recognized as a reduction of revenues for the department which issued the complimentary and revenue for the department redeemed. Complimentaries provided by third parties at the discretion and under the control of the Company is recorded as an expense when incurred. The Company’s revenues included complimentaries and loyalty point redemptions totaling $1.2 billion, $1.0 billion and $406 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. For a period in which the Company generated a net loss 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. The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (In millions, except per share amounts) 2022 2021 2020 Net loss from continuing operations attributable to Caesars, net of income taxes $ (513) $ (989) $ (1,737) Discontinued operations, net of income taxes (386) (30) (20) Net loss attributable to Caesars $ (899) $ (1,019) $ (1,757) Shares outstanding: Weighted average shares outstanding – basic 214 211 130 Effect of dilutive securities: Stock-based compensation awards — — — Weighted average shares outstanding – diluted 214 211 130 Basic loss per share from continuing operations $ (2.39) $ (4.69) $ (13.35) Basic loss per share from discontinued operations (1.80) (0.14) (0.15) Net loss per common share attributable to common stockholders – basic: $ (4.19) $ (4.83) $ (13.50) Diluted loss per share from continuing operations $ (2.39) $ (4.69) $ (13.35) Diluted loss per share from discontinued operations (1.80) (0.14) (0.15) Net loss per common share attributable to common stockholders – diluted: $ (4.19) $ (4.83) $ (13.50) Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2022 2021 2020 Stock-based compensation awards 3 3 9 5% Convertible notes — — 4 Total anti-dilutive common stock 3 3 13

Stock-Based Compensation and St

Stock-Based Compensation and Stockholder's Equity	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation and Stockholders’ Equity	Stock-Based Compensation and Stockholders’ Equity Stock-Based Awards The Company maintains long-term incentive plans which allow for granting stock-based compensation awards for directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, based on Company Common Stock, including 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. Performance Incentive Plans In 2015, the Board of Directors (“Board”) adopted, and the Company’s stockholders approved, the 2015 Equity Incentive Plan (“2015 Plan”). In 2019, the Company’s Board approved, and the Company’s stockholders approved, the amended and restated 2015 Plan. The amendment to the 2015 Plan allows for 3 million shares available for grant, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment. As of December 31, 2022, the Company had 5 million shares available for grant under the 2015 Plan. Equity awards granted to employees and executive officers generally vest within one Total stock-based compensation expense in the accompanying Statements of Operations was $101 million, $82 million and $79 million during the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are included in corporate expenses and, in the case of certain property positions, general and administrative expenses in the Company’s Statements of Operations. Restricted Stock Unit Activity During the year ended December 31, 2022, as part of the annual incentive program, the Company granted RSUs to employees of the Company with an aggregate fair value of $56 million. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock. A summary of the RSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2021 2,090,607 $ 61.47 Granted (b) 773,778 70.58 Vested (907,764) 55.88 Forfeited (93,140) 67.12 Unvested outstanding as of December 31, 2022 1,863,481 66.87 ____________________ (a) Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date. (b) Included are 23,956 RSUs granted to non-employee members of the Board during the year ended December 31, 2022. Performance Stock Unit Activity During the year ended December 31, 2022, the Company granted approximately 80 thousand PSUs that are scheduled to vest over a period of one A summary of the PSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2021 417,069 $ 62.20 Granted 80,420 41.60 Performance Adjustment 80,030 Vested (191,279) 45.39 Forfeited (3,083) 53.60 Unvested outstanding as of December 31, 2022 383,157 51.73 ____________________ (a) This represents the weighted-average grant date fair value for PSUs where the grant date has been achieved or the price of our common stock as of the balance sheet date for PSUs where a grant date has not been achieved. Market-Based Stock Unit Activity During the year ended December 31, 2022, the Company granted approximately 428 thousand MSUs that are scheduled to cliff vest over a period of one A summary of the MSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2021 381,923 $ 77.09 Granted 428,153 82.96 Performance Adjustment 56,591 Vested (117,149) 37.88 Forfeited (7,715) 102.76 Unvested outstanding as of December 31, 2022 741,803 83.24 ____________________ (a) Represents the grant date fair value determined using a Monte Carlo simulation model. Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 43,905 $ 20.69 1.05 $ 3 Exercised (43,384) 20.63 Expired (433) 26.65 Outstanding as of December 31, 2022 88 30.63 0.14 — Vested and expected to vest as of December 31, 2022 88 30.63 0.14 — Exercisable as of December 31, 2022 88 30.63 0.14 — Stock Option Exercises Years Ended December 31, (Dollars in millions) 2022 2021 2020 Option Exercises: Number of options exercised 43,384 114,884 70,608 Cash received for options exercised $ 1 $ 3 $ 1 Aggregate intrinsic value of options exercised $ 2 $ 9 $ 5 Unrecognized Compensation Cost As of December 31, 2022, the Company had $92 million of unrecognized compensation expense, which is expected to be recognized over a weighted-average period of 1.2 years. Common Stock On June 19, 2020, the Company completed the public offering of 20,700,000 shares (including the shares sold pursuant to the underwriters’ overallotment option) of Company Common Stock, at an offering price of $39.00 per share, which provided $772 million of proceeds, net of fees and estimated expenses of $35 million. On October 1, 2020, the Company completed the public offering of 35,650,000 shares (including the shares sold pursuant to the underwriters’ overallotment option) of Company Common Stock, at an offering price of $56.00 per share, which provided $1.9 billion of proceeds, net of fees and estimated expenses of $50 million. On June 17, 2021, following receipt of required shareholder approvals, the Company amended its Certificate of Incorporation to increase the number of authorized shares of common stock from 300 million to 500 million. Preferred Stock On June 17, 2021, following receipt of required shareholder approvals, the Company amended its Certificate of Incorporation to authorize the issuance of up to 150 million shares of preferred stock. Share Repurchase Program In November 2018, the Board authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of December 31, 2022, the Company has acquired 223,823 shares of common stock at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the years ended December 31, 2022 or 2021.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Plans The Company offers several savings and retirement plans to substantially all employees who are not covered by collective bargaining agreements, who meet certain eligibility requirements, namely terms of service. All existing savings and retirement plans merged into the Caesars Entertainment, Inc. 401(k) Plan. Under the 401(k) plan, the Company matches contributions equal to 50% of the first 6% as outlined per plan documents. The Company’s matching contribution expense totaled $29 million, $27 million and $11 million for the years ended December 31, 2022, 2021 and 2020, respectively. Defined-Benefit Plans Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. As of December 31, 2022, the fair value of the plan assets and benefit obligation was $1 million. The plan assets are comprised primarily of money market and mutual funds whose values are determined based on quoted market prices and are classified in Level 1 of the fair value hierarchy. We did not make cash contributions to the Scioto Downs pension plan during 2022, 2021 and 2020. In addition, the Company also sponsors a defined-benefit plan for certain Tropicana Atlantic City employees under a Variable Annuity Pension Plan. As of December 31, 2022, the fair value of the plan assets was $21 million and benefit obligations was $15 million. Contributions to the plan were $2 million for the year ended December 31, 2022 and less than $1 million for the year ended December 31, 2021. Deferred Compensation Plans CEI assumed Former Caesars deferred compensation plans, the Caesars Entertainment Corporation Executive Supplemental Savings Plan III (“ESSP III”) and the Caesars Entertainment Corporation Outside Director Deferred Compensation Plan. These plans are unfunded, non-qualified deferred compensation plans. Payment obligations pursuant to the plans are unsecured general obligations of the Company and affiliates of the Company employing participants in the ESSP III. The liability as of December 31, 2022 and 2021 was $2 million and $3 million, respectively, which was recorded in Other long-term liabilities on the Balance Sheets. As of December 31, 2022, certain current and former employees of Caesars, and our subsidiaries and affiliates, have balances under: (i) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan, (ii) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II, (iii) the Park Place Entertainment Corporation Executive Deferred Compensation Plan, (iv) the Harrah’s Entertainment, Inc. Deferred Compensation Plan, and (v) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (collectively, the “existing deferred compensation plans”). These plans are deferred compensation plans that allow certain employees an opportunity to save for retirement and other purposes. Each of the plans is now frozen and is no longer accepting contributions. However, participants may still earn returns on existing plan balances based upon their selected investment alternatives, which are reflected in their deferral accounts. The total liability recorded in Other long-term liabilities on the Balance Sheets for these plans was $33 million and $43 million as of December 31, 2022 and 2021, respectively. Trust Assets CEI is a party to a trust agreement (the “Trust Agreement”) and an escrow agreement with respect to all five of the existing deferred compensation plans (the “Escrow Agreement”), each structured as a so-called “rabbi trust” arrangement, which holds assets that may be used to satisfy obligations under the existing deferred compensation plans above. Amounts held pursuant to the Trust Agreement and the Escrow Agreement were $60 million and $87 million, respectively, as of December 31, 2022 and 2021 and have been reflected within Other assets, net on the Balance Sheets. Multi-employer Pension Plans As a result of the Merger, the Company continues to contribute to a number of multi-employer defined benefit pension plans under the terms of collective bargaining agreements that cover union-represented employees of Former Caesars. Prior to the Merger, no significant contributions were made to such plans. The risks of participating in these multi-employer plans are different from a single-employer plan in the following respects: i. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. ii. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. iii. If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunding of the plan, referred to as a “withdrawal liability.” Multi-employer Pension Plan Participation Pension Protection Act Zone Status (a) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2022 FIP/RP Status (b) 2022 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (c) Southern Nevada Culinary and Bartenders Pension Plan (d)(e) 88-6016617/001 Green No $ 24 $ 18 $ 5 No May 31, 2023 Legacy Plan of the UNITE HERE Retirement Fund (d)(e)(f) 82-0994119/001 Red Yes 9 9 4 No Various up to May 31, 2026 Central Pension Fund of the IUOE & Participating Employers 36-6052390/001 Green No 7 6 — N/A March 31, 2024 Western Conference of Teamsters Pension Plan 91-6145047/001 Green No 6 5 — N/A March 31, 2024 Local 68 Engineers Union Pension Plan (g) 51-0176618/001 Yellow Yes 1 1 — No April 30, 2027 Painters IUPAT 52-6073909/001 Yellow Yes 1 1 — No Various up to June 30, 2026 Other Funds 2 1 5 Total Contributions $ 50 $ 41 $ 14 ____________________ (a) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (b) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (c) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (d) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2020. (e) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2021 and as of the date the financial statements were issued, Forms 5500 were not available for the 2022 plan year. (f) The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund. (g) Plan years begin July 1.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Company’s provision for income taxes for the years ended December 31, 2022, 2021 and 2020 are presented below. Components of Income (Loss) Before Income Taxes Years Ended December 31, (In millions) 2022 2021 2020 United States $ (590) $ (1,272) $ (1,608) Outside of the U.S. 25 3 2 $ (565) $ (1,269) $ (1,606) Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2022 2021 2020 United States Current Federal $ — $ (1) $ (43) State & Local 7 (2) (24) Deferred Federal (57) (219) 208 State & Local 2 (106) (11) Outside of the U.S. Current 7 2 2 Deferred — 43 — $ (41) $ (283) $ 132 Allocation of Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2022 2021 2020 Income tax provision (benefit) applicable to: Income from operations $ (41) $ (283) $ 132 Discontinued operations (50) 19 (9) Other comprehensive income (30) 3 8 The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021 and 2020: Effective Income Tax Rate Reconciliation Years Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes (0.2) % 4.2 % 5.4 % Nondeductible compensation and benefits (2.3) % (0.2) % (0.2) % Goodwill disposition and impairment (0.6) % — % (1.6) % Transaction expenses — % — % (0.5) % Nondeductible convertible notes costs — % (3.3) % (1.0) % Decrease in uncertain tax positions 0.1 % 0.4 % 0.9 % Change in tax rates from change in tax law before valuation allowance (15.3) % (1.2) % — % Foreign taxes (1.1) % 0.1 % 1.0 % Deferred tax adjustment related to William Hill acquisition (5.3) % — % — % Minority interests (0.5) % — % — % Valuation allowance 9.8 % 2.6 % (33.9) % Tax credits 1.8 % 0.4 % 0.1 % Deferred tax recognition on life insurance — % (1.3) % — % Other (0.2) % (0.4) % 0.6 % Effective income tax rate 7.2 % 22.3 % (8.2) % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2022 and 2021 are as follows: As of December 31, (In millions) 2022 2021 Deferred tax assets: Loss carryforwards $ 779 $ 1,006 Excess business interest expense 288 180 Credit carryforwards 126 114 Financing obligation 2,534 2,517 Long-term lease obligation 160 161 Other 272 330 4,159 4,308 Deferred tax liabilities: Identified intangibles (803) (1,111) Foreign investment - held for sale — (139) Fixed assets (2,243) (2,212) Right-of-use assets (128) (131) Other (163) (138) (3,337) (3,731) Valuation allowance (1,809) (1,840) Net deferred tax liabilities $ (987) $ (1,263) The net deferred tax liabilities above are presented in the Balance Sheets as follows: As of December 31, (In millions) 2022 2021 Deferred income taxes $ (987) $ (1,111) Assets held for sale — 7 Liabilities related to assets held for sale — (159) Net deferred tax liabilities $ (987) $ (1,263) As a result of the Merger, the Company assumed $767 million of additional net deferred tax liabilities, net of valuation allowances, plus $24 million in additional accruals for uncertain tax positions including accrued interest. As a result of the William Hill Acquisition, the Company assumed $381 million of additional net deferred tax liabilities net of valuation allowances, plus $34 million in additional accruals for uncertain tax positions including accrued interest. Of the deferred tax liabilities and uncertain tax positions recorded due to the William Hill Acquisition, $132 million and $34 million, respectively, have been presented in Liabilities related to assets held for sale. A valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Management must analyze all available positive and negative evidence regarding realization of the deferred tax assets and make an assessment of the likelihood of sufficient future taxable income. We have provided a valuation allowance on certain federal, state, and foreign deferred tax assets that were not deemed realizable based upon estimates of future taxable income. As of December 31, 2022, the Company had federal and state net operating loss carryforwards of $1.9 billion and $9.2 billion, respectively and federal general business tax credit and research tax credit carryforwards of $129 million, which will expire on various dates as follows: Year of Expiration Net Operating Losses Tax Credits (In millions) Federal States Federal 2023-2027 — 530 — 2028-2032 914 1,376 39 2033-2042 589 5,030 90 Do not expire 437 2,219 — $ 1,940 $ 9,155 $ 129 In general, Section 382 of the Internal Revenue Code provides an annual limitation with respect to the ability of a corporation to utilize its net operating loss carryovers, as well as certain built-in losses, against future taxable income in the event of a change in ownership. The Merger in July 2020 and the William Hill Acquisition in April 2021 resulted in a change in ownership for purposes of Section 382, making its provisions applicable to the Company. However, it is unlikely that the annual limitation on tax attribute usage resulting from the acquisition will adversely affect the Company’s ability to utilize its net operating loss carryovers against its future taxable income. Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2022 2021 2020 Balance as of beginning of year $ 157 $ 137 $ — Acquisition of Caesars Entertainment Corporation — — 152 Acquisition of William Hill — 32 — Sale of William Hill International (24) — — Additions based on tax positions related to the current year 3 4 — Additions for tax positions of prior years 1 5 1 Reductions for tax positions for prior years (8) (8) — Settlements — — (4) Expiration of statutes (1) (13) (12) Balance as of end of year $ 128 $ 157 $ 137 We classify reserves for tax uncertainties within Other long-term liabilities in our Balance Sheets, separate from any related income tax payable or Deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. We accrue interest and penalties related to unrecognized tax benefits in income tax expense. During 2022, we decreased our accrual by $29 million, primarily due to the sale of William Hill International. During 2021, we increased our accrual by $20 million, primarily due to the William Hill Acquisition. During 2020, we increased our accrual by $137 million, primarily as a result of the Merger. There was no accrual for the payment of interest and penalties as of December 31, 2022 and an accrual of $2 million as of December 31, 2021. Included in the balances of unrecognized tax benefits as of December 31, 2022 and December 31, 2021 was $115 million and $117 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate. The Company, including its subsidiaries, files tax returns with federal, state and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within the consolidated group. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2019. We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Related Parties REI As of December 31, 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 Vice President of Player Development, Gene Carano. In addition, Gary L. Carano also serves as the Vice President of REI and Gene Carano also serves as the Secretary and Treasurer of REI. Members of the Carano family, including Gary L. Carano and Gene Carano, own the equity interests in REI. For each of the years ended December 31, 2022, 2021 and 2020, 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 monthly. Annual rent is subject to periodic rent escalations through the term of the lease. As of December 31, 2022 and 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. These related party transactions included items such as casino management fees, reimbursement of various costs incurred on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. Transactions with NeoGames

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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 4, Note 6 and Note 7 for a discussion of the impairment of intangibles and long-lived assets related to certain segments. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2022: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Horseshoe Black Hawk (a) Managed The Cromwell Circus Circus Reno Horseshoe Bossier City Harrah’s Ak-Chin Flamingo Las Vegas Eldorado Gaming Scioto Downs Horseshoe Council Bluffs Harrah’s Cherokee Harrah’s Las Vegas Eldorado Resort Casino Reno Horseshoe Hammond Harrah’s Cherokee Valley River Horseshoe Las Vegas (a) Grand Victoria Casino Horseshoe Indianapolis (a) Harrah’s Resort Southern California The LINQ Hotel & Casino Harrah’s Atlantic City Horseshoe Lake Charles (b) Caesars Windsor Paris Las Vegas Harrah’s Council Bluffs Horseshoe St. Louis (a) Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Gulf Coast Horseshoe Tunica Branded Rio All-Suite Hotel & Casino Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Caesars Southern Indiana Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle of Capri Casino Lula Caesars Digital Harrah’s Laughlin Isle Casino Waterloo Harrah’s Metropolis Lady Luck Casino - Black Hawk Harrah’s New Orleans Silver Legacy Resort Casino Harrah’s North Kansas City Trop Casino Greenville Harrah’s Philadelphia Tropicana Atlantic City Harrah’s Pompano Beach (a) Tropicana Laughlin Hotel & Casino Harveys Lake Tahoe Horseshoe Baltimore ___________________ (a) During the year ended December 31, 2022, Bally’s Las Vegas was rebranded as Horseshoe Las Vegas, Isle Casino Hotel - Black Hawk was rebranded as Horseshoe Black Hawk, Indiana Grand was rebranded as Horseshoe Indianapolis, Isle Casino Racing Pompano Park was rebranded as Harrah’s Pompano Beach, and Lumière Place Casino was rebranded as Horseshoe St. Louis. (b) Isle of Capri Casino Hotel Lake Charles temporarily closed at the end of August 2020 due to damage from Hurricane Laura and reopened in December 2022 as Horseshoe Lake Charles, the new land-based casino. 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 that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM conference center, which is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ. “Corporate and Other” includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other. Years Ended December 31, (In millions) 2022 2021 2020 Las Vegas: Net revenues $ 4,287 $ 3,409 $ 751 Adjusted EBITDA 1,964 1,568 133 Regional: Net revenues 5,704 5,537 2,660 Adjusted EBITDA 1,985 1,979 711 Caesars Digital: Net revenues 548 337 95 Adjusted EBITDA (666) (476) 26 Managed and Branded: Net revenues 282 278 107 Adjusted EBITDA 84 87 25 Corporate and Other: Net revenues — 9 15 Adjusted EBITDA (124) (168) (101) Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment 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. Years Ended December 31, (In millions) 2022 2021 2020 Net loss attributable to Caesars $ (899) $ (1,019) $ (1,757) Net income (loss) attributable to noncontrolling interests (11) 3 (1) Net loss from discontinued operations 386 30 20 (Benefit) provision for income taxes (41) (283) 132 Other (income) loss (a) (46) 198 (176) Loss on extinguishment of debt 85 236 197 Interest expense, net 2,265 2,295 1,202 Depreciation and amortization 1,205 1,126 583 Impairment charges 108 102 215 Transaction costs and other (b) 90 220 300 Stock-based compensation expense 101 82 79 Adjusted EBITDA $ 3,243 $ 2,990 $ 794 Adjusted EBITDA by Segment: Las Vegas $ 1,964 $ 1,568 $ 133 Regional 1,985 1,979 711 Caesars Digital (666) (476) 26 Managed and Branded 84 87 25 Corporate and Other (124) (168) (101) ____________________ (a) Other (income) loss primarily includes the net changes in fair value of (i) investments held by the Company (ii) foreign exchange forward contracts (iii) the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger, and (iv) the derivative liability related to the 5% Convertible Notes, which were fully converted during the year ended December 31, 2021, and the change in the foreign exchange rate associated with restricted cash held in GBP associated with our acquisition of William Hill. (b) Transaction costs and other primarily includes costs related to the William Hill Acquisition, the Merger, various contract or license termination exit costs, professional services for integration activities and non-cash changes in equity method investments partially offset by gains resulting from insurance proceeds received in excess of the respective carrying value of the assets damaged at Lake Charles by Hurricane Laura. Capital Expenditures, Net - By Segment Years Ended December 31, (In millions) 2022 2021 2020 Las Vegas $ 165 $ 85 $ 32 Regional 597 327 104 Caesars Digital 106 67 — Corporate and Other 84 39 33 Total (a) $ 952 $ 518 $ 169 ____________________ (a) Includes capital expenditures associated with our discontinued operations, where applicable. Total Assets - By Segment December 31, (In millions) 2022 2021 Las Vegas $ 23,547 $ 22,374 Regional 14,908 14,419 Caesars Digital 1,200 1,878 Managed and Branded (a) 140 3,527 Corporate and Other (b) (6,268) (4,167) Total $ 33,527 $ 38,031 ____________________ (a) Assets held for sale associated with William Hill International were divested on July 1, 2022. (b) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Condensed Financial Information

Condensed Financial Information of Registrant Parent Company Only	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Parent Company Only	CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED BALANCE SHEETS As of December 31, (In millions) 2022 2021 ASSETS Current assets $ 188 $ 221 Investment in and advances to unconsolidated affiliates 3 60 Investment in subsidiaries 10,465 10,311 Property and equipment, net 4 8 Other assets, net 146 333 Total assets $ 10,806 $ 10,933 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $ 236 $ 228 Long-term debt 6,826 6,190 Other long-term liabilities 31 35 Total liabilities 7,093 6,453 Total stockholders’ equity 3,713 4,480 Total liabilities and stockholders’ equity $ 10,806 $ 10,933 See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, (In millions) 2022 2021 2020 Net revenues $ — $ 4 $ 7 Expenses: Corporate expense 4 43 71 Management fee — — (36) Depreciation and amortization 4 6 6 Transaction and other costs 11 60 113 Total operating expenses 19 109 154 Operating loss (19) (105) (147) Other expense: Interest expense (428) (395) (257) Loss on interests in subsidiaries (492) (437) (1,346) Loss on extinguishment of debt — (14) (132) Other income (loss) 40 (72) 197 Loss from operations before income taxes (899) (1,023) (1,685) Benefit (provision) for income taxes — 4 (72) Net loss $ (899) $ (1,019) $ (1,757) See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (In millions) 2022 2021 2020 Cash flows used in operating activities $ (329) $ (448) $ (296) Cash flows from investing activities Purchase of property and equipment, net — (1) (8) Former Caesars acquisition — — (8,470) William Hill Acquisition — (3,938) — Proceeds from sale of businesses, property and equipment, net of cash sold 15 — — Proceeds from the sale of investments 84 89 24 Cash flows provided by (used in) investing activities 99 (3,850) (8,454) Cash flows from financing activities Proceeds from long-term debt and revolving credit facilities 750 1,200 9,365 Debt issuance and extinguishment costs (12) (17) (353) Repayments of long-term debt and revolving credit facilities (89) (100) (3,339) Net proceeds (repayments) with related parties (592) 705 1,320 Cash paid to settle convertible notes — (367) (903) Proceeds from sale-leaseback financing arrangement — — 3,219 Taxes paid related to net share settlement of equity awards (27) (45) (16) Proceeds from issuance of common stock 1 3 2,718 Cash flows provided by financing activities 31 1,379 12,011 Effect of foreign currency exchange rates on cash — — 129 Net increase (decrease) in cash, cash equivalents, and restricted cash (199) (2,919) 3,390 Cash, cash equivalents, and restricted cash, beginning of period 515 3,434 44 Cash, cash equivalents, and restricted cash, end of period $ 316 $ 515 $ 3,434 RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS Cash and cash equivalents in current assets $ 185 $ 199 $ 1,114 Restricted cash in current assets — — 1,895 Restricted and escrow cash included in other assets, net 131 316 425 Total cash, cash equivalents and restricted cash $ 316 $ 515 $ 3,434 See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. NOTES TO CONDENSED FINANCIAL INFORMATION 1. Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment, Inc. and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment, Inc. and its subsidiaries (the “Company”). This information should be read in conjunction with the Company’s consolidated financial statements included elsewhere in this filing. 2. Restricted net assets of subsidiaries Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held as of December 31, 2022 was approximately $3.6 billion. Such restrictions are on net assets of Caesars Entertainment, Inc. and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. 3. Commitments, contingencies, and long-term obligations For a discussion of the Company’s commitments, contingencies, and long-term obligations under its credit facilities, see Note 11 and Note 12 of the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our Financial Statements are prepared in accordance with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could materially differ from those estimates. The presentation of financial information herein for the periods after the Company’s acquisitions or before divestitures of various properties is not fully comparable to the periods prior to their respective purchase or after the sale dates. See Note 3 for further discussion of the acquisitions and related transactions and Note 4 for properties recently sold. 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, or 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-19 Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the year ended December 31, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could have a significant impact on our future operations.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).
Restricted Cash	Restricted Cash Restricted cash includes certificates of deposit and similar instruments that are subject to remeasurement on a recurring basis (see Note 8) and cash deposits which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business.
Advertising	AdvertisingAdvertising costs are expensed in the period the advertising initially takes place.During the years ended December 31, 2022 and 2021, the Company launched significant television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.
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 December 2022), 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.
Property and Equipment	Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under Accounting Standards Codification (“ASC”) 805. Internal use software costs are capitalized during the application development stage. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Gains or losses on the disposal of property and equipment are included in operating income. Useful lives of each asset class are generally as follows: Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 10 for further discussion of our leases.
Earnings per Share	Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Interest Expense, Net	Interest Expense, Net Years Ended December 31, (In millions) 2022 2021 2020 Interest expense $ 2,303 $ 2,320 $ 1,213 Capitalized interest (26) (9) (1) Interest income (12) (16) (10) Total interest expense, net $ 2,265 $ 2,295 $ 1,202

Acquisitions, Purchase Price _2

Acquisitions, Purchase Price Accounting and Pro forma Information (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Consideration Calculation	As mentioned above, the total purchase consideration for William Hill was approximately $3.9 billion . The 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 (net of previously held equity investment) 81 Total purchase consideration $ 154 (In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 ____________________ (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of the Company’s Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of the Company’s Common Stock for the ten trading days ending on July 16, 2020).
Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill, with the excess recorded as goodwill as of December 31, 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 at $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. (In millions) Fair Value Current and other assets $ 3,540 Property and equipment 13,096 Goodwill 9,064 Intangible assets (a) 3,394 Other noncurrent assets 710 Total assets $ 29,804 Current liabilities $ 1,771 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,400 Total liabilities 18,911 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $396 million, trade names valued at $2.1 billion, the Caesars Rewards programs valued at $523 million and customer relationships valued at $425 million.
Schedule of Unaudited Pro Forma Information	The following unaudited pro forma financial information is presented to illustrate the estimated effects of the William Hill Acquisition as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and William Hill prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired, eliminate gains and losses related to certain investments and adjustments to the timing of acquisition related costs and expenses incurred during the year ended December 31, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial 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. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,696 $ 3,834 Net loss (893) (1,991) Net loss attributable to Caesars (896) (1,989) The following unaudited pro forma financial information is presented to illustrate the estimated effects of the Horseshoe Baltimore consolidation as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and Horseshoe Baltimore prior to the consolidation. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired and the adjustments to eliminate certain revenues and expenses which are considered intercompany activities. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the consolidation of Horseshoe Baltimore occurred as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the consolidation. Years Ended December 31, (In millions) 2021 2020 Net revenues $ 9,693 $ 3,764 Net loss (1,049) (1,784) Net loss attributable to Caesars (1,056) (1,778) (In millions) Year Ended December 31, 2020 Net revenues $ 5,926 Net loss (2,738) Net loss attributable to Caesars (2,670)
Schedule of Purchase Price of Financial Assets, including Acquired Markers, and Face Value of the Assets	A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount attributable to other factors 2 Face value of financial assets $ 186

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)	The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold: Year Ended December 31, 2022 (In millions) Baton Rouge Net revenues $ 6 Net loss (1) Year Ended December 31, 2021 (In millions) Baton Rouge Evansville MontBleu Net revenues $ 17 $ 58 $ 11 Net income (loss) (2) 26 4 Year Ended December 31, 2020 (In millions) Baton Rouge Evansville MontBleu Shreveport Kansas City Vicksburg Net revenues $ 15 $ 98 $ 31 $ 68 $ 18 $ 7 Net income (loss) (70) (5) (42) 12 3 (1) The assets and liabilities held for sale were as follows as of December 31, 2021: (In millions) Baton Rouge 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 year ended December 31, 2022 and 2021: Year Ended December 31, 2022 (In millions) William Hill International Net revenues $ 820 Net loss (448) Year Ended December 31, 2021 (In millions) Harrah’s Louisiana Downs Caesars UK Group Caesars Southern Indiana William Hill International Net revenues $ 48 $ 30 $ 155 $ 1,221 Net income (loss) 10 (30) 27 (18)

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Useful lives of each asset class are generally as follows: Buildings and improvements 3 to 40 years Land improvements 12 to 40 years Furniture, fixtures and equipment 3 to 15 years Riverboats 30 years Property and Equipment, Net December 31, (In millions) 2022 2021 Land $ 2,092 $ 2,125 Buildings, riverboats, and leasehold and land improvements 13,094 12,433 Furniture, fixtures, and equipment 2,054 1,650 Construction in progress 351 395 Total property and equipment 17,591 16,603 Less: accumulated depreciation (2,993) (2,002) Total property and equipment, net $ 14,598 $ 14,601 Depreciation Expense Years Ended December 31, (In millions) 2022 2021 2020 Depreciation expense $ 1,018 $ 987 $ 527

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Changes in Carrying Value of Goodwill by Segment (In millions) Las Vegas Regional Caesars Digital Managed and Branded CEI Total Gross Goodwill: Balance as of January 1, 2021 $ 6,873 $ 3,045 $ 50 $ — $ 9,968 Acquired (a) — 63 1,148 — 1,211 Other 16 (15) — — 1 Balance as of December 31, 2021 6,889 3,093 1,198 — 11,180 Accumulated Impairment: Balance as of January 1, 2021 — (104) — — (104) Balance as of December 31, 2021 — (104) — — (104) Net carrying value, as of December 31, 2021 $ 6,889 $ 2,989 $ 1,198 $ — $ 11,076 Gross Goodwill: Balance as of January 1, 2022 $ 6,889 $ 3,093 $ 1,198 $ — $ 11,180 Other (a) — — 6 — 6 Balance as of December 31, 2022 6,889 3,093 1,204 — 11,186 Accumulated Impairment: Balance as of January 1, 2022 — (104) — — (104) Impairment — (78) — — (78) Balance as of December 31, 2022 — (182) — — (182) Net carrying value, as of December 31, 2022 (b) $ 6,889 $ 2,911 $ 1,204 $ — $ 11,004 ____________________ (a) See Note 3 for further detail. Purchase price allocation finalized in 2022. (b) $468 million of goodwill within our Regional segment is associated with reporting units with zero or negative carrying value. Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2022 2021 2022 2021 2022 2021 Balance as of January 1 $ 1,209 $ 501 $ 3,711 $ 3,782 $ 4,920 $ 4,283 Impairment — — (30) (102) (30) (102) Amortization expense (187) (139) — — (187) (139) Acquired (a) — 575 — 43 — 618 Acquisition of gaming rights and trademarks 10 253 1 50 11 303 Other 28 19 (28) (62) — (43) Balance as of December 31 $ 1,060 $ 1,209 $ 3,654 $ 3,711 $ 4,714 $ 4,920 ____________________ (a) See Note 3 for further detail.
Schedule of Finite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 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 $ (276) $ 311 $ 587 $ (187) $ 400 Gaming rights and other 10 - 34 years 212 (16) 196 174 (7) 167 Trademarks 15 years 313 (73) 240 322 (21) 301 Reacquired rights 24 years 250 (17) 233 250 (7) 243 Technology 6 years 110 (30) 80 110 (12) 98 $ 1,472 $ (412) 1,060 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,133 1,190 Caesars Rewards 523 523 3,654 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,714 $ 4,920
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 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 $ (276) $ 311 $ 587 $ (187) $ 400 Gaming rights and other 10 - 34 years 212 (16) 196 174 (7) 167 Trademarks 15 years 313 (73) 240 322 (21) 301 Reacquired rights 24 years 250 (17) 233 250 (7) 243 Technology 6 years 110 (30) 80 110 (12) 98 $ 1,472 $ (412) 1,060 $ 1,443 $ (234) 1,209 Non-amortizing intangible assets Trademarks 1,998 1,998 Gaming rights 1,133 1,190 Caesars Rewards 523 523 3,654 3,711 Total amortizing and non-amortizing intangible assets, net $ 4,714 $ 4,920
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated Five-Year Amortization Years Ended December 31, (In millions) 2023 2024 2025 2026 2027 Estimated annual amortization expense $ 141 $ 126 $ 119 $ 119 $ 76

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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, where applicable, measured at fair value on a recurring basis, by input level, in the Balance Sheets at December 31, 2022 and 2021: (In millions) December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Marketable securities 2 2 — 4 Total assets at fair value $ 2 $ 2 $ — $ 4 (In millions) December 31, 2021 Assets: Level 1 Level 2 Level 3 Total 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 forwards — 16 — 16 Total liabilities at fair value $ — $ 44 $ — $ 44
Schedule of Change in Restricted Investments Valued Using Level 3 Inputs	Change in restricted investments using Level 3 inputs (In millions) Level 3 Investment Fair value of investment at December 31, 2020 $ 44 Change in fair value 7 Acquisition of William Hill (51) Fair value of investment at December 31, 2021 $ —
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in AOCI by component, net of tax, for the periods through December 31, 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 (12) (44) (1) (57) Amounts reclassified from accumulated other comprehensive income 59 — — 59 Total other comprehensive income (loss), net of tax 47 (44) (1) 2 Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income before reclassifications 9 35 — 44 Amounts reclassified from accumulated other comprehensive income 12 — — 12 Total other comprehensive income , net of tax 21 35 — 56 Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92

Accrued Other Liabilities (Tabl

Accrued Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Other Liabilities	Accrued other liabilities consisted of the following: December 31, (In millions) 2022 2021 Contract and contract related liabilities (See Note 13) $ 747 $ 614 Accrued payroll and other related liabilities 283 377 Self-insurance claims and reserves (See Note 11) 203 221 Accrued taxes 195 183 Operating lease liability 50 49 Disputed claims liability 26 50 Accrued marketing 20 159 Exit cost accrual 13 12 Other accruals 391 308 Total accrued other liabilities $ 1,928 $ 1,973

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Leases Recorded on Balance Sheet	Leases recorded on the balance sheet consist of the following: December 31, (In millions) Classification on the Balance Sheet 2022 2021 Assets: Operating lease ROU assets (a) Other assets, net $ 639 $ 662 Liabilities: Current operating lease liabilities (a) Accrued other liabilities 50 49 Non-current operating lease liabilities (a) Other long-term liabilities 710 726 ___________________ (a) As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.
Schedule of Other Information Related to Lease Terms and Discount Rates	Lease Terms and Discount Rate December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) 32.2 28.8 Weighted Average Discount Rate 8.3 % 8.1 %
Components of Lease Expense	Components of Lease Expense Years Ended December 31, (In millions) 2022 2021 2020 Operating lease expense $ 132 $ 128 $ 53 Short-term and variable lease expense 138 104 50 Total operating lease costs $ 270 $ 232 $ 103
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Cash payments included in the measurement of lease liabilities Years Ended December 31, (In millions) 2022 2021 2020 Operating cash flows for operating leases $ 110 $ 96 49
Summary of Maturities of Lease Liabilities	Maturities of Lease Liabilities (In millions) Operating Leases 2023 $ 109 2024 75 2025 73 2026 71 2027 72 Thereafter 1,975 Total future minimum lease payments 2,375 Less: present value factor (1,615) Total lease liability $ 760
Schedule of Future Minimum Lease Payments for Financing Obligation	The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2022 were as follows: (In millions) GLPI Leases VICI Leases 2023 $ 111 $ 1,166 2024 112 1,188 2025 113 1,204 2026 115 1,221 2027 117 1,242 Thereafter 4,487 44,616 Total future payments 5,055 50,637 Less: Amounts representing interest (4,050) (40,236) Plus: Residual values 240 893 Financing obligation $ 1,245 $ 11,294
Schedule of Cash Paid for Financing Obligation	Cash payments made relating to our long-term financing obligations during the years ended December 31, 2022, 2021 and 2020 were as follows: GLPI Leases (a) VICI Leases (a) December 31, December 31, (In millions) 2022 2021 2020 2022 2021 2020 Cash paid for principal $ — $ — $ — $ 1 $ 1 $ 49 Cash paid for interest 110 109 93 1,095 983 472 ____________________ (a) For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.
Schedule of Maturity of Lessor Lease Receivables	Maturities of Lease Receivables (In millions) Operating Leases 2023 $ 73 2024 66 2025 60 2026 58 2027 52 Thereafter 703 Total $ 1,012

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	December 31, 2022 December 31, 2021 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility 2023 variable $ — $ — $ — Baltimore Term Loan 2024 variable 267 262 275 CRC Term Loan (a) 2024 variable 3,415 3,243 4,190 CRC Incremental Term Loan (a) 2025 variable 1,004 972 1,705 CEI Revolving Credit Facility 2028 variable — — — CEI Term Loan A 2028 variable 750 747 — CRC Senior Secured Notes 2025 5.75% 989 979 985 CEI Senior Secured Notes 2025 6.25% 3,400 3,360 3,346 Convention Center Mortgage Loan 2025 8.01% 400 400 399 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,589 1,673 CEI Senior Notes due 2029 2029 4.625% 1,200 1,186 1,183 Special Improvement District Bonds 2037 4.30% 47 47 49 Long-term notes and other payables 2 2 2 Total debt 13,085 12,787 13,807 Current portion of long-term debt (108) (108) (70) Deferred finance charges associated with the CEI Revolving Credit Facility — (20) (15) Long-term debt $ 12,977 $ 12,659 $ 13,722 Unamortized discounts and deferred finance charges $ 318 $ 531 Fair value $ 12,675 ____________________ (a) Refer to “Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes” for a discussion of the repayment of these term loans.
Schedule of Maturities of Principal Amount of Long-term Debt	Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2023 2024 (a) 2025 (a) 2026 2027 Thereafter (a) Total Annual maturities of long-term debt $ 108 $ 3,690 $ 5,797 $ 40 $ 1,651 $ 1,799 $ 13,085 Estimated interest payments 920 830 560 220 220 120 2,870 Total debt service obligation (b) $ 1,028 $ 4,520 $ 6,357 $ 260 $ 1,871 $ 1,919 $ 15,955 ____________________ (a) Maturities of $3.4 billion in 2024 and $1.0 billion in 2025 were repaid with the net proceeds of the $2.5 billion CEI Term Loan B and the $2.0 billion CEI Senior Secured Notes, due 2030. See “Subsequent Amendment to the CEI Credit Agreement and issuance of New Senior Secured Notes” below. (b) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking LIBOR and SOFR curve, where applicable. Actual payments may differ from these estimates.
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities	Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2022 (In millions) Proceeds Repayments (a) CRC Revolving Credit Facility $ 750 $ 750 CEI Term Loan A 750 — CEI Senior Notes due 2027 — 89 CRC Term Loan — 1,097 CRC Incremental Term Loan — 773 CRC Senior Secured Notes — 11 Baltimore Term Loan — 16 Special Improvement District Bonds — 2 Total $ 1,500 $ 2,738 ____________________ (a) Includes contractually scheduled repayments as well as voluntary accelerated repayments.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment	The Company’s Statement of Operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 1 and Note 19 for additional information on the Company’s reportable segments. Year Ended December 31, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 1,247 $ 4,291 $ 462 $ — $ (3) $ 5,997 Food and beverage 1,063 533 — — — 1,596 Hotel 1,341 616 — — — 1,957 Other 636 264 86 282 3 1,271 Net revenues $ 4,287 $ 5,704 $ 548 $ 282 $ — $ 10,821 Year Ended December 31, 2021 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 1,226 $ 4,305 $ 296 $ — $ — $ 5,827 Food and beverage 702 438 — — — 1,140 Hotel 968 583 — — — 1,551 Other 513 211 41 278 9 1,052 Net revenues $ 3,409 $ 5,537 $ 337 $ 278 $ 9 $ 9,570 Year Ended December 31, 2020 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 319 $ 2,079 $ 84 $ — $ — $ 2,482 Food and beverage 130 211 — 1 — 342 Hotel 186 264 — — — 450 Other 116 106 11 106 15 354 Net revenues $ 751 $ 2,660 $ 95 $ 107 $ 15 $ 3,628
Schedule of Accounts Receivable	Accounts Receivable, Net December 31, (In millions) 2022 2021 Casino $ 259 $ 168 Food and beverage and hotel 144 100 Other 208 204 Accounts receivable, net $ 611 $ 472 Allowance for Doubtful Accounts (In millions) Contracts Other (a) Total Balance as of January 1, 2020 $ 4 $ 1 $ 5 Former Caesars consolidation 95 35 130 Provision for doubtful accounts 18 11 29 Write-offs less recoveries 3 (29) (26) Balance as of December 31, 2020 120 18 138 Provision for doubtful accounts 16 10 26 Write-offs less recoveries (26) (8) (34) Balance as of December 31, 2021 110 20 130 Provision for doubtful accounts 13 12 25 Write-offs less recoveries (22) (15) (37) Balance as of December 31, 2022 $ 101 $ 17 $ 118 ____________________ (a) “Other” includes allowance associated with lease receivables under ASC 842. See Note 10 for further details.
Summary of Activity Related to Contract and Contract Related Liabilities	The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 48 $ 34 $ 91 $ 94 $ 560 $ 310 Balance at December 31 45 48 87 91 693 560 Increase (decrease) $ (3) $ 14 $ (4) $ (3) $ 133 $ 250

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations	The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (In millions, except per share amounts) 2022 2021 2020 Net loss from continuing operations attributable to Caesars, net of income taxes $ (513) $ (989) $ (1,737) Discontinued operations, net of income taxes (386) (30) (20) Net loss attributable to Caesars $ (899) $ (1,019) $ (1,757) Shares outstanding: Weighted average shares outstanding – basic 214 211 130 Effect of dilutive securities: Stock-based compensation awards — — — Weighted average shares outstanding – diluted 214 211 130 Basic loss per share from continuing operations $ (2.39) $ (4.69) $ (13.35) Basic loss per share from discontinued operations (1.80) (0.14) (0.15) Net loss per common share attributable to common stockholders – basic: $ (4.19) $ (4.83) $ (13.50) Diluted loss per share from continuing operations $ (2.39) $ (4.69) $ (13.35) Diluted loss per share from discontinued operations (1.80) (0.14) (0.15) Net loss per common share attributable to common stockholders – diluted: $ (4.19) $ (4.83) $ (13.50)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2022 2021 2020 Stock-based compensation awards 3 3 9 5% Convertible notes — — 4 Total anti-dilutive common stock 3 3 13

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary of RSU Activity Including Performance Awards and Converted Isle Awards	A summary of the RSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2021 2,090,607 $ 61.47 Granted (b) 773,778 70.58 Vested (907,764) 55.88 Forfeited (93,140) 67.12 Unvested outstanding as of December 31, 2022 1,863,481 66.87 ____________________ (a) Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date. (b) Included are 23,956 RSUs granted to non-employee members of the Board during the year ended December 31, 2022. A summary of the PSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted Average Grant Date Fair Value (a) Unvested outstanding as of December 31, 2021 417,069 $ 62.20 Granted 80,420 41.60 Performance Adjustment 80,030 Vested (191,279) 45.39 Forfeited (3,083) 53.60 Unvested outstanding as of December 31, 2022 383,157 51.73 ____________________ (a) This represents the weighted-average grant date fair value for PSUs where the grant date has been achieved or the price of our common stock as of the balance sheet date for PSUs where a grant date has not been achieved.
Share-based Payment Arrangement, Activity	A summary of the MSUs activity for the year ended December 31, 2022 is presented in the following table: Units Weighted- Average Fair Value (a) Unvested outstanding as of December 31, 2021 381,923 $ 77.09 Granted 428,153 82.96 Performance Adjustment 56,591 Vested (117,149) 37.88 Forfeited (7,715) 102.76 Unvested outstanding as of December 31, 2022 741,803 83.24 ____________________ (a) Represents the grant date fair value determined using a Monte Carlo simulation model.
Schedule of Share-based Compensation, Stock Options Activity	Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 43,905 $ 20.69 1.05 $ 3 Exercised (43,384) 20.63 Expired (433) 26.65 Outstanding as of December 31, 2022 88 30.63 0.14 — Vested and expected to vest as of December 31, 2022 88 30.63 0.14 — Exercisable as of December 31, 2022 88 30.63 0.14 — Stock Option Exercises Years Ended December 31, (Dollars in millions) 2022 2021 2020 Option Exercises: Number of options exercised 43,384 114,884 70,608 Cash received for options exercised $ 1 $ 3 $ 1 Aggregate intrinsic value of options exercised $ 2 $ 9 $ 5

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Multiemployer Plans	Multi-employer Pension Plan Participation Pension Protection Act Zone Status (a) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2022 FIP/RP Status (b) 2022 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (c) Southern Nevada Culinary and Bartenders Pension Plan (d)(e) 88-6016617/001 Green No $ 24 $ 18 $ 5 No May 31, 2023 Legacy Plan of the UNITE HERE Retirement Fund (d)(e)(f) 82-0994119/001 Red Yes 9 9 4 No Various up to May 31, 2026 Central Pension Fund of the IUOE & Participating Employers 36-6052390/001 Green No 7 6 — N/A March 31, 2024 Western Conference of Teamsters Pension Plan 91-6145047/001 Green No 6 5 — N/A March 31, 2024 Local 68 Engineers Union Pension Plan (g) 51-0176618/001 Yellow Yes 1 1 — No April 30, 2027 Painters IUPAT 52-6073909/001 Yellow Yes 1 1 — No Various up to June 30, 2026 Other Funds 2 1 5 Total Contributions $ 50 $ 41 $ 14 ____________________ (a) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (b) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (c) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (d) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2020. (e) The Company provided more than 5% of the total contributions for the plan year ended December 31, 2021 and as of the date the financial statements were issued, Forms 5500 were not available for the 2022 plan year. (f) The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund. (g) Plan years begin July 1.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the Company’s provision for income taxes for the years ended December 31, 2022, 2021 and 2020 are presented below. Components of Income (Loss) Before Income Taxes Years Ended December 31, (In millions) 2022 2021 2020 United States $ (590) $ (1,272) $ (1,608) Outside of the U.S. 25 3 2 $ (565) $ (1,269) $ (1,606) Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2022 2021 2020 United States Current Federal $ — $ (1) $ (43) State & Local 7 (2) (24) Deferred Federal (57) (219) 208 State & Local 2 (106) (11) Outside of the U.S. Current 7 2 2 Deferred — 43 — $ (41) $ (283) $ 132 Allocation of Income Tax Provision (Benefit) Years Ended December 31, (In millions) 2022 2021 2020 Income tax provision (benefit) applicable to: Income from operations $ (41) $ (283) $ 132 Discontinued operations (50) 19 (9) Other comprehensive income (30) 3 8
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021 and 2020: Effective Income Tax Rate Reconciliation Years Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes (0.2) % 4.2 % 5.4 % Nondeductible compensation and benefits (2.3) % (0.2) % (0.2) % Goodwill disposition and impairment (0.6) % — % (1.6) % Transaction expenses — % — % (0.5) % Nondeductible convertible notes costs — % (3.3) % (1.0) % Decrease in uncertain tax positions 0.1 % 0.4 % 0.9 % Change in tax rates from change in tax law before valuation allowance (15.3) % (1.2) % — % Foreign taxes (1.1) % 0.1 % 1.0 % Deferred tax adjustment related to William Hill acquisition (5.3) % — % — % Minority interests (0.5) % — % — % Valuation allowance 9.8 % 2.6 % (33.9) % Tax credits 1.8 % 0.4 % 0.1 % Deferred tax recognition on life insurance — % (1.3) % — % Other (0.2) % (0.4) % 0.6 % Effective income tax rate 7.2 % 22.3 % (8.2) %
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2022 and 2021 are as follows: As of December 31, (In millions) 2022 2021 Deferred tax assets: Loss carryforwards $ 779 $ 1,006 Excess business interest expense 288 180 Credit carryforwards 126 114 Financing obligation 2,534 2,517 Long-term lease obligation 160 161 Other 272 330 4,159 4,308 Deferred tax liabilities: Identified intangibles (803) (1,111) Foreign investment - held for sale — (139) Fixed assets (2,243) (2,212) Right-of-use assets (128) (131) Other (163) (138) (3,337) (3,731) Valuation allowance (1,809) (1,840) Net deferred tax liabilities $ (987) $ (1,263) The net deferred tax liabilities above are presented in the Balance Sheets as follows: As of December 31, (In millions) 2022 2021 Deferred income taxes $ (987) $ (1,111) Assets held for sale — 7 Liabilities related to assets held for sale — (159) Net deferred tax liabilities $ (987) $ (1,263)
Summary of Tax Credit Carryforwards	As of December 31, 2022, the Company had federal and state net operating loss carryforwards of $1.9 billion and $9.2 billion, respectively and federal general business tax credit and research tax credit carryforwards of $129 million, which will expire on various dates as follows: Year of Expiration Net Operating Losses Tax Credits (In millions) Federal States Federal 2023-2027 — 530 — 2028-2032 914 1,376 39 2033-2042 589 5,030 90 Do not expire 437 2,219 — $ 1,940 $ 9,155 $ 129
Summary of Operating Loss Carryforwards	As of December 31, 2022, the Company had federal and state net operating loss carryforwards of $1.9 billion and $9.2 billion, respectively and federal general business tax credit and research tax credit carryforwards of $129 million, which will expire on various dates as follows: Year of Expiration Net Operating Losses Tax Credits (In millions) Federal States Federal 2023-2027 — 530 — 2028-2032 914 1,376 39 2033-2042 589 5,030 90 Do not expire 437 2,219 — $ 1,940 $ 9,155 $ 129
Schedule of Unrecognized Tax Benefits Roll Forward	Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2022 2021 2020 Balance as of beginning of year $ 157 $ 137 $ — Acquisition of Caesars Entertainment Corporation — — 152 Acquisition of William Hill — 32 — Sale of William Hill International (24) — — Additions based on tax positions related to the current year 3 4 — Additions for tax positions of prior years 1 5 1 Reductions for tax positions for prior years (8) (8) — Settlements — — (4) Expiration of statutes (1) (13) (12) Balance as of end of year $ 128 $ 157 $ 137

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Horseshoe Black Hawk (a) Managed The Cromwell Circus Circus Reno Horseshoe Bossier City Harrah’s Ak-Chin Flamingo Las Vegas Eldorado Gaming Scioto Downs Horseshoe Council Bluffs Harrah’s Cherokee Harrah’s Las Vegas Eldorado Resort Casino Reno Horseshoe Hammond Harrah’s Cherokee Valley River Horseshoe Las Vegas (a) Grand Victoria Casino Horseshoe Indianapolis (a) Harrah’s Resort Southern California The LINQ Hotel & Casino Harrah’s Atlantic City Horseshoe Lake Charles (b) Caesars Windsor Paris Las Vegas Harrah’s Council Bluffs Horseshoe St. Louis (a) Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Gulf Coast Horseshoe Tunica Branded Rio All-Suite Hotel & Casino Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Caesars Southern Indiana Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Northern California Caesars Digital Harrah’s Lake Tahoe Isle of Capri Casino Lula Caesars Digital Harrah’s Laughlin Isle Casino Waterloo Harrah’s Metropolis Lady Luck Casino - Black Hawk Harrah’s New Orleans Silver Legacy Resort Casino Harrah’s North Kansas City Trop Casino Greenville Harrah’s Philadelphia Tropicana Atlantic City Harrah’s Pompano Beach (a) Tropicana Laughlin Hotel & Casino Harveys Lake Tahoe Horseshoe Baltimore ___________________ (a) During the year ended December 31, 2022, Bally’s Las Vegas was rebranded as Horseshoe Las Vegas, Isle Casino Hotel - Black Hawk was rebranded as Horseshoe Black Hawk, Indiana Grand was rebranded as Horseshoe Indianapolis, Isle Casino Racing Pompano Park was rebranded as Harrah’s Pompano Beach, and Lumière Place Casino was rebranded as Horseshoe St. Louis. (b) Isle of Capri Casino Hotel Lake Charles temporarily closed at the end of August 2020 due to damage from Hurricane Laura and reopened in December 2022 as Horseshoe Lake Charles, the new land-based casino. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other. Years Ended December 31, (In millions) 2022 2021 2020 Las Vegas: Net revenues $ 4,287 $ 3,409 $ 751 Adjusted EBITDA 1,964 1,568 133 Regional: Net revenues 5,704 5,537 2,660 Adjusted EBITDA 1,985 1,979 711 Caesars Digital: Net revenues 548 337 95 Adjusted EBITDA (666) (476) 26 Managed and Branded: Net revenues 282 278 107 Adjusted EBITDA 84 87 25 Corporate and Other: Net revenues — 9 15 Adjusted EBITDA (124) (168) (101) Years Ended December 31, (In millions) 2022 2021 2020 Net loss attributable to Caesars $ (899) $ (1,019) $ (1,757) Net income (loss) attributable to noncontrolling interests (11) 3 (1) Net loss from discontinued operations 386 30 20 (Benefit) provision for income taxes (41) (283) 132 Other (income) loss (a) (46) 198 (176) Loss on extinguishment of debt 85 236 197 Interest expense, net 2,265 2,295 1,202 Depreciation and amortization 1,205 1,126 583 Impairment charges 108 102 215 Transaction costs and other (b) 90 220 300 Stock-based compensation expense 101 82 79 Adjusted EBITDA $ 3,243 $ 2,990 $ 794 Adjusted EBITDA by Segment: Las Vegas $ 1,964 $ 1,568 $ 133 Regional 1,985 1,979 711 Caesars Digital (666) (476) 26 Managed and Branded 84 87 25 Corporate and Other (124) (168) (101) ____________________ (a) Other (income) loss primarily includes the net changes in fair value of (i) investments held by the Company (ii) foreign exchange forward contracts (iii) the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger, and (iv) the derivative liability related to the 5% Convertible Notes, which were fully converted during the year ended December 31, 2021, and the change in the foreign exchange rate associated with restricted cash held in GBP associated with our acquisition of William Hill.
Schedule of Capital Expenditures, Net for Reportable Segments	Capital Expenditures, Net - By Segment Years Ended December 31, (In millions) 2022 2021 2020 Las Vegas $ 165 $ 85 $ 32 Regional 597 327 104 Caesars Digital 106 67 — Corporate and Other 84 39 33 Total (a) $ 952 $ 518 $ 169 ____________________ (a) Includes capital expenditures associated with our discontinued operations, where applicable.
Schedule of Balance Sheet Information for Reportable Segments	Total Assets - By Segment December 31, (In millions) 2022 2021 Las Vegas $ 23,547 $ 22,374 Regional 14,908 14,419 Caesars Digital 1,200 1,878 Managed and Branded (a) 140 3,527 Corporate and Other (b) (6,268) (4,167) Total $ 33,527 $ 38,031 ____________________ (a) Assets held for sale associated with William Hill International were divested on July 1, 2022. (b) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Condensed Financial Informati_2

Condensed Financial Information of Registrant Parent Company Only (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Consolidating Condensed Balance Sheet	As of December 31, (In millions) 2022 2021 ASSETS Current assets $ 188 $ 221 Investment in and advances to unconsolidated affiliates 3 60 Investment in subsidiaries 10,465 10,311 Property and equipment, net 4 8 Other assets, net 146 333 Total assets $ 10,806 $ 10,933 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $ 236 $ 228 Long-term debt 6,826 6,190 Other long-term liabilities 31 35 Total liabilities 7,093 6,453 Total stockholders’ equity 3,713 4,480 Total liabilities and stockholders’ equity $ 10,806 $ 10,933
Consolidating Condensed Statements of Operations	Years Ended December 31, (In millions) 2022 2021 2020 Net revenues $ — $ 4 $ 7 Expenses: Corporate expense 4 43 71 Management fee — — (36) Depreciation and amortization 4 6 6 Transaction and other costs 11 60 113 Total operating expenses 19 109 154 Operating loss (19) (105) (147) Other expense: Interest expense (428) (395) (257) Loss on interests in subsidiaries (492) (437) (1,346) Loss on extinguishment of debt — (14) (132) Other income (loss) 40 (72) 197 Loss from operations before income taxes (899) (1,023) (1,685) Benefit (provision) for income taxes — 4 (72) Net loss $ (899) $ (1,019) $ (1,757)
Consolidating Condensed Statement of Cash Flows	Years Ended December 31, (In millions) 2022 2021 2020 Cash flows used in operating activities $ (329) $ (448) $ (296) Cash flows from investing activities Purchase of property and equipment, net — (1) (8) Former Caesars acquisition — — (8,470) William Hill Acquisition — (3,938) — Proceeds from sale of businesses, property and equipment, net of cash sold 15 — — Proceeds from the sale of investments 84 89 24 Cash flows provided by (used in) investing activities 99 (3,850) (8,454) Cash flows from financing activities Proceeds from long-term debt and revolving credit facilities 750 1,200 9,365 Debt issuance and extinguishment costs (12) (17) (353) Repayments of long-term debt and revolving credit facilities (89) (100) (3,339) Net proceeds (repayments) with related parties (592) 705 1,320 Cash paid to settle convertible notes — (367) (903) Proceeds from sale-leaseback financing arrangement — — 3,219 Taxes paid related to net share settlement of equity awards (27) (45) (16) Proceeds from issuance of common stock 1 3 2,718 Cash flows provided by financing activities 31 1,379 12,011 Effect of foreign currency exchange rates on cash — — 129 Net increase (decrease) in cash, cash equivalents, and restricted cash (199) (2,919) 3,390 Cash, cash equivalents, and restricted cash, beginning of period 515 3,434 44 Cash, cash equivalents, and restricted cash, end of period $ 316 $ 515 $ 3,434 RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS Cash and cash equivalents in current assets $ 185 $ 199 $ 1,114 Restricted cash in current assets — — 1,895 Restricted and escrow cash included in other assets, net 131 316 425 Total cash, cash equivalents and restricted cash $ 316 $ 515 $ 3,434

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional information (Details) £ in Millions, $ in Millions					12 Months Ended
	Jul. 01, 2022 USD ($)	Apr. 07, 2022 GBP (£)	Apr. 22, 2021 GBP (£)	Apr. 22, 2021 USD ($)	Dec. 31, 2022 USD ($) state machine property game hotel	Sep. 08, 2021 GBP (£)
Organization and Basis of Presentation
Total number of properties | property					51
Number of slot machines and video lottery terminals | machine					52,800
Number of table games | game					2,800
Number of room in hotel | hotel					47,200
Naming-rights partnership term					20 years
Repayments of debt | $	$ 730
William Hill International
Organization and Basis of Presentation
Cash consideration paid			£ 2,900	$ 3,900
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 | $					$ 503
Disposal group, proceeds after repayment of debt and other permitted leakage | $	$ 730
Domestic Gaming And Hospitality Properties
Organization and Basis of Presentation
Number of states gaming facilities are located					16
Sports Wagering
Organization and Basis of Presentation
Number of states gaming facilities are located					28
Mobile Sports Betting
Organization and Basis of Presentation
Number of states gaming facilities are located					20
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states gaming facilities are located					6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising costs	$ 571	$ 518	$ 64

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Interest expense	$ 2,303	$ 2,320	$ 1,213
Capitalized interest	(26)	(9)	(1)
Interest income	(12)	(16)	(10)
Total interest expense, net	$ 2,265	$ 2,295	$ 1,202

Acquisitions, Purchase Price _3

Acquisitions, Purchase Price Accounting and Pro forma Information -Narrative (Details) $ in Millions, £ in Billions

4 Months Ended

5 Months Ended

8 Months Ended

12 Months Ended

Aug. 26, 2021 USD ($)

Apr. 22, 2021 GBP (£)

Apr. 22, 2021 USD ($)

Jul. 20, 2020 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Apr. 07, 2022 GBP (£)

Sep. 08, 2021 GBP (£)

Buildings and improvements | Maximum

Business Acquisition [Line Items]

Property, plant and equipment, useful life

40 years

Trademarks

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

15 years

Customer relationships | Maximum

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

7 years

Gaming rights and other

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

34 years

Gaming rights and other | Maximum

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

34 years

William Hill International

Business Acquisition [Line Items]

Cash consideration paid

£ 2.9

$ 3,900

Disposal group, consideration | £

£ 2

£ 2.2

Impairment charge of net assets being sold

$ 503

William Hill

Business Acquisition [Line Items]

Business acquisition, transaction costs

$ 21

$ 68

$ 8

Revenue since transaction

$ 183

Net income (loss)

$ (415)

Purchase consideration

$ 3,912

William Hill | Trademarks

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

15 years

William Hill | Technology

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

6 years

William Hill | User Relationship

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

3 years

William Hill | Operating Agreements

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

20 years

William Hill | Rights Value

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

24 years

Horseshoe Baltimore

Business Acquisition [Line Items]

Cash consideration paid

$ 55

Revenue since transaction

$ 72

Net income (loss)

$ 4

Percentage of outstanding shares owned

75.80%

Gain recognized on acquisition

40

Percentage of ownership on outstanding shares

44.30%

Incremental borrowing rate

7.60%

Purchase consideration

$ 154

Horseshoe Baltimore | Buildings and improvements

Business Acquisition [Line Items]

Property, plant and equipment, useful life

40 years

Horseshoe Baltimore | Customer relationships

Business Acquisition [Line Items]

Finite-lived intangible asset, useful life

7 years

Caesars Entertainment Corporation

Business Acquisition [Line Items]

Cash consideration paid

$ 6,090

Business acquisition, transaction costs

$ 30

$ 160

Revenue since transaction

$ 2,100

Net income (loss)

$ (1,200)

Purchase consideration

$ 10,875

Acquisitions, Purchase Price _4

Acquisitions, Purchase Price Accounting and Pro forma Information - Schedule of Purchase Consideration Calculation (Details) $ / shares in Units, $ in Millions, shares in Billions	Aug. 26, 2021 USD ($)	Apr. 22, 2021 USD ($) shares	Jul. 20, 2020 USD ($) $ / shares	Apr. 22, 2021 £ / shares	Apr. 22, 2021 $ / shares
William Hill
Business Acquisition [Line Items]
Fair value of William Hill equity awards		$ 30
Total purchase consideration		3,912
William Hill | Common Stock
Business Acquisition [Line Items]
Cash consideration paid		$ 3,909
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares		1
Business acquisition, share price (in dollars per share) | (per share)				£ 2.72	$ 3.77
William Hill | Net of Receivable or Payable
Business Acquisition [Line Items]
Settlement of preexisting relationships		$ 7
William Hill | Off-Market Right
Business Acquisition [Line Items]
Settlement of preexisting relationships		$ (34)
Horseshoe Baltimore
Business Acquisition [Line Items]
Cash consideration paid	$ 55
Total purchase consideration	154
Horseshoe Baltimore | Net of Receivable or Payable
Business Acquisition [Line Items]
Settlement of preexisting relationships	18
Horseshoe Baltimore | Off-Market Right
Business Acquisition [Line Items]
Settlement of preexisting relationships	$ 81
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Cash consideration paid			$ 6,090
Shares issued to shareholders			2,381
Cash paid to retire business' long-term debt			2,356
Other consideration paid			48
Total purchase consideration			$ 10,875
Common stock conversion ratio			0.3085
Right to receive per share | $ / shares			$ 12.41

Acquisitions, Purchase Price _5

Acquisitions, Purchase Price Accounting and Pro forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Goodwill	$ 11,004	$ 11,076
William Hill
Assets
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
Liabilities
Current liabilities	242
Liabilities related to assets held for sale	2,142
Deferred income taxes	251
Noncurrent liabilities	35
Total liabilities	2,670
Noncontrolling interests	10
Net assets acquired	3,912
William Hill | William Hill International Debt
Liabilities
Liabilities related to assets held for sale	1,100
William Hill | Operating Agreements
Liabilities
Finite-lived intangible asset	80
William Hill | Trade Names
Liabilities
Finite-lived intangible asset	27
William Hill | Technology
Liabilities
Finite-lived intangible asset	110
William Hill | Rights Value
Liabilities
Finite-lived intangible asset	280
William Hill | User Relationship
Liabilities
Finite-lived intangible asset	68
Horseshoe Baltimore
Assets
Current assets	60
Property and equipment, net	317
Goodwill	63
Intangible assets	53
Other noncurrent assets	183
Total assets	676
Liabilities
Current liabilities	26
Long-term debt	272
Other long-term liabilities	182
Total liabilities	480
Noncontrolling interests	42
Net assets acquired	154
Horseshoe Baltimore | Gaming rights and other
Liabilities
Indefinite-lived intangible assets	43
Horseshoe Baltimore | Customer Relationships
Liabilities
Finite-lived intangible asset	$ 10
Caesars Entertainment Corporation
Assets
Current and other assets		3,540
Property and equipment, net		13,096
Goodwill		9,064
Intangible assets		3,394
Other noncurrent assets		710
Total assets		29,804
Liabilities
Current liabilities		1,771
Financing obligation		8,149
Long-term debt		6,591
Noncurrent liabilities		2,400
Total liabilities		18,911
Noncontrolling interests		18
Net assets acquired		10,875
Caesars Entertainment Corporation | Trade Names
Liabilities
Finite-lived intangible asset		2,100
Caesars Entertainment Corporation | Gaming rights and other
Liabilities
Finite-lived intangible asset		396
Caesars Entertainment Corporation | Customer Relationships
Liabilities
Finite-lived intangible asset		425
Caesars Entertainment Corporation | Caesars Rewards
Liabilities
Finite-lived intangible asset		$ 523

Acquisitions, Purchase Price _6

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

Acquisitions, Purchase Price _7

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

Assets and Liabilities Held f_3

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

12 Months Ended

May 05, 2022 USD ($)

Sep. 03, 2021 USD ($)

Jul. 16, 2021 USD ($)

Jun. 03, 2021 USD ($)

Apr. 06, 2021 USD ($)

Dec. 23, 2020 USD ($)

Jul. 01, 2020 USD ($)

Dec. 31, 2022 USD ($) deed

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2022 GBP (£)

Apr. 07, 2022 GBP (£)

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]

Impairment charges

$ 108

$ 102

$ 215

Gain on sale

(386)

(30)

(20)

Assets held for sale

$ 0

3,771

Interest rate (as a percent)

4.30%

4.30%

William Hill International

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

Disposal group, consideration | £

£ 2,000

£ 2,200

Discontinued Operations, Held for sale - Sold | Belle Of Baton Rouge Casino Hotel

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

Impairment charges

50

Gain (loss) from equity method investment

$ (3)

Assets held for sale

6

Liabilities held for sale

4

Discontinued Operations, Held for sale - Sold | Evansville

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

Discontinued Operations, Held for sale - Sold | MontBleu

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

Impairment charges

$ 45

Gain (loss) from equity method investment

$ 1

Aggregate consideration subject to working capital adjustments

$ 15

Discontinued Operations, Held for sale - Sold | Shreveport

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

Aggregate consideration subject to working capital adjustments

$ 140

Gain on sale

$ 29

Discontinued Operations, Held for sale - Sold | Vicksburg and Kansas City

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

Aggregate consideration subject to working capital adjustments

$ 230

Gain on sale

$ 8

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

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

Disposal group, consideration

$ 22

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

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

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

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

Impairment charges

$ 14

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

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

Assets held for sale

3,800

Liabilities held for sale

2,700

Long-term debt, gross

$ 850

Number of trust deeds assumed | deed

2

Discontinued Operations, Held-for-sale | Asset Sale Bridge Facility

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

Liabilities held for sale

$ 617

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

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

Debt instrument, face amount | £

£ 350

Interest rate (as a percent)

4.75%

4.75%

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

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

Debt instrument, face amount | £

£ 350

Interest rate (as a percent)

4.875%

4.875%

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

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

Licensing agreement, term

10 years

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale - Schedule of Information of Net Operating Revenues and Net Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Belle Of Baton Rouge Casino Hotel | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 6	$ 17	$ 15
Net income (loss)	(1)	(2)	(70)
Evansville | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		58	98
Net income (loss)		26	(5)
MontBleu | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		11	31
Net income (loss)		4	(42)
Shreveport | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			68
Net income (loss)			12
Kansas City | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			18
Net income (loss)			3
Vicksburg | Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			7
Net income (loss)			$ (1)
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	820	1,221
Net income (loss)	$ (448)	(18)
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		48
Net income (loss)		10
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		30
Net income (loss)		(30)
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		155
Net income (loss)		$ 27

Assets and Liabilities Held f_5

Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Assets held for sale	$ 0	$ 3,771
Liabilities:
Current liabilities	$ 0	2,680
Discontinued Operations, Held for sale - Sold | Belle Of Baton Rouge Casino Hotel
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 - Additional Information (Details) shares in Millions, $ in Millions				1 Months Ended	5 Months Ended	12 Months Ended			39 Months Ended
	Mar. 14, 2022 USD ($) shares	Sep. 16, 2021 USD ($)	Feb. 12, 2021 USD ($) a	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2021 USD ($)	Sep. 15, 2021
Investment in Unconsolidated Affiliates
Land contributed to joint venture						$ 0	$ 61	$ 0
Payments to acquire equity method investments						0	39	$ 1
Neo Games
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities	$ 26	$ 136
Percentage of equity stake		8.40%								24.50%
Equity securities, shares sold (in shares) | shares	2
Loss related to investment						$ 34	$ 54
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake						50%
Land contributed to joint venture			$ 61	$ 3	$ 69
Payments to acquire equity method investments									$ 4
Number of acres contributed | a			186		206

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,591	$ 16,603
Less: accumulated depreciation	(2,993)	(2,002)
Total property and equipment, net	14,598	14,601
Depreciation expense	$ 1,018	987	$ 527
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	12 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,054	1,650
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Riverboats
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,092	2,125
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,094	12,433
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 351	$ 395

Property and Equipment - Additi

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

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) reporting_unit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	$ 30	$ 102
Number of reporting unit with fair value less than carrying value | reporting_unit	2
Goodwill impairment	$ 78
Amortization of intangible assets	187	139	$ 56
Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill impairment	78		100
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	$ 30
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets		$ 102
Trade Names | Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets			$ 16

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Changes to Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 11,180	$ 9,968
Acquired		1,211
Other	6	1
Goodwill, gross, ending balance	11,186	11,180	$ 9,968
Accumulated Impairment:
Accumulated impairment, beginning balance	(104)	(104)
Impairment	(78)
Accumulated impairment, ending balance	(182)	(104)	(104)
Goodwill, net carrying value	11,004	11,076
Las Vegas
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	6,889	6,873
Acquired		0
Other	0	16
Goodwill, gross, ending balance	6,889	6,889	6,873
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0
Accumulated impairment, ending balance	0	0	0
Goodwill, net carrying value	6,889	6,889
Regional
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	3,093	3,045
Acquired		63
Other	0	(15)
Goodwill, gross, ending balance	3,093	3,093	3,045
Accumulated Impairment:
Accumulated impairment, beginning balance	(104)	(104)
Impairment	(78)		(100)
Accumulated impairment, ending balance	(182)	(104)	(104)
Goodwill, net carrying value	2,911	2,989
Zero or negative carrying amount of goodwill	468
Caesars Digital
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,198	50
Acquired		1,148
Other	6	0
Goodwill, gross, ending balance	1,204	1,198	50
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0
Accumulated impairment, ending balance	0	0	0
Goodwill, net carrying value	1,204	1,198
Managed and Branded
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0	0
Acquired		0
Other	0	0
Goodwill, gross, ending balance	0	0	0
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0
Accumulated impairment, ending balance	0	0	$ 0
Goodwill, net carrying value	$ 0	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortizing
Finite-lived intangible assets, net, beginning balance	$ 1,209	$ 501
Impairment	0	0
Amortization expense	(187)	(139)	$ (56)
Acquired	0	575
Acquisition of gaming rights and trademarks	10	253
Other	28	19
Finite-lived intangible assets, net, ending balance	1,060	1,209	501
Non-Amortizing
Indefinite-lived intangible assets (excluding goodwill), beginning balance	$ 3,711	$ 3,782
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and indefinite-lived intangible assets	Impairment of goodwill and indefinite-lived intangible assets
Impairment	$ (30)	$ (102)
Acquired	0	43
Acquisition of gaming rights and trademarks	1	50
Other (a)	(28)	(62)
Indefinite-lived intangible assets (excluding goodwill), ending balance	3,654	3,711	3,782
Intangible assets other than goodwill, beginning balance	4,920	4,283
Impairment	(30)	(102)
Acquired	0	618
Acquisition of gaming rights and trademarks	11	303
Other	0	(43)
Intangible assets other than goodwill, ending balance	$ 4,714	$ 4,920	$ 4,283

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,472	$ 1,443
Finite-lived intangible assets, accumulated amortization	(412)	(234)
Finite-lived intangible assets, net carrying amount	1,060	1,209	$ 501
Non-amortizing intangible assets	3,654	3,711	3,782
Total amortizing and non-amortizing intangible assets, net	4,714	4,920	$ 4,283
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	1,133	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	(276)	(187)
Finite-lived intangible assets, net carrying amount	$ 311	400
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	34 years
Finite-lived intangible assets, gross carrying amount	$ 212	174
Finite-lived intangible assets, accumulated amortization	(16)	(7)
Finite-lived intangible assets, net carrying amount	$ 196	167
Gaming rights and other | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	10 years
Gaming rights and other | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	15 years
Finite-lived intangible assets, gross carrying amount	$ 313	322
Finite-lived intangible assets, accumulated amortization	(73)	(21)
Finite-lived intangible assets, net carrying amount	$ 240	301
Reacquired Rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	24 years
Finite-lived intangible assets, gross carrying amount	$ 250	250
Finite-lived intangible assets, accumulated amortization	(17)	(7)
Finite-lived intangible assets, net carrying amount	$ 233	243
Technology-Based Intangible Assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	6 years
Finite-lived intangible assets, gross carrying amount	$ 110	110
Finite-lived intangible assets, accumulated amortization	(30)	(12)
Finite-lived intangible assets, net carrying amount	$ 80	$ 98

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 141
2024	126
2025	119
2026	119
2027	$ 76

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	Dec. 31, 2022	Dec. 31, 2021
Assets:
Restricted cash		$ 2
Marketable securities	$ 4	78
Total assets at fair value	4	81
Liabilities:
Total liabilities at fair value		44
Derivative instruments - FX forwards
Assets:
Derivative instruments		1
Liabilities:
Derivative instruments		16
Derivative instruments - interest rate swaps
Liabilities:
Derivative instruments		28
Level 1
Assets:
Restricted cash		1
Marketable securities	2	69
Total assets at fair value	2	70
Liabilities:
Total liabilities at fair value		0
Level 1 | Derivative instruments - FX forwards
Assets:
Derivative instruments		0
Liabilities:
Derivative instruments		0
Level 1 | Derivative instruments - interest rate swaps
Liabilities:
Derivative instruments		0
Level 2
Assets:
Restricted cash		1
Marketable securities	2	9
Total assets at fair value	2	11
Liabilities:
Total liabilities at fair value		44
Level 2 | Derivative instruments - FX forwards
Assets:
Derivative instruments		1
Liabilities:
Derivative instruments		16
Level 2 | Derivative instruments - interest rate swaps
Liabilities:
Derivative instruments		28
Level 3
Assets:
Restricted cash		0
Marketable securities	0	0
Total assets at fair value	$ 0	0
Liabilities:
Total liabilities at fair value		0
Level 3 | Derivative instruments - FX forwards
Assets:
Derivative instruments		0
Liabilities:
Derivative instruments		0
Level 3 | Derivative instruments - interest rate swaps
Liabilities:
Derivative instruments		$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) - Restricted Investments - Level 3 - Fair Value Recurring Basis $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Level 3 Investment
Fair value of investment and liabilities, beginning balance	$ 44
Change in fair value	7
Acquisition of William Hill	(51)
Fair value of investment and liabilities, ending balance	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions		12 Months Ended
	Jul. 07, 2021 USD ($)	Dec. 31, 2022 USD ($) interestRateSwapAgreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on amounts transferred into AOCI before tax		$ 28	$ 62
Amounts reclassified from accumulated other comprehensive income		(12)	(59)
Interest Expense, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income		12	59
Derivative instruments - FX forwards | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivatives		$ 73	23
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate derivatives held | interestRateSwapAgreement		4
Notional amount		$ 1,300
Derivative instruments - interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability			$ 28
Flutter Entertainment PLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of equity securities	$ 9			$ 24
Realized gain on equity securities				$ 14
Realized loss on equity securities	$ 1

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,541	$ 5,034
Other comprehensive income (loss), before reclassifications	44	(57)
Amounts reclassified from accumulated other comprehensive income	12	59
Other comprehensive income, net of tax	56	2
Ending balance	3,751	4,541
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	36	34
Ending balance	92	36
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	73	26
Other comprehensive income (loss), before reclassifications	9	(12)
Amounts reclassified from accumulated other comprehensive income	12	59
Other comprehensive income, net of tax	21	47
Ending balance	94	73
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(36)	8
Other comprehensive income (loss), before reclassifications	35	(44)
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive income, net of tax	35	(44)
Ending balance	(1)	(36)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	0
Other comprehensive income (loss), before reclassifications	0	(1)
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive income, net of tax	0	(1)
Ending balance	$ (1)	$ (1)

Accrued Other Liabilities - Sch

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Contract and contract related liabilities (See Note 13)	$ 747	$ 614
Accrued payroll and other related liabilities	283	377
Self-insurance claims and reserves (See Note 11)	203	221
Accrued taxes	195	183
Operating lease liability	50	49
Disputed claims liability	26	50
Accrued marketing	20	159
Exit cost accrual	13	12
Other accruals	391	308
Accrued other liabilities	$ 1,928	$ 1,973

Leases - Operating and Finance

Leases - Operating and Finance Leases Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 43	$ 13
Disposal of ROU asset	12
Disposal of lease liability	$ 12
Remaining lease term, finance leases	36 years
Finance lease extension term increments	1 month
Finance lease, right-of-use asset	$ 73	40
Finance lease liabilities	$ 78	$ 43
Minimum
Lessee, Lease, Description [Line Items]
Options to extend lease term	1 month
Remaining lease term, operating leases	1 year
Maximum
Lessee, Lease, Description [Line Items]
Options to extend lease term	75 years
Remaining lease term, operating leases	69 years

Leases - Schedule of Leases Rec

Leases - Schedule of Leases Recorded on Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Operating lease ROU assets	$ 639	$ 662
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued other liabilities	Accrued other liabilities
Current operating lease liabilities	$ 50	$ 49
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Non-current operating lease liabilities	$ 710	$ 726

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	32 years 2 months 12 days	28 years 9 months 18 days
Weighted Average Discount Rate	8.30%	8.10%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease expense:
Total operating lease costs	$ 270	$ 232	$ 103
Operating Expenses
Operating lease expense:
Operating lease expense	132	128	53
Short-term and variable lease expense	$ 138	$ 104	$ 50

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 110	$ 96	$ 49

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 109
2024	75
2025	73
2026	71
2027	72
Thereafter	1,975
Total future minimum lease payments	2,375
Less: present value factor	(1,615)
Total lease liability	$ 760

Leases - Financing Obligation (

Leases - Financing Obligation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) yr term
Lessee, Lease, Description [Line Items]
Lessee, finance lease, discount rate	11.01%
VICI Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract	15 years
Lessee, finance lease, number of renewal options | term	4
Finance lease, renewal term	5 years
Contractual rent amount	$ 1,100
Annual escalation provision, floor percentage	2%
Annual escalation provision, starting year | yr	2
Variable element starting year | yr	8
Golf Course | VICI Golf Course Use Agreement
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract	15 years
Finance lease, renewal term	35 years
Annual escalation provision, floor percentage	2%
Lessee, annual base rent	$ 11
Lessee, annual use fee of property, plant and equipment	$ 3

Leases - GLPI Leases (Details)

Leases - GLPI Leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) yr term
Lessee, Lease, Description [Line Items]
Lease term	35 years
Imputed discount rate	9.75%
Escalation provision, percent	1.02
Lessee, operating lease, lease year	2
Lessee, leasing arrangements, percentage of EBITDAR to rent ratio floor	120%
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	2
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	5
Master Lease Arrangement
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	20 years
Number of renewal terms | term	4
Finance lease, renewal term	5 years
Lumiere Lease Arrangement
Lessee, Lease, Description [Line Items]
Number of renewal terms | term	4
Finance lease, renewal term	5 years
Escalation provision, percent	1.0125
GLPI
Lessee, Lease, Description [Line Items]
Escalation provision, percent	1.0175
Lumiere Lease
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $	$ 23
Escalation provision, percent	1.0175
Lumiere Lease | Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	6
Lumiere Lease | Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	7
Land | GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $	$ 24
Building | GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent | $	$ 63
Escalation provision, percent	1.0125
Building | GLPI | Gaming And Leisure Properties Master Lease, Five Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	5
Building | GLPI | Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	6
Building | GLPI | Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	7
Building | GLPI | Gaming And Leisure Properties Master Lease, Eight Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	8

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Financing Obligation (Details) $ in Millions	Dec. 31, 2022 USD ($)
GLPI Leases
Lessee, Lease, Description [Line Items]
2023	$ 111
2024	112
2025	113
2026	115
2027	117
Thereafter	4,487
Total future payments	5,055
Less: Amounts representing interest	(4,050)
Plus: Residual values	240
Financing obligation	1,245
VICI Leases
Lessee, Lease, Description [Line Items]
2023	1,166
2024	1,188
2025	1,204
2026	1,221
2027	1,242
Thereafter	44,616
Total future payments	50,637
Less: Amounts representing interest	(40,236)
Plus: Residual values	893
Financing obligation	$ 11,294

Leases - Schedule of Cash Paid

Leases - Schedule of Cash Paid for Financing Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
GLPI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	$ 0	$ 0	$ 0
Cash paid for interest	110	109	93
VICI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	1	1	49
Cash paid for interest	$ 1,095	$ 983	$ 472

Leases - Lessor Arrangements (D

Leases - Lessor Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Net revenues	$ 10,821	$ 9,570	$ 3,628
Extension term	5 years
Variable lease income	$ 64	45	13
Minimum
Lessor, Lease, Description [Line Items]
Lessor term of contract	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessor term of contract	83 years
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	$ 1,957	1,551	450
Other
Lessor, Lease, Description [Line Items]
Net revenues	1,271	1,052	354
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	34	7	3
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 168	$ 149	$ 41

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lessor Lease Receivables (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 73
2024	66
2025	60
2026	58
2027	52
Thereafter	703
Total	$ 1,012

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Payables for capital expenditures	$ 145	$ 100	$ 40
Self insurance reserve	203	221
Gain of insured event	38	21
Weather Disruption - Lake Charles, Louisiana
Loss Contingencies [Line Items]
Insurance settlement, amount, before deductible	128
Deductible	25
Cumulative proceeds from insurance settlement	103
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Capital investment				$ 325
Number of hotel rooms in new tower | hotel_room				340
Payables for capital expenditures	112
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	898	997
Atlantic City
Loss Contingencies [Line Items]
Funded in escrow	$ 400
Capital expenditure term (in years)	3 years
Restricted cash balance in escrow	$ 118	$ 297
Insurance Carriers
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 2,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Interest rate (as a percent)	4.30%
Total debt	$ 13,085
Current portion of long-term debt	(108)	$ (70)
Long-term debt	12,659	13,722
Estimate of Fair Value Measurement
Long-term debt
Special Improvement District Bonds	47
Long-term notes and other payables	2
Total debt	13,085
Current portion of long-term debt	(108)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,977
Fair value	12,675
Reported Value Measurement
Long-term debt
Special Improvement District Bonds	47	49
Long-term notes and other payables	2	2
Total debt	12,787	13,807
Current portion of long-term debt	(108)	(70)
Deferred finance charges associated with the CEI Revolving Credit Facility	(20)	(15)
Long-term debt	12,659	13,722
Unamortized discounts and deferred finance charges	318	531
Baltimore Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	0
Baltimore Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	0	0
Baltimore Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	267
Baltimore Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	262	275
CRC Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	3,415
CRC Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	3,243	4,190
CRC Incremental Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	1,004
CRC Incremental Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	972	1,705
CEI Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term line of credit	0
CEI Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term line of credit	0	0
CEI Term Loan A | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	750
CEI Term Loan A | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 747	0
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	5.75%			5.75%
Long-term debt, gross				$ 1,000
CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 989
CRC Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 979	985
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)	6.25%			6.25%
Long-term debt, gross				$ 3,400
CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 3,400
CEI Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 3,360	3,346
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)	8.01%
Convention Center Mortgage Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 400
Convention Center Mortgage Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 400	399
CEI Senior Notes due 2027
Long-term debt
Interest rate (as a percent)	8.125%
CEI Senior Notes due 2027 | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,611
CEI Senior Notes due 2027 | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,589	1,673
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Interest rate (as a percent)				8.125%
Long-term debt, gross				$ 1,800
CEI Senior Notes due 2029
Long-term debt
Interest rate (as a percent)	4.625%
CEI Senior Notes due 2029 | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross	$ 1,200
CEI Senior Notes due 2029 | Reported Value Measurement
Long-term debt
Long-term debt, gross	$ 1,186	$ 1,183
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Interest rate (as a percent)			4.625%
Long-term debt, gross			$ 1,200

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2023	$ 108
2024	3,690
2025	5,797
2026	40
2027	1,651
Thereafter	1,799
Total debt	13,085
Debt Estimate Interest Payment, Maturity [Abstract]
2023	920
2024	830
2025	560
2026	220
2027	220
Thereafter	120
Debt estimate interest payment, due	2,870
Debt Service Obligation, Maturities, Repayments of Principal, Maturity [Abstract]
2023	1,028
2024	4,520
2025	6,357
2026	260
2027	1,871
Thereafter	1,919
Debt service obligation	15,955
CRC Term Loan | Senior Notes
Debt Service Obligation, Maturities, Repayments of Principal, Maturity [Abstract]
Repayments of debt	3,400
CRC Incremental Term Loan | Senior Notes
Debt Service Obligation, Maturities, Repayments of Principal, Maturity [Abstract]
Repayments of debt	1,000
CEI Term Loan B | Senior Notes
Debt Service Obligation, Maturities, Repayments of Principal, Maturity [Abstract]
Net proceeds	2,500
CEI Senior Secured Notes due 2030 | Senior Notes
Debt Service Obligation, Maturities, Repayments of Principal, Maturity [Abstract]
Net proceeds	$ 2,000

Long-Term Debt - Debt Discounts

Long-Term Debt - Debt Discounts or Premiums and Deferred Finance Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Amortization of debt issuance costs and discounts	$ 139	$ 177	$ 80

Long-Term Debt -Baltimore Term

Long-Term Debt -Baltimore Term Loan and Baltimore Revolving Credit Facility (Details) $ in Millions		12 Months Ended
	Nov. 14, 2022 USD ($)	Dec. 31, 2022 USD ($)
Baltimore Term Loan | Secured Debt
Long-term debt
Prepayment of debt	$ 10
Baltimore Term Loan | Secured Debt | LIBOR
Long-term debt
Spread on variable rate (as a percent)		4%
Baltimore Revolving Credit Facility | Revolving Credit Facility
Long-term debt
Leverage ratio, maximum		0.0025
Line of credit facility, remaining borrowing capacity		$ 10
Baltimore Revolving Credit Facility | Revolving Credit Facility | SOFR
Long-term debt
Spread on variable rate (as a percent)		4%
Horseshoe Baltimore | Baltimore Revolving Credit Facility | Revolving Credit Facility
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility		$ 10

Long-Term Debt - CRC Term Loans

Long-Term Debt - CRC Term Loans and CRC Revolving Credit Facility (Details) - USD ($)				12 Months Ended
	Oct. 05, 2022	Jul. 20, 2020	Dec. 22, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 04, 2022
Long-term debt
Interest rate (as a percent)				4.30%
Loss on extinguishment of debt				$ 85,000,000	$ 236,000,000	$ 197,000,000
CRC Term Loan | Base rate
Long-term debt
Spread on variable rate (as a percent)			1.75%
CRC Term Loan | LIBOR
Long-term debt
Spread on variable rate (as a percent)			2.75%
CRC Term Loan | Line of Credit
Long-term debt
Debt instrument, term			7 years
Debt instrument, face amount			$ 4,700,000,000
CRC Term Loan | Senior Notes
Long-term debt
Prepayment of debt				300,000,000
Loss on extinguishment of debt	$ 41,000,000			16,000,000
Proceeds from issuance of debt	$ 750,000,000
CRC Incremental Term Loan | Base rate
Long-term debt
Spread on variable rate (as a percent)			2.50%
CRC Incremental Term Loan | LIBOR
Long-term debt
Spread on variable rate (as a percent)			3.50%
CRC Incremental Term Loan | Senior Notes
Long-term debt
Debt instrument, term		5 years
Debt instrument, face amount		$ 1,800,000,000
Prepayment of debt				755,000,000
Loss on extinguishment of debt				$ 27,000,000
CRC Credit Agreement | Base rate
Long-term debt
Spread on variable rate (as a percent)			0%
CRC Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)			0.50%
CRC Credit Agreement | LIBOR
Long-term debt
Spread on variable rate (as a percent)			1%
CRC Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility			$ 1,000,000,000
Debt instrument, term			5 years
CRC Term Loan | Line of Credit | Caesars Resort Collection
Long-term debt
Interest rate (as a percent)			0.25%
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							$ 250,000,000

Long-Term Debt - CEI Term Loan

Long-Term Debt - CEI Term Loan A and CEI Revolving Credit Facility (Details)	Oct. 05, 2022 USD ($) stepdown	Jul. 20, 2020 USD ($) stepdown	Dec. 31, 2022 USD ($)	Oct. 04, 2022 USD ($)	May 23, 2022 USD ($)
Long-term debt
Interest rate (as a percent)			4.30%
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)		0%
Line of Credit | CEI Revolving Credit Facility
Long-term debt
Debt instrument, term		5 years
CEI Revolving Credit Facility
Long-term debt
Number of stepdowns | stepdown		3
Leverage ratio, maximum		0.0025
Line of credit facility, commitment fee percentage		0.50%
Debt instrument, covenant, leverage ratio, minimum		0.00375
Interest rate (as a percent)		0.125%
Amount outstanding			$ 48,000,000
CEI Revolving Credit Facility | LIBOR
Long-term debt
Spread on variable rate (as a percent)		1%
CEI Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate (as a percent)		0.50%
CEI Revolving Credit Facility | Prime Rate
Long-term debt
Spread on variable rate (as a percent)		3.25%
CEI Revolving Credit Facility | Base rate
Long-term debt
Spread on variable rate (as a percent)		2.25%
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility		$ 1,200,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature		$ 190,000,000
Reduction in required reserves					$ 150,000,000
Letter of Credit
Long-term debt
Amount outstanding			82,000,000
Letter of Credit | Line of Credit
Long-term debt
Credit facility				$ 250,000,000
Line of Credit
Long-term debt
Line of credit facility, commitment fee percentage	0.35%
Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate (as a percent)	0.50%
Line of Credit | Base rate
Long-term debt
Spread on variable rate (as a percent)	1.25%
Line of Credit | SOFR
Long-term debt
Spread on variable rate (as a percent)	2.25%
Line of Credit | SOFR | Component One
Long-term debt
Spread on variable rate (as a percent)	0.10%
Line of Credit | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate (as a percent)	0%
Line of Credit | SOFR | Component Two
Long-term debt
Spread on variable rate (as a percent)	1%
Line of Credit | Secured Debt
Long-term debt
Number of stepdowns | stepdown	3
Interest rate (as a percent)	1.25%
Debt instrument, face amount	$ 750,000,000
Leverage ratio stepdown	0.25%
Line of Credit | Revolving Credit Facility
Long-term debt
Credit facility	$ 2,250,000,000
Number of stepdowns | stepdown	3
Leverage ratio stepdown	0.05%
Line of Credit | Letter of Credit
Long-term debt
Credit facility	$ 388,000,000
Revolving Credit Facility
Long-term debt
Available borrowing capacity			$ 2,100,000,000

Long-Term Debt - New Senior Sec

Long-Term Debt - New Senior Secured Notes (Details) $ in Millions		12 Months Ended
	Feb. 06, 2023 USD ($) stepdown	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Long-term debt
Interest rate (as a percent)		4.30%
Loss on extinguishment of debt		$ 85	$ 236	$ 197
CEI Senior Secured Notes due 2030 | Senior Notes | Subsequent Event
Long-term debt
Debt instrument, face amount	$ 2,000
Interest rate (as a percent)	7%
CEI Term Loan B | Senior Notes | Subsequent Event
Long-term debt
Debt instrument, face amount	$ 2,500
Percentage of original principal amount amortization	0.25%
Number of stepdowns | stepdown	1
Leverage ratio stepdown	0.25%
Percentage of principal amount issued	99%
CEI Term Loan B | Senior Notes | SOFR | Subsequent Event | Component One
Long-term debt
Spread on variable rate (as a percent)	0.10%
CEI Term Loan B | Senior Notes | SOFR | Subsequent Event | Component One | Minimum
Long-term debt
Spread on variable rate (as a percent)	0.50%
CEI Term Loan B | Senior Notes | SOFR | Subsequent Event | Component Two
Long-term debt
Spread on variable rate (as a percent)	1%
CEI Term Loan B | Senior Notes | Fed Funds Effective Rate Overnight Index Swap Rate | Subsequent Event | Component Two
Long-term debt
Spread on variable rate (as a percent)	0.50%
CEI Term Loan B | Senior Notes | Applicable Margin | Subsequent Event
Long-term debt
Spread on variable rate (as a percent)	3.25%
CEI Term Loan B | Senior Notes | Base rate | Subsequent Event
Long-term debt
Spread on variable rate (as a percent)	2.25%
CRC Term Loan and CRC Incremental Term Loan | Senior Notes | Subsequent Event
Long-term debt
Loss on extinguishment of debt	$ 200

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2022	Jul. 06, 2020
Long-term debt
Interest rate (as a percent)		4.30%
Repayments of debt	$ 730
CRC Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross			$ 1,000
Interest rate (as a percent)		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	Dec. 31, 2022	Jul. 06, 2020
Long-term debt
Interest rate (as a percent)	4.30%
CEI Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 3.4
Interest rate (as a percent)	6.25%	6.25%

Long-Term Debt - Convention Cen

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Millions	Sep. 18, 2020	Dec. 31, 2022
Long-term debt
Interest rate (as a percent)		4.30%
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)		8.01%
VICI Properties L.P. | Convention Center Mortgage Loan
Long-term debt
Interest rate (as a percent)	7.70%
Incremental cost of borrowing	8.30%
VICI Properties L.P. | Convention Center Mortgage Loan | Senior Notes
Long-term debt
Long-term debt, gross	$ 400
VICI Properties L.P.
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		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2022	Jul. 06, 2020
Long-term debt
Interest rate (as a percent)		4.30%
Repayments of debt	$ 730
CEI Senior Secured Notes
Long-term debt
Interest rate (as a percent)		8.125%
CEI Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross			$ 1,800
Interest rate (as a percent)			8.125%
Repayments of debt		$ 89

Long-Term Debt- Senior Notes du

Long-Term Debt- Senior Notes due 2029 (Details) - USD ($) $ in Billions	Dec. 31, 2022	Sep. 24, 2021
Long-term debt
Interest rate (as a percent)	4.30%
CEI Senior Notes due 2029
Long-term debt
Interest rate (as a percent)	4.625%
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2
Interest rate (as a percent)		4.625%

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt and Revolving Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Proceeds	$ 1,500	$ 1,308	$ 9,765
Repayments	2,738	$ 1,977	$ 3,742
CRC Revolving Credit Facility
Long-term debt
Proceeds	750
Repayments	750
CEI Term Loan A
Long-term debt
Proceeds	750
Repayments	0
CEI Senior Notes due 2027
Long-term debt
Proceeds	0
Repayments	89
CRC Term Loan
Long-term debt
Proceeds	0
Repayments	1,097
CRC Incremental Term Loan
Long-term debt
Proceeds	0
Repayments	773
CRC Senior Secured Notes
Long-term debt
Proceeds	0
Repayments	11
Baltimore Term Loan
Long-term debt
Proceeds	0
Repayments	16
Special Improvement District Bonds
Long-term debt
Proceeds	0
Repayments	$ 2

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Details)	Dec. 31, 2022
CEI Revolving Credit Facility And CEI Term Loan A | Until December 31, 2024
Long-term debt
Leverage ratio, maximum	7.25
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.75
CEI Revolving Credit Facility And CEI Term Loan A | After December 31, 2024
Long-term debt
Leverage ratio, maximum	6.50
Debt instrument, covenant, fixed charge coverage ratio, minimum	2
Baltimore Revolving Credit Facility
Long-term debt
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 10,821	$ 9,570	$ 3,628
Casino
Disaggregation of Revenue [Line Items]
Net revenues	5,997	5,827	2,482
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,596	1,140	342
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,957	1,551	450
Other
Disaggregation of Revenue [Line Items]
Net revenues	1,271	1,052	354
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	0	9	15
Corporate and Other | Casino
Disaggregation of Revenue [Line Items]
Net revenues	(3)	0	0
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	3	9	15
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	4,287	3,409	751
Las Vegas | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,247	1,226	319
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,063	702	130
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,341	968	186
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	636	513	116
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	5,704	5,537	2,660
Regional | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	4,291	4,305	2,079
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	533	438	211
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	616	583	264
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	264	211	106
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	548	337	95
Caesars Digital | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	462	296	84
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	86	41	11
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	282	278	107
Managed and Branded | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	1
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 282	$ 278	$ 106

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 10,821,000,000	$ 9,570,000,000	$ 3,628,000,000
Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentrations of credit risk related to receivables	0	0
Complimentaries and Loyalty Point Redemptions
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,200,000,000	$ 1,000,000,000	$ 406,000,000

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 611	$ 472
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	130	138	$ 5
Former caesars consolidation			130
Provision for doubtful accounts	25	26	29
Write-offs less recoveries	(37)	(34)	(26)
Allowance for doubtful accounts, ending balance	118	130	138
Contracts
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	110	120	4
Former caesars consolidation			95
Provision for doubtful accounts	13	16	18
Write-offs less recoveries	(22)	(26)	3
Allowance for doubtful accounts, ending balance	101	110	120
Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	20	18	1
Former caesars consolidation			35
Provision for doubtful accounts	12	10	11
Write-offs less recoveries	(15)	(8)	(29)
Allowance for doubtful accounts, ending balance	17	20	$ 18
Casino
Disaggregation of Revenue [Line Items]
Accounts receivable, net	259	168
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	144	100
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 208	$ 204

Revenue Recognition - Summary_3

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 45	$ 48	$ 34
Increase (decrease)	(3)	14
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	87	91	94
Increase (decrease)	(4)	(3)
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	693	560	$ 310
Increase (decrease)	$ 133	$ 250

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss from continuing operations attributable to Caesars, net of income taxes	$ (513)	$ (989)	$ (1,737)
Discontinued operations, net of income taxes	(386)	(30)	(20)
Net loss attributable to Caesars	$ (899)	$ (1,019)	$ (1,757)
Shares outstanding:
Weighted average shares outstanding - basic (in shares)	214	211	130
Effect of dilutive securities:
Weighted average shares outstanding – diluted (in shares)	214	211	130
Net Loss per Share - Basic
Basic loss per share from continuing operations (in dollars per shares)	$ (2.39)	$ (4.69)	$ (13.35)
Basic loss per share from discontinued operations (in dollars per share)	(1.80)	(0.14)	(0.15)
Basic loss per share (in dollars per share)	(4.19)	(4.83)	(13.50)
Net income (loss) per share -Diluted
Diluted loss per share from continuing operations (in dollars per share)	(2.39)	(4.69)	(13.35)
Diluted loss per share from discontinued operations (in dollars per share)	(1.80)	(0.14)	(0.15)
Diluted loss per share (in dollars per share)	$ (4.19)	$ (4.83)	$ (13.50)
Restricted Stock Units (RSUs)
Effect of dilutive securities:
Stock-based compensation awards (in shares)	0	0	0

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	3	3	13
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	3	3	9
5% Convertible notes
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	0	0	4

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholder's Equity - Additional Information (Details) - USD ($)			12 Months Ended
	Oct. 01, 2020	Jun. 19, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 17, 2021	Jun. 16, 2021	Dec. 31, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 101,000,000	$ 82,000,000	$ 79,000,000
Unrecognized compensation expense			$ 92,000,000
Sale of stock, price per share (in dollars per share)	$ 56	$ 39
Sale of stock, consideration received on transaction	$ 1,900,000,000	$ 772,000,000
Stock issuance costs	$ 50,000,000	$ 35,000,000
Common stock, shares authorized (in shares)			500,000,000	500,000,000		500,000,000	300,000,000
Preferred stock, shares authorized (in shares)			150,000,000	150,000,000		150,000,000
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	35,650,000	20,700,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount									$ 150,000,000
Treasury stock (in shares)			223,823
Common stock acquired value			$ 9,000,000
Common stock acquired average price per share (in dollars per share)			$ 40.80
Common stock, shares acquired (in shares)			0	0
Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			5,000,000					3,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value			$ 56,000,000
Number of common stock rights (in shares)			1
Granted (in shares)			773,778
Recognition period of unrecognized compensation cost			1 year 2 months 12 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			80,420
Awards granted, aggregate value			$ 3,000,000
Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value			$ 36,000,000
Granted (in shares)			428,153
Market-based Stock Units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value			$ 16,000,000
Granted (in shares)			225,000
Awards granted, grant date fair value, achievement period			3 years
Minimum | Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target			0%
Minimum | Restricted Stock Units (RSUs) | Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Award vesting rights, percentage			0%
Minimum | Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Award vesting rights, percentage			0%
Maximum | Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target			200%
Maximum | Restricted Stock Units (RSUs) | Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Award vesting rights, percentage			200%
Maximum | Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Award vesting rights, percentage			200%

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholder's Equity - Summary of Award Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock Units (RSUs)
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	2,090,607
Granted (in shares)	773,778
Vested (in shares)	(907,764)
Forfeited (in shares)	(93,140)
Outstanding at the end of the period (in shares)	1,863,481
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 61.47
Granted (in dollars per share) | $ / shares	70.58
Vested (in dollars per share) | $ / shares	55.88
Forfeited (in dollars per share) | $ / shares	67.12
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 66.87
Restricted Stock Units (RSUs) | Non-Employee Members of BOD
Restricted Stock Units
Granted (in shares)	23,956
Performance Shares
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	417,069
Granted (in shares)	80,420
Performance adjustment (in shares)	80,030
Vested (in shares)	(191,279)
Forfeited (in shares)	(3,083)
Outstanding at the end of the period (in shares)	383,157
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 62.20
Granted (in dollars per share) | $ / shares	41.60
Vested (in dollars per share) | $ / shares	45.39
Forfeited (in dollars per share) | $ / shares	53.60
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 51.73
Market-based Stock Units
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	381,923
Granted (in shares)	428,153
Performance adjustment (in shares)	56,591
Vested (in shares)	(117,149)
Forfeited (in shares)	(7,715)
Outstanding at the end of the period (in shares)	741,803
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) | $ / shares	$ 77.09
Granted (in dollars per share) | $ / shares	82.96
Vested (in dollars per share) | $ / shares	37.88
Forfeited (in dollars per share) | $ / shares	102.76
Unvested outstanding as of end of period (in dollars per share) | $ / shares	$ 83.24

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholder's Equity - Schedule of Share-based Compensation, Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options
Outstanding at the beginning of the period (in shares)	43,905
Exercised (in shares)	(43,384)	(114,884)	(70,608)
Expired (in shares)	(433)
Outstanding at the end of the period (in shares)	88	43,905
Vested and expected to vest (in shares)	88
Exercisable (in shares)	88
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 20.69
Exercised (in dollars per share)	20.63
Expired (in dollars per share)	26.65
Outstanding at the end of the period (in dollars per share)	30.63	$ 20.69
Vested and expected to vest (in dollars per share)	30.63
Exercisable (in dollars per share)	$ 30.63
Weighted Average Remaining Contractual Term (years)
Outstanding (in years)	1 month 20 days	1 year 18 days
Vested and expected to vest (in years)	1 month 20 days
Exercisable (in years)	1 month 20 days
Aggregate Intrinsic Value (in millions)
Outstanding	$ 0	$ 3
Vested and expected to vest	0
Exercisable	$ 0

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholder's Equity - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of options exercised (in shares)	43,384	114,884	70,608
Cash received for options exercised	$ 1	$ 3	$ 1
Aggregate intrinsic value of options exercised	$ 2	$ 9	$ 5

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50%
Defined contribution plan, employer matching contribution, percent of employees	6%
Matching contributions	$ 29	$ 27	$ 11
Deferred compensation liability, noncurrent	$ 33	43
Number of deferred compensation plans | plan	5
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation liability, noncurrent	$ 2	3
Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Assets held-in-trust, noncurrent	60	87
Scioto Downs Noncontributory Defined-Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1
Fair value of benefit obligations	1
Tropicana Atlantic City Employees Variable Annuity Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21
Fair value of benefit obligations	15
Cash contributions to pension plan	$ 2	$ 1

Employee Benefit Plans - Multi-

Employee Benefit Plans - Multi-employer Pension Plan Participation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Multiemployer Plans [Line Items]
Other Funds	$ 2	$ 1	$ 5
Total Contributions	$ 50	41	14
Southern Nevada Culinary and Bartenders Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 24	$ 18	$ 5
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	May 31, 2023
Percentage of total contributions made during the year		5%
Southern Nevada Culinary and Bartenders Pension Plan | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5%
Legacy Plan of the UNITE HERE Retirement Fund
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Red
Contributions	$ 9	$ 9	$ 4
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	May 31, 2026
Percentage of total contributions made during the year		5%
Legacy Plan of the UNITE HERE Retirement Fund | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5%
Central Pension Fund of the IUOE & Participating Employers
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 7	$ 6	$ 0
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2024
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 6	5	0
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2024
Local 68 Engineers Union Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Yellow
Contributions	$ 1	$ 1	$ 0
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Apr. 30, 2027
Percentage of total contributions made during the year		5%
Local 68 Engineers Union Pension Plan | Former Caesars
Multiemployer Plans [Line Items]
Percentage of total contributions made during the year			5%
Painters IUPAT
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Yellow
Contributions	$ 1	$ 1	$ 0
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Income (Loss) Before Income Taxes
United States	$ (590)	$ (1,272)	$ (1,608)
Outside of the U.S.	25	3	2
Loss from continuing operations before income taxes	(565)	(1,269)	(1,606)
Current
Federal	0	(1)	(43)
State & Local	7	(2)	(24)
Deferred
Federal	(57)	(219)	208
State & Local	2	(106)	(11)
Outside of U.S, Current	7	2	2
Outside of U.S, Deferred	0	43	0
Income tax (benefit) expense	(41)	(283)	132
Allocation of Income Tax Provision (Benefit)
Income from operations	(41)	(283)	132
Discontinued operations	(50)	19	(9)
Other comprehensive income	$ (30)	$ 3	$ 8

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the expected statutory federal income tax provision
Federal statutory rate	21%	21%	21%
State and local taxes	(0.20%)	4.20%	5.40%
Nondeductible compensation and benefits	(2.30%)	(0.20%)	(0.20%)
Goodwill disposition and impairment	(0.60%)	0%	(1.60%)
Transaction expenses	0%	0%	(0.50%)
Nondeductible convertible notes costs	0%	(3.30%)	(1.00%)
Decrease in uncertain tax positions	0.10%	0.40%	0.90%
Change in tax rates from change in tax law before valuation allowance	(15.30%)	(1.20%)	0%
Foreign taxes	(1.10%)	0.10%	1%
Deferred tax adjustment related to William Hill acquisition	(5.30%)	0%	0%
Minority interests	(0.50%)	0%	0%
Valuation allowance	9.80%	2.60%	(33.90%)
Tax credits	1.80%	0.40%	0.10%
Deferred tax recognition on life insurance	0%	(1.30%)	0%
Other	(0.20%)	(0.40%)	0.60%
Effective income tax rate	7.20%	22.30%	(8.20%)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Loss carryforwards	$ 779	$ 1,006
Excess business interest expense	288	180
Credit carryforwards	126	114
Financing obligation	2,534	2,517
Long-term lease obligation	160	161
Other	272	330
Deferred tax assets	4,159	4,308
Deferred tax liabilities:
Identified intangibles	(803)	(1,111)
Foreign investment - held for sale	0	(139)
Fixed assets	(2,243)	(2,212)
Right-of-use assets	(128)	(131)
Other	(163)	(138)
Deferred tax liabilities	(3,337)	(3,731)
Valuation allowance	(1,809)	(1,840)
Net deferred tax liabilities	$ (987)	$ (1,263)

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Taxes Balance Sheet Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Net deferred tax liabilities	$ (987)	$ (1,263)
Deferred income taxes
Valuation Allowance [Line Items]
Net deferred tax liabilities	(987)	(1,111)
Assets held for sale
Valuation Allowance [Line Items]
Deferred tax liabilities in assets held for sale	0	7
Liabilities related to assets held for sale
Valuation Allowance [Line Items]
Net deferred tax liabilities	$ 0	$ (159)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Deferred tax liabilities, net	$ 987	$ 1,263
Unrecognized tax benefits, interest and penalties accrued		2
Unrecognized tax benefits that would impact effective tax rate	115	117
Liabilities related to assets held for sale
Income Tax Examination [Line Items]
Deferred tax liabilities, net	0	159
Caesars Entertainment Corporation
Income Tax Examination [Line Items]
Deferred tax liabilities, net	767
Unrecognized tax benefits	24
Unrecognized tax benefits, interest and penalties accrued			$ 137
William Hill
Income Tax Examination [Line Items]
Deferred tax liabilities, net	381
Unrecognized tax benefits	34
Unrecognized tax benefits, interest and penalties accrued	(29)	$ 20
William Hill | Liabilities related to assets held for sale
Income Tax Examination [Line Items]
Deferred tax liabilities, net	132
Unrecognized tax benefits	$ 34

Income Taxes - Tax Credit and O

Income Taxes - Tax Credit and Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 1,940
Tax Credits	129
States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	9,155
2023-2027 | Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	0
2023-2027 | States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	530
2028-2032 | Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	914
Tax Credits	39
2028-2032 | States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	1,376
2033-2042 | Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	589
Tax Credits	90
2033-2042 | States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	5,030
Do not expire | Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	437
Tax Credits	0
Do not expire | States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 2,219

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of year	$ 157	$ 137	$ 0
Additions based on tax positions related to the current year	3	4	0
Additions for tax positions of prior years	1	5	1
Reductions for tax positions for prior years	(8)	(8)	0
Settlements	0	0	(4)
Expiration of statutes	(1)	(13)	(12)
Balance as of end of year	128	157	137
Caesars Entertainment Corporation
Reconciliation of Unrecognized Tax Benefits
Acquisitions	0	0	152
William Hill
Reconciliation of Unrecognized Tax Benefits
Acquisitions	0	32	0
Sale of William Hill International	$ (24)	$ 0	$ 0

Related Parties - Additional In

Related Parties - Additional Information (Details) a in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Gary Carano Family
Related affiliates
Related party transactions	$ 0	$ 0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased | a	30
Annual rent payable	$ 600,000
Due to related parties	0	0
Due from related parties	$ 0	$ 0
Horseshoe Baltimore | Horseshoe Baltimore
Related affiliates
Ownership interest	44.30%
REI
Related affiliates
Percentage of outstanding shares owned	4%

Segment Information - Additiona

Segment Information - Additional Information (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2022 ft² ft segment ballroom
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

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 10,821	$ 9,570	$ 3,628
Adjusted EBITDA	3,243	2,990	794
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues	4,287	3,409	751
Adjusted EBITDA	1,964	1,568	133
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues	5,704	5,537	2,660
Adjusted EBITDA	1,985	1,979	711
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	548	337	95
Adjusted EBITDA	(666)	(476)	26
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	282	278	107
Adjusted EBITDA	84	87	25
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	0	9	15
Adjusted EBITDA	$ (124)	$ (168)	$ (101)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net loss attributable to Caesars	$ (899)	$ (1,019)	$ (1,757)
Net income (loss) attributable to noncontrolling interests	(11)	3	(1)
Net loss from discontinued operations	386	30	20
(Benefit) provision for income taxes	(41)	(283)	132
Other income (loss)	(46)	198	(176)
Loss on extinguishment of debt	85	236	197
Interest expense	2,265	2,295	1,202
Depreciation and amortization	1,205	1,126	583
Impairment charges	108	102	215
Transaction costs and other	90	220	300
Stock-based compensation expense	101	82	79
Adjusted EBITDA	$ 3,243	2,990	794
Interest rate (as a percent)	4.30%
5% Convertible notes
Segment Reporting Information [Line Items]
Interest rate (as a percent)	5%
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (124)	(168)	(101)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,964	1,568	133
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,985	1,979	711
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	(666)	(476)	26
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 84	$ 87	$ 25

Segment Information - Schedul_3

Segment Information - Schedule of Capital Expenditures, Net of Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 952	$ 518	$ 169
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Capital expenditures, net	165	85	32
Operating Segment | Regional
Segment Reporting Information [Line Items]
Capital expenditures, net	597	327	104
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Capital expenditures, net	106	67	0
Corporate and Other
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 84	$ 39	$ 33

Segment Information - Schedul_4

Segment Information - Schedule of Balance Sheet Information for Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 33,527	$ 38,031
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	(6,268)	(4,167)
Las Vegas | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	23,547	22,374
Regional | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	14,908	14,419
Caesars Digital | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,200	1,878
Managed and Branded | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 140	$ 3,527

Condensed Financial Informati_3

Condensed Financial Information of Registrant Parent Company Only - Consolidating Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet
Current assets	$ 2,102	$ 5,964
Total assets	33,527	38,031
Current liabilities	2,668	5,297
Long-term debt	12,659	13,722
Total liabilities	29,776	33,490
Total stockholders’ equity	3,751	4,541	$ 5,034	$ 1,117
Total liabilities and stockholders’ equity	33,527	38,031
Parent Company
Condensed Balance Sheet
Current assets	188	221
Investment in and advances to unconsolidated affiliates	3	60
Investment in subsidiaries	10,465	10,311
Property and equipment, net	4	8
Other assets, net	146	333
Total assets	10,806	10,933
Current liabilities	236	228
Long-term debt	6,826	6,190
Other long-term liabilities	31	35
Total liabilities	7,093	6,453
Total stockholders’ equity	3,713	4,480
Total liabilities and stockholders’ equity	$ 10,806	$ 10,933

Condensed Financial Informati_4

Condensed Financial Information of Registrant Parent Company Only - Consolidating Condensed Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Net revenues	$ 10,821	$ 9,570	$ 3,628
Operating expenses:
Corporate expense	286	309	195
Depreciation and amortization	1,205	1,126	583
Transaction and other costs	14	144	270
Total operating expenses	9,082	8,110	4,011
Operating income (loss)	1,739	1,460	(383)
Interest expense	(2,265)	(2,295)	(1,202)
Loss on extinguishment of debt	(85)	(236)	(197)
Other (income) loss	46	(198)	176
Loss from continuing operations before income taxes	(565)	(1,269)	(1,606)
Benefit (provision) for income taxes	41	283	(132)
Net loss attributable to Caesars	(899)	(1,019)	(1,757)
Parent Company
Revenues:
Net revenues	0	4	7
Operating expenses:
Corporate expense	4	43	71
Management fee	0	0	(36)
Depreciation and amortization	4	6	6
Transaction and other costs	11	60	113
Total operating expenses	19	109	154
Operating income (loss)	(19)	(105)	(147)
Interest expense	(428)	(395)	(257)
Loss on interests in subsidiaries	(492)	(437)	(1,346)
Loss on extinguishment of debt	0	(14)	(132)
Other (income) loss	40	(72)	197
Loss from continuing operations before income taxes	(899)	(1,023)	(1,685)
Benefit (provision) for income taxes	0	4	(72)
Net loss attributable to Caesars	$ (899)	$ (1,019)	$ (1,757)

Condensed Financial Informati_5

Condensed Financial Information of Registrant Parent Company Only - Consolidating Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from investing activities
Purchase of property and equipment, net	$ (952)	$ (520)	$ (164)
Proceeds from sale of businesses, property and equipment, net of cash sold	39	726	366
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	1,500	1,308	9,765
Repayments of long-term debt and revolving credit facilities	(2,738)	(1,977)	(3,742)
Cash paid to settle convertible notes	0	(367)	(903)
Proceeds from sale-leaseback financing arrangement	0	0	3,224
Taxes paid related to net share settlement of equity awards	(27)	(45)	(16)
Proceeds from issuance of common stock	1	3	2,718
Effect of foreign currency exchange rates on cash	(29)	32	129
Increase (decrease) in cash, cash equivalents and restricted cash	(718)	(2,259)	4,063
Cash, cash equivalents and restricted cash, beginning of period	2,021	4,280	217
Cash, cash equivalents and restricted cash, end of period	1,303	2,021	4,280
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents in current assets	1,038	1,070	1,776
Restricted cash in current assets	131	319	2,021
Total cash, cash equivalents and restricted cash	1,303	2,021	4,280
Parent Company
Condensed Statement of Cash Flows
Cash flows used in operating activities	(329)	(448)	(296)
Cash flows from investing activities
Purchase of property and equipment, net	0	(1)	(8)
Former Caesars acquisition	0	0	(8,470)
Net cash used in business combinations	0	(3,938)	0
Proceeds from sale of businesses, property and equipment, net of cash sold	15	0	0
Proceeds from the sale of investments	84	89	24
Net cash used in investing activities	99	(3,850)	(8,454)
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	750	1,200	9,365
Debt issuance and extinguishment costs	(12)	(17)	(353)
Repayments of long-term debt and revolving credit facilities	(89)	(100)	(3,339)
Net proceeds (repayments) with related parties	(592)	705	1,320
Cash paid to settle convertible notes	0	(367)	(903)
Proceeds from sale-leaseback financing arrangement	0	0	3,219
Taxes paid related to net share settlement of equity awards	(27)	(45)	(16)
Proceeds from issuance of common stock	1	3	2,718
Net cash provided by (used in) financing activities	31	1,379	12,011
Effect of foreign currency exchange rates on cash	0	0	129
Increase (decrease) in cash, cash equivalents and restricted cash	(199)	(2,919)	3,390
Cash, cash equivalents and restricted cash, beginning of period	515	3,434	44
Cash, cash equivalents and restricted cash, end of period	316	515	3,434
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents in current assets	185	199	1,114
Restricted cash in current assets	0	0	1,895
Restricted and escrow cash included in other assets, net	131	316	425
Total cash, cash equivalents and restricted cash	$ 316	$ 515	$ 3,434

Condensed Financial Informati_6

Condensed Financial Information of Registrant Parent Company Only - Additional Information (Details) $ in Billions	Dec. 31, 2022 USD ($)
Condensed Financial Information Disclosure [Abstract]
Amount of restricted net assets for consolidated subsidiaries	$ 3.6