Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Fiscal Period Focus | FY | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | CAESARS GROWTH PROPERTIES HOLDINGS, LLC | |
Entity Central Index Key | 1,635,863 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Public Float | $ 0 | |
Entity Well-known Seasoned Issuer | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 98.1 | $ 103.1 |
Receivables, net of allowance for doubtful accounts of $8.8 and $8.3, respectively | 49.8 | 40.4 |
Restricted cash | 2.6 | 2.6 |
Prepayments and other current assets | 26.6 | 20.7 |
Total current assets | 177.1 | 166.8 |
Land, property and equipment, net | 2,253.6 | 2,220.3 |
Investment in Caesars Enterprise Services, LLC | 26.5 | 22.6 |
Goodwill | 214.1 | 214.1 |
Intangible assets other than goodwill, net | 94.3 | 109.3 |
Restricted cash | 0 | 5.1 |
Prepaid management fees to related parties | 188.3 | 199.5 |
Deferred charges and other | 45.2 | 40.9 |
Total assets | 2,999.1 | 2,978.6 |
Current liabilities | ||
Accounts payable | 26.3 | 34.5 |
Payables to related parties | 12.1 | 43.4 |
Accrued expenses | 102.2 | 96.9 |
Accrued interest payable | 30.6 | 31 |
Current portion of long-term debt | 61.1 | 19 |
Total current liabilities | 232.3 | 224.8 |
Long-term debt | 1,957.2 | 1,973.1 |
Deferred credits and other | 4.6 | 10.7 |
Total liabilities | $ 2,194.1 | $ 2,208.6 |
Commitments and contingencies (Note 13) | ||
Stockholder's equity | ||
Additional paid-in capital | $ 1,351.4 | $ 1,335.4 |
Accumulated deficit | (546.4) | (565.4) |
Total stockholder's equity | 805 | 770 |
Total liabilities and stockholder's equity | $ 2,999.1 | $ 2,978.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 8.8 | $ 8.3 |
COMBINED AND CONSOLIDATED STATE
COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Casino | $ 723.4 | $ 703.1 | $ 663.5 | ||||||||
Food and beverage | 251 | 236.7 | 200.6 | ||||||||
Rooms | 323.2 | 258.4 | 241 | ||||||||
Other | 154.2 | 152.8 | 94 | ||||||||
Less: casino promotional allowances | (182.6) | (177.9) | (160.3) | ||||||||
Net revenues | $ 310.9 | $ 327.6 | $ 317.4 | $ 313.3 | $ 296 | $ 291 | $ 294.1 | $ 292 | 1,269.2 | 1,173.1 | 1,038.8 |
Operating expenses | |||||||||||
Casino | 350.8 | 373.8 | 341 | ||||||||
Food and beverage | 116 | 111.4 | 89.7 | ||||||||
Rooms | 82.7 | 72 | 66.9 | ||||||||
Property, general, administrative and other | 371 | 346 | 275.9 | ||||||||
Management fees to related parties | 35.8 | 24.4 | 16.4 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 10 | 22.6 | 16.9 | ||||||||
Depreciation and amortization | 119 | 102.4 | 84.3 | ||||||||
Impairment of goodwill, tangible and other intangible assets | 1 | 147.5 | 0 | ||||||||
Total operating expenses | 1,086.3 | 1,200.1 | 891.1 | ||||||||
Income/(loss) from operations | 30.4 | 48.3 | 54.4 | 49.8 | (124.4) | 18.1 | 32.5 | 46.8 | 182.9 | (27) | 147.7 |
Interest expense, net of interest capitalized | (163.9) | (158) | (65) | ||||||||
Loss on extinguishment of debt | 0 | (23.8) | (1.6) | ||||||||
Other income, net | 0 | 0 | 0.4 | ||||||||
Income/(loss) before provision for income taxes | 19 | (208.8) | 81.5 | ||||||||
Provision for income taxes | 0 | (12.6) | (29) | ||||||||
Net income/(loss) | $ (12.2) | $ 6.2 | $ 14.8 | $ 10.2 | $ (164.8) | $ (24.2) | $ (56.2) | $ 23.8 | 19 | (221.4) | 52.5 |
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | $ 19 | $ (221.4) | $ 52.5 |
COMBINED AND CONSOLIDATED STAT5
COMBINED AND CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2012 | $ 1,748.6 | $ 2,153.1 | $ (404.5) |
Stockholders' Equity [Roll Forward] | |||
Net income/(loss) | 52.5 | 52.5 | |
Transactions with related parties | 78 | 70 | 8 |
Transactions with parent and affiliates, net | (36.2) | (36.2) | |
Ending balance at Dec. 31, 2013 | 1,842.9 | 2,186.9 | (344) |
Stockholders' Equity [Roll Forward] | |||
Net income/(loss) | (221.4) | (221.4) | |
Impact of acquisitions | (1,499) | (1,499) | |
Transactions with parent and affiliates, net | 506.9 | 506.9 | |
Conversion of affiliate debt to equity | 139.9 | 139.9 | |
Stock-based compensation | 0.7 | 0.7 | |
Ending balance at Dec. 31, 2014 | 770 | 1,335.4 | (565.4) |
Stockholders' Equity [Roll Forward] | |||
Net income/(loss) | 19 | 19 | |
Transactions with parent and affiliates, net | 8.2 | 8.2 | |
Stock-based compensation | 4.8 | 4.8 | |
Other | 3 | 3 | |
Ending balance at Dec. 31, 2015 | $ 805 | $ 1,351.4 | $ (546.4) |
COMBINED AND CONSOLIDATED STAT6
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income/(loss) | $ 19 | $ (221.4) | $ 52.5 |
Adjustments to reconcile net income/(loss) to cash flows provided by operating activities | |||
Depreciation and amortization | 119 | 102.4 | 84.3 |
Amortization of debt discount and debt issuance costs | 8.5 | 14.6 | 23.9 |
Loss on extinguishment of debt | 0 | 23.8 | 1.6 |
Impairment of goodwill, tangible and other intangible assets | 1 | 147.5 | 0 |
Impact of acquisition | 0 | 0 | 8 |
Stock-based compensation | 4.8 | 1 | 0 |
Net change in deferred income taxes | 0 | 12.6 | (1) |
Net change in long-term accounts | (2.3) | 4.4 | (13.7) |
Debt issuance costs and fees write-off | 0 | 26.1 | 0 |
Net transfers to parent and affiliates | 0 | (13.2) | (36.2) |
Net change in working capital accounts | (30.4) | 59.5 | (5.3) |
Cash flows provided by operating activities | 119.6 | 157.3 | 114.1 |
Cash flows from investing activities | |||
Land, buildings and equipment additions, net of change in construction payables | (144.2) | (301.7) | (153.8) |
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | 0 | (1,808.2) | 0 |
Increase in restricted cash | (1.7) | (1,969.7) | (44.1) |
Decrease in restricted cash | 6.8 | 2,102.4 | 110.1 |
Additional investment in Caesars Enterprise Services, LLC | (3.9) | 0 | 0 |
Proceeds received from sale of assets | 0 | 0 | 0.1 |
Cash flows used in investing activities | (143) | (1,977.2) | (87.7) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 80 | 2,494.1 | 15.4 |
Debt issuance costs and fees | 0 | (30.6) | (1.6) |
Repayments under lending agreements | (61.5) | (1,205.6) | (22.8) |
(Distribution)/contribution from parent | (0.1) | 497 | 0 |
Cash flows provided by/(used in) financing activities | 18.4 | 1,754.9 | (9) |
Net (decrease)/increase in cash and cash equivalents | (5) | (65) | 17.4 |
Cash and cash equivalents, beginning of period | 103.1 | 168.1 | 150.7 |
Cash and cash equivalents, end of period | $ 98.1 | $ 103.1 | $ 168.1 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Organization and Description of Business Caesars Growth Properties Holdings, LLC ("CGPH," the "Borrower," the "Company," "we," "us" and "our") is an indirect, wholly-owned subsidiary of Caesars Growth Partners, LLC ("CGP LLC"), which is a joint venture between Caesars Acquisition Company ("CAC"), a Delaware corporation, and Caesars Entertainment Corporation ("CEC" or "Caesars Entertainment"). CAC was formed on February 25, 2013 to make an equity investment in CGP LLC. On October 21, 2013, in connection with the execution of a series of transactions (the "Transactions"), CGP LLC purchased from Caesars Entertainment Operating Company, Inc. ("CEOC"): (a) the equity interests of PHWLV, LLC ("PHWLV"), which holds Planet Hollywood Resort and Casino ("Planet Hollywood") and (b) a 50% interest in the management fee revenues of PHW Manager, LLC ("PHW Manager"), a wholly-owned subsidiary of CEOC, which manages the operations of Planet Hollywood. On May 5, 2014, CGP LLC contributed the equity interests of PHWLV, which holds Planet Hollywood and the 50% interest in the management fee revenues of PHW Manager to CGPH. In addition, on May 5, 2014, CGPH acquired through one or more subsidiaries (i) Corner Investment Company, LLC and its subsidiaries, (collectively known as " The Cromwell "), 3535 LV Corporation ("The LINQ Hotel & Casino"), and indirect subsidiaries of Parball Corporation (collectively known as "Bally's Las Vegas"), (ii) 50% of the ongoing management fees and any termination fees payable under the property management agreements entered between a Property Manager (as defined in Note 15 — Related Party Transactions ) and the owners of each of these properties, and (iii) certain intellectual property that is specific to each of these properties (collectively referred to as the "First Closing" or "Acquired Properties Transaction"). On May 20, 2014, CGPH acquired through one or more subsidiaries (i) JCC Holding Company II, LLC and its subsidiaries (collectively known as "Harrah's New Orleans"), (ii) 50% of the ongoing management fees and any termination fees payable under the property management agreements entered between a Property Manager (as defined in Note 15 — Related Party Transactions ) and the owner of this property, and (iii) certain intellectual property that is specific to each of these properties (the "Second Closing" or "Harrah's Transaction"). CGPH paid $2.0 billion , less outstanding debt assumed, for the First Closing and Second Closing. The acquisitions of The Cromwell , The LINQ Hotel & Casino, Bally's Las Vegas and Harrah's New Orleans, and the contribution of Planet Hollywood to subsidiaries of CGPH are herein referred to as the "Acquired Properties." We view each casino property as an operating segment and aggregate such casino properties into one reportable segment. In connection with the Acquired Properties Transaction and the Harrah's Transaction (collectively referred to as the "Asset Purchase Transactions"), CGPH and Caesars Growth Properties Finance, Inc., issued $675.0 million aggregate principal amount of 9.375% second-priority senior secured notes due 2022. On May 8, 2014, CGPH closed on $1.175 billion of term loans and a $150.0 million revolving facility pursuant to a credit agreement. In connection with the Second Closing in May 2014, the senior secured term loan of PHWLV was paid in full. In November 2012, Corner Investment Propco, LLC ("PropCo"), a wholly-owned subsidiary of The Cromwell, entered into a $185.0 million , seven -year senior secured credit facility bearing interest at the London Inter-Bank Offered Rate ("LIBOR") plus 9.75% with a LIBOR floor of 1.25% to fund the renovation of the former Bill's Gamblin' Hall and Saloon into a boutique lifestyle hotel. Basis of Presentation The accompanying Combined and Consolidated Financial Statements have been derived from the historical accounting records and consolidated financial statements of Caesars Entertainment as they relate to The Cromwell , The LINQ Hotel & Casino, and Bally's Las Vegas through May 4, 2014, and Harrah's New Orleans through May 19, 2014, and from the historical accounting records and consolidated financial statements of CGP LLC as they relate to Planet Hollywood through May 4, 2014. These acquisitions for the transactions described above were accounted for as transactions among entities under common control. The historical financial statements consist of the financial positions, results of operations and comprehensive income/(loss) and cash flows of the properties acquired through one or more subsidiaries by CGPH in the transactions described above as if those businesses were combined into one reporting entity for all periods presented through the acquisition dates and consolidated thereafter. The Combined and Consolidated Financial Statements include all revenues, costs, assets and liabilities directly attributable to us. The accompanying Combined and Consolidated Financial Statements also include allocations of certain general corporate expenses of Caesars Entertainment and Caesars Enterprise Services, LLC ("CES"). These allocations of general corporate expenses may not reflect the expense we would have incurred if we were a stand-alone company nor are they necessarily indicative of our future costs. Although CGPH has notified CES, CEOC and Caesars Entertainment Resort Properties, LLC ("CERP") that it objects to the new expense allocation but will pay the revised expense allocations under protest and reserves all rights, we believe the assumptions and methodologies used are reasonable. Given the nature of these costs, it is not practicable for us to estimate what these costs would have been on a stand-alone basis. Transactions between Caesars Entertainment and the Company have been identified in the financial statements and related footnotes as transactions between related parties (see Note 15 — Related Party Transactions ). The preparation of financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods. Management believes the accounting estimates are appropriate and reasonably determined. However, due to the inherent uncertainties in making these estimates, actual amounts could differ. Principles of Consolidation CGPH's Combined and Consolidated Financial Statements include the accounts of CGPH and its subsidiaries after elimination of all intercompany accounts and transactions. These Combined and Consolidated Financial Statements include the accounts of all wholly-owned subsidiaries and any partially-owned subsidiaries that CGPH has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. We also consolidate into our financial statements the accounts of any variable interest entity for which we are determined to be the primary beneficiary. Up through and including December 31, 2015 , we did not consolidate any variable interest entities. Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturities of less than three months from the date of purchase and are stated at the lower of cost or market value. Restricted Cash Restricted cash as of December 31, 2015 and 2014 included amounts related to Harrah's New Orleans to guarantee workers' compensation payments and for capital replacements required under the Rivergate Development Corporation lease agreement. In addition, restricted cash as of December 31, 2014 included amounts restricted under the terms of the PropCo debt agreement which required that CGPH maintain certain reserves for items including but not limited to payment of property taxes, insurance, interest and ongoing furniture, fixtures and equipment purchases or property development or improvements. The classification of restricted cash between current and long-term is dependent upon the intended use of each particular reserve. Receivables and Allowance for Doubtful Accounts CGPH issues credit to approved casino customers following background checks and investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectability of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. CGPH reserves an estimated amount for gaming receivables that may not be collected to reduce receivables to their net carrying amount, which approximates fair value. Methodologies for estimating the allowance for doubtful accounts range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. Receivables are reported net of an allowance for doubtful accounts of $8.8 million as of December 31, 2015 and $8.3 million as of December 31, 2014 . Marker play represents a significant portion of CGPH's overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts are similar to those used by most large corporations when dealing with overdue customer accounts, including the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States' assets of foreign customers may be reached to satisfy judgments entered in the United States. CGPH considers the likelihood and difficulty of enforceability, among other factors, when CGPH issues credit to customers who are not residents of the United States. Investment in CES Investment in CES consists of membership interests in CES which is a variable interest entity of which we own less than 20% and are not the primary beneficiary. We do not exercise significant influence over the variable interest entity and therefore account for our investment using the cost method. We review this investment quarterly for indicators of other-than-temporary impairment. This determination requires significant judgment. In making this judgment, we consider available quantitative and qualitative evidence in evaluating potential impairment of this investment. If the carrying value of our investment exceeds its estimated fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the estimated fair value is less than our carrying value, and our intent and ability to hold, or plans to sell, the investment. We also consider specific adverse conditions related to the financial health of and business outlook for the investee, including operational and financing cash flow factors. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new carrying basis in the investment will be established. We did not recognize an impairment charge in fiscal years 2015 and 2014 on this investment. See Note 15 — Related Party Transactions . Land, Property and Equipment, net Additions to land, property and equipment are stated at cost. CGPH capitalizes the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of land, property and equipment are included in the determination of income. Depreciation is provided using the straight-line method over the shorter of the estimated useful life of the asset or the related lease, as follows: Land improvements 12 years Building and improvements 5 - 40 years Furniture, fixtures and equipment 2.5 - 20 years CGPH reviews the carrying value of land, property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value of the asset, an impairment loss is recognized equal to an amount by which the carrying value exceeds the estimated fair value of the asset. The factors considered by management in performing this assessment include current operating results, trends and prospects, as well as the effect of obsolescence, demand, competition, potential decreases in the marketplace, a change in physical condition, and legal and other economic factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the asset group level, which is the individual property. CGPH recognized an immaterial amount of impairment of property and equipment for the periods presented in the accompanying Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Goodwill CGPH performs an annual goodwill impairment assessment on October 1 or performs this assessment more frequently if impairment indicators exist. CGPH determines the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, valuation multiples and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. CGPH also evaluates the aggregate fair value of all of the reporting units in comparison to the aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in the industry. The annual evaluation of goodwill requires the use of estimates about future operating results, valuation multiples, and discount rates to determine their estimated fair value. Changes in these assumptions can materially affect these estimates. Thus, to the extent gaming volumes deteriorate significantly, discount rates increase significantly, or CGPH does not meet its projected performance, CGPH could have impairments to record in the next twelve months and such impairments could be material. Assets and liabilities contributed to or acquired by CGPH in the Acquired Properties Transaction and Harrah's Transaction are considered transactions between entities under common control. Thus, there is no recognition of goodwill or previously unrecognized other intangible assets resulting from these transactions. Prepaid Management Fees to Related Parties On October 21, 2013, CGP LLC purchased a 50% interest in the management fee revenues of PHW Manager for $70.0 million , recognized as a long-term prepaid asset included in Prepaid management fees to related parties in the Combined and Consolidated Balance Sheets. On May 5, 2014, CGP LLC contributed the equity interests of PHWLV, and the 50% interest in the management fee revenues of PHW Manager to CGPH. The prepaid asset will be amortized over 35 years, which represents the term of the related management contract. In May 2014, CGPH purchased a 50% interest in the management fee revenues of the Harrah's New Orleans Management Company, The Quad Manager, LLC, Bally's Las Vegas Manager, LLC and Cromwell Manager, LLC for $138.0 million , which is also recognized as a long-term prepaid asset included in Prepaid management fees to related parties in the Consolidated Balance Sheets . The prepaid asset will be amortized over 15 years, which represents the term of the related management contracts. As of December 31, 2015 and December 31, 2014 , the remaining prepaid balance related to management fees to related parties was $188.3 million and $199.5 million , respectively. Debt Discounts or Premiums and Debt Issuance Costs Debt discounts or premiums and debt issuance costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts or premiums and debt issuance costs are written off and included in gain or loss calculations to the extent CGPH modifies or extinguishes debt prior to its original maturity date. Unamortized debt discounts or premiums and debt issuance costs are netted against Long-term debt in our Consolidated Balance Sheets . Derivative Instruments Derivative instruments are recognized in the Combined and Consolidated Financial Statements at fair value. Any changes in fair value are recorded in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . The estimated fair value of CGPH's derivative instruments are based on market prices obtained from dealer quotes. Such quotes represent the estimated amounts CGPH would receive or pay to terminate the contract. See Note 7 — Financial Instruments for additional discussion of derivative instruments. Insurance Accruals The Acquired Properties are insured for workers' compensation, property, general liability and other insurance coverage through Caesars Entertainment and are charged premiums by Caesars Entertainment based on claims activity. We are self-insured for employee health, dental, vision and other insurance and our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. The use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these judgmental accruals and is believed to be reasonable. CGPH regularly monitors the potential for changes in estimates, evaluates its insurance accruals, and adjusts its recorded provisions. Revenue Recognition Casino Revenues. Casino revenues are measured by the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs and for chips in the customers' possession. However, jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. CGPH accrues the incremental amount of progressive jackpots as the progressive machine is played and the progressive jackpot amount increases, with a corresponding reduction of casino revenue. Food, Beverage, Rooms, and Other. Food, beverage, accommodations, and other revenues are recognized when services are performed. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customer. Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. The retail value of accommodations, food and beverage, and other services furnished to casino guests without charge is included in gross revenue and then deducted as promotional allowances. For further information, refer to Note 8 — Casino Promotional Allowances . Advertising CGPH expenses the production costs of advertising the first time the advertising takes place. Advertising expense was $4.2 million , $3.6 million and $3.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Advertising expense is included in Property, general, administrative and other within the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Management Fees to Related Parties CGPH records management fees to related parties for properties which receive management services from Harrah's New Orleans Management Company, The Quad Manager, LLC, Bally's Las Vegas Manager, LLC, Cromwell Manager, LLC and PHW Manager (collectively, the "Property Managers" and individually, a "Property Manager"). For the period of January 1, 2013 through October 21, 2013, Planet Hollywood incurred charges for management fees by the property manager, PHW Manager, for services and recorded management fees to related parties. On October 21, 2013, CGP LLC purchased a 50% interest in the management fee revenues of PHW Manager. For the period of October 22, 2013 through December 31, 2013, management fees charged to, and payable by, Planet Hollywood have been offset by the 50% interest received from PHW Manager. On May 5, 2014, CGP LLC contributed the equity interests of PHWLV, and the 50% interest in the management fee revenues of PHW Manager to CGPH. Management fees were not allocated to Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas or The Cromwell for the year ended December 31, 2013. Upon acquiring Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell in May 2014, CGPH purchased a 50% interest in the management fee revenues of the Property Manager for each of the acquired properties. Following the acquisition, the acquired properties are allocated these management fees which are offset by the 50% interest received from the respective Property Manager. Stock-based Compensation Caesars Entertainment grants stock-based compensation awards in Caesars Entertainment common stock to certain employees that work for the management companies of our casino properties. Income Taxes CGPH records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the expected future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. CGPH reduces the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more likely than not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, CGPH's experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives. The effect on the income tax provision and deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Prior to May 2014, CGPH's operations were included in the consolidated U.S. federal income tax return and state income tax returns of Caesars Entertainment. The provision for income taxes included in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) was computed as if CGPH filed its U.S. federal, state and income tax returns on a stand-alone basis. Planet Hollywood is a disregarded entity for federal and state income tax purposes as part of the Caesars Entertainment consolidated group. However, for the purpose of the Combined and Consolidated Financial Statements for the period from January 1 through October 21, 2013, Planet Hollywood recorded income taxes to properly represent the cost of its operations. Upon closing of the Acquired Properties Transaction and Harrah's Transaction, CGPH is treated as a pass-through entity for federal and state income tax purposes. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which amends the FASB Accounting Standards Codification ("ASC") and creates a new Topic 606, Revenue from Contracts with Customers . This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Existing industry guidance, including revenue recognition guidance specific to the gaming industry, will be eliminated. In addition, interim and annual disclosures will be substantially revised. The amendments in this guidance are effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . The amendments in ASU No. 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , amending the existing requirements for disclosing information about an entity's ability to continue as a going concern. The new guidance will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. The amendments in this guidance are effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have on our disclosures. In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , as part of its initiative to reduce complexity in accounting standards. This ASU eliminates from U.S. GAAP the concept of extraordinary items as described in Subtopic 225-20, Income Statement - Extraordinary and Unusual Items . The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015, including interim periods within those reporting periods. The amendments may be applied prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We are currently assessing the impact the adoption of this standard will have on our disclosures. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The amendments affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the accounting standard by placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. Further, the ASU reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity ("VIE") and changes consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments is permitted for financial statements that have not been previously issued. The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. We have early adopted ASU No. 2015-03 during the quarter ended June 30, 2015 and have retrospectively applied the amendments. We reclassified $9.3 million of unamortized debt issuance costs from Deferred charges and other assets to a direct deduction from the carrying amount of the debt liability in Long-term debt in our Consolidated Balance Sheet as of December 31, 2014 . See Note 6 — Debt . In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements , which clarifies the Securities and Exchange Commission (the "SEC") staff's position that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. Deferred financing costs related to line-of-credit arrangements remain in Deferred charges and other in our Consolidated Balance Sheets . In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , requiring deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent in a classified statement of financial position. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The amendments in this guidance are effective for annual periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively, for all deferred tax liabilities and assets, or retrospectively to all periods presented. We have early adopted ASU No. 2015-17 during the quarter ended December 31, 2015 and retrospectively applied the amendments. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which primarily affects the accounting for equity investments that do not result in consolidation and are not accounted for under the equity method, presentation of changes in the fair value of financial liabilities measured under the fair value option, and the presentation and disclosure requirements for financial instruments. The ASU also clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. The ASU is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Entities can early adopt certain provision of ASU 2016-01. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key quantitative and qualitative information about leasing arrangements. Generally, leases with terms of 12 months or less will not be required to be recognized on the balance sheet. The new standard requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. For public business entities, the ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have on our financial statements. |
Land, Property and Equipment, n
Land, Property and Equipment, net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Land, Property and Equipment, net | Land, Property and Equipment, net Land, property and equipment, net consists of the following: December 31, (In millions) 2015 2014 Land and land improvements $ 1,072.5 $ 1,070.3 Building and improvements 1,167.0 1,050.7 Furniture, fixtures and equipment 492.1 342.8 Construction in progress 4.9 129.1 2,736.5 2,592.9 Less: accumulated depreciation (482.9 ) (372.6 ) Land, property and equipment, net $ 2,253.6 $ 2,220.3 Depreciation expense for property and equipment is reflected in Depreciation and amortization in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . For the years ended December 31, 2015, 2014 and 2013 , the aggregate depreciation expense was $101.6 million , $85.2 million and $60.9 million , respectively. Amortization expense related to other items included within Depreciation and amortization in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) totaled $2.4 million , $2.2 million and $2.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The Company capitalized interest of $6.5 million , $9.2 million and $7.6 million during the years ended December 31, 2015, 2014 and 2013 , respectively, primarily associated with The LINQ Hotel & Casino in 2015 and The Cromwell in 2014 and 2013. During the years ended December 31, 2015, 2014 and 2013 , capital expenditures net of related payables were $144.2 million , $301.7 million and $153.8 million , respectively, primarily related to construction at The LINQ Hotel & Casino and The Cromwell . Capital expenditures net of related payables for The LINQ Hotel & Casino were $112.0 million , $111.8 million and $36.0 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Capital expenditures net of related payables for The Cromwell were $139.0 million and $58.6 million for the years ended December 31, 2014 and 2013 , respectively. The Cromwell 's gaming floor opened in April 2014 and its 188 hotel rooms became available to guests starting in May 2014. The renovation of The LINQ Hotel & Casino was substantially completed and available to guests in early May 2015. An immaterial amount of impairment of property and equipment was recognized by the Company for the periods presented in the accompanying Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill was as follows as of December 31, 2015 and 2014 : (In millions) Gross goodwill $ 1,155.0 Accumulated impairment (940.9 ) Balance at December 31, 2015 and 2014 $ 214.1 During 2014 , a decline in performance and downward adjustments to expectations of future performance at Bally's Las Vegas resulted in an impairment charge of $147.5 million . No impairment charges for goodwill were recorded for the years ended December 31, 2015 and 2013 . Changes in Carrying Value of Intangible Assets Other Than Goodwill (In millions) Balance at January 1, 2014 $ 124.3 Amortization expense (15.0 ) Balance at December 31, 2014 109.3 Amortization expense (15.0 ) Balance at December 31, 2015 $ 94.3 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset other than goodwill: December 31, 2015 December 31, 2014 (Dollars in millions) Weighted Average Remaining Useful Life (In years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 5.8 $ 211.6 $ (141.3 ) $ 70.3 $ 211.6 $ (129.1 ) $ 82.5 Gaming rights 8.5 45.8 (21.8 ) 24.0 45.8 (19.0 ) 26.8 $ 257.4 $ (163.1 ) $ 94.3 $ 257.4 $ (148.1 ) $ 109.3 The aggregate amortization expense for those intangible assets that are amortized is reflected in Depreciation and amortization in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . For the years ended December 31, 2015, 2014 and 2013 , there was $15.0 million , $15.0 million and $21.2 million , respectively, of amortization expense. Estimated amortization expense is $15.0 million for each of the five years from 2016 through 2020. Total estimated amortization expense for 2021 and thereafter is $19.3 million . No impairment charges for amortizing intangible assets were recorded for the years ended December 31, 2015, 2014 and 2013 . |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following: December 31, (In millions) 2015 2014 Deposits and customer funds liability, including advance hotel deposits $ 32.9 $ 20.6 Payroll and other compensation 25.8 24.5 Accrued non-income taxes 12.0 16.6 Chip and token liability 6.1 8.1 Insurance claims and reserves 3.8 3.9 Progressive liability 2.7 2.7 Other accruals 18.9 20.5 $ 102.2 $ 96.9 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents CGPH outstanding third-party debt as of December 31, 2015 and 2014 . Final Maturity Interest Rates at December 31, 2015 Face Value at December 31, 2015 Book Value at December 31, (In millions) 2015 2014 Secured debt Caesars Growth Properties Holdings Revolving Credit Facility (1) 2019 variable $ 45.0 $ 45.0 $ — Caesars Growth Properties Holdings Term Loan 2021 6.25% 1,157.4 1,125.7 1,132.5 Caesars Growth Properties Holdings Notes 2022 9.375% 675.0 660.3 658.7 Cromwell Credit Facility 2019 11.00% 174.6 169.2 178.0 Capital lease obligations 2016 to 2017 various 1.2 1.2 3.9 Unsecured debt Special Improvement District Bonds 2037 5.30% 14.1 14.1 14.5 Other financing obligations 2016 various 2.8 2.8 4.5 Total debt 2,070.1 2,018.3 1,992.1 Current portion of total debt (61.1 ) (61.1 ) (19.0 ) Long-term debt $ 2,009.0 $ 1,957.2 $ 1,973.1 _________________________ (1) Variable interest rate calculated as LIBOR plus 5.25% . As of December 31, 2015 , the face value of CGPH's annual maturities of outstanding third-party debt were as follows: (In millions) Year Annual Maturity of Outstanding Third-Party Debt 2016 $ 61.1 2017 12.2 2018 12.2 2019 186.8 2020 12.2 Thereafter 1,785.6 Total outstanding third-party debt $ 2,070.1 We have early adopted ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , during the quarter ended June 30, 2015 and reclassified $9.3 million of unamortized debt issuance costs from Deferred charges and other assets to a direct deduction from the carrying amount of the debt liability in Long-term debt in our Consolidated Balance Sheet as of December 31, 2014 . See Note 2 — Recently Issued Accounting Pronouncements . Caesars Growth Properties Holdings Term Facility The purchase price of the acquisition of The Cromwell , The LINQ Hotel & Casino, Bally's Las Vegas, 50% of the ongoing management fees and any termination fees payable for each of these properties, and certain intellectual property that is specific to each of these properties was funded by CGPH with cash contributed by CGP LLC and the proceeds of $700.0 million of term loans (the "First Closing Term Loan"). CGPH closed on the First Closing Term Loan on May 5, 2014. CGPH repaid in full the First Closing Term Loan in connection with the Second Closing as discussed in Escrow Release below. Caesars Growth Properties Holdings Senior Secured Credit Facility On May 8, 2014, CGPH closed on the $1.175 billion term loan (the "CGPH Term Loan") pursuant to a First Lien Credit Agreement among Caesars Growth Properties Parent, LLC ("Parent"), the Borrower, the lenders party thereto, Credit Suisse AG, Cayman Islands Branch, as Administrative Agent (the "Administrative Agent"), and Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc. and Nomura Securities International, Inc., as Co-Lead Arrangers and Bookrunners (the "Credit Agreement"). CGPH used $476.9 million of the net proceeds from the CGPH Term Loan to repay all amounts outstanding under the Planet Hollywood Loan Agreement (as defined below) and recognized $23.8 million loss on the early extinguishment of debt. The proceeds were also used to fund the Acquired Properties Transaction and Harrah's Transaction. The Credit Agreement also provides for a $150.0 million revolving credit agreement (the "Revolving Credit Facility"), which was undrawn at the closing of the CGPH Term Loan. As of December 31, 2015 , $45.0 million of borrowings were outstanding under the Revolving Credit Facility and $0.1 million was committed to outstanding letters of credit. Borrowings under the Revolving Credit Facility are each subject to separate note agreements executed based on the provisions of the Credit Agreement, and each note has a contractual maturity of less than one year. The Revolving Credit Facility has a contractual maturity of greater than one year and we have the ability to repay the outstanding principal balances beyond the next 12 months. Amounts borrowed under the Revolving Credit Facility are intended to satisfy short-term liquidity needs and are classified in Current portion of long-term debt in the Consolidated Balance Sheets . On January 21, 2016, CGPH drew an additional $15.0 million of borrowings on its $150.0 million Revolving Credit Facility. Pursuant to an escrow agreement, dated as of May 8, 2014, among US Bank National Association, as escrow agent and securities intermediary, the Administrative Agent and the Borrower, the Borrower deposited the gross proceeds of the CGPH Term Loan, together with additional amounts necessary to repay the First Closing Term Loan, if applicable, into a segregated escrow account until the escrow conditions were satisfied on May 20, 2014. Borrowings under the CGPH Term Loan bear interest at a rate equal to, at the Borrower's option, either (a) the LIBOR determined by reference to the costs of funds for Eurodollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, subject to a floor of 1.00% in the case of term loans 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 the Administrative Agent under the 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 5.25% per annum for LIBOR loans and 4.25% per annum for base rate loans, subject to step downs with respect to the revolving loans based on CGPH's senior secured leverage ratio. In addition, on a quarterly basis, CGPH is required to pay each lender under the Revolving Credit Facility a commitment fee in respect of any unused commitments under the Revolving Credit Facility, which is subject to a leverage based pricing grid. CGPH is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer's customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. As of December 31, 2015 and 2014 , the book value of the CGPH Term Loan was presented net of the unamortized discount of $27.0 million and $31.2 million , respectively, and net of unamortized debt issuance costs of $4.7 million and $5.4 million , respectively. The effective interest rate was 6.86% as of both December 31, 2015 and 2014 . The CGPH Term Loan is guaranteed by the Parent and the material, domestic wholly-owned subsidiaries of CGPH (subject to exceptions), and is secured by a pledge of the equity interest of CGPH directly held by the Parent and substantially all of the existing and future property and assets of CGPH and the subsidiary guarantors (subject to exceptions). The CGPH Term Loan includes negative covenants, subject to certain exceptions, restricting or limiting CGPH's ability and the ability of its restricted subsidiaries to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create liens on certain assets to secure debt; (vi) consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets; (vii) enter into certain transactions with their affiliates and (viii) designate their subsidiaries as unrestricted subsidiaries. The CGPH Term Loan also contains customary affirmative covenants and customary events of default, subject to customary or agreed-upon exceptions, baskets and thresholds (including equity cure provisions). The CGPH Term Loan requires that CGPH maintains a senior secured leverage ratio ("SSLR") of no more than 6.00 to 1.00, which is the ratio of first lien senior secured net debt to earnings before interest, taxes, depreciation and amortization, adjusted as defined. As of December 31, 2015 , CGPH's SSLR was 3.11 to 1.00. As of December 31, 2015 and 2014 , the assets of Harrah's New Orleans, Bally's Las Vegas, Planet Hollywood and The LINQ Hotel & Casino were pledged as collateral for the CGPH Term Loan. Caesars Growth Properties Holdings Notes CGPH and Caesars Growth Properties Finance, Inc. (together, the "Issuers") issued $675.0 million aggregate principal amount of 9.375% second-priority senior secured notes due 2022 pursuant to an indenture dated as of April 17, 2014, among the Issuers and US Bank National Association, as trustee. The Issuers deposited the gross proceeds of the offering of the notes, together with additional amounts necessary to redeem the notes, if applicable, into a segregated escrow account until the escrow conditions were satisfied on May 20, 2014. As of December 31, 2015 and 2014 , the book value of the 2022 Notes (as defined below) was presented net of the unamortized discount of $12.9 million and $14.3 million , respectively, and net of unamortized debt issuance costs of $1.8 million and $2.0 million , respectively. The effective interest rate was 9.84% as of both December 31, 2015 and 2014 . The 2022 Notes are secured by substantially all of the existing and future property and assets of CGPH and the subsidiary guarantors (subject to exceptions). The 2022 Notes include negative covenants, subject to certain exceptions, restricting or limiting CGPH's ability and the ability of its restricted subsidiaries to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create liens on certain assets to secure debt; (vi) consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets; (vii) enter into certain transactions with their affiliates and (viii) designate their subsidiaries as unrestricted subsidiaries. The 2022 Notes also contain customary affirmative covenants and customary events of default, subject to customary or agreed-upon exceptions, baskets and thresholds (including equity cure provisions). As of December 31, 2015 and 2014 , the assets of Harrah's New Orleans, Bally's Las Vegas, Planet Hollywood and The LINQ Hotel & Casino were pledged as collateral for the 2022 Notes. Registration Rights Agreement. In connection with the issuance of the 2022 Notes, the Issuers were subject to a registration rights agreement that required the Company to use its commercially reasonable efforts to prepare, to cause to be filed with the Securities and Exchange Commission, and to become effective on or prior to April 17, 2015, a registration statement with respect to the 2022 Notes, which were originally issued pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Initial 2022 Notes"). Accordingly, the Company filed a registration statement on Form S-4 (the "Registration Statement") on March 30, 2015 and Amendments to such Registration Statement on May 18, 2015 and May 29, 2015. The Registration Statement was declared effective on June 26, 2015 (the "Effective Date"). Since the Effective Date was not on or prior to April 17, 2015, the Company incurred additional interest on the 2022 Notes of 0.25% annually beginning April 18, 2015, which increased to 0.50% annually from July 18, 2015 until the consummation of the exchange offer on July 28, 2015. Upon the consummation of the exchange offer, the Initial 2022 Notes that were exchanged were replaced with new notes (the "Exchange Notes" and, together with the Initial 2022 Notes, the "2022 Notes"), whose terms are substantially identical to that of the Initial 2022 Notes, except that the Exchange Notes have no transfer restrictions or registration rights. The 2022 Notes are co-issued by the Issuers, as well as jointly and severally, irrevocably and unconditionally guaranteed by CGPH and each of its wholly-owned, domestic, restricted subsidiaries on a senior secured basis (other than Caesars Growth Properties Finance, Inc.). In addition, CGPH is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. Escrow Release In connection with the Second Closing, CGPH repaid in full the $700.0 million First Closing Term Loan and the $476.9 million senior secured term loan of PHWLV. The purchase price of the Second Closing and the repayment of the debt noted in the prior sentence were funded by the Borrower with the proceeds of the 2022 Notes and CGPH Term Loan of the Borrower, which were previously held in escrow. The Issuers were, prior to the release of such proceeds from escrow, not in compliance with the covenant in the indenture governing the 2022 Notes stating that they will not own, hold or otherwise have any interest in any assets other than the escrow account and cash or cash equivalents prior to the expiration of the escrow period as defined in the indenture governing the 2022 Notes. Upon the release of the proceeds of the 2022 Notes from escrow, the Issuers cured such default. Intercreditor Agreement and Collateral Agreements On May 20, 2014, intercreditor and collateral agreements were entered into which establish the subordination of the liens securing the 2022 Notes to the liens securing first priority lien obligations and secures the payment and performance when due of all of the obligations under the 2022 Notes and the $1.325 billion senior secured credit facilities (the "Senior Secured Credit Facilities"), which consist of the CGPH Term Loan and the Revolving Credit Facility, the related guarantees and the security documents. Subject to the terms of the security documents, CGPH and the subsidiary guarantors have the right to remain in possession and retain exclusive control of the collateral securing the 2022 Notes and the Senior Secured Credit Facilities (other than certain assets and obligations), to freely operate the collateral and to collect, invest and dispose of any income therefrom. Planet Hollywood Amended and Restated Loan Agreement In connection with the 2010 acquisition of Planet Hollywood and the related assumption of debt, Planet Hollywood entered into the Amended and Restated Loan Agreement (the "Planet Hollywood Loan Agreement") with Wells Fargo Bank, N.A., as trustee for The Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2007- TFL2. On October 26, 2011, Planet Hollywood exercised its option to extend the Planet Hollywood senior secured loan to 2013. On December 5, 2013 the loan maturity was again extended to April 2015. This loan was secured by the assets of PHWLV. In May 2014, the $476.9 million senior secured term loan of PHWLV was paid in full. CGPH recognized a $23.8 million loss on extinguishment of the Planet Hollywood senior secured loan. Cromwell Credit Facility In November 2012, PropCo, a wholly-owned subsidiary of The Cromwell , entered into a $185.0 million , seven -year senior secured credit facility bearing interest at LIBOR plus 9.75% with a LIBOR floor of 1.25% (the "Cromwell Credit Facility") to fund the renovation of the former Bill's Gamblin' Hall and Saloon into a boutique lifestyle hotel, rebranded as The Cromwell . The renovation included a complete remodeling of the guest rooms, casino floor, and common areas, the addition of a second floor restaurant, and the construction of an approximately 65,000 square foot rooftop pool and dayclub/nightclub. The Cromwell owns the property and the dayclub/nightclub is leased to a third party. The proceeds of the Cromwell Credit Facility were funded during the fourth quarter of 2012 and are included as Restricted cash on the Consolidated Balance Sheets until drawn to pay for costs incurred in the renovation. The Cromwell 's gaming floor opened on April 21, 2014 and its 188 hotel rooms became available to guests starting on May 21, 2014. As of December 31, 2015 and 2014 , the book value of the Cromwell Credit Facility was presented net of the unamortized discount of $3.8 million and $4.6 million , respectively, and net of unamortized debt issuance costs of $1.6 million and $1.9 million , respectively. The effective interest rate was 11.92% and 11.90% as of December 31, 2015 and 2014 , respectively. The Cromwell Credit Facility also contains certain affirmative and negative covenants and requires PropCo to maintain, for the quarters ended December 31, 2014 and March 31, 2015 , at least $7.5 million in consolidated EBITDA from PropCo, including the third-party leased dayclub/nightclub operations (the "Consolidated PropCo EBITDA"). Beginning in the second quarter of 2015 and continuing through the first quarter of 2016, the Cromwell Credit Facility requires PropCo to maintain a SSLR of no more than 5.25 to 1.00, which is the ratio of PropCo's first lien senior secured net debt to Consolidated PropCo EBITDA. The SSLR from the second quarter of 2016 through the first quarter of 2017 may not exceed 5.00 to 1.00. The SSLR beginning in the second quarter of 2017 and for each fiscal quarter thereafter may not exceed 4.75 to 1.00. As of December 31, 2015 , PropCo's SSLR was 4.73 to 1.00 . During the quarters ended December 31, 2014 and March 31, 2015 , PropCo failed to meet the covenant of achieving Consolidated PropCo EBITDA of at least $7.5 million . The Cromwell Credit Facility allows us to cure this covenant by making a cash cure payment. Such payments were made on March 31, 2015 during the permitted cure period for the quarter ended December 31, 2014 and on May 22, 2015 during the permitted cure period for the quarter ended March 31, 2015 . The Cromwell Credit Facility allows this right to cure provided that (i) in each eight -fiscal-quarter period there shall be no more than five fiscal quarters in which the cure right is exercised and (ii) the cure right may not be exercised in any fiscal quarter that immediately follows two consecutive fiscal quarters in which it was exercised. As of December 31, 2015 and 2014 , the assets of The Cromwell were pledged as collateral for the Cromwell Credit Facility. Capital Leases We have entered into multiple capital leases for gaming and wireless internet equipment. The assets related to these capital leases were included in Land, property and equipment, net in the accompanying Consolidated Balance Sheets , and within Furniture, fixtures, and equipment in Note 3 — Land, Property and Equipment, net . Special Improvement District Bonds In 2008, Bally's Las Vegas entered into a District Financing Agreement with Clark County, Nevada (the "County"). In accordance with the agreement, the County issued Special Improvement District Bonds to finance land improvements at Bally's Las Vegas and at an affiliate casino property, Caesars Palace. Of the total bonds issued by the County, $16.5 million was related to Bally's Las Vegas. These bonds bear interest at 5.30% , have principal and interest payments on June 1st of every year and interest only payments on December 1st of every year. The Special Improvement District Bonds mature on August 1, 2037. Financing Obligations During 2013, we entered into multiple finance agreements for a total of $7.2 million for gaming equipment. The assets related to these agreements are included in Land, property and equipment, net of accumulated depreciation in the accompanying Consolidated Balance Sheets , and within Furniture, fixtures, and equipment in Note 3 — Land, Property and Equipment, net . The Cromwell and Harrah's New Orleans Promissory Notes In November 2013, The Cromwell entered into a $15.5 million unsecured promissory note, payable to Caesars Entertainment and bearing interest at 11% . Interest was to be accrued semi - annually in June and December. There were no financial covenants required under the note. In December 2002, Harrah's New Orleans entered into a $123.7 million unsecured promissory note, payable on demand to CEOC bearing interest at 8% with no scheduled repayment terms. There were no financial covenants required under the note. Any amount of principal and interest not paid when due bore additional interest at 2% . Accrued interest was settled on a monthly basis with charges to transactions with parents and affiliates, net. On March 31, 2014, all existing related party debt, including accrued interest, was settled for The Cromwell with Caesars Entertainment and for Harrah's New Orleans with CEOC. The settlement was accounted for as a net equity contribution in the amount of $139.9 million . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial Instruments Restricted Cash As of December 31, 2015 and 2014 , the Company had $2.6 million and $7.7 million , respectively, of restricted cash comprised of current and non-current portions based upon the intended use of each particular reserve balance. The Cromwell Credit Facility, further described in Note 6 — Debt , is secured by the property, and funds borrowed that have not been spent on the development, as well as funds borrowed for interest service, are deemed restricted and are included in restricted cash. Amounts deposited into the specified reserve funds under this agreement aggregated zero and $5.1 million as of December 31, 2015 and 2014 , respectively. Pursuant to an escrow agreement and subsequent release, as further described in Note 6 — Debt , and in connection with the Second Closing, certain amounts deposited into a segregated escrow account were classified as restricted cash. The result of this classification are significant increases and decreases in restricted cash during the year ended December 31, 2014 , as presented in the Combined and Consolidated Statements of Cash Flows . Harrah's New Orleans had restricted cash of $2.6 million as of both December 31, 2015 and 2014 to guarantee workers' compensation payments and for capital replacements required under the Rivergate Development Corporation lease agreement. Investment in CES Investment in CES, further described in Note 15 — Related Party Transactions , consists of membership interests in CES which is a variable interest entity of which we own less than 20% and are not the primary beneficiary. We do not exercise significant influence over the variable interest entity and therefore account for our investment using the cost method. Initial contributions by the Members (as defined in Note 15 — Related Party Transactions ) included a $22.5 million cash payment by CGP LLC on behalf of CGPH in October 2014. Pursuant to a capital call during the three months ended December 31, 2014 , CGP LLC contributed an additional $0.1 million on behalf of CGPH. CGP LLC's cash payments on behalf of CGPH resulted in an increase to CGP LLC's investment in CGPH. Pursuant to capital calls during the year ended December 31, 2015 , CGPH contributed an additional $3.9 million to CES. Derivative Instruments On December 9, 2013, Planet Hollywood entered into an interest rate cap agreement for a notional amount of $501.4 million at a LIBOR cap rate of 7.0% which matured on April 9, 2015. Planet Hollywood did not designate the interest rate cap agreement as a cash flow hedge. Therefore, any change in fair value was recognized in interest expense during the period in which the change in value occurred. The effect of derivative instruments in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) for the years ended December 31, 2014 and 2013 was immaterial. CGPH had no derivatives designated as hedging instruments at December 31, 2015 and 2014 . |
Casino Promotional Allowances
Casino Promotional Allowances | 12 Months Ended |
Dec. 31, 2015 | |
Promotional Allowance [Abstract] | |
Casino Promotional Allowances | Casino Promotional Allowances The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as Casino promotional allowances. The estimated retail value of such Casino promotional allowances is included in Net revenues as follows: Year Ended December 31, (In millions) 2015 2014 2013 Food and beverage $ 91.7 $ 92.0 $ 79.9 Rooms 81.9 74.3 71.1 Other 9.0 11.6 9.3 $ 182.6 $ 177.9 $ 160.3 The estimated cost of providing such promotional allowances is included in Operating expenses as follows: Year Ended December 31, (In millions) 2015 2014 2013 Food and beverage $ 52.8 $ 59.0 $ 49.3 Rooms 25.6 26.3 25.4 Other 5.3 7.2 4.7 $ 83.7 $ 92.5 $ 79.4 |
Write-downs, Reserves and Proje
Write-downs, Reserves and Project Opening Costs, Net of Recoveries | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Writedowns Reserves And Project Opening Costs Net Of Recoveries Components Of Write Downs Reserves And Project Opening Costs Net Of Recoveries [Abstract] | |
Write-downs, Reserves and Project Opening Costs, Net of Recoveries | Write-downs, Reserves and Project Opening Costs, Net of Recoveries Write-downs, reserves and project opening costs, net of recoveries include project opening costs, remediation costs, costs associated with efficiency projects, project write-offs, demolition costs and other non-routine transactions, net of recoveries. The components of Write-downs, reserves and project opening costs, net of recoveries are as follows: Year Ended December 31, (In millions) 2015 2014 2013 Divestitures and abandonments (1) $ 5.6 $ 6.0 $ 4.5 Remediation costs 2.0 9.3 10.1 Project opening costs 1.0 7.3 0.6 Efficiency projects — — 1.6 Other 1.4 — 0.1 $ 10.0 $ 22.6 $ 16.9 _________________________ (1) Divestitures and abandonments were primarily comprised of demolition costs related to projects in development. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases CGPH leases both real estate and equipment used in its operations and classifies those leases as either operating or capital leases for accounting purposes. As of December 31, 2015 , CGPH had no material capital leases and the remaining lives of its operating leases ranged from one to 84 years with various automatic extensions. Rental expense associated with operating leases is charged to expense in the year incurred. Rental expense for operating leases and other month-to-month cancellable leases are included in Operating expenses in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) and amounted to $48.7 million , $50.3 million , and $31.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , CGPH's future minimum rental commitments under its non-cancellable operating leases are as follows: (In millions) Year Non-cancellable Operating Leases 2016 $ 34.2 2017 34.3 2018 34.3 2019 34.3 2020 34.3 Thereafter 510.9 Total future minimum rental commitments $ 682.3 See Note 15 — Related Party Transactions for discussion of related party lease agreements that are included in the table above. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Prior to May 2014, CGPH's operations were included in the consolidated U.S. federal income tax return and state income tax returns of Caesars Entertainment. The provision for income taxes included in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) was computed as if CGPH filed its U.S. federal, state and income tax returns on a stand-alone basis. Planet Hollywood is a disregarded entity for federal and state income tax purposes as part of the Caesars Entertainment consolidated group. However, for the purpose of the Combined and Consolidated Financial Statements for the period from January 1 through October 21, 2013, Planet Hollywood recorded income taxes to properly represent the cost of its operations. Upon closing of the Acquired Properties Transaction and Harrah's Transaction, CGPH is treated as a pass-through entity for federal and state income tax purposes. The components of (Loss)/income before provision for income taxes and the related provision for income taxes for the United States and other income taxes for CGPH were as follows: Year Ended December 31, (In millions) 2015 2014 2013 Income/(loss) before provision for income taxes United States $ 19.0 $ (208.8 ) $ 81.5 Outside of the United States — — — Total income/(loss) before provision for income taxes $ 19.0 $ (208.8 ) $ 81.5 Year Ended December 31, (In millions) 2015 2014 2013 Provision for income taxes Federal Current $ — $ 18.3 $ 38.7 Deferred — (7.1 ) (12.5 ) States Current — 1.4 2.8 Deferred — — — Total provision for income taxes $ — $ 12.6 $ 29.0 The differences between the United States statutory federal income tax rate and the effective tax rate expressed as a percentage of income before taxes were as follows: Year Ended December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: Nontaxable LLC income/losses (35.0 ) (40.6 ) (1.5 ) State taxes, net of federal tax benefit — (0.4 ) 2.3 Nondeductible expenses — — 0.1 Federal tax credits — 0.1 (0.9 ) Other — (0.1 ) 0.6 Effective tax rate — % (6.0 )% 35.6 % CGPH classifies reserves for tax uncertainties within Deferred credits and other in the Consolidated 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. CGPH had no reserves for tax uncertainties as of December 31, 2015 or 2014 . The tax years that remain open for examination for the Company's major jurisdictions are 2011 through 2014 for United States tax purposes and 2006 through 2014 for Louisiana state tax purposes. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy defines fair value as an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. The fair value hierarchy establishes three tiers, which prioritize the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Entities are permitted to choose to measure certain financial instruments and other items at fair value. We have not elected the fair value measurement option for any of our assets or liabilities that meet the criteria for this option. Items Disclosed at Fair Value Debt As of December 31, 2015 , our outstanding debt with third parties had an estimated fair value of $1,800.3 million and a book value of $2,018.3 million . As of December 31, 2014 , our outstanding debt with third parties had an estimated fair value of $1,840.1 million and a book value of $1,992.1 million . As our debt is not actively traded in open-market transactions, the fair value of debt has been estimated based upon quoted prices of similar, but not identical, debt in active markets and are therefore classified as Level 2 inputs. Items Measured at Fair Value on a Non-Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Financial Instruments Significant Other Observable Inputs Significant Unobservable Inputs (In millions) Net Book Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Impairments for the Year Ended December 31, 2014 Goodwill $ 214.1 $ — $ — $ 214.1 $ 147.5 As of December 31, 2014 , the total of our goodwill measured at fair value was $214.1 million , and we recorded impairment charges related to goodwill at Bally's Las Vegas of $147.5 million for the year then ended due to a decline in performance and downward adjustments to expectations of future performance at the property. Our assessment of goodwill included an assessment using various Level 2 (EBITDA multiples and discount rate) and Level 3 (forecasted cash flows) inputs. See Note 1 — Description of Business and Summary of Significant Accounting Policies for more information on the application of the use of fair value to measure goodwill. During the year ended December 31, 2015 , there was an immaterial impairment charge for assets measured at fair value on a non-recurring basis in periods subsequent to initial recognition and no impairment charge for liabilities measured at fair value on a non-recurring basis in periods subsequent to initial recognition. During the year ended December 31, 2013 , there were no impairment charges for assets and liabilities measured at fair value on a non-recurring basis in periods subsequent to initial recognition. |
Litigation, Contractual Commitm
Litigation, Contractual Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Contractual Commitments and Contingent Liabilities | Litigation, Contractual Commitments and Contingent Liabilities CAC-CEC Proposed Merger On December 30, 2014, Nicholas Koskie, on behalf of himself and, he alleges, all others similarly situated, filed a lawsuit (the "Nevada Lawsuit") in the Clark County District Court in the State of Nevada against CAC, CEC and members of the CAC board of directors Marc Beilinson, Philip Erlanger, Dhiren Fonseca, Don Kornstein, Karl Peterson, Marc Rowan, and David Sambur (the individual defendants collectively, the "CAC Directors"). The Nevada Lawsuit alleges claims for breach of fiduciary duty against the CAC Directors and aiding and abetting breach of fiduciary duty against CAC and CEC. It seeks (1) a declaration that the claim for breach of fiduciary duty is a proper class action claim; (2) to order the CAC Directors to fulfill their fiduciary duties to CAC in connection with the Proposed Merger between CAC and CEC announced on December 22, 2014 (the "Proposed Merger"), specifically by announcing their intention to (a) cooperate with bona fide interested parties proposing alternative transactions, (b) ensure that no conflicts exist between the CAC Directors' personal interests and their fiduciary duties to maximize shareholder value in the Proposed Merger, or resolve all such conflicts in favor of the latter, and (c) act independently to protect the interests of the shareholders; (3) to order the CAC Directors to account for all damages suffered or to be suffered by the plaintiff and the putative class as a result of the Proposed Merger; and (4) to award the plaintiff for his costs and attorneys' fees. It is unclear whether the Nevada Lawsuit also seeks to enjoin the Proposed Merger. CAC and the CAC Directors believe this lawsuit is without merit and will defend themselves vigorously. The deadline to respond to the Nevada Lawsuit has been indefinitely extended by agreement of the parties. On April 20, 2015, CAC received a demand for production of CAC's books and records pursuant to Section 220 of the Delaware General Corporation Law on behalf of a purported stockholder. The alleged purpose of the demand is to investigate potential misconduct and breaches of fiduciary duties by CAC's directors and explore certain remedial measures in connection with the Proposed Merger. After exchanging correspondence with purported shareholder's counsel, CAC began and is currently engaged in producing documents as required by Section 220. We cannot provide assurance as to the outcome of these matters or of the range of reasonably possible losses should these matters ultimately be resolved against us due to the inherent uncertainty of litigation and the stage of the related litigation. CEOC Bondholder Litigation or Noteholder Disputes On August 4, 2014, Wilmington Savings Fund Society, FSB, solely in its capacity as successor indenture trustee for the 10% Second-Priority Senior Secured Notes due 2018 (the "Notes"), on behalf of itself and, it alleges, derivatively on behalf of CEOC, filed a lawsuit (the "Delaware Second Lien Lawsuit") in the Court of Chancery in the State of Delaware against CEC, CEOC, CGP LLC, CAC, CERP, CES, Eric Hession, Gary Loveman, Jeffrey D. Benjamin, David Bonderman, Kelvin L. Davis, Marc C. Rowan, David B. Sambur, and Eric Press. The lawsuit alleges claims for breach of contract, intentional and constructive fraudulent transfer, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and corporate waste. The lawsuit seeks (1) an award of money damages; (2) to void certain transfers, the earliest of which dates back to 2010; (3) an injunction directing the recipients of the assets in these transactions to return them to CEOC; (4) a declaration that CEC remains liable under the parent guarantee formerly applicable to the Notes; (5) to impose a constructive trust or equitable lien on the transferred assets; and (6) an award to the plaintiffs for their attorneys' fees and costs. The only claims against CAC and CGP LLC are for intentional and constructive fraudulent transfer. CAC and CGP LLC believe this lawsuit is without merit and will defend themselves vigorously. A motion to dismiss this action was filed by CEC and other defendants in September 2014, and the motion was argued in December 2014. During the pendency of its Chapter 11 bankruptcy proceedings, the action has been automatically stayed with respect to CEOC. The motion to dismiss with respect to CEC was denied on March 18, 2015. In a Verified Supplemental Complaint filed on August 3, 2015, the plaintiff stated that due to CEOC's bankruptcy filing, the continuation of all claims was stayed pursuant to the bankruptcy except for Claims II, III, and X. These are claims against CEC only, for breach of contract in respect of the release of the parent guarantee formerly applicable to the Notes, for declaratory relief in respect of the release of this guarantee, and for violations of the Trust Indenture Act in respect of the release of this guarantee. CEC has informed us that fact discovery in the case is substantially complete. No trial date has been set. On September 3, 2014, holders of approximately $21 million of CEOC Senior Unsecured Notes due 2016 and 2017 filed suit in federal district court in United States District Court for the Southern District of New York against CEC and CEOC, claiming broadly that an August 12, 2014 Note Purchase and Support Agreement between CEC and CEOC (on the one hand) and certain other holders of the CEOC Senior Unsecured Notes (on the other hand) impaired their own rights under the Senior Unsecured Notes. The lawsuit seeks both declaratory and monetary relief. On October 2, 2014, other holders of CEOC Senior Unsecured Notes due 2016 purporting to represent a class of all holders of these Notes from August 11, 2014 to the present filed a substantially similar suit in the same court, against the same defendants, relating to the same transactions. Both lawsuits (the "Senior Unsecured Lawsuits") have been assigned to the same judge. The claims against CEOC have been automatically stayed during its Chapter 11 bankruptcy proceedings. The court denied a motion to dismiss both lawsuits with respect to CEC. The parties have completed fact discovery with respect to both plaintiffs' claims against CEC. On October 23, 2015, plaintiffs in the Senior Unsecured Lawsuits moved for partial summary judgment, and on December 29, 2015, those motions were denied. On December 4, 2015, plaintiff in the action brought on behalf of holders of CEOC's 6.50% Senior Unsecured Notes moved for class certification, and under the schedule imposed by the court for this motion, briefing has been completed. These lawsuits are currently scheduled for trial in May 2016. CAC and CGP LLC are not parties to these lawsuits. On November 25, 2014, UMB Bank ("UMB"), as successor indenture trustee for CEOC's 8.5% senior secured notes due 2020, filed a verified complaint (the "Delaware First Lien Lawsuit") in Delaware Chancery Court against CEC, CEOC, CERP, CAC, CGP LLC, CES, and against an individual, and past and present members of the CEC and CEOC Boards of Directors, Gary Loveman, Jeffrey Benjamin, David Bonderman, Kelvin Davis, Eric Press, Marc Rowan, David Sambur, Eric Hession, Donald Colvin, Fred Kleisner, Lynn Swann, Chris Williams, Jeffrey Housenbold, Michael Cohen, Ronen Stauber, and Steven Winograd, alleging generally that defendants have improperly stripped CEOC of prized assets, have wrongfully affected a release of a CEC parental guarantee of CEOC debt and have committed other wrongs. Among other things, UMB Bank has asked the court to appoint a receiver over CEOC. In addition, the Delaware First Lien Lawsuit pleads claims for fraudulent conveyances/transfers, insider preferences, illegal dividends, declaratory judgment (for breach of contract as regards to the parent guarantee and also as to certain covenants in the bond indenture), tortious interference with contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment, and seeks monetary and equitable as well as declaratory relief. CAC and CGP LLC believe this lawsuit is without merit and will defend themselves vigorously. All of the defendants have moved to dismiss the lawsuit, and that motion has been fully briefed. In addition, this lawsuit has been automatically stayed with respect to CEOC during the Chapter 11 process and, pursuant to the (a) Fifth Amended and Restated Restructuring Support and Forbearance Agreement dated October 7, 2015, with certain holders of claims in respect of claims under CEOC's first lien notes (the "First Lien Bond RSA") and (b) Restructuring Support and Forbearance Agreement dated August 21, 2015, with certain holders of claims in respect of claims under CEOC's first lien credit agreement (the "First Lien Bank RSA" and, together with the First Lien Bond RSA, the "RSAs") , has been subject to a consensual stay for all. The consensual stay will expire upon the termination of the First Lien Bond RSAs. On February 13, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the "February 13 Notice") from Wilmington Savings Fund Society, FSB, in its capacity as successor Trustee for CEOC's 10.0% Second-Priority Notes. The February 13 Notice alleges that CEOC's commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 10.0% Second-Priority Notes; that all amounts due and owing on the 10.0% Second-Priority Notes therefore immediately became payable; and that Caesars Entertainment is responsible for paying CEOC's obligations on the 10.0% Second-Priority Notes, including CEOC's obligation to timely pay all principal, interest, and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 13 Notice alleges is still binding. The February 13 Notice accordingly demands that Caesars Entertainment immediately pay Wilmington Savings Fund Society, FSB, cash in an amount of not less than $3.7 billion , plus accrued and unpaid interest (including without limitation the $184 million interest payment due December 15, 2014 that CEOC elected not to pay) and accrued and unpaid attorneys' fees and other expenses. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. CAC and CGP LLC are not parties to this demand. On February 18, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the "February 18 Notice") from BOKF, N.A. ("BOKF"), in its capacity as successor Trustee for CEOC's 12.75% Second-Priority Senior Secured Notes due 2018 (the " 12.75% Second-Priority Notes"). The February 18 Notice alleges that CEOC's commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 12.75% Second-Priority Notes; that all amounts due and owing on the 12.75% Second-Priority Notes therefore immediately became payable; and that CEC is responsible for paying CEOC's obligations on the 12.75% Second-Priority Notes, including CEOC's obligation to timely pay all principal, interest and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 18 Notice alleges is still binding. The February 18 Notice therefore demands that CEC immediately pay BOKF cash in an amount of not less than $750 million , plus accrued and unpaid interest, accrued and unpaid attorneys' fees, and other expenses. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. CAC and CGP LLC are not parties to this demand. On March 3, 2015, BOKF filed a lawsuit (the "New York Second Lien Lawsuit") against CEC in federal district court in Manhattan, in its capacity as successor trustee for CEOC's 12.75% Second-Priority Notes. On June 15, 2015, UMB filed a lawsuit (the "New York First Lien Lawsuit") against CEC, also in federal district court in Manhattan, in its capacity as successor trustee for CEOC's 11.25% Senior Secured Notes due 2017, 8.50% Senior Secured Notes due 2020, and 9.00% Senior Secured Notes due 2020. Plaintiffs in these actions allege that CEOC's filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indenture governing these notes, causing all principal and interest to become immediately due and payable, and that CEC is obligated to make those payments pursuant to a parent guarantee provision in the indentures governing these notes that plaintiffs allege are still binding. Both plaintiffs bring claims for violation of the Trust Indenture Act of 1939, breach of contract, breach of duty of good faith and fair dealing and for declaratory relief and BOKF brings an additional claim for intentional interference with contractual relations. The cases have both been assigned to the same judge presiding over the other Parent Guarantee Lawsuits, as defined below. CEC filed its answer to the BOKF complaint on March 25, 2015, and to the UMB complaint on August 10, 2015. On June 25, 2015, and June 26, 2015, BOKF and UMB, respectively, moved for partial summary judgment, specifically on their claims alleging a violation of the Trust Indenture Act of 1939, seeking both declaratory relief and damages. On August 27, 2015, those motions were denied. The court, on its own motion, certified its order with respect to the interpretation of the Trust Indenture Act for interlocutory appeal to the United States Court of Appeals for the Second Circuit, and on December 22, 2015, the appellate court denied CEC's motion for leave to appeal. On November 20, 2015, BOKF and UMB again moved for partial summary judgment. Those motions likewise were denied. CAC and CGP LLC are not parties to these lawsuits. On March 11, 2015, CEOC filed an adversary proceeding in bankruptcy court requesting that the Parent Guarantee Lawsuits be enjoined against all defendants through plan confirmation; in subsequent submissions, CEOC stated that it sought a temporary stay of those lawsuits until 60 days after the issuance of a final report by the Bankruptcy Examiner. CEOC argued that contemporaneous prosecution of related claims against CEC would impair the bankruptcy court's jurisdiction over the debtors' reorganization by threatening the debtors' ability to recover estate property for the benefit of all creditors, diminishing the prospects of a successful reorganization, and depleting property of the estate. On July 22, 2015, the bankruptcy court denied CEOC's request and on October 6, 2015, this denial was affirmed by the United States District Court for the Northern District of Illinois. On December 23, 2015, the United States Court of Appeals for the Seventh Circuit vacated the denial of CEOC's request to enjoin the Parent Guarantee Lawsuits and remanded the case for further proceedings. On February 26, 2016, the bankruptcy court granted CEOC’s motion for a temporary stay with respect to the New York Second Lien Lawsuit and the New York First Lien Lawsuit that had been scheduled to begin on March 14. The stay will remain in effect until 60 days after the filing of the Examiner’s interim report (expected between March 7 and March 14), or May 9, 2016, whichever comes first. Certain defendants in these adversary proceedings have sought rehearing en banc by the court of appeals. None of the rulings on CEOC's request to enjoin the Parent Guarantee Lawsuits addresses the merits of those actions. On October 20, 2015, Wilmington Trust, National Association ("Wilmington Trust"), filed a lawsuit (the "New York Senior Notes Lawsuit" and, together with the Delaware Second Lien Lawsuit, the Delaware First Lien Lawsuit, the Senior Unsecured Lawsuits, the New York Second Lien Lawsuit, and the New York First Lien Lawsuit, the "Parent Guarantee Lawsuits") against CEC in federal district court in Manhattan in its capacity as successor indenture trustee for CEOC's 10.75% Senior Notes due 2016 (the " 10.75% Senior Notes"). Plaintiff alleges that CEC is obligated to make payment of amounts due on the 10.75% Senior Notes pursuant to a parent guarantee provision in the indenture governing those notes that plaintiff alleges is still in effect. Plaintiff raises claims for violations of the Trust Indenture Act of 1939, breach of contract, breach of the implied duty of good faith and fair dealing, and for declaratory judgment, and seeks monetary and declaratory relief. CEC filed its answer to the complaint on November 23, 2015 and the parties have begun fact discovery. CAC and CGP LLC are not parties to these lawsuits. In accordance with the terms of the applicable indentures and as previously disclosed, Caesars Entertainment believes that it is not subject to the above-described guarantees. As a result, Caesars Entertainment believes the demands for payment are meritless. The claims against CEOC have been stayed due to the Chapter 11 process and, except as described above, the actions against CEC have been allowed to continue. We believe that the claims and demands described above against CAC and CGP LLC in the Delaware First Lien Lawsuit and Delaware Second Lien Lawsuit are without merit and intend to defend ourselves vigorously. For the Delaware First Lien Lawsuit and Delaware Second Lien Lawsuit, at the present time, we believe it is not probable that a material loss will result from the outcome of these matters. However, given the uncertainty of litigation, we cannot provide assurance as to the outcome of these matters or of the range of reasonably possible losses should the matters ultimately be resolved against us. Should these matters ultimately be resolved through litigation outside of the financial restructuring of CEOC, which we believe these matters would likely be long and protracted, and were a court to find in favor of the claimants in the Delaware First Lien Lawsuit or the Delaware Second Lien Lawsuit, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. National Retirement Fund In January 2015, a majority of the Trustees of the National Retirement Fund ("NRF"), a multi-employer defined benefit pension plan, voted to expel CEC and its participating subsidiaries ("CEC Group") from the plan. NRF claims that CEOC's bankruptcy presents an "actuarial risk" to the plan because, depending on the outcome of the bankruptcy proceeding, CEC might no longer be liable to the plan for any partial or complete withdrawal liability. NRF has advised the CEC Group that its expulsion has triggered withdrawal liability with a present value of approximately $360 million , payable in 80 quarterly payments of about $6 million . Prior to NRF's vote, the CEC Group reiterated its commitment to remain in the plan and not seek rejection of any collective bargaining agreements in which the obligation to contribute to NRF exists. It is completely current with respect to pension contributions. The CEC Group opposed the NRF actions in the appropriate legal forums including seeking a declaratory judgment in federal district court challenging NRF's authority to expel the CEC Group and also seeking relief in the CEOC bankruptcy proceeding. The parties entered into a Standstill Agreement in March 2015 staying the CEC Group's obligation to commence quarterly payments and instead continue making its monthly contributions, and also setting a briefing schedule in the bankruptcy proceeding for both CEOC's motion that NRF's action violated the automatic stay and the CEC Group's motion to extend the stay to encompass NRF's collection lawsuit against CEC. The Bankruptcy Court denied CEOC's motion that NRF's action violated the automatic stay but CEOC's motion to extend the stay to encompass NRF's collection lawsuit against CEC is still pending. The Standstill Agreement remains in effect. Also, the federal district court has granted NRF's motion to dismiss CEC's declaratory judgment action agreeing with NRF that the governing statute requires that the issue must first be arbitrated. CEC has filed its Notice of Appeal challenging the district court's ruling. CEC believes that its legal arguments against the actions undertaken by NRF are strong and will pursue them vigorously. Because legal proceedings with respect to this matter are at the preliminary stages, CEC cannot currently provide assurance as to the ultimate outcome of the matters at issue. Other Matters In recent years, governmental authorities have been increasingly focused on anti-money laundering ("AML") policies and procedures, with a particular focus on the gaming industry. In October 2013, CEOC's subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury ("FinCEN"), stating that FinCEN was investigating Caesars Palace for alleged violations of the Bank Secrecy Act to determine whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace. Caesars Palace responded to FinCEN's letter in January 2014. Additionally, CEC was informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of CEC and its subsidiaries had been initiated. CEC and Caesars Palace have been cooperating with FinCEN, the Department of Justice and the Nevada Gaming Control Board (the "GCB") on this matter. On September 8, 2015, FinCEN announced a settlement pursuant to which Caesars Palace agreed to an $8 million civil penalty for its violations of the Bank Secrecy Act, which penalty shall be treated as a general unsecured claim in Caesars Palace's bankruptcy proceedings. In addition, Caesars Palace agreed to conduct periodic external audits and independent testing of its AML compliance program, report to FinCEN on mandated improvements, adopt a rigorous training regime, and engage in a "look-back" for suspicious transactions. The terms of the FinCEN settlement were approved by the bankruptcy court on October 19, 2015. CEOC and the GCB reached a settlement on the same facts as above, wherein CEC agreed to pay $1.5 million and provide to the GCB the same information that is reported to FinCEN and to resubmit its updated AML policies. On September 17, 2015, the settlement agreement was approved by the Nevada Gaming Commission. CEOC continues to cooperate with the Department of Justice in its investigation of this matter. The Company is party to ordinary and routine litigation incidental to our business. We do not expect the outcome of any such litigation to have a material effect on our financial position, results of operations, or cash flows, as we do not believe it is reasonably possible that we will incur material losses as a result of such litigation. Harrah's New Orleans Operating Agreement Harrah's New Orleans operates under a casino operating contract with the Rivergate Development Corporation, as amended and restated on various occasions. The term of the amended casino operating contract expired in July 2014 and automatically renewed for 10 years . As amended, the contract requires Harrah's New Orleans to make minimum annual payments to the Louisiana Gaming Control Board equal to the greater of 21.5% of gross gaming revenues from Harrah's New Orleans in the applicable casino operating contract fiscal year or $60.0 million for each annual period beginning after April 1, 2002. In addition, Harrah's New Orleans is required to pay an override on gross gaming revenues equal to (i) 1.5% of gross gaming revenues between $500.0 million and $700.0 million ; (ii) 3.5% for gross gaming revenues between $700.0 million and $800.0 million ; (iii) 5.5% for gross gaming revenues between $800.0 million and $900.0 million ; and (iv) 7.5% for gross gaming revenues in excess of $900.0 million . For the years ended December 31, 2015, 2014 and 2013 , Harrah's New Orleans paid $71.4 million , $72.6 million and $72.6 million , respectively, to the Louisiana Gaming Control Board. Planet Hollywood Energy Services Agreement Planet Hollywood's predecessor entered into an Energy Services Agreement ("ESA") with Northwind Aladdin, LLC ("Northwind") on September 24, 1998, subject to five subsequent amendments. Under the terms of the amended ESA, Northwind is required to provide chilled water, hot water and emergency power to Planet Hollywood from a central utility plant for a term that expires February 29, 2020. Planet Hollywood recorded expenses of $3.0 million , $3.0 million and $3.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. These expenses were included in Property, general, administrative and other expenses in the accompanying Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . As of December 31, 2015 and 2014 , Planet Hollywood had future minimum commitments and contingencies of $5.4 million and $8.4 million , respectively, related to the amended ESA. Insurance Accruals CGPH's properties are insured for workers' compensation, property, general liability and other insurance coverage through Caesars Entertainment. See Note 15 — Related Party Transactions for additional information. Entertainment Commitments In July 2013, Planet Hollywood terminated its lease with a third-party in order to retake possession of the larger performance theater space in Planet Hollywood, recently rebranded as The AXIS at Planet Hollywood Resort & Casino. In connection with that transaction, Planet Hollywood refurbished the theater and entered into a performance agreement with Britney Spears pursuant to which Ms. Spears agreed to perform at The AXIS starting in December 2013. The original performance agreement ran through the end of 2015. In September 2015, Planet Hollywood and Ms. Spears entered into a new performance agreement pursuant to which Ms. Spears agreed to continue to perform at The AXIS through December 2017. In November 2015, Planet Hollywood finalized its performance agreement with Jennifer Lopez pursuant to which Ms. Lopez agreed to perform at The AXIS starting in January 2016. The performance agreements with Ms. Spears and Ms. Lopez contain customary representations, warranties, covenants and agreements and exclusivity and non-compete provisions for similar transactions. As of December 31, 2015 , CGPH's future commitments aggregate to approximately $78.5 million . Management Fees to Related Party See Note 15 — Related Party Transactions for discussion of management fees to related party. Uncertainties Since 2009, Harrah's New Orleans has undergone audits by state and local departments of revenue related to sales taxes on hotel rooms, parking and entertainment complimentaries. The periods that have been or are currently being audited are 2004 through 2013. In connection with these audits, certain periods have been paid under protest or are currently in various stages of litigation. As a result of these audits, Harrah's New Orleans had accrued $3.6 million and $6.7 million at December 31, 2015 and 2014 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Changes in Working Capital Accounts The net change in cash and cash equivalents due to the changes in working capital accounts were as follows: Year Ended December 31, (In millions) 2015 2014 2013 Receivables $ (9.4 ) $ (4.0 ) $ (2.5 ) Prepayments and other current assets (6.3 ) 2.5 (1.1 ) Accounts payable 3.4 (3.9 ) 1.8 Payable to related parties (28.6 ) 31.9 (2.3 ) Accrued expenses and interest payable 10.5 33.0 (1.2 ) Net change in working capital accounts $ (30.4 ) $ 59.5 $ (5.3 ) Cash Paid for Interest The following table reconciles Interest expense, net of interest capitalized, per the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) , to cash paid for interest: Year Ended December 31, (In millions) 2015 2014 2013 Interest expense, net of interest capitalized $ 163.9 $ 158.0 $ 65.0 Adjustments to reconcile to cash paid for interest: Net change in accruals 0.4 (26.5 ) (0.6 ) Net amortization of debt discount and deferred financing costs (8.5 ) (14.6 ) (23.9 ) Change in fair value of derivatives — — (0.1 ) Equitized intercompany loan interest — (3.6 ) (10.0 ) Prepaid bond interest (0.9 ) (0.6 ) (0.4 ) Capitalized interest 6.5 9.2 7.6 Debt issuance costs and fees — (26.1 ) — Cash paid for interest $ 161.4 $ 95.8 $ 37.6 Significant Non-cash Transactions There were no significant non-cash investing activities during the years ended December 31, 2015 and 2014 . Significant non-cash investing activities during the year ended December 31, 2013 were $18.2 million of purchases classified as Land, property and equipment, net which had a corresponding liability in Accounts Payable in the Consolidated Balance Sheet. On March 31, 2014, the related party promissory notes with Harrah's New Orleans and The Cromwell , including accrued interest, were settled for Harrah's New Orleans with CEOC and for The Cromwell with Caesars Entertainment. The settlement was accounted for as a net equity contribution in the amount of $139.9 million and is further described in Note 15 — Related Party Transactions . On May 20, 2014, CGPH entered into the Omnibus Agreement (as defined in Note 15 — Related Party Transactions ), which granted licenses to CGPH, CEOC, CERP and certain of their affiliates in connection with the formation of CES. Initial contributions by the Members (as defined in Note 15 — Related Party Transactions ) included a $22.5 million cash payment by CGP LLC on behalf of CGPH in October 2014. Pursuant to a capital call during the fourth quarter of 2014, CGP LLC contributed an additional $0.1 million on behalf of CGPH. CGP LLC's cash payments on behalf of CGPH resulted in an increase to CGP LLC's investment in CGPH. There were no cash payments or refunds related to income taxes during the periods presented herein. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Cash Activity with Affiliates Prior to being acquired by the Company, Harrah's New Orleans, Bally's Las Vegas, The Cromwell and The LINQ Hotel & Casino transferred cash in excess of operating requirements and regulatory needs to CEOC on a daily basis. Cash transfers from CEOC to these properties were also made based upon needs to fund daily operations, including accounts payable, payroll and capital expenditures. For the years ended December 31, 2014 and 2013 , the net of these transfers of $13.2 million and $36.2 million , respectively, was reflected in Net transfers to parent and affiliates in the Cash flows from operating activities section of the Combined and Consolidated Statements of Cash Flows and Transactions with parent and affiliates, net in the Combined and Consolidated Statements of Stockholder's Equity . Subsequent to the May 2014 purchase of these properties by CGPH, the transfers of cash in excess of operating requirements and regulatory needs to CEOC and cash transfers from CEOC to fund daily operations no longer occur. Formation of Caesars Enterprise Services, LLC CES, a services joint venture among CEOC, CERP, a subsidiary of Caesars Entertainment, and the Company, (together the "Members" and each a "Member") manages our properties and provides us with access to Caesars Entertainment's management expertise, intellectual property, back office services and Total Rewards loyalty program. CES also employs personnel under each property's corresponding property management agreement. Operating expenses are allocated to each Member with respect to their respective properties serviced by CES in accordance with historical allocation methodologies, subject to annual revisions and certain prefunding requirements. Corporate expenses that are not allocated to the properties directly are allocated by CES to CEOC, CERP, and CGPH according to their allocation percentages (initially 70.0% , 24.6% and 5.4% , respectively), subject to annual review. As a result of an annual review undertaken in September 2015 but effective July 2015, the allocation percentages were revised to 65.4% , 21.8% and 12.8% , respectively. The Company has notified CES, CEOC and CERP that it objects to the new expense allocation but will pay the revised expense allocations under protest and reserves all rights. On October 1, 2014, CES began operations in Nevada, Louisiana and certain other jurisdictions in which regulatory approval had been received or was not required, including through the commencement of direct employment by CES of certain designated enterprise-wide employees. Omnibus License and Enterprise Services Agreement On May 20, 2014, the Members entered into an Omnibus License and Enterprise Services Agreement (the "Omnibus Agreement"), which granted licenses to the Members and certain of their affiliates in connection with the formation of CES. Initial contributions by the Members included a $22.5 million cash payment by CGP LLC on behalf of CGPH in October 2014. Pursuant to a capital call during the three months ended December 31, 2014 , CGP LLC contributed an additional $0.1 million on behalf of CGPH. CGP LLC's cash payments on behalf of CGPH resulted in an increase to CGP LLC's investment in CGPH. Pursuant to capital calls during the year ended December 31, 2015 , CGPH contributed an additional $3.9 million to CES. On October 1, 2014 and January 1, 2015, the Members transitioned certain executives and employees to CES and the services of such employees were available as part of CES's provision of services to the Members and certain of their affiliates that own properties that require CES services under the Omnibus Agreement. Under the Omnibus Agreement, CEOC, Caesars License Company, LLC ("CLC"), Caesars World, Inc. ("CWI"), CGPH and certain of their subsidiaries that granted CES a non-exclusive, irrevocable, world-wide, royalty-free license in and to all intellectual property owned or used by such licensors, including all intellectual property (a) currently used, or contemplated to be used, in connection with the properties owned by the Members and their respective affiliates, including any and all intellectual property related to the Total Rewards program, and (b) necessary for the provision of services contemplated by the Omnibus Agreement and by the applicable management agreement for any such property (collectively, the "Enterprise Assets"). CES granted to the properties owned or controlled by the Members, and their respective affiliates, non-exclusive licenses to the Enterprise Assets. CES granted to CEOC, CLC, CWI, CGPH and the properties owned or controlled by the Members licenses to any intellectual property that CES develops or acquires in the future that is not a derivative of the intellectual property licensed to it. CES also granted to CEOC, CLC, CWI and CGPH a non-exclusive license to intellectual property specific to the properties controlled by CGPH, CERP and their subsidiaries for any uses consistent with the uses made by CEOC, CLC, and CWI with respect to such intellectual property prior to the date of the Omnibus Agreement. Allocated General Corporate Expenses Prior to the May 2014 transactions described in Note 1 — Description of Business and Summary of Significant Accounting Policies , Harrah's New Orleans, Bally's Las Vegas, The LINQ Hotel & Casino and The Cromwell functioned as part of the larger group of companies owned by CEC and its subsidiaries. Prior to October 21, 2013, Planet Hollywood functioned as part of the larger group of companies owned by CEC and its subsidiaries. CEOC performed certain corporate overhead functions for these properties. These functions included, but were not limited to, payroll, accounting, risk management, tax, finance, recordkeeping, financial statement preparation and audit support, legal, treasury, regulatory compliance, insurance, information systems, office space, and corporate and other centralized services. Costs associated with centralized services have been allocated based on a percentage of revenue, or on another basis. CGP LLC entered into a management services agreement with CEOC pursuant to which CEOC and its subsidiaries provide certain services to CGP LLC and its subsidiaries. The agreement, among other things: • provides that CEOC and its subsidiaries provide (a) certain corporate services and back office support, including payroll, accounting, risk management, tax, finance, recordkeeping, financial statement preparation and audit support, legal, treasury functions, regulatory compliance, insurance, information systems, office space, and corporate and other centralized services and (b) certain advisory and business management services, including developing business strategies, executing financing transactions and structuring acquisitions and joint ventures; • allows the parties to modify the terms and conditions of CEOC's performance of any of the services and to request additional services from time to time; and • provides for payment of a service fee to CEOC in exchange for the provision of services, plus a margin of 10% . In addition, the shared service agreements pursuant to which CEOC provided similar services to Planet Hollywood, Harrah's New Orleans, Bally's Las Vegas, The LINQ Hotel & Casino and The Cromwell that were in place prior to the transactions continued to remain in force. As discussed in Formation of Caesars Enterprise Services LLC above, these services were assumed by CES in 2014. The Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) reflects an allocation of both expenses incurred in connection with these shared services agreements and directly billed expenses incurred through Caesars Entertainment, CES and CEOC. General corporate expenses have been allocated based on a percentage of revenue, or on another basis (such as headcount), depending upon the nature of the general corporate expense being allocated. We recorded allocated general corporate expenses (including at times a 10% surcharge) and directly billed expenses totaling $126.1 million , $102.7 million and $90.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The net payable balances for allocated and directly billed expenses are recorded in Payables to related parties in the Consolidated Balance Sheets . The allocations of general corporate expenses may not reflect the expense the Company would have incurred if it were a stand-alone company nor are they necessarily indicative of the Company's future costs. Management believes the assumptions and methodologies used in the allocation of general corporate expenses from Caesars Entertainment, CES and CEOC are reasonable. Given the nature of these costs, it is not practicable for the Company to estimate what these costs would have been on a stand-alone basis. Management Fees Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell Management Fees Harrah's New Orleans Management Company, The Quad Manager, LLC, Bally's Las Vegas Manager, LLC and Cromwell Manager, LLC (collectively, the "Property Managers" and individually, a "Property Manager") are wholly-owned indirect subsidiaries of CEOC, and prior to the assignment of each respective management agreement to CES as of October 1, 2014, managed the operations of Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell . Fees paid to the Property Managers for such services include a base management fee calculated at 2.0% of adjusted gross operating revenue plus net casino wins, and an incentive fee calculated at 5.0% of EBITDA less the base management fee. For the years ended December 31, 2015 and 2014 , the fees were $27.9 million and $14.5 million , respectively. These fees were included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . As of December 31, 2015 and 2014 , the payable balance related to these fees and recorded in Payables to related parties in the Consolidated Balance Sheets were $0.8 million and $0.9 million , respectively. In May 2014, CGPH purchased a 50% interest in the management fee revenues of the Property Managers for $138.0 million , recognized as a long-term prepaid asset included in Prepaid management fees to related parties in the Consolidated Balance Sheets . The prepaid asset will be amortized over 15 years, which represents the term of the related management contracts. During the years ended December 31, 2015 and 2014 , the Company recorded amortization in the amount of $9.2 million and $6.1 million , respectively, which is included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Additionally, during the years ended December 31, 2015 and 2014 , the Company received 50% of the management fees paid in the amount of $14.0 million and $7.2 million , respectively, which is included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Planet Hollywood Management Fees PHW Manager is a wholly-owned subsidiary of CEOC, and prior to the assignment of the management agreement to CES as of October 1, 2014, managed the operations of Planet Hollywood. Fees paid to PHW Manager for such services include a base management fee calculated at 3.0% of adjusted gross operating revenue plus net casino wins, and an incentive fee calculated at 4.5% of EBITDA less the base management fee. For the years ended December 31, 2015, 2014 and 2013 , the fees were $20.9 million , $18.4 million and $17.8 million , respectively. These fees were included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . As of December 31, 2015 and 2014 , the payable balances related to these fees and recorded in Payables to related parties in the Consolidated Balance Sheets were $0.8 million and $0.6 million , respectively. On October 21, 2013, CGP LLC purchased a 50% interest in the management fee revenues of PHW Manager for $70.0 million , recognized as a long-term prepaid asset included in Prepaid management fees to related parties in the Consolidated Balance Sheets . On May 5, 2014, CGP LLC contributed the equity interests of PHWLV, and the 50% interest in the management fee revenues of PHW Manager to CGPH. The prepaid asset will be amortized over 35 years, which represents the term of the related management contract. During the years ended December 31, 2015, 2014 and 2013 , the Company recorded amortization in the amount of $2.0 million , $2.0 million and $0.4 million , respectively, which are included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Additionally, for the years ended December 31, 2015, 2014 and 2013 , the Company received 50% of the Planet Hollywood management fee paid in the amount of $10.2 million , $9.4 million and $1.8 million , respectively, which is included in Management fees to related parties in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Total Rewards Liability Program CEOC's customer loyalty program, Total Rewards, offers incentives to customers from their spending related to on-property entertainment expenses, including gaming, hotel, dining, and retail shopping at our casino entertainment facilities located in the U.S. and Canada. Under the program, customers are able to accumulate, or bank, reward credits over time that they may redeem at their discretion under the terms of the program. The reward credit balance will be forfeited if the customer does not earn a reward credit over the prior six-month period. As a result of the ability of the customer to bank the reward credits, we accrue the estimated cost of fulfilling the redemption of reward credits, after consideration of estimated forfeitures (referred to as "breakage"), as they are earned. The estimated value of reward credits is expensed as the reward credits are earned by customers and is included in direct casino expense. The estimated cost of fulfilling the redemption of reward credits is based upon the cost of historical redemptions and is accrued by CEOC, with the incremental charges included in Payables to related parties in the Consolidated Balance Sheets . In addition to reward credits, customers at certain of our properties can earn points based on play that are redeemable in the form of credits playable at the gaming machine. We accrue the cost of redeemable points, after consideration of estimated breakage, as they are earned. The cost is recorded as contra-revenue and is included in casino promotional allowances. Use of Bally's, Harrah's, and LINQ Trademarks Bally's Las Vegas and Harrah's New Orleans have historically used the Bally's and Harrah's trademarks, which are owned by CEOC. CEOC has not historically charged a royalty fee for the use of these trademarks, and has not charged fees subsequent to the closing of the transactions described in Note 1 — Description of Business and Summary of Significant Accounting Policies . Accordingly, no such charges were recorded in the Combined and Consolidated Financial Statements . As discussed above, we entered into a management agreement with CEOC in connection with the Acquired Properties Transaction and Harrah's Transaction, which among other services, includes the use of CEOC-owned trademarks. As discussed in Formation of Caesars Enterprise Services LLC above, these services were assumed by CES in 2014. The LINQ Hotel & Casino uses its trademark, which is owned by CLC, in connection with this agreement. The Cromwell and Harrah's New Orleans Promissory Notes In November 2013, The Cromwell entered into a $15.5 million unsecured promissory note, payable to Caesars Entertainment and bearing interest at 11% . Interest was to be accrued semi - annually in June and December. There were no financial covenants required under the note. In December 2002, Harrah's New Orleans entered into a $123.7 million unsecured promissory note, payable on demand to CEOC bearing interest at 8% with no scheduled repayment terms. There were no financial covenants required under the note. Any amount of principal and interest not paid when due bore additional interest at 2% . Accrued interest was settled on a monthly basis with charges to transactions with parents and affiliates, net. On March 31, 2014, all existing related party debt, including accrued interest, was settled for The Cromwell with Caesars Entertainment and for Harrah's New Orleans with CEOC. The settlement was accounted for as a net equity contribution in the amount of $139.9 million . Insurance Accruals Our properties are insured for workers' compensation, property, general liability and other insurance coverage through Caesars Entertainment and are charged premiums by Caesars Entertainment based on claims activity. We are self-insured for employee health, dental, vision and other insurance and our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. The use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals and was believed to be reasonable. CGPH regularly monitors the potential for changes in estimates, evaluates its insurance accruals, and adjusts its recorded provisions. Employee Benefit Plans Caesars Entertainment maintains a defined contribution savings and retirement plan in which certain employees of the Company may participate. The plan, among other things, provides for pretax and after-tax contributions by employees. Under the plan, participating employees may elect to contribute up to 50% of their eligible earnings, provided that participants who are designated as highly compensated will have their contributions limited to ensure the plan does not discriminate in their favor. Caesars Entertainment maintains an employer match of up to $600 per year. The Company's reimbursement for Caesars Entertainment's contribution expense was $1.8 million , $1.8 million and $1.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Multiemployer Benefit Plans Certain employees of the Company are covered by union sponsored, collectively bargained, health and welfare multiemployer benefit plans. The Company's reimbursement for Caesars Entertainment's contributions and charges for these plans were $35.7 million , $30.2 million and $27.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. These expenses were included in Property, general, administrative and other in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . Equity Incentive Awards Caesars Entertainment maintains equity incentive award plans in which employees of CGPH may participate. Caesars Entertainment allocates an appropriate amount of cost for these awards to each subsidiary where employees participate. For the years ended December 31, 2015, 2014 and 2013 , allocations were $4.8 million , $1.0 million and $0.4 million , respectively. Lease Agreements On April 25, 2011, The LINQ Hotel & Casino entered into an agreement pursuant to which it will lease a land parcel from Caesars LINQ LLC ("The LINQ"), an indirect wholly-owned subsidiary of Caesars Entertainment, under an operating lease with an expiration date of April 25, 2026. The land parcel is utilized by The LINQ Hotel & Casino for gaming and other space. Pursuant to the terms of the agreement, The LINQ Hotel & Casino is required to pay The LINQ rent of approximately $1.3 million per month beginning on January 1, 2014, totaling $15.0 million for both years ended December 31, 2015 and 2014 . Bally's Las Vegas leases land to JGB Vegas Retail Lessee, LLC ("JGB Lessee") under a ground lease that includes annual base rent payments with annual escalations as well as an annual percentage of revenue payable should JGB Lessee revenues exceed a breakpoint as defined in the lease agreement, which is paid on a monthly basis. Rental payments began in February 2015. GB Investor, LLC, a wholly-owned subsidiary of Caesars Entertainment, has an approximate 10% ownership interest in JGB Lessee. Monthly revenues of $0.4 million from the ground lease are currently being recognized straight-line over the term of the lease starting in December 2013 upon transfer of rights to the property through February 2035 and are included in Other revenue in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . |
Quarterly Results of Operation
Quarterly Results of Operation (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operation (unaudited) | Quarterly Results of Operations (Unaudited) (In millions) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net revenues $ 313.3 $ 317.4 $ 327.6 $ 310.9 Income from operations 49.8 54.4 48.3 30.4 Net income/(loss) 10.2 14.8 6.2 (12.2 ) 2014 Net revenues $ 292.0 $ 294.1 $ 291.0 $ 296.0 Income/(loss) from operations (1) 46.8 32.5 18.1 (124.4 ) Net income/(loss) (1) 23.8 (56.2 ) (24.2 ) (164.8 ) _________________________ (1) During the fourth quarter of 2014, a goodwill impairment charge of $147.5 million was recognized for Bally's Las Vegas. |
Combined and Consolidating Cond
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer | Combined and Consolidating Condensed Financial Information of Guarantors and Issuer The 2022 Notes issued by CGPH ("Parent Company") and Caesars Growth Properties Finance, Inc. (included in the "Subsidiary Issuer" column below) are secured by substantially all of the existing and future property and assets of CGPH and certain wholly-owned subsidiary guarantors of CGPH ("Subsidiary Guarantors") as further discussed in Note 6 — Debt . Each subsidiary guarantor jointly and severally, irrevocably and unconditionally guarantees (1) the performance and punctual payment when due of all obligations of CGPH under the indenture and the 2022 Notes, whether for payment of principal, premium, if any, or interest in respect of the 2022 Notes and all other monetary obligations of CGPH under the indenture and the 2022 Notes and (2) the full and punctual performance within applicable grace periods of all other obligations of CGPH whether for fees, expenses, indemnification or otherwise under the indenture and the 2022 Notes (collectively called the "Guaranteed Obligations"). Each guarantee will be a continuing guarantee and shall: 1. remain in full force and effect until payment in full of all the guaranteed obligations of such Subsidiary Guarantor; 2. subject to the next succeeding paragraph, be binding upon each such Subsidiary Guarantor and its successors; and 3. inure to the benefit of and be enforceable by the trustee, the holders and their successors, transferees and assigns. Each guarantee will be automatically released upon: 1. the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation or otherwise) of the capital stock (including any sale, disposition or other transfer following which the applicable Subsidiary Guarantor is no longer a restricted subsidiary), of the applicable Subsidiary Guarantor if such sale, disposition, exchange or other transfer is made in a manner not in violation of the indenture; 2. the designation of such Subsidiary Guarantor as an unrestricted subsidiary; 3. the release or discharge of the guarantee by such Subsidiary Guarantor of the indebtedness which resulted in the obligation to guarantee the notes; 4. the issuers' exercise of their legal defeasance option or covenant defeasance option or if the issuers' obligations under the indenture are discharged in accordance with the terms of the indenture; and 5. such restricted subsidiary ceasing to be a subsidiary as a result of any foreclosure of any pledge or security interest in favor of the first-priority lien obligations. The tables below present the combined and consolidating condensed financial information as of and for the years ended December 31, 2015 and December 31, 2014 and the combined condensed financial information for the year ended December 31, 2013 . In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, we have included the accompanying financial information based on Rule 3-10 of the SEC's Regulation S-X. Management does not believe that separate financial statements of the guarantor subsidiaries are material to our investors. CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED BALANCE SHEET DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Assets Current assets Cash and cash equivalents $ 21.0 $ — $ 59.5 $ 17.6 $ — $ 98.1 Receivables, net of allowance for doubtful accounts — — 47.3 2.5 — 49.8 Restricted cash — — 2.6 — — 2.6 Prepayments and other current assets 0.4 — 24.9 1.3 — 26.6 Total current assets 21.4 — 134.3 21.4 — 177.1 Land, property and equipment, net — — 1,995.1 258.5 — 2,253.6 Investment in CES 26.5 — — — — 26.5 Investment in subsidiaries 2,945.1 — — — (2,945.1 ) — Goodwill — — 214.1 — — 214.1 Intangible assets other than goodwill, net — — 94.3 — — 94.3 Prepaid management fees to related parties — — 173.2 15.1 — 188.3 Deferred charges and other 2.8 — 42.1 0.3 — 45.2 Total assets $ 2,995.8 $ — $ 2,653.1 $ 295.3 $ (2,945.1 ) $ 2,999.1 Liabilities and Stockholder's Equity Current liabilities Accounts payable $ 0.8 $ — $ 24.6 $ 0.9 $ — $ 26.3 Payables to related parties 8.4 — 3.6 0.1 — 12.1 Accrued expenses 0.1 — 96.9 5.2 — 102.2 Accrued interest payable 27.6 10.5 — 3.0 (10.5 ) 30.6 Current portion of long-term debt 56.8 — 3.8 0.5 — 61.1 Total current liabilities 93.7 10.5 128.9 9.7 (10.5 ) 232.3 Long-term debt 1,774.3 675.0 13.7 169.2 (675.0 ) 1,957.2 Deferred credits and other — — 4.6 — — 4.6 Total liabilities 1,868.0 685.5 147.2 178.9 (685.5 ) 2,194.1 Stockholder's equity Additional paid-in capital 1,351.4 (685.5 ) 2,639.5 219.6 (2,173.6 ) 1,351.4 Accumulated deficit (223.6 ) — (133.6 ) (103.2 ) (86.0 ) (546.4 ) Total stockholder's equity 1,127.8 (685.5 ) 2,505.9 116.4 (2,259.6 ) 805.0 Total liabilities and stockholder's equity $ 2,995.8 $ — $ 2,653.1 $ 295.3 $ (2,945.1 ) $ 2,999.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED BALANCE SHEET DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Assets Current assets Cash and cash equivalents $ 36.7 $ — $ 47.7 $ 18.7 $ — $ 103.1 Receivables, net of allowance for doubtful accounts — — 38.4 2.0 — 40.4 Restricted cash — — 2.6 — — 2.6 Prepayments and other current assets — — 19.2 1.5 — 20.7 Total current assets 36.7 — 107.9 22.2 — 166.8 Land, property and equipment, net — — 1,948.4 271.9 — 2,220.3 Investment in CES 22.6 — — — — 22.6 Investment in subsidiaries 2,889.6 — — — (2,889.6 ) — Goodwill — — 214.1 — — 214.1 Intangible assets other than goodwill, net — — 109.3 — — 109.3 Restricted cash — — — 5.1 — 5.1 Prepaid management fees to related parties — — 183.3 16.2 — 199.5 Deferred charges and other (1) 3.7 — 36.9 0.3 — 40.9 Total assets $ 2,952.6 $ — $ 2,599.9 $ 315.7 $ (2,889.6 ) $ 2,978.6 Liabilities and Stockholder's Equity Current liabilities Accounts payable $ 0.1 $ — $ 31.9 $ 2.5 $ — $ 34.5 Payables to related parties 40.6 — 0.1 2.7 — 43.4 Accrued expenses — — 92.0 4.9 — 96.9 Accrued interest payable 27.8 10.5 — 3.2 (10.5 ) 31.0 Current portion of long-term debt 11.8 — 4.9 2.3 — 19.0 Total current liabilities 80.3 10.5 128.9 15.6 (10.5 ) 224.8 Long-term debt (1) 1,779.5 675.0 17.0 176.6 (675.0 ) 1,973.1 Deferred credits and other — — 10.7 — — 10.7 Total liabilities 1,859.8 685.5 156.6 192.2 (685.5 ) 2,208.6 Stockholder's equity Additional paid-in capital 1,335.4 (685.5 ) 2,786.9 207.0 (2,308.4 ) 1,335.4 Accumulated deficit (242.6 ) — (343.6 ) (83.5 ) 104.3 (565.4 ) Total stockholder's equity 1,092.8 (685.5 ) 2,443.3 123.5 (2,204.1 ) 770.0 Total liabilities and stockholder's equity $ 2,952.6 $ — $ 2,599.9 $ 315.7 $ (2,889.6 ) $ 2,978.6 _________________________ (1) We have early adopted ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , during the year ended December 31, 2015 and reclassified $9.3 million of unamortized debt issuance costs from Deferred charges and other assets to a direct deduction from the carrying amount of the debt liability in Long-term debt in our Consolidated Balance Sheets as of December 31, 2014 . See Note 2 — Recently Issued Accounting Pronouncements . CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 680.6 $ 42.8 $ — $ 723.4 Food and beverage — — 222.0 29.0 — 251.0 Rooms — — 311.2 12.0 — 323.2 Other — — 140.7 13.5 — 154.2 Less: casino promotional allowances — — (170.9 ) (11.7 ) — (182.6 ) Net revenues — — 1,183.6 85.6 — 1,269.2 Operating expenses Direct Casino — — 325.4 25.4 — 350.8 Food and beverage — — 96.2 19.8 — 116.0 Rooms — — 79.1 3.6 — 82.7 Property, general, administrative and other 22.0 — 331.2 17.8 — 371.0 Management fees to related parties — — 33.8 2.0 — 35.8 Write-downs, reserves and project opening costs, net of recoveries 1.6 — 8.3 0.1 — 10.0 Depreciation and amortization — — 103.9 15.1 — 119.0 Impairment of tangible and other intangible assets — — 1.0 — — 1.0 Total operating expenses 23.6 — 978.9 83.8 — 1,086.3 (Loss)/income from operations (23.6 ) — 204.7 1.8 — 182.9 Interest expense, net of interest capitalized (147.7 ) — 5.3 (21.5 ) — (163.9 ) Net (loss)/income before gain on interests in subsidiaries (171.3 ) — 210.0 (19.7 ) — 19.0 Gain on interests in subsidiaries 190.3 — — — (190.3 ) — Net income/(loss) 19.0 — 210.0 (19.7 ) (190.3 ) 19.0 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ 19.0 $ — $ 210.0 $ (19.7 ) $ (190.3 ) $ 19.0 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED AND CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS YEAR ENDED DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 674.0 $ 29.1 $ — $ 703.1 Food and beverage — — 217.3 19.4 — 236.7 Rooms — — 251.5 6.9 — 258.4 Other — — 139.5 13.3 — 152.8 Less: casino promotional allowances — — (167.0 ) (10.9 ) — (177.9 ) Net revenues — — 1,115.3 57.8 — 1,173.1 Operating expenses Direct Casino — — 353.5 20.3 — 373.8 Food and beverage — — 100.1 11.3 — 111.4 Rooms — — 69.4 2.6 — 72.0 Property, general, administrative and other 11.8 — 324.0 10.2 — 346.0 Management fees to related parties — — 23.1 1.3 — 24.4 Write-downs, reserves and project opening costs, net of recoveries 0.1 — 10.8 11.7 — 22.6 Depreciation and amortization — — 95.1 7.3 — 102.4 Impairment of goodwill — — 147.5 — — 147.5 Total operating expenses 11.9 — 1,123.5 64.7 — 1,200.1 Loss from operations (11.9 ) — (8.2 ) (6.9 ) — (27.0 ) Interest expense, net of interest capitalized (126.3 ) — (15.1 ) (16.6 ) — (158.0 ) Loss on extinguishment of debt — — (23.8 ) — — (23.8 ) Loss before (provision for)/benefit from income taxes (138.2 ) — (47.1 ) (23.5 ) — (208.8 ) (Provision for)/benefit from income taxes — — (16.4 ) 3.8 — (12.6 ) Net loss before loss on interests in subsidiaries (138.2 ) — (63.5 ) (19.7 ) — (221.4 ) Loss on interests in subsidiaries (104.3 ) — — — 104.3 — Net loss (242.5 ) — (63.5 ) (19.7 ) 104.3 (221.4 ) Other comprehensive income, net of income taxes — — — — — — Total comprehensive loss $ (242.5 ) $ — $ (63.5 ) $ (19.7 ) $ 104.3 $ (221.4 ) CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2013 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 660.5 $ 3.0 $ — $ 663.5 Food and beverage — — 199.4 1.2 — 200.6 Rooms — — 240.6 0.4 — 241.0 Other — — 93.7 0.3 — 94.0 Less: casino promotional allowances — — (159.7 ) (0.6 ) — (160.3 ) Net revenues — — 1,034.5 4.3 — 1,038.8 Operating expenses Direct Casino — — 338.6 2.4 — 341.0 Food and beverage — — 88.8 0.9 — 89.7 Rooms — — 66.6 0.3 — 66.9 Property, general, administrative and other — — 274.0 1.9 — 275.9 Management fees to related parties — — 16.4 — — 16.4 Write-downs, reserves and project opening costs, net of recoveries — — 10.8 6.1 — 16.9 Depreciation and amortization — — 83.9 0.4 — 84.3 Total operating expenses — — 879.1 12.0 — 891.1 Income/(loss) from operations — — 155.4 (7.7 ) — 147.7 Interest expense, net of interest capitalized — — (46.4 ) (18.6 ) — (65.0 ) Loss on extinguishment of debt — — (1.6 ) — — (1.6 ) Other income, net — — 0.2 0.2 — 0.4 Income/(loss) before (provision for)/benefit from income taxes — — 107.6 (26.1 ) — 81.5 (Provision for)/benefit from income taxes — — (38.1 ) 9.1 — (29.0 ) Net income/(loss) — — 69.5 (17.0 ) — 52.5 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ — $ — $ 69.5 $ (17.0 ) $ — $ 52.5 CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows (used in)/provided by operating activities $ (35.4 ) $ — $ 315.2 $ (3.0 ) $ (157.2 ) $ 119.6 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (141.5 ) (2.7 ) — (144.2 ) Investment in subsidiaries (9.6 ) — — — 9.6 — Change in restricted cash — — — 5.1 — 5.1 Additional investment in Caesars Enterprise Services, LLC (3.9 ) — — — — (3.9 ) Cash flows (used in)/provided by investing activities (13.5 ) — (141.5 ) 2.4 9.6 (143.0 ) Cash flows from financing activities Proceeds from issuance of long-term debt 80.0 — — — — 80.0 Repayments under lending agreements (46.8 ) — (4.6 ) (10.1 ) — (61.5 ) (Distribution)/contribution from parent — — (157.3 ) 9.6 147.6 (0.1 ) Cash flows provided by/(used in) financing activities 33.2 — (161.9 ) (0.5 ) 147.6 18.4 Net (decrease)/increase in cash and cash equivalents (15.7 ) — 11.8 (1.1 ) — (5.0 ) Cash and cash equivalents, beginning of period 36.7 — 47.7 18.7 — 103.1 Cash and cash equivalents, end of period $ 21.0 $ — $ 59.5 $ 17.6 $ — $ 98.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED AND CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows (used in)/provided by operating activities $ (381.8 ) $ — $ 609.2 $ 0.1 $ (70.2 ) $ 157.3 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (163.5 ) (138.2 ) — (301.7 ) Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction (1,808.2 ) — — — — (1,808.2 ) Change in restricted cash — — 39.4 93.3 — 132.7 Cash flows used in investing activities (1,808.2 ) — (124.1 ) (44.9 ) — (1,977.2 ) Cash flows from financing activities Proceeds from issuance of long-term debt 2,494.1 — — — — 2,494.1 Debt issuance costs and fees (30.6 ) — — — — (30.6 ) Repayments under lending agreements (700.0 ) — (504.6 ) (1.0 ) — (1,205.6 ) Transactions with parents and affiliates 463.2 — (83.5 ) 47.1 70.2 497.0 Cash flows provided by/(used in) financing activities 2,226.7 — (588.1 ) 46.1 70.2 1,754.9 Net increase/(decrease) in cash and cash equivalents 36.7 — (103.0 ) 1.3 — (65.0 ) Cash and cash equivalents, beginning of period — — 150.7 17.4 — 168.1 Cash and cash equivalents, end of period $ 36.7 $ — $ 47.7 $ 18.7 $ — $ 103.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows provided by/(used in) operating activities $ — $ — $ 137.2 $ (23.1 ) $ — $ 114.1 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (97.8 ) (56.0 ) — (153.8 ) Proceeds received from sales of assets — — 0.1 — — 0.1 Change in restricted cash — — (10.4 ) 76.4 — 66.0 Cash flows (used in)/provided by investing activities — — (108.1 ) 20.4 — (87.7 ) Cash flows from financing activities Proceeds from issuance of long-term debt — — — 15.4 — 15.4 Debt issuance costs and fees — — (1.6 ) — — (1.6 ) Repayments under lending agreements — — (22.8 ) — — (22.8 ) Cash flows (used in)/provided by financing activities — — (24.4 ) 15.4 — (9.0 ) Net increase in cash and cash equivalents — — 4.7 12.7 — 17.4 Cash and cash equivalents, beginning of period — — 146.0 4.7 — 150.7 Cash and cash equivalents, end of period $ — $ — $ 150.7 $ 17.4 $ — $ 168.1 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events [REMOVE NOTE IF NO SUBSEQUENT EVENTS] |
Description of Business and S25
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Combined and Consolidated Financial Statements have been derived from the historical accounting records and consolidated financial statements of Caesars Entertainment as they relate to The Cromwell , The LINQ Hotel & Casino, and Bally's Las Vegas through May 4, 2014, and Harrah's New Orleans through May 19, 2014, and from the historical accounting records and consolidated financial statements of CGP LLC as they relate to Planet Hollywood through May 4, 2014. These acquisitions for the transactions described above were accounted for as transactions among entities under common control. The historical financial statements consist of the financial positions, results of operations and comprehensive income/(loss) and cash flows of the properties acquired through one or more subsidiaries by CGPH in the transactions described above as if those businesses were combined into one reporting entity for all periods presented through the acquisition dates and consolidated thereafter. The Combined and Consolidated Financial Statements include all revenues, costs, assets and liabilities directly attributable to us. The accompanying Combined and Consolidated Financial Statements also include allocations of certain general corporate expenses of Caesars Entertainment and Caesars Enterprise Services, LLC ("CES"). These allocations of general corporate expenses may not reflect the expense we would have incurred if we were a stand-alone company nor are they necessarily indicative of our future costs. Although CGPH has notified CES, CEOC and Caesars Entertainment Resort Properties, LLC ("CERP") that it objects to the new expense allocation but will pay the revised expense allocations under protest and reserves all rights, we believe the assumptions and methodologies used are reasonable. Given the nature of these costs, it is not practicable for us to estimate what these costs would have been on a stand-alone basis. Transactions between Caesars Entertainment and the Company have been identified in the financial statements and related footnotes as transactions between related parties (see Note 15 — Related Party Transactions ). The preparation of financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods. Management believes the accounting estimates are appropriate and reasonably determined. However, due to the inherent uncertainties in making these estimates, actual amounts could differ. |
Principles of Consolidation | Principles of Consolidation CGPH's Combined and Consolidated Financial Statements include the accounts of CGPH and its subsidiaries after elimination of all intercompany accounts and transactions. These Combined and Consolidated Financial Statements include the accounts of all wholly-owned subsidiaries and any partially-owned subsidiaries that CGPH has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. We also consolidate into our financial statements the accounts of any variable interest entity for which we are determined to be the primary beneficiary. Up through and including December 31, 2015 , we did not consolidate any variable interest entities. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturities of less than three months from the date of purchase and are stated at the lower of cost or market value. |
Restricted Cash | Restricted Cash Restricted cash as of December 31, 2015 and 2014 included amounts related to Harrah's New Orleans to guarantee workers' compensation payments and for capital replacements required under the Rivergate Development Corporation lease agreement. In addition, restricted cash as of December 31, 2014 included amounts restricted under the terms of the PropCo debt agreement which required that CGPH maintain certain reserves for items including but not limited to payment of property taxes, insurance, interest and ongoing furniture, fixtures and equipment purchases or property development or improvements. The classification of restricted cash between current and long-term is dependent upon the intended use of each particular reserve. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts CGPH issues credit to approved casino customers following background checks and investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectability of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. CGPH reserves an estimated amount for gaming receivables that may not be collected to reduce receivables to their net carrying amount, which approximates fair value. Methodologies for estimating the allowance for doubtful accounts range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. Receivables are reported net of an allowance for doubtful accounts of $8.8 million as of December 31, 2015 and $8.3 million as of December 31, 2014 . Marker play represents a significant portion of CGPH's overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts are similar to those used by most large corporations when dealing with overdue customer accounts, including the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States' assets of foreign customers may be reached to satisfy judgments entered in the United States. CGPH considers the likelihood and difficulty of enforceability, among other factors, when CGPH issues credit to customers who are not residents of the United States. |
Investment in CES | Investment in CES Investment in CES consists of membership interests in CES which is a variable interest entity of which we own less than 20% and are not the primary beneficiary. We do not exercise significant influence over the variable interest entity and therefore account for our investment using the cost method. We review this investment quarterly for indicators of other-than-temporary impairment. This determination requires significant judgment. In making this judgment, we consider available quantitative and qualitative evidence in evaluating potential impairment of this investment. If the carrying value of our investment exceeds its estimated fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the estimated fair value is less than our carrying value, and our intent and ability to hold, or plans to sell, the investment. We also consider specific adverse conditions related to the financial health of and business outlook for the investee, including operational and financing cash flow factors. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new carrying basis in the investment will be established. We did not recognize an impairment charge in fiscal years 2015 and 2014 on this investment. |
Land, Property and Equipment, net | Land, Property and Equipment, net Additions to land, property and equipment are stated at cost. CGPH capitalizes the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of land, property and equipment are included in the determination of income. Depreciation is provided using the straight-line method over the shorter of the estimated useful life of the asset or the related lease, as follows: Land improvements 12 years Building and improvements 5 - 40 years Furniture, fixtures and equipment 2.5 - 20 years CGPH reviews the carrying value of land, property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value of the asset, an impairment loss is recognized equal to an amount by which the carrying value exceeds the estimated fair value of the asset. The factors considered by management in performing this assessment include current operating results, trends and prospects, as well as the effect of obsolescence, demand, competition, potential decreases in the marketplace, a change in physical condition, and legal and other economic factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the asset group level, which is the individual property. CGPH recognized an immaterial amount of impairment of property and equipment for the periods presented in the accompanying Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . |
Goodwill | Goodwill CGPH performs an annual goodwill impairment assessment on October 1 or performs this assessment more frequently if impairment indicators exist. CGPH determines the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, valuation multiples and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. CGPH also evaluates the aggregate fair value of all of the reporting units in comparison to the aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in the industry. The annual evaluation of goodwill requires the use of estimates about future operating results, valuation multiples, and discount rates to determine their estimated fair value. Changes in these assumptions can materially affect these estimates. Thus, to the extent gaming volumes deteriorate significantly, discount rates increase significantly, or CGPH does not meet its projected performance, CGPH could have impairments to record in the next twelve months and such impairments could be material. Assets and liabilities contributed to or acquired by CGPH in the Acquired Properties Transaction and Harrah's Transaction are considered transactions between entities under common control. Thus, there is no recognition of goodwill or previously unrecognized other intangible assets resulting from these transactions. |
Debt Discounts or Premiums and Debt Issuance Costs | Debt Discounts or Premiums and Debt Issuance Costs Debt discounts or premiums and debt issuance costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts or premiums and debt issuance costs are written off and included in gain or loss calculations to the extent CGPH modifies or extinguishes debt prior to its original maturity date. Unamortized debt discounts or premiums and debt issuance costs are netted against Long-term debt in our Consolidated Balance Sheets . |
Derivatives Instruments | Derivative Instruments Derivative instruments are recognized in the Combined and Consolidated Financial Statements at fair value. Any changes in fair value are recorded in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . The estimated fair value of CGPH's derivative instruments are based on market prices obtained from dealer quotes. Such quotes represent the estimated amounts CGPH would receive or pay to terminate the contract. |
Insurance Accruals | Insurance Accruals The Acquired Properties are insured for workers' compensation, property, general liability and other insurance coverage through Caesars Entertainment and are charged premiums by Caesars Entertainment based on claims activity. We are self-insured for employee health, dental, vision and other insurance and our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. The use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these judgmental accruals and is believed to be reasonable. CGPH regularly monitors the potential for changes in estimates, evaluates its insurance accruals, and adjusts its recorded provisions. |
Revenue Recognition | Revenue Recognition Casino Revenues. Casino revenues are measured by the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs and for chips in the customers' possession. However, jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. CGPH accrues the incremental amount of progressive jackpots as the progressive machine is played and the progressive jackpot amount increases, with a corresponding reduction of casino revenue. Food, Beverage, Rooms, and Other. Food, beverage, accommodations, and other revenues are recognized when services are performed. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customer. Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. The retail value of accommodations, food and beverage, and other services furnished to casino guests without charge is included in gross revenue and then deducted as promotional allowances. |
Advertising | Advertising CGPH expenses the production costs of advertising the first time the advertising takes place. Advertising expense was $4.2 million , $3.6 million and $3.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Advertising expense is included in Property, general, administrative and other within the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) . |
Management Fees to Related Parties | Management Fees to Related Parties CGPH records management fees to related parties for properties which receive management services from Harrah's New Orleans Management Company, The Quad Manager, LLC, Bally's Las Vegas Manager, LLC, Cromwell Manager, LLC and PHW Manager (collectively, the "Property Managers" and individually, a "Property Manager"). For the period of January 1, 2013 through October 21, 2013, Planet Hollywood incurred charges for management fees by the property manager, PHW Manager, for services and recorded management fees to related parties. On October 21, 2013, CGP LLC purchased a 50% interest in the management fee revenues of PHW Manager. For the period of October 22, 2013 through December 31, 2013, management fees charged to, and payable by, Planet Hollywood have been offset by the 50% interest received from PHW Manager. On May 5, 2014, CGP LLC contributed the equity interests of PHWLV, and the 50% interest in the management fee revenues of PHW Manager to CGPH. Management fees were not allocated to Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas or The Cromwell for the year ended December 31, 2013. Upon acquiring Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell in May 2014, CGPH purchased a 50% interest in the management fee revenues of the Property Manager for each of the acquired properties. Following the acquisition, the acquired properties are allocated these management fees which are offset by the 50% interest received from the respective Property Manager. |
Stock-based Compensation | Stock-based Compensation Caesars Entertainment grants stock-based compensation awards in Caesars Entertainment common stock to certain employees that work for the management companies of our casino properties. |
Income Taxes | Income Taxes CGPH records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the expected future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. CGPH reduces the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more likely than not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, CGPH's experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives. The effect on the income tax provision and deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Prior to May 2014, CGPH's operations were included in the consolidated U.S. federal income tax return and state income tax returns of Caesars Entertainment. The provision for income taxes included in the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) was computed as if CGPH filed its U.S. federal, state and income tax returns on a stand-alone basis. Planet Hollywood is a disregarded entity for federal and state income tax purposes as part of the Caesars Entertainment consolidated group. However, for the purpose of the Combined and Consolidated Financial Statements for the period from January 1 through October 21, 2013, Planet Hollywood recorded income taxes to properly represent the cost of its operations. Upon closing of the Acquired Properties Transaction and Harrah's Transaction, CGPH is treated as a pass-through entity for federal and state income tax purposes. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which amends the FASB Accounting Standards Codification ("ASC") and creates a new Topic 606, Revenue from Contracts with Customers . This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Existing industry guidance, including revenue recognition guidance specific to the gaming industry, will be eliminated. In addition, interim and annual disclosures will be substantially revised. The amendments in this guidance are effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . The amendments in ASU No. 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , amending the existing requirements for disclosing information about an entity's ability to continue as a going concern. The new guidance will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. The amendments in this guidance are effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have on our disclosures. In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , as part of its initiative to reduce complexity in accounting standards. This ASU eliminates from U.S. GAAP the concept of extraordinary items as described in Subtopic 225-20, Income Statement - Extraordinary and Unusual Items . The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015, including interim periods within those reporting periods. The amendments may be applied prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We are currently assessing the impact the adoption of this standard will have on our disclosures. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The amendments affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the accounting standard by placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. Further, the ASU reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity ("VIE") and changes consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments is permitted for financial statements that have not been previously issued. The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. We have early adopted ASU No. 2015-03 during the quarter ended June 30, 2015 and have retrospectively applied the amendments. We reclassified $9.3 million of unamortized debt issuance costs from Deferred charges and other assets to a direct deduction from the carrying amount of the debt liability in Long-term debt in our Consolidated Balance Sheet as of December 31, 2014 . See Note 6 — Debt . In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements , which clarifies the Securities and Exchange Commission (the "SEC") staff's position that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. Deferred financing costs related to line-of-credit arrangements remain in Deferred charges and other in our Consolidated Balance Sheets . In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , requiring deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent in a classified statement of financial position. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The amendments in this guidance are effective for annual periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively, for all deferred tax liabilities and assets, or retrospectively to all periods presented. We have early adopted ASU No. 2015-17 during the quarter ended December 31, 2015 and retrospectively applied the amendments. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which primarily affects the accounting for equity investments that do not result in consolidation and are not accounted for under the equity method, presentation of changes in the fair value of financial liabilities measured under the fair value option, and the presentation and disclosure requirements for financial instruments. The ASU also clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. The ASU is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Entities can early adopt certain provision of ASU 2016-01. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key quantitative and qualitative information about leasing arrangements. Generally, leases with terms of 12 months or less will not be required to be recognized on the balance sheet. The new standard requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. For public business entities, the ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have on our financial statements. |
Description of Business and S26
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Land, Property and Equipment, Net | Depreciation is provided using the straight-line method over the shorter of the estimated useful life of the asset or the related lease, as follows: Land improvements 12 years Building and improvements 5 - 40 years Furniture, fixtures and equipment 2.5 - 20 years Land, property and equipment, net consists of the following: December 31, (In millions) 2015 2014 Land and land improvements $ 1,072.5 $ 1,070.3 Building and improvements 1,167.0 1,050.7 Furniture, fixtures and equipment 492.1 342.8 Construction in progress 4.9 129.1 2,736.5 2,592.9 Less: accumulated depreciation (482.9 ) (372.6 ) Land, property and equipment, net $ 2,253.6 $ 2,220.3 |
Land, Property and Equipment,27
Land, Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Land, Property and Equipment, Net | Depreciation is provided using the straight-line method over the shorter of the estimated useful life of the asset or the related lease, as follows: Land improvements 12 years Building and improvements 5 - 40 years Furniture, fixtures and equipment 2.5 - 20 years Land, property and equipment, net consists of the following: December 31, (In millions) 2015 2014 Land and land improvements $ 1,072.5 $ 1,070.3 Building and improvements 1,167.0 1,050.7 Furniture, fixtures and equipment 492.1 342.8 Construction in progress 4.9 129.1 2,736.5 2,592.9 Less: accumulated depreciation (482.9 ) (372.6 ) Land, property and equipment, net $ 2,253.6 $ 2,220.3 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amount of goodwill | Goodwill was as follows as of December 31, 2015 and 2014 : (In millions) Gross goodwill $ 1,155.0 Accumulated impairment (940.9 ) Balance at December 31, 2015 and 2014 $ 214.1 |
Changes in carrying value of intangible assets other than goodwill | Changes in Carrying Value of Intangible Assets Other Than Goodwill (In millions) Balance at January 1, 2014 $ 124.3 Amortization expense (15.0 ) Balance at December 31, 2014 109.3 Amortization expense (15.0 ) Balance at December 31, 2015 $ 94.3 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset other than goodwill: December 31, 2015 December 31, 2014 (Dollars in millions) Weighted Average Remaining Useful Life (In years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 5.8 $ 211.6 $ (141.3 ) $ 70.3 $ 211.6 $ (129.1 ) $ 82.5 Gaming rights 8.5 45.8 (21.8 ) 24.0 45.8 (19.0 ) 26.8 $ 257.4 $ (163.1 ) $ 94.3 $ 257.4 $ (148.1 ) $ 109.3 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses consisted of the following: December 31, (In millions) 2015 2014 Deposits and customer funds liability, including advance hotel deposits $ 32.9 $ 20.6 Payroll and other compensation 25.8 24.5 Accrued non-income taxes 12.0 16.6 Chip and token liability 6.1 8.1 Insurance claims and reserves 3.8 3.9 Progressive liability 2.7 2.7 Other accruals 18.9 20.5 $ 102.2 $ 96.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The following table presents CGPH outstanding third-party debt as of December 31, 2015 and 2014 . Final Maturity Interest Rates at December 31, 2015 Face Value at December 31, 2015 Book Value at December 31, (In millions) 2015 2014 Secured debt Caesars Growth Properties Holdings Revolving Credit Facility (1) 2019 variable $ 45.0 $ 45.0 $ — Caesars Growth Properties Holdings Term Loan 2021 6.25% 1,157.4 1,125.7 1,132.5 Caesars Growth Properties Holdings Notes 2022 9.375% 675.0 660.3 658.7 Cromwell Credit Facility 2019 11.00% 174.6 169.2 178.0 Capital lease obligations 2016 to 2017 various 1.2 1.2 3.9 Unsecured debt Special Improvement District Bonds 2037 5.30% 14.1 14.1 14.5 Other financing obligations 2016 various 2.8 2.8 4.5 Total debt 2,070.1 2,018.3 1,992.1 Current portion of total debt (61.1 ) (61.1 ) (19.0 ) Long-term debt $ 2,009.0 $ 1,957.2 $ 1,973.1 _________________________ (1) Variable interest rate calculated as LIBOR plus 5.25% . |
Schedule of Amortization and Maturities of Debt Instruments | As of December 31, 2015 , the face value of CGPH's annual maturities of outstanding third-party debt were as follows: (In millions) Year Annual Maturity of Outstanding Third-Party Debt 2016 $ 61.1 2017 12.2 2018 12.2 2019 186.8 2020 12.2 Thereafter 1,785.6 Total outstanding third-party debt $ 2,070.1 |
Casino Promotional Allowances (
Casino Promotional Allowances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Promotional Allowance [Abstract] | |
Promotional Allowances | The estimated retail value of such Casino promotional allowances is included in Net revenues as follows: Year Ended December 31, (In millions) 2015 2014 2013 Food and beverage $ 91.7 $ 92.0 $ 79.9 Rooms 81.9 74.3 71.1 Other 9.0 11.6 9.3 $ 182.6 $ 177.9 $ 160.3 The estimated cost of providing such promotional allowances is included in Operating expenses as follows: Year Ended December 31, (In millions) 2015 2014 2013 Food and beverage $ 52.8 $ 59.0 $ 49.3 Rooms 25.6 26.3 25.4 Other 5.3 7.2 4.7 $ 83.7 $ 92.5 $ 79.4 |
Write-downs, Reserves and Pro32
Write-downs, Reserves and Project Opening Costs, Net of Recoveries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Writedowns Reserves And Project Opening Costs Net Of Recoveries Components Of Write Downs Reserves And Project Opening Costs Net Of Recoveries [Abstract] | |
Schedule of components cf write downs, reserves and project opening costs net of recoveries | The components of Write-downs, reserves and project opening costs, net of recoveries are as follows: Year Ended December 31, (In millions) 2015 2014 2013 Divestitures and abandonments (1) $ 5.6 $ 6.0 $ 4.5 Remediation costs 2.0 9.3 10.1 Project opening costs 1.0 7.3 0.6 Efficiency projects — — 1.6 Other 1.4 — 0.1 $ 10.0 $ 22.6 $ 16.9 _________________________ (1) Divestitures and abandonments were primarily comprised of demolition costs related to projects in development. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Rental Commitments | As of December 31, 2015 , CGPH's future minimum rental commitments under its non-cancellable operating leases are as follows: (In millions) Year Non-cancellable Operating Leases 2016 $ 34.2 2017 34.3 2018 34.3 2019 34.3 2020 34.3 Thereafter 510.9 Total future minimum rental commitments $ 682.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of (Loss)/income before provision for income taxes and the related provision for income taxes for the United States and other income taxes for CGPH were as follows: Year Ended December 31, (In millions) 2015 2014 2013 Income/(loss) before provision for income taxes United States $ 19.0 $ (208.8 ) $ 81.5 Outside of the United States — — — Total income/(loss) before provision for income taxes $ 19.0 $ (208.8 ) $ 81.5 Year Ended December 31, (In millions) 2015 2014 2013 Provision for income taxes Federal Current $ — $ 18.3 $ 38.7 Deferred — (7.1 ) (12.5 ) States Current — 1.4 2.8 Deferred — — — Total provision for income taxes $ — $ 12.6 $ 29.0 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the United States statutory federal income tax rate and the effective tax rate expressed as a percentage of income before taxes were as follows: Year Ended December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: Nontaxable LLC income/losses (35.0 ) (40.6 ) (1.5 ) State taxes, net of federal tax benefit — (0.4 ) 2.3 Nondeductible expenses — — 0.1 Federal tax credits — 0.1 (0.9 ) Other — (0.1 ) 0.6 Effective tax rate — % (6.0 )% 35.6 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | Items Measured at Fair Value on a Non-Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Financial Instruments Significant Other Observable Inputs Significant Unobservable Inputs (In millions) Net Book Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Impairments for the Year Ended December 31, 2014 Goodwill $ 214.1 $ — $ — $ 214.1 $ 147.5 |
Supplemental Cash Flow Inform36
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Increase/(Decrease) in Working Capital Accounts | The net change in cash and cash equivalents due to the changes in working capital accounts were as follows: Year Ended December 31, (In millions) 2015 2014 2013 Receivables $ (9.4 ) $ (4.0 ) $ (2.5 ) Prepayments and other current assets (6.3 ) 2.5 (1.1 ) Accounts payable 3.4 (3.9 ) 1.8 Payable to related parties (28.6 ) 31.9 (2.3 ) Accrued expenses and interest payable 10.5 33.0 (1.2 ) Net change in working capital accounts $ (30.4 ) $ 59.5 $ (5.3 ) |
Supplemental Cash Flow Reconciliation | The following table reconciles Interest expense, net of interest capitalized, per the Combined and Consolidated Statements of Operations and Comprehensive Income/(Loss) , to cash paid for interest: Year Ended December 31, (In millions) 2015 2014 2013 Interest expense, net of interest capitalized $ 163.9 $ 158.0 $ 65.0 Adjustments to reconcile to cash paid for interest: Net change in accruals 0.4 (26.5 ) (0.6 ) Net amortization of debt discount and deferred financing costs (8.5 ) (14.6 ) (23.9 ) Change in fair value of derivatives — — (0.1 ) Equitized intercompany loan interest — (3.6 ) (10.0 ) Prepaid bond interest (0.9 ) (0.6 ) (0.4 ) Capitalized interest 6.5 9.2 7.6 Debt issuance costs and fees — (26.1 ) — Cash paid for interest $ 161.4 $ 95.8 $ 37.6 |
Quarterly Results of Operatio37
Quarterly Results of Operation (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (In millions) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net revenues $ 313.3 $ 317.4 $ 327.6 $ 310.9 Income from operations 49.8 54.4 48.3 30.4 Net income/(loss) 10.2 14.8 6.2 (12.2 ) 2014 Net revenues $ 292.0 $ 294.1 $ 291.0 $ 296.0 Income/(loss) from operations (1) 46.8 32.5 18.1 (124.4 ) Net income/(loss) (1) 23.8 (56.2 ) (24.2 ) (164.8 ) _________________________ (1) During the fourth quarter of 2014, a goodwill impairment charge of $147.5 million was recognized for Bally's Las Vegas. |
Combined and Consolidating Co38
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Condensed Balance Sheet | CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED BALANCE SHEET DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Assets Current assets Cash and cash equivalents $ 21.0 $ — $ 59.5 $ 17.6 $ — $ 98.1 Receivables, net of allowance for doubtful accounts — — 47.3 2.5 — 49.8 Restricted cash — — 2.6 — — 2.6 Prepayments and other current assets 0.4 — 24.9 1.3 — 26.6 Total current assets 21.4 — 134.3 21.4 — 177.1 Land, property and equipment, net — — 1,995.1 258.5 — 2,253.6 Investment in CES 26.5 — — — — 26.5 Investment in subsidiaries 2,945.1 — — — (2,945.1 ) — Goodwill — — 214.1 — — 214.1 Intangible assets other than goodwill, net — — 94.3 — — 94.3 Prepaid management fees to related parties — — 173.2 15.1 — 188.3 Deferred charges and other 2.8 — 42.1 0.3 — 45.2 Total assets $ 2,995.8 $ — $ 2,653.1 $ 295.3 $ (2,945.1 ) $ 2,999.1 Liabilities and Stockholder's Equity Current liabilities Accounts payable $ 0.8 $ — $ 24.6 $ 0.9 $ — $ 26.3 Payables to related parties 8.4 — 3.6 0.1 — 12.1 Accrued expenses 0.1 — 96.9 5.2 — 102.2 Accrued interest payable 27.6 10.5 — 3.0 (10.5 ) 30.6 Current portion of long-term debt 56.8 — 3.8 0.5 — 61.1 Total current liabilities 93.7 10.5 128.9 9.7 (10.5 ) 232.3 Long-term debt 1,774.3 675.0 13.7 169.2 (675.0 ) 1,957.2 Deferred credits and other — — 4.6 — — 4.6 Total liabilities 1,868.0 685.5 147.2 178.9 (685.5 ) 2,194.1 Stockholder's equity Additional paid-in capital 1,351.4 (685.5 ) 2,639.5 219.6 (2,173.6 ) 1,351.4 Accumulated deficit (223.6 ) — (133.6 ) (103.2 ) (86.0 ) (546.4 ) Total stockholder's equity 1,127.8 (685.5 ) 2,505.9 116.4 (2,259.6 ) 805.0 Total liabilities and stockholder's equity $ 2,995.8 $ — $ 2,653.1 $ 295.3 $ (2,945.1 ) $ 2,999.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED BALANCE SHEET DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Assets Current assets Cash and cash equivalents $ 36.7 $ — $ 47.7 $ 18.7 $ — $ 103.1 Receivables, net of allowance for doubtful accounts — — 38.4 2.0 — 40.4 Restricted cash — — 2.6 — — 2.6 Prepayments and other current assets — — 19.2 1.5 — 20.7 Total current assets 36.7 — 107.9 22.2 — 166.8 Land, property and equipment, net — — 1,948.4 271.9 — 2,220.3 Investment in CES 22.6 — — — — 22.6 Investment in subsidiaries 2,889.6 — — — (2,889.6 ) — Goodwill — — 214.1 — — 214.1 Intangible assets other than goodwill, net — — 109.3 — — 109.3 Restricted cash — — — 5.1 — 5.1 Prepaid management fees to related parties — — 183.3 16.2 — 199.5 Deferred charges and other (1) 3.7 — 36.9 0.3 — 40.9 Total assets $ 2,952.6 $ — $ 2,599.9 $ 315.7 $ (2,889.6 ) $ 2,978.6 Liabilities and Stockholder's Equity Current liabilities Accounts payable $ 0.1 $ — $ 31.9 $ 2.5 $ — $ 34.5 Payables to related parties 40.6 — 0.1 2.7 — 43.4 Accrued expenses — — 92.0 4.9 — 96.9 Accrued interest payable 27.8 10.5 — 3.2 (10.5 ) 31.0 Current portion of long-term debt 11.8 — 4.9 2.3 — 19.0 Total current liabilities 80.3 10.5 128.9 15.6 (10.5 ) 224.8 Long-term debt (1) 1,779.5 675.0 17.0 176.6 (675.0 ) 1,973.1 Deferred credits and other — — 10.7 — — 10.7 Total liabilities 1,859.8 685.5 156.6 192.2 (685.5 ) 2,208.6 Stockholder's equity Additional paid-in capital 1,335.4 (685.5 ) 2,786.9 207.0 (2,308.4 ) 1,335.4 Accumulated deficit (242.6 ) — (343.6 ) (83.5 ) 104.3 (565.4 ) Total stockholder's equity 1,092.8 (685.5 ) 2,443.3 123.5 (2,204.1 ) 770.0 Total liabilities and stockholder's equity $ 2,952.6 $ — $ 2,599.9 $ 315.7 $ (2,889.6 ) $ 2,978.6 _________________________ (1) We have early adopted ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , during the year ended December 31, 2015 and reclassified $9.3 million of unamortized debt issuance costs from Deferred charges and other assets to a direct deduction from the carrying amount of the debt liability in Long-term debt in our Consolidated Balance Sheets as of December 31, 2014 . See Note 2 — Recently Issued Accounting Pronouncements |
Combined Condensed Statements of Operations | CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 680.6 $ 42.8 $ — $ 723.4 Food and beverage — — 222.0 29.0 — 251.0 Rooms — — 311.2 12.0 — 323.2 Other — — 140.7 13.5 — 154.2 Less: casino promotional allowances — — (170.9 ) (11.7 ) — (182.6 ) Net revenues — — 1,183.6 85.6 — 1,269.2 Operating expenses Direct Casino — — 325.4 25.4 — 350.8 Food and beverage — — 96.2 19.8 — 116.0 Rooms — — 79.1 3.6 — 82.7 Property, general, administrative and other 22.0 — 331.2 17.8 — 371.0 Management fees to related parties — — 33.8 2.0 — 35.8 Write-downs, reserves and project opening costs, net of recoveries 1.6 — 8.3 0.1 — 10.0 Depreciation and amortization — — 103.9 15.1 — 119.0 Impairment of tangible and other intangible assets — — 1.0 — — 1.0 Total operating expenses 23.6 — 978.9 83.8 — 1,086.3 (Loss)/income from operations (23.6 ) — 204.7 1.8 — 182.9 Interest expense, net of interest capitalized (147.7 ) — 5.3 (21.5 ) — (163.9 ) Net (loss)/income before gain on interests in subsidiaries (171.3 ) — 210.0 (19.7 ) — 19.0 Gain on interests in subsidiaries 190.3 — — — (190.3 ) — Net income/(loss) 19.0 — 210.0 (19.7 ) (190.3 ) 19.0 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ 19.0 $ — $ 210.0 $ (19.7 ) $ (190.3 ) $ 19.0 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED AND CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS YEAR ENDED DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 674.0 $ 29.1 $ — $ 703.1 Food and beverage — — 217.3 19.4 — 236.7 Rooms — — 251.5 6.9 — 258.4 Other — — 139.5 13.3 — 152.8 Less: casino promotional allowances — — (167.0 ) (10.9 ) — (177.9 ) Net revenues — — 1,115.3 57.8 — 1,173.1 Operating expenses Direct Casino — — 353.5 20.3 — 373.8 Food and beverage — — 100.1 11.3 — 111.4 Rooms — — 69.4 2.6 — 72.0 Property, general, administrative and other 11.8 — 324.0 10.2 — 346.0 Management fees to related parties — — 23.1 1.3 — 24.4 Write-downs, reserves and project opening costs, net of recoveries 0.1 — 10.8 11.7 — 22.6 Depreciation and amortization — — 95.1 7.3 — 102.4 Impairment of goodwill — — 147.5 — — 147.5 Total operating expenses 11.9 — 1,123.5 64.7 — 1,200.1 Loss from operations (11.9 ) — (8.2 ) (6.9 ) — (27.0 ) Interest expense, net of interest capitalized (126.3 ) — (15.1 ) (16.6 ) — (158.0 ) Loss on extinguishment of debt — — (23.8 ) — — (23.8 ) Loss before (provision for)/benefit from income taxes (138.2 ) — (47.1 ) (23.5 ) — (208.8 ) (Provision for)/benefit from income taxes — — (16.4 ) 3.8 — (12.6 ) Net loss before loss on interests in subsidiaries (138.2 ) — (63.5 ) (19.7 ) — (221.4 ) Loss on interests in subsidiaries (104.3 ) — — — 104.3 — Net loss (242.5 ) — (63.5 ) (19.7 ) 104.3 (221.4 ) Other comprehensive income, net of income taxes — — — — — — Total comprehensive loss $ (242.5 ) $ — $ (63.5 ) $ (19.7 ) $ 104.3 $ (221.4 ) CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2013 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 660.5 $ 3.0 $ — $ 663.5 Food and beverage — — 199.4 1.2 — 200.6 Rooms — — 240.6 0.4 — 241.0 Other — — 93.7 0.3 — 94.0 Less: casino promotional allowances — — (159.7 ) (0.6 ) — (160.3 ) Net revenues — — 1,034.5 4.3 — 1,038.8 Operating expenses Direct Casino — — 338.6 2.4 — 341.0 Food and beverage — — 88.8 0.9 — 89.7 Rooms — — 66.6 0.3 — 66.9 Property, general, administrative and other — — 274.0 1.9 — 275.9 Management fees to related parties — — 16.4 — — 16.4 Write-downs, reserves and project opening costs, net of recoveries — — 10.8 6.1 — 16.9 Depreciation and amortization — — 83.9 0.4 — 84.3 Total operating expenses — — 879.1 12.0 — 891.1 Income/(loss) from operations — — 155.4 (7.7 ) — 147.7 Interest expense, net of interest capitalized — — (46.4 ) (18.6 ) — (65.0 ) Loss on extinguishment of debt — — (1.6 ) — — (1.6 ) Other income, net — — 0.2 0.2 — 0.4 Income/(loss) before (provision for)/benefit from income taxes — — 107.6 (26.1 ) — 81.5 (Provision for)/benefit from income taxes — — (38.1 ) 9.1 — (29.0 ) Net income/(loss) — — 69.5 (17.0 ) — 52.5 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ — $ — $ 69.5 $ (17.0 ) $ — $ 52.5 |
Combined Condensed Statements of Comprehensive Income/(Loss) | CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 680.6 $ 42.8 $ — $ 723.4 Food and beverage — — 222.0 29.0 — 251.0 Rooms — — 311.2 12.0 — 323.2 Other — — 140.7 13.5 — 154.2 Less: casino promotional allowances — — (170.9 ) (11.7 ) — (182.6 ) Net revenues — — 1,183.6 85.6 — 1,269.2 Operating expenses Direct Casino — — 325.4 25.4 — 350.8 Food and beverage — — 96.2 19.8 — 116.0 Rooms — — 79.1 3.6 — 82.7 Property, general, administrative and other 22.0 — 331.2 17.8 — 371.0 Management fees to related parties — — 33.8 2.0 — 35.8 Write-downs, reserves and project opening costs, net of recoveries 1.6 — 8.3 0.1 — 10.0 Depreciation and amortization — — 103.9 15.1 — 119.0 Impairment of tangible and other intangible assets — — 1.0 — — 1.0 Total operating expenses 23.6 — 978.9 83.8 — 1,086.3 (Loss)/income from operations (23.6 ) — 204.7 1.8 — 182.9 Interest expense, net of interest capitalized (147.7 ) — 5.3 (21.5 ) — (163.9 ) Net (loss)/income before gain on interests in subsidiaries (171.3 ) — 210.0 (19.7 ) — 19.0 Gain on interests in subsidiaries 190.3 — — — (190.3 ) — Net income/(loss) 19.0 — 210.0 (19.7 ) (190.3 ) 19.0 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ 19.0 $ — $ 210.0 $ (19.7 ) $ (190.3 ) $ 19.0 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED AND CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS YEAR ENDED DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 674.0 $ 29.1 $ — $ 703.1 Food and beverage — — 217.3 19.4 — 236.7 Rooms — — 251.5 6.9 — 258.4 Other — — 139.5 13.3 — 152.8 Less: casino promotional allowances — — (167.0 ) (10.9 ) — (177.9 ) Net revenues — — 1,115.3 57.8 — 1,173.1 Operating expenses Direct Casino — — 353.5 20.3 — 373.8 Food and beverage — — 100.1 11.3 — 111.4 Rooms — — 69.4 2.6 — 72.0 Property, general, administrative and other 11.8 — 324.0 10.2 — 346.0 Management fees to related parties — — 23.1 1.3 — 24.4 Write-downs, reserves and project opening costs, net of recoveries 0.1 — 10.8 11.7 — 22.6 Depreciation and amortization — — 95.1 7.3 — 102.4 Impairment of goodwill — — 147.5 — — 147.5 Total operating expenses 11.9 — 1,123.5 64.7 — 1,200.1 Loss from operations (11.9 ) — (8.2 ) (6.9 ) — (27.0 ) Interest expense, net of interest capitalized (126.3 ) — (15.1 ) (16.6 ) — (158.0 ) Loss on extinguishment of debt — — (23.8 ) — — (23.8 ) Loss before (provision for)/benefit from income taxes (138.2 ) — (47.1 ) (23.5 ) — (208.8 ) (Provision for)/benefit from income taxes — — (16.4 ) 3.8 — (12.6 ) Net loss before loss on interests in subsidiaries (138.2 ) — (63.5 ) (19.7 ) — (221.4 ) Loss on interests in subsidiaries (104.3 ) — — — 104.3 — Net loss (242.5 ) — (63.5 ) (19.7 ) 104.3 (221.4 ) Other comprehensive income, net of income taxes — — — — — — Total comprehensive loss $ (242.5 ) $ — $ (63.5 ) $ (19.7 ) $ 104.3 $ (221.4 ) CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) YEAR ENDED DECEMBER 31, 2013 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Revenues Casino $ — $ — $ 660.5 $ 3.0 $ — $ 663.5 Food and beverage — — 199.4 1.2 — 200.6 Rooms — — 240.6 0.4 — 241.0 Other — — 93.7 0.3 — 94.0 Less: casino promotional allowances — — (159.7 ) (0.6 ) — (160.3 ) Net revenues — — 1,034.5 4.3 — 1,038.8 Operating expenses Direct Casino — — 338.6 2.4 — 341.0 Food and beverage — — 88.8 0.9 — 89.7 Rooms — — 66.6 0.3 — 66.9 Property, general, administrative and other — — 274.0 1.9 — 275.9 Management fees to related parties — — 16.4 — — 16.4 Write-downs, reserves and project opening costs, net of recoveries — — 10.8 6.1 — 16.9 Depreciation and amortization — — 83.9 0.4 — 84.3 Total operating expenses — — 879.1 12.0 — 891.1 Income/(loss) from operations — — 155.4 (7.7 ) — 147.7 Interest expense, net of interest capitalized — — (46.4 ) (18.6 ) — (65.0 ) Loss on extinguishment of debt — — (1.6 ) — — (1.6 ) Other income, net — — 0.2 0.2 — 0.4 Income/(loss) before (provision for)/benefit from income taxes — — 107.6 (26.1 ) — 81.5 (Provision for)/benefit from income taxes — — (38.1 ) 9.1 — (29.0 ) Net income/(loss) — — 69.5 (17.0 ) — 52.5 Other comprehensive income, net of income taxes — — — — — — Total comprehensive income/(loss) $ — $ — $ 69.5 $ (17.0 ) $ — $ 52.5 |
Combined Condensed Statements of Cash Flows | CAESARS GROWTH PROPERTIES HOLDINGS, LLC CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows (used in)/provided by operating activities $ (35.4 ) $ — $ 315.2 $ (3.0 ) $ (157.2 ) $ 119.6 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (141.5 ) (2.7 ) — (144.2 ) Investment in subsidiaries (9.6 ) — — — 9.6 — Change in restricted cash — — — 5.1 — 5.1 Additional investment in Caesars Enterprise Services, LLC (3.9 ) — — — — (3.9 ) Cash flows (used in)/provided by investing activities (13.5 ) — (141.5 ) 2.4 9.6 (143.0 ) Cash flows from financing activities Proceeds from issuance of long-term debt 80.0 — — — — 80.0 Repayments under lending agreements (46.8 ) — (4.6 ) (10.1 ) — (61.5 ) (Distribution)/contribution from parent — — (157.3 ) 9.6 147.6 (0.1 ) Cash flows provided by/(used in) financing activities 33.2 — (161.9 ) (0.5 ) 147.6 18.4 Net (decrease)/increase in cash and cash equivalents (15.7 ) — 11.8 (1.1 ) — (5.0 ) Cash and cash equivalents, beginning of period 36.7 — 47.7 18.7 — 103.1 Cash and cash equivalents, end of period $ 21.0 $ — $ 59.5 $ 17.6 $ — $ 98.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED AND CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows (used in)/provided by operating activities $ (381.8 ) $ — $ 609.2 $ 0.1 $ (70.2 ) $ 157.3 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (163.5 ) (138.2 ) — (301.7 ) Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction (1,808.2 ) — — — — (1,808.2 ) Change in restricted cash — — 39.4 93.3 — 132.7 Cash flows used in investing activities (1,808.2 ) — (124.1 ) (44.9 ) — (1,977.2 ) Cash flows from financing activities Proceeds from issuance of long-term debt 2,494.1 — — — — 2,494.1 Debt issuance costs and fees (30.6 ) — — — — (30.6 ) Repayments under lending agreements (700.0 ) — (504.6 ) (1.0 ) — (1,205.6 ) Transactions with parents and affiliates 463.2 — (83.5 ) 47.1 70.2 497.0 Cash flows provided by/(used in) financing activities 2,226.7 — (588.1 ) 46.1 70.2 1,754.9 Net increase/(decrease) in cash and cash equivalents 36.7 — (103.0 ) 1.3 — (65.0 ) Cash and cash equivalents, beginning of period — — 150.7 17.4 — 168.1 Cash and cash equivalents, end of period $ 36.7 $ — $ 47.7 $ 18.7 $ — $ 103.1 CAESARS GROWTH PROPERTIES HOLDINGS, LLC COMBINED CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (In millions) Parent Company Subsidiary Issuer Subsidiary Guarantors Subsidiary Non-Guarantors Consolidating / Eliminating Adjustments Total Cash flows provided by/(used in) operating activities $ — $ — $ 137.2 $ (23.1 ) $ — $ 114.1 Cash flows from investing activities Land, buildings and equipment additions, net of change in construction payables — — (97.8 ) (56.0 ) — (153.8 ) Proceeds received from sales of assets — — 0.1 — — 0.1 Change in restricted cash — — (10.4 ) 76.4 — 66.0 Cash flows (used in)/provided by investing activities — — (108.1 ) 20.4 — (87.7 ) Cash flows from financing activities Proceeds from issuance of long-term debt — — — 15.4 — 15.4 Debt issuance costs and fees — — (1.6 ) — — (1.6 ) Repayments under lending agreements — — (22.8 ) — — (22.8 ) Cash flows (used in)/provided by financing activities — — (24.4 ) 15.4 — (9.0 ) Net increase in cash and cash equivalents — — 4.7 12.7 — 17.4 Cash and cash equivalents, beginning of period — — 146.0 4.7 — 150.7 Cash and cash equivalents, end of period $ — $ — $ 150.7 $ 17.4 $ — $ 168.1 |
Description of Business and S39
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) | May. 20, 2014 | May. 08, 2014 | Oct. 21, 2013 | May. 31, 2014 | Nov. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 05, 2014 | Apr. 17, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Percent of contribution of interest in management fee revenue | 50.00% | |||||||||
Payments to acquire businesses | $ 2,000,000,000 | $ 0 | $ 1,808,200,000 | $ 0 | ||||||
Debt, face value | 2,070,100,000 | |||||||||
Allowance for doubtful accounts receivable | 8,800,000 | 8,300,000 | ||||||||
Percent of interest acquired in management fee revenue | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Related party transaction, amortization period | 15 years | |||||||||
Payments to acquire interest in management fee revenue | $ 138,000,000 | |||||||||
Prepaid management fees to related parties | 188,300,000 | 199,500,000 | ||||||||
Advertising expense | 4,200,000 | $ 3,600,000 | $ 3,400,000 | |||||||
Caesars Growth Properties Holdings Notes | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Debt, face value | $ 675,000,000 | $ 675,000,000 | $ 675,000,000 | |||||||
Stated interest rate | 9.375% | 9.375% | 9.375% | |||||||
Caesars Growth Properties Holdings Term Loan | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Debt, face value | $ 1,175,000,000 | $ 1,157,400,000 | ||||||||
Stated interest rate | 6.25% | |||||||||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.00% | |||||||||
Caesars Growth Properties Holdings Revolving Credit Facility (1) | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||
Cromwell Credit Facility | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Debt, face value | $ 174,600,000 | |||||||||
Stated interest rate | 11.00% | |||||||||
London Interbank Offered Rate (LIBOR) | Caesars Growth Properties Holdings Term Loan | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basis spread on variable rate | 5.25% | |||||||||
London Interbank Offered Rate (LIBOR) | Caesars Growth Properties Holdings Revolving Credit Facility (1) | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basis spread on variable rate | 5.25% | |||||||||
Corner Investment Propco, LLC | Cromwell Credit Facility | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Debt, face value | $ 185,000,000 | |||||||||
Debt, term | 7 years | |||||||||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.25% | |||||||||
Corner Investment Propco, LLC | London Interbank Offered Rate (LIBOR) | Cromwell Credit Facility | Term Loan | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Basis spread on variable rate | 9.75% | |||||||||
Land Improvements | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Useful life | 12 years | |||||||||
Minimum | Building and improvements | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Useful life | 5 years | |||||||||
Minimum | Furniture, fixtures and equipment | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Useful life | 2 years 6 months | |||||||||
Maximum | Building and improvements | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Useful life | 40 years | |||||||||
Maximum | Furniture, fixtures and equipment | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Useful life | 20 years | |||||||||
PHW Manager, LLC | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Percent of interest acquired in management fee revenue | 50.00% | 50.00% | ||||||||
Related party transaction, amortization period | 35 years | |||||||||
Payments to acquire interest in management fee revenue | $ 70,000,000 | |||||||||
CES | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Variable interest entity, ownership percentage, Less than 20 percent | 20.00% |
Recently Issued Accounting Pr40
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Reduction of deferred charges and other | $ (45.2) | $ (40.9) |
Reduction to long-term debt | $ (1,957.2) | (1,973.1) |
New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Reduction of deferred charges and other | 9.3 | |
Reduction to long-term debt | $ 9.3 |
Land, Property and Equipment,41
Land, Property and Equipment, net (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,736.5 | $ 2,592.9 |
Accumulated depreciation | (482.9) | (372.6) |
Property, plant and equipment, net | 2,253.6 | 2,220.3 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,072.5 | 1,070.3 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,167 | 1,050.7 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 492.1 | 342.8 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4.9 | $ 129.1 |
Land, Property and Equipment,42
Land, Property and Equipment, net - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 31, 2014room | May. 21, 2014room | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 101,600,000 | $ 85,200,000 | $ 60,900,000 | ||
Amortization expense | 2,400,000 | 2,200,000 | 2,200,000 | ||
Capitalized interest | 6,500,000 | 9,200,000 | 7,600,000 | ||
Cash used for capital spending | 144,200,000 | 301,700,000 | 153,800,000 | ||
Impairment of property and equipment | 0 | 0 | 0 | ||
LINQ Hotel and Casino | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash used for capital spending | $ 112,000,000 | 111,800,000 | 36,000,000 | ||
The Cromwell | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash used for capital spending | $ 139,000,000 | $ 58,600,000 | |||
The Cromwell | Hotel | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of rooms in hotel | room | 188 | 188 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Intangible Assets (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ||||
Gross goodwill | $ 1,155,000,000 | $ 1,155,000,000 | $ 1,155,000,000 | |
Accumulated impairment | (940,900,000) | (940,900,000) | (940,900,000) | |
Goodwill | 214,100,000 | 214,100,000 | 214,100,000 | |
Impairment charges to goodwill | $ 147,500,000 | $ 0 | $ 147,500,000 | $ 0 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Changes in Carrying Value of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning balance | $ 109.3 | $ 124.3 | |
Amortization expense | (15) | (15) | $ (21.2) |
Intangible assets, ending balance | $ 94.3 | $ 109.3 | $ 124.3 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 257,400,000 | $ 257,400,000 | |
Accumulated Amortization | (163,100,000) | (148,100,000) | |
Net Carrying Amount | 94,300,000 | 109,300,000 | $ 124,300,000 |
Amortization of intangible assets | 15,000,000 | 15,000,000 | 21,200,000 |
Expected amortization expense, 2016 | 15,000,000 | ||
Expected amortization expense, 2017 | 15,000,000 | ||
Expected amortization expense, 2018 | 15,000,000 | ||
Expected amortization expense, 2019 | 15,000,000 | ||
Expected amortization expense, 2020 | 15,000,000 | ||
Expected amortization expense, thereafter | 19,300,000 | ||
Impairment charges to intangible assets | $ 0 | 0 | $ 0 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (In years) | 5 years 9 months 20 days | ||
Gross Carrying Amount | $ 211,600,000 | 211,600,000 | |
Accumulated Amortization | (141,300,000) | (129,100,000) | |
Net Carrying Amount | $ 70,300,000 | 82,500,000 | |
Gaming rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (In years) | 8 years 6 months | ||
Gross Carrying Amount | $ 45,800,000 | 45,800,000 | |
Accumulated Amortization | (21,800,000) | (19,000,000) | |
Net Carrying Amount | $ 24,000,000 | $ 26,800,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Deposits and customer funds liability, including advance hotel deposits | $ 32.9 | $ 20.6 |
Payroll and other compensation | 25.8 | 24.5 |
Accrued non-income taxes | 12 | 16.6 |
Chip and token liability | 6.1 | 8.1 |
Insurance claims and reserves | 3.8 | 3.9 |
Progressive liability | 2.7 | 2.7 |
Other accruals | 18.9 | 20.5 |
Accrued expenses | $ 102.2 | $ 96.9 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) | May. 08, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | May. 20, 2014 | Apr. 17, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||||||
Total debt, face value | $ 2,070,100,000 | |||||
Long-term debt, face value | 2,009,000,000 | |||||
Total debt, book value | 2,018,300,000 | $ 1,992,100,000 | ||||
Current portion of total debt, book value | (61,100,000) | (19,000,000) | ||||
Long-term debt, book value | 1,957,200,000 | 1,973,100,000 | ||||
Secured debt | Caesars Growth Properties Holdings Revolving Credit Facility (1) | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, book value | 45,000,000 | 0 | ||||
Line of credit, outstanding | $ 45,000,000 | |||||
Secured debt | Caesars Growth Properties Holdings Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 6.25% | |||||
Total debt, face value | $ 1,175,000,000 | $ 1,157,400,000 | ||||
Total debt, book value | $ 1,125,700,000 | 1,132,500,000 | ||||
Secured debt | Caesars Growth Properties Holdings Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 9.375% | 9.375% | 9.375% | |||
Total debt, face value | $ 675,000,000 | $ 675,000,000 | $ 675,000,000 | |||
Total debt, book value | $ 660,300,000 | 658,700,000 | ||||
Secured debt | Cromwell Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 11.00% | |||||
Total debt, face value | $ 174,600,000 | |||||
Total debt, book value | 169,200,000 | 178,000,000 | ||||
Capital lease obligations | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, face value | 1,200,000 | |||||
Total debt, book value | $ 1,200,000 | 3,900,000 | ||||
Unsecured debt | Special Improvement District Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.30% | |||||
Total debt, face value | $ 14,100,000 | |||||
Total debt, book value | 14,100,000 | 14,500,000 | ||||
Unsecured debt | Other financing obligations | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, face value | 2,800,000 | $ 7,200,000 | ||||
Total debt, book value | $ 2,800,000 | $ 4,500,000 | ||||
London Interbank Offered Rate (LIBOR) | Secured debt | Caesars Growth Properties Holdings Revolving Credit Facility (1) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 5.25% | |||||
London Interbank Offered Rate (LIBOR) | Secured debt | Caesars Growth Properties Holdings Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 5.25% |
Debt - Amortization and Maturit
Debt - Amortization and Maturities of Outstanding Debt (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 61.1 |
2,017 | 12.2 |
2,018 | 12.2 |
2,019 | 186.8 |
2,020 | 12.2 |
Thereafter | 1,785.6 |
Total debt, face value | $ 2,070.1 |
Debt - Additional Information (
Debt - Additional Information (Details) ft² in Thousands | Jan. 26, 2016USD ($) | Jul. 28, 2015 | May. 08, 2014USD ($) | May. 05, 2014USD ($) | May. 31, 2014USD ($)room | Nov. 30, 2012USD ($)ft² | Dec. 31, 2002USD ($) | Jul. 17, 2015 | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 21, 2014room | May. 20, 2014USD ($) | Apr. 17, 2014USD ($) | Nov. 30, 2013USD ($) | Oct. 21, 2013 | Dec. 31, 2008USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred charges and other | $ 40,900,000 | $ 45,200,000 | $ 40,900,000 | |||||||||||||||||
Percent of interest acquired in management fee revenue | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Proceeds from issuance of long-term debt | 80,000,000 | 2,494,100,000 | $ 15,400,000 | |||||||||||||||||
Debt, face value | 2,070,100,000 | |||||||||||||||||||
Loss on extinguishment of debt | 0 | 23,800,000 | 1,600,000 | |||||||||||||||||
Debt, interest rate, potential increase due to registration default | 0.50% | 0.25% | ||||||||||||||||||
The Cromwell | Hotel | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of rooms in hotel | room | 188 | 188 | ||||||||||||||||||
First Closing Term Loan | Term Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from issuance of long-term debt | $ 700,000,000 | |||||||||||||||||||
Caesars Growth Properties Holdings Term Loan | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 1,175,000,000 | 1,157,400,000 | ||||||||||||||||||
Extinguishment of debt | $ 700,000,000 | |||||||||||||||||||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.00% | |||||||||||||||||||
Letter of credit participation fee percentage | 0.125% | |||||||||||||||||||
Debt, unamortized discount | 31,200,000 | 27,000,000 | 31,200,000 | |||||||||||||||||
Unamortized debt issuance expense | $ 5,400,000 | $ 4,700,000 | $ 5,400,000 | |||||||||||||||||
Debt, effective interest rate | 6.86% | 6.86% | 6.86% | |||||||||||||||||
Debt, senior secured leverage ratio, maximum | 6 | |||||||||||||||||||
Debt, senior secured leverage ratio | 3.11 | |||||||||||||||||||
Debt, stated interest rate | 6.25% | |||||||||||||||||||
Caesars Growth Properties Holdings Term Loan | Secured debt | Federal Funds Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||||||||
Caesars Growth Properties Holdings Term Loan | Secured debt | One Month London Interbank Offered Rate (LIBOR) | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||||
Caesars Growth Properties Holdings Term Loan | Secured debt | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 5.25% | |||||||||||||||||||
Caesars Growth Properties Holdings Term Loan | Secured debt | Base Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 4.25% | |||||||||||||||||||
Caesars Growth Properties Holdings Revolving Credit Facility (1) | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||||||||||||
Line of credit, outstanding | $ 45,000,000 | |||||||||||||||||||
Outstanding letters of credit | $ 100,000 | |||||||||||||||||||
Caesars Growth Properties Holdings Revolving Credit Facility (1) | Secured debt | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 5.25% | |||||||||||||||||||
Senior Secured Credit Facilities | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 1,325,000,000 | |||||||||||||||||||
Planet Hollywood Amended and Restated Loan Agreement | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on extinguishment of debt | 23,800,000 | |||||||||||||||||||
Planet Hollywood Amended and Restated Loan Agreement | Secured debt | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Extinguishment of debt | 476,900,000 | $ 476,900,000 | ||||||||||||||||||
Loss on extinguishment of debt | $ 23,800,000 | |||||||||||||||||||
Caesars Growth Properties Holdings Notes | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 675,000,000 | $ 675,000,000 | $ 675,000,000 | |||||||||||||||||
Debt, unamortized discount | $ 14,300,000 | 12,900,000 | $ 14,300,000 | |||||||||||||||||
Unamortized debt issuance expense | $ 2,000,000 | $ 1,800,000 | $ 2,000,000 | |||||||||||||||||
Debt, effective interest rate | 9.84% | 9.84% | 9.84% | |||||||||||||||||
Debt, stated interest rate | 9.375% | 9.375% | 9.375% | |||||||||||||||||
Cromwell Credit Facility | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 174,600,000 | |||||||||||||||||||
Debt, stated interest rate | 11.00% | |||||||||||||||||||
Cromwell Credit Facility | Secured debt | Corner Investment Propco, LLC | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 185,000,000 | |||||||||||||||||||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.25% | |||||||||||||||||||
Debt, unamortized discount | $ 4,600,000 | $ 3,800,000 | $ 4,600,000 | |||||||||||||||||
Unamortized debt issuance expense | $ 1,900,000 | $ 1,600,000 | $ 1,900,000 | |||||||||||||||||
Debt, effective interest rate | 11.90% | 11.92% | 11.90% | |||||||||||||||||
Debt, covenant, minimum consolidated EBITDA | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | |||||||||||||||||
Debt, covenant, minimum consolidated EBITDA, period | 24 months | |||||||||||||||||||
Debt, covenant, minimum consolidated EBITDA, period, rights exercised | 15 months | |||||||||||||||||||
Debt, covenant, minimum consolidated EBITDA, period, rights exercised blackout | 6 months | |||||||||||||||||||
Debt, senior secured leverage ratio | 4.73 | |||||||||||||||||||
Debt, term | 7 years | |||||||||||||||||||
Area of real estate property | ft² | 65 | |||||||||||||||||||
Line of credit facility, covenant, senior secured leverage ratio, first three quarters | 5.25 | |||||||||||||||||||
Line of credit facility, covenant, senior secured leverage ratio, following four quarters | 5 | |||||||||||||||||||
Line of credit facility, covenant, senior secured leverage ratio, remainder after first seven quarters | 4.75 | |||||||||||||||||||
Cromwell Credit Facility | Secured debt | London Interbank Offered Rate (LIBOR) | Corner Investment Propco, LLC | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 9.75% | |||||||||||||||||||
Special Improvement District Bonds | Unsecured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 14,100,000 | |||||||||||||||||||
Debt, stated interest rate | 5.30% | |||||||||||||||||||
Special Improvement District Bonds | Unsecured debt | Bally's Las Vegas | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 16,500,000 | |||||||||||||||||||
Debt, stated interest rate | 5.30% | |||||||||||||||||||
Other financing obligations | Unsecured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 2,800,000 | $ 7,200,000 | ||||||||||||||||||
The Cromwell Promissory Notes | Unsecured debt | The Cromwell | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 15,500,000 | |||||||||||||||||||
Debt, stated interest rate | 11.00% | |||||||||||||||||||
Harrah's New Orleans Promissory Notes | Unsecured debt | Harrah's New Orleans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt, face value | $ 123,700,000 | |||||||||||||||||||
Debt, stated interest rate | 8.00% | |||||||||||||||||||
Debt, debt default, interest rate, increase | 2.00% | |||||||||||||||||||
New Accounting Pronouncement, Early Adoption, Effect | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred charges and other | $ (9,300,000) | $ (9,300,000) | ||||||||||||||||||
Debt Settlement Accounted for as Net Equity Contribution | Harrah's New Orleans and The Cromwell | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Net equity contribution on settlement of debt | $ 139,900,000 | |||||||||||||||||||
Subsequent Event | Caesars Growth Properties Holdings Revolving Credit Facility (1) | Secured debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Increase in borrowings outstanding | $ 15,000,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 09, 2013 | |
Financial Instruments [Line Items] | ||||||
Restricted cash | $ 7.7 | $ 2.6 | $ 7.7 | |||
License and service agreement cash contributions | 3.9 | 0 | $ 0 | |||
Corporate Joint Venture | ||||||
Financial Instruments [Line Items] | ||||||
License and service agreement cash contributions | 3.9 | |||||
Corner Investment Propco, LLC | Cromwell Credit Facility | ||||||
Financial Instruments [Line Items] | ||||||
Restricted cash | 5.1 | 0 | 5.1 | |||
Harrah's New Orleans | ||||||
Financial Instruments [Line Items] | ||||||
Restricted cash | 2.6 | $ 2.6 | $ 2.6 | |||
Caesars Growth Partners, LLC | Corporate Joint Venture | ||||||
Financial Instruments [Line Items] | ||||||
License and service agreement cash contributions | $ 22.5 | $ 0.1 | ||||
Planet Hollywood | Planet Hollywood Amended and Restated Loan Agreement | Not Designated as Hedging Instrument | ||||||
Financial Instruments [Line Items] | ||||||
Interest rate cap agreement notional amount | $ 501.4 | |||||
Planet Hollywood | Planet Hollywood Amended and Restated Loan Agreement | London Interbank Offered Rate (LIBOR) | Not Designated as Hedging Instrument | ||||||
Financial Instruments [Line Items] | ||||||
LIBOR cap rate | 7.00% | |||||
CES | ||||||
Financial Instruments [Line Items] | ||||||
Variable interest entity, ownership percentage, Less than 20 percent | 20.00% |
Casino Promotional Allowances51
Casino Promotional Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Promotional Allowance [Line Items] | |||
Promotional Allowances | $ 182.6 | $ 177.9 | $ 160.3 |
Cost of Promotional Allowances | 83.7 | 92.5 | 79.4 |
Food and beverage | |||
Promotional Allowance [Line Items] | |||
Promotional Allowances | 91.7 | 92 | 79.9 |
Cost of Promotional Allowances | 52.8 | 59 | 49.3 |
Rooms | |||
Promotional Allowance [Line Items] | |||
Promotional Allowances | 81.9 | 74.3 | 71.1 |
Cost of Promotional Allowances | 25.6 | 26.3 | 25.4 |
Rooms | |||
Promotional Allowance [Line Items] | |||
Promotional Allowances | 9 | 11.6 | 9.3 |
Cost of Promotional Allowances | $ 5.3 | $ 7.2 | $ 4.7 |
Write-downs, Reserves and Pro52
Write-downs, Reserves and Project Opening Costs, Net of Recoveries (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Writedowns Reserves And Project Opening Costs Net Of Recoveries Components Of Write Downs Reserves And Project Opening Costs Net Of Recoveries [Abstract] | |||
Divestitures and abandonments | $ 5.6 | $ 6 | $ 4.5 |
Remediation costs | 2 | 9.3 | 10.1 |
Project opening costs | 1 | 7.3 | 0.6 |
Efficiency projects | 0 | 0 | 1.6 |
Other | 1.4 | 0 | 0.1 |
Write-downs, reserves, and project opening costs, net of recoveries | $ 10 | $ 22.6 | $ 16.9 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 48.7 | $ 50.3 | $ 31.7 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 34.2 | ||
2,017 | 34.3 | ||
2,018 | 34.3 | ||
2,019 | 34.3 | ||
2,020 | 34.3 | ||
Thereafter | 510.9 | ||
Total future minimum rental commitments | $ 682.3 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating Lease Term | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating Lease Term | 84 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Reserves for tax uncertainties | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 19 | $ (208.8) | $ 81.5 |
Outside of the United States | 0 | 0 | 0 |
Total income/(loss) before provision for income taxes | 19 | (208.8) | 81.5 |
Federal | |||
Current | 0 | 18.3 | 38.7 |
Deferred | 0 | (7.1) | (12.5) |
States | |||
Current | 0 | 1.4 | 2.8 |
Deferred | 0 | 0 | 0 |
Total provision for income taxes | $ 0 | $ 12.6 | $ 29 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Increases/(decreases) in tax resulting from: | |||
Nontaxable LLC income/losses | (35.00%) | (40.60%) | (1.50%) |
State taxes, net of federal tax benefit | 0.00% | (0.40%) | 2.30% |
Nondeductible expenses | 0.00% | 0.00% | 0.10% |
Federal tax credits | (0.00%) | 0.10% | (0.90%) |
Other | 0.00% | (0.10%) | 0.60% |
Effective tax rate | 0.00% | (6.00%) | 35.60% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impairment of goodwill, tangible and other intangible assets | $ 147,500,000 | $ 0 | $ 147,500,000 | $ 0 |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Asset impairment charges | $ 0 | |||
Estimate of Fair Value Measurement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Outstanding debt | 1,840,100,000 | 1,800,300,000 | 1,840,100,000 | |
Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impairment of goodwill, tangible and other intangible assets | 147,500,000 | |||
Reported Value Measurement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Outstanding debt | 1,992,100,000 | $ 2,018,300,000 | 1,992,100,000 | |
Reported Value Measurement | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill, fair value | $ 214,100,000 | $ 214,100,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on a Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of goodwill, tangible and other intangible assets | $ 147,500,000 | $ 0 | $ 147,500,000 | $ 0 |
Reported Value Measurement | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, fair value | 214,100,000 | 214,100,000 | ||
Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of goodwill, tangible and other intangible assets | 147,500,000 | |||
Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Financial Instruments- Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, fair value | 0 | 0 | ||
Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs- Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, fair value | 0 | 0 | ||
Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs- Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, fair value | $ 214,100,000 | $ 214,100,000 |
Litigation, Contractual Commi59
Litigation, Contractual Commitments and Contingent Liabilities - Additional Information (Detail) | Sep. 17, 2015USD ($) | Sep. 08, 2015USD ($) | Feb. 18, 2015USD ($) | Feb. 13, 2015USD ($) | Sep. 24, 1998amendment | Jul. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 03, 2015 | Jan. 31, 2015USD ($)payment | Nov. 25, 2014 | Sep. 03, 2014USD ($) | Aug. 04, 2014 |
Loss Contingencies [Line Items] | ||||||||||||||
Debt, face value | $ 2,070,100,000 | |||||||||||||
CEOC | Senior Notes | Second Priority Senior Secured Notes With Maturity Of 2018 | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 10.00% | |||||||||||||
CEOC | Senior Notes | Senior Notes Due 2016 and 2017 | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, face value | $ 21,000,000 | |||||||||||||
CEOC | Senior Notes | 6.5% Unsecured Senior Debt | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 6.50% | |||||||||||||
CEOC | Senior Notes | 11.25 Percent Senior Secured Notes | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 11.25% | |||||||||||||
CEOC | Senior Notes | 8.50 Percent Senior Secured Notes | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 8.50% | 8.50% | ||||||||||||
CEOC | Senior Notes | 9.00 Percent Senior Secured Notes | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 9.00% | |||||||||||||
CEOC | Senior Subordinated Notes | 10.00 Percent Second-Priority Notes | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 10.00% | |||||||||||||
CEOC | Senior Subordinated Notes | 12.75 Percent Second-Priority Notes | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Debt, stated interest rate | 12.75% | 12.75% | ||||||||||||
CEC Group | Senior Subordinated Notes | 10.00 Percent Second-Priority Notes | Guarantee of Indebtedness of Others | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages sought | $ 3,700,000,000 | |||||||||||||
CEC Group | Senior Subordinated Notes | 10.00 Percent Second-Priority Notes | Guarantee of Indebtedness of Others, Interest Payment | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages sought | $ 184,000,000 | |||||||||||||
CEC Group | Senior Subordinated Notes | 12.75 Percent Second-Priority Notes | Guarantee of Indebtedness of Others | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages sought | $ 750,000,000 | |||||||||||||
Caesars Entertainment Corporation | Unfavorable Regulatory Action | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, amount | $ 1,500,000 | $ 8,000,000 | ||||||||||||
Harrah's New Orleans | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Operating contract, renewal term | 10 years | |||||||||||||
Harrah's New Orleans | Louisiana Gaming Control Board | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency, percent of casino revenue | 21.50% | |||||||||||||
Annual payment to regulatory agency | $ 71,400,000 | $ 72,600,000 | $ 72,600,000 | |||||||||||
Harrah's New Orleans | Louisiana Gaming Control Board | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency | $ 60,000,000 | |||||||||||||
Planet Hollywood | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of amendments | amendment | 5 | |||||||||||||
Utilities costs | 3,000,000 | 3,000,000 | $ 3,100,000 | |||||||||||
Planet Hollywood | Entertainment Agreement | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Aggregate future commitments | 78,500,000 | |||||||||||||
Planet Hollywood | Northwind Aladdin, LLC | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Purchase obligation | 5,400,000 | 8,400,000 | ||||||||||||
National Retirement Fund | Multiemployer Plans, Pension | CEC Group | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Multiemployer plans, withdrawal obligation | $ 360,000,000 | |||||||||||||
Multiemployer plans, withdrawal obligation, number of payments | payment | 80 | |||||||||||||
Multiemployer plans, withdrawal obligation, quarterly payment | $ 6,000,000 | |||||||||||||
Tax Year 2004 through 2013 | Harrah's New Orleans | State and Local Jurisdiction | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency accrual | $ 3,600,000 | $ 6,700,000 | ||||||||||||
Override Threshold One | Harrah's New Orleans | Louisiana Gaming Control Board | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency, percent of casino revenue | 1.50% | |||||||||||||
Override Threshold One | Harrah's New Orleans | Louisiana Gaming Control Board | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 500,000,000 | |||||||||||||
Override Threshold One | Harrah's New Orleans | Louisiana Gaming Control Board | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 700,000,000 | |||||||||||||
Override Threshold Two | Harrah's New Orleans | Louisiana Gaming Control Board | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency, percent of casino revenue | 3.50% | |||||||||||||
Override Threshold Two | Harrah's New Orleans | Louisiana Gaming Control Board | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 700,000,000 | |||||||||||||
Override Threshold Two | Harrah's New Orleans | Louisiana Gaming Control Board | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 800,000,000 | |||||||||||||
Override Threshold Three | Harrah's New Orleans | Louisiana Gaming Control Board | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency, percent of casino revenue | 5.50% | |||||||||||||
Override Threshold Three | Harrah's New Orleans | Louisiana Gaming Control Board | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 800,000,000 | |||||||||||||
Override Threshold Three | Harrah's New Orleans | Louisiana Gaming Control Board | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Casino revenue threshold | $ 900,000,000 | |||||||||||||
Override Threshold Four | Harrah's New Orleans | Louisiana Gaming Control Board | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Annual payment to regulatory agency, percent of casino revenue | 7.50% | |||||||||||||
Casino revenue threshold | $ 900,000,000 |
Supplemental Cash Flow Inform60
Supplemental Cash Flow Information - Changes in Working Capital Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Receivables | $ (9.4) | $ (4) | $ (2.5) |
Prepayments and other current assets | (6.3) | 2.5 | (1.1) |
Accounts payable | 3.4 | (3.9) | 1.8 |
Payable to related parties | (28.6) | 31.9 | (2.3) |
Accrued expenses and interest payable | 10.5 | 33 | (1.2) |
Net change in working capital accounts | $ (30.4) | $ 59.5 | $ (5.3) |
Supplemental Cash Flow Inform61
Supplemental Cash Flow Information - Cash Paid for Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest expense, net of interest capitalized | $ 163.9 | $ 158 | $ 65 |
Adjustments to reconcile to cash paid for interest: | |||
Net change in accruals | 0.4 | (26.5) | (0.6) |
Net amortization of debt discount and deferred financing costs | (8.5) | (14.6) | (23.9) |
Change in fair value of derivatives | 0 | 0 | (0.1) |
Equitized intercompany loan interest | 0 | (3.6) | (10) |
Prepaid bond interest | (0.9) | (0.6) | (0.4) |
Capitalized interest | 6.5 | 9.2 | 7.6 |
Debt issuance costs and fees | 0 | (26.1) | 0 |
Cash paid for interest | $ 161.4 | $ 95.8 | $ 37.6 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||
Non-cash purchases of property | $ 18,200,000 | ||||
Settlement of related party promissory notes | $ 0 | $ (23,800,000) | (1,600,000) | ||
License and service agreement cash contributions | 3,900,000 | $ 0 | $ 0 | ||
Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
License and service agreement cash contributions | $ 3,900,000 | ||||
Corporate Joint Venture | Caesars Growth Partners, LLC | |||||
Related Party Transaction [Line Items] | |||||
License and service agreement cash contributions | $ 22,500,000 | $ 100,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Oct. 21, 2013 | Oct. 31, 2014 | May. 31, 2014 | Dec. 31, 2002 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2015 | May. 20, 2014 | May. 05, 2014 | Nov. 30, 2013 |
Related Party Transaction [Line Items] | ||||||||||||
Net transfers to parent and affiliates | $ 0 | $ 13,200,000 | $ 36,200,000 | |||||||||
License and service agreement cash contributions | 3,900,000 | 0 | 0 | |||||||||
Management fees to related parties | 35,800,000 | 24,400,000 | 16,400,000 | |||||||||
Payables to related parties | $ 43,400,000 | 12,100,000 | 43,400,000 | |||||||||
Percent of interest acquired in management fee revenue | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Payments to acquire interest in management fee revenue | $ 138,000,000 | |||||||||||
Related party transaction, amortization period | 15 years | |||||||||||
Debt, face value | 2,070,100,000 | |||||||||||
Reimbursement to CEC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, expenses | 1,800,000 | 1,800,000 | 1,700,000 | |||||||||
Corporate Joint Venture | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Corporate expenses, allocation percentage | 12.80% | 5.40% | ||||||||||
License and service agreement cash contributions | $ 3,900,000 | |||||||||||
Related party transaction fee, percent | 10.00% | |||||||||||
Related party transaction, expenses | $ 126,100,000 | 102,700,000 | 90,600,000 | |||||||||
Property Managers | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments to acquire interest in management fee revenue | $ 138,000,000 | |||||||||||
Related party transaction, amortization period | 15 years | |||||||||||
Amortization of property management fee | $ 9,200,000 | $ 6,100,000 | ||||||||||
Property management fee, percent fee | 50.00% | 50.00% | ||||||||||
Property management fee revenue | $ 14,000,000 | $ 7,200,000 | ||||||||||
PHW Manager, LLC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percent of interest acquired in management fee revenue | 50.00% | 50.00% | ||||||||||
Payments to acquire interest in management fee revenue | $ 70,000,000 | |||||||||||
Related party transaction, amortization period | 35 years | |||||||||||
Amortization of property management fee | $ 2,000,000 | $ 2,000,000 | $ 400,000 | |||||||||
Property management fee, percent fee | 50.00% | 50.00% | 50.00% | |||||||||
Property management fee revenue | $ 10,200,000 | $ 9,400,000 | $ 1,800,000 | |||||||||
Affiliated Entity | Multiemployer Plans, Cost Recognized | Multiemployer Plans, Postretirement Benefit | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, expenses | $ 35,700,000 | 30,200,000 | 27,200,000 | |||||||||
CEOC | Corporate Joint Venture | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Corporate expenses, allocation percentage | 65.40% | 70.00% | ||||||||||
CERP | Corporate Joint Venture | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Corporate expenses, allocation percentage | 21.80% | 24.60% | ||||||||||
Caesars Growth Partners, LLC | Corporate Joint Venture | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
License and service agreement cash contributions | $ 22,500,000 | 100,000 | ||||||||||
Related party transaction fee, percent | 10.00% | |||||||||||
Caesars Growth Partners, LLC | PHW Manager, LLC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments to acquire interest in management fee revenue | $ 70,000,000 | |||||||||||
Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell | Property Managers | Base Management Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, fees as percentage of operating revenue | 2.00% | |||||||||||
Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell | Property Managers | Management Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management fees to related parties | $ 27,900,000 | 14,500,000 | ||||||||||
Payables to related parties | 900,000 | $ 800,000 | 900,000 | |||||||||
Harrah's New Orleans, The LINQ Hotel & Casino, Bally's Las Vegas and The Cromwell | Property Managers | Incentive Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, fees as percentage of EBITDA | 5.00% | |||||||||||
Planet Hollywood | PHW Manager, LLC | Base Management Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, fees as percentage of operating revenue | 3.00% | |||||||||||
Planet Hollywood | PHW Manager, LLC | Management Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management fees to related parties | $ 20,900,000 | 18,400,000 | 17,800,000 | |||||||||
Payables to related parties | $ 600,000 | $ 800,000 | 600,000 | |||||||||
Planet Hollywood | PHW Manager, LLC | Incentive Fee | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, fees as percentage of EBITDA | 4.50% | |||||||||||
The Cromwell | Unsecured debt | The Cromwell Promissory Notes | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt, face value | $ 15,500,000 | |||||||||||
Debt, stated interest rate | 11.00% | |||||||||||
Harrah's New Orleans | Unsecured debt | Harrah's New Orleans Promissory Notes | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt, face value | $ 123,700,000 | |||||||||||
Debt, stated interest rate | 8.00% | |||||||||||
Debt, debt default, interest rate, increase | 2.00% | |||||||||||
Caesars Entertainment Corporation | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Defined contribution plan, maximum annual contributions per employee, percent | 50.00% | |||||||||||
Defined contribution plan, employer matching contribution, maximum amount of match | $ 600 | |||||||||||
Allocated share-based compensation expense | 4,800,000 | 1,000,000 | $ 400,000 | |||||||||
Caesars LINQ LLC | Subsidiary of Common Parent | Caesars LINQ LLC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental expense | 15,000,000 | 15,000,000 | ||||||||||
Caesars LINQ LLC | Subsidiary of Common Parent | Operating Lease | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Monthly lease revenue | $ 1,300,000 | $ 1,300,000 | ||||||||||
GB Investor LLC | Subsidiary of Common Parent | Ground Leases | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party, ownership percentage | 10.00% | |||||||||||
Bally's Las Vegas | JGB Vegas Retail Lessee, LLC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ground leases, monthly revenue | $ 400,000 |
Quarterly Results of Operatio64
Quarterly Results of Operation (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 310,900,000 | $ 327,600,000 | $ 317,400,000 | $ 313,300,000 | $ 296,000,000 | $ 291,000,000 | $ 294,100,000 | $ 292,000,000 | $ 1,269,200,000 | $ 1,173,100,000 | $ 1,038,800,000 |
Income from operations | 30,400,000 | 48,300,000 | 54,400,000 | 49,800,000 | (124,400,000) | 18,100,000 | 32,500,000 | 46,800,000 | 182,900,000 | (27,000,000) | 147,700,000 |
Net income/(loss) | $ (12,200,000) | $ 6,200,000 | $ 14,800,000 | $ 10,200,000 | (164,800,000) | $ (24,200,000) | $ (56,200,000) | $ 23,800,000 | 19,000,000 | (221,400,000) | 52,500,000 |
Impairment charges to goodwill | $ 147,500,000 | $ 0 | $ 147,500,000 | $ 0 |
Combined and Consolidating Co65
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer - Consolidating Condensed Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 98.1 | $ 103.1 | $ 168.1 | $ 150.7 |
Receivables, net of allowance for doubtful accounts | 49.8 | 40.4 | ||
Restricted cash | 2.6 | 2.6 | ||
Prepayments and other current assets | 26.6 | 20.7 | ||
Total current assets | 177.1 | 166.8 | ||
Land, property and equipment, net | 2,253.6 | 2,220.3 | ||
Investment in Caesars Enterprise Services, LLC | 26.5 | 22.6 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 214.1 | 214.1 | ||
Intangible assets other than goodwill, net | 94.3 | 109.3 | ||
Restricted cash | 0 | 5.1 | ||
Prepaid management fees to related parties | 188.3 | 199.5 | ||
Deferred charges and other | 45.2 | 40.9 | ||
Total assets | 2,999.1 | 2,978.6 | ||
Current liabilities | ||||
Accounts payable | 26.3 | 34.5 | ||
Payables to related parties | 12.1 | 43.4 | ||
Accrued expenses | 102.2 | 96.9 | ||
Accrued interest payable | 30.6 | 31 | ||
Current portion of long-term debt | 61.1 | 19 | ||
Total current liabilities | 232.3 | 224.8 | ||
Long-term debt | 1,957.2 | 1,973.1 | ||
Deferred credits and other | 4.6 | 10.7 | ||
Total liabilities | 2,194.1 | 2,208.6 | ||
Additional paid-in capital | 1,351.4 | 1,335.4 | ||
Accumulated deficit | (546.4) | (565.4) | ||
Total stockholder's equity | 805 | 770 | 1,842.9 | 1,748.6 |
Total liabilities and stockholder's equity | 2,999.1 | 2,978.6 | ||
New Accounting Pronouncement, Early Adoption, Effect | ||||
Current assets | ||||
Deferred charges and other | (9.3) | |||
Current liabilities | ||||
Long-term debt | (9.3) | |||
Reportable Legal Entities | Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 21 | 36.7 | 0 | 0 |
Receivables, net of allowance for doubtful accounts | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Prepayments and other current assets | 0.4 | 0 | ||
Total current assets | 21.4 | 36.7 | ||
Land, property and equipment, net | 0 | 0 | ||
Investment in Caesars Enterprise Services, LLC | 26.5 | 22.6 | ||
Investment in subsidiaries | 2,945.1 | 2,889.6 | ||
Goodwill | 0 | 0 | ||
Intangible assets other than goodwill, net | 0 | 0 | ||
Restricted cash | 0 | |||
Prepaid management fees to related parties | 0 | 0 | ||
Deferred charges and other | 2.8 | 3.7 | ||
Total assets | 2,995.8 | 2,952.6 | ||
Current liabilities | ||||
Accounts payable | 0.8 | 0.1 | ||
Payables to related parties | 8.4 | 40.6 | ||
Accrued expenses | 0.1 | 0 | ||
Accrued interest payable | 27.6 | 27.8 | ||
Current portion of long-term debt | 56.8 | 11.8 | ||
Total current liabilities | 93.7 | 80.3 | ||
Long-term debt | 1,774.3 | 1,779.5 | ||
Deferred credits and other | 0 | 0 | ||
Total liabilities | 1,868 | 1,859.8 | ||
Additional paid-in capital | 1,351.4 | 1,335.4 | ||
Accumulated deficit | (223.6) | (242.6) | ||
Total stockholder's equity | 1,127.8 | 1,092.8 | ||
Total liabilities and stockholder's equity | 2,995.8 | 2,952.6 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net of allowance for doubtful accounts | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Prepayments and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Land, property and equipment, net | 0 | 0 | ||
Investment in Caesars Enterprise Services, LLC | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets other than goodwill, net | 0 | 0 | ||
Restricted cash | 0 | |||
Prepaid management fees to related parties | 0 | 0 | ||
Deferred charges and other | 0 | 0 | ||
Total assets | 0 | 0 | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Payables to related parties | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Accrued interest payable | 10.5 | 10.5 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 10.5 | 10.5 | ||
Long-term debt | 675 | 675 | ||
Deferred credits and other | 0 | 0 | ||
Total liabilities | 685.5 | 685.5 | ||
Additional paid-in capital | (685.5) | (685.5) | ||
Accumulated deficit | 0 | 0 | ||
Total stockholder's equity | (685.5) | (685.5) | ||
Total liabilities and stockholder's equity | 0 | 0 | ||
Reportable Legal Entities | Subsidiary Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 59.5 | 47.7 | 150.7 | 146 |
Receivables, net of allowance for doubtful accounts | 47.3 | 38.4 | ||
Restricted cash | 2.6 | 2.6 | ||
Prepayments and other current assets | 24.9 | 19.2 | ||
Total current assets | 134.3 | 107.9 | ||
Land, property and equipment, net | 1,995.1 | 1,948.4 | ||
Investment in Caesars Enterprise Services, LLC | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 214.1 | 214.1 | ||
Intangible assets other than goodwill, net | 94.3 | 109.3 | ||
Restricted cash | 0 | |||
Prepaid management fees to related parties | 173.2 | 183.3 | ||
Deferred charges and other | 42.1 | 36.9 | ||
Total assets | 2,653.1 | 2,599.9 | ||
Current liabilities | ||||
Accounts payable | 24.6 | 31.9 | ||
Payables to related parties | 3.6 | 0.1 | ||
Accrued expenses | 96.9 | 92 | ||
Accrued interest payable | 0 | 0 | ||
Current portion of long-term debt | 3.8 | 4.9 | ||
Total current liabilities | 128.9 | 128.9 | ||
Long-term debt | 13.7 | 17 | ||
Deferred credits and other | 4.6 | 10.7 | ||
Total liabilities | 147.2 | 156.6 | ||
Additional paid-in capital | 2,639.5 | 2,786.9 | ||
Accumulated deficit | (133.6) | (343.6) | ||
Total stockholder's equity | 2,505.9 | 2,443.3 | ||
Total liabilities and stockholder's equity | 2,653.1 | 2,599.9 | ||
Reportable Legal Entities | Subsidiary Non-Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 17.6 | 18.7 | 17.4 | 4.7 |
Receivables, net of allowance for doubtful accounts | 2.5 | 2 | ||
Restricted cash | 0 | 0 | ||
Prepayments and other current assets | 1.3 | 1.5 | ||
Total current assets | 21.4 | 22.2 | ||
Land, property and equipment, net | 258.5 | 271.9 | ||
Investment in Caesars Enterprise Services, LLC | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets other than goodwill, net | 0 | 0 | ||
Restricted cash | 5.1 | |||
Prepaid management fees to related parties | 15.1 | 16.2 | ||
Deferred charges and other | 0.3 | 0.3 | ||
Total assets | 295.3 | 315.7 | ||
Current liabilities | ||||
Accounts payable | 0.9 | 2.5 | ||
Payables to related parties | 0.1 | 2.7 | ||
Accrued expenses | 5.2 | 4.9 | ||
Accrued interest payable | 3 | 3.2 | ||
Current portion of long-term debt | 0.5 | 2.3 | ||
Total current liabilities | 9.7 | 15.6 | ||
Long-term debt | 169.2 | 176.6 | ||
Deferred credits and other | 0 | 0 | ||
Total liabilities | 178.9 | 192.2 | ||
Additional paid-in capital | 219.6 | 207 | ||
Accumulated deficit | (103.2) | (83.5) | ||
Total stockholder's equity | 116.4 | 123.5 | ||
Total liabilities and stockholder's equity | 295.3 | 315.7 | ||
Consolidating / Eliminating Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables, net of allowance for doubtful accounts | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Prepayments and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Land, property and equipment, net | 0 | 0 | ||
Investment in Caesars Enterprise Services, LLC | 0 | 0 | ||
Investment in subsidiaries | (2,945.1) | (2,889.6) | ||
Goodwill | 0 | 0 | ||
Intangible assets other than goodwill, net | 0 | 0 | ||
Restricted cash | 0 | |||
Prepaid management fees to related parties | 0 | 0 | ||
Deferred charges and other | 0 | 0 | ||
Total assets | (2,945.1) | (2,889.6) | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Payables to related parties | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Accrued interest payable | (10.5) | (10.5) | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (10.5) | (10.5) | ||
Long-term debt | (675) | (675) | ||
Deferred credits and other | 0 | 0 | ||
Total liabilities | (685.5) | (685.5) | ||
Additional paid-in capital | (2,173.6) | (2,308.4) | ||
Accumulated deficit | (86) | 104.3 | ||
Total stockholder's equity | (2,259.6) | (2,204.1) | ||
Total liabilities and stockholder's equity | $ (2,945.1) | $ (2,889.6) |
Combined and Consolidating Co66
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer - Combined Condensed Statements of Operations and Comprehensive Income/(Loss) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Casino | $ 723,400,000 | $ 703,100,000 | $ 663,500,000 | ||||||||
Food and beverage | 251,000,000 | 236,700,000 | 200,600,000 | ||||||||
Rooms | 323,200,000 | 258,400,000 | 241,000,000 | ||||||||
Other | 154,200,000 | 152,800,000 | 94,000,000 | ||||||||
Less: casino promotional allowances | (182,600,000) | (177,900,000) | (160,300,000) | ||||||||
Net revenues | $ 310,900,000 | $ 327,600,000 | $ 317,400,000 | $ 313,300,000 | $ 296,000,000 | $ 291,000,000 | $ 294,100,000 | $ 292,000,000 | 1,269,200,000 | 1,173,100,000 | 1,038,800,000 |
Operating expenses | |||||||||||
Casino | 350,800,000 | 373,800,000 | 341,000,000 | ||||||||
Food and beverage | 116,000,000 | 111,400,000 | 89,700,000 | ||||||||
Rooms | 82,700,000 | 72,000,000 | 66,900,000 | ||||||||
Property, general, administrative and other | 371,000,000 | 346,000,000 | 275,900,000 | ||||||||
Management fees to related parties | 35,800,000 | 24,400,000 | 16,400,000 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 10,000,000 | 22,600,000 | 16,900,000 | ||||||||
Depreciation and amortization | 119,000,000 | 102,400,000 | 84,300,000 | ||||||||
Impairment of tangible and other intangible assets | 1,000,000 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 147,500,000 | 0 | 147,500,000 | 0 | |||||||
Total operating expenses | 1,086,300,000 | 1,200,100,000 | 891,100,000 | ||||||||
Income/(loss) from operations | 30,400,000 | 48,300,000 | 54,400,000 | 49,800,000 | (124,400,000) | 18,100,000 | 32,500,000 | 46,800,000 | 182,900,000 | (27,000,000) | 147,700,000 |
Interest expense, net of interest capitalized | (163,900,000) | (158,000,000) | (65,000,000) | ||||||||
Loss on extinguishment of debt | 0 | (23,800,000) | (1,600,000) | ||||||||
Other income, net | 0 | 0 | 400,000 | ||||||||
Income/(loss) before provision for income taxes | 19,000,000 | (208,800,000) | 81,500,000 | ||||||||
(Provision for)/benefit from income taxes | 0 | (12,600,000) | (29,000,000) | ||||||||
Net (loss)/income before gain on interests in subsidiaries | 19,000,000 | (221,400,000) | |||||||||
Gain on interests in subsidiaries | 0 | 0 | |||||||||
Net income/(loss) | $ (12,200,000) | $ 6,200,000 | $ 14,800,000 | $ 10,200,000 | $ (164,800,000) | $ (24,200,000) | $ (56,200,000) | $ 23,800,000 | 19,000,000 | (221,400,000) | 52,500,000 |
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | 19,000,000 | (221,400,000) | 52,500,000 | ||||||||
Reportable Legal Entities | Parent Company | |||||||||||
Revenues | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Less: casino promotional allowances | 0 | 0 | 0 | ||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Property, general, administrative and other | 22,000,000 | 11,800,000 | 0 | ||||||||
Management fees to related parties | 0 | 0 | 0 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 1,600,000 | 100,000 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment of tangible and other intangible assets | 0 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 0 | ||||||||||
Total operating expenses | 23,600,000 | 11,900,000 | 0 | ||||||||
Income/(loss) from operations | (23,600,000) | (11,900,000) | 0 | ||||||||
Interest expense, net of interest capitalized | (147,700,000) | (126,300,000) | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other income, net | 0 | ||||||||||
Income/(loss) before provision for income taxes | (138,200,000) | 0 | |||||||||
(Provision for)/benefit from income taxes | 0 | 0 | |||||||||
Net (loss)/income before gain on interests in subsidiaries | (171,300,000) | (138,200,000) | |||||||||
Gain on interests in subsidiaries | 190,300,000 | (104,300,000) | |||||||||
Net income/(loss) | 19,000,000 | (242,500,000) | 0 | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | 19,000,000 | (242,500,000) | 0 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Revenues | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Less: casino promotional allowances | 0 | 0 | 0 | ||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Property, general, administrative and other | 0 | 0 | 0 | ||||||||
Management fees to related parties | 0 | 0 | 0 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment of tangible and other intangible assets | 0 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
Income/(loss) from operations | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other income, net | 0 | ||||||||||
Income/(loss) before provision for income taxes | 0 | 0 | |||||||||
(Provision for)/benefit from income taxes | 0 | 0 | |||||||||
Net (loss)/income before gain on interests in subsidiaries | 0 | 0 | |||||||||
Gain on interests in subsidiaries | 0 | 0 | |||||||||
Net income/(loss) | 0 | 0 | 0 | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Subsidiary Guarantors | |||||||||||
Revenues | |||||||||||
Casino | 680,600,000 | 674,000,000 | 660,500,000 | ||||||||
Food and beverage | 222,000,000 | 217,300,000 | 199,400,000 | ||||||||
Rooms | 311,200,000 | 251,500,000 | 240,600,000 | ||||||||
Other | 140,700,000 | 139,500,000 | 93,700,000 | ||||||||
Less: casino promotional allowances | (170,900,000) | (167,000,000) | (159,700,000) | ||||||||
Net revenues | 1,183,600,000 | 1,115,300,000 | 1,034,500,000 | ||||||||
Operating expenses | |||||||||||
Casino | 325,400,000 | 353,500,000 | 338,600,000 | ||||||||
Food and beverage | 96,200,000 | 100,100,000 | 88,800,000 | ||||||||
Rooms | 79,100,000 | 69,400,000 | 66,600,000 | ||||||||
Property, general, administrative and other | 331,200,000 | 324,000,000 | 274,000,000 | ||||||||
Management fees to related parties | 33,800,000 | 23,100,000 | 16,400,000 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 8,300,000 | 10,800,000 | 10,800,000 | ||||||||
Depreciation and amortization | 103,900,000 | 95,100,000 | 83,900,000 | ||||||||
Impairment of tangible and other intangible assets | 1,000,000 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 147,500,000 | ||||||||||
Total operating expenses | 978,900,000 | 1,123,500,000 | 879,100,000 | ||||||||
Income/(loss) from operations | 204,700,000 | (8,200,000) | 155,400,000 | ||||||||
Interest expense, net of interest capitalized | 5,300,000 | (15,100,000) | (46,400,000) | ||||||||
Loss on extinguishment of debt | (23,800,000) | (1,600,000) | |||||||||
Other income, net | 200,000 | ||||||||||
Income/(loss) before provision for income taxes | (47,100,000) | 107,600,000 | |||||||||
(Provision for)/benefit from income taxes | (16,400,000) | (38,100,000) | |||||||||
Net (loss)/income before gain on interests in subsidiaries | 210,000,000 | (63,500,000) | |||||||||
Gain on interests in subsidiaries | 0 | 0 | |||||||||
Net income/(loss) | 210,000,000 | (63,500,000) | 69,500,000 | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | 210,000,000 | (63,500,000) | 69,500,000 | ||||||||
Reportable Legal Entities | Subsidiary Non-Guarantors | |||||||||||
Revenues | |||||||||||
Casino | 42,800,000 | 29,100,000 | 3,000,000 | ||||||||
Food and beverage | 29,000,000 | 19,400,000 | 1,200,000 | ||||||||
Rooms | 12,000,000 | 6,900,000 | 400,000 | ||||||||
Other | 13,500,000 | 13,300,000 | 300,000 | ||||||||
Less: casino promotional allowances | (11,700,000) | (10,900,000) | (600,000) | ||||||||
Net revenues | 85,600,000 | 57,800,000 | 4,300,000 | ||||||||
Operating expenses | |||||||||||
Casino | 25,400,000 | 20,300,000 | 2,400,000 | ||||||||
Food and beverage | 19,800,000 | 11,300,000 | 900,000 | ||||||||
Rooms | 3,600,000 | 2,600,000 | 300,000 | ||||||||
Property, general, administrative and other | 17,800,000 | 10,200,000 | 1,900,000 | ||||||||
Management fees to related parties | 2,000,000 | 1,300,000 | 0 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 100,000 | 11,700,000 | 6,100,000 | ||||||||
Depreciation and amortization | 15,100,000 | 7,300,000 | 400,000 | ||||||||
Impairment of tangible and other intangible assets | 0 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 0 | ||||||||||
Total operating expenses | 83,800,000 | 64,700,000 | 12,000,000 | ||||||||
Income/(loss) from operations | 1,800,000 | (6,900,000) | (7,700,000) | ||||||||
Interest expense, net of interest capitalized | (21,500,000) | (16,600,000) | (18,600,000) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other income, net | 200,000 | ||||||||||
Income/(loss) before provision for income taxes | (23,500,000) | (26,100,000) | |||||||||
(Provision for)/benefit from income taxes | 3,800,000 | 9,100,000 | |||||||||
Net (loss)/income before gain on interests in subsidiaries | (19,700,000) | (19,700,000) | |||||||||
Gain on interests in subsidiaries | 0 | 0 | |||||||||
Net income/(loss) | (19,700,000) | (19,700,000) | (17,000,000) | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | (19,700,000) | (19,700,000) | (17,000,000) | ||||||||
Consolidating / Eliminating Adjustments | |||||||||||
Revenues | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Less: casino promotional allowances | 0 | 0 | 0 | ||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Casino | 0 | 0 | 0 | ||||||||
Food and beverage | 0 | 0 | 0 | ||||||||
Rooms | 0 | 0 | 0 | ||||||||
Property, general, administrative and other | 0 | 0 | 0 | ||||||||
Management fees to related parties | 0 | 0 | 0 | ||||||||
Write-downs, reserves and project opening costs, net of recoveries | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment of tangible and other intangible assets | 0 | ||||||||||
Impairment of goodwill, tangible and other intangible assets | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
Income/(loss) from operations | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other income, net | 0 | ||||||||||
Income/(loss) before provision for income taxes | 0 | 0 | |||||||||
(Provision for)/benefit from income taxes | 0 | 0 | |||||||||
Net (loss)/income before gain on interests in subsidiaries | 0 | 0 | |||||||||
Gain on interests in subsidiaries | (190,300,000) | 104,300,000 | |||||||||
Net income/(loss) | (190,300,000) | 104,300,000 | 0 | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | $ (190,300,000) | $ 104,300,000 | $ 0 |
Combined and Consolidating Co67
Combined and Consolidating Condensed Financial Information of Guarantors and Issuer - Consolidating Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions | May. 20, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | $ 119.6 | $ 157.3 | $ 114.1 | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | (144.2) | (301.7) | (153.8) | |
Proceeds received from sale of assets | 0 | 0 | 0.1 | |
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | $ (2,000) | 0 | (1,808.2) | 0 |
Investment in subsidiaries | 0 | |||
Change in restricted cash | 5.1 | 132.7 | 66 | |
Additional investment in Caesars Enterprise Services, LLC | (3.9) | 0 | 0 | |
Cash flows used in investing activities | (143) | (1,977.2) | (87.7) | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 80 | 2,494.1 | 15.4 | |
Debt issuance costs and fees | 0 | (30.6) | (1.6) | |
Repayments under lending agreements | (61.5) | (1,205.6) | (22.8) | |
(Distribution)/contribution from parent | (0.1) | 497 | 0 | |
Cash flows provided by/(used in) financing activities | 18.4 | 1,754.9 | (9) | |
Net (decrease)/increase in cash and cash equivalents | (5) | (65) | 17.4 | |
Cash and cash equivalents, beginning of period | 103.1 | 168.1 | 150.7 | |
Cash and cash equivalents, end of period | 98.1 | 103.1 | 168.1 | |
Reportable Legal Entities | Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | (35.4) | (381.8) | 0 | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | 0 | 0 | 0 | |
Proceeds received from sale of assets | 0 | |||
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | (1,808.2) | |||
Investment in subsidiaries | (9.6) | |||
Change in restricted cash | 0 | 0 | 0 | |
Additional investment in Caesars Enterprise Services, LLC | (3.9) | |||
Cash flows used in investing activities | (13.5) | (1,808.2) | 0 | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 80 | 2,494.1 | 0 | |
Debt issuance costs and fees | (30.6) | 0 | ||
Repayments under lending agreements | (46.8) | (700) | 0 | |
(Distribution)/contribution from parent | 0 | 463.2 | ||
Cash flows provided by/(used in) financing activities | 33.2 | 2,226.7 | 0 | |
Net (decrease)/increase in cash and cash equivalents | (15.7) | 36.7 | 0 | |
Cash and cash equivalents, beginning of period | 36.7 | 0 | 0 | |
Cash and cash equivalents, end of period | 21 | 36.7 | 0 | |
Reportable Legal Entities | Subsidiary Issuer | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | 0 | 0 | 0 | |
Proceeds received from sale of assets | 0 | |||
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | 0 | |||
Investment in subsidiaries | 0 | |||
Change in restricted cash | 0 | 0 | 0 | |
Additional investment in Caesars Enterprise Services, LLC | 0 | |||
Cash flows used in investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |
Debt issuance costs and fees | 0 | 0 | ||
Repayments under lending agreements | 0 | 0 | 0 | |
(Distribution)/contribution from parent | 0 | 0 | ||
Cash flows provided by/(used in) financing activities | 0 | 0 | 0 | |
Net (decrease)/increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents, end of period | 0 | 0 | 0 | |
Reportable Legal Entities | Subsidiary Guarantors | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | 315.2 | 609.2 | 137.2 | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | (141.5) | (163.5) | (97.8) | |
Proceeds received from sale of assets | 0.1 | |||
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | 0 | |||
Investment in subsidiaries | 0 | |||
Change in restricted cash | 0 | 39.4 | (10.4) | |
Additional investment in Caesars Enterprise Services, LLC | 0 | |||
Cash flows used in investing activities | (141.5) | (124.1) | (108.1) | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |
Debt issuance costs and fees | 0 | (1.6) | ||
Repayments under lending agreements | (4.6) | (504.6) | (22.8) | |
(Distribution)/contribution from parent | (157.3) | (83.5) | ||
Cash flows provided by/(used in) financing activities | (161.9) | (588.1) | (24.4) | |
Net (decrease)/increase in cash and cash equivalents | 11.8 | (103) | 4.7 | |
Cash and cash equivalents, beginning of period | 47.7 | 150.7 | 146 | |
Cash and cash equivalents, end of period | 59.5 | 47.7 | 150.7 | |
Reportable Legal Entities | Subsidiary Non-Guarantors | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | (3) | 0.1 | (23.1) | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | (2.7) | (138.2) | (56) | |
Proceeds received from sale of assets | 0 | |||
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | 0 | |||
Investment in subsidiaries | 0 | |||
Change in restricted cash | 5.1 | 93.3 | 76.4 | |
Additional investment in Caesars Enterprise Services, LLC | 0 | |||
Cash flows used in investing activities | 2.4 | (44.9) | 20.4 | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 0 | 0 | 15.4 | |
Debt issuance costs and fees | 0 | 0 | ||
Repayments under lending agreements | (10.1) | (1) | 0 | |
(Distribution)/contribution from parent | 9.6 | 47.1 | ||
Cash flows provided by/(used in) financing activities | (0.5) | 46.1 | 15.4 | |
Net (decrease)/increase in cash and cash equivalents | (1.1) | 1.3 | 12.7 | |
Cash and cash equivalents, beginning of period | 18.7 | 17.4 | 4.7 | |
Cash and cash equivalents, end of period | 17.6 | 18.7 | 17.4 | |
Consolidating / Eliminating Adjustments | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash flows (used in)/provided by operating activities | (157.2) | (70.2) | 0 | |
Cash flows from investing activities | ||||
Land, buildings and equipment additions, net of change in construction payables | 0 | 0 | 0 | |
Proceeds received from sale of assets | 0 | |||
Payments to acquire businesses related to the Acquired Properties Transaction and Harrah's Transaction | 0 | |||
Investment in subsidiaries | 9.6 | |||
Change in restricted cash | 0 | 0 | 0 | |
Additional investment in Caesars Enterprise Services, LLC | 0 | |||
Cash flows used in investing activities | 9.6 | 0 | 0 | |
Cash flows from financing activities | ||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |
Debt issuance costs and fees | 0 | 0 | ||
Repayments under lending agreements | 0 | 0 | 0 | |
(Distribution)/contribution from parent | 147.6 | 70.2 | ||
Cash flows provided by/(used in) financing activities | 147.6 | 70.2 | 0 | |
Net (decrease)/increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |