Caesars Entertainment (CZR) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $.00001 par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		215,289,873
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 1,122	$ 1,038
Restricted cash	126	131
Accounts receivable, net	526	611
Inventories	53	59
Prepayments and other current assets	300	263
Total current assets	2,127	2,102
Investments in and advances to unconsolidated affiliates	91	94
Property and equipment, net	14,633	14,598
Goodwill	11,004	11,004
Intangible assets other than goodwill	4,661	4,714
Deferred tax asset	46	0
Other assets, net	916	1,015
Total assets	33,478	33,527
CURRENT LIABILITIES:
Accounts payable	299	314
Accrued interest	369	318
Accrued other liabilities	1,981	1,928
Current portion of long-term debt	68	108
Total current liabilities	2,717	2,668
Long-term financing obligations	12,686	12,610
Long-term debt	12,480	12,659
Deferred tax liability	68	987
Other long-term liabilities	860	852
Total liabilities	28,811	29,776
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	4,545	3,713
Noncontrolling interests	122	38
Total stockholders’ equity	4,667	3,751
Total liabilities and stockholders’ equity	$ 33,478	$ 33,527

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Net revenues	$ 2,879	$ 2,821	$ 5,709	$ 5,113
EXPENSES:
Other	111	105	218	193
General and administrative	499	517	1,008	1,016
Corporate	86	76	165	145
Depreciation and amortization	323	306	623	606
Transaction and other costs, net	33	14	49	(21)
Total operating expenses	2,270	2,219	4,497	4,521
Operating income	609	602	1,212	592
OTHER EXPENSE:
Interest expense, net	(586)	(559)	(1,180)	(1,111)
Loss on extinguishment of debt	0	0	(197)	0
Other income	3	45	6	49
Total other expense	(583)	(514)	(1,371)	(1,062)
Income (loss) from continuing operations before income taxes	26	88	(159)	(470)
Benefit (provision) for income taxes	902	(52)	951	55
Income (loss) from continuing operations, net of income taxes	928	36	792	(415)
Discontinued operations, net of income taxes	0	(157)	0	(386)
Net income (loss)	928	(121)	792	(801)
Net income attributable to noncontrolling interests	(8)	(2)	(8)	(2)
Net income (loss) attributable to Caesars	$ 920	$ (123)	$ 784	$ (803)
Net income (loss) per share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 4.27	$ 0.16	$ 3.65	$ (1.95)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.73)	0	(1.80)
Basic income (loss) per share (in dollars per share)	4.27	(0.57)	3.65	(3.75)
Net income (loss) per share - Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	4.26	0.16	3.63	(1.95)
Diluted loss per share from discontinued operations (in dollar per shares)	0	(0.73)	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ 4.26	$ (0.57)	$ 3.63	$ (3.75)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	215	214	215	214
Weighted average diluted shares outstanding (in shares)	216	215	216	214
Casino
REVENUES:
Net revenues	$ 1,584	$ 1,549	$ 3,169	$ 2,841
EXPENSES:
Cost of goods and services	817	825	1,645	1,889
Food and beverage
REVENUES:
Net revenues	435	422	862	761
EXPENSES:
Cost of goods and services	258	242	509	444
Hotel
REVENUES:
Net revenues	525	519	1,028	902
EXPENSES:
Cost of goods and services	143	134	280	249
Other
REVENUES:
Net revenues	$ 335	$ 331	$ 650	$ 609

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 928	$ (121)	$ 792	$ (801)
Foreign currency translation adjustments	(1)	(44)	1	(77)
Change in fair market value of interest rate swaps, net of tax	0	7	0	20
Other	1	1	5	1
Other comprehensive income (loss), net of tax	0	(36)	6	(56)
Comprehensive income (loss)	928	(157)	798	(857)
Comprehensive income attributable to noncontrolling interests	(8)	(2)	(8)	(2)
Comprehensive income (loss) attributable to Caesars	$ 920	$ (159)	$ 790	$ (859)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 4,541	$ 0	$ 0	$ 6,877	$ (2,410)	$ 36	$ (23)	$ 61
Beginning balance (in shares) at Dec. 31, 2021			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25			25
Net income (loss)	(680)				(680)
Other comprehensive (loss) income, net of tax	(20)					(20)
Shares withheld related to net share settlement of stock awards	(20)			(20)
Ending balance (in shares) at Mar. 31, 2022		0
Ending balance at Mar. 31, 2022	3,846	$ 0	$ 0	6,882	(3,090)	16	(23)	61
Ending balance (in shares) at Mar. 31, 2022			214
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	4,541	$ 0	$ 0	6,877	(2,410)	36	(23)	61
Beginning balance (in shares) at Dec. 31, 2021			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(801)
Other comprehensive (loss) income, net of tax	(56)
Ending balance (in shares) at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	3,711	$ 0	$ 0	6,905	(3,213)	(20)	(23)	62
Ending balance (in shares) at Jun. 30, 2022			214
Beginning balance (in shares) at Mar. 31, 2022		0
Beginning balance at Mar. 31, 2022	3,846	$ 0	$ 0	6,882	(3,090)	16	(23)	61
Beginning balance (in shares) at Mar. 31, 2022			214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	26			26
Net income (loss)	(121)				(123)			2
Other comprehensive (loss) income, net of tax	(36)					(36)
Shares withheld related to net share settlement of stock awards	(3)			(3)
Transactions with noncontrolling interests	(1)							(1)
Ending balance (in shares) at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	3,711	$ 0	$ 0	6,905	(3,213)	(20)	(23)	62
Ending balance (in shares) at Jun. 30, 2022			214
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	3,751	$ 0	$ 0	6,953	(3,309)	92	(23)	38
Beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	27			27
Net income (loss)	(136)				(136)
Other comprehensive (loss) income, net of tax	6					6
Shares withheld related to net share settlement of stock awards	(13)			(13)
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Ending balance (in shares) at Mar. 31, 2023			215
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	3,751	$ 0	$ 0	6,953	(3,309)	92	(23)	38
Beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	792
Other comprehensive (loss) income, net of tax	6
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	4,667	$ 0	$ 0	6,995	(2,525)	98	(23)	122
Ending balance (in shares) at Jun. 30, 2023			215
Beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Beginning balance (in shares) at Mar. 31, 2023			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	29			29
Net income (loss)	928				920			8
Other comprehensive (loss) income, net of tax	0
Shares withheld related to net share settlement of stock awards	(1)			(1)
Transactions with noncontrolling interests	76							76
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	$ 4,667	$ 0	$ 0	$ 6,995	$ (2,525)	$ 98	$ (23)	$ 122
Ending balance (in shares) at Jun. 30, 2023			215

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 792	$ (801)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations	0	386
Depreciation and amortization	623	606
Amortization of deferred financing costs and discounts	104	154
Provision for doubtful accounts	22	10
Loss on extinguishment of debt	197	0
Non-cash lease amortization	31	28
(Gain) loss on investments	(4)	49
Stock compensation expense	56	51
Loss on sale of business and disposal of property and equipment	9	3
Deferred income taxes	(951)	(55)
Gain on derivatives	0	(73)
Other non-cash adjustments to net income (loss)	23	(61)
Change in operating assets and liabilities:
Accounts receivable	23	(28)
Prepaid expenses and other assets	(12)	(30)
Income taxes payable	(12)	(1)
Accounts payable, accrued expenses and other liabilities	52	(122)
Net cash provided by operating activities	953	116
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(573)	(471)
Acquisition of gaming rights and trademarks	(15)	0
Proceeds from sale of business, property and equipment, net of cash sold	1	4
Proceeds from the sale of investments	3	121
Proceeds from insurance related to property damage	0	33
Other	40	0
Net cash used in investing activities	(544)	(313)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	4,840	750
Repayments of long-term debt and revolving credit facilities	(5,204)	(878)
Financing obligation payments	(4)	0
Debt issuance and extinguishment costs	(79)	0
Contributions from noncontrolling interest owners	77	0
Distributions to noncontrolling interest	(1)	0
Taxes paid related to net share settlement of equity awards	(14)	(23)
Net cash used in financing activities	(385)	(151)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	0	(18)
Cash flows from investing activities	0	(82)
Cash flows from financing activities	0	0
Net cash from discontinued operations	0	(100)
Effect of foreign currency exchange rates on cash	0	(29)
Increase (decrease) in cash, cash equivalents and restricted cash	24	(477)
Cash, cash equivalents and restricted cash, beginning of period	1,303	2,021
Cash, cash equivalents and restricted cash, end of period	1,327	1,544
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	1,122	997
Restricted cash	126	145
Restricted and escrow cash included in other assets, net	79	210
Cash, cash equivalents and restricted cash held for sale - discontinued operations	0	192
Total cash, cash equivalents and restricted cash	1,327	1,544
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	401	391
Cash interest paid for rent related to financing obligations	640	595
Income taxes paid, net	11	14
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	$ 163	$ 115

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business 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, Caesars Entertainment Corporation in 2020 and William Hill PLC on April 22, 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR.” Description of Business The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 52,700 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 47,200 hotel rooms as of June 30, 2023. The Company operates and conducts sports wagering across 30 jurisdictions in North America, 22 of which offer mobile 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, retail and online sports betting, 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. As part of the Caesars Digital segment, the Company has made significant investments into the interactive business in recent years, including the acquisition of William Hill PLC and strategic expansions into new markets as legalization permits. The Company has utilized significant marketing campaigns with distinguished actors, athletes and media personalities promoting the Caesars Sportsbook app. 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. Divestitures We periodically divest of assets in order to raise capital, as a result of a determination that the assets are not core to our business, or due to regulatory requirements. A summary of recently completed divestitures of our properties as of June 30, 2023 is as follows: Segment Property Date Sold Sales Price Regional Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) May 5, 2022 * Discontinued operations: N/A William Hill International July 1, 2022 £2.0 billion ____________________ * Not meaningful. The following information presents the net revenues and net loss of recently completed divestitures: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (In millions) Baton Rouge William Hill International Baton Rouge William Hill International Net revenues $ 2 $ 401 $ 6 $ 820 Net loss (1) (145) (1) (448)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. The presentation of financial information herein for the periods before the Company’s divestitures of various properties is not fully comparable to the periods after the sale dates. 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. Cash and Cash Equivalents Cash equivalents include highly-liquid investments with original maturities of three months or less at the date of purchase including 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, as well as cash deposits which are restricted under certain operating agreements, regulatory requirement, or for future capital expenditures in the normal course of business. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Advertising Advertising costs are expensed in the period the advertising first occurs. Advertising costs for the three months ended June 30, 2023 and 2022 were $52 million and $106 million, respectively, and for the six months ended June 30, 2023 and 2022 totaled $120 million and $376 million, respectively, and are included within operating expenses. Advertising costs in the six months ended June 30, 2022 included significant television, radio and internet marketing campaigns promoting our Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense. Interest Expense, Net Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Interest expense $ 597 $ 567 $ 1,201 $ 1,127 Capitalized interest (8) (5) (14) (11) Interest income (3) (3) (7) (5) Total interest expense, net $ 586 $ 559 $ 1,180 $ 1,111 Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates 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 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. 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, net on the Statements of Operations. As of both June 30, 2023 and December 31, 2022, the Company’s investment in the joint venture was $80 million and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets. The Company has no further obligation to contribute additional real estate or cash as of June 30, 2023. NeoGames The Company held an investment in NeoGames S.A., a global leader of iLottery solutions and services to national and state-regulated lotteries, and other investments. On March 14, 2022, the Company sold its investment at fair value for $26 million and recorded a loss of $34 million during the six months ended June 30, 2022, which is included within Other income on the Statements of Operations.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment (In millions) June 30, 2023 December 31, 2022 Land $ 2,088 $ 2,092 Buildings, riverboats, and leasehold and land improvements 13,364 13,094 Furniture, fixtures, and equipment 2,241 2,054 Construction in progress 474 351 Total property and equipment 18,167 17,591 Less: accumulated depreciation (3,534) (2,993) Total property and equipment, net $ 14,633 $ 14,598 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. Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Depreciation expense $ 287 $ 255 $ 551 $ 498 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other Balances as of December 31, 2022 $ 1,060 $ 11,004 $ 3,654 Amortization expense (72) — — Acquisition of gaming rights and trademarks 15 — 4 Balances as of June 30, 2023 $ 1,003 $ 11,004 $ 3,658 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2023 December 31, 2022 (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 $ (318) $ 269 $ 587 $ (276) $ 311 Gaming rights and other 10 - 34 years 227 (21) 206 212 (16) 196 Trademarks 15 years 313 (82) 231 313 (73) 240 Reacquired rights 24 years 250 (23) 227 250 (17) 233 Technology 6 years 110 (40) 70 110 (30) 80 $ 1,487 $ (484) 1,003 $ 1,472 $ (412) 1,060 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,137 1,133 Caesars Rewards 523 523 3,658 3,654 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,661 $ 4,714 Amortization expense with respect to intangible assets for the three months ended June 30, 2023 and 2022 totaled $36 million and $51 million, respectively, and for the six months ended June 30, 2023 and 2022 totaled $72 million and $108 million, respectively, which is included in depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Remaining 2023 Years Ended December 31, (In millions) 2024 2025 2026 2027 2028 Estimated annual amortization expense $ 71 $ 128 $ 120 $ 120 $ 78 $ 41

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Items Measured at Fair Value on a Recurring Basis The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets: June 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ — $ — $ 2 Total assets at fair value $ 2 $ — $ — $ 2 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ 2 $ — $ 4 Total assets at fair value $ 2 $ 2 $ — $ 4 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 the instruments classified as restricted cash. Restricted cash classified as Level 1 includes cash equivalents held in short-term certificate of deposit accounts or money market type funds. Restricted cash that is not subject to remeasurement on a recurring basis is not included in the table above. Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and deferred compensation plans. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities. Derivative Instruments The Company does not purchase or hold any derivative financial instruments for trading purposes. Forward Contracts T he Company 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 three and six months ended June 30, 2022, the Company recorded gains of $55 million and $76 million, respectively, related to forward contracts, which have been recorded in Other income (loss) on the Statements of Operations. All forward contracts were settled as of July 1, 2022. Interest Rate Swap Derivatives The Company used interest rate swaps to manage the mix of debt between fixed and variable rate instruments. The term of the last interest rate swaps ended on December 31, 2022. Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through June 30, 2023 and 2022 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income (loss) before reclassifications 5 (33) — (28) Amounts reclassified from accumulated other comprehensive income 8 — — 8 Total other comprehensive income (loss), net of tax 13 (33) — (20) Balances as of March 31, 2022 $ 86 $ (69) $ (1) $ 16 Other comprehensive income (loss) before reclassifications 1 (44) 1 (42) Amounts reclassified from accumulated other comprehensive income 6 — — 6 Total other comprehensive income (loss), net of tax 7 (44) 1 (36) Balances as of June 30, 2022 $ 93 $ (113) $ — $ (20) Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92 Other comprehensive income (loss) before reclassifications — 2 4 6 Total other comprehensive income (loss), net of tax — 2 4 6 Balances as of March 31, 2023 $ 94 $ 1 $ 3 $ 98 Other comprehensive income (loss) before reclassifications — (1) 1 — Total other comprehensive income (loss), net of tax — (1) 1 — Balances as of June 30, 2023 $ 94 $ — $ 4 $ 98

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are 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 in this matter has been temporarily stayed as the parties await a decision from the Nevada Supreme Court in a separate similar case, in which the decision may affect the Company’s claims in this matter. There can be no assurances as to the outcome of this 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 involve the rebranding of the property to Caesars New Orleans which includes a renovation and full interior and exterior redesign, updated casino floor, new culinary experiences and a new 340-room hotel tower. The project has a current capital plan of approximately $430 million, and as of June 30, 2023, total capital expenditures have been $187 million since the project began. Atlantic City As required by the New Jersey Gaming Control Board, in 2020, the Company funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. The capital plan includes significant room renovations at both Caesars Atlantic City and Harrah’s Atlantic City, as well as the addition of new restaurants with celebrity partners. As of June 30, 2023 and December 31, 2022, the restricted cash balance remaining in the escrow account was $59 million and $118 million, respectively. This amount is currently included in restricted cash in Other assets, net. Sports Sponsorship/Partnership Obligations The Company has agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Additionally, a selection of such partnerships provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. As of June 30, 2023 and December 31, 2022 , obligations related to these agreements were $788 million and $898 million, respectively, with contracts extending through 2040. These obligations include leasing of event suites that are generally considered short-term leases for which the Company does not record a right of use asset or lease liability. The Company recognizes 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 The Company is self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. The Company’s total estimated self-insurance liability as of June 30, 2023 and December 31, 2022, was $207 million and $203 million, respectively, which is included in Accrued other liabilities in our Balance Sheets.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt June 30, 2023 December 31, 2022 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility (a) 2023 variable $ — $ — $ — Baltimore Term Loan (a) 2024 variable 250 247 262 CEI Revolving Credit Facility 2028 variable — — — CEI Term Loan A 2028 variable 731 729 747 CEI Term Loan B 2030 variable 2,494 2,441 — CRC Senior Secured Notes 2025 5.75% 989 980 979 CEI Senior Secured Notes due 2025 2025 6.25% 3,399 3,367 3,360 CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,977 — Convention Center Mortgage Loan N/A N/A — — 400 CRC Incremental Term Loan N/A N/A — — 972 CRC Term Loan N/A N/A — — 3,243 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,591 1,589 CEI Senior Notes due 2029 2029 4.625% 1,200 1,187 1,186 Special Improvement District Bonds 2037 4.30% 45 45 47 Long-term notes and other payables 2 2 2 Total debt 12,721 12,566 12,787 Current portion of long-term debt (68) (68) (108) Deferred finance charges associated with the CEI Revolving Credit Facility — (18) (20) Long-term debt $ 12,653 $ 12,480 $ 12,659 Unamortized discounts and deferred finance charges $ 173 $ 318 Fair value $ 12,607 ____________________ (a) The Baltimore Revolving Credit Facility matured on July 7, 2023, and as described below, the Baltimore Term Loan was fully repaid on July 17, 2023. Annual Estimated Debt Service Requirements as of June 30, 2023 Remaining Years Ended December 31, (In millions) 2023 2024 (a) 2025 2026 2027 Thereafter Total Annual maturities of long-term debt $ 33 $ 314 $ 4,453 $ 65 $ 1,676 $ 6,180 $ 12,721 Estimated interest payments 450 860 800 520 510 790 3,930 Total debt service obligation (b) $ 483 $ 1,174 $ 5,253 $ 585 $ 2,186 $ 6,970 $ 16,651 ____________________ (a) Maturity of $249 million in 2024 was repaid on July 17, 2023. (b) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking 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 June 30, 2023 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 or prepay its outstanding indebtedness. Any such purchases or repayments 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 scheduled payment dates. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of June 30, 2023 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 We 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 was subject to a variable rate of interest calculated as London Interbank Offered Rate (“LIBOR”) plus 4.00%. On May 1, 2023, the Baltimore Term Loan’s benchmark interest rate was amended from LIBOR to the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus adjustment for the applicable period. The Baltimore Revolving Credit Facility had 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. The Baltimore Revolving Credit Facility matured on July 7, 2023. As of June 30, 2023, there was $10 million of available borrowing capacity under the Baltimore Revolving Credit Facility. On June 30, 2023, the Company prepaid $15 million of the outstanding principal balance of the Baltimore Term Loan. On July 17, 2023, following the acquisition of the remaining 24% equity interest in Horseshoe Baltimore, the Company permanently repaid the outstanding principal balance of the Baltimore Term Loan of $250 million by utilizing the CEI Revolving Credit Facility. In connection with the repayment, the Company recognized a $3 million loss on the early extinguishment of debt. CEI Term Loans 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, as amended, provides for the CEI Revolving Credit Facility in an aggregate principal amount of $2.25 billion (the “CEI Revolving Credit Facility”). The CEI Revolving Credit Facility contains reserves of $40 million which are available only for certain permitted uses. 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, paid monthly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on 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. 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” and, together with the CEI Term Loan A, the “CEI Term Loans”) 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, paid monthly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the 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 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 CEI Term Loan B, along with the net proceeds from the issuance of the CEI Senior Secured Notes due 2030 described below, 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. Upon the termination of the CRC Term Loan and the CRC Incremental Term Loan, the Company recorded a loss on extinguishment of debt of $197 million. During the six months ended June 30, 2023, the Company utilized and fully repaid the CEI Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of June 30, 2023, the Company had $2.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $71 million in outstanding letters of credit, $48 million committed for regulatory purposes, and the reserves described above. CRC Senior Secured Notes due 2025 On July 6, 2020, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $1.0 billion in aggregate principal amount of 5.75% Senior Secured Notes due 2025 pursuant to an indenture, dated July 6, 2020 (the “CRC Senior Secured Notes”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee and Credit Suisse AG, Cayman Islands Branch, as collateral agent. 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. 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 due 2025”), by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2025 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2025 will mature on July 1, 2025, with interest payable semi-annually in cash in arrears on January 1 and July 1 of each year. On April 5, 2023, the Company purchased $1 million in principal amount of the CEI Senior Secured Notes due 2025. CEI Senior Secured Notes due 2030 On February 6, 2023, concurrently with the issuance of the CEI Term Loan B, 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. Convention Center Mortgage Loan On September 18, 2020, the Company entered into a loan agreement with a subsidiary of VICI Properties L.P., a Delaware limited partnership (“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. On May 1, 2023, the Company elected to prepay the outstanding $400 million Mortgage Loan utilizing cash on hand. In connection with the repayment, the Company extended VICI’s call right relating to the CAESARS FORUM convention center from December 31, 2026 to December 31, 2028. CRC Term Loan and CRC Incremental Term Loan Caesars Resort Collection (“CRC”) was party to a credit agreement, dated as of December 22, 2017 (as amended, the “CRC Credit Agreement”), which provided for, among other things, 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 (the “CRC Incremental Term Loan”). The CRC Term Loan and the CRC Incremental Term Loan were subject to the terms described below prior to repayment. The Company repaid the $3.4 billion outstanding principal amount of the CRC Term Loan and the $1.0 billion outstanding principal amount of the CRC Incremental Term Loan on February 6, 2023, with proceeds from a new CEI Term Loan B and new CEI Senior Secured Notes due 2030, both of which are described above. 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. 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 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. 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. Debt Covenant Compliance The Senior Credit Facilities, the CEI Term Loan B, the Baltimore Term Loan, the Baltimore Revolving Credit Facility and the indentures governing the CRC Senior Secured Notes, the CEI Senior Secured Notes due 2025, the CEI Senior Secured Notes due 2030, the CEI Senior Notes due 2027, and the CEI Senior Notes due 2029 contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The Baltimore Revolving Credit Facility included a net senior secured leverage ratio financial covenant of 5.0:1. The Baltimore Revolving Credit Facility matured on July 7, 2023 and the Baltimore Term Loan was repaid in full on July 17, 2023. 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 2.0:1 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. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. As of June 30, 2023, the Company was in compliance with all of the applicable financial covenants described above. Guarantees The Senior Credit Facilities, the CEI Term Loan B, the CEI Senior Secured Notes due 2025 and the CEI Senior Secured Notes due 2030 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. The CRC Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CRC (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CRC and its subsidiary guarantors (subject to certain exceptions). The CRC Senior Secured Notes are also guaranteed on a senior unsecured basis by the Company.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s Statements of Operations present 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 14 for additional information on the Company’s reportable segments. Three Months Ended June 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 313 $ 1,078 $ 194 $ — $ (1) $ 1,584 Food and beverage 293 142 — — — 435 Hotel 353 172 — — — 525 Other 169 69 22 72 3 335 Net revenues $ 1,128 $ 1,461 $ 216 $ 72 $ 2 $ 2,879 Three Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 315 $ 1,098 $ 137 $ — $ (1) $ 1,549 Food and beverage 291 131 — — — 422 Hotel 358 161 — — — 519 Other 178 65 15 74 (1) 331 Net revenues $ 1,142 $ 1,455 $ 152 $ 74 $ (2) $ 2,821 Six Months Ended June 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 622 $ 2,136 $ 413 $ — $ (2) $ 3,169 Food and beverage 583 279 — — — 862 Hotel 726 302 — — — 1,028 Other 328 133 41 141 7 650 Net revenues $ 2,259 $ 2,850 $ 454 $ 141 $ 5 $ 5,709 Six Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 606 $ 2,168 $ 68 $ — $ (1) $ 2,841 Food and beverage 511 250 — — — 761 Hotel 624 278 — — — 902 Other 315 122 31 140 1 609 Net revenues $ 2,056 $ 2,818 $ 99 $ 140 $ — $ 5,113 Accounts Receivable, Net (In millions) June 30, 2023 December 31, 2022 Casino $ 206 $ 259 Food and beverage and hotel 163 144 Other 157 208 Accounts receivable, net $ 526 $ 611 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 customers, (2) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play and advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, or future sports bets). These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within Accrued other liabilities on the Company’s Balance Sheets. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within Other long-term liabilities on the Company’s Balance Sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2023 2022 2023 2022 2023 2022 Balance at January 1 $ 45 $ 48 $ 87 $ 91 $ 693 $ 560 Balance at June 30 45 45 92 98 807 665 Increase / (decrease) $ — $ (3) $ 5 $ 7 $ 114 $ 105 Lease Revenue Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended June 30, 2023 and 2022, we recognized approximately $525 million and $519 million, respectively, and during the six months ended June 30, 2023 and 2022, we recognized approximately $1.0 billion and $902 million, respectively, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statements of Operations and during the three months ended June 30, 2023 and 2022, lease revenue related to conventions was approximately $12 million and $13 million, respectively, and during the six months ended June 30, 2023 and 2022, lease revenue related to conventions was approximately $26 million and $19 million, respectively. Real Estate Operating Leases Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended June 30, 2023 and 2022, we recognized approximately $43 million and $47 million, respectively, and during the six months ended June 30, 2023 and 2022, we recognized approximately $80 million and $83 million, respectively, of real estate lease revenue.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ 920 $ 34 $ 784 $ (417) Discontinued operations, net of income taxes — (157) — (386) Net income (loss) attributable to Caesars $ 920 $ (123) $ 784 $ (803) Shares outstanding: Weighted average shares outstanding – basic 215 214 215 214 Effect of dilutive securities: Stock-based compensation awards 1 1 1 — Weighted average shares outstanding – diluted 216 215 216 214 Basic income (loss) per share from continuing operations $ 4.27 $ 0.16 $ 3.65 $ (1.95) Basic loss per share from discontinued operations — (0.73) — (1.80) Net income (loss) per common share attributable to common stockholders – basic: $ 4.27 $ (0.57) $ 3.65 $ (3.75) Diluted income (loss) per share from continuing operations $ 4.26 $ 0.16 $ 3.63 $ (1.95) Diluted loss per share from discontinued operations — (0.73) — (1.80) Net income (loss) per common share attributable to common stockholders – diluted: $ 4.26 $ (0.57) $ 3.63 $ (3.75) For a period in which the Company generated a net loss from continuing operations, the Weighted average shares outstanding - basic was used in calculating Diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings per Share Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Stock-based compensation awards 3 2 3 3 Total anti-dilutive common stock 3 2 3 3

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Stockholders’ Equity	Stock-Based Compensation and Stockholders’ Equity Stock-Based Awards The Company maintains long-term incentive plans which allow for granting stock-based compensation awards to 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. Total stock-based compensation expense in the accompanying Statements of Operations totaled $29 million and $26 million during the three months ended June 30, 2023 and 2022, respectively, and $56 million and $51 million during the six months ended June 30, 2023 and 2022, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations. 2015 Equity Incentive Plan (“2015 Plan”) During the six months ended June 30, 2023, as part of the annual incentive program, the Company granted 1.4 million RSUs to eligible participants with an aggregate fair value of $74 million and a ratable vesting period of one During the six months ended June 30, 2023, the Company also granted 192 thousand PSUs that are scheduled to vest over a period of two In addition, during the six months ended June 30, 2023, the Company granted 379 thousand MSUs that are scheduled to cliff vest over a period of one During the six months ended June 30, 2023, there were no grants of stock options and 88 stock options were exercised. In addition, during the six months ended June 30, 2023, 596 thousand, 237 thousand and 20 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 Plan. Outstanding at End of Period June 30, 2023 December 31, 2022 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options — $ — 88 $ 30.63 Restricted stock units 2,598,976 59.13 1,863,481 66.87 Performance stock units 336,298 50.89 383,157 51.73 Market-based stock units 1,070,107 82.62 741,803 83.24 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model. Share Repurchase Program In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of June 30, 2023, the Company has acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the six months ended June 30, 2023 and 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s provision for income taxes during interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. However, the Company utilized a discrete effective tax rate method, as allowed by ASC 740-270 “Income Taxes, Interim Reporting,” to calculate taxes for the three and six months ended June 30, 2023. The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, and therefore, the historical method would not provide a reliable estimate for the three and six months ended June 30, 2023. Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income (loss) from continuing operations before income taxes $ 26 $ 88 $ (159) $ (470) Benefit (provision) for income taxes 902 (52) 951 55 Effective tax rate * 59.1 % * 11.7 % ____________________ * Not meaningful. The Company classifies accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets, separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. Prior to June 30, 2023, the Company provided a valuation allowance on certain federal, state and foreign deferred tax assets that were not deemed realizable based upon estimates of future income at that time. In the last five quarters, the Company began to observe positive trends in income. As of June 30, 2023, the Company evaluated its forecasted adjusted taxable income and objectively verifiable evidence and placed substantial weight on its 2022 and 2023 quarterly earnings, adjusted for non-recurring items, including the interest expense disallowed under current tax law. Accordingly, the Company determined it was more likely than not that a portion of the federal and state deferred tax assets will be realized and, as a result, the Company reversed the valuation allowance related to these deferred tax assets and recorded an income tax benefit of $940 million. The Company is still carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed interest expense deferred tax asset, using the integrated approach. The income tax benefit for the three and six months ended June 30, 2023 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to the partial release of federal and state valuation allowances. The income tax benefit for the three and six months ended June 30, 2022 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to a deferred tax adjustment related to the tax impact of the settlement of preexisting relationships upon the acquisition of William Hill in 2021. The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2019, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

Related Affiliates

Related Affiliates	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Affiliates	Related Affiliates REI As of June 30, 2023, 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. During the six months ended June 30, 2023 and 2022, 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 June 30, 2023 and December 31, 2022, there were no amounts due to or from CSY. C VA Holdco, LLC In May 2023, the Company entered into a joint venture, CVA Holdco, LLC (“CVA”), with the Eastern Bank of Cherokee Indians (“EBCI”) and an additional minority partner, to construct, own and operate a gaming facility in Danville, Virginia (“Caesars Virginia”). Caesars Virginia opened in a temporary facility on May 15, 2023 which will be replaced by a permanent facility that is currently under construction and is estimated to open in late 2024. As the managing member, the Company 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. While the Company holds a 49.5% variable interest in the joint venture, it is the primary beneficiary; as such, the joint venture’s operations are included in the Financial Statements, with a minority interest recorded reflecting the operations attributed to the other partners. The Company participates ratably, based on ownership percentage, with the partners in the profits and losses of the joint venture. As of June 30, 2023, the Company has received $77 million in contributions for the project and the EBCI and the other minority partners are obligated to contribute cash totaling $47 million to the joint venture.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment InformationThe executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. 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 and Note 5 for a discussion of any impairment of intangible assets or long-lived assets related to certain segments, when applicable. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of June 30, 2023: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars Virginia (a) Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Circus Circus Reno Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Eldorado Gaming Scioto Downs Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Resort Casino Reno Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Horseshoe Hammond Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Horseshoe Indianapolis Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Columbus Nebraska (b) Horseshoe Lake Charles Branded Rio All-Suite Hotel & Casino Harrah’s Council Bluffs Horseshoe St. Louis Caesars Southern Indiana Harrah’s Gulf Coast Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Caesars Digital Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Lake Tahoe Isle of Capri Casino Lula 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 Tropicana Laughlin Hotel & Casino ____________________ (a) Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in late 2024. (b) Temporary gaming facility opened on June 12, 2023. The construction of the permanent facility of Harrah’s Columbus Nebraska is expected to be completed in the first half of 2024. 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, which operates Winner’s Circle Clarksville. The LINQ Promenade is an open-air dining, entertainment, and retail promenade located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”) that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM convention 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: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Las Vegas: Net revenues $ 1,128 $ 1,142 $ 2,259 $ 2,056 Adjusted EBITDA 512 547 1,045 947 Regional: Net revenues 1,461 1,455 2,850 2,818 Adjusted EBITDA 508 513 956 972 Caesars Digital: Net revenues 216 152 454 99 Adjusted EBITDA 11 (69) 7 (623) Managed and Branded: Net revenues 72 74 141 140 Adjusted EBITDA 19 22 38 42 Corporate and Other: Net revenues 2 (2) 5 — Adjusted EBITDA (43) (35) (81) (64) 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. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Net income (loss) attributable to Caesars $ 920 $ (123) $ 784 $ (803) Net income attributable to noncontrolling interests 8 2 8 2 Net loss from discontinued operations — 157 — 386 (Benefit) provision for income taxes (902) 52 (951) (55) Other income (a) (3) (45) (6) (49) Loss on extinguishment of debt — — 197 — Interest expense, net 586 559 1,180 1,111 Depreciation and amortization 323 306 623 606 Transaction costs and other, net (b) 46 44 74 25 Stock-based compensation expense 29 26 56 51 Adjusted EBITDA $ 1,007 $ 978 $ 1,965 $ 1,274 Adjusted EBITDA by Segment: Las Vegas $ 512 $ 547 $ 1,045 $ 947 Regional 508 513 956 972 Caesars Digital 11 (69) 7 (623) Managed and Branded 19 22 38 42 Corporate and Other (43) (35) (81) (64) ____________________ (a) Other income for the three and six months ended June 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and changes in the fair value of a disputed claim liability. (b) Transaction costs and other, net for the three and six months ended June 30, 2023 primarily includes non-cash losses on the write down and disposal of assets, pre-opening costs in connection with new temporary facility openings and non-cash changes in equity method investments. Transaction costs and other, net for the three and six months ended June 30, 2022 primarily represents professional services for integration activities and various contract exit or termination costs partially offset by a gain resulting from insurance proceeds received in excess of the respective carrying value of damaged assets associated with the Lake Charles property. Total Assets - By Segment (In millions) June 30, 2023 December 31, 2022 Las Vegas $ 23,843 $ 23,547 Regional 15,267 14,908 Caesars Digital 1,021 1,200 Managed and Branded 166 140 Corporate and Other (a) (6,819) (6,268) Total $ 33,478 $ 33,527 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Caesars	$ 920	$ (123)	$ 784	$ (803)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Stephanie Lepori [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Stephanie Lepori, Chief Administrative and Accounting Officer, entered into a pre-arranged stock trading plan on May 22, 2023. Ms. Lepori’s plan provides for the potential sale by Ms. Lepori of up to 72,200 shares of common stock between August 21, 2023 and August 9, 2024.
Name	Stephanie Lepori
Title	Chief Administrative and Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2023
Arrangement Duration	354 days
Aggregate Available	72,200	72,200
Thomas Reeg [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 14, 2023, Thomas Reeg, Chief Executive Officer and a member of the Board of Directors of the Company, terminated a stock trading plan which he entered into on February 24, 2023. Mr. Reeg’s plan provided for the potential sale by Mr. Reeg of up to 200,000 shares of common stock and would have expired on May 25, 2025.
Name	Thomas Reeg
Title	Chief Executive Officer and a member of the Board of Directors
Adoption Date	February 24, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 14, 2023
Aggregate Available	200,000	200,000

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities	Basis of Presentation The accompanying unaudited Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation. The presentation of financial information herein for the periods before the Company’s divestitures of various properties is not fully comparable to the periods after the sale dates. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include highly-liquid investments with original maturities of three months or less at the date of purchase including 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, as well as cash deposits which are restricted under certain operating agreements, regulatory requirement, or for future capital expenditures in the normal course of business.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Advertising	AdvertisingAdvertising costs are expensed in the period the advertising first occurs.Advertising costs in the six months ended June 30, 2022 included significant television, radio and internet marketing campaigns promoting our Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Organization and Description _2

Organization and Description of Business (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Recently Completed Divestitures of our Properties	A summary of recently completed divestitures of our properties as of June 30, 2023 is as follows: Segment Property Date Sold Sales Price Regional Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) May 5, 2022 * Discontinued operations: N/A William Hill International July 1, 2022 £2.0 billion ____________________ * Not meaningful. The following information presents the net revenues and net loss of recently completed divestitures: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (In millions) Baton Rouge William Hill International Baton Rouge William Hill International Net revenues $ 2 $ 401 $ 6 $ 820 Net loss (1) (145) (1) (448)

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Interest Expense, Net	Interest Expense, Net Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Interest expense $ 597 $ 567 $ 1,201 $ 1,127 Capitalized interest (8) (5) (14) (11) Interest income (3) (3) (7) (5) Total interest expense, net $ 586 $ 559 $ 1,180 $ 1,111

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	(In millions) June 30, 2023 December 31, 2022 Land $ 2,088 $ 2,092 Buildings, riverboats, and leasehold and land improvements 13,364 13,094 Furniture, fixtures, and equipment 2,241 2,054 Construction in progress 474 351 Total property and equipment 18,167 17,591 Less: accumulated depreciation (3,534) (2,993) Total property and equipment, net $ 14,633 $ 14,598 Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Depreciation expense $ 287 $ 255 $ 551 $ 498

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets, Net	Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other Balances as of December 31, 2022 $ 1,060 $ 11,004 $ 3,654 Amortization expense (72) — — Acquisition of gaming rights and trademarks 15 — 4 Balances as of June 30, 2023 $ 1,003 $ 11,004 $ 3,658
Schedule of Finite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2023 December 31, 2022 (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 $ (318) $ 269 $ 587 $ (276) $ 311 Gaming rights and other 10 - 34 years 227 (21) 206 212 (16) 196 Trademarks 15 years 313 (82) 231 313 (73) 240 Reacquired rights 24 years 250 (23) 227 250 (17) 233 Technology 6 years 110 (40) 70 110 (30) 80 $ 1,487 $ (484) 1,003 $ 1,472 $ (412) 1,060 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,137 1,133 Caesars Rewards 523 523 3,658 3,654 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,661 $ 4,714
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2023 December 31, 2022 (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 $ (318) $ 269 $ 587 $ (276) $ 311 Gaming rights and other 10 - 34 years 227 (21) 206 212 (16) 196 Trademarks 15 years 313 (82) 231 313 (73) 240 Reacquired rights 24 years 250 (23) 227 250 (17) 233 Technology 6 years 110 (40) 70 110 (30) 80 $ 1,487 $ (484) 1,003 $ 1,472 $ (412) 1,060 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,137 1,133 Caesars Rewards 523 523 3,658 3,654 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,661 $ 4,714
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated Five-Year Amortization Remaining 2023 Years Ended December 31, (In millions) 2024 2025 2026 2027 2028 Estimated annual amortization expense $ 71 $ 128 $ 120 $ 120 $ 78 $ 41

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets: June 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ — $ — $ 2 Total assets at fair value $ 2 $ — $ — $ 2 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2 $ 2 $ — $ 4 Total assets at fair value $ 2 $ 2 $ — $ 4
Schedule of Changes in AOCI by Component	The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the periods through June 30, 2023 and 2022 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2021 $ 73 $ (36) $ (1) $ 36 Other comprehensive income (loss) before reclassifications 5 (33) — (28) Amounts reclassified from accumulated other comprehensive income 8 — — 8 Total other comprehensive income (loss), net of tax 13 (33) — (20) Balances as of March 31, 2022 $ 86 $ (69) $ (1) $ 16 Other comprehensive income (loss) before reclassifications 1 (44) 1 (42) Amounts reclassified from accumulated other comprehensive income 6 — — 6 Total other comprehensive income (loss), net of tax 7 (44) 1 (36) Balances as of June 30, 2022 $ 93 $ (113) $ — $ (20) Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92 Other comprehensive income (loss) before reclassifications — 2 4 6 Total other comprehensive income (loss), net of tax — 2 4 6 Balances as of March 31, 2023 $ 94 $ 1 $ 3 $ 98 Other comprehensive income (loss) before reclassifications — (1) 1 — Total other comprehensive income (loss), net of tax — (1) 1 — Balances as of June 30, 2023 $ 94 $ — $ 4 $ 98

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	June 30, 2023 December 31, 2022 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt Baltimore Revolving Credit Facility (a) 2023 variable $ — $ — $ — Baltimore Term Loan (a) 2024 variable 250 247 262 CEI Revolving Credit Facility 2028 variable — — — CEI Term Loan A 2028 variable 731 729 747 CEI Term Loan B 2030 variable 2,494 2,441 — CRC Senior Secured Notes 2025 5.75% 989 980 979 CEI Senior Secured Notes due 2025 2025 6.25% 3,399 3,367 3,360 CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,977 — Convention Center Mortgage Loan N/A N/A — — 400 CRC Incremental Term Loan N/A N/A — — 972 CRC Term Loan N/A N/A — — 3,243 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,591 1,589 CEI Senior Notes due 2029 2029 4.625% 1,200 1,187 1,186 Special Improvement District Bonds 2037 4.30% 45 45 47 Long-term notes and other payables 2 2 2 Total debt 12,721 12,566 12,787 Current portion of long-term debt (68) (68) (108) Deferred finance charges associated with the CEI Revolving Credit Facility — (18) (20) Long-term debt $ 12,653 $ 12,480 $ 12,659 Unamortized discounts and deferred finance charges $ 173 $ 318 Fair value $ 12,607 ____________________ (a) The Baltimore Revolving Credit Facility matured on July 7, 2023, and as described below, the Baltimore Term Loan was fully repaid on July 17, 2023.
Schedule of Maturities of Long-term Debt	Annual Estimated Debt Service Requirements as of June 30, 2023 Remaining Years Ended December 31, (In millions) 2023 2024 (a) 2025 2026 2027 Thereafter Total Annual maturities of long-term debt $ 33 $ 314 $ 4,453 $ 65 $ 1,676 $ 6,180 $ 12,721 Estimated interest payments 450 860 800 520 510 790 3,930 Total debt service obligation (b) $ 483 $ 1,174 $ 5,253 $ 585 $ 2,186 $ 6,970 $ 16,651 ____________________ (a) Maturity of $249 million in 2024 was repaid on July 17, 2023. (b) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking SOFR curve, where applicable. Actual payments may differ from these estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenues Disaggregated Type of Revenue and Reportable Segment	The Company’s Statements of Operations present 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 14 for additional information on the Company’s reportable segments. Three Months Ended June 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 313 $ 1,078 $ 194 $ — $ (1) $ 1,584 Food and beverage 293 142 — — — 435 Hotel 353 172 — — — 525 Other 169 69 22 72 3 335 Net revenues $ 1,128 $ 1,461 $ 216 $ 72 $ 2 $ 2,879 Three Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 315 $ 1,098 $ 137 $ — $ (1) $ 1,549 Food and beverage 291 131 — — — 422 Hotel 358 161 — — — 519 Other 178 65 15 74 (1) 331 Net revenues $ 1,142 $ 1,455 $ 152 $ 74 $ (2) $ 2,821 Six Months Ended June 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 622 $ 2,136 $ 413 $ — $ (2) $ 3,169 Food and beverage 583 279 — — — 862 Hotel 726 302 — — — 1,028 Other 328 133 41 141 7 650 Net revenues $ 2,259 $ 2,850 $ 454 $ 141 $ 5 $ 5,709 Six Months Ended June 30, 2022 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 606 $ 2,168 $ 68 $ — $ (1) $ 2,841 Food and beverage 511 250 — — — 761 Hotel 624 278 — — — 902 Other 315 122 31 140 1 609 Net revenues $ 2,056 $ 2,818 $ 99 $ 140 $ — $ 5,113
Schedule of Accounts Receivable, Net	Accounts Receivable, Net (In millions) June 30, 2023 December 31, 2022 Casino $ 206 $ 259 Food and beverage and hotel 163 144 Other 157 208 Accounts receivable, net $ 526 $ 611
Schedule 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) 2023 2022 2023 2022 2023 2022 Balance at January 1 $ 45 $ 48 $ 87 $ 91 $ 693 $ 560 Balance at June 30 45 45 92 98 807 665 Increase / (decrease) $ — $ (3) $ 5 $ 7 $ 114 $ 105

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Loss Per Share Computations	The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations attributable to Caesars, net of income taxes $ 920 $ 34 $ 784 $ (417) Discontinued operations, net of income taxes — (157) — (386) Net income (loss) attributable to Caesars $ 920 $ (123) $ 784 $ (803) Shares outstanding: Weighted average shares outstanding – basic 215 214 215 214 Effect of dilutive securities: Stock-based compensation awards 1 1 1 — Weighted average shares outstanding – diluted 216 215 216 214 Basic income (loss) per share from continuing operations $ 4.27 $ 0.16 $ 3.65 $ (1.95) Basic loss per share from discontinued operations — (0.73) — (1.80) Net income (loss) per common share attributable to common stockholders – basic: $ 4.27 $ (0.57) $ 3.65 $ (3.75) Diluted income (loss) per share from continuing operations $ 4.26 $ 0.16 $ 3.63 $ (1.95) Diluted loss per share from discontinued operations — (0.73) — (1.80) Net income (loss) per common share attributable to common stockholders – diluted: $ 4.26 $ (0.57) $ 3.63 $ (3.75)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings per Share Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Stock-based compensation awards 3 2 3 3 Total anti-dilutive common stock 3 2 3 3

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Activity	June 30, 2023 December 31, 2022 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options — $ — 88 $ 30.63 Restricted stock units 2,598,976 59.13 1,863,481 66.87 Performance stock units 336,298 50.89 383,157 51.73 Market-based stock units 1,070,107 82.62 741,803 83.24 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income (loss) from continuing operations before income taxes $ 26 $ 88 $ (159) $ (470) Benefit (provision) for income taxes 902 (52) 951 55 Effective tax rate * 59.1 % * 11.7 % ____________________ * Not meaningful.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Operating Data for Reportable Segments	The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of June 30, 2023: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars Virginia (a) Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Circus Circus Reno Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Eldorado Gaming Scioto Downs Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Resort Casino Reno Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Horseshoe Hammond Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Horseshoe Indianapolis Caesars Dubai Planet Hollywood Resort & Casino Harrah’s Columbus Nebraska (b) Horseshoe Lake Charles Branded Rio All-Suite Hotel & Casino Harrah’s Council Bluffs Horseshoe St. Louis Caesars Southern Indiana Harrah’s Gulf Coast Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Caesars Digital Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Lake Tahoe Isle of Capri Casino Lula 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 Tropicana Laughlin Hotel & Casino ____________________ (a) Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in late 2024. (b) Temporary gaming facility opened on June 12, 2023. The construction of the permanent facility of Harrah’s Columbus Nebraska is expected to be completed in the first half of 2024. 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: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Las Vegas: Net revenues $ 1,128 $ 1,142 $ 2,259 $ 2,056 Adjusted EBITDA 512 547 1,045 947 Regional: Net revenues 1,461 1,455 2,850 2,818 Adjusted EBITDA 508 513 956 972 Caesars Digital: Net revenues 216 152 454 99 Adjusted EBITDA 11 (69) 7 (623) Managed and Branded: Net revenues 72 74 141 140 Adjusted EBITDA 19 22 38 42 Corporate and Other: Net revenues 2 (2) 5 — Adjusted EBITDA (43) (35) (81) (64) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Net income (loss) attributable to Caesars $ 920 $ (123) $ 784 $ (803) Net income attributable to noncontrolling interests 8 2 8 2 Net loss from discontinued operations — 157 — 386 (Benefit) provision for income taxes (902) 52 (951) (55) Other income (a) (3) (45) (6) (49) Loss on extinguishment of debt — — 197 — Interest expense, net 586 559 1,180 1,111 Depreciation and amortization 323 306 623 606 Transaction costs and other, net (b) 46 44 74 25 Stock-based compensation expense 29 26 56 51 Adjusted EBITDA $ 1,007 $ 978 $ 1,965 $ 1,274 Adjusted EBITDA by Segment: Las Vegas $ 512 $ 547 $ 1,045 $ 947 Regional 508 513 956 972 Caesars Digital 11 (69) 7 (623) Managed and Branded 19 22 38 42 Corporate and Other (43) (35) (81) (64) ____________________ (a) Other income for the three and six months ended June 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and changes in the fair value of a disputed claim liability. (b) Transaction costs and other, net for the three and six months ended June 30, 2023 primarily includes non-cash losses on the write down and disposal of assets, pre-opening costs in connection with new temporary facility openings and non-cash changes in equity method investments. Transaction costs and other, net for the three and six months ended June 30, 2022 primarily represents professional services for integration activities and various contract exit or termination costs partially offset by a gain resulting from insurance proceeds received in excess of the respective carrying value of damaged assets associated with the Lake Charles property.
Schedule of Balance Sheet Information for Reportable Segments	Total Assets - By Segment (In millions) June 30, 2023 December 31, 2022 Las Vegas $ 23,843 $ 23,547 Regional 15,267 14,908 Caesars Digital 1,021 1,200 Managed and Branded 166 140 Corporate and Other (a) (6,819) (6,268) Total $ 33,478 $ 33,527 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Organization and Description _3

Organization and Description of Business - Description of Business (Details)	Jun. 30, 2023 hotel_room state machine property game
Variable Interest Entity [Line Items]
Total number of properties | property	53
Number of slot machines and video lottery terminals | machine	52,700
Number of table games | game	2,700
Number of room in hotel | hotel_room	47,200
Domestic Gaming and Hospitality Properties
Variable Interest Entity [Line Items]
Number of states in which the company operates	18
Sports Wagering
Variable Interest Entity [Line Items]
Number of states in which the company operates	30
Mobile Sports Betting
Variable Interest Entity [Line Items]
Number of states in which the company operates	22
Online Real Money Gaming Businesses
Variable Interest Entity [Line Items]
Number of states in which the company operates	6

Organization and Description _4

Organization and Description of Business - Divestitures (Details) - Discontinued Operations, Disposed of by Sale $ in Millions, £ in Billions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jul. 01, 2022 GBP (£)
Baton Rouge
Variable Interest Entity [Line Items]
Net revenues	$ 2	$ 6
Net loss	(1)	(1)
William Hill International
Variable Interest Entity [Line Items]
Discontinued operations | £			£ 2
Net revenues	401	820
Net loss	$ (145)	$ (448)

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Advertising expense	$ 52	$ 106	$ 120	$ 376

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Interest expense	$ 597	$ 567	$ 1,201	$ 1,127
Capitalized interest	(8)	(5)	(14)	(11)
Interest income	(3)	(3)	(7)	(5)
Total interest expense, net	$ 586	$ 559	$ 1,180	$ 1,111

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 14, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Investment in Unconsolidated Affiliates
Investment in joint venture			$ 91	$ 94
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake			50%
Investment in joint venture			$ 80	$ 80
Neo Games S.A
Investment in Unconsolidated Affiliates
Proceeds from sale of equity securities	$ 26
Equity securities, loss		$ 34

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18,167		$ 18,167		$ 17,591
Less: accumulated depreciation	(3,534)		(3,534)		(2,993)
Total property and equipment, net	14,633		14,633		14,598
Depreciation expense	287	$ 255	551	$ 498
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,088		2,088		2,092
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,364		13,364		13,094
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,241		2,241		2,054
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 474		$ 474		$ 351

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance			$ 1,060
Amortization expense	$ (36)	$ (51)	(72)	$ (108)
Acquisition of gaming rights and trademarks			15
Finite-lived intangible assets, net, ending balance	1,003		1,003
Goodwill
Goodwill, gross, beginning balance			11,004
Acquisition of gaming rights and trademarks			0
Goodwill, gross, ending balance	11,004		11,004
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance			3,654
Acquisition of gaming rights and trademarks			4
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,658		$ 3,658

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 1,487	$ 1,472
Accumulated Amortization	(484)	(412)
Net Carrying Amount	1,003	1,060
Non-amortizing intangible assets other than Goodwill	3,658	3,654
Total amortizing and non-amortizing intangible assets other than Goodwill, net	4,661	4,714
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,998	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,137	1,133
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	587	587
Accumulated Amortization	(318)	(276)
Net Carrying Amount	$ 269	311
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 227	212
Accumulated Amortization	(21)	(16)
Net Carrying Amount	$ 206	196
Gaming rights and other | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	10 years
Gaming rights and other | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	15 years
Gross Carrying Amount	$ 313	313
Accumulated Amortization	(82)	(73)
Net Carrying Amount	$ 231	240
Reacquired rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	24 years
Gross Carrying Amount	$ 250	250
Accumulated Amortization	(23)	(17)
Net Carrying Amount	$ 227	233
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	6 years
Gross Carrying Amount	$ 110	110
Accumulated Amortization	(40)	(30)
Net Carrying Amount	$ 70	$ 80

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 36	$ 51	$ 72	$ 108

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2023	$ 71
2024	128
2025	120
2026	120
2027	78
2028	$ 41

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring Basis - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Marketable securities	$ 2	$ 4
Total assets at fair value	2	4
Level 1
Assets:
Marketable securities	2	2
Total assets at fair value	2	2
Level 2
Assets:
Marketable securities	0	2
Total assets at fair value	0	2
Level 3
Assets:
Marketable securities	0	0
Total assets at fair value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Derivative instruments - FX forward | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain on derivatives	$ 55	$ 76

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,635	$ 3,751	$ 3,846	$ 4,541
Other comprehensive income (loss) before reclassifications	0	6	(42)	(28)
Amounts reclassified from accumulated other comprehensive income			6	8
Other comprehensive income (loss), net of tax	0	6	(36)	(20)
Ending balance	4,667	3,635	3,711	3,846
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	98	92	16	36
Ending balance	98	98	(20)	16
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94	86	73
Other comprehensive income (loss) before reclassifications	0	0	1	5
Amounts reclassified from accumulated other comprehensive income			6	8
Other comprehensive income (loss), net of tax	0	0	7	13
Ending balance	94	94	93	86
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1	(1)	(69)	(36)
Other comprehensive income (loss) before reclassifications	(1)	2	(44)	(33)
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive income (loss), net of tax	(1)	2	(44)	(33)
Ending balance	0	1	(113)	(69)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	(1)	(1)	(1)
Other comprehensive income (loss) before reclassifications	1	4	1	0
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive income (loss), net of tax	1	4	1	0
Ending balance	$ 4	$ 3	$ 0	$ (1)

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 207		$ 203
Atlantic City
Loss Contingencies [Line Items]
Escrow deposit		$ 400
Capital expenditure term		3 years
Restricted cash	59		118
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease	430			$ 325
Number of hotel rooms in new tower | hotel_room				340
Capital expenditures	187
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	788		$ 898
Insurance Carrier
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 2,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Feb. 06, 2023	Dec. 31, 2022	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 12,721
Current portion of long-term debt	(68)		$ (108)
Long-term debt	12,480		12,659
Face Value
Long-term debt
Special Improvement District Bonds	45
Long-term notes and other payables	2
Total debt	12,721
Current portion of long-term debt	(68)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,653
Fair value	12,607
Book Value
Long-term debt
Special Improvement District Bonds	45		47
Long-term notes and other payables	2		2
Total debt	12,566		12,787
Current portion of long-term debt	(68)		(108)
Deferred finance charges associated with the CEI Revolving Credit Facility	(18)		(20)
Long-term debt	12,480		12,659
Unamortized discounts and deferred finance charges	173		318
Baltimore Revolving Credit Facility | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
Baltimore Revolving Credit Facility | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0		0
Baltimore Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	250
Baltimore Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	247		262
CEI Revolving Credit Facility | Senior Notes | Face Value
Long-term debt
Long-term line of credit	0
CEI Revolving Credit Facility | Senior Notes | Book Value
Long-term debt
Long-term line of credit	0		0
CEI Term Loan A | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	731
CEI Term Loan A | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	729		747
CEI Term Loan B | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	2,494
CEI Term Loan B | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 2,441		0
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate	5.75%				5.75%
Long-term debt, gross					$ 1,000
CRC Senior Secured Notes | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 989
CRC Senior Secured Notes | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 980		979
CEI Senior Secured Notes due 2025 | Senior Notes
Long-term debt
Interest rate	6.25%				6.25%
Long-term debt, gross					$ 3,400
CEI Senior Secured Notes due 2025 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 3,399
CEI Senior Secured Notes due 2025 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 3,367		3,360
CEI Senior Secured Notes due 2030 | Senior Notes
Long-term debt
Interest rate	7%	7%
Long-term debt, gross		$ 2,000
CEI Senior Secured Notes due 2030 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 2,000
CEI Senior Secured Notes due 2030 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	1,977		0
Convention Center Mortgage Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
Convention Center Mortgage Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0		400
CRC Incremental Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
CRC Incremental Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0		972
CRC Term Loan | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
CRC Term Loan | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 0		3,243
CEI Senior Notes due 2027
Long-term debt
Interest rate	8.125%				8.125%
CEI Senior Notes due 2027 | Face Value
Long-term debt
Long-term debt, gross	$ 1,611
CEI Senior Notes due 2027 | Book Value
Long-term debt
Long-term debt, gross	$ 1,591		1,589
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Long-term debt, gross					$ 1,800
CEI Senior Notes due 2029
Long-term debt
Interest rate	4.625%			4.625%
CEI Senior Notes due 2029 | Face Value
Long-term debt
Long-term debt, gross	$ 1,200
CEI Senior Notes due 2029 | Book Value
Long-term debt
Long-term debt, gross	$ 1,187		$ 1,186
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Long-term debt, gross				$ 1,200

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 17, 2023	Jun. 30, 2023
Annual maturities of long-term debt
Remaining 2023		$ 33
2024		314
2025		4,453
2026		65
2027		1,676
Thereafter		6,180
Total debt		12,721
Estimated interest payments
Remaining 2023		450
2024		860
2025		800
2026		520
2027		510
Thereafter		790
Debt estimate interest payment, due		3,930
Total debt service obligation
Remaining 2023		483
2024		1,174
2025		5,253
2026		585
2027		2,186
Thereafter		6,970
Debt service obligation		$ 16,651
Baltimore Term Loan | Senior Notes | Subsequent Event
Total debt service obligation
Prepayment of debt	$ 249

Long-Term Debt - Baltimore Term

Long-Term Debt - Baltimore Term Loan and Baltimore Revolving Credit Facility (Details) $ in Millions			3 Months Ended		6 Months Ended
	Jul. 17, 2023 USD ($)	Jun. 30, 2023 USD ($) stepdown	Jun. 30, 2023 USD ($) stepdown	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) stepdown	Jun. 30, 2022 USD ($)
Long-term debt
Loss on extinguishment of debt			$ 0	$ 0	$ 197	$ 0
Horseshoe Baltimore | Subsequent Event
Long-term debt
Subsequent acquisition percentage	24%
Baltimore Term Loan | Secured Debt
Long-term debt
Prepayment of debt		$ 15
Baltimore Term Loan | Secured Debt | Subsequent Event
Long-term debt
Prepayment of debt	$ 250
Loss on extinguishment of debt	$ 3
Baltimore Term Loan | Secured Debt | LIBOR
Long-term debt
Spread on variable rate					4%
Baltimore Revolving Credit Facility | Revolving Credit Facility
Long-term debt
Number of stepdowns | stepdown		1	1		1
Leverage ratio, maximum		0.0025	0.0025		0.0025
Line of credit facility, remaining borrowing capacity		$ 10	$ 10		$ 10
Baltimore Revolving Credit Facility | Revolving Credit Facility | Horseshoe Baltimore
Long-term debt
Horseshoe baltimore’s senior secured revolving credit facility		$ 10	$ 10		$ 10
Baltimore Revolving Credit Facility | Revolving Credit Facility | SOFR
Long-term debt
Spread on variable rate					4%

Long-Term Debt - CEI Term Loans

Long-Term Debt - CEI Term Loans and CEI Revolving Credit Facility (Details)			3 Months Ended		6 Months Ended
	Feb. 06, 2023 USD ($) stepdown	Oct. 05, 2022 USD ($) stepdown	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate			4.30%		4.30%
Loss on extinguishment			$ 0	$ 0	$ 197,000,000	$ 0
Senior Notes | CEI Term Loan B
Long-term debt
Debt instrument, face amount	$ 2,500,000,000
Number of stepdowns | stepdown	1
Leverage ratio stepdown	0.25%
Percentage of original principal amount amortization	0.25%
Percentage of principal amount issued	99%
Senior Notes | CEI Term Loan B | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate	0.50%
Senior Notes | CEI Term Loan B | SOFR | Component Two
Long-term debt
Spread on variable rate	1%
Senior Notes | CEI Term Loan B | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate	0.50%
Senior Notes | CEI Term Loan B | Base rate
Long-term debt
Spread on variable rate	2.25%
Senior Notes | CEI Term Loan B | Applicable Margin
Long-term debt
Spread on variable rate	3.25%
Senior Notes | CRC Term Loan and CRC Incremental Term Loan
Long-term debt
Loss on extinguishment	$ 197,000,000
CEI Revolving Credit Facility
Long-term debt
Amount outstanding			48,000,000		48,000,000
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility							$ 2,250,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature							$ 40,000,000
Line of Credit
Long-term debt
Line of credit facility, commitment fee percentage		0.35%
Amount outstanding			71,000,000		71,000,000
Line of Credit | SOFR
Long-term debt
Spread on variable rate		2.25%
Line of Credit | SOFR | Component One
Long-term debt
Spread on variable rate		0.10%
Line of Credit | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate		0%
Line of Credit | SOFR | Component Two
Long-term debt
Spread on variable rate		1%
Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate		0.50%
Line of Credit | Base rate
Long-term debt
Spread on variable rate		1.25%
Line of Credit | Secured Debt
Long-term debt
Debt instrument, face amount		$ 750,000,000
Interest rate		1.25%
Number of stepdowns | stepdown		3
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		$ 2,100,000,000

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - USD ($) $ in Billions	Jun. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CRC Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross		$ 1
Interest rate	5.75%	5.75%

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - USD ($) $ in Millions	Apr. 05, 2023	Jun. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate		4.30%
CEI Senior Secured Notes due 2025 | Senior Notes
Long-term debt
Long-term debt, gross			$ 3,400
Interest rate		6.25%	6.25%
Repayments of debt	$ 1

Long-Term Debt - CEI Senior S_2

Long-Term Debt - CEI Senior Secured Notes due 2030 (Details) - USD ($) $ in Billions	Jun. 30, 2023	Feb. 06, 2023
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes due 2030 | Senior Notes
Long-term debt
Long-term debt, gross		$ 2
Interest rate	7%	7%

Long-Term Debt - Convention Cen

Long-Term Debt - Convention Center Mortgage Loan (Details) - USD ($) $ in Millions	May 01, 2023	Sep. 18, 2020	Jun. 30, 2023
Long-term debt
Interest rate			4.30%
Convention Center Mortgage Loan | VICI Properties
Long-term debt
Interest rate		7.70%
Debt instrument, interest rate, maximum		8.30%
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Prepayment of debt	$ 400
Convention Center Mortgage Loan | Estimate of Fair Value Measurement | Senior Notes
Long-term debt
Long-term debt, gross			$ 0
VICI Properties | Convention Center Mortgage Loan | Senior Notes
Long-term debt
Long-term debt, term		5 years
VICI Properties | Convention Center Mortgage Loan | Estimate of Fair Value Measurement | Senior Notes
Long-term debt
Long-term debt, gross		$ 400

Long-Term Debt - CRC Term Loans

Long-Term Debt - CRC Term Loans and CRC Incremental Term Loan (Details) - USD ($) $ in Billions	Feb. 06, 2023	Dec. 22, 2017
CRC Term Loan | Base rate
Long-term debt
Spread on variable rate		1.75%
CRC Term Loan | LIBOR
Long-term debt
Spread on variable rate		2.75%
CRC Incremental Term Loan | Base rate
Long-term debt
Spread on variable rate		2.50%
CRC Incremental Term Loan | LIBOR
Long-term debt
Spread on variable rate		3.50%
CRC Credit Agreement | Base rate
Long-term debt
Spread on variable rate		0%
CRC Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Long-term debt
Spread on variable rate		0.50%
CRC Credit Agreement | LIBOR
Long-term debt
Spread on variable rate		1%
Line of Credit | CRC Term Loan
Long-term debt
Debt instrument, face amount		$ 4.7
Debt instrument, term		7 years
Repayments of debt	$ 3.4
Line of Credit | CRC Incremental Term Loan
Long-term debt
Debt instrument, term		5 years
Senior Notes | CRC Incremental Term Loan
Long-term debt
Debt instrument, face amount		$ 1.8
Repayments of debt	$ 1

Long-Term Debt - CEI Senior Not

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Billions	Jun. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2027
Long-term debt
Interest rate	8.125%	8.125%
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.8

Long-Term Debt - CEI Senior N_2

Long-Term Debt - CEI Senior Notes due 2029 (Details) - USD ($) $ in Billions	Jun. 30, 2023	Sep. 24, 2021
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2029
Long-term debt
Interest rate	4.625%	4.625%
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Details)	Jun. 30, 2023
Baltimore Revolving Credit Facility
Long-term debt
Leverage ratio, maximum	5
CEI Revolving Credit Facility and CEI Term Loan A | Period One
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 | Period Two
Long-term debt
Leverage ratio, maximum	6.50
Debt instrument, covenant, fixed charge coverage ratio, minimum	2

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,879	$ 2,821	$ 5,709	$ 5,113
Accounts receivable, net	526		526		$ 611
Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,584	1,549	3,169	2,841
Accounts receivable, net	206		206		259
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	435	422	862	761
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	525	519	1,028	902
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	163		163		144
Other
Disaggregation of Revenue [Line Items]
Net revenues	335	331	650	609
Accounts receivable, net	157		157		$ 208
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	2	(2)	5	0
Corporate and Other | Casino
Disaggregation of Revenue [Line Items]
Net revenues	(1)	(1)	(2)	(1)
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	3	(1)	7	1
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,128	1,142	2,259	2,056
Las Vegas | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	313	315	622	606
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	293	291	583	511
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	353	358	726	624
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	169	178	328	315
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,461	1,455	2,850	2,818
Regional | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,078	1,098	2,136	2,168
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	142	131	279	250
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	172	161	302	278
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	69	65	133	122
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	216	152	454	99
Caesars Digital | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	194	137	413	68
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	22	15	41	31
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	72	74	141	140
Managed and Branded | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 72	$ 74	$ 141	$ 140

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 45	$ 45	$ 45	$ 48
Increase / (decrease)	0	(3)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	92	98	87	91
Increase / (decrease)	5	7
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	807	665	$ 693	$ 560
Increase / (decrease)	$ 114	$ 105

Revenue Recognition - Lease Rev

Revenue Recognition - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,879	$ 2,821	$ 5,709	$ 5,113
Variable lease income	16	16	30	28
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	525	519	1,028	902
Other
Lessor, Lease, Description [Line Items]
Net revenues	335	331	650	609
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	12	13	26	19
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 43	$ 47	$ 80	$ 83

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ 920	$ 34	$ 784	$ (417)
Discontinued operations, net of income taxes	0	(157)	0	(386)
Net income (loss) attributable to Caesars	$ 920	$ (123)	$ 784	$ (803)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	215	214	215	214
Effect of dilutive securities:
Stock-based compensation awards (in shares)	1	1	1	0
Weighted average shares outstanding - diluted (in shares)	216	215	216	214
Net loss per share - Basic
Basic income (loss) per share from continuing operations (in dollars per share)	$ 4.27	$ 0.16	$ 3.65	$ (1.95)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.73)	0	(1.80)
Basic income (loss) per share (in dollars per share)	4.27	(0.57)	3.65	(3.75)
Net loss per share - Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	4.26	0.16	3.63	(1.95)
Diluted loss per share from discontinued operations (in dollar per shares)	0	(0.73)	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ 4.26	$ (0.57)	$ 3.63	$ (3.75)

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from the Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	3	2	3	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	3	2	3	3

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 29	$ 26	$ 56	$ 51

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Exercise of stock options (in shares)	88
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,400,000
Equity instruments other than options, fair value | $	$ 74
Share conversion (in shares)	1
Vested (in shares)	596,000
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	192,000
Aggregate intrinsic value, nonvested | $	$ 10
Vested (in shares)	237,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Percentage of target payout range	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	379,000
Aggregate intrinsic value, nonvested | $	$ 31
Vested (in shares)	20,000
Market-based stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0%
Market-based stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholders' Equity - Outstanding at End of Period (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0	88
Stock options weighted average exercise price (in dollars per share)	$ 0	$ 30.63
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,598,976	1,863,481
Weighted average exercise price (in dollars per share)	$ 59.13	$ 66.87
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	336,298	383,157
Weighted average exercise price (in dollars per share)	$ 50.89	$ 51.73
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,070,107	741,803
Weighted average exercise price (in dollars per share)	$ 82.62	$ 83.24

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Nov. 30, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150
Treasury stock (in shares)	223,823
Common stock acquired value	$ 9
Common stock acquired average price per share (in dollars per share)	$ 40.80
Common stock shares acquired (in shares)	0	0

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 26	$ 88	$ (159)	$ (470)
Benefit (provision) for income taxes	$ 902	$ (52)	$ 951	$ 55
Effective tax rate		59.10%		11.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit related to change in deferred tax asset valuation allowance	$ 940

Related Affiliates (Details)

Related Affiliates (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related affiliates
Accounts receivable, net	$ 526,000,000		$ 611,000,000
Accounts payable	299,000,000		314,000,000
Corporate Joint Venture | CVA Holdco, LLC | Eastern Bank of Cherokee Indians and Minority Partners
Related affiliates
Outstanding cash obligation	47,000,000
Corporate Joint Venture | VIEs | CVA Holdco, LLC
Related affiliates
Related party transactions	$ 77,000,000
Variable interest entity, ownership percentage	49.50%
Gary Carano Family | Related Party
Related affiliates
Related party transactions	$ 0	$ 0
C. S. & Y. Associates | Related Party
Related affiliates
Area of real property leased | ft²	30
Annual rent payable	$ 600,000
Accounts receivable, net	0		0
Accounts payable	$ 0		$ 0
REI
Related affiliates
Percentage of outstanding shares owned	4%

Segment Information - Narrative

Segment Information - Narrative (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2023 ft² segment ft 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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 2,879	$ 2,821	$ 5,709	$ 5,113
Adjusted EBITDA	1,007	978	1,965	1,274
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,128	1,142	2,259	2,056
Adjusted EBITDA	512	547	1,045	947
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues	1,461	1,455	2,850	2,818
Adjusted EBITDA	508	513	956	972
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	216	152	454	99
Adjusted EBITDA	11	(69)	7	(623)
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	72	74	141	140
Adjusted EBITDA	19	22	38	42
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	2	(2)	5	0
Adjusted EBITDA	$ (43)	$ (35)	$ (81)	$ (64)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars	$ 920	$ (123)	$ 784	$ (803)
Net income attributable to noncontrolling interests	8	2	8	2
Net loss from discontinued operations	0	157	0	386
(Benefit) provision for income taxes	(902)	52	(951)	(55)
Other income	(3)	(45)	(6)	(49)
Loss on extinguishment of debt	0	0	197	0
Interest expense, net	586	559	1,180	1,111
Depreciation and amortization	323	306	623	606
Transaction costs and other, net	46	44	74	25
Stock-based compensation expense	29	26	56	51
Adjusted EBITDA	1,007	978	1,965	1,274
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(43)	(35)	(81)	(64)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	512	547	1,045	947
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	508	513	956	972
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	11	(69)	7	(623)
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 19	$ 22	$ 38	$ 42

Segment Information - Schedul_3

Segment Information - Schedule Of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 33,478	$ 33,527
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(6,819)	(6,268)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Assets	23,843	23,547
Regional | Operating Segment
Segment Reporting Information [Line Items]
Assets	15,267	14,908
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Assets	1,021	1,200
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 166	$ 140