Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | CAESARS ENTERTAINMENT Corp | ||
Entity Central Index Key | 858339 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 144,677,371 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $1,024 | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | CZR |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents ($944 and $977 attributable to our VIE) | $2,806 | $2,771 |
Restricted cash ($15 and $29 attributable to our VIE) | 76 | 88 |
Receivables, net ($97 and $55 attributable to our VIE) | 518 | 620 |
Deferred income taxes ($5 and $7 attributable to our VIE) | 5 | 9 |
Prepayments and other current assets ($27 and $16 attributable to our VIE) | 225 | 237 |
Inventories ($3 and $0 attributable to our VIE) | 43 | 45 |
Total current assets | 3,673 | 3,770 |
Property and equipment, net ($2,570 and $516 attributable to our VIE) | 13,456 | 13,238 |
Goodwill ($291 and $113 attributable to our VIE) | 2,366 | 3,063 |
Intangible assets other than goodwill ($289 and $180 attributable to our VIE) | 3,150 | 3,488 |
Restricted cash ($25 and $232 attributable to our VIE) | 109 | 337 |
Deferred income taxes ($13 and $0 attributable to our VIE) | 14 | 0 |
Deferred charges and other assets ($60 and $11 attributable to our VIE) | 767 | 793 |
Total assets | 23,535 | 24,689 |
Current liabilities | ||
Accounts payable ($79 and $55 attributable to our VIE) | 349 | 443 |
Accrued expenses and other current liabilities ($242 and $126 attributable to our VIE) | 1,199 | 1,212 |
Interest payable ($37 and $6 attributable to our VIE) | 736 | 390 |
Deferred income taxes ($2 and $0 attributable to our VIE) | 217 | 289 |
Current portion of long-term debt ($20 and $48 attributable to our VIE) | 15,779 | 197 |
Total current liabilities | 18,280 | 2,531 |
Long-term debt ($2,306 and $674 attributable to our VIE) | 7,434 | 20,918 |
Deferred income taxes ($8 and $4 attributable to our VIE) | 2,079 | 2,476 |
Deferred credits and other liabilities ($124 and $67 attributable to our VIE) | 484 | 668 |
Total liabilities | 28,277 | 26,593 |
Commitments and contingencies (Note 15) | ||
Stockholders’ deficit | ||
Common stock; voting; $0.01 par value; 147 and 139 shares issued, respectively | 1 | 1 |
Treasury Stock: 2 and 2 shares, respectively | -19 | -16 |
Additional paid-in capital | 8,140 | 7,231 |
Accumulated deficit | -13,104 | -10,321 |
Accumulated other comprehensive loss | -15 | -17 |
Total Caesars stockholders’ deficit | -4,997 | -3,122 |
Noncontrolling interests | 255 | 1,218 |
Total stockholders’ deficit | -4,742 | -1,904 |
Total liabilities and stockholders’ deficit | $23,535 | $24,689 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Cash and cash equivalents | $2,806 | $2,771 |
Restricted cash | 76 | 88 |
Inventories ($3 and $0 attributable to our VIE) | 43 | 45 |
Receivables, net | 518 | 620 |
Deferred income taxes ($5 and $7 attributable to our VIE) | 5 | 9 |
Prepayments and other current assets | 225 | 237 |
Property and equipment, net | 13,456 | 13,238 |
Goodwill | 2,366 | 3,063 |
Intangible assets other than goodwill | 3,150 | 3,488 |
Restricted cash | 109 | 337 |
Deferred income taxes ($13 and $0 attributable to our VIE) | 14 | 0 |
Deferred charges and other | 767 | 793 |
Accounts payable | 349 | 443 |
Accrued expenses and other current liabilities | 1,199 | 1,212 |
Interest payable ($37 and $6 attributable to our VIE) | 736 | 390 |
Deferred income taxes ($2 and $0 attributable to our VIE) | 217 | 289 |
Long-term Debt, Current Maturities | 15,779 | 197 |
Long-term debt | 7,434 | 20,918 |
Deferred income taxes ($8 and $4 attributable to our VIE) | 2,079 | 2,476 |
Deferred credits and other | 484 | 668 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 147 | 139 |
Treasury stock, shares | 2 | 2 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 944 | 977 |
Restricted cash | 15 | 29 |
Inventories ($3 and $0 attributable to our VIE) | 3 | 0 |
Receivables, net | 97 | 55 |
Deferred income taxes ($5 and $7 attributable to our VIE) | 5 | 7 |
Prepayments and other current assets | 27 | 16 |
Property and equipment, net | 2,570 | 516 |
Goodwill | 291 | 113 |
Intangible assets other than goodwill | 289 | 180 |
Restricted cash | 25 | 232 |
Deferred income taxes ($13 and $0 attributable to our VIE) | 13 | 0 |
Deferred charges and other | 60 | 11 |
Accounts payable | 79 | 55 |
Accrued expenses and other current liabilities | 242 | 126 |
Interest payable ($37 and $6 attributable to our VIE) | 37 | 6 |
Deferred income taxes ($2 and $0 attributable to our VIE) | 2 | 0 |
Long-term Debt, Current Maturities | 20 | 48 |
Long-term debt | 2,306 | 674 |
Deferred income taxes ($8 and $4 attributable to our VIE) | 8 | 4 |
Deferred credits and other | $124 | $67 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Casino | $5,418 | $5,529 | $5,916 |
Food and beverage | 1,522 | 1,451 | 1,438 |
Rooms | 1,207 | 1,167 | 1,147 |
Management fees | 58 | 57 | 47 |
Other | 1,197 | 855 | 740 |
Reimbursed management costs | 252 | 268 | 67 |
Less: casino promotional allowances | -1,138 | -1,107 | -1,169 |
Net revenues | 8,516 | 8,220 | 8,186 |
Direct | |||
Casino | 3,253 | 3,112 | 3,368 |
Food and beverage | 694 | 639 | 634 |
Rooms | 315 | 296 | 289 |
Property, general, administrative, and other | 2,306 | 2,035 | 1,908 |
Reimbursable management costs | 252 | 268 | 67 |
Depreciation and amortization | 636 | 701 | 844 |
Write-downs, reserves, and project opening costs, net of recoveries | 120 | 104 | 99 |
Impairment of goodwill | 695 | 104 | 195 |
Impairment of tangible and other intangible assets | 299 | 2,727 | 430 |
Corporate expense | 282 | 161 | 195 |
Acquisition and integration costs | 116 | 99 | 23 |
Total operating expenses | 8,968 | 10,246 | 8,052 |
Income/(loss) from operations | -452 | -2,026 | 134 |
Interest expense | -2,670 | -2,252 | -2,100 |
Other gains/(losses) | -95 | 28 | 162 |
Loss from continuing operations before income taxes | -3,217 | -4,250 | -1,804 |
Income tax benefit | 543 | 1,517 | 701 |
Loss from continuing operations, net of income taxes | -2,674 | -2,733 | -1,103 |
Discontinued operations | |||
Loss from discontinued operations | -213 | -239 | -520 |
Income tax benefit | 21 | 32 | 120 |
Loss from discontinued operations, net of income taxes | -192 | -207 | -400 |
Net loss | -2,866 | -2,940 | -1,503 |
Less: net income attributable to noncontrolling interests | 83 | -8 | -5 |
Net loss attributable to Caesars | ($2,783) | ($2,948) | ($1,508) |
Loss per share - basic and diluted | |||
Loss per share from continuing operations (usd per share) | ($18.18) | ($21.32) | ($8.83) |
Earnings/(loss) per share from discontinued operations (usd per share) | ($1.35) | ($1.61) | ($3.21) |
Net loss per share (usd per share) | ($19.53) | ($22.93) | ($12.04) |
Weighted-average common shares outstanding - basic and diluted | 142 | 129 | 125 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net loss | ($2,866) | ($2,940) | ($1,503) |
Defined benefit plan adjustments | -3 | 1 | 0 |
Reclassification of defined benefit plan adjustments to interest expense | 0 | 1 | 0 |
Foreign currency translation adjustments | 5 | -24 | 21 |
Reclassification of loss on derivative instruments from other comprehensive loss to interest expense | 0 | 4 | 28 |
Unrealized losses on available-for-sale investments | -4 | -4 | -1 |
Total other comprehensive income/(loss), before income taxes | -2 | -22 | 48 |
Income tax provision related to items of other comprehensive income/(loss) | 0 | -16 | -11 |
Total other comprehensive income/(loss), net of income taxes | -2 | -38 | 37 |
Total comprehensive loss | -2,868 | -2,978 | -1,466 |
Less: amounts attributable to noncontrolling interests: | |||
Net loss | 83 | -8 | -5 |
Foreign currency translation adjustments | 0 | 0 | -1 |
Total amounts attributable to noncontrolling interests | 83 | -8 | -6 |
Comprehensive loss attributable to Caesars | ($2,785) | ($2,986) | ($1,472) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY/(DEFICIT) (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in-Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Total Caesars Stockholders' Equity | Noncontrolling Interest [Member] | |
In Millions, unless otherwise specified | |||||||||
Beginning balance at Dec. 31, 2011 | $1,053 | $1 | $0 | $6,885 | ($5,865) | ($15) | $1,006 | $47 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | -1,508 | -1,508 | -1,508 | ||||||
Net loss | -5 | 5 | |||||||
Net (loss)/income | -1,503 | ||||||||
Share-based compensation | 34 | 34 | 34 | ||||||
Initial public offering | 17 | 0 | 17 | 17 | |||||
Repurchase of treasury shares | 0 | -16 | 16 | ||||||
Other comprehensive loss, net of tax | 37 | 36 | 36 | 1 | |||||
Increase in noncontrolling interests, net of distributions and contributions | 27 | 27 | |||||||
Other | 2 | 2 | 2 | ||||||
Ending balance at Dec. 31, 2012 | -333 | 1 | -16 | 6,954 | -7,373 | 21 | -413 | 80 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | -2,948 | -2,948 | -2,948 | ||||||
Net loss | -8 | 8 | |||||||
Net (loss)/income | -2,940 | ||||||||
Share-based compensation | 40 | 40 | 40 | ||||||
Common stock issuances | 216 | 0 | 216 | 216 | |||||
Other comprehensive loss, net of tax | -38 | -38 | -38 | ||||||
Increase in noncontrolling interests, net of distributions and contributions | 1,175 | 25 | 25 | 1,150 | |||||
Adjustments to Additional Paid in Capital, Other | -9 | -9 | -9 | ||||||
Other | -15 | 5 | 5 | -20 | |||||
Ending balance at Dec. 31, 2013 | -1,904 | 1 | -16 | 7,231 | -10,321 | -17 | -3,122 | 1,218 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | -2,783 | -2,783 | -2,783 | ||||||
Net loss | 83 | -83 | |||||||
Net (loss)/income | -2,866 | ||||||||
Share-based compensation | 29 | -3 | 32 | 29 | |||||
Common stock issuances | 136 | 0 | 136 | 136 | |||||
Other comprehensive loss, net of tax | -2 | -2 | -2 | ||||||
Adjustments to Additional Paid in Capital, Other | [1] | 14 | 754 | 4 | 758 | -744 | |||
Bond distribution to noncontrolling interest owners (2) | [2] | -160 | -160 | ||||||
Other | 11 | -13 | 0 | -13 | 24 | ||||
Ending balance at Dec. 31, 2014 | ($4,742) | $1 | ($19) | $8,140 | ($13,104) | ($15) | ($4,997) | $255 | |
[1] | (1) See Note 11, “Stockholders' Equity and Loss Per Share,†for a description of CEC’s sale of its shares of CEOC common stock and CEOC’s common stock grant. | ||||||||
[2] | (2) See Note 2, “Basis of Presentation and Principles of Consolidation,†for a description of CGP LLC’s distribution of CEOC notes. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net loss | ($2,866) | ($2,940) | ($1,503) |
Adjustments to reconcile net loss to cash flows from operating activities: | |||
(Income)/loss from discontinued operations | 192 | 207 | 400 |
(Gains)/losses on early extinguishments of debt | 96 | 30 | -136 |
Depreciation and amortization | 679 | 722 | 874 |
Amortization of deferred finance costs and debt discount/premium | 438 | 360 | 315 |
Non-cash write-downs and reserves, net of recoveries | 50 | 64 | 35 |
Pension expense, net | 21 | 10 | 11 |
Non-cash acquisition and integration costs | 33 | 53 | 0 |
Impairment of intangible and tangible assets | 994 | 2,831 | 624 |
Share-based compensation expense | 132 | 57 | 55 |
Deferred income taxes | -453 | -1,452 | -581 |
Change in deferred charges and other | 1 | -33 | 23 |
Change in deferred credits and other | -199 | -194 | -116 |
Change in current assets and liabilities: | |||
Accounts receivable | 48 | -65 | -94 |
Prepayments and other current assets | -24 | 12 | 12 |
Accounts payable | -43 | 70 | 38 |
Interest payable | 342 | 157 | 43 |
Accrued expenses | -189 | 59 | 11 |
Other | 13 | -47 | 22 |
Cash flows from operating activities | -735 | -99 | 33 |
Cash flows from investing activities | |||
Acquisitions of property and equipment, net of change in related payables | -998 | -726 | -507 |
Change in restricted cash | 240 | 774 | -681 |
Proceeds from partial sale of subsidiary, net of cash deconsolidated | 0 | 50 | 42 |
Payments to acquire businesses, net of transaction costs and cash acquired | -23 | -20 | -38 |
Purchases of investment securities | -22 | -30 | -39 |
Proceeds from the sale and maturity of investment securities | 24 | 68 | 32 |
Proceeds from the sale of assets | 65 | 0 | 0 |
Other | 25 | -51 | -34 |
Cash flows from investing activities | -689 | 65 | -1,225 |
Cash flows from financing activities | |||
Proceeds from the issuance of long-term debt | 4,436 | 6,039 | 4,162 |
Payments of debt issuance and extension costs | -196 | -153 | -50 |
Repayments of long-term debt | -2,833 | -6,605 | -2,661 |
Proceeds from sale of interest in subsidiary | 8 | 1,198 | 32 |
Issuance of common stock, net of fees | 136 | 217 | 17 |
Other | -37 | -45 | -27 |
Cash flows from financing activities | 1,514 | 651 | 1,473 |
Cash flows from discontinued operations | |||
Cash flows from operating activities | -60 | -20 | -23 |
Cash flows from investing activities | 5 | 412 | 600 |
Net cash from discontinued operations | -55 | 392 | 577 |
Net increase/(decrease) in cash and cash equivalents | 35 | 1,009 | 858 |
Change in cash classified as assets held for sale | 0 | 4 | 9 |
Cash and cash equivalents, beginning of period | 2,771 | 1,758 | 891 |
Cash and cash equivalents, end of period | 2,806 | 2,771 | 1,758 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | 2,070 | 1,899 | 1,772 |
Cash paid for income taxes | 50 | 38 | 17 |
Change in accrued capital expenditures | 46 | 19 | 49 |
Change in assets acquired through financing activities and capital leases | $30 | $67 | $36 |
Organization_and_Description_o
Organization and Description of Business and Basis of Presentation Organization and Description of Business and Basis of Presentation (Notes) | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of Business and Basis of Presentation | Description of Business | |
We conduct business through our majority owned subsidiary, Caesars Entertainment Operating Company, Inc. (“CEOC”), and our wholly owned subsidiary, Caesars Entertainment Resort Properties, LLC (“CERP”), and their respective subsidiaries. We also consolidate Caesars Growth Partners, LLC (“CGP LLC”), which is a variable interest entity (“VIE”) for which we have determined that we are the primary beneficiary. As of December 31, 2014, through our consolidated entities we owned and operated or managed 49 casinos in 14 U.S. states and 5 countries. Of the 49 casinos, 37 are in the United States and primarily consist of land-based and riverboat or dockside casinos. Our 12 international casinos are land-based casinos, most of which are located in England. | ||
Caesars Interactive Entertainment, Inc. (“CIE”), a majority owned subsidiary of CGP LLC, operates an online gaming business providing for social games on Facebook and other social media websites and mobile application platforms, certain real money games in Nevada and New Jersey, and “play for fun” offerings in other jurisdictions. CIE also owns the World Series of Poker (“WSOP”) tournaments and brand, and licenses trademarks for a variety of products and businesses related to this brand. | ||
We view each casino property and CIE as operating segments and aggregate all such casino properties and CIE into four reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures: CEOC, CERP, Caesars Growth Partners, LLC Casino Properties and Developments (“CGP LLC Casinos”), and CIE. We revised our presentation from one reportable segment to the four listed above effective October 1, 2014, in conjunction with Caesars Enterprise Services (“CES”) commencing operations, as the way in which CEC management assesses results and allocates resources is aligned in accordance with these segments (See Note 21, “Segment Reporting”). | ||
Going Concern | ||
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of any uncertainties related to our going concern assessment. As described more fully below and in Notes 15, 22, and 23 we are a defendant in litigation and other Noteholder Disputes relating to certain CEOC related transactions dating back to 2010. These matters raise substantial doubt about CEC’s ability to continue as a going concern. Management's plans concerning these matters are also discussed in Notes 3, 15, and 22 to the consolidated financial statements. | ||
As described more fully in Note 15, “Litigation, Contractual Commitments, and Contingent Liabilities,” under the heading “Noteholder Disputes,” and in Note 22, “Subsequent Events - Other,” under the heading “Demands for Payment,” we are subject to currently pending or threatened litigation (the “Litigation”) and demands for payment by certain creditors asserting CEC is obligated under the former parent guarantee of certain CEOC defaulted debt (the “Demands” and, together with the Litigation, the “Noteholder Disputes”). The Litigation pending against CEOC, and in certain cases against CEC and its other subsidiaries, has been stayed due to the Chapter 11 bankruptcy process; however, certain Litigation and the Demands against CEC are continuing outside of the Chapter 11 bankruptcy process. The Company believes that the Litigation claims and Demands against CEC are without merit and intends to defend itself vigorously. At the present time, we believe it is not probable that a material loss will result from the outcome of these matters. The Noteholder Disputes are in their very preliminary stages and discovery has begun on the Unsecured Note Lawsuits (as defined in Note 15). We cannot provide assurance as to the outcome of the Noteholder Disputes or of the range of potential losses should the Noteholder Disputes ultimately be resolved against us, due to the inherent uncertainty of litigation and the stage of the related litigation. Should these matters ultimately be resolved through litigation outside of the CEOC Financial Restructuring, and were a court to find in favor of the claimants in any of these Noteholder Disputes, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Accordingly, we have concluded that the material uncertainty related to certain of the Litigation proceeding against CEC raises substantial doubt about the Company’s ability to continue as a going concern. | ||
Financial Condition and Other Matters | ||
Over the past three years we have incurred cumulative net losses totaling $7.2 billion, primarily due to $7.0 billion of interest expense resulting from our highly-leveraged capital structure. As of December 31, 2014, we had a total accumulated deficit of $13.1 billion and long term debt, including current portion of $15.8 billion, totaled $23.2 billion. Our cash flows from operating activities were negative $772 million over the past three years, primarily due to cash paid for interest of $5.7 billion. | ||
The substantial majority of the preceding negative financial factors have occurred in our largest operating subsidiary, CEOC, which has incurred cumulative net losses totaling $7.1 billion resulting from interest expense of $6.2 billion over the past three years. As of December 31, 2014, CEOC had a total accumulated deficit of $11.4 billion and long term debt, including current portion of $15.7 billion, totaled $16.2 billion. CEOC has experienced negative cash flows from operating activities over the past three years, primarily due to cash paid for interest. All of the foregoing factors have raised substantial doubt about CEOC’s ability to continue as a going concern. See “CEOC Financial Restructuring Plan” below. | ||
CEOC Financial Restructuring Plan | ||
As a result of CEOC’s highly-leveraged capital structure and the general decline in its gaming results since 2007, on January 15, 2015, CEOC and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015 (see Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation”). | ||
Announced Merger with Caesars Acquisition Corporation | ||
On December 21, 2014, CEC and Caesars Acquisition Company (“CAC”) entered into a merger agreement, pursuant to which, among other things, CAC will merge with and into CEC, with CEC as the surviving company. Subject to the terms and conditions of the merger agreement, upon consummation of the merger, each share of class A common stock of CAC issued and outstanding immediately prior to the effective time of the Merger will be converted into, and become exchangeable for, that number of shares of CEC common stock, equal to 0.664 to one (the “Exchange Ratio”). | ||
The Exchange Ratio may be subject to adjustment by the Special Committee of CAC’s Board of Directors (the “CAC Special Committee”) and the Special Committee of CEC’s Board of Directors (the “CEC Special Committee”), each composed solely of independent directors, during the Adjustment Period after taking into consideration all relevant facts and circumstances affecting the intrinsic value of CAC and CEC. The Adjustment Period is defined as the 14-day period beginning on the later of: | ||
(i) | the date that the Caesars Entertainment Operating Company, Inc. (“CEOC”) restructuring plan is confirmed; and | |
(ii) | the date that both CAC and CEC confirm that their respective independent financial advisors have received all information as may be reasonably necessary or advisable in order to render a fairness opinion concerning the Exchange Ratio. | |
If at the end of the Adjustment Period the CAC Special Committee and the CEC Special Committee have not agreed to an adjustment to the Exchange Ratio, there will not be an adjustment to the Exchange Ratio. Within five business days following the end of the Adjustment Period, either CAC or CEC may terminate the merger agreement if: | ||
(a) | the CAC Special Committee and the CEC Special Committee cannot agree on an Exchange Ratio adjustment and a failure to terminate the Merger Agreement would be inconsistent with their respective directors’ fiduciary duties; or | |
(b) | the CAC Special Committee or the CEC Special Committee, as applicable, has not received an opinion of its respective financial advisor that the Exchange Ratio (as adjusted, if applicable) is fair, from a financial point of view to CEC or CAC and its public stockholders, as applicable. |
Basis_of_Presentation_Consolid
Basis of Presentation & Consolidation Basis of Presentation & Consolidation (Notes) | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation and Principles of Consolidation | |
Basis of Presentation and Use of Estimates | ||
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual amounts could differ from those estimates. | ||
Certain prior year amounts have been reclassified to conform to the current year’s presentation. | ||
Principles of Consolidation | ||
Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. | ||
We consolidate into our financial statements the accounts of all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, (1) whereby affiliates that are more than 50% owned are consolidated; (2) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method; and (3) investments in affiliates of 20% or less are generally accounted for using the cost method. | ||
Caesars Growth Partners, LLC | ||
Formation of CGP LLC | ||
CGP LLC was formed in October 2013 through the execution of a series of transactions between subsidiaries of Caesars Entertainment and Caesars Acquisition Company (“CAC”). CAC owns 100% of the voting membership units in CGP LLC. | ||
A summary of the formation transactions (the “Transactions”) is as follows: | ||
(i) | Caesars Entertainment made the Class A common stock of CAC available via a subscription rights offering to its shareholders as of October 17, 2013, the record date, (the “CAC Rights Offering”). Each subscription right entitled its holder to purchase one share of CAC’s Class A common stock or the right to retain such subscription right; | |
(ii) | Eligible Caesars Entertainment’s shareholders exercised their basic subscription rights in full and purchased $458 million worth of CAC’s Class A common stock at a price of $8.64 per whole share, which CAC used to purchase 100% of the voting units of CGP LLC; | |
(iii) | CGP LLC used $360 million of the proceeds to purchase the following from CEOC: | |
a. | the Planet Hollywood Resort & Casino in Las Vegas (“Planet Hollywood”); | |
b. | the equity interests of the entity that indirectly holds interests in the owner of Horseshoe Baltimore in Maryland (the “Maryland Joint Venture”); and | |
c. | a 50% interest in the management fee revenues of PHW Manager, LLC, which manages Planet Hollywood, and Caesars Baltimore Management Company LLC, which holds an agreement to manage the Maryland Joint Venture. | |
(iv) | Caesars Entertainment contributed all of the shares of CIE’s outstanding common stock held by a subsidiary and approximately $1.1 billion in aggregate principal amount of senior notes held by a subsidiary (the “CEOC Notes” and, together with the shares of CIE, the “Contributed Assets”) to CGP LLC, in exchange for all of CGP LLC’s non-voting units. | |
The closing of the CAC Rights Offering occurred on November 18, 2013. Pursuant to the CAC Rights Offering, CAC distributed a total of 135,771,882 shares of Class A common stock and received aggregate gross proceeds of approximately $1.2 billion. | ||
Also on October 21, 2013, the aggregate fair market value of the subscription rights issued by Caesars Entertainment was restored to Caesars Entertainment from CGP LLC through a return of senior notes issued by CEOC and previously contributed to CGP LLC by CEC. The amount of the restoration was approximately $21 million. | ||
CGP LLC reimbursed Caesars Entertainment and CAC for certain fees and expenses incurred in connection with this transaction. | ||
Subject to the terms and conditions described in the certificate of incorporation of CAC and the operating agreement of CGP LLC, after October 21, 2016, Caesars Entertainment will have the right to acquire all or a portion of the voting units of CGP LLC (or, at the election of CAC, shares of CAC’s Class A common stock) not otherwise owned by Caesars Entertainment at such time. The purchase consideration may be, at Caesars Entertainment’s option, cash or shares of Caesars Entertainment’s common stock valued at market value, net of customary market discount and expenses, provided that the cash portion will not exceed 50% of the total consideration in any exercise of the call right. The purchase price will be the greater of (i) the fair market value of the voting units of CGP LLC (or shares of CAC’s Class A common stock) at such time based on an independent appraisal or (ii) the initial capital contribution in respect of such units plus a 10.5% per annum return on such capital contribution, subject to a maximum return on such capital contribution of 25% per annum, taking into account prior distributions with respect to such units. | ||
Consolidation of CGP LLC as a Variable Interest Entity | ||
Because the equity holders in CGP LLC receive returns disproportionate to their voting interests and substantially all the activities of CGP LLC are related to Caesars, CGP LLC has been determined to be a variable interest entity (“VIE”). CAC is the sole voting member of CGP LLC - neither CAC nor CGP LLC guarantees any of Caesars’ debt. The creditors or beneficial holders of CGP LLC have no recourse to the general credit of Caesars Entertainment. Caesars Entertainment has certain obligations to CGP LLC through the management and services agreements. | ||
We have determined that we are the primary beneficiary of CGP LLC and are required to consolidate them. This conclusion was based upon the weighing of a number of items, including the following: (i) the close association that CGP LLC has with Caesars, including the fact that all of the assets and businesses owned by CGP LLC were acquired from Caesars; and (ii) Caesars has the obligation to absorb losses and the right to receive residual returns that could potentially be significant to CGP LLC. See above for greater detail on the formation of CGP LLC and our related accounting. | ||
We account for the noncontrolling interest in CGP LLC using the hypothetical liquidation at book value (“HLBV”) method to attribute the earnings and losses of CGP LLC between the controlling and noncontrolling interest. Under this method, the noncontrolling interest in the CGP LLC entity is based upon the noncontrolling interest holders’ contractual claims on CGP LLC’s accounting balance sheet pursuant to the mandatory liquidation provisions of the operating agreement, adjusted for certain common control tax distributions and the bond restoration described above. Caesars’ resulting net income from the controlling interest is the residual net income from the consolidation of the VIE less the HLBV calculated net income attributable to the noncontrolling interest holder. Due to certain mandatory liquidation provisions of the operating agreement, this could result in a net loss to Caesars consolidated results in periods in which CGP LLC reports net income. | ||
CGP LLC generated net revenues of $1.6 billion and $142 million for the years ended December 31, 2014 and 2013, respectively. Net loss attributable to Caesars related to CGP LLC was $405 million and $4 million for the years ended December 31, 2014 and 2013, respectively. The noncontrolling interest balance attributable to CGP LLC at December 31, 2014 was $1.1 billion. | ||
In addition to CGP LLC, we also hold immaterial variable interests in other VIEs that are not consolidated because we are not the primary beneficiary. We continually monitor both consolidated and non-consolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. | ||
Property Transaction between CEOC and CGP LLC | ||
In May 2014, CEOC sold to CGP LLC (hereafter collectively referred to as the “CEOC-CGP LLC Property Transaction”): | ||
(i) | its subsidiaries that own the assets comprising The Cromwell, The LINQ Hotel, Bally’s Las Vegas, and Harrah’s New Orleans (collectively the “Properties”); | |
(ii) | 50% of the ongoing management fees and any termination fees payable under property management agreements to be entered between a CEOC subsidiary and the owners of each of the Properties; and | |
(iii) | certain intellectual property that is specific to each of the Properties. | |
In May 2014, CEOC completed the CEOC-CGP LLC Property Transaction for an aggregate purchase price of $2.0 billion, minus assumed debt and other customary closing adjustments. The debt assumed consisted of the $185 million Cromwell Credit Facility described in Note 10, “Debt.” | ||
Under the terms of the agreements governing the CEOC-CGP LLC Property Transaction, each property is managed by CEOC. In addition, each property licenses enterprise-wide intellectual property from Caesars Licensing Company, LLC (“CLC”). Upon implementation of CES, as described below, CEOC assigned the management agreements to CES, and CLC granted to CES licenses with respect to the enterprise-wide intellectual property. CEOC receives ongoing management fees during the term of the related property management agreement consisting of a (i) base management fee of 2% of monthly net operating revenues and (ii) an incentive management fee in an amount equal to 5% of EBITDA for each operating year. | ||
In addition to the above, the agreements governing the CEOC-CGP LLC Property Transaction also provide that CEC and CEOC will indemnify CGP LLC for: | ||
(i) | the failure of CEC and CEOC to perform or fulfill any of their covenants or breach any of their representations and warranties under the agreements; | |
(ii) | new construction and renovation of The LINQ Hotel of up to 15% of amounts in excess of $223 million; and | |
(iii) | certain other agreed upon matters. | |
Related Financing Agreement. As disclosed in greater detail in Note 10, “Debt,” in April 2014, CGP LLC entered into a First Lien Credit Agreement providing for a $1.2 billion term loan and a $150 million revolving facility, and completed the offering of $675 million aggregate principal amount of its subsidiaries’ 9.375% second-priority senior secured notes due 2022. | ||
Contingently Issuable Non-Voting Membership Units | ||
Pursuant to the terms of the Transactions, CGP LLC is obligated to issue additional non-voting membership units to Caesars Entertainment to the extent that the earnings from CIE’s social and mobile games business exceeds a specified threshold amount in 2015. The number of units to be received is capped at a value of $225 million divided by the value of the non-voting units at the date of the Transactions. | ||
CGP LLC recorded a liability of $168 million, representing the fair value of the additional non-voting membership units contingently issuable to Caesars Entertainment during 2016 under the CIE earnout liability described above. The contingently issuable membership units’ fair value is based upon a multiple of EBITDA for the calendar year 2015 in excess of a specified minimum threshold and includes a maximum payout threshold. The fair value of the CIE earnout liability as of December 31, 2014 was $347 million. Such liability is eliminated in our consolidation of CGP LLC. | ||
CIE Unsecured Intercompany Loan | ||
CIE has entered into an unsecured credit facility with CEC (the “CEC Credit Facility”) whereby CEC provided to CIE unsecured intercompany loans, as approved by CIE, on an individual transaction basis. In connection with the purchase of Playtika in 2011 and the December 2012 Buffalo Studios acquisition, CIE borrowed $126 million for Playtika and $42 million for Buffalo Studios under the CEC Credit Facility. The outstanding CIE balance on the CEC Credit Facility as of December 31, 2014, was $40 million. No principal payments are required under the Credit Facility until its maturity date of November 29, 2016. The unsecured intercompany loans bear interest on the unpaid principal amounts at a rate per annum equal to LIBOR plus 5%. The CEC Credit Facility does not have any restrictive or affirmative covenants. The CEC Credit Facility eliminates with the consolidation of CGP LLC. | ||
Distribution of CEOC Notes | ||
In August 2014, CGP LLC effectuated a distribution of 100% of its remaining investment in certain CEOC notes as a dividend to its members, CEC and Caesars Acquisition Company ("CAC"), pro rata based upon each member’s ownership percentage in CGP LLC (the "Notes Distribution"). In connection with the Notes Distribution, CEC received $187 million in aggregate principal amount of the 6.50% Senior Notes and $206 million in aggregate principal amount of the 5.75% Senior Notes and CAC received $138 million in aggregate principal amount of the 6.50% Senior Notes and $151 million in aggregate principal amount of the 5.75% Senior Notes. | ||
Because CGP LLC is a consolidated VIE, the CEOC notes held by CGP LLC prior to the Notes Distribution were eliminated in consolidation and were not reflected as part of CEOC's outstanding debt disclosed in Note 10, "Debt." The CEOC notes received by CEC were subsequently contributed to CEOC for cancellation, as described in Note 10, "Debt - Note Purchase and Support Agreement," which resulted in no impact on the consolidated financial statements of CEC. The CEOC notes received by CAC resulted in an increase in the face value and book value reported for CEOC debt because CAC is not a consolidated entity. In addition, the Notes Distribution resulted in a $160 million decrease in noncontrolling interest (which represents the fair value of the CEOC notes) and an $89 million increase to the discount on long-term debt. The decrease in noncontrolling interest represents CGP LLC's reported fair value of the CEOC notes at the time of the Notes Distribution, while the increase to the discount represents the difference between CGP LLC's fair value for the CEOC notes and the book value reported by CEOC. The Notes Distribution to CAC is being accounted for as a new issuance of debt by CEC for accounting purposes. As a result of this transaction, CEC now reflects the $289 million in face value of notes distributed by CGP LLC to CAC as outstanding, with a total discount of $129 million, resulting in an increase to net book value of debt outstanding equal to the fair value of the related notes, which was $160 million. | ||
Caesars Enterprise Services | ||
Formation of Caesars Enterprise Services, LLC | ||
On May 20, 2014, CEOC, CERP, and CGPH (together with CERP and CEOC, the “Members” and each a “Member”) entered into a services joint venture, CES. CES manages certain Enterprise Assets (as defined hereafter) and the other assets it owns, licenses or controls, and employs certain of the corresponding employees and other employees who previously provided services to CEOC, CERP and CGPH, their affiliates and their respective properties and systems under each property’s corresponding property management agreement. 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. 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. On October 1, 2014, CES began operations in Nevada, New Jersey 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. The enhancement of CES operations described above in other jurisdictions may be subject to regulatory and other approvals in such jurisdictions. | ||
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 implementation of CES. In October 2014, initial contributions by the Members included cash contributions by CERP of $43 million and by CGP LLC for CGPH of $23 million. On October 1, 2014 and January 1, 2015, the Members transitioned certain executives and employees to CES and the services of such employees will be 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, CLC, Caesars World, Inc. (“CWI”) and certain of our subsidiaries that are the owners of our properties 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”). CERP also granted CES non-exclusive licenses to certain other intellectual property, including intellectual property that is specific to properties controlled by CERP or its subsidiaries. | ||
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 and the properties owned or controlled by the Members, including us, licenses to any intellectual property that CES develops or acquires in the future that is not derivative of the intellectual property licensed to it. CES also granted to CEOC, CLC and CWI 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. |
Liquidity_Considerations_Liqui
Liquidity Considerations Liquidity Considerations (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Liquidity Considerations [Abstract] | ||||||||||||||||||||
Liquidity Considerations [Text Block] | Liquidity Considerations | |||||||||||||||||||
We are a highly-leveraged company, primarily resulting from the leverage of CEOC. We had $25.6 billion in consolidated face value of debt outstanding as of December 31, 2014, including $18.4 billion outstanding by CEOC. As a result, a significant portion of our liquidity needs are for debt service, including significant interest payments. As of December 31, 2014, our consolidated estimated debt service obligation for 2015 is $18.8 billion, consisting of $18.0 billion in principal maturities and $764 million in required interest payments. Of those totals, CEOC’s estimated debt service obligation for 2015 is $18.2 billion, consisting of $18.0 billion in principal maturities and $184 million in required interest payments. | ||||||||||||||||||||
CEC is primarily a holding company with no independent operations, employees, or material debt issuances of its own. CEC has ownership interests in CEOC, CERP and CGP LLC; however, CEC’s relationship with its main operating subsidiaries does not allow for the subsidiaries to provide dividends to CEC nor does CEC have a requirement to fund its subsidiaries’ operations. | ||||||||||||||||||||
Cash and Available Revolver Capacity | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CES | CGP LLC | Parent | |||||||||||||||
Cash and cash equivalents | $ | 1,194 | $ | 189 | $ | 70 | $ | 944 | $ | 409 | ||||||||||
Revolver capacity | 270 | — | 150 | — | ||||||||||||||||
Revolver capacity drawn or committed to letters of credit | (180 | ) | — | — | — | |||||||||||||||
Total | $ | 279 | $ | 70 | $ | 1,094 | $ | 409 | ||||||||||||
____________________ | ||||||||||||||||||||
(1) | See information about CEOC’s Financial Restructuring Plan below and Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.” CEOC is unable to draw on its remaining revolver capacity. | |||||||||||||||||||
See Note 10, “Debt,” for details of our debt outstanding and related restrictive covenants, including the restrictions on our subsidiaries to pay dividends to CEC or otherwise transfer cash to CEC. This includes, among other information, a table presenting details of our individual borrowings outstanding as of December 31, 2014 and 2013, each subsidiary’s annual maturities of long-term debt (face value) as of December 31, 2014, as well as discussion of recent changes in our debt outstanding and changes in the terms of existing debt subsequent to December 31, 2014. | ||||||||||||||||||||
CEOC Financial Restructuring Plan | ||||||||||||||||||||
As a result of CEOC’s highly-leveraged capital structure and the general decline in its gaming results since 2007, on January 15, 2015, CEOC and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015. However, we expect this financial restructuring plan ultimately will reduce CEOC’s long-term debt and related interest payments. See Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation,” for details of CEOC’s proceedings under Chapter 11 of the Bankruptcy Code and CEOC liquidity considerations. | ||||||||||||||||||||
CEC, CERP and CGP LLC, which are separate entities with independent capital structures, have not filed for bankruptcy relief. All CEC properties, including those owned or managed by CEOC or CES, are continuing to operate in the ordinary course. | ||||||||||||||||||||
CERP Liquidity Discussion and Analysis | ||||||||||||||||||||
As of December 31, 2014, CERP’s cash and cash equivalents totaled $189 million. CERP’s operating cash inflows are typically used for operating expenses, debt service costs and working capital needs. CERP is highly-leveraged and a significant portion of its liquidity needs are for debt service. As of December 31, 2014, CERP had $4.8 billion face value of indebtedness outstanding including capital lease indebtedness. Cash paid for interest was $379 million for the year ended December 31, 2014. CERP’s estimated debt service obligation for 2015 is $433 million, consisting of $39 million in principal maturities and $394 million in required interest payments. Payments of short-term debt obligations and other commitments are expected to be made from operating cash flows. | ||||||||||||||||||||
CERP’s estimated interest payments for the years ended December 31, 2016 through 2019 are $394 million, $407 million, $415 million, and $405 million, respectively, and $539 million in total thereafter through maturity. | ||||||||||||||||||||
CERP’s ability to fund its operations, pay its debt obligations, and fund planned capital expenditures depends, in part, upon economic and other factors that are beyond its control, and disruptions in capital markets and restrictive covenants related to its existing debt could impact CERP’s ability to secure additional funds through financing activities. We believe that CERP’s cash and cash equivalents balance, its cash flows from operations, and/or financing available under its revolving credit facility will be sufficient to meet normal operating requirements, to fund planned capital expenditures, and to fund debt service during the next 12 months and the foreseeable future. | ||||||||||||||||||||
CGP LLC Liquidity Discussion and Analysis | ||||||||||||||||||||
CGP LLC’s primary sources of liquidity include currently available cash and cash equivalents, cash flows generated from its operations and borrowings under the CGPH Term Loan (see Note 10, “Debt”). CGP LLC’s cash and cash equivalents, excluding restricted cash, totaled $944 million as of December 31, 2014, and includes $92 million held by a foreign subsidiary. | ||||||||||||||||||||
Payments of short-term debt obligations and other commitments are expected to be made from operating cash flows. Long-term obligations are expected to be paid through operating cash flows, refinancing of existing debt or the issuance of new debt, or, if necessary, additional investments from its equity holders. CGP LLC’s operating cash inflows are used for operating expenses, debt service costs, working capital needs, and capital expenditures in the normal course of business. CGP LLC’s ability to refinance debt will depend upon numerous factors such as market conditions, CGP LLC’s financial performance, and the limitations applicable to such transactions under CGP LLC’s and its subsidiaries’ financing documents. Additionally, CGP LLC’s ability to fund operations, pay debt obligations, and fund planned capital expenditures depends, in part, upon economic and other factors that are beyond CGP LLC’s control, and disruptions in capital markets and restrictive covenants related to CGP LLC’s existing debt could impact CGP LLC’s ability to fund liquidity needs, pay indebtedness and secure additional funds through financing activities. | ||||||||||||||||||||
CGP LLC’s cash paid for interest was $107 million for the year ended December 31, 2014. CGP LLC’s estimated debt service obligation for 2015 is $206 million, consisting of $20 million in principal maturities and $186 million in required interest payments. CGP LLC’s estimated interest payments for the years ended December 31, 2016 through 2019 under the current debt structure are $187 million, $196 million, $200 million, and $200 million, respectively, and $316 million in total thereafter through maturity. | ||||||||||||||||||||
CGP LLC’s ability to fund its operations, pay its debt obligations, and fund planned capital expenditures depends, in part, upon economic and other factors that are beyond its control, and disruptions in capital markets and restrictive covenants related to its existing debt could impact CGP LLC’s ability to secure additional funds through financing activities. We believe that CGP LLC’s cash and cash equivalents balance, its cash flows from operations, and/or financing available under its revolving credit facility will be sufficient to meet normal operating requirements, to fund planned capital expenditures, and to fund debt service during the next 12 months and the foreseeable future. | ||||||||||||||||||||
Consolidated Liquidity Discussion and Analysis | ||||||||||||||||||||
Consolidated cash and cash equivalents, excluding restricted cash, totaled $2.8 billion as of December 31, 2014. Cash and cash equivalents as of December 31, 2014, includes (1) $944 million held by CGP LLC, which is not available for our use to fund operations or satisfy our obligations unrelated to CGP LLC; and (2) $1.2 billion held by CEOC, which is subject to CEOC’s Financial Restructuring Plan described above. | ||||||||||||||||||||
In addition to cash flows from operations, available sources of cash include amounts available under our current revolving credit facilities. CERP’s revolving credit facility provides for up to $270 million, of which $90 million remained as available borrowing capacity for CERP as of December 31, 2014. CGP LLC’s revolving credit facility provides for up to $150 million, and an immaterial amount was committed for outstanding letters of credit as of December 31, 2014. | ||||||||||||||||||||
We experienced negative consolidated operating cash flows of $735 million for the year ended December 31, 2014, and expect to experience negative consolidated operating cash flows for the foreseeable future. | ||||||||||||||||||||
As previously noted, CEOC did not expect that its cash flows from operations would be sufficient to repay its indebtedness, and as a result, has begun a reorganization under Chapter 11 of the Bankruptcy Code. Although CEOC does not believe that its cash flows from operations combined with existing liquidity sources will be sufficient to repay its indebtedness when it comes due, because of the absence of cross-default provisions in the indebtedness issued by other CEC subsidiaries due within the next 15 months and the modification of the parent guarantee (as discussed in Note 10, “Debt”), we do not believe that the impact of the event of default by CEOC, resulting from its bankruptcy filing, would materially impact the liquidity of CEC and its consolidated operating subsidiaries other than CEOC. | ||||||||||||||||||||
As described in Note 2, “Basis of Presentation and Principles of Consolidation - Caesars Enterprise Services,” CEOC, CERP, and CGPH entered into a services joint venture, CES. Effective October 1, 2014, substantially all our properties are managed by CES (and the remaining properties will be transitioned upon regulatory approval). Under the terms of the joint venture and the Omnibus License and Enterprise Services Agreement, we believe that CEC and its other operating subsidiaries will continue to have access to the services historically provided to us by CEOC and its employees, its trademarks, and its programs despite the CEOC bankruptcy filing. | ||||||||||||||||||||
As described in “Going Concern” in Note 1, “Description of Business,” and described more fully in Note 15, “Litigation, Contractual Commitments, and Contingent Liabilities,” under the heading “Noteholder Disputes,” and in Note 22, “Subsequent Events - Other,” under the heading “Demands for Payment,” the Noteholder Disputes are in their very preliminary stages and discovery has begun on the Unsecured Note Lawsuits (as defined in Note 15). We cannot provide assurance as to the outcome of the Noteholder Disputes or of the range of potential losses should the Noteholder Disputes ultimately be resolved against us, due to the inherent uncertainty of litigation and the stage of the related litigation. Should these matters ultimately be resolved through litigation outside of the CEOC Financial Restructuring, and were a court to find in favor of the claimants in any of these Noteholder Disputes, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Accordingly, we have concluded that the material uncertainty related to certain of the Litigation proceeding against CEC raises substantial doubt about the Company's ability to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Additional disclosure is available in the "Accounting Policy" section of certain footnotes. | |
Cash and Cash Equivalents | |
Cash equivalents are highly liquid investments with original maturities of three months or less from the date of purchase and are stated at the lower of cost or market value. Our cash and cash equivalents of $2,806 million and $2,771 million as of December 31, 2014 and 2013, include $944 million and $977 million held by CGP LLC, respectively, which is not available for our use to fund operations or satisfy our obligations. | |
Restricted Cash | |
As of December 31, 2014 and 2013, we had $185 million and $425 million of restricted cash, respectively, comprised of current and non-current portions. Restricted cash includes proceeds from bond offerings that are in escrow prior to closing; cash reserved under loan agreements for (a) development projects and (b) certain expenditures incurred in the normal course of business, such as interest services, real estate taxes, casualty insurance, and capital improvements; and certain other cash deposits that are designated by management for specific purpose. | |
Receivables | |
We issue credit to approved casino customers following background checks and investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectibility of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. | |
Marker play represents a significant portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts 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. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. | |
Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. We reserve an estimated amount for gaming receivables that may not be collected to reduce the Company’s receivables to their net carrying amount. 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. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for allowance for doubtful accounts. Receivables are reported net of an allowance for doubtful accounts of $196 million and $162 million as of December 31, 2014 and 2013, respectively. | |
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 customers’ possession. Food and beverage, rooms, and other operating 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 guests without charge is included in gross revenues and then deducted as promotional allowances. See Note 12, “Casino Promotional Allowances.” | |
Interactive Entertainment—Social and Mobile Games | |
CIE derives revenue from the sale of virtual currencies within casino-themed social and mobile games that are played on various global social and mobile third-party platforms. Within the Slotomania application, game players may collect free virtual coins on a regular basis, may send “gifts” of either free virtual coins or free slot machine spins to their friends through interactions with the Facebook application, and may “earn” free virtual coins through targeted marketing promotions. Within the Bingo Blitz application, game players may collect free bingo credits on a regular basis, may send “gifts” of free bingo credits or other virtual items to their friends through interactions with the Facebook application, and may “earn” free bingo credits through targeted marketing promotions. Virtual coins in Slotomania and virtual bingo credits in Bingo Blitz (collectively referred to as “virtual currency” or “virtual goods”) allow the game players to play the respective games free of charge. A game player may purchase additional virtual goods above and beyond the level of free virtual goods available to that player. Purchased virtual goods are deposited into the player’s account and are then not separately identifiable from virtual goods previously obtained by the player. | |
CIE is able to reliably estimate the period of time over which virtual currency is consumed. As such, CIE recognizes revenue using an item-based revenue model. However, CIE is unable to distinguish between when purchased or free virtual currency is being consumed; therefore, CIE must estimate the amount of outstanding purchased virtual currency at each reporting period based on customer behavior. CIE records within other current liabilities the deferred revenue associated with its social and mobile games, and also records within other current assets the prepaid platform fees associated with this deferred revenue. | |
CIE’s applications are played on various social and mobile third-party platforms for which such third parties collect monies from CIE’s customers and pay CIE an amount after deducting a platform fee. CIE is the primary obligor with its customers under these arrangements, retains the ability to establish the pricing for its virtual currencies, and assumes all credit risk with its customers. Based upon these facts, CIE recognizes revenues from its game-playing customers on a gross basis and related platform fees are recorded as a component of operating expense. | |
Advertising | |
The Company expenses the production costs of advertising the first time the advertising takes place. Advertising expense was $270 million, $208 million, and $194 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance amending existing requirements for reporting discontinued operations. Under the new guidance, discontinued operations reporting will be limited to disposal transactions that represent strategic shifts having a major effect on operations and financial results. The amended guidance also enhances disclosures and requires assets and liabilities of a discontinued operation to be classified as such for all periods presented in the financial statements. This guidance is effective for all disposals occurring within annual reporting periods beginning on or after December 15, 2014, and interim periods within those years. We will adopt this standard effective January 1, 2015. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future transactions after adoption may be different than under current standards. | |
In May 2014, the FASB issued authoritative guidance amending the FASB Accounting Standards Codification and creating a new Topic 606, Revenue from Contracts with Customers. The new guidance is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP applicable to revenue transactions. 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 will be eliminated, including revenue recognition guidance specific to the gaming industry. In addition, interim and annual disclosures will be substantially revised. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. Early adoption is not permitted. We will adopt this standard effective January 1, 2017. 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 authoritative guidance amending the existing requirements for disclosing information about an entity’s ability to continue as a going concern. This guidance explicitly requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. This guidance is effective for annual reporting periods ending after December 15, 2016, and for annual and interim reporting periods thereafter. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have and expect to adopt this standard effective for our year ending December 31, 2016. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Divestitures | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions, Dispositions and Divestitures | Acquisitions, Dispositions, and Other Property Matters | |||||||||||
Acquisitions | ||||||||||||
Pacific Interactive | ||||||||||||
In February 2014, CIE acquired Pacific Interactive UK Limited (“Pacific Interactive”) and the assets of various affiliates, a social and mobile games developer and owner of House of Fun Slots. CIE recorded contingent consideration payable of approximately $29 million associated with this acquisition as of the acquisition date, which has been subsequently adjusted to its estimated fair market value, as described in Note 14, “Fair Value Measurements.” | ||||||||||||
Buffalo Studios, LLC | ||||||||||||
In December 2012, CIE purchased substantially all of the net assets of Buffalo Studios, LLC (“Buffalo Studios”), a social and mobile games developer and owner of Bingo Blitz, for consideration of $45 million plus a contingent earnout payment with an acquisition date fair value estimated at $6 million at the time of acquisition. As of December 31, 2013, the contingent earnout liability was $59 million, and was settled in April 2014. | ||||||||||||
Baltimore, Maryland | ||||||||||||
In October 2012, Caesars entered into definitive agreements with other investors to form a joint venture that would build and own Horseshoe Baltimore in Maryland. Pursuant to the agreements, we committed to contribute a maximum of $78 million in cash capital to the venture for the purpose of developing and constructing the casino, of which we had contributed $56 million as of December 31, 2013. This property opened in the third quarter 2014. CGP LLC had approximately 41% indirect ownership interest in the venture as of December 31, 2014. See Note 11, “Stockholders' Equity and Loss Per Share.” | ||||||||||||
Dispositions | ||||||||||||
Showboat Atlantic City | ||||||||||||
CEOC’s Showboat Atlantic City casino permanently closed effective August 2014. As a result, we accrued severance and other exit costs totaling $26 million, of which we have paid $5 million. The remaining accrual is $20 million as of December 31, 2014. | ||||||||||||
In December 2014, we sold Showboat Atlantic City for $18 million. Prior to the sale, we recognized a tangible asset impairment of $10 million because the net book value of the assets exceeded the anticipated sale price. This transaction had not met the requirements of a completed sale of real estate for accounting purposes as of December 31, 2014. As a result, we have recorded $18 million as assets held for sale and a corresponding deposit liability for the proceeds received in the Consolidated Balance Sheet at December 31, 2014. We anticipate that the requirements for the accounting sale treatment will be met in the first quarter of 2015. | ||||||||||||
CIE RMG BEL, LLC | ||||||||||||
Effective August 2014, CIE suspended operations of CIE RMG BEL, LLC, an indirectly wholly owned subsidiary in Minsk, Belarus. As a result, CIE recorded a $16 million impairment charge. | ||||||||||||
Harrah’s Tunica | ||||||||||||
CEOC’s Harrah’s Tunica casino permanently closed effective June 2014. In 2014, CEOC recorded intangible and tangible asset impairment charges totaling $68 million and accrued exit costs of $16 million associated with the closure of this casino. Of the $16 million accrued, $6 million was paid. The remaining accrual is $10 million as of December 31, 2014. In 2013, CEOC recorded a tangible asset impairment charge of $115 million related to Harrah’s Tunica as a result of completing an assessment for impairment for certain of our properties. | ||||||||||||
Golden Nugget | ||||||||||||
CEOC’s Golden Nugget casino in London permanently closed effective February 2014. As a result, we recorded charges of $2 million related to the impairment of intangible and tangible assets and $13 million related to accrued exit costs. During 2014, we paid exit costs of $4 million and accrued an additional $1 million, leaving a liability of $10 million as of December 31, 2014. | ||||||||||||
Macau Land Concession | ||||||||||||
In November 2013, CEOC completed the sale of its interest in the Macau Land Concession for net proceeds of $425 million. We recognized an impairment of $6 million in 2013 prior to the sale. There were no exit costs or other liabilities associated with the sale. | ||||||||||||
Conrad Punta del Este Resort and Casino | ||||||||||||
In May 2013, CEOC formed a strategic relationship with Enjoy S.A. (“Enjoy”) in Latin America. Enjoy acquired 45% of Baluma S.A., CEOC’s subsidiary that owns and operates the Conrad Punta del Este Resort and Casino in Uruguay (the “Conrad”), in exchange for total consideration of $140 million. After customary deductions for expenses associated with the closing, we received $50 million in cash (net of $30 million of cash deconsolidated), a note receivable of $32 million, and a 4.5% equity stake in Enjoy. The $32 million note receivable was paid by Enjoy on October 15, 2014. | ||||||||||||
In connection with the transaction, Enjoy assumed control of the Baluma S.A. board and responsibility for management of the Conrad. Upon completion of the transaction, CEOC deconsolidated Baluma S.A. from our financial statements and began accounting for Baluma S.A. as an investment in non-consolidated affiliates under the equity method of accounting. | ||||||||||||
Alea Leeds | ||||||||||||
In March 2013, CEOC permanently closed its Alea Leeds casino in England. As a result of the closure, CEOC recorded charges of $6 million related to tangible and intangible asset impairments and $16 million in exit costs primarily related to non-cancellable contract costs. The remaining accrual is $16 million as of December 31, 2014, after payments totaling $2 million offset by additional accruals of $2 million during 2014. | ||||||||||||
Other Dispositions | ||||||||||||
Claridge Hotel Tower | ||||||||||||
In October 2013, CEOC entered into an agreement to sell the Claridge Hotel Tower, which was part of the Bally’s Atlantic City asset group, for $13 million, less customary closing adjustments. CEOC received these proceeds in February 2014 upon the transaction closing. The Claridge Hotel Tower assets of $12 million were classified as assets held for sale as of December 31, 2013. There are no assets held for sale related to the Claridge Hotel Tower as of December 31, 2014. | ||||||||||||
Suffolk Investment | ||||||||||||
CEOC previously invested $102 million in Sterling Suffolk, the owner of Suffolk Downs racecourse in East Boston, Massachusetts. This investment was comprised of a $42 million convertible preferred equity investment and a $60 million common equity ownership in Sterling Suffolk, recorded as an intangible asset representing the right to manage a potential future gaming facility. On October 18, 2013, Caesars agreed to withdraw its application as a qualifier in Massachusetts. In December 2013, CEOC entered into a termination and release agreement with Sterling Suffolk (“Suffolk Agreement”), pursuant to which we terminated several agreements between us and Sterling Suffolk. Based on this termination and on our assessment of the recoverability of the investment, during the quarter ended December 31, 2013, we recorded an impairment charge totaling $102 million, the full amount of our cash investment, of which $42 million was recorded in write-downs, reserves, and project opening costs, net of recoveries and $60 million was recorded in impairments of intangible and tangible assets. | ||||||||||||
Other Property Matters | ||||||||||||
AC Conference Center | ||||||||||||
CERP is building a new meeting and conference center that will be connected to its Harrah’s Atlantic City casino. In July 2014, CEC contributed to CERP the subsidiaries holding the interests in the conference center. The total net book value contributed was $82 million, which primarily consisted of real estate and the initial development costs. There was no impact on CEC’s consolidated financial statements as a result of this transaction. | ||||||||||||
Iowa Dog Racing Legislation | ||||||||||||
As a result of new legislation passed in May 2014 in the State of Iowa, CEOC is required to cease all greyhound racing activities at its Horseshoe Council Bluffs casino in Council Bluffs, Iowa, effective December 31, 2015. The new legislation (“Iowa Dog Racing Legislation”) requires that CEOC pay a total of $65 million to the Iowa Racing and Gaming Commission over a seven-year period, beginning in January 2016. These exit costs were recorded at the present value of the future liability and will be accreted over the term of the payments. The liability related to the exit costs was $43 million as of December 31, 2014. | ||||||||||||
Harrah's Gulf Coast | ||||||||||||
In 2012, we abandoned a construction project near the Mississippi Gulf Coast and recorded an initial exit cost accrual of $20 million related to future obligations under land lease agreements. The accrual was $21 million as of December 31, 2013. In 2014, we paid $4 million against the accrual and recorded additional adjustments and accretions of $9 million. The accrual was $26 million as of December 31, 2014. | ||||||||||||
Discontinued Operations | ||||||||||||
The operating results of certain properties have been classified as discontinued operations for all periods presented and are excluded from the results of operations presented within this Form 10-K. The following table summarizes net revenues, pre-tax loss, and total loss for all of our discontinued operations. | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Net revenues | ||||||||||||
Showboat Atlantic City | $ | 115 | $ | 199 | $ | 228 | ||||||
Harrah’s Tunica | 46 | 130 | 155 | |||||||||
Other | 2 | 14 | 230 | |||||||||
Total net revenues | $ | 163 | $ | 343 | $ | 613 | ||||||
Pre-tax income/(loss) from operations | ||||||||||||
Showboat Atlantic City | $ | (59 | ) | $ | (66 | ) | $ | (450 | ) | |||
Harrah’s Tunica | (120 | ) | (140 | ) | (3 | ) | ||||||
Other | (34 | ) | (33 | ) | (67 | ) | ||||||
Total pre-tax loss from discontinued operations | $ | (213 | ) | $ | (239 | ) | $ | (520 | ) | |||
Income/(loss), net of income taxes | ||||||||||||
Showboat Atlantic City | $ | (38 | ) | $ | (83 | ) | $ | (281 | ) | |||
Harrah’s Tunica | (120 | ) | (91 | ) | (2 | ) | ||||||
Other | (34 | ) | (33 | ) | (117 | ) | ||||||
Total loss from discontinued operations, net of income taxes | $ | (192 | ) | $ | (207 | ) | $ | (400 | ) |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Property and Equipment, net | Property and Equipment, net | |||||||||||
Accounting Policy | ||||||||||||
We have significant capital invested in our long-lived assets, and judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. The accuracy of these estimates affects the amount of depreciation and amortization expense recognized in our financial results and whether we have a gain or loss on the disposal of an asset. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. | ||||||||||||
We review the carrying value of our long-lived assets 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. We typically estimate the fair value of assets starting with a “Replacement Cost New” approach and then deduct appropriate amounts for both functional and economic obsolescence to arrive at the fair value estimates. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows, which, for most of our assets, is the individual property. These analyses are sensitive to management assumptions and the estimates of the obsolescence factors. Changes in these assumptions and estimates could have a material impact on the analyses and the consolidated financial statements. | ||||||||||||
Additions to property and equipment are stated at cost. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Interest expense is capitalized on internally constructed assets at the applicable weighted-average borrowing rates of interest. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period of time. Interest capitalized was $45 million, $38 million, and $38 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: | ||||||||||||
Useful Lives | ||||||||||||
Land improvements | 12 years | |||||||||||
Buildings | 20 to 40 years | |||||||||||
Leasehold improvements | 5 to 15 years | |||||||||||
Riverboats and barges | 30 years | |||||||||||
Furniture, fixtures, and equipment | 2 to 20 years | |||||||||||
Balances | ||||||||||||
Property and Equipment, Net | ||||||||||||
As of December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Land and land improvements | $ | 6,218 | $ | 6,267 | ||||||||
Buildings, riverboats, and improvements | 7,506 | 6,668 | ||||||||||
Furniture, fixtures, and equipment | 2,685 | 2,298 | ||||||||||
Construction in progress | 302 | 824 | ||||||||||
16,711 | 16,057 | |||||||||||
Less: accumulated depreciation | (3,255 | ) | (2,819 | ) | ||||||||
Total property and equipment, net | $ | 13,456 | $ | 13,238 | ||||||||
Depreciation Expense | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Depreciation expense | $ | 574 | $ | 572 | $ | 752 | ||||||
Depreciation expense is included in depreciation and amortization, corporate expense, and income from discontinued operations. | ||||||||||||
Tangible Asset Impairments | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Continuing operations | $ | 60 | $ | 2,381 | $ | 181 | ||||||
Discontinued operations | 78 | 195 | 450 | |||||||||
Total | $ | 138 | $ | 2,576 | $ | 631 | ||||||
Continuing Operations | ||||||||||||
We recorded tangible asset impairment charges related to continuing operations totaling $60 million during 2014, which was primarily related to a property in Reno, Nevada. Due to a decline in recent performance and downward adjustments to expectations of future performance, we performed an impairment assessment for certain of our properties resulting in a charge of $49 million. | ||||||||||||
We recorded tangible asset impairment charges related to continuing operations totaling $2.4 billion during 2013. The pricing of certain casino property sales that occurred in the Atlantic City market indicated a substantial decline in market price had occurred for casinos in Atlantic City. We determined it was necessary to perform a fair value assessment of the properties, resulting in impairments of $1.7 billion. In addition, we determined that deteriorating gaming volumes in certain of our markets made it necessary to complete an assessment for impairment for certain of our properties, resulting in impairments of $105 million related to our land holdings in Biloxi, Mississippi, and a real estate project in Atlantic City, New Jersey; and $499 million primarily related to certain properties in Atlantic City. | ||||||||||||
Discontinued Operations | ||||||||||||
For information on impairments related to our discontinued operations, see Note 6, “Acquisitions, Dispositions, and Other Property Matters.” |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets (Notes) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Accounting Policy | ||||||||||||||||||||||||||
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determine the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. | ||||||||||||||||||||||||||
We perform our annual goodwill impairment assessment as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. We also evaluate the aggregate fair value of all of our reporting units and other non-operating assets in comparison to our aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in our industry. | ||||||||||||||||||||||||||
We perform our annual impairment assessment of other non-amortizing intangible assets as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of our non-amortizing intangible assets by primarily using the “Relief From Royalty Method” and “Excess Earnings Method” under the income approach. | ||||||||||||||||||||||||||
The annual evaluation of goodwill and other non-amortizing intangible assets 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 further in the near future, discount rates increase significantly, or we do not meet our projected performance, we could have additional impairments to record in the future and such impairments could be material. | ||||||||||||||||||||||||||
Balances | ||||||||||||||||||||||||||
Changes in Carrying Value of Goodwill by Segment | ||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | CEC Total | |||||||||||||||||||||
Gross Goodwill | ||||||||||||||||||||||||||
Balance as of January 1, 2013 | $ | 5,475 | $ | 3,894 | $ | — | $ | 65 | $ | 9,434 | ||||||||||||||||
Additions | — | — | — | 22 | 22 | |||||||||||||||||||||
Disposals (1) | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||||
Transfers (2) | (25 | ) | — | 25 | — | — | ||||||||||||||||||||
Balance as of December 31, 2013 | 5,435 | 3,894 | 25 | 87 | 9,441 | |||||||||||||||||||||
Accumulated Impairment | ||||||||||||||||||||||||||
Balance as of January 1, 2013 | (4,071 | ) | (2,203 | ) | — | — | (6,274 | ) | ||||||||||||||||||
Impairment | (104 | ) | — | — | — | (104 | ) | |||||||||||||||||||
Balance as of December 31, 2013 | (4,175 | ) | (2,203 | ) | — | — | (6,378 | ) | ||||||||||||||||||
Net Carrying Value, December 31, 2013 | $ | 1,260 | $ | 1,691 | $ | 25 | $ | 87 | $ | 3,063 | ||||||||||||||||
Gross Goodwill | ||||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | 5,435 | $ | 3,894 | $ | 25 | $ | 87 | $ | 9,441 | ||||||||||||||||
Additions | — | — | — | 13 | 13 | |||||||||||||||||||||
Transfers (3) | (1,141 | ) | — | 1,141 | — | — | ||||||||||||||||||||
Balance as of December 31, 2014 | 4,294 | 3,894 | 1,166 | 100 | 9,454 | |||||||||||||||||||||
Accumulated Impairment | ||||||||||||||||||||||||||
Balance as of January 1, 2014 | (4,175 | ) | (2,203 | ) | — | — | (6,378 | ) | ||||||||||||||||||
Impairment (4) | (251 | ) | (289 | ) | (155 | ) | (15 | ) | (710 | ) | ||||||||||||||||
Transfers (3) | 805 | — | (805 | ) | — | — | ||||||||||||||||||||
Balance as of December 31, 2014 | (3,621 | ) | (2,492 | ) | (960 | ) | (15 | ) | (7,088 | ) | ||||||||||||||||
Net Carrying Value, December 31, 2014 | $ | 673 | $ | 1,402 | $ | 206 | $ | 85 | $ | 2,366 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | During 2013, CEOC sold 45% of its interest in Baluma S.A. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.”) | |||||||||||||||||||||||||
(2) | During 2013, CGP LLC purchased Planet Hollywood Hotel & Casino from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidation”). | |||||||||||||||||||||||||
(3) | During 2014, CGP LLC purchased four properties from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidation”). | |||||||||||||||||||||||||
(4) | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.”) | |||||||||||||||||||||||||
Changes in Carrying Value of Intangible Assets Other Than Goodwill | ||||||||||||||||||||||||||
Amortizing | Non-Amortizing | Total | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Balance as of January 1 | $ | 730 | $ | 1,028 | $ | 2,758 | $ | 2,958 | $ | 3,488 | $ | 3,986 | ||||||||||||||
Additions (1) | 50 | 19 | — | — | 50 | 19 | ||||||||||||||||||||
Impairments | (2 | ) | (150 | ) | (240 | ) | (200 | ) | (242 | ) | (350 | ) | ||||||||||||||
Amortization expense | (133 | ) | (165 | ) | — | — | (133 | ) | (165 | ) | ||||||||||||||||
Other | (9 | ) | (2 | ) | (4 | ) | — | (13 | ) | (2 | ) | |||||||||||||||
Balance as of December 31 | $ | 636 | $ | 730 | $ | 2,514 | $ | 2,758 | $ | 3,150 | $ | 3,488 | ||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | During 2014, we increased our amortizing intangible assets $50 million, primarily as a result of the Pacific Interactive acquisition (see Note 6, “Acquisitions, Dispositions, and Other Property Matters”). During 2013, we increased our amortizing intangible assets $19 million as a result of entering into certain contractual arrangements. | |||||||||||||||||||||||||
During 2014, a decline in recent performance and downward adjustments to expectations of future performance in certain of our markets resulted in the impairment charges shown below related to goodwill, trademarks, and gaming rights. We are not able to finalize our impairment assessment related to the goodwill of certain properties that had a triggering event in the fourth quarter. We expect to complete the remaining fair value determination during the first quarter of 2015, at which time we will record any additional impairments, if deemed necessary. | ||||||||||||||||||||||||||
Intangible Asset Impairment Charges - Continuing Operations | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Goodwill (1) | $ | 695 | $ | 104 | $ | 195 | ||||||||||||||||||||
Trademarks | 13 | 101 | 209 | |||||||||||||||||||||||
Gaming Rights and other (2) | 226 | 245 | 33 | |||||||||||||||||||||||
Total impairment charges | $ | 934 | $ | 450 | $ | 437 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | Includes $406 million of impairments recorded in the fourth quarter of 2014. | |||||||||||||||||||||||||
(2) | Includes $40 million of impairments recorded in the fourth quarter of 2014. | |||||||||||||||||||||||||
Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Remaining | Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||||
Amortizing intangible assets | ||||||||||||||||||||||||||
Customer relationships | 6.2 | $ | 1,265 | $ | (736 | ) | $ | 529 | $ | 1,268 | $ | (646 | ) | $ | 622 | |||||||||||
Contract rights | 2.1 | 84 | (81 | ) | 3 | 98 | (79 | ) | 19 | |||||||||||||||||
Patented technology | 2.4 | 188 | (109 | ) | 79 | 138 | (77 | ) | 61 | |||||||||||||||||
Gaming rights and other | 9.6 | 47 | (22 | ) | 25 | 43 | (15 | ) | 28 | |||||||||||||||||
$ | 1,584 | $ | (948 | ) | 636 | $ | 1,547 | $ | (817 | ) | 730 | |||||||||||||||
Non-amortizing intangible assets | ||||||||||||||||||||||||||
Trademarks | 1,580 | 1,598 | ||||||||||||||||||||||||
Gaming rights | 934 | 1,160 | ||||||||||||||||||||||||
2,514 | 2,758 | |||||||||||||||||||||||||
Total intangible assets other than goodwill | $ | 3,150 | $ | 3,488 | ||||||||||||||||||||||
The aggregate amortization expense for intangible assets that continue to be amortized was $133 million in 2014, $163 million in 2013, and $173 million in 2012. Estimated annual amortization expense for each of the five years from 2015 through 2019 is $130 million, $111 million, $101 million, $87 million, and $68 million, respectively. |
Detail_of_Accrued_Expenses_and
Detail of Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Detail of Accrued Expenses [Abstract] | ||||||||
Detail of Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities | |||||||
Accounting Policies | ||||||||
Total Rewards Program Liability | ||||||||
Our customer loyalty program, Total Rewards, offers incentives to customers who gamble at all of our casino entertainment facilities located in the U.S. and Canada for on-property entertainment expenses, including gaming, hotel, dining, and retail shopping. 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. To arrive at the estimated cost associated with reward credits, estimates and assumptions are made regarding incremental marginal costs of the benefits, breakage rates, and the mix of goods and services for which reward credits will be redeemed. We use historical data to assist in the determination of estimated accruals. As of December 31, 2014 and 2013, we had Total Rewards liabilities of $47 million and $50 million, respectively. | ||||||||
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. | ||||||||
Self-Insurance Accruals | ||||||||
We are self-insured for various levels of workers’ compensation, property and general liability, employee medical coverage, and other coverage. 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. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. As of December 31, 2014 and 2013, we had total self-insurance accruals of $204 million and $208 million, respectively. | ||||||||
Detail of Accrued Expenses and Other Current Liabilities | ||||||||
As of December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Accrued Expenses | ||||||||
Payroll and other compensation | $ | 220 | $ | 233 | ||||
Self-insurance accruals | 204 | 208 | ||||||
Advance deposits | 150 | 204 | ||||||
Accrued taxes | 146 | 130 | ||||||
Total Rewards liability | 47 | 50 | ||||||
Other accruals | 432 | 387 | ||||||
Total | $ | 1,199 | $ | 1,212 | ||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Debt | Debt | |||||||||||||||||||||||||||
Summary of Debt by Financing Structure | ||||||||||||||||||||||||||||
(In millions) | Face Value | Book Value | Book Value | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
CEOC | $ | 18,371 | $ | 16,100 | $ | 15,783 | ||||||||||||||||||||||
CERP | 4,832 | 4,774 | 4,611 | |||||||||||||||||||||||||
CGP LLC | 2,386 | 2,326 | 721 | |||||||||||||||||||||||||
CEC | 13 | 13 | — | |||||||||||||||||||||||||
Total Debt | 25,602 | 23,213 | 21,115 | |||||||||||||||||||||||||
Current Portion of Long-Term Debt | (18,049 | ) | (15,779 | ) | (197 | ) | ||||||||||||||||||||||
Long-Term Debt | $ | 7,553 | $ | 7,434 | $ | 20,918 | ||||||||||||||||||||||
Annual Maturities of Long-Term Debt | ||||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CEOC | $ | 17,977 | $ | 19 | $ | 2 | $ | 1 | $ | 1 | $ | 371 | $ | 18,371 | ||||||||||||||
CERP | 39 | 36 | 27 | 205 | 25 | 4,500 | 4,832 | |||||||||||||||||||||
CGP LLC | 20 | 21 | 17 | 22 | 221 | 2,085 | 2,386 | |||||||||||||||||||||
Other | 13 | — | — | — | — | — | 13 | |||||||||||||||||||||
Total | $ | 18,049 | $ | 76 | $ | 46 | $ | 228 | $ | 247 | $ | 6,956 | $ | 25,602 | ||||||||||||||
Supplemental Cash Flow Information - Cash Flows from Financing Activities | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | Proceeds from the issuance of long-term debt | Repayments of long-term debt | ||||||||||||||||||||||||||
Incremental Term Loans | $ | 1,528 | $ | (1,275 | ) | |||||||||||||||||||||||
CGPH Term Loan | 1,141 | — | ||||||||||||||||||||||||||
CGPH First Closing Term Loan | 693 | (700 | ) | |||||||||||||||||||||||||
CGPH Notes | 660 | — | ||||||||||||||||||||||||||
CERP Senior Secured Revolver | 295 | (115 | ) | |||||||||||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 106 | — | ||||||||||||||||||||||||||
Planet Hollywood Loan Agreement | — | (495 | ) | |||||||||||||||||||||||||
Other Debt Activity | 13 | (214 | ) | |||||||||||||||||||||||||
Capital Lease Payments | — | (34 | ) | |||||||||||||||||||||||||
Total | $ | 4,436 | $ | (2,833 | ) | |||||||||||||||||||||||
Current Portion of Long-Term Debt | ||||||||||||||||||||||||||||
On January 15, 2015, CEOC and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code. The filing of the voluntary Chapter 11 filing resulted in a default of CEOC's long-term debt on January 15, 2015. Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015 (see Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation”). | ||||||||||||||||||||||||||||
As a result of these actions, CEOC has reclassified all of the affected debt to current portion of long-term debt as of December 31, 2014. The current portion of long-term debt at December 31, 2014, net of unamortized discount of $2.2 billion, is $15.7 billion. All debt is classified as current except for Chester Downs Senior Secured Notes of $330 million; Special Improvement District Bonds of $46 million; and long-term capitalized lease and other obligations of $18 million. | ||||||||||||||||||||||||||||
For CERP, the current portion of long-term debt primarily includes required annual principal payments of $25 million on its senior secured loan, as well as interim principal payments on other unsecured borrowings and capitalized lease obligations. For CGP LLC, the current portion of long-term debt includes a total of $20 million of payments due related to Term Loans, Special Improvement District Bonds, and various capitalized lease obligations. | ||||||||||||||||||||||||||||
Debt Discounts or Premiums and Debt Issue Costs | ||||||||||||||||||||||||||||
Debt discounts or premiums and debt issue 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 are written off and included in our gain or loss calculations to the extent we retire debt prior to its original maturity date. Unamortized debt issue costs are included in deferred charges and other assets in our Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, book values of debt are presented net of unamortized discounts of $2.4 billion and $2.5 billion, respectively. | ||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
As of December 31, 2014 our outstanding debt had a fair value of $17.5 billion and a carrying value of $25.6 billion. We calculated the fair value of the debt based on borrowing rates available as of December 31, 2014, for debt with similar terms and maturities, and based on market quotes of our publicly traded debt. We classify the fair value of debt within level 1 and level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||
Restricted Net Assets | ||||||||||||||||||||||||||||
As a result of the restrictions related to CEOC’s borrowings, CERP Financing, and on the assets of CGP LLC debt and other arrangements, the amount of restricted net assets of our consolidated subsidiaries and variable interest entities was $2.4 billion and $3.0 billion, as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
CEOC Debt | ||||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Credit Facilities (1) | ||||||||||||||||||||||||||||
Term Loans B1 - B3 (2) | -- | -- | $ | — | $ | — | $ | 29 | ||||||||||||||||||||
Term Loan B4 | 2016 | 10.50% | 377 | 362 | 948 | |||||||||||||||||||||||
Term Loan B5 | 2017 | 5.99% | 938 | 919 | 989 | |||||||||||||||||||||||
Term Loan B6 | 2017 | 6.99% | 2,299 | 2,234 | 2,400 | |||||||||||||||||||||||
Term Loan B7 (3) | 2017 | 9.75% | 1,741 | 1,647 | — | |||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
Senior Secured Notes | 2017 | 11.25% | 2,095 | 2,073 | 2,066 | |||||||||||||||||||||||
Senior Secured Notes | 2020 | 8.50% | 1,250 | 1,250 | 1,250 | |||||||||||||||||||||||
Senior Secured Notes | 2020 | 9.00% | 3,000 | 2,960 | 2,955 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2018 | 12.75% | 750 | 745 | 744 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2018 | 10.00% | 4,485 | 2,618 | 2,433 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2015 | 10.00% | 3 | 3 | 188 | |||||||||||||||||||||||
Chester Downs Senior Secured Notes | 2020 | 9.25% | 330 | 330 | 330 | |||||||||||||||||||||||
Cromwell Credit Facility (6) | -- | -- | — | — | 180 | |||||||||||||||||||||||
Capitalized Lease Obligations | to 2017 | various | 17 | 17 | 17 | |||||||||||||||||||||||
Subsidiary-Guaranteed Debt (4) | ||||||||||||||||||||||||||||
Senior Notes | 2016 | 10.75% | 479 | 479 | 479 | |||||||||||||||||||||||
Senior PIK Toggle Notes | -- | -- | — | — | 11 | |||||||||||||||||||||||
Unsecured Senior Debt | ||||||||||||||||||||||||||||
5.625% (2) | -- | -- | — | — | 328 | |||||||||||||||||||||||
6.50% | 2016 | 6.50% | 297 | 270 | 213 | |||||||||||||||||||||||
5.75% | 2017 | 5.75% | 233 | 193 | 115 | |||||||||||||||||||||||
Floating Rate Contingent Convertible Senior Notes | 2024 | 0.24% | — | — | — | |||||||||||||||||||||||
Other Unsecured Borrowings | ||||||||||||||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 47 | 47 | 63 | |||||||||||||||||||||||
Other | 2016-2021 | 0.00% - 6.00% | 30 | 30 | 45 | |||||||||||||||||||||||
Total CEOC Debt | 18,371 | 16,177 | 15,783 | |||||||||||||||||||||||||
Additional Debt Discount (5) | — | (77 | ) | — | ||||||||||||||||||||||||
Total CEOC Debt, as consolidated | 18,371 | 16,100 | 15,783 | |||||||||||||||||||||||||
Current Portion of Long-Term Debt | (17,977 | ) | (15,708 | ) | (113 | ) | ||||||||||||||||||||||
Long-Term Debt | $ | 394 | $ | 392 | $ | 15,670 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | In conjunction with the terms of the Bank Amendment (defined below), Caesars Entertainment guarantees collection of amounts under the Credit Facilities. See also “Restrictive Covenants and Other Matters” below. | |||||||||||||||||||||||||||
(2) | Repaid in the third quarter of 2014. | |||||||||||||||||||||||||||
(3) | The Term B7 Loans have a springing maturity to 90 days prior to March 1, 2017, if more than $500 million of CEOC’s Term B5 Loan and Term B6 Loan remain outstanding on such date. | |||||||||||||||||||||||||||
(4) | Guaranteed by certain wholly owned subsidiaries of CEOC. | |||||||||||||||||||||||||||
(5) | Increase in discount on long-term debt due to distribution of CEOC notes through a dividend to a non-consolidated affiliate recorded on CEC parent. | |||||||||||||||||||||||||||
(6) | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.” | |||||||||||||||||||||||||||
2014 Activity | ||||||||||||||||||||||||||||
Incremental Term Loans | ||||||||||||||||||||||||||||
In June 2014, CEOC completed the offering of $1.8 billion of incremental term loans (“Incremental Term Loans” or “Term Loan B7”) due no later than March 1, 2017. We used the net cash proceeds from the Incremental Term Loans to complete the repayment of 2015 maturities and reducing certain outstanding term loans, as described below. | ||||||||||||||||||||||||||||
The CEOC Term Loan B7 requires scheduled quarterly repayments of $4 million that began in the third quarter of 2014. The fourth quarter installment was paid as scheduled on December 31, 2014. | ||||||||||||||||||||||||||||
Repayment of 2015 Maturities | ||||||||||||||||||||||||||||
In July 2014, CEOC completed a cash tender offer for the $792 million aggregate principal amount outstanding of its 5.625% Senior Notes due 2015 (the “5.625% Notes”). CEOC received tenders from the holders of $44 million aggregate principal amount of the 5.625% Notes. In addition, pursuant to note purchase agreements and a redemption, CEOC purchased an additional $747 million in aggregate principal amount of the 5.625% Notes. Consideration for the purchase of these notes was $830 million. As a result of these repayments, we recognized a loss on early extinguishment of debt of $6 million on the 5.625% Notes. | ||||||||||||||||||||||||||||
CEOC also completed a cash tender offer for the $190 million aggregate principal amount outstanding of its 10.00% Second-Priority Senior Secured Notes due 2015 (the “10.00% Notes”). CEOC received tenders from the holders of $103 million aggregate principal amount of the 10.00% Notes. In addition, CEOC purchased an additional $83 million in aggregate principal amount of the 10.00% Notes. Consideration for the purchase of these notes was $191 million. As a result of these repayments, we recognized a loss on early extinguishment of debt of $14 million on the 10.00% Notes. | ||||||||||||||||||||||||||||
As a result of the tender offers, the note purchases, and a redemption, CEOC retired and redeemed 100.0% of the outstanding amount of the 5.625% Notes and approximately 98.0% of the outstanding amount of the 10.00% Notes. | ||||||||||||||||||||||||||||
Repayments of Certain Term Loans | ||||||||||||||||||||||||||||
In connection with the assumption of the Incremental Term Loans and the consummation of the amendment to the Credit Facilities, CEOC repaid $794 million in certain term loans as follows: $16 million in aggregate principal of the Term Loan B1; $13 million in aggregate principal of the Term Loan B3; $578 million in aggregate principal of the Term Loan B4; $54 million in aggregate principal of the Term Loan B5; and $133 million in aggregate principal of the Term Loan B6 held by consenting lenders at par under the existing Credit Facilities. As a result of these repayments, we recognized a loss on early extinguishment of debt of $22 million. | ||||||||||||||||||||||||||||
Note Purchase and Support Agreement | ||||||||||||||||||||||||||||
In August 2014, CEOC and CEC announced an agreement (the “Note Purchase and Support Agreement”) with certain holders (the “Holders”) of CEOC’s outstanding 6.50% Senior Notes due 2016 (the “6.50% Notes”) and 5.75% Senior Notes due 2017 (the “5.75% Notes” and, together with the 6.50% Notes, the “Senior Unsecured Notes”) in connection with a private refinancing transaction (the “Note Transaction”), pursuant to which, among other things, (i) such Holders, representing $238 million aggregate principal amount of the Senior Unsecured Notes and greater than 51% of each class of the Senior Unsecured Notes that were held by non-affiliates of CEC and CEOC, agreed to sell to CEC and CEOC an aggregate principal amount of approximately $89 million of the 6.50% Notes and an aggregate principal amount of approximately $66 million of the 5.75% Notes, (ii) CEC agreed to pay such Holders a ratable amount of $78 million of cash in the aggregate, (iii) CEOC agreed to pay such Holders a ratable amount of $78 million of cash in the aggregate, (iv) CEOC agreed to pay such Holders accrued and unpaid interest in cash and (v) CEC agreed to contribute $427 million in aggregate principal ($368 million net of discount and accrued interest contributed) of Senior Unsecured Notes to CEOC for cancellation. | ||||||||||||||||||||||||||||
Pursuant to the Note Purchase and Support Agreement, certain of the Holders also (i) agreed to consent to amendments (the “Indenture Amendments”) to the terms of the indentures that govern the Senior Unsecured Notes and to amendments (the “Notes Amendments”) to a ratable amount of approximately $82 million face amount of the Senior Unsecured Notes held by such Holders (the “Amended CEOC Notes”) and (ii) agreed that for the period from the closing date of the Note Transaction until the earlier of (1) the 181st day after the closing date of the Note Transaction and (2) the occurrence of a “credit event” within the meaning of Section 4.2 (Bankruptcy) or 4.5 (Failure to Pay) of the 2003 ISDA definitions, such Holders will consent or approve a restructuring of Notes and Amended CEOC Notes on the terms described below and, subject to certain exceptions, will not transfer their Amended CEOC Notes except to a transferee that agrees to be bound by such agreement. The Indenture Amendments include (A) a consent to the removal and acknowledgment of the termination of the CEC guarantee within the indenture governing the Notes and (B) a modification to the covenant restricting disposition of “substantially all” of CEOC’s assets to measure future asset sales based on CEOC’s assets as of the date of the amendment. The Notes Amendments include provisions that holders of the Amended CEOC Notes will be deemed to consent to any restructuring of Notes and Amended CEOC Notes so long as holders have consented thereto that hold at least 10% of the outstanding 6.50% Notes and 5.75% Notes, as applicable (in each case, not including the Amended CEOC Notes or any Senior Unsecured Notes held by affiliates of CEOC), the restructuring solicitation is no less favorable to any Holder of Amended CEOC Notes than to any holder of Notes, and certain other terms and conditions are satisfied. | ||||||||||||||||||||||||||||
As a result of these repayments, we recognized a loss on early extinguishment of debt of $25 million. | ||||||||||||||||||||||||||||
In connection with the Note Transaction, CEOC and CEC also agreed that if there is not a comprehensive out of court restructuring of the CEOC's debt securities, or a prepackaged or prearranged in-court restructuring with requisite voting support from each of the first and second lien secured creditor classes, within 18 months of the closing of the Notes Transaction, subject to certain conditions, CEC will be obligated to make an additional payment to CEOC of $35 million. | ||||||||||||||||||||||||||||
Payment on Second-Priority Senior Secured Notes | ||||||||||||||||||||||||||||
Pursuant to the indenture dated December 24, 2008 ("2008 Indenture"), on December 15, 2014, CEOC was required to redeem approximately $18 million of aggregate principal of its 10.00% second-priority senior secured notes due 2015 and 10.00% second-priority senior secured notes due 2018 ("Second-Lien Notes"). On December 12, 2014, CEOC deposited $18 million with Delaware Trust Company, as paying agent under the 2008 Indenture, to fund the required redemption. | ||||||||||||||||||||||||||||
CEOC was subsequently advised by Delaware Trust Company that it had provided contrary instructions to The Depository Trust Company to distribute the funds received with directions it had received from the beneficial holders purporting to own a majority of the Second-Lien Notes. These contrary instructions provided for the allocation of the deposited funds ratably between principal and interest due under the 2008 Indenture. | ||||||||||||||||||||||||||||
CEOC believe that the contrary instructions were inconsistent with both its direction and the terms of the 2008 Indenture. As a result, CEOC has accounted for these payments as an $18 million reduction in the principal amount of the Second-Lien Notes, consistent with the instructions that were communicated to Delaware Trust Company. | ||||||||||||||||||||||||||||
2013 Activity | ||||||||||||||||||||||||||||
In January and February 2013, we converted $134 million aggregate principal amount of original maturity revolver commitments held by consenting lenders to Term Loan B6 and terminated $134 million principal amount of revolving commitments of extending lenders. | ||||||||||||||||||||||||||||
In connection with the February 2013 notes offering described in the Notes Activity section below, we received the requisite lenders’ consent and entered into a bank amendment to the Credit Facilities to, among other things: | ||||||||||||||||||||||||||||
(i) | use the net cash proceeds to repay $1.4 billion of our existing term loans as described in the Notes Activity section below; | |||||||||||||||||||||||||||
(ii) | obtain up to $75 million of extended revolving facility commitments with a maturity of January 28, 2017; | |||||||||||||||||||||||||||
(iii) | increase the accordion capacity under the Credit Facilities by an additional $650 million (which may be used to, among other things, establish extended revolving facility commitments under the Credit Facilities); | |||||||||||||||||||||||||||
(iv) | modify the calculation of the senior secured leverage ratio for purposes of the maintenance test under the Credit Facilities to exclude the notes issued in February 2013; and | |||||||||||||||||||||||||||
(v) | modify certain other provisions of the Credit Facilities. | |||||||||||||||||||||||||||
In addition to the foregoing, we may elect to extend and/or convert additional term loans and/or revolver commitments from time to time. | ||||||||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||||||
In February 2013, the Company completed the offering of $1.5 billion aggregate principal amount of 9% senior secured notes due 2020. We used $1.4 billion of the proceeds to repay a portion of the existing term loans under the Credit Facilities at par. As a result of these repayments, we recognized a loss on early extinguishment of debt of $29 million during the first quarter of 2013. | ||||||||||||||||||||||||||||
Our Senior Secured Notes, including the Second-Priority Senior Secured Notes, and our unsecured debt, which is fixed-rate debt, have semi-annual interest payments. | ||||||||||||||||||||||||||||
CEOC Credit Facilities | ||||||||||||||||||||||||||||
As of December 31, 2014, the CEOC Credit Facilities provide for senior secured financing of up to $5.5 billion, consisting of (i) senior secured term loan facilities in an aggregate principal amount of $5.4 billion and (ii) a senior secured revolving credit facility in an aggregate principal amount of up to $106 million, including both a letter of credit sub-facility and a swingline loan sub-facility. There were no amounts outstanding under the revolving credit facility at December 31, 2014 and 2013. The Term Loan B7, under the CEOC Credit Facilities, requires scheduled quarterly payments of $4 million, with the balance due at maturity in March 2017. As of December 31, 2014, $106 million of the revolving credit facility matures January 2017 and $101 million of the revolving credit facility is committed to outstanding letters of credit. After consideration of the letter of credit commitments, $5 million of additional borrowing capacity was available to CEOC under its revolving credit facility as of December 31, 2014. Total annual interest payments on the Term Loans included within the Credit Facilities are approximately $426 million. See related disclosure of CEC Collection Guarantee in “Restrictive Covenants and Other Matters” below. | ||||||||||||||||||||||||||||
CEOC Notes | ||||||||||||||||||||||||||||
Our Senior Secured Notes, including the Second-Priority Senior Secured Notes, and our unsecured debt, which is fixed-rate debt, have semi-annual interest payments. | ||||||||||||||||||||||||||||
Restrictive Covenants and Other Matters | ||||||||||||||||||||||||||||
Under CEOC’s Credit Facilities as amended by the Bank Amendment, we are required to satisfy and maintain specified financial ratios. Failure to comply with these covenants can cause an event of default. | ||||||||||||||||||||||||||||
In July 2014, CEOC closed on amendments to its senior secured credit facilities that, upon their closing, provided for the following (collectively, the “Bank Amendment”): | ||||||||||||||||||||||||||||
(i) | a modification of the financial maintenance covenant to increase the senior secured leverage ratio ("SSLR") from a ratio of 4.75 to 1.0 to a ratio of 7.25 to 1.0 on a retroactive basis to 2008, accordingly this change is effective for our December 31, 2014 covenant compliance determination; | |||||||||||||||||||||||||||
(ii) | an exclusion of the Incremental Term Loans incurred after March 31, 2014, from the definition of SSLR for purposes of such covenant, which increased the maximum amount of senior notes excluded for CEOC SSLR covenant purposes from $3.7 billion to $5.5 billion; | |||||||||||||||||||||||||||
(iii) | a modification of CEC’s guarantee under the senior secured credit facilities such that CEC’s guarantee will be limited to a guarantee of collection (“CEC Collection Guarantee”) with respect to obligations owed to the lenders who consent to the Bank Amendment; and | |||||||||||||||||||||||||||
(iv) | a modification of certain other provisions of the senior secured credit facilities. | |||||||||||||||||||||||||||
The CEOC Credit Facilities also required compliance on a quarterly basis with a maximum net senior secured first lien debt leverage test. In addition, the CEOC Credit Facilities include negative covenants, subject to certain exceptions, restricting or limiting CEOC’s ability and the ability of CEOC’s restricted subsidiaries to, among other things: (i) incur additional debt; (ii) create liens on certain assets; (iii) enter into sale and lease-back transactions; (iv) make certain investments, loans, and advances; (v) consolidate, merge, sell, or otherwise dispose of all or any part of its assets or to purchase, lease, or otherwise acquire all or any substantial part of assets of any other person; (vi) pay dividends or make distributions or make other restricted payments; (vii) enter into certain transactions with its affiliates; (viii) engage in any business other than the business activity conducted at the closing date of the loan or business activities incidental or related thereto; (ix) amend or modify the articles or certificate of incorporation, by-laws, and certain agreements or make certain payments or modifications of indebtedness; and (x) designate or permit the designation of any indebtedness as "Designated Senior Debt." | ||||||||||||||||||||||||||||
All borrowings under the senior secured revolving portion of the CEOC Credit Facilities are subject to the satisfaction of customary conditions, including the absence of a default, the accuracy of representations and warranties, and the requirement that such borrowing does not reduce the amount of obligations otherwise permitted to be secured under our Credit Facilities without ratably securing the retained notes. | ||||||||||||||||||||||||||||
As noted above, the Bank Amendment caused a modification of CEC's guarantee from a guarantee of payment to a guarantee of collection. The CEC Collection Guarantee requires the creditors to exhaust all rights and remedies at law and in equity that the creditors or their agents may have against CEOC or any of its subsidiaries and its and their respective property to collect, or obtain payment of, the guaranteed amounts, including, without limitation, through foreclosure or similar proceedings, a Chapter 11 case, a Chapter 7 case, or any other proceeding under a Debtor Relief Law with respect to CEOC or any of its subsidiaries, litigation, and collection on all applicable insurance policies, and termination of all commitments to advance additional funds to CEOC under the Loan Documents (it being understood that, in the event of a Chapter 11 case, the effective date of a plan of reorganization shall constitute the exhaustion of all remedies). | ||||||||||||||||||||||||||||
As a result of the Chapter 11 Bankruptcy filing on January 15, 2015, CEOC was in default under the CEOC Credit Facilities, and CEOC has not continued maintaining compliance with the remaining restrictive covenants, including calculation and reporting of the SSLR. | ||||||||||||||||||||||||||||
CERP Debt | ||||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
CERP Senior Secured Loan (1) | 2020 | 7.00% | $ | 2,475 | $ | 2,431 | $ | 2,450 | ||||||||||||||||||||
CERP Revolver (1) | 2018 | various | 180 | 180 | — | |||||||||||||||||||||||
CERP First Lien Notes (1) | 2020 | 8.00% | 1,000 | 994 | 994 | |||||||||||||||||||||||
CERP Second Lien Notes (1) | 2021 | 11.00% | 1,150 | 1,142 | 1,141 | |||||||||||||||||||||||
Capitalized Lease Obligations | to 2017 | various | 13 | 13 | 5 | |||||||||||||||||||||||
Other Unsecured Borrowings | ||||||||||||||||||||||||||||
Other | 2016 | 0.00% - 6.00% | 14 | 14 | 21 | |||||||||||||||||||||||
Total CERP Debt | 4,832 | 4,774 | 4,611 | |||||||||||||||||||||||||
Current Portion of CERP Long-Term Debt | (39 | ) | (39 | ) | (36 | ) | ||||||||||||||||||||||
CERP Long-Term Debt | $ | 4,793 | $ | 4,735 | $ | 4,575 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Guaranteed by Caesars Entertainment Resort Properties and its subsidiaries. | |||||||||||||||||||||||||||
CERP Financing | ||||||||||||||||||||||||||||
In October 2013, we (i) completed the offering of $1.0 billion aggregate principal amount of 8.0% first-priority senior secured notes due 2020 and $1.2 billion aggregate principal amount of 11.0% second-priority senior secured notes due 2021 (together with the 8.0% first-priority senior secured notes due 2020, the “CERP Notes”) and (ii) entered into a first lien credit agreement governing a new $2.8 billion senior secured credit facility, consisting of senior secured term loans in an aggregate principal amount of $2.5 billion (“CERP Term Loans”) and a senior secured revolving credit facility in an aggregate principal amount of up to $270 million (collectively, the CERP Senior Secured Credit Facilities). We refer to this refinancing transaction as the “CERP Financing.” CERP pledged a significant portion of our assets as collateral under the CERP Senior Secured Credit Facilities and the CERP Notes. | ||||||||||||||||||||||||||||
The net proceeds from the offering of the CERP Notes and the borrowings under the CERP Term Loans, together with cash, was used to retire 100% of the principal amount of loans under the mortgage and mezzanine loan agreements entered into by certain subsidiaries of the CMBS properties, repay in full all amounts outstanding under the Octavius/Linq Credit Agreement, and to pay related fees and expenses. This resulted in a loss on extinguishment of debt of $37 million for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
Borrowings under the CERP Term Loans bear interest at a rate equal to either an alternate base rate (the highest of the Federal Funds rate plus 50 basis points, one month LIBOR plus 1.0%, or the Prime rate) or various LIBOR maturities with a 1.0% floor, in each case, plus an applicable margin. As of December 31, 2014, borrowings under the CERP Term Loans bore interest at the 30 day LIBOR rate, adjusted upward to the 1.0% floor plus a margin of 6.0% for an all-in rate of 7.0%. The CERP Term Loans require scheduled quarterly principal payments of $6 million, with the balance due at maturity. | ||||||||||||||||||||||||||||
Borrowings under the senior secured revolving credit facility bear interest at the same rate elections as the CERP Term Loans. As of December 31, 2014, there were $180 million in borrowings outstanding under the senior secured revolving credit facility at an average interest rate of 6.6%. On a quarterly basis, we are required to pay each lender (i) a commitment fee in respect of any unborrowed amounts under the senior secured revolving credit facility and (ii) a letter of credit fee in respect of the aggregate face amount of outstanding letters of credit under the senior secured revolving credit facility. As of December 31, 2014, the senior secured revolving credit facility bore a commitment fee for unborrowed amounts of 50 basis points. There were no amounts committed to outstanding letters of credit at December 31, 2014. | ||||||||||||||||||||||||||||
In connection with the CERP Financing, CERP is subject to a registration rights agreement that requires CERP 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 the later of (i) October 10, 2014 or (ii) 180 days after the CERP, LLC Merger, a registration statement with respect to the CERP Notes, which were originally issued pursuant to Rule 144A of the Securities Act of 1933, as amended. Accordingly, CERP filed an initial registration statement on Form S-4 (the "Registration Statement") on October 16, 2014, and Amendments to such Registration Statement on November 25, 2014, December 24, 2014, and February 9, 2015. The Registration Statement was declared effective on February 10, 2015 (the "Effective Date"). Since the Effective Date was not within 180 days following the CERP, LLC Merger, CERP has incurred additional interest on the CERP Notes of 0.25% annually beginning November 17, 2014 through the consummation of the exchange offer. Following the Effective Date and upon the consummation of the exchange offer, the CERP Notes will be exchanged for new notes (the “Exchange Notes”), whose terms will be substantially identical to that of the CERP Notes, except that the Exchange Notes will have no transfer restrictions or registration rights. The CERP Notes are co-issued, as well as fully and unconditionally guaranteed, jointly and severally, by CERP and each of its subsidiaries on a senior secured basis. In addition, CERP is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. | ||||||||||||||||||||||||||||
CERP Restrictive Covenants | ||||||||||||||||||||||||||||
The CERP Notes and CERP Credit Facilities include negative covenants, subject to certain exceptions, restricting or limiting the ability of CERP and 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 CERP Notes and CERP Credit Facilities also contain customary events of default, subject to customary or agreed-upon exceptions, baskets and thresholds (including equity cure provisions in the case of the CERP Credit Facilities). | ||||||||||||||||||||||||||||
The CERP Credit Facilities also contain certain customary affirmative covenants and require that CERP maintains an SSLR of no more than 8.00 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 (“CERP Adjusted EBITDA”). As of December 31, 2014, CERP’s SSLR was 6.29 to 1.00. | ||||||||||||||||||||||||||||
CGP LLC Debt | ||||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
CGPH Term Loan (1) | 2021 | 6.25% | $ | 1,169 | $ | 1,138 | $ | — | ||||||||||||||||||||
CGPH Notes (1) | 2022 | 9.38% | 675 | 661 | — | |||||||||||||||||||||||
Planet Hollywood Loan Agreement | -- | -- | — | — | 456 | |||||||||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 2020 | 8.25% - 8.75% | 330 | 321 | 215 | |||||||||||||||||||||||
Cromwell Credit Facility (2) | 2019 | 11.00% | 185 | 180 | — | |||||||||||||||||||||||
Capital Lease Obligations | to 2016 | various | 4 | 4 | — | |||||||||||||||||||||||
Other Unsecured Borrowings (3) | ||||||||||||||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 14 | 14 | — | |||||||||||||||||||||||
Other | 2014 - 2018 | various | 9 | 8 | 50 | |||||||||||||||||||||||
Total CGP LLC Debt (4) | 2,386 | 2,326 | 721 | |||||||||||||||||||||||||
Current Portion of CGP LLC Long-Term Debt | (20 | ) | (20 | ) | (48 | ) | ||||||||||||||||||||||
CGP LLC Long-Term Debt | $ | 2,366 | $ | 2,306 | $ | 673 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | |||||||||||||||||||||||||||
(2) | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.” | |||||||||||||||||||||||||||
(3) | The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. | |||||||||||||||||||||||||||
(4) | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | |||||||||||||||||||||||||||
Caesars Growth Properties Holdings Term Facility | ||||||||||||||||||||||||||||
The purchase price of the acquisition of 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 (collectively referred to as the "First Closing") was funded by CGPH with cash on hand contributed by CGP LLC and the proceeds of $700 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 with the proceeds of the CGPH Term Loan (defined below) on May 20, 2014. | ||||||||||||||||||||||||||||
Caesars Growth Properties Holdings Term Loan (“CGPH Term Loan”) | ||||||||||||||||||||||||||||
On May 8, 2014, CGPH closed on the $1.2 billion term loan pursuant to a First Lien Credit Agreement (the "Credit Agreement"). The Credit Agreement also provides for a $150 million revolving credit agreement (the "Revolving Credit Facility"). As of December 31, 2014, no borrowings were outstanding under the Revolving Credit Facility, and no material amounts were committed to outstanding letters of credit. Borrowings under the CGPH Term Loan bear interest at a rate equal to, at CGPH’s option, either: | ||||||||||||||||||||||||||||
(a) | 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 SSLR. | |||||||||||||||||||||||||||
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 may be subject to one or more step-down based on a leverage ratio to be agreed. 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. | ||||||||||||||||||||||||||||
The CGPH Term Loan is guaranteed by Caesars Growth Properties Parent, LLC, the direct parent of CGPH and a subsidiary of CGP LLC (“CGP LLC Parent”), and the material, domestic wholly owned subsidiaries of CGPH (subject to exceptions), and are secured by a pledge of the equity interest of CGPH directly held by CGP LLC 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 SSLR of no more than 6.00 to1.00, which is the ratio of first lien senior secured net debt to earnings before interest, taxes, depreciation and amortization, adjusted as defined ("CGPH Adjusted EBITDA"). As of December 31, 2014, CGPH's SSLR was 3.11 to 1.00. | ||||||||||||||||||||||||||||
Caesars Growth Properties Holdings Notes (“CGPH Notes”) | ||||||||||||||||||||||||||||
In April 2014, CGPH and Caesars Growth Properties Finance, Inc., subsidiaries of CGP LLC, (collectively, the “CGP LLC Issuers”) issued $675 million aggregate principal amount of their 9.375% second-priority senior secured notes due 2022. The CGP LLC Issuers will pay interest on the CGPH Notes at 9.375% per annum, semi-annually commencing in November 2014. | ||||||||||||||||||||||||||||
The CGPH Notes are secured by substantially all of the existing and future property and assets of CGPH and the subsidiary guarantors (subject to exceptions). None of CGP LLC, CEC or CEOC guarantee the CGPH Notes. | ||||||||||||||||||||||||||||
The CGPH Notes contain customary covenants that limit, subject to certain exceptions, the CGP LLC Issuers’ ability and the ability of their restricted subsidiaries, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; (viii) enter into certain transactions with their affiliates; and (ix) designate their subsidiaries as unrestricted subsidiaries. The Indenture also contains customary events of default, subject to customary or agreed-upon exceptions, baskets and thresholds. | ||||||||||||||||||||||||||||
Registration Rights Agreement. In connection with the issuance of the CGPH Notes, the CGP LLC Issuers agreed to use their commercially reasonable efforts to register with the Securities and Exchange Commission notes having substantially identical terms as the CGPH Notes on or prior to April 17, 2015, and effect an exchange of the CGPH Notes for the newly registered notes. | ||||||||||||||||||||||||||||
If the CGP LLC Issuers fail to meet the targets for the registration and exchange of notes, the annual interest rate on the CGPH Notes will increase by 0.25%. The annual interest rate on the CGPH Notes will increase by an additional 0.25% for each subsequent 90-day period during which the registration default continues, up to a maximum additional interest rate of 1.0% per year. If the registration default is corrected, the interest rate of the CGPH Notes will revert to the original level. | ||||||||||||||||||||||||||||
Planet Hollywood 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"). CGP LLC used $477 million of the net proceeds from the CGPH Term Loan to repay all amounts outstanding under the Planet Hollywood Loan Agreement and recognized a $28 million loss on early extinguishment of debt. | ||||||||||||||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | ||||||||||||||||||||||||||||
In July 2013, CBAC Borrower, LLC ("CBAC"), a joint venture among Caesars Baltimore Investment Company, LLC ("CBIC") and other investors, entered into a credit agreement (the "Horseshoe Baltimore Credit Facility") in order to finance the acquisition of land in Baltimore, Maryland and the construction of the Horseshoe Baltimore and a parking garage (collectively, the "Baltimore Development"). The Horseshoe Baltimore Credit Facility is secured by substantially all material assets of CBAC and its wholly-owned domestic subsidiaries. The Horseshoe Baltimore Credit Facility provides for: | ||||||||||||||||||||||||||||
(i) | a $300 million senior secured term facility with a seven-year maturity, which is comprised of: | |||||||||||||||||||||||||||
(a) | a $225 million facility that was funded upon the closing; | |||||||||||||||||||||||||||
(b) | a $38 million delayed draw facility that was fully drawn in June 2014; and | |||||||||||||||||||||||||||
(c) | a $38 million delayed draw facility that was fully drawn by November 2014. | |||||||||||||||||||||||||||
(ii) | a $10 million senior secured revolving facility with a five-year maturity, which remained undrawn as of December 31, 2014. | |||||||||||||||||||||||||||
The Horseshoe Baltimore Credit Facility borrowings bear interest at a rate equal to the then current adjusted LIBOR or at a rate equal to the alternate base rate, in each case, plus an applicable margin of 7.00%. The adjusted LIBOR is equal to the greater of (i) 1.25% and (ii) the LIBOR in effect for such interest period. In addition, on a quarterly basis, CBAC is required to pay each lender (i) a 0.50% commitment fee in respect any unused commitments under the revolving credit facility, (ii) a 0.125% fronting fee in respect of the aggregate face amount outstanding letters of credit under the revolving credit facility and (iii) a 2.25% commitment fee in respect of unfunded commitments under the delayed draw facility until termination of such commitments. | ||||||||||||||||||||||||||||
Concurrently with the closing of the Horseshoe Baltimore Credit Facility, CBAC entered into an equipment financing term loan facility for up to $30 million (the "Horseshoe Baltimore FF&E Facility"). Under the Horseshoe Baltimore FF&E Facility, CBAC may use funds from the facility to finance or reimburse the purchase price and certain related costs of furniture, furnishings and equipment (referred to as "FF&E") to be used in the Baltimore Development. Proceeds of the Horseshoe Baltimore FF&E Facility will also be available to refinance the purchase price of FF&E purchased with other amounts available to CBAC. Draws under the Horseshoe Baltimore FF&E Facility may be made after the closing date and prior to January 2015, provided that a final draw of the unused commitment amount will be deposited into an escrow account pledged to the collateral agent for the Horseshoe Baltimore FF&E Facility at the end of the commitment period, and such funds will be available for subsequent financing of FF&E purchases. CBAC is not permitted to reduce the commitments under the Horseshoe Baltimore FF&E Facility. The Horseshoe Baltimore FF&E Facility will mature five years and six months after the closing of the facility. As of December 31, 2014, $30 million was outstanding on the Horseshoe Baltimore FF&E Facility. | ||||||||||||||||||||||||||||
The Horseshoe Baltimore FF&E Facility borrowings bear interest at a rate equal to the then current adjusted LIBOR plus 7.5%. The adjusted LIBOR will be determined by the administrative agent and will equal to the greater of (i) the LIBOR in effect for such interest period multiplied by statutory reserves and (ii) 1.25%. | ||||||||||||||||||||||||||||
The Horseshoe Baltimore Credit and FF&E Facilities contain customary negative covenants, subject to certain exceptions, restricting or limiting the ability of CBAC to, among other things, dispose of its assets and change its business or ownership, consummate mergers or acquisitions, make dividends, stock repurchases and optional redemptions of subordinated debt, incur debt and issue preferred stock, make loans and investments, create liens on its assets and enter into transactions with affiliates. | ||||||||||||||||||||||||||||
The Horseshoe Baltimore Credit and FF&E Facilities contain customary affirmative covenants and require that CBAC maintains an SSLR no more than 7.5 to 1.0 for the first three quarters, 6.0 to 1.0 for the next four quarters, and 4.75 to 1.0 for the remainder of the agreement after the commencement of operations of the Baltimore Development. | ||||||||||||||||||||||||||||
Management believes that CGP LLC is in compliance with the Baltimore Credit Facility and Baltimore FF&E Facility covenants as of December 31, 2014. | ||||||||||||||||||||||||||||
Cromwell Credit Facility | ||||||||||||||||||||||||||||
In November 2012, The Cromwell entered into a $185 million 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. | ||||||||||||||||||||||||||||
The Cromwell Credit Facility also contains certain affirmative and negative covenants and requires The Cromwell to maintain, for each of the second and third full fiscal quarters following its opening date, at least $7.5 million in consolidated EBITDA (the "Consolidated Cromwell EBITDA"). In addition, beginning in the fourth full fiscal quarter after its opening date and for the three full fiscal quarters thereafter, the Cromwell Credit Facility also requires The Cromwell to maintain an SSLR of no more than 5.25 to 1.00, which is the ratio of The Cromwell's first lien senior secured net debt to Consolidated Cromwell EBITDA. The SSLR for the four fiscal quarters following the second anniversary of its opening date may not exceed 5.00 to 1.00. The SSLR for the four fiscal quarters following the third anniversary of its opening date, and for each fiscal quarter thereafter, may not exceed 4.75 to 1.00. | ||||||||||||||||||||||||||||
During the fourth quarter of 2014, we believe that The Cromwell failed to meet the covenant of achieving Consolidated Cromwell EBITDA of at least $7.5 million. The Cromwell Credit Facility allows us to cure this covenant by making a cash cure payment, which we agreed to make during the first quarter of 2015. | ||||||||||||||||||||||||||||
CIE Convertible Notes | ||||||||||||||||||||||||||||
During 2012, CIE issued to Rock Gaming two non-interest bearing convertible promissory notes totaling $48 million. The promissory notes converted into approximately 8,913 shares of CIE common stock in November 2014. |
Stockholders_Equity_and_Loss_P
Stockholders' Equity and Loss Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders Equity Noncontrolling Interests and Income (Loss) Per Share [Abstract] | |||||||||
Stockholders' Equity and Loss Per Share | Stockholders' Equity and Loss Per Share | ||||||||
Common Stock | |||||||||
The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of common stock shall receive a pro rata distribution of any remaining assets after payment of or provision for liabilities and the liquidation preference on preferred stock, if any. | |||||||||
In March 2012, we filed a registration statement with the SEC to sell shares of Caesars Entertainment’s common stock up to a maximum aggregate offering price of $500 million. During 2013, we issued and sold a total of 11 million shares for aggregate proceeds of $217 million (before expenses). During 2014, we issued and sold a total of seven million shares for aggregate proceeds of $136 million (before expenses). | |||||||||
Noncontrolling Interests | |||||||||
CEOC | |||||||||
In May 2014, we sold 68,100 of our shares of CEOC’s common stock to certain qualified institutional buyers for an aggregate purchase price of $6 million, which represented 5% of our ownership interest in CEOC at the time of sale. Upon completion of the sale, Caesars Entertainment’s guarantee of CEOC’s outstanding secured and unsecured notes was automatically released pursuant to the terms of the indentures. Additionally, as described in Note 18, “Stock-Based Compensation,” in May 2014, CEOC also granted 86,936 shares of its common stock to employees. As of December 31, 2014, CEC’s ownership interest in CEOC was approximately 89%. We have allocated $869 million of accumulated stockholders’ deficit to the noncontrolling interests’ ownership in CEOC based upon the noncontrolling interests’ ownership share as of December 31, 2014, which includes $744 million for the allocation of minority interest resulting from sales and conveyances of CEOC stock. | |||||||||
CBAC LLC | |||||||||
CBAC Gaming, LLC, the Company-led consortium developing Horseshoe Casino Baltimore, received additional capital contributions from minority shareholders of $35 million during 2013. The investment increased the Company’s noncontrolling interest equity for partner contributions to the development of the project, net of pre-opening losses of $9 million also allocated to noncontrolling interest equity. | |||||||||
In February 2014, CGP LLC’s joint venture, CR Baltimore Holdings (“CRBH”), sold a portion of its interest in CBAC Gaming, LLC, the entity which owns a majority of the interests in the Horseshoe Baltimore joint venture to Caves Valley Partners, an existing joint venture partner. CGP LLC received $13 million of the proceeds from the sale. The sale reduced CRBH’s ownership from 51.8% to 41.4%. | |||||||||
CGP LLC | |||||||||
As discussed in “Caesars Growth Partners, LLC” within Note 2, “Basis of Presentation and Principles of Consolidation,” CAC acquired 100% of the voting units of CGP LLC in October 2013 for $1.2 billion. Due to our consolidation of CGP LLC, the interest acquired by CAC is considered a noncontrolling interest and has been presented separately within our Consolidated Balance Sheets. | |||||||||
Loss Per Share | |||||||||
Basic loss per share from continuing operations and discontinued operations is calculated by dividing loss from continuing operations and loss from discontinued operations, respectively, net of income taxes, by the weighted-average number of common shares outstanding for each period. Because the Company generated net losses for the years ended December 31, 2014, 2013 and 2012, the weighted-average basic shares outstanding was used in calculating diluted loss per share from continuing operations, and diluted loss per share from discontinued operations, as using diluted shares would be anti-dilutive to loss per share. | |||||||||
The following table shows the weighted average number of shares that were anti-dilutive and, therefore, were excluded from the computation of diluted loss per share: | |||||||||
Years Ended December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||
Stock options | 6 | 4 | 6 | ||||||
Restricted stock units | 2 | 2 | — | ||||||
Warrants | — | — | 1 | ||||||
8 | 6 | 7 | |||||||
Casino_Promotional_Allowances_
Casino Promotional Allowances Casino Promotional Allowances (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Promotional Allowances [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 cost of providing such casino promotional allowances is included in casino expenses. | ||||||||||||
Estimated Retail Value of Casino Promotional Allowances | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Food and Beverage | $ | 622 | $ | 589 | $ | 608 | ||||||
Rooms | 422 | 427 | 446 | |||||||||
Other | 94 | 91 | 115 | |||||||||
$ | 1,138 | $ | 1,107 | $ | 1,169 | |||||||
Estimated Cost of Providing Casino Promotional Allowances | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Food and Beverage | $ | 463 | $ | 428 | $ | 439 | ||||||
Rooms | 168 | 165 | 172 | |||||||||
Other | 60 | 46 | 47 | |||||||||
$ | 691 | $ | 639 | $ | 658 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Accounting Policy | ||||||||||||
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. We have provided a valuation allowance on certain federal, foreign, and state net operating losses (“NOLs”), and other federal, state, and foreign deferred tax assets. NOLs and other federal, state, and foreign deferred tax assets were not deemed realizable based upon near term estimates of future taxable income. | ||||||||||||
We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our Consolidated Balance Sheets, separate from any related income tax payable, which is also reported within accrued expenses, or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions, as well as potential interest or penalties associated with those liabilities. | ||||||||||||
We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions, except for CGP LLC, which is filed as part of a separate tax filing group. We are under regular and recurring audit by the Internal Revenue Service (“IRS”) and various state taxing authorities on open tax positions, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months. | ||||||||||||
Balances | ||||||||||||
Components of Income/(Loss) Before Income Taxes from Continuing Operations | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
United States | $ | (3,351 | ) | $ | (4,446 | ) | $ | (1,889 | ) | |||
Outside of the U.S. | 134 | 196 | 85 | |||||||||
$ | (3,217 | ) | $ | (4,250 | ) | $ | (1,804 | ) | ||||
Income Tax (Benefit)/Provision | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
United States | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | (7 | ) | $ | (69 | ) | ||||
State | (110 | ) | (83 | ) | 6 | |||||||
Deferred | ||||||||||||
Federal | (593 | ) | (1,388 | ) | (572 | ) | ||||||
State | 109 | (51 | ) | (76 | ) | |||||||
Outside of the U.S. | ||||||||||||
Current | 56 | 29 | 13 | |||||||||
Deferred | (5 | ) | (17 | ) | (3 | ) | ||||||
$ | (543 | ) | $ | (1,517 | ) | $ | (701 | ) | ||||
Allocation of Income Tax (Benefit)/Provision | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Income tax (benefit)/provision applicable to: | ||||||||||||
Loss from continuing operations, before income taxes | $ | (543 | ) | $ | (1,517 | ) | $ | (701 | ) | |||
Discontinued operations | (21 | ) | (32 | ) | (120 | ) | ||||||
Accumulated other comprehensive income/(loss) | — | 16 | 11 | |||||||||
Additional paid in capital | — | 15 | (2 | ) | ||||||||
Effective Income Tax Rate Reconciliation | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increases/(decreases) in tax resulting from: | ||||||||||||
State taxes, net of federal tax benefit | 1.7 | 6.6 | 4 | |||||||||
Valuation allowance | (5.9 | ) | (8.9 | ) | (2.0 | ) | ||||||
Foreign income taxes | (0.1 | ) | 0.1 | (0.1 | ) | |||||||
Goodwill | (9.3 | ) | (0.4 | ) | (1.7 | ) | ||||||
Stock-based compensation | (0.8 | ) | (0.2 | ) | (0.2 | ) | ||||||
Officers’ life insurance/insurance proceeds | — | — | 0.2 | |||||||||
Acquisition and integration costs | (0.4 | ) | 0.1 | (0.2 | ) | |||||||
Reserves for uncertain tax positions | 0.3 | — | 3.9 | |||||||||
Sale of stock of subsidiary | (0.5 | ) | — | — | ||||||||
Capital loss tax benefit | — | 4.2 | — | |||||||||
Disallowed losses on sale to related party | (3.9 | ) | (0.3 | ) | — | |||||||
Deferred tax adjustment upon contribution of CIE to CGP LLC | — | (0.5 | ) | — | ||||||||
Noncontrolling interests | 1 | — | — | |||||||||
Other | (0.2 | ) | — | — | ||||||||
Effective tax rate | 16.9 | % | 35.7 | % | 38.9 | % | ||||||
Temporary Differences Resulting in Deferred Tax Assets and Liabilities | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
State net operating losses | $ | 294 | $ | 253 | ||||||||
Foreign net operating losses | 23 | 24 | ||||||||||
Federal net operating loss | 1,466 | 1,281 | ||||||||||
Compensation programs | 145 | 142 | ||||||||||
Allowance for doubtful accounts | 89 | 77 | ||||||||||
Self-insurance reserves | 16 | 17 | ||||||||||
Accrued expenses | 52 | 45 | ||||||||||
Federal tax credits | 52 | 35 | ||||||||||
Federal indirect tax benefits of uncertain state tax positions | 1 | 27 | ||||||||||
Investment in CGP LLC | — | 23 | ||||||||||
Investments in non-consolidated affiliates | 28 | 39 | ||||||||||
Capital loss carryover | 134 | 136 | ||||||||||
Deferred revenue | 93 | 41 | ||||||||||
Other | — | 10 | ||||||||||
Subtotal | 2,393 | 2,150 | ||||||||||
Less: valuation allowance | 970 | 740 | ||||||||||
Total deferred tax assets | 1,423 | 1,410 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and other property-related items | 1,143 | 1,189 | ||||||||||
Deferred cancellation of debt income and other debt-related items | 1,508 | 1,834 | ||||||||||
Investment in CGP LLC | 21 | — | ||||||||||
Intangibles | 998 | 1,118 | ||||||||||
Prepaid expenses | 28 | 25 | ||||||||||
Other | 2 | — | ||||||||||
Total deferred tax liabilities | 3,700 | 4,166 | ||||||||||
Net deferred tax liability | $ | 2,277 | $ | 2,756 | ||||||||
Deferred Tax Assets and Liabilities Presented in our Consolidated Balance Sheets | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Deferred income taxes (current) | $ | 5 | $ | 9 | ||||||||
Deferred income taxes (non-current) | 14 | — | ||||||||||
Total deferred tax assets | 19 | 9 | ||||||||||
Liabilities: | ||||||||||||
Deferred income taxes (current) | $ | 217 | $ | 289 | ||||||||
Deferred income taxes (non-current) | 2,079 | 2,476 | ||||||||||
Net deferred tax liability | $ | 2,277 | $ | 2,756 | ||||||||
As of December 31, 2014 and 2013, we had federal NOL carryforwards of $4.2 billion and $3.7 billion, respectively. These NOLs will begin to expire in 2029. The federal NOL carryforwards per the income tax returns filed included unrecognized tax benefits taken in prior years. In accordance with US GAAP, the federal NOL carryforwards reflected in the income tax returns, as filed, are larger than the NOLs for which a deferred tax asset is recognized for financial statement purposes. In addition, we had federal general business tax credits and research tax credit carryforwards of $39 million which will begin to expire in 2029. We believe that it is more likely than not that the benefit from the federal NOL and tax credit carryforwards for the CEC tax consolidated group will not be realized. As a result, a valuation allowance has been established for our federal NOL carryforwards and tax credits carryforwards deferred tax assets as of December 31, 2014. No federal valuation allowance has been established for CGP LLC’s federal NOL and tax credits carryforwards. | ||||||||||||
As of December 31, 2014, we had a federal capital loss carryforward of $364 million, which will expire in 2018. We do not project having sufficient capital gains in future years in order to utilize these capital loss carryovers. As such, a full valuation allowance has been provided for the capital loss carryover as of December 31, 2014. | ||||||||||||
NOL carryforwards for our domestic subsidiaries for state income taxes were $8.2 billion and $6.5 billion as of December 31, 2014 and 2013, respectively. We believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. Accordingly, we have provided a full valuation allowance on the deferred tax assets relating to these NOL carryforwards and other state deferred tax assets which will not more likely than not be realized. We anticipate that state NOLs in the amount of $17 million will expire in 2015. The remainder of the state NOLs will expire between 2016 and 2034. | ||||||||||||
NOL carryforwards of our foreign subsidiaries were $110 million and $119 million as of December 31, 2014 and 2013, respectively. The majority of these foreign NOLs have an indefinite carryforward period, but are subject to a full valuation allowance as we do not believe these assets meet the “more likely than not” criteria for recognition. | ||||||||||||
As of December 31, 2014 and 2013, we had foreign tax credit carryforwards of $14 million and $7 million, respectively. Foreign tax credit carryforwards of $2 million are projected to expire unused in 2015 as we do not project to have sufficient future foreign source income to utilize this carryforward. As such, we have provided a valuation allowance against this foreign tax credit carryforward deferred tax asset of $2 million. The additional $12 million of foreign tax credit carryforwards are from amounts generated in 2014 by CGP LLC and we project to have sufficient future foreign source income to utilize this carryforward. | ||||||||||||
We do not provide for deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. That excess is estimated to total $118 million as of December 31, 2014. The additional deferred taxes, including foreign withholding taxes, that have not been provided is estimated at $13 million as of December 31, 2014. | ||||||||||||
Reconciliation of Unrecognized Tax Benefits | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 142 | $ | 333 | $ | 532 | ||||||
Additions based on tax positions related to the current year | 20 | 1 | 10 | |||||||||
Additions for tax positions of prior years | — | 7 | 3 | |||||||||
Reductions for tax positions for prior years | (2 | ) | (50 | ) | (204 | ) | ||||||
Settlements | — | (82 | ) | (8 | ) | |||||||
Expiration of statutes | (80 | ) | (67 | ) | — | |||||||
Balance at end of year | $ | 80 | $ | 142 | $ | 333 | ||||||
We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our 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. The reduction related to the expiration of statutes primarily relates to state statute of limitations for numerous tax years. We recognized tax benefits through the reduction of tax expense of approximately $80 million related to the movement in uncertain tax positions. | ||||||||||||
We recognize interest and penalties accrued related to unrecognized tax benefits in income tax expense. We reduced our accrual by approximately $62 million, $10 million and $8 million during 2014, 2013 and 2012, respectively. In total, we have accrued balances of approximately $1 million, $63 million, and $73 million for the payment of interest and penalties at December 31, 2014, 2013 and 2012, respectively. Included in the balances of unrecognized tax benefits as of December 31, 2014, 2013 and 2012, are approximately $48 million, $91 million, and $219 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate. | ||||||||||||
We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are subject to exam by various state and foreign tax authorities. As of December 31, 2014, the tax years prior to 2010 are not subject to examination for U.S. tax purposes. As of December 31, 2014, the tax years prior to 2010 are no longer subject to examination for foreign and state income tax purposes as the statutes of limitations have lapsed. | ||||||||||||
We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
Our assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 (EBITDA multiples and discount rate) and Level 3 (forecasted cash flows) inputs. See Note 8, "Goodwill and Other Intangible Assets," for more information on the application of the use of fair value to measure goodwill and other intangible assets. | ||||||||||||||||
We have not elected the fair value measurement option available under GAAP for any of our assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis as shown in the sections that follow. | ||||||||||||||||
Investments | ||||||||||||||||
(In millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 15 | $ | 15 | $ | — | $ | — | ||||||||
Government bonds | 70 | — | 70 | — | ||||||||||||
Total assets at fair value | $ | 85 | $ | 15 | $ | 70 | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 20 | $ | 20 | $ | — | $ | — | ||||||||
Government bonds | 72 | — | 72 | — | ||||||||||||
Total assets at fair value | $ | 92 | $ | 20 | $ | 72 | $ | — | ||||||||
Investments consist of equity and debt securities that are traded in active markets, have readily determined market values and have maturity dates of greater than three months from the date of purchase. The majority of these investments are in deferred charges and other in our Consolidated Balance Sheets while a portion is included in prepayments and other current assets. As of December 31, 2014 and 2013, gross unrealized gains and losses on marketable securities were not material. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
Interest Rate Swap Agreements | ||||||||||||||||
As of December 31, 2014 and 2013, the fair value liability of our derivative instruments was $6 million and $166 million, respectively. None of our derivative instruments are offset and all were classified as level 2. The estimated fair values of these interest rate swaps are derived from market prices obtained from dealer quotes for similar, but not identical, liabilities and represent the estimated amounts we would pay to terminate the contracts. | ||||||||||||||||
As of December 31, 2014, we had eight interest rate swap agreements outstanding with notional amounts totaling $5.8 billion that were not designated as accounting hedges. These interest rate swaps expired in January 2015 and were settled for $17 million in February 2015. We did not renew the swap agreements or enter into any replacement instruments. | ||||||||||||||||
Effect of Derivative Instruments on Net Loss | ||||||||||||||||
(In millions) | Years Ended December 31, | |||||||||||||||
Location of Amount Recognized in Net Loss | 2014 | 2013 | 2012 | |||||||||||||
Derivatives not designated as accounting hedges | ||||||||||||||||
Net periodic cash settlements and accrued interest (1) | Interest expense | $ | 177 | $ | 172 | $ | 170 | |||||||||
Total expense for derivatives | Interest expense | 17 | 34 | 140 | ||||||||||||
Derivatives designated as accounting hedges | ||||||||||||||||
Amounts reclassified from AOCL | Interest expense | — | 4 | 28 | ||||||||||||
____________________ | ||||||||||||||||
(1) | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly. | |||||||||||||||
Items Measured at Fair Value on a Non-recurring Basis | ||||||||||||||||
As of December 31, 2014, the total of our intangible and tangible assets that were required to be measured at fair value for our year end goodwill impairment and other intangible assets impairment assessment was $848 million, and we recorded impairments charges related to these assets totaling $642 million for the year then ended. As of December 31, 2013, the total of our intangible and tangible assets measured at fair value was $312 million and we recorded impairments charges related to these assets totaling $2.4 billion for the year then ended. Market and income approaches were used to value the intangible and tangible assets. Inputs included an expected range of market values, probability estimated by management that each value could be achieved, expected cash flows, recent comparable transactions, discounted cash flows, discounted cash flows, discount rate, royalty rate, growth rate, and tax rate. | ||||||||||||||||
We have a contingent earnout liability primarily related to the CIE acquisition of Pacific Interactive (see Note 6, “Acquisitions, Dispositions, and Other Property Matters”). As of December 31, 2014, the total fair value of this liability was $66 million, and the fair value increased by $33 million for the twelve months ended December 31, 2014. As of December 31, 2013, the total fair value of this liability was $62 million, and the fair value increased by $53 million for the twelve months ended December 31, 2013. | ||||||||||||||||
We classify the items measured at fair value on a non-recurring basis within level 3 in the fair value hierarchy. |
Litigation_Contractual_Commitm
Litigation, Contractual Commitments and Contingent Liabilities (Notes) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Litigation, Contractual Commitments and Contingent Liabilities | Litigation, Contractual Commitments, and Contingent Liabilities | ||||
Litigation | |||||
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 "Second Lien Lawsuit") in the Court of Chancery in the State of Delaware against CEC and CEOC, Caesars Growth Partners, LLC (“CGP LLC”), Caesars Acquisition Company (“CAC”), Caesars Entertainment Resort Properties, LLC (“CERP”), Caesars Enterprise Services, LLC (“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 plaintiffs for their attorneys’ fees and costs. CEC believes this lawsuit is without merit and will defend itself 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. No decision on that motion has yet been issued. The parties agreed to stay discovery until a decision on the motion to dismiss is entered. During the Chapter 11 process, the action has been automatically stayed with respect to CEOC. | |||||
On August 5, 2014, CEC, along with CEOC, filed a lawsuit in the Supreme Court of the State of New York, County of New York, against certain institutional first and second lien note holders. The complaint states that such institutional first and second lien note holders have acted against the best interests of CEOC and other creditors, including for the purpose of inflating the value of their credit default swap positions or improving other unique securities positions. The complaint asserts claims for tortious interference with prospective economic advantage, declaratory judgment and breach of contract and seeks, among other things, (1) money damages; (2) a declaration that no default or event of default has occurred or is occurring and that CEC and CEOC have not breached their fiduciary duties or engaged in fraudulent transfers or other violation of law; and (3) a preliminary and permanent injunction prohibiting the defendants from taking further actions to damage CEC or CEOC. Defendants filed motions to dismiss this action in October 2014 and the issue has now been fully briefed. The parties have agreed to stay discovery until a decision on the motion to dismiss is issued in this action. | |||||
On September 3, 2014, holders of approximately $21 million of CEOC Senior Notes due 2016 and 2017 filed suit in federal district court in Manhattan 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 Notes (on the other hand) impaired their own rights under the Senior Notes. The lawsuit seeks both declaratory and monetary relief. On October 2, 2014, other holders of CEOC Senior 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 "Unsecured Note Lawsuits") have been assigned to the same judge. CEC and CEOC’s motion to dismiss both complaints was denied in substantial part by the court. Although the claims against CEOC have been automatically stayed during the Chapter 11 process, discovery has begun with respect to the plaintiffs' claims against CEC. | |||||
On November 25, 2014, UMB Bank, as successor indenture trustee for CEOC's 8.5% senior secured notes due 2020, filed a verified complaint (the "First Lien Lawsuit") in Delaware Chancery Court against CEC, CEOC, CERP, CAC, CGP LLC, CES, and against individual past and present Board members Loveman, Benjamin, Bonderman, Davis, Press, Rowan, Sambur, Hession, Colvin, Kleisner, Swann, Williams, Housenbold, Cohen, Stauber, and 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 and seeks accelerated discovery and an expedited trial on that receivership cause of action. In addition to seeking appointment of a receiver, the new suit pleads claims for alleged 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, usurpation of corporate opportunities, and unjust enrichment, and seeks monetary and equitable as well as declaratory relief. We 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 RSA, has been subject to a consensual stay for all parties since CEOC’s filing for Chapter 11. The consensual stay will expire upon the termination of the RSA. | |||||
The Company believes that the claims and demands described above against CEC are without merit and intend to defend ourselves vigorously. The claims against CEOC have been stayed due to the Chapter 11 process and, in some instances, the actions against CEC have been allowed to continue. At the present time, we believe it is not probable that a material loss will result from the outcome of these matters. The Noteholder Disputes are in their very preliminary stages and discovery has begun on the Unsecured Note Lawsuits. We cannot provide assurance as to the outcome of the Noteholder Disputes or of the range of potential losses should the Noteholder Disputes ultimately be resolved against us, due to the inherent uncertainty of litigation and the stage of the related litigation. Should these matters ultimately be resolved through litigation outside of the financial restructuring of CEOC (the "Financial Restructuring"), and were a court to find in favor of the claimants in any of these Noteholder Disputes, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. See Note 1, “Description of Business - Going Concern.” | |||||
See additional disclosures related to litigation and other matters in Note 22, “Subsequent Events - Other,” and Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.” | |||||
CEC-CAC Merger Litigation | |||||
On December 30, 2014, Nicholas Koskie, on behalf of himself and, he alleges, all others similarly situated, filed a lawsuit (the “Merger 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 Merger 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 Plaintiff and the putative class as a result of the Proposed Merger; and (4) to award Plaintiff for his costs and attorneys’ fees. It is unclear whether the Merger Lawsuit also seeks to enjoin the Proposed Merger. CEC believes that this lawsuit is without merit and will defend itself vigorously. The deadline to respond to the Merger Lawsuit has been adjourned without a date by agreement of the parties. | |||||
Employee Benefit Obligations | |||||
In December 1998, Hilton Hotels Corporation ("Hilton") spun-off its gaming operations as Park Place Entertainment Corporation ("Park Place"). In connection with the spin-off, Hilton and Park Place entered into various agreements, including an Employee Benefits and Other Employment Allocation Agreement dated December 31, 1998 (the "Allocation Agreement") whereby Park Place assumed or retained, as applicable, certain liabilities and excess assets, if any, related to the Hilton Hotels Retirement Plan (the "Hilton Plan") based on the benefits of Hilton employees and Park Place employees. CEOC is the ultimate successor to this Allocation Agreement. In 2013, a lawsuit was settled related to the Hilton Plan, which retroactively and prospectively increased total benefits to be paid under the Hilton Plan. In 2009, the Company received a letter from Hilton, notifying the Company of a lawsuit related to the Hilton Plan which alleged that the Company had potential liability for the additional claims under the terms of the Allocation Agreement. Based on conversations between the Company’s representative and a representative of the defendants, the Company recorded a charge of $25 million during the second quarter 2010, representing the Company’s (including subsidiaries) allocated share of the total damages estimate. | |||||
In December 2013, the Company received a letter from Hilton notifying it that all final court rulings have been rendered in relation to this matter. The Company was subsequently informed that its obligation under the Allocation Agreement was approximately $54 million, and that approximately $19 million relates to contributions for historical periods and approximately $35 million relates to estimated future contributions. The Company met with Hilton representatives in March 2014 and had discussions subsequently. The Company cannot currently predict the ultimate outcome of this matter, but continues to believe that it may have various defenses against such claims, including defenses as to the amount of liabilities. On November 21, 2014, in response to a letter from Hilton, the Company agreed to attempt to mediate a resolution of the matter. On December 24, 2014, Hilton sued CEC and CEOC in federal court in Virginia primarily under the Employee Retirement Income Security Act (“ERISA”), for monetary and equitable relief in connection with this ongoing dispute. Hilton amended its lawsuit in January 2015 to remove CEOC as a defendant. CEC moved to dismiss the lawsuit in February 2015 and that motion is scheduled to be argued in March 2015. | |||||
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. As an example, a major gaming company recently settled a U.S. Attorney investigation into its AML practices. On October 11, 2013, a subsidiary of the Company received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury ("FinCEN"), stating that FinCEN is investigating the Company’s subsidiary, Desert Palace, Inc. (the owner of 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. We responded to FinCEN's letter on January 13, 2014. Additionally, the Company has been informed that a federal grand jury investigation regarding the Company’s anti-money laundering practices and procedures is ongoing. The Company is fully cooperating with both the FinCEN and grand jury investigations. Based on proceedings to date, the Company is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any. | |||||
The Company is party to other 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 consolidated 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. | |||||
Contractual Commitments | |||||
Casino Development Opportunities | |||||
We continue to pursue additional casino development opportunities that may require, individually and in the aggregate, significant commitments of capital, up-front payments to third parties, and development completion guarantees. | |||||
The agreements pursuant to which we manage casinos on Indian lands contain provisions required by law that provide a minimum monthly payment that must be made to the tribe. That obligation has priority over scheduled repayments of borrowings for development costs and over the management fee earned and paid to the manager. In the event that insufficient cash flow is generated by the operations to fund this payment, we must pay the shortfall to the tribe. Subject to certain limitations as to time, such advances, if any, would be repaid to us in future periods in which operations generate cash flow in excess of the required minimum payment. These commitments will terminate upon the occurrence of certain defined events, including termination of the management contract. Our aggregate monthly commitment for the minimum guaranteed payments, pursuant to contracts for the three managed, Indian-owned facilities is $1 million. Each of these casinos currently generates sufficient cash flows to cover all of its obligations, including its debt service. | |||||
Tribal Casino Management Contracts | |||||
Casino | Location | Expiration of | |||
Management Agreement | |||||
Harrah’s Ak-Chin | near Phoenix, Arizona | Jul-15 | |||
Harrah’s Cherokee | Cherokee, North Carolina | November 2018 | |||
Harrah’s Resort Southern California | near San Diego, California | November 2019 |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Leases | Leases | |||||||||||
We lease both real estate and equipment used in our operations and classify those leases as either operating or capital leases, for accounting purposes. As of December 31, 2014, the remaining lives of our operating leases ranged from 1 to 83 years, with various automatic extensions totaling up to 79 years. Rent expense, net of income from subleases, is associated with operating leases for continuing operations and is charged to expense in the year incurred. In addition to the minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. | ||||||||||||
Net Rental Expense | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Noncancelable leases: | ||||||||||||
Minimum | $ | 68 | $ | 72 | $ | 115 | ||||||
Contingent | 2 | 2 | 2 | |||||||||
Sublease | (1 | ) | (1 | ) | (1 | ) | ||||||
Other leases | 68 | 58 | 78 | |||||||||
Total net rent expense | $ | 137 | $ | 131 | $ | 194 | ||||||
Future Minimum Rental Commitments | ||||||||||||
(In millions) | Capital | Operating | ||||||||||
Leases | Leases | |||||||||||
2015 | $ | 21 | $ | 68 | ||||||||
2016 | 11 | 65 | ||||||||||
2017 | 2 | 60 | ||||||||||
2018 | — | 60 | ||||||||||
2019 | — | 59 | ||||||||||
2020 and thereafter | — | 968 | ||||||||||
Total minimum rental commitments | 34 | $ | 1,280 | |||||||||
Less amounts representing interest | (2 | ) | ||||||||||
Present value of net minimum lease payments | $ | 32 | ||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||||||
Reconciliation of Cash Paid for Interest | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Interest expense | $ | 2,670 | $ | 2,252 | $ | 2,100 | ||||||
Adjustments to reconcile to cash paid for interest: | ||||||||||||
Net change in accrued interest | (346 | ) | (156 | ) | (42 | ) | ||||||
Executive compensation and benefit plans | (13 | ) | (16 | ) | (18 | ) | ||||||
Capitalized interest | 45 | 38 | 38 | |||||||||
Amortization of deferred finance costs and debt discount/premium | (438 | ) | (360 | ) | (315 | ) | ||||||
Amortization of accumulated other comprehensive loss | — | (5 | ) | (29 | ) | |||||||
Rollover of PIK interest to principal | (2 | ) | (1 | ) | (1 | ) | ||||||
Change in derivative instruments due to cash settlements | 160 | 138 | 30 | |||||||||
Other | (6 | ) | 9 | 9 | ||||||||
Cash paid for interest | $ | 2,070 | $ | 1,899 | $ | 1,772 | ||||||
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||
Summary of Caesars Entertainment Stock-Based Incentive Plans | |||||||||||||||||
We maintain long-term incentive plans for management, other personnel, and key service providers. The plans allow for granting stock-based compensation awards, including time-based and performance-based stock options, restricted stock units, restricted stock awards, stock grants, or a combination of awards. | |||||||||||||||||
Management Equity Incentive Plan | |||||||||||||||||
The Harrah’s Entertainment, Inc. Management Equity Incentive Plan, as amended, (the “2008 Incentive Plan”) allowed for the granting of performance-based options. The options vest and become exercisable if the return on investment in the Company of TPG, Apollo, and their affiliates (the “Majority Stockholders”) achieves a 2.0X return. The options vest on a pro-rata basis from zero to 100% if the Majority Stockholders achieve a return of less than 2.0X but greater than or equal to 1.75X. Upon the adoption of the 2012 Performance Incentive Plan, as amended, (the “2012 Incentive Plan”) options may no longer be granted under the 2008 Incentive Plan. As of December 31, 2014, 23,755 options were outstanding under this plan will expire between years 2018 - 2021. | |||||||||||||||||
Performance Incentive Plan | |||||||||||||||||
We adopted the 2012 Incentive Plan for directors, employees, officers and consultants or advisers who render services to Caesars Entertainment or its subsidiaries. As of December 31, 2014, a total of 15,449,468 shares of our common stock had been authorized to be issued under the long-term incentive plans. The number of unissued common shares reserved for future grants under the long-term incentive plans was 3,374,865 as of that date. | |||||||||||||||||
The 2012 Incentive Plan provided for a one-time stock option exchange program (the “Option Exchange”) to permit Caesars Entertainment to cancel certain stock options held by certain of its employees, service providers and directors in exchange for new, replacement options to purchase an equal number of shares of our common stock (the “Replacement Options”). | |||||||||||||||||
Options eligible for the Option Exchange (the “Eligible Options”) were granted on or prior to February 9, 2012, and had an exercise price equal to or greater than $20.09 per share. Replacement Options have an exercise price of $8.22 per share, a 10-year term and a new vesting schedule determined on a grant-by-grant basis, as follows: | |||||||||||||||||
Time-Based Options: 20% of the time-based Replacement Options were immediately vested, with the remainder vesting annually in equal amounts over four years. | |||||||||||||||||
Performance-Based Options: | |||||||||||||||||
• | For options replacing the Eligible Options subject to vesting if funds affiliated with the Sponsors (as defined in Note 20, “Related Party Transactions”) achieve at least a 1.5X return, the Replacement Options will vest on the date that the Caesars Entertainment’s 30-day trailing average closing common stock price equals or exceeds $35.00 per share. | ||||||||||||||||
• | For options replacing the Eligible Options subject to vesting if funds affiliated with the Sponsors achieve at least a 2.0X return, the Replacement Options vest on the earlier of the following: (i) 50% on March 15, 2014 and 50% on March 15, 2015 or (ii) Caesars Entertainment’s 30-day trailing average closing common stock price equals or exceeds $57.41 per share. | ||||||||||||||||
Loveman Performance-Based Option: We granted 290,334 options in November 2011 to Gary Loveman, the Company’s Chairman of the Board, Chief Executive Officer and President. The options were eligible to vest if funds affiliated with the Sponsors achieve at least a 1.0X return (the “Loveman Performance-Based Option”). The Replacement Options granted in exchange for the Loveman Performance-Based Options vested on the date that Caesars Entertainment’s 30‑day trailing average closing common stock price equaled or exceeded $57.41 per share. | |||||||||||||||||
As a result of the Option Exchange, incremental stock compensation totaling $15 million is being amortized to compensation expense over an approximate vesting period of 4 to 5.5 years. | |||||||||||||||||
Caesars Entertainment Stock-Based Compensation | |||||||||||||||||
Our stock-based compensation expense consists primarily of time-based and performance based stock options, restricted stock units and restricted stock awards that have been granted to management, other personnel and key service providers. | |||||||||||||||||
Composition of Stock-Based Compensation Expense | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||
Corporate expense | $ | 36 | $ | 25 | $ | 29 | |||||||||||
Property, general, administrative, and other | 96 | 32 | 26 | ||||||||||||||
Total stock-based compensation expense | $ | 132 | $ | 57 | $ | 55 | |||||||||||
Stock Options | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
(Dollars in millions, except per share data) | Shares | Weighted Average Exercise Price | Fair Value (1) | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding as of December 31, 2013 | 8,463,811 | $ | 12.09 | $ | 2.68 | 8.5 | |||||||||||
Granted | 1,500,770 | 21.18 | 10.27 | ||||||||||||||
Exercised | (317,703 | ) | 9.1 | 1.78 | |||||||||||||
Forfeited | (237,202 | ) | 11.3 | 3.98 | |||||||||||||
Expired | (29,791 | ) | 17.16 | 2.39 | |||||||||||||
Outstanding as of December 31, 2014 | 9,379,885 | $ | 13.65 | $ | 3.35 | 7.8 | $ | 53 | |||||||||
Vested and expected to vest as of December 31, 2014 | 9,060,016 | $ | 12.09 | $ | 3.28 | 7.8 | $ | 52 | |||||||||
Exercisable as of December 31, 2014 | 3,746,013 | $ | 9.61 | $ | 1.8 | 7.5 | $ | 25 | |||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
Stock Option Grants and Exercises | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||
Options Granted: | |||||||||||||||||
Number of options granted | 1,500,770 | 550,812 | 8,173,944 | ||||||||||||||
Weighted Average Grant-Date Fair Value per share (1) | $ | 10.27 | $ | 5.95 | $ | 3.5 | |||||||||||
Weighted Average Exercise Price per Share (1)(2) | $ | 21.18 | $ | 13.65 | $ | 8.44 | |||||||||||
Option Exercises: | |||||||||||||||||
Number of options exercised | 317,703 | 143,109 | — | ||||||||||||||
Cash received for options exercised | $ | 3 | $ | 1 | $ | — | |||||||||||
Aggregate intrinsic value of options exercised | $ | 2 | $ | 2 | $ | — | |||||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
(2) | Adjusted for the February 2012 1.742-for-1 stock split. | ||||||||||||||||
Assumptions Used to Estimate Option Values | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 52.1 | % | 57.4 | % | 55.8 | % | |||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Expected term (in years) | 5.5 | 3.8 | 4.9 | ||||||||||||||
Risk-free interest rate | 1.7 | % | 1 | % | 0.9 | % | |||||||||||
We utilized historical optionee behavioral data to estimate the option exercise and termination rates used in the option-pricing models. The expected term of the options represents the period of time the options were expected to be outstanding based on historical trends and/or derived from a numerical pricing model, such as the Monte Carlo simulation model. Expected volatility was based on the historical volatility of the common stock of Caesars Entertainment and its competitor peer group for a period approximating the expected life. We do not expect to pay dividends on common stock. The risk-free interest rate within the expected term was based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||
As of December 31, 2014, there was $57 million of total unrecognized compensation cost related to Caesars Entertainment stock-based compensation plans, which is expected to be recognized over a remaining weighted-average period of 2.8 years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
During the year ended December 31, 2014, we granted restricted stock units (the “RSUs”) to employees of Caesars Entertainment with an aggregate fair value of $25 million. Each RSU represents the right to receive payment in respect of one share of the Caesars Entertainment’s common stock. The majority of the RSUs will vest 25% annually beginning January 2, 2014. The following table summarizes the activity of RSUs during the fiscal year ended December 31, 2014. | |||||||||||||||||
Restricted Stock Unit Activity | |||||||||||||||||
Units | Fair Value | ||||||||||||||||
Outstanding as of December 31, 2013 | 1,503,534 | $ | 13.74 | ||||||||||||||
Granted | 1,183,098 | 20.82 | |||||||||||||||
Vested | (375,500 | ) | 13.74 | ||||||||||||||
Forfeited | (154,405 | ) | 16.2 | ||||||||||||||
Outstanding as of December 31, 2014 | 2,156,727 | 17.45 | |||||||||||||||
Restricted Common Stock Awards | |||||||||||||||||
In 2012, we granted 50,000 shares of restricted common stock to an executive officer of Caesars Entertainment under the 2012 Incentive Plan. The restricted common stock vested annually in equal amounts over two years. No unvested shares were outstanding as of December 31, 2014. No additional shares of restricted common stock have been granted. | |||||||||||||||||
CIE Stock-Based Compensation Plan | |||||||||||||||||
CIE grants stock-based compensation awards in CIE common stock to its employees, directors, service providers and consultants in accordance with the Caesars Interactive Entertainment, Inc. Amended and Restated Management Equity Incentive Plan (the “Plan”), which is intended to promote the interests of CIE and its shareholders by providing key employees, directors, service providers and consultants with an incentive to encourage their continued employment or service and improve the growth and profitability of CIE. CIE has granted stock options and warrants, restricted shares, and restricted stock units to its employees and service providers. These programs are classified as either equity or liability-based instruments dependent on the terms and conditions of each of the awards. Equity-classified instruments are measured at their fair value at their date of grant, and liability-classified instruments are re-measured at their fair value at each reporting date. | |||||||||||||||||
During the third quarter of 2014, CIE determined that certain of its stock options should have been modified to be accounted for as liability-classified awards during the first quarter of 2014. As a result of this correction, which we have determined is not material, $20 million of expense was recorded during the third quarter of 2014 that related to the prior quarters of 2014. The correction represents a non-cash expense adjustment, and thus, the correction has no net effect on our Consolidated Statements of Cash Flows. | |||||||||||||||||
Stock-based compensation expense attributable to CIE is recorded property, general, administrative, and other in the Consolidated Statements of Operations and totaled $87 million in 2014, $25 million in 2013, and $21 million in 2012. As of the December 31, 2014, the liability related to outstanding options and warrants was $103 million. The current portion is recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets, while the long-term portion is recorded in deferred credits and other liabilities. | |||||||||||||||||
CIE Stock Option Activity | |||||||||||||||||
(Dollars in millions, except per share data) | Shares | Weighted Average Exercise Price | Fair Value (1) | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding as of December 31, 2013 | 17,015 | $ | 3,194.48 | $ | 1,124.81 | 7.3 | |||||||||||
Granted | 1,135 | $ | 9,976.43 | $ | 4,717.02 | ||||||||||||
Exercised | (3,822 | ) | $ | 1,649.71 | $ | 249.57 | |||||||||||
Forfeited | (1,049 | ) | $ | 5,767.76 | $ | 2,764.01 | |||||||||||
Outstanding as of December 31, 2014 | 13,279 | $ | 3,953.85 | $ | 1,616.01 | 6.8 | $ | 115 | |||||||||
Vested and expected to vest as of December 31, 2014 | 12,581 | $ | 3,832.25 | $ | 1,544.87 | 6.7 | $ | 111 | |||||||||
Exercisable as of December 31, 2014 | 6,920 | $ | 2,202.24 | $ | 547.75 | 5.1 | $ | 72 | |||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
CIE Stock Option Grants and Exercises | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||
Options Granted: | |||||||||||||||||
Number of options granted | 1,135 | 6,300 | 1,442 | ||||||||||||||
Weighted Average Grant-Date Fair Value per share (1) | $ | 4,717.02 | $ | 2,620.48 | $ | 2,724.86 | |||||||||||
Weighted Average Exercise Price per Share | $ | 9,976.43 | $ | 5,539.98 | $ | 5,360.86 | |||||||||||
Option Exercises: | |||||||||||||||||
Number of options exercised | 3,822 | 365 | — | ||||||||||||||
Cash received for options exercised | $ | 6 | $ | 1 | $ | — | |||||||||||
Aggregate intrinsic value of options exercised | $ | 27 | $ | 1 | $ | — | |||||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
Assumptions Used to Estimate CIE Option Value | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected range of volatility | 46.5% - 56.8% | 49.7% - 58.6% | 59.4% - 61.3% | ||||||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Expected range of term (in years) | 2.4 - 7.1 | 2.3 - 7.3 | 4.2 - 7.1 | ||||||||||||||
Risk-free interest rate range | 0.7% - 2.3% | 0.6% - 2.5% | 0.6% - 1.2% | ||||||||||||||
CIE Restricted Stock Unit Activity | |||||||||||||||||
Units | Fair Value | ||||||||||||||||
Outstanding as of December 31, 2013 | 7,991 | $ | 3,853.00 | ||||||||||||||
Granted | 1,209 | 10,019.69 | |||||||||||||||
Vested | (3,794 | ) | 4,496.67 | ||||||||||||||
Forfeited | (310 | ) | 6,368.06 | ||||||||||||||
Outstanding as of December 31, 2014 | 5,096 | 6,494.71 | |||||||||||||||
During the year ended December 31, 2013, CIE granted 5,260 RSUs with a weighted-average grant date fair value per RSU granted of $5,470. | |||||||||||||||||
CIE utilized historical optionee behavioral data to estimate the option exercise and termination rates used in the option-pricing models. The expected term of the options represents the period of time the options were expected to be outstanding based on historical trends and/or derived from a numerical pricing model, such as the Monte Carlo simulation model. Expected volatility was based on the historical volatility of the common stock of CIE and its competitor peer group for a period approximating the expected life. CIE does not expect to pay dividends on common stock. The risk-free interest rate within the expected term was based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||
As of December 31, 2014, there was $93 million of total unrecognized compensation cost related to CIE stock-based compensation plans, which is expected to be recognized over a remaining weighted-average period of 3.3 years. | |||||||||||||||||
CEOC Stock-Based Compensation Plan | |||||||||||||||||
In May 2014, the CEOC Board of Directors adopted the Caesars Entertainment Operating Company, Inc. 2014 Performance Incentive Plan (“2014 Incentive Plan”). All CEOC share-based compensation programs are managed under this plan. During the second quarter of 2014, CEOC granted 86,936 shares of CEOC common stock with a fair value of $90.31 per share and CEC recognized a total of $8 million in share-based compensation expense in the Consolidated Statements of Operations. | |||||||||||||||||
CAC Stock-Based Compensation Plan | |||||||||||||||||
In April 2014, the CAC Board of Directors approved the CAC Equity-Based Compensation Plan for officers, employees, directors, individual consultants and advisers of the Company and its subsidiaries (the “CAC Equity Plan”). Under the CAC Equity Plan, CEC is authorized to grant stock-based instruments in the form of or with a value related to CAC Class A Common Stock, par value $0.001 per share (the “CAC Common Stock”) to officers, employees, directors, individual consultants and advisers of CEC and its subsidiaries. The CAC Equity Plan will terminate ten years after approval by the Board. Subject to adjustments in connection with certain changes in capitalization, the maximum value of the shares of CAC Common Stock that may be delivered pursuant to awards under the CAC Equity Plan is $25 million. Upon issuance of shares pursuant to this plan, such shares will be contributed by CAC to CGP LLC as additional investment into that entity, at which time CGP LLC will settle its management fee obligation with CEC and its subsidiaries through a distribution of such shares. | |||||||||||||||||
In May 2014, CEC granted awards to officers, employees, directors, individual consultants, and advisers of CEC and its subsidiaries in accordance with the CAC Equity Plan to reward and provide incentive for services provided in their capacity, promote the success of CGP LLC, and more closely align the interests of such individuals with those of the stockholders of the CAC. Awards under this plan vested one-third in October 2014 with the remaining two-thirds vesting in equal portions in October 2015 and October 2016. During the year ended December 31, 2014, expense associated with the vesting of such awards is recorded as stock-based compensation expense by CEC totaling $10 million. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||||||||||
Savings and Retirement Plans | |||||||||||||||||||||||||
We maintain a defined contribution savings and retirement plan that allows employees to make pre-tax and after-tax contributions. Under the plan, participating employees may elect to contribute up to 50% of their eligible earnings (subject to IRS rules and regulations) and are eligible to receive a company match of up to $600. Participating employees become vested in matching contributions on a pro-rata basis over five years of credited service. Our contribution expense for this plan was $13 million, $13 million, and $10 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
We maintain several supplemental executive retirement plans (“SERP”) to provide additional retirement benefits to a select group of former executives. The total liability reported in deferred credits and other for the SERP plans was $33 million as of December 31, 2014, and $30 million as of December 31, 2013. | |||||||||||||||||||||||||
Pension Commitments | |||||||||||||||||||||||||
We have a defined benefit plan for employees of our London Clubs International subsidiary that provides benefits based on final pensionable salary. The assets of the plan are held in a separate trustee-administered fund and death-in-service benefits, professional fees, and other expenses are paid by the pension plan. We account for this plan under the immediate recognition method, under which actuarial gains and losses are recognized in operating results in the year in which the gains and losses occur rather than deferring them into Other Comprehensive Loss and amortizing them over future periods. Any such amounts are recorded in the fourth quarter of each year, and during the fourth quarter of 2014, we recognized $21 million. | |||||||||||||||||||||||||
As of December 31, 2014, total plan assets were $208 million with total projected benefit obligation totaling $293 million, resulting in a net pension liability of $85 million. Our estimated long term expected return on assets for this plan, which has been frozen since 2010 is 5.7%, with a 3.4% discount rate. | |||||||||||||||||||||||||
Multiemployer Pension Plan | |||||||||||||||||||||||||
The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from a single-employer plan in the following aspects: | |||||||||||||||||||||||||
a. | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||||
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||||||
c. | If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a “withdrawal liability.” | ||||||||||||||||||||||||
Multiemployer Pension Plan Participation | |||||||||||||||||||||||||
Pension Protection Act Zone Status (1) | Contributions | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | FIP/RP Status (2) | 2014 | 2013 | 2012 | Surcharge Imposed | Expiration Date of Collective-Bargaining Agreement | ||||||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | 88-6016617/001 | Green | Green | No | $ | 18 | $ | 20 | $ | 19 | No | 31-May-18 | |||||||||||||
Pension Plan of the UNITE HERE National Retirement Fund (4) | 13-6130178/001 | Red | Red | Yes | 14 | 14 | 14 | No | 14-Mar-15 | ||||||||||||||||
Local 68 Engineers Union Pension Plan (3) | 51-0176618/001 | Green | Yellow | No | 1 | 2 | 2 | No | 30-Apr-17 | ||||||||||||||||
NJ Carpenters Pension Fund | 22-6174423/001 | Yellow | Yellow | Yes | — | 1 | — | No | 30-Apr-17 | ||||||||||||||||
Painters IUPAT | 52-6073909/001 | Yellow | Yellow | Yes | 1 | 1 | 1 | No | Various up to April 2017 | ||||||||||||||||
Other Funds | 12 | 12 | 12 | ||||||||||||||||||||||
Total Contributions | $ | 46 | $ | 50 | $ | 48 | |||||||||||||||||||
____________________ | |||||||||||||||||||||||||
(1) | Represents the Pension Protection Act (“PPA”) zone status for applicable plan year beginning January 1, 2014, except where noted otherwise. | ||||||||||||||||||||||||
(2) | Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | ||||||||||||||||||||||||
(3) | Plan years begin July 1. | ||||||||||||||||||||||||
(4) | As described in Note 22, “Subsequent Events - Other,” in 2015, the Pension Plan of the UNITE HERE National Retirement Fund voted to expel Caesars Entertainment and its participating subsidiaries from the plan. | ||||||||||||||||||||||||
The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. | |||||||||||||||||||||||||
Plans with Company Contributions in Excess of 5% of Total Plan Contributions | |||||||||||||||||||||||||
Pension Fund | Applicable Plan Years | ||||||||||||||||||||||||
Pension Plan of the UNITE HERE National Retirement Fund | 2013 and 2012 | ||||||||||||||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | 2013 and 2012 | ||||||||||||||||||||||||
Local 68 Engineers Union Pension Plan | 2013 and 2012 | ||||||||||||||||||||||||
Nevada Resort Association IATSE Local 720 Retirement Plan | 2013 and 2012 | ||||||||||||||||||||||||
At the date these financial statements were issued, Forms 5500 were not available for the plan year ending in 2014. | |||||||||||||||||||||||||
Deferred Compensation Plans | |||||||||||||||||||||||||
The Company has six frozen deferred compensation plans. Amounts deposited into these deferred compensation plans are unsecured liabilities of the Company. The total liability recorded in deferred credits and other for these plans is $80 million and $84 million as of December 31, 2014 and 2013, respectively. Company matching contributions to the active plan were suspended beginning in February 2009, though participants continue to vest in contributions made prior to that date. | |||||||||||||||||||||||||
The six frozen plans that contain deferred compensation assets are as follows: (1) Harrah’s Executive Deferred Compensation Plan (“EDCP”), (2) the Harrah’s Executive Supplemental Savings Plan (“ESSP”), (3) Harrah’s Deferred Compensation Plan (“HDCP”), (4) the Restated Park Place Entertainment Corporation Executive Deferred Compensation Plan, and (5) the Caesars World, Inc. Executive Security Plan and (6) the Caesars Entertainment Corporation Executive Supplemental Savings Plan II (“ESSP II”). Employees may no longer contribute to these plans. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Non-Consolidated Affiliates | |
Our non-consolidated affiliates are accounted for under the equity method and, as of December 31, 2014, our investments in and advances to non-consolidated affiliates consisted primarily of Baluma S.A, our investment in Rock Ohio Caesars LLC (“ROC”) in Ohio, and an investment in a joint venture development project in Incheon, South Korea. CEOC manages ROC’s Horseshoe Cleveland casino, Horseshoe Cincinnati casino, and Thistledown Racino for a fee under management agreements that expire in May 2032, March 2033 and April 2033, respectively. | |
See Note 22, “Subsequent Events - Other,” for recent developments related to ROC. | |
Management Fees with Sponsors | |
Caesars Entertainment has a services agreement with Apollo Global Management, LLC ("Apollo") and affiliates of TPG Capital LP ("TPG") (collectively, the "Sponsors"), relating to the provision of financial and strategic advisory services and consulting services. We pay a monitoring fee for management services and reimburse the Sponsors for expenses they incur related to these management services. The fees paid to the Sponsors are included in corporate expense. The Sponsors granted a waiver of the monitoring fees due for 2014 and 2015. The total fees for 2013 and 2012 were $23 million and $30 million, respectively. | |
We may engage in transactions with companies owned or controlled by affiliates of our Sponsors in the normal course of business. We believe such transactions are conducted at fair value. In addition, certain entities affiliated with or under the control of our Sponsors may from time to time transact in and hold our debt securities, and participate in any modifications of such instruments on terms available to any other holder of our debt. | |
World Series of Poker (“WSOP”) Trademarks | |
CIE owns the WSOP trademarks and associated rights. CEOC has a perpetual, royalty-free license to use the WSOP trademarks in connection with operating WSOP branded poker rooms and selling certain WSOP branded retail items. Under a Trademark License Agreement entered into in 2011, Caesars Entertainment pays CIE $2 million per year for the right to host the WSOP tournaments at the Rio All-Suites Hotel & Casino in Las Vegas or at such other property agreed to by the parties. Caesars Entertainment also has the right to host a number of WSOP circuit events at Caesars Entertainment affiliate properties under a Circuit Event Agreement with CIE. Caesars Entertainment must pay CIE $75,000 for each such circuit event. Both the Trademark License Agreement and Circuit Event Agreement expire on September 1, 2016, unless terminated earlier pursuant to the terms of each agreement. | |
Hamlet Holdings LLC | |
Hamlet Holdings LLC (“Hamlet Holdings”), the members of which are comprised of individuals affiliated with each of the Sponsors, as of December 31, 2014, beneficially owns approximately 61% of our common stock pursuant to an irrevocable proxy providing Hamlet Holdings with sole voting and sole dispositive power over those shares, and, as a result, the Sponsors have the power to elect all of our directors. | |
XOJet, Inc. | |
XOJet, Inc. (“XOJet”), a private aviation company, is a TPG portfolio company. Caesars Entertainment and XOJet are parties to a Custom Membership Program Agreement pursuant to which, among other things, Caesars Entertainment has access to XOJet aircrafts at contractually agreed upon hourly rates. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $3.0 million, $3.8 million, and $4.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
SunGard Availability Service LP | |
SunGard Availability Service LP (“SunGard”), a private software solutions company, is a TPG portfolio company. Caesars Entertainment and SunGard are parties to a Master Agreement for U.S. Availability Services pursuant to which, among other things, SunGard provides Caesars Entertainment enterprise cloud services and solutions for managed information technology. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $1.5 million, $2.1 million, and $1.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Sabre, Inc. | |
Sabre, Inc. (“Sabre”), a private travel sector technology company, is a TPG portfolio company. Caesars Entertainment and Sabre are parties to a Hotel Associate Distribution and Services Agreement pursuant to which, among other things, Caesars Entertainment uses Sabre’s technology to assist customers with booking hotel rooms. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $0.5 million, $0.6 million, and $0.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Avaya Inc. | |
Avaya Inc. (“Avaya”), a public communications solutions company, is a TPG portfolio company. Caesars Entertainment and Avaya are parties to a Customer Agreement pursuant to which, among other things, Avaya supplies Caesars Entertainment with technology products and services, software licenses and support for such products and services. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $1.1 million, $1.4 million, and $1.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Norwegian Cruise Line Holdings Ltd. | |
Norwegian Cruise Line Holdings Ltd. (“NCL”), a public cruise ship operations company, is an Apollo funds and TPG portfolio company. Caesars Entertainment and NCL are parties to a Marketing Agreement pursuant to which, among other things, NCL pays Caesars Entertainment a percentage of NCL’s gaming revenue. Pursuant to the terms of this agreement, Caesars Entertainment and NCL’s mutual business transactions amounted to approximately $2.0 million, $1.0 million, and $0.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Classic Party Rentals | |
Classic Party Rentals, a private event rental company, is an Apollo portfolio company. Caesars Entertainment and Classic Party Rentals are parties to an Equipment Rental Agreement pursuant to which, among other things, Classic Party Rentals supplies Caesars Entertainment with tenting, draping, lighting, furniture, tableware, and linens for parties and events. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $0.3 million, $0.1 million, and $0.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Creative Artists Agency LLC | |
Creative Artists Agency, LLC. (“CAA”), a private talent and sports agency, is an Apollo funds and TPG portfolio company. Caesars and CAA are parties to multiple entertainment agreements pursuant to which, among other things, Caesars pays CAA fees in connection with artists’ performances at Caesars’ properties. Pursuant to the terms of these agreements, Caesars Entertainment incurred expenses of approximately $0.2 million for the year ended December 31, 2014 and did not incur material expenses during 2013 or 2012. | |
Other Related Party Transactions | |
In May 2014, CEOC, CERP, and CGPH entered into a services joint venture, CES. See Note 2, “Basis of Presentation and Principles of Consolidation.” | |
In May 2014, CEOC and CGP LLC consummated the CEOC-CGP LLC Property Transaction as disclosed in Note 2, “Basis of Presentation and Principles of Consolidation.” | |
In July 2014, CEOC completed the repurchase of $982 million aggregate principal amount outstanding of its 5.625% Senior Notes due 2015 and 10.00% Second-Priority Senior Secured Notes due 2015 for total consideration of approximately $1.0 billion. CGP LLC received approximately $452 million of consideration (including accrued and unpaid interest) as part of the note purchase transaction. See Note 10, “Debt.” | |
In August 2014, CGP LLC effectuated a distribution of 100% of its remaining investment in certain CEOC notes as a dividend to its members, CEC and CAC, pro rata based upon each member’s ownership percentage in CGP LLC. See Note 2, “Basis of Presentation and Principles of Consolidation.” | |
In December 2014, CEC and CAC entered into a merger agreement, pursuant to which, among other things, CAC will merge with and into CEC, with CEC as the surviving company. See Note 1, “Description of Business.” |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Notes) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting | |||||||||||||||||||||||||||
Caesars Entertainment is primarily a holding company and operates through four reportable segments: Caesars Entertainment Operating Company, Inc. (“CEOC”), Caesars Entertainment Resort Properties, LLC (“CERP”), Caesars Growth Partners Casino Properties and Developments (“CGP LLC Casinos”), and Caesars Interactive Entertainment, Inc. (“CIE”). | ||||||||||||||||||||||||||||
We view each casino property and CIE as operating segments and aggregate all such casino properties and CIE into these four reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures. While the CEOC and CERP reportable segments each comprise all of the operations of these consolidated subsidiaries, our consolidated VIE, CGP LLC, is comprised of the CGP LLC Casinos and CIE reportable segments. We revised our presentation from one reportable segment to the four listed above effective October 1, 2014, in conjunction with CES commencing operations, as the way in which CEC management assesses results and allocates resources is aligned in accordance with these segments. | ||||||||||||||||||||||||||||
The results of each reportable segment presented below are consistent with the way CEC management assesses these results, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within Caesars, as described below. Accordingly, the results of certain reportable segments presented in this filing differ from the financial statement information presented in their stand-alone filings. | ||||||||||||||||||||||||||||
CEOC results for all periods presented exclude the impact of consolidating The LINQ and Octavius Tower subsequent to their sale from CEOC to CERP in 2013. On a stand-alone basis, CEOC accounts for this transaction as a financing in accordance with U.S. Generally Accepted Accounting Principles instead of as a completed real estate sale, which results in these properties being reported as part of both CEOC and CERP on a stand-alone basis for the period subsequent to their sale. In addition, CEOC completed the sale to CGP LLC of Planet Hollywood Resort & Casino in October 2013 and four properties (The Cromwell, Bally's Las Vegas, The LINQ Hotel, and Harrah's New Orleans) in May 2014. The financial results for these five properties are excluded from the CEOC financial results for all periods presented herein and, instead, are included in the results of CGP LLC Casinos. | ||||||||||||||||||||||||||||
As a result of transactions in 2013, certain CEC and CEOC properties are now owned by CERP; accordingly, the financial information herein includes the financial results for these properties as if they were combined into the CERP reporting entities for all periods presented. | ||||||||||||||||||||||||||||
“Other” includes consolidating adjustments, eliminating adjustments and other adjustments to reconcile to consolidated CEC results. For example, management fees paid to CEOC by CGP LLC Casinos related to Planet Hollywood are included in CEOC adjusted net revenues below and eliminated in Other. | ||||||||||||||||||||||||||||
Condensed Statements of Operations - By Segment | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 93 | $ | — | $ | 1 | $ | — | $ | — | $ | (36 | ) | $ | 58 | |||||||||||||
Net revenues | 4,812 | 2,065 | 1,281 | 587 | 101 | (330 | ) | 8,516 | ||||||||||||||||||||
Depreciation and amortization | 291 | 200 | 115 | 28 | 3 | (1 | ) | 636 | ||||||||||||||||||||
Impairment of goodwill | 251 | 289 | 155 | — | — | — | 695 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 308 | (12 | ) | — | 3 | — | — | 299 | ||||||||||||||||||||
Income/(loss) from operations | (323 | ) | (32 | ) | (139 | ) | 21 | 14 | 7 | (452 | ) | |||||||||||||||||
Interest expense | (2,184 | ) | (389 | ) | (164 | ) | (6 | ) | (16 | ) | 89 | (2,670 | ) | |||||||||||||||
Other gains/(losses) | (100 | ) | — | 132 | — | (31 | ) | (96 | ) | (95 | ) | |||||||||||||||||
Income tax benefit from continuing operations | 264 | 28 | 214 | (36 | ) | 73 | — | 543 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $337 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $434 million. | |||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 74 | $ | — | $ | — | $ | — | $ | — | $ | (17 | ) | $ | 57 | |||||||||||||
Net revenues | 4,985 | 1,979 | 1,040 | 317 | 20 | (121 | ) | 8,220 | ||||||||||||||||||||
Depreciation and amortization | 384 | 216 | 83 | 18 | — | — | 701 | |||||||||||||||||||||
Impairment of goodwill | 104 | — | — | — | — | — | 104 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 1,668 | 1,059 | — | — | — | — | 2,727 | |||||||||||||||||||||
Income/(loss) from operations | (1,344 | ) | (804 | ) | (3 | ) | (9 | ) | 134 | — | (2,026 | ) | ||||||||||||||||
Interest expense | (2,069 | ) | (246 | ) | (60 | ) | (3 | ) | (9 | ) | 135 | (2,252 | ) | |||||||||||||||
Other gains/(losses) | 34 | 15 | 28 | (1 | ) | 87 | (135 | ) | 28 | |||||||||||||||||||
Income tax benefit from continuing operations | 651 | 384 | (113 | ) | (2 | ) | 597 | — | 1,517 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $356 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $224 million. | |||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 63 | $ | — | $ | — | $ | — | $ | — | $ | (16 | ) | $ | 47 | |||||||||||||
Net revenues | 4,988 | 2,003 | 1,082 | 206 | 25 | (118 | ) | 8,186 | ||||||||||||||||||||
Depreciation and amortization | 497 | 252 | 84 | 11 | — | — | 844 | |||||||||||||||||||||
Impairment of goodwill | 195 | — | — | — | — | — | 195 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 427 | 3 | — | — | — | — | 430 | |||||||||||||||||||||
Income/(loss) from operations | (159 | ) | 161 | 173 | 35 | (76 | ) | — | 134 | |||||||||||||||||||
Interest expense | (1,952 | ) | (232 | ) | (51 | ) | (4 | ) | 17 | 122 | (2,100 | ) | ||||||||||||||||
Other gains/(losses) | 21 | 136 | 1 | 1 | 125 | (122 | ) | 162 | ||||||||||||||||||||
Income tax benefit from continuing operations | 794 | (22 | ) | (40 | ) | (11 | ) | (20 | ) | — | 701 | |||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $443 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $192 million. | |||||||||||||||||||||||||||
Property EBITDA - by Segment | ||||||||||||||||||||||||||||
Property EBITDA is defined as revenues less property operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) (benefit)/provision for income taxes, (iii) depreciation and amortization, (iv) corporate expenses, and (v) certain items that we do not consider indicative of its ongoing operating performance at an operating property level. In evaluating Property EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Property EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items. | ||||||||||||||||||||||||||||
Property EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income/(loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Property EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Property EBITDA is included because management uses Property EBITDA to measure performance and allocate resources, and believes that Property EBITDA provides investors with additional information consistent with that used by management. | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (323 | ) | $ | (32 | ) | $ | (139 | ) | $ | 21 | $ | 14 | $ | 7 | $ | (452 | ) | ||||||||||
Depreciation and amortization | 291 | 200 | 115 | 28 | 3 | (1 | ) | 636 | ||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 48 | 14 | 56 | — | 7 | (5 | ) | 120 | ||||||||||||||||||||
Impairment of goodwill | 251 | 289 | 155 | — | — | — | 695 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 308 | (12 | ) | — | 3 | — | — | 299 | ||||||||||||||||||||
Corporate expense | 189 | 60 | 23 | — | 13 | (3 | ) | 282 | ||||||||||||||||||||
Acquisition and integration costs and other | 58 | 1 | 55 | 33 | (31 | ) | — | 116 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | (6 | ) | — | — | (1 | ) | — | — | (7 | ) | ||||||||||||||||||
Property EBITDA | $ | 816 | $ | 520 | $ | 265 | $ | 84 | $ | 6 | $ | (2 | ) | $ | 1,689 | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (1,344 | ) | $ | (804 | ) | $ | (3 | ) | $ | (9 | ) | $ | 134 | $ | — | $ | (2,026 | ) | |||||||||
Depreciation and amortization | 384 | 216 | 83 | 18 | — | — | 701 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 72 | 15 | 15 | — | 2 | — | 104 | |||||||||||||||||||||
Impairment of goodwill | 104 | — | — | — | — | — | 104 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 1,668 | 1,059 | — | — | — | — | 2,727 | |||||||||||||||||||||
Corporate expense | 138 | 47 | — | — | 16 | (40 | ) | 161 | ||||||||||||||||||||
Acquisition and integration costs and other | 34 | (3 | ) | 153 | 53 | (138 | ) | — | 99 | |||||||||||||||||||
EBITDA attributable to discontinued operations | 7 | — | — | — | — | — | 7 | |||||||||||||||||||||
Property EBITDA | $ | 1,063 | $ | 530 | $ | 248 | $ | 62 | $ | 14 | $ | (40 | ) | $ | 1,877 | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (159 | ) | $ | 161 | $ | 173 | $ | 35 | $ | (76 | ) | $ | — | $ | 134 | ||||||||||||
Depreciation and amortization | 497 | 252 | 84 | 11 | — | — | 844 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 59 | 22 | 3 | — | 15 | — | 99 | |||||||||||||||||||||
Impairment of goodwill | 195 | — | — | — | — | — | 195 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 427 | 3 | — | — | — | — | 430 | |||||||||||||||||||||
Corporate expense | 158 | 80 | — | — | 28 | (71 | ) | 195 | ||||||||||||||||||||
Acquisition and integration costs and other | 25 | (1 | ) | — | — | (1 | ) | — | 23 | |||||||||||||||||||
EBITDA attributable to discontinued operations | 108 | — | — | — | — | — | 108 | |||||||||||||||||||||
Property EBITDA | $ | 1,310 | $ | 517 | $ | 260 | $ | 46 | $ | (34 | ) | $ | (71 | ) | $ | 2,028 | ||||||||||||
Condensed Balance Sheets - By Segment | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | 11,355 | $ | 7,172 | $ | 4,185 | $ | 546 | $ | 2,752 | $ | (2,475 | ) | $ | 23,535 | |||||||||||||
Total liabilities | 19,773 | 6,334 | 2,979 | 367 | (583 | ) | (593 | ) | 28,277 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $312 million and foreign liabilities of $183 million. | |||||||||||||||||||||||||||
(2) | Includes foreign assets of $305 million and foreign liabilities of $172 million. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | 12,593 | $ | 7,372 | $ | 5,091 | $ | 427 | $ | 785 | $ | (1,579 | ) | $ | 24,689 | |||||||||||||
Total liabilities | 20,478 | 6,219 | 1,676 | 251 | 7,332 | (9,363 | ) | 26,593 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $301 million and foreign liabilities of $169 million. | |||||||||||||||||||||||||||
(2) | Includes foreign assets of $183 million and foreign liabilities of $54 million. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events - Other |
For information about the CEOC bankruptcy and deconsolidation effective January 15, 2015, see Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.” | |
Employee Benefit Plans | |
In January 2015, the National Retirement Fund (“NRF”), a multi-employer defined benefit pension plan, voted to expel Caesars Entertainment 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, Caesars Entertainment 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. Caesars Entertainment vigorously disputes NRF’s legal and contractual authority to take such action and has challenged NRF’s actions in the appropriate legal forums. | |
Demands for Payment | |
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 10.00% Second-Priority Senior Secured Notes due 2018 (the “10.00% Second-Priority Notes”) . The February 13 Notice alleges that Caesars Entertainment has unconditionally guaranteed the obligations of CEOC under the 10.00% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest, and any premium due on the 10.00% Second-Priority Notes, and 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 due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. | |
On February 18, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the “February 18 Notice”) from BOKF, N.A., 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 CEC has unconditionally guaranteed the obligations of CEOC under the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on the Notes, and demands that CEC immediately pay BOKF, N.A., cash in an amount of not less than $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys’ fees, and other expenses due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. | |
In accordance with the terms of the applicable indentures and as previously disclosed under Item 8.01 in our Current Report on Form 8-K filed August 22, 2014, CEC is not subject to the above-described guarantees. As a result, we believe the demands for payment are meritless. | |
On March 3, 2015, BOKF, N.A. filed a lawsuit (the "BOKF Lawsuit") against Caesars Entertainment in the United States District Court for the Southern District of New York in its capacity as successor indenture trustee for CEOC’s 12.75% Second-Priority Notes. The plaintiff alleges that CEOC’s filing of a voluntary Chapter 11 bankruptcy petition on January 15, 2015 constituted an event of default under the relevant indenture that caused all principal and interest owed on the 12.75% Second-Priority Notes to become immediately due and payable; that a provision in the indenture pursuant to which CEC guaranteed CEOC’s obligations on the 12.75% Second-Priority Notes is valid, binding, and enforceable; and that CEC is indebted to BOKF, N.A. for all principal, interest, and other amounts due and owing on the 12.75% Second-Priority Notes. Based on these allegations, the plaintiff brings claims for the violation of the Trust Indenture Act of 1939, breach of contract, intentional interference with contractual relations, breach of the duty of good faith and fair dealing, and declaratory relief. CEC has not yet been served with process in this case. | |
Rock Ohio Ventures | |
On February 26, 2015, we sold our 20% minority interest in Rock Ohio Caesars LLC, the entity that owns three Ohio casinos (Horseshoe Cleveland, Horseshoe Cincinnati, and Thistledown Racino) to Rock Ohio Ventures. The properties remain open for business and we continue to manage them. |
CEOC_Bankruptcy_CEOC_Bankruptc
CEOC Bankruptcy CEOC Bankruptcy (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
CEOC Bankruptcy [Abstract] | ||||||||||
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | Subsequent Events - CEOC Bankruptcy and Deconsolidation | |||||||||
Description of the CEOC Business | ||||||||||
CEOC is a majority owned subsidiary of Caesars Entertainment and its casinos account for approximately two million square feet of gaming space, 40,000 slot machines, and 15,000 hotel rooms. CEOC owns and operates 19 casinos in the United States and 9 internationally, most of which are located in England. In addition to owning and operating its own properties, CEOC managed six casinos for CGP LLC and nine casinos for unrelated third parties. Effective October 2014, substantially all of our properties are managed by CES (and the remaining properties will be transitioned upon regulatory approval). | ||||||||||
Restructuring Support and Forbearance Agreement | ||||||||||
As a result of CEOC’s highly-leveraged capital structure and the general decline in its gaming results since 2007, CEOC has experienced substantial operating and net losses in recent years. Under the debt structure in existence as of December 31, 2014, CEOC expected to experience operating and net losses for the foreseeable future. As a result of these and other factors, on January 9, 2015, CEOC announced that it would be moving forward to implement a financial restructuring plan to reduce long-term debt and annual interest payments. | ||||||||||
During the year ended December 31, 2014, and in January 2015, Caesars Entertainment and CEOC engaged in numerous negotiations with certain holders of CEOC’s indebtedness in an effort to reach a mutual agreement regarding the restructuring of CEOC’s debt (the “Restructuring”). As a result of these negotiations, Caesars Entertainment and CEOC entered into a Third Amended and Restated Restructuring Support and Forbearance Agreement, dated as of January 14, 2015 (as amended or restated, the “RSA”). The RSA has received support of over 80% of the First-Lien Noteholders (the “Consenting Creditors”). | ||||||||||
Pursuant to the RSA, the Consenting Creditors have agreed to, among other things, support and vote their claims in favor of the Restructuring and forbear from exercising certain default-related rights and remedies under the indentures governing the First Lien Notes. In addition, any litigation between Caesars Entertainment, CEOC, their respective directors, and any of the Consenting Creditors was adjourned, stayed, and/or dismissed without prejudice after CEOC’s Chapter 11 filing on the January 15, 2015 (the “Petition Date”) in accordance with the RSA. CEOC must meet or comply with various material milestones under the RSA relating to the timing of filing motions and orders with the Court for the Chapter 11 filings as well as the entry of orders with respect to certain aspects of the Chapter 11 process. Subject to certain qualifications and exceptions, the RSA may be amended by Caesars Entertainment, CEOC, and the Consenting Creditors holding greater than two-thirds of the aggregate amount of all First Lien Bond Claims held by the Consenting Creditors. | ||||||||||
Restructuring as Real Estate Investment Trust and Separate Operating Company | ||||||||||
As part of the RSA, Caesars Entertainment, CEOC, and the Consenting Creditors agreed to a term sheet setting forth the principal terms of the Restructuring (the “Term Sheet”) that include CEOC’s reorganization as a separate operating company (“OpCo”) and two property companies (“CPLV PropCo” and "Non-CPLV PropCo", collectively "PropCo"), with a real estate investment trust (the “REIT”) directly or indirectly owning and controlling PropCo. Upon completion of the Restructuring, there will be two leases under which CPLV PropCo and Non-CPLV PropCo will lease properties to OpCo: (1) for the Caesars Palace Las Vegas (“CPLV”) property (the “CPLV Lease”) and (2) for certain properties currently owned by CEOC other than CPLV (the “Non-CPLV PropCo Lease” and, together with the CPLV Lease, the “Leases”). A subsidiary of Caesars Entertainment will manage the properties and Caesars Entertainment will guarantee OpCo’s payment under the Leases. | ||||||||||
New Capital Structure | ||||||||||
The Restructuring also contemplates that (i) OpCo will issue up to $1.2 billion in principal amount of first lien debt with a six year term and interest at LIBOR plus 4.00% with a 1% LIBOR floor (“New First Lien OpCo Debt”) and up to $547 million in principal amount of second lien debt with a seven year term and interest at 8.5% (“New Second Lien OpCo Debt”) and (ii) PropCo will issue $2.4 billion in principal amount of first lien debt with a five year term and interest at LIBOR plus 3.5% with a 1% LIBOR floor (“New First Lien PropCo Debt”) and $1.4 billion in principal amount of second lien debt with a six year term and interest at 8.0% (“New Second Lien PropCo Debt”). CPLV will issue $2.6 billion in debt, of which no less than $2.0 billion will be sold to third party investors for cash proceeds (“CPLV Market Debt”) and any remaining debt up to $600 million will constitute “CPLV Mezzanine Debt,” with the weighted average yield on the CPLV Market Debt and CPLV Mezzanine Debt capped as set forth in the Term Sheet. | ||||||||||
PropCo must also offer and issue up to $300 million of preferred equity (the “PropCo Preferred Equity”), the proceeds of which will be used to: (1) reduce the amount of CPLV Debt issued to holders of First Lien Notes, if any; then (2) reduce the amount of CPLV Market Debt required to meet certain conditions, if required; and ultimately (3) reduce the amount of the New Second Lien PropCo Debt. The PropCo Preferred Equity will be entitled to paid-in-kind dividends at a rate equal to the dividend yield to holders of PropCo’s common stock, provided the rate shall not be less than 5% per annum. The offering of the PropCo Preferred Equity will be fully backstopped. | ||||||||||
Recoveries | ||||||||||
The Term Sheet from the RSA dated January 14, 2015, contemplates the following approximate recoveries: | ||||||||||
• | Each lender under CEOC’s senior secured credit facilities (each, a “First Lien Bank Lender”) will receive its pro rata share of (a) $705 million in cash, (b) $883 million in New First Lien OpCo Debt, (c) $406 million of New Second Lien OpCo Debt, (d) $2.0 billion in New First Lien PropCo Debt, and (e) up to $1.5 billion in additional cash or CPLV Mezzanine Debt. | |||||||||
• | Each First Lien Noteholder will receive its pro rata share of (a) $207 million in cash, (b) $306 million in New First Lien OpCo Debt, (c) $141 million of New Second Lien OpCo Debt, (d) $431 million in New First Lien PropCo Debt, (e) $1.4 billion in New Second Lien PropCo Debt, (f) up to $1.2 billion in additional cash or CPLV Mezzanine Debt, (g) 69.9% directly or indirectly of PropCo equity (or cash as a result of certain put options and equity rights) and (h) 100% of the OpCo equity (or cash as a result of certain put options and equity rights). | |||||||||
• | If they vote as a class to accept the Plan, each Non-First Lien Noteholder (as defined in the Term Sheet) will receive its pro rata share of 30.1% of the equity, directly or indirectly, in PropCo, and have the option to be a participant in certain equity rights. If the Non-First Lien Noteholders do not vote as a class to accept the Plan, each Non-First Lien Noteholder will receive its pro rata share of 17.5% of the equity, directly or indirectly, in PropCo, and the remaining 12.6% of PropCo equity shall be allocated to the equity holders of PropCo, excluding the Non-First Lien Noteholders, based on their pro rata ownership in PropCo. | |||||||||
The Term Sheet contemplates the ability of certain of the creditors to elect to receive cash in lieu of the OpCo and PropCo equity and provides certain non-first lien creditors the right to purchase additional PropCo equity in certain circumstances. | ||||||||||
In order to effectuate the Restructuring, Caesars Entertainment has agreed to, among other things, (i) contribute $406 million for the restructuring and forbearance fees; (ii) contribute an additional $75 million to the Debtors (as defined below) if there is insufficient liquidity at closing of the Restructuring; (iii) purchase up to all of OpCo equity for $700 million and 14.8% of PropCo equity for $269 million; (iv) guarantee OpCo’s monetary obligations to PropCo under the Leases as discussed above; and (v) give PropCo a right of first refusal on all new domestic non-Las Vegas opportunities, with Caesars Entertainment or OpCo leasing such properties. | ||||||||||
CEOC has proposed a plan of reorganization that provides, among other things, mechanisms for settlement of claims against the debtors’ estates, treatment of CEOC’s existing equity and debt holders, and certain corporate governance and administrative matters pertaining to the reorganized company. The Restructuring contemplated by the RSA is subject to numerous conditions and third party approvals and there can be no assurances that the Restructuring will be completed on the terms contemplated by the RSA and the Term Sheet or at all. | ||||||||||
Bankruptcy | ||||||||||
To implement the restructuring plan for balance sheet deleveraging, on January 15, 2015 (the “Petition Date”), CEOC and certain of its U.S. subsidiaries (the “Debtors”) voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. Caesars Entertainment, CERP, and CGP LLC are separate entities with independent capital structures and have not filed for bankruptcy relief. In addition, all Caesars Entertainment properties, including those owned by CEOC, are continuing to operate in the ordinary course. | ||||||||||
Operations and Implications of Bankruptcy Filing | ||||||||||
Subject to certain exceptions under the Bankruptcy Code, the bankruptcy filing automatically stayed the continuation of most judicial or administrative proceedings or filing of other actions against the Debtors or their property to recover, collect, or secure a claim arising prior to the petition date. Although the bankruptcy filing triggered defaults on the Debtors’ debt obligations, creditors are stayed from taking any action against the Debtors as a result of such defaults, subject to certain limited exceptions permitted by the Bankruptcy Code. Absent an order of the Bankruptcy Court or other limited exceptions, all of the Debtors’ pre-petition liabilities are subject to settlement under the Bankruptcy Code. | ||||||||||
CEOC submitted “First Day Motions” to the Bankruptcy Court to petition for these and other matters that would ease its entry into Chapter 11, including the ability for CEOC to perform certain activities required to run its business and continue normal operations with minimal disruption and to protect key relationships. On the Petition Date, CEOC received approval from the Bankruptcy Court to continue to pay or otherwise honor certain pre-petition obligations necessary to stabilize its operations, such as customer loyalty programs, employee wages, salaries and benefits, certain taxes and fees, customer obligations, obligations to logistics providers, and pre-petition amounts owed to certain critical vendors. CEOC also expects to honor payments to vendors and other providers in the ordinary course of business for goods and services received after the Petition Date. | ||||||||||
The Bankruptcy Court has granted interim orders permitting the Debtors to continue to use their cash management system, existing bank accounts and business forms, and complete intercompany transactions consistent with historical practice. Under the authorization of the Bankruptcy Court, the interim orders permit the Debtors to continue the reimbursement of expenses to CES for services provided under the terms of the Omnibus Agreement between CEOC, CERP, and CGPH. Under the terms of the CES joint venture and the Omnibus Agreement, we presently believe that Caesars Entertainment and its other operating subsidiaries will continue to have access to the services historically provided to us by CEOC and its employees, trademarks, and programs despite the CEOC bankruptcy filing. See Note 2, “Basis of Presentation and Principles of Consolidation.” Cash of CEOC, to the extent it constitutes cash collateral, is also subject to an interim order of the Bankruptcy Court that permits the Debtors to use cash collateral subject to certain terms and conditions, including adhering to certain Chapter 11 case milestones, providing various reporting to their pre-petition secured creditors, spending consistent with a budget governing the use of cash collateral, and providing various forms of adequate protection to their pre-petition secured creditors. | ||||||||||
Not all CEOC properties are included in the bankruptcy filing. The table below summarizes CEOC properties based on whether or not they are included in the CEOC Chapter 11 bankruptcy filing. | ||||||||||
CEOC Properties Included in the Chapter 11 Filing | ||||||||||
Bally’s Atlantic City | Harrah’s Reno | |||||||||
Caesars Atlantic City | Harveys Lake Tahoe | |||||||||
Caesars Palace Las Vegas | Horseshoe Bossier City | |||||||||
Harrah's Gulf Coast | Horseshoe Council Bluffs | |||||||||
Harrah’s Council Bluffs | Horseshoe Hammond | |||||||||
Harrah’s Joliet | Horseshoe Southern Indiana | |||||||||
Harrah’s Lake Tahoe | Horseshoe Tunica | |||||||||
Harrah’s Metropolis | Louisiana Downs | |||||||||
Harrah’s North Kansas City | Tunica Roadhouse | |||||||||
CEOC Properties Not Included in the Chapter 11 Filing | ||||||||||
Domestic Owned | Managed for Third Parties | |||||||||
Harrah’s Philadelphia | Caesars Cairo | |||||||||
International Owned | Caesars Windsor | |||||||||
Alea Glasgow | Harrah’s Ak-Chin | |||||||||
Alea Nottingham | Harrah’s Cherokee | |||||||||
The Casino at the Empire | Harrah’s Resort Southern California | |||||||||
Emerald Safari | Horseshoe Cincinnati | |||||||||
Manchester235 | Horseshoe Cleveland | |||||||||
Playboy Club London | The London Clubs Cairo-Ramses | |||||||||
Rendezvous Brighton | ThistleDown Racino | |||||||||
Rendezvous Southend-on-Sea | ||||||||||
The Sportsman | ||||||||||
Liquidity | ||||||||||
CEOC does not expect to require a debtor-in-possession credit facility as CEOC currently expects to have sufficient cash to fund its operations during the restructuring process. | ||||||||||
CEOC’s proposed financial restructuring plan would reduce CEOC’s debt by approximately $10.0 billion, providing for the exchange of approximately $18.4 billion of outstanding debt for $8.6 billion of new debt. Annual interest expense would be reduced by approximately 75%, from approximately $1.7 billion to approximately $450 million. PropCo would lease its real property assets to OpCo in exchange for annual lease payments of $635 million, subject to certain adjustments, with the lease payments guaranteed by Caesars Entertainment. | ||||||||||
Under the proposed plan, Caesars Entertainment will make substantial cash and other contributions to support the restructuring. The completion of the previously announced merger of Caesars Entertainment and CAC, as described in Note 1, “Description of Business,” will allow Caesars Entertainment to make these contributions without the need for any significant outside financing. | ||||||||||
Second Priority Noteholders | ||||||||||
On October 15, 2014, CEOC received a Notice of Default from holders of the 10.00% Second-Priority Senior Secured Noteholders purporting to own at least 30% in principal amount of CEOC’s outstanding second-priority senior secured notes issued under the Indenture, dated December 24, 2008. | ||||||||||
CEOC elected not to pay $225 million in interest due on December 15, 2014. This included (a) a $41 million interest payment that was due on CEOC’s 10.00% Second-Priority Senior Secured Notes due 2015 and 10.00% Second-Priority Senior Secured Notes due 2018; and (b) a $184 million interest payment that was due on CEOC’s 10.00% Second-Priority Senior Secured Notes due 2018. The failure to pay such interest did not constitute an event of default under the December 2008 Indenture and the April 2009 Indenture until such failure to pay interest continued for a period of 30 days. There is approximately $4.5 billion in aggregate of second priority notes outstanding under the December 2008 Indenture and the April 2009 Indenture as of December 31, 2014. | ||||||||||
On January 12, 2015, certain holders of 10.00% Second-Priority Senior Secured Notes due 2018 filed an involuntary bankruptcy petition against CEOC in the United States Bankruptcy Court for the District of Delaware. On January 28, 2015, a Delaware Court held that the proper venue for the CEOC bankruptcy is the United States Bankruptcy Court for the Northern District of Illinois, which is the forum in which CEOC filed its voluntary bankruptcy petition on January 15, 2014. The validity of the involuntary petition has not been fully adjudicated. The propriety of this involuntary petition remains the subject of pending litigation in CEOC’s bankruptcy proceeding. A determination that the involuntary petition filed on January 12, 2015 was, in fact, valid, could affect, among other things, the scope of the “look back” period with respect to certain claims and causes of action arising under the Bankruptcy Code. In many instances, the look back period with respect to such claims and causes of action are calculated from the date on which a bankruptcy petition is validly filed, including with respect to the ability of a debtor or its creditors to claw back so-called “preferential” transfers made by a debtor in the 90 day or one year period prior to the commencement of a bankruptcy case. | ||||||||||
Deconsolidation of CEOC | ||||||||||
CEOC’s bankruptcy filing was a reconsideration event for Caesars Entertainment to reevaluate whether consolidation of CEOC continues to be appropriate. We reevaluated whether CEOC was a VIE, and we concluded that CEOC was a VIE. Generally, when an entity files for bankruptcy, the holders of equity at risk as a group lose the power to make decisions that have a significant impact on the economic performance of the entity because such power is typically transferred to the Bankruptcy Court. We have concluded that this is the case with CEOC and that the equity owners, including Caesars Entertainment, only possess non-substantive voting rights. We have also concluded that Caesars Entertainment is not the primary beneficiary of CEOC, since the Bankruptcy Court now controls its key activities, including determining operating budgets, payment of obligations, and management of assets. CEOC management cannot carry on activities necessary for the ordinary course of business without Bankruptcy Court approval. As a result, we have concluded that Caesars Entertainment should deconsolidate CEOC upon the bankruptcy filing. For similar reasons, we determined that we do not have significant influence over CEOC. As a result, Caesars Entertainment will account for the investment in CEOC as a cost method investment prospectively from the Petition Date. | ||||||||||
Pro Forma Financial Information (Unaudited) | ||||||||||
The following unaudited pro forma financial information is based upon the historical consolidated financial statements of Caesars Entertainment, adjusted to reflect the deconsolidation of CEOC and its consolidated subsidiaries, as described above. | ||||||||||
Pro Forma Financial Information (Unaudited) | ||||||||||
As of and for the Year Ended December 31, 2014 | ||||||||||
CEC, as reported | CEOC deconsolidation adjustment | CEC pro forma for CEOC deconsolidation | ||||||||
(In millions, except loss per share) | ||||||||||
Net revenues | $ | 8,516 | $ | (4,871 | ) | $ | 3,645 | |||
Net loss | (2,866 | ) | 2,220 | (646 | ) | |||||
Net loss attributable to Caesars | (2,783 | ) | 2,056 | (727 | ) | |||||
Loss per share - basic & diluted | (19.53 | ) | 14.43 | (5.10 | ) | |||||
Total assets | 23,535 | (11,122 | ) | 12,413 | ||||||
Long-term debt (current and non-current) | 23,213 | (16,100 | ) | 7,113 | ||||||
Total liabilities | 28,277 | (18,733 | ) | 9,544 | ||||||
Total stockholders’ equity/(deficit) | (4,742 | ) | 7,611 | 2,869 | ||||||
The unaudited pro forma financial information gives effect to the deconsolidation of CEOC as of January 1, 2014. The pro forma adjustments are based on the best available information including certain assumptions that Caesars Entertainment management believes are reasonable, appropriate, and directly attributable to the deconsolidation of CEOC. Pro forma adjustments on data derived from the statement of operations reflect only those adjustments that are recurring in nature. The pro forma adjustments assume that all Caesars Entertainment properties, including those owned by CEOC, are open for business and are continuing to operate in the ordinary course. | ||||||||||
The pro forma adjustments do not include any adjustments to reflect the RSA, including the reorganization of the CEOC corporate structure. Accordingly, actual results could differ materially from the pro forma presentation included herein depending on these factors, among others. | ||||||||||
The unaudited pro forma financial information is provided for illustrative purposes only and is not indicative of the operating results or financial position that would have occurred had the deconsolidation of CEOC occurred as of January 1, 2014. Readers should not rely on the unaudited pro forma financial information as being indicative of the historical operating results that Caesars Entertainment would have achieved if the deconsolidation had occurred on such dates or for such periods or indicative of any future operating results or financial position that it will experience after the Petition Date, including the final result and effect of any potential outcome resulting from the planned restructuring of CEOC. | ||||||||||
Related Party | ||||||||||
As described above, subsequent to the Petition Date, CEOC will continue to fund all expenses related to its operations that are being provided by CES and can continue to perform on its intercompany obligations to all Caesars entities. However, upon filing for bankruptcy and the subsequent deconsolidation, transactions with CEOC will no longer be eliminated in consolidation and will be considered related party transactions for Caesars Entertainment. These transactions include items such as casino management fees paid to CEOC, insurance expenses related to insurance coverage provided to CEOC by Caesars Entertainment, and rent payments by CEOC to CERP under the Octavius Tower lease agreement. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) | |||||||||||||||||||
(In millions, except loss per share) | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Net revenues | $ | 2,033 | $ | 2,140 | $ | 2,212 | $ | 2,131 | $ | 8,516 | ||||||||||
Income/(loss) from operations | 151 | 127 | (328 | ) | (402 | ) | (452 | ) | ||||||||||||
Net loss | (383 | ) | (433 | ) | (980 | ) | (1,070 | ) | (2,866 | ) | ||||||||||
Net loss attributable to Caesars | (386 | ) | (466 | ) | (908 | ) | (1,023 | ) | (2,783 | ) | ||||||||||
Loss per share - basic and diluted | (2.82 | ) | (3.24 | ) | (6.29 | ) | (7.08 | ) | (19.53 | ) | ||||||||||
2013 | ||||||||||||||||||||
Net revenues | $ | 2,060 | $ | 2,069 | $ | 2,087 | $ | 2,004 | $ | 8,220 | ||||||||||
Income/(loss) from operations | 148 | 127 | (524 | ) | (1,777 | ) | (2,026 | ) | ||||||||||||
Net loss | (217 | ) | (209 | ) | (762 | ) | (1,752 | ) | (2,940 | ) | ||||||||||
Net loss attributable to Caesars | (218 | ) | (212 | ) | (761 | ) | (1,757 | ) | (2,948 | ) | ||||||||||
Loss per share - basic and diluted | (1.74 | ) | (1.69 | ) | (6.03 | ) | (12.83 | ) | (22.93 | ) | ||||||||||
Amounts presented for the first and second quarters of 2014 and all periods for 2013 have been recast to give effect to the discontinued operations described in Note 6, “Acquisitions, Dispositions, and Other Property Matters.” In addition, amounts presented contain material impairments, which affect the comparability from period to period. For more information on these impairments, see Note 7, “Property and Equipment, net,” and Note 8, “Goodwill and Other Intangible Assets.” |
Schedule_I_Notes
Schedule I (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Subsequent Events | Subsequent Events - Other | |||||||||||
For information about the CEOC bankruptcy and deconsolidation effective January 15, 2015, see Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.” | ||||||||||||
Employee Benefit Plans | ||||||||||||
In January 2015, the National Retirement Fund (“NRF”), a multi-employer defined benefit pension plan, voted to expel Caesars Entertainment 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, Caesars Entertainment 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. Caesars Entertainment vigorously disputes NRF’s legal and contractual authority to take such action and has challenged NRF’s actions in the appropriate legal forums. | ||||||||||||
Demands for Payment | ||||||||||||
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 10.00% Second-Priority Senior Secured Notes due 2018 (the “10.00% Second-Priority Notes”) . The February 13 Notice alleges that Caesars Entertainment has unconditionally guaranteed the obligations of CEOC under the 10.00% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest, and any premium due on the 10.00% Second-Priority Notes, and 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 due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. | ||||||||||||
On February 18, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the “February 18 Notice”) from BOKF, N.A., 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 CEC has unconditionally guaranteed the obligations of CEOC under the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on the Notes, and demands that CEC immediately pay BOKF, N.A., cash in an amount of not less than $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys’ fees, and other expenses due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. | ||||||||||||
In accordance with the terms of the applicable indentures and as previously disclosed under Item 8.01 in our Current Report on Form 8-K filed August 22, 2014, CEC is not subject to the above-described guarantees. As a result, we believe the demands for payment are meritless. | ||||||||||||
On March 3, 2015, BOKF, N.A. filed a lawsuit (the "BOKF Lawsuit") against Caesars Entertainment in the United States District Court for the Southern District of New York in its capacity as successor indenture trustee for CEOC’s 12.75% Second-Priority Notes. The plaintiff alleges that CEOC’s filing of a voluntary Chapter 11 bankruptcy petition on January 15, 2015 constituted an event of default under the relevant indenture that caused all principal and interest owed on the 12.75% Second-Priority Notes to become immediately due and payable; that a provision in the indenture pursuant to which CEC guaranteed CEOC’s obligations on the 12.75% Second-Priority Notes is valid, binding, and enforceable; and that CEC is indebted to BOKF, N.A. for all principal, interest, and other amounts due and owing on the 12.75% Second-Priority Notes. Based on these allegations, the plaintiff brings claims for the violation of the Trust Indenture Act of 1939, breach of contract, intentional interference with contractual relations, breach of the duty of good faith and fair dealing, and declaratory relief. CEC has not yet been served with process in this case. | ||||||||||||
Rock Ohio Ventures | ||||||||||||
On February 26, 2015, we sold our 20% minority interest in Rock Ohio Caesars LLC, the entity that owns three Ohio casinos (Horseshoe Cleveland, Horseshoe Cincinnati, and Thistledown Racino) to Rock Ohio Ventures. The properties remain open for business and we continue to manage them. | ||||||||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Condensed Financial Information of Parent Company Disclosure | CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY | |||||||||||
CAESARS ENTERTAINMENT CORPORATION | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
(In millions) | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 378 | $ | 113 | ||||||||
Restricted cash | 11 | 31 | ||||||||||
Prepayments and other current assets | 25 | — | ||||||||||
Intercompany receivables | 10 | 1 | ||||||||||
Total current assets | 424 | 145 | ||||||||||
Restricted cash | 76 | 20 | ||||||||||
Deferred charges and other | — | 1 | ||||||||||
Deferred income taxes | 4 | 8 | ||||||||||
Intercompany receivables | 40 | 340 | ||||||||||
Total assets | $ | 544 | $ | 514 | ||||||||
Liabilities and Stockholders’ Equity/(Deficit) | ||||||||||||
Current liabilities | ||||||||||||
Accrued expenses | $ | — | $ | 4 | ||||||||
Accrued interest payable | 1 | — | ||||||||||
Intercompany payables | 6 | 5 | ||||||||||
Current portion of long-term debt | 13 | — | ||||||||||
Total current liabilities | 20 | 9 | ||||||||||
Accumulated losses of subsidiaries in excess of investment | 5,214 | 3,582 | ||||||||||
Deferred credits and other | 2 | — | ||||||||||
Intercompany payables | 55 | 55 | ||||||||||
Total liabilities | 5,291 | 3,646 | ||||||||||
Total stockholders’ equity/(deficit) | (4,747 | ) | (3,132 | ) | ||||||||
Total liabilities and stockholders’ equity/(deficit) | $ | 544 | $ | 514 | ||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY | ||||||||||||
CAESARS ENTERTAINMENT CORPORATION | ||||||||||||
CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
(In millions) | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net revenues | $ | — | $ | — | $ | — | ||||||
Operating expenses | ||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | — | — | 15 | |||||||||
Income on interests in non-consolidated affiliates | (1 | ) | (1 | ) | — | |||||||
Loss on interests in subsidiaries | 2,765 | 2,923 | 1,464 | |||||||||
Corporate expense | 14 | 16 | 28 | |||||||||
Acquisition and integration costs | 10 | — | — | |||||||||
Total operating expenses | 2,788 | 2,938 | 1,507 | |||||||||
Loss from operations | (2,788 | ) | (2,938 | ) | (1,507 | ) | ||||||
Interest expense | (3 | ) | 2 | (1 | ) | |||||||
Other income, including interest income | 15 | 23 | 18 | |||||||||
Loss from operations before income taxes | (2,776 | ) | (2,913 | ) | (1,490 | ) | ||||||
Income tax benefit/(expense) | (7 | ) | — | 9 | ||||||||
Net loss | (2,783 | ) | (2,913 | ) | (1,481 | ) | ||||||
Other comprehensive income, net of income taxes | — | — | — | |||||||||
Comprehensive loss | $ | (2,783 | ) | $ | (2,913 | ) | $ | (1,481 | ) | |||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY | ||||||||||||
CAESARS ENTERTAINMENT CORPORATION | ||||||||||||
CONDENSED STATEMENT OF CASH FLOWS | ||||||||||||
(In millions) | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities | $ | 152 | $ | 408 | $ | 259 | ||||||
Cash flows from investing activities | ||||||||||||
Change in restricted cash | (36 | ) | (51 | ) | — | |||||||
Purchase of additional interest in subsidiary | — | (581 | ) | (233 | ) | |||||||
Purchase of LINQ/Octavius from non-guarantor | — | (81 | ) | — | ||||||||
Proceeds paid for sale of assets | — | (29 | ) | — | ||||||||
Other | — | — | (1 | ) | ||||||||
Cash flows from investing activities | (36 | ) | (742 | ) | (234 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock, net of fees | 136 | 217 | 17 | |||||||||
Proceeds from the issuance of long-term debt | 13 | — | — | |||||||||
Transfer to affiliates | — | 223 | (39 | ) | ||||||||
Cash flows from financing activities | 149 | 440 | (22 | ) | ||||||||
Net increase in cash and cash equivalents | 265 | 106 | 3 | |||||||||
Cash and cash equivalents, beginning of period | 113 | 7 | 4 | |||||||||
Cash and cash equivalents, end of period | $ | 378 | $ | 113 | $ | 7 | ||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY | ||||||||||||
CAESARS ENTERTAINMENT CORPORATION | ||||||||||||
NOTES TO CONDENSED FINANCIAL INFORMATION | ||||||||||||
1 | Background and basis of presentation | |||||||||||
These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment Corporation and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment Corporation and its subsidiaries (the “Company”). This information should be read in conjunction with the company’s consolidated financial statements included elsewhere in this filing. | ||||||||||||
2 | Restricted net assets of subsidiaries | |||||||||||
Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held at December 31, 2014 and 2013 was approximately $2.4 billion and $3.0 billion, respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. | ||||||||||||
3 | Commitments, contingencies and long-term obligations | |||||||||||
For a discussion of the Company’s commitments, contingencies and long term obligations under its senior secured credit facility, see Note 10, “Debt” and Note 15, “Litigation, Contractual Commitments, and Contingent Liabilities” of the Company’s consolidated financial statements. | ||||||||||||
4 | Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”) | |||||||||||
The accompanying financial statements are based upon the Company's current conclusions regarding ownership of assets and obligation to pay liabilities. On January 15, 2015, CEOC (the Company's largest subsidiary) and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015. As a result of the financial restructuring and the deconsolidation of CEOC, the amounts that have been recorded as assets and liabilities of CEOC could change as a result of these proceedings. As an example, we are currently assessing the rights and obligations of CEC with respect to certain deferred compensation obligations, and certain trust assets that have been set aside to fund those obligations. Accordingly, the information presented in the accompanying Condensed Financial Information of registrant parent company only could change pending final January 15, 2015 financial statements and ultimate determination of rights and obligations with respect to assets and liabilities. | ||||||||||||
Background and basis of presentation | Background and basis of presentation | |||||||||||
These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment Corporation and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment Corporation and its subsidiaries (the “Company”). This information should be read in conjunction with the company’s consolidated financial statements included elsewhere in this filing. | ||||||||||||
Restricted net assets of subsidiaries | Restricted net assets of subsidiaries | |||||||||||
Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held at December 31, 2014 and 2013 was approximately $2.4 billion and $3.0 billion, respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. | ||||||||||||
Commitments, contingencies and long-term obligations | Commitments, contingencies and long-term obligations | |||||||||||
For a discussion of the Company’s commitments, contingencies and long term obligations under its senior secured credit facility, see Note 10, “Debt” and Note 15, “Litigation, Contractual Commitments, and Contingent Liabilities” of the Company’s consolidated financial statements. | ||||||||||||
Subsequent Events | Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”) | |||||||||||
The accompanying financial statements are based upon the Company's current conclusions regarding ownership of assets and obligation to pay liabilities. On January 15, 2015, CEOC (the Company's largest subsidiary) and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015. As a result of the financial restructuring and the deconsolidation of CEOC, the amounts that have been recorded as assets and liabilities of CEOC could change as a result of these proceedings. As an example, we are currently assessing the rights and obligations of CEC with respect to certain deferred compensation obligations, and certain trust assets that have been set aside to fund those obligations. Accordingly, the information presented in the accompanying Condensed Financial Information of registrant parent company only could change pending final January 15, 2015 financial statements and ultimate determination of rights and obligations with respect to assets and liabilities. |
Schedule_II_Notes
Schedule II (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | CAESARS ENTERTAINMENT CORPORATION | |||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance at | Charge-offs | Balance | ||||||||||||||
Beginning | Charged to | Less | at End | |||||||||||||
Description | of Year | Income | Recoveries | of Year | ||||||||||||
Allowance for doubtful accounts | ||||||||||||||||
Year ended December 31, 2014 | $ | 162 | $ | 50 | $ | (16 | ) | $ | 196 | |||||||
Year ended December 31, 2013 | $ | 202 | $ | 29 | $ | (69 | ) | $ | 162 | |||||||
Year ended December 31, 2012 | $ | 202 | $ | 67 | $ | (67 | ) | $ | 202 | |||||||
Basis_of_Presentation_Consolid1
Basis of Presentation & Consolidation Basis of Presentation & Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates |
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual amounts could differ from those estimates. | |
Certain prior year amounts have been reclassified to conform to the current year’s presentation. | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | We consolidate into our financial statements the accounts of all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, (1) whereby affiliates that are more than 50% owned are consolidated; (2) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method; and (3) investments in affiliates of 20% or less are generally accounted for using the cost method. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents are highly liquid investments with original maturities of three months or less from the date of purchase and are stated at the lower of cost or market value. | |
Restricted Cash | Restricted Cash |
As of December 31, 2014 and 2013, we had $185 million and $425 million of restricted cash, respectively, comprised of current and non-current portions. Restricted cash includes proceeds from bond offerings that are in escrow prior to closing; cash reserved under loan agreements for (a) development projects and (b) certain expenditures incurred in the normal course of business, such as interest services, real estate taxes, casualty insurance, and capital improvements; and certain other cash deposits that are designated by management for specific purpose. | |
Receivables | Receivables |
We issue credit to approved casino customers following background checks and investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectibility of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. | |
Marker play represents a significant portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts 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. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. | |
Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. We reserve an estimated amount for gaming receivables that may not be collected to reduce the Company’s receivables to their net carrying amount. 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. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for allowance for doubtful accounts. | |
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 customers’ possession. Food and beverage, rooms, and other operating 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 guests without charge is included in gross revenues and then deducted as promotional allowances. See Note 12, “Casino Promotional Allowances.” | |
Revenue Recognition, Interactive Entertainment | Interactive Entertainment—Social and Mobile Games |
CIE derives revenue from the sale of virtual currencies within casino-themed social and mobile games that are played on various global social and mobile third-party platforms. Within the Slotomania application, game players may collect free virtual coins on a regular basis, may send “gifts” of either free virtual coins or free slot machine spins to their friends through interactions with the Facebook application, and may “earn” free virtual coins through targeted marketing promotions. Within the Bingo Blitz application, game players may collect free bingo credits on a regular basis, may send “gifts” of free bingo credits or other virtual items to their friends through interactions with the Facebook application, and may “earn” free bingo credits through targeted marketing promotions. Virtual coins in Slotomania and virtual bingo credits in Bingo Blitz (collectively referred to as “virtual currency” or “virtual goods”) allow the game players to play the respective games free of charge. A game player may purchase additional virtual goods above and beyond the level of free virtual goods available to that player. Purchased virtual goods are deposited into the player’s account and are then not separately identifiable from virtual goods previously obtained by the player. | |
CIE is able to reliably estimate the period of time over which virtual currency is consumed. As such, CIE recognizes revenue using an item-based revenue model. However, CIE is unable to distinguish between when purchased or free virtual currency is being consumed; therefore, CIE must estimate the amount of outstanding purchased virtual currency at each reporting period based on customer behavior. CIE records within other current liabilities the deferred revenue associated with its social and mobile games, and also records within other current assets the prepaid platform fees associated with this deferred revenue. | |
CIE’s applications are played on various social and mobile third-party platforms for which such third parties collect monies from CIE’s customers and pay CIE an amount after deducting a platform fee. CIE is the primary obligor with its customers under these arrangements, retains the ability to establish the pricing for its virtual currencies, and assumes all credit risk with its customers. Based upon these facts, CIE recognizes revenues from its game-playing customers on a gross basis and related platform fees are recorded as a component of operating expense. | |
Advertising | Advertising |
The Company expenses the production costs of advertising the first time the advertising takes place. |
Property_and_Equipment_net_Pro
Property and Equipment, net Property and Equipment, net (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Accounting Policy | |
We have significant capital invested in our long-lived assets, and judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. The accuracy of these estimates affects the amount of depreciation and amortization expense recognized in our financial results and whether we have a gain or loss on the disposal of an asset. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. | ||
We review the carrying value of our long-lived assets 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. We typically estimate the fair value of assets starting with a “Replacement Cost New” approach and then deduct appropriate amounts for both functional and economic obsolescence to arrive at the fair value estimates. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows, which, for most of our assets, is the individual property. These analyses are sensitive to management assumptions and the estimates of the obsolescence factors. Changes in these assumptions and estimates could have a material impact on the analyses and the consolidated financial statements. | ||
Additions to property and equipment are stated at cost. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Interest expense is capitalized on internally constructed assets at the applicable weighted-average borrowing rates of interest. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period of time. Interest capitalized was $45 million, $38 million, and $38 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: | ||
Useful Lives | ||
Land improvements | 12 years | |
Buildings | 20 to 40 years | |
Leasehold improvements | 5 to 15 years | |
Riverboats and barges | 30 years | |
Furniture, fixtures, and equipment | 2 to 20 years |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Accounting Policy |
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determine the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. | |
We perform our annual goodwill impairment assessment as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. We also evaluate the aggregate fair value of all of our reporting units and other non-operating assets in comparison to our aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in our industry. | |
We perform our annual impairment assessment of other non-amortizing intangible assets as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of our non-amortizing intangible assets by primarily using the “Relief From Royalty Method” and “Excess Earnings Method” under the income approach. | |
The annual evaluation of goodwill and other non-amortizing intangible assets 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 further in the near future, discount rates increase significantly, or we do not meet our projected performance, we could have additional impairments to record in the future and such impairments could be material. |
Detail_of_Accrued_Expenses_and1
Detail of Accrued Expenses and Other Current Liabilities Detail of Accrued Expenses (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Detail of Accrued Expenses [Abstract] | |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Total Rewards Program Liability |
Our customer loyalty program, Total Rewards, offers incentives to customers who gamble at all of our casino entertainment facilities located in the U.S. and Canada for on-property entertainment expenses, including gaming, hotel, dining, and retail shopping. 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. To arrive at the estimated cost associated with reward credits, estimates and assumptions are made regarding incremental marginal costs of the benefits, breakage rates, and the mix of goods and services for which reward credits will be redeemed. We use historical data to assist in the determination of estimated accruals. As of December 31, 2014 and 2013, we had Total Rewards liabilities of $47 million and $50 million, respectively. | |
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. | |
Self Insurance Reserve [Policy Text Block] | Self-Insurance Accruals |
We are self-insured for various levels of workers’ compensation, property and general liability, employee medical coverage, and other coverage. 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. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. |
Debt_Debt_Discounts_or_Premium
Debt Debt Discounts or Premiums and Debt Issue Costs (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Debt, Policy [Policy Text Block] | Debt Discounts or Premiums and Debt Issue Costs |
Debt discounts or premiums and debt issue 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 are written off and included in our gain or loss calculations to the extent we retire debt prior to its original maturity date. Unamortized debt issue costs are included in deferred charges and other assets in our Consolidated Balance Sheets. |
Casino_Promotional_Allowances_1
Casino Promotional Allowances Casino Promotional Allowances (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Promotional Allowances [Abstract] | |
Revenue Recognition, Revenue Reductions [Policy Text Block] | 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 cost of providing such casino promotional allowances is included in casino expenses. |
Income_Taxes_Income_Taxes_Poli
Income Taxes Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Income Tax, Policy [Policy Text Block] | Accounting Policy |
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. We have provided a valuation allowance on certain federal, foreign, and state net operating losses (“NOLs”), and other federal, state, and foreign deferred tax assets. NOLs and other federal, state, and foreign deferred tax assets were not deemed realizable based upon near term estimates of future taxable income. | |
We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our Consolidated Balance Sheets, separate from any related income tax payable, which is also reported within accrued expenses, or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions, as well as potential interest or penalties associated with those liabilities. | |
We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions, except for CGP LLC, which is filed as part of a separate tax filing group. We are under regular and recurring audit by the Internal Revenue Service (“IRS”) and various state taxing authorities on open tax positions, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months. |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Caesars Entertainment is primarily a holding company and operates through four reportable segments: Caesars Entertainment Operating Company, Inc. (“CEOC”), Caesars Entertainment Resort Properties, LLC (“CERP”), Caesars Growth Partners Casino Properties and Developments (“CGP LLC Casinos”), and Caesars Interactive Entertainment, Inc. (“CIE”). |
We view each casino property and CIE as operating segments and aggregate all such casino properties and CIE into these four reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures. While the CEOC and CERP reportable segments each comprise all of the operations of these consolidated subsidiaries, our consolidated VIE, CGP LLC, is comprised of the CGP LLC Casinos and CIE reportable segments. We revised our presentation from one reportable segment to the four listed above effective October 1, 2014, in conjunction with CES commencing operations, as the way in which CEC management assesses results and allocates resources is aligned in accordance with these segments. | |
The results of each reportable segment presented below are consistent with the way CEC management assesses these results, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within Caesars, as described below. Accordingly, the results of certain reportable segments presented in this filing differ from the financial statement information presented in their stand-alone filings. |
Liquidity_Considerations_Liqui1
Liquidity Considerations Liquidity Considerations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Liquidity Considerations [Abstract] | ||||||||||||||||||||
Liquidity [Table Text Block] | Cash and Available Revolver Capacity | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CES | CGP LLC | Parent | |||||||||||||||
Cash and cash equivalents | $ | 1,194 | $ | 189 | $ | 70 | $ | 944 | $ | 409 | ||||||||||
Revolver capacity | 270 | — | 150 | — | ||||||||||||||||
Revolver capacity drawn or committed to letters of credit | (180 | ) | — | — | — | |||||||||||||||
Total | $ | 279 | $ | 70 | $ | 1,094 | $ | 409 | ||||||||||||
____________________ | ||||||||||||||||||||
(1) | See information about CEOC’s Financial Restructuring Plan below and Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.” CEOC is unable to draw on its remaining revolver capacity. |
Acquisitions_Dispositions_and_1
Acquisitions, Dispositions and Divestitures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The operating results of certain properties have been classified as discontinued operations for all periods presented and are excluded from the results of operations presented within this Form 10-K. The following table summarizes net revenues, pre-tax loss, and total loss for all of our discontinued operations. | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Net revenues | ||||||||||||
Showboat Atlantic City | $ | 115 | $ | 199 | $ | 228 | ||||||
Harrah’s Tunica | 46 | 130 | 155 | |||||||||
Other | 2 | 14 | 230 | |||||||||
Total net revenues | $ | 163 | $ | 343 | $ | 613 | ||||||
Pre-tax income/(loss) from operations | ||||||||||||
Showboat Atlantic City | $ | (59 | ) | $ | (66 | ) | $ | (450 | ) | |||
Harrah’s Tunica | (120 | ) | (140 | ) | (3 | ) | ||||||
Other | (34 | ) | (33 | ) | (67 | ) | ||||||
Total pre-tax loss from discontinued operations | $ | (213 | ) | $ | (239 | ) | $ | (520 | ) | |||
Income/(loss), net of income taxes | ||||||||||||
Showboat Atlantic City | $ | (38 | ) | $ | (83 | ) | $ | (281 | ) | |||
Harrah’s Tunica | (120 | ) | (91 | ) | (2 | ) | ||||||
Other | (34 | ) | (33 | ) | (117 | ) | ||||||
Total loss from discontinued operations, net of income taxes | $ | (192 | ) | $ | (207 | ) | $ | (400 | ) |
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Useful Lives | |||||||||||
Land improvements | 12 years | |||||||||||
Buildings | 20 to 40 years | |||||||||||
Leasehold improvements | 5 to 15 years | |||||||||||
Riverboats and barges | 30 years | |||||||||||
Furniture, fixtures, and equipment | 2 to 20 years | |||||||||||
Property and Equipment, Net | Property and Equipment, Net | |||||||||||
As of December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Land and land improvements | $ | 6,218 | $ | 6,267 | ||||||||
Buildings, riverboats, and improvements | 7,506 | 6,668 | ||||||||||
Furniture, fixtures, and equipment | 2,685 | 2,298 | ||||||||||
Construction in progress | 302 | 824 | ||||||||||
16,711 | 16,057 | |||||||||||
Less: accumulated depreciation | (3,255 | ) | (2,819 | ) | ||||||||
Total property and equipment, net | $ | 13,456 | $ | 13,238 | ||||||||
Depreciation Expense | Depreciation Expense | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Depreciation expense | $ | 574 | $ | 572 | $ | 752 | ||||||
Tangible Asset Impairments [Table Text Block] | Tangible Asset Impairments | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Continuing operations | $ | 60 | $ | 2,381 | $ | 181 | ||||||
Discontinued operations | 78 | 195 | 450 | |||||||||
Total | $ | 138 | $ | 2,576 | $ | 631 | ||||||
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Changes in Carrying Value of Goodwill | Balances | |||||||||||||||||||||||||
Changes in Carrying Value of Goodwill by Segment | ||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | CEC Total | |||||||||||||||||||||
Gross Goodwill | ||||||||||||||||||||||||||
Balance as of January 1, 2013 | $ | 5,475 | $ | 3,894 | $ | — | $ | 65 | $ | 9,434 | ||||||||||||||||
Additions | — | — | — | 22 | 22 | |||||||||||||||||||||
Disposals (1) | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||||
Transfers (2) | (25 | ) | — | 25 | — | — | ||||||||||||||||||||
Balance as of December 31, 2013 | 5,435 | 3,894 | 25 | 87 | 9,441 | |||||||||||||||||||||
Accumulated Impairment | ||||||||||||||||||||||||||
Balance as of January 1, 2013 | (4,071 | ) | (2,203 | ) | — | — | (6,274 | ) | ||||||||||||||||||
Impairment | (104 | ) | — | — | — | (104 | ) | |||||||||||||||||||
Balance as of December 31, 2013 | (4,175 | ) | (2,203 | ) | — | — | (6,378 | ) | ||||||||||||||||||
Net Carrying Value, December 31, 2013 | $ | 1,260 | $ | 1,691 | $ | 25 | $ | 87 | $ | 3,063 | ||||||||||||||||
Gross Goodwill | ||||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | 5,435 | $ | 3,894 | $ | 25 | $ | 87 | $ | 9,441 | ||||||||||||||||
Additions | — | — | — | 13 | 13 | |||||||||||||||||||||
Transfers (3) | (1,141 | ) | — | 1,141 | — | — | ||||||||||||||||||||
Balance as of December 31, 2014 | 4,294 | 3,894 | 1,166 | 100 | 9,454 | |||||||||||||||||||||
Accumulated Impairment | ||||||||||||||||||||||||||
Balance as of January 1, 2014 | (4,175 | ) | (2,203 | ) | — | — | (6,378 | ) | ||||||||||||||||||
Impairment (4) | (251 | ) | (289 | ) | (155 | ) | (15 | ) | (710 | ) | ||||||||||||||||
Transfers (3) | 805 | — | (805 | ) | — | — | ||||||||||||||||||||
Balance as of December 31, 2014 | (3,621 | ) | (2,492 | ) | (960 | ) | (15 | ) | (7,088 | ) | ||||||||||||||||
Net Carrying Value, December 31, 2014 | $ | 673 | $ | 1,402 | $ | 206 | $ | 85 | $ | 2,366 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | During 2013, CEOC sold 45% of its interest in Baluma S.A. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.”) | |||||||||||||||||||||||||
(2) | During 2013, CGP LLC purchased Planet Hollywood Hotel & Casino from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidation”). | |||||||||||||||||||||||||
(3) | During 2014, CGP LLC purchased four properties from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidation”). | |||||||||||||||||||||||||
(4) | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.”) | |||||||||||||||||||||||||
Schedule Of Intangible Assets Other Than Goodwill [Text Block] | Changes in Carrying Value of Intangible Assets Other Than Goodwill | |||||||||||||||||||||||||
Amortizing | Non-Amortizing | Total | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Balance as of January 1 | $ | 730 | $ | 1,028 | $ | 2,758 | $ | 2,958 | $ | 3,488 | $ | 3,986 | ||||||||||||||
Additions (1) | 50 | 19 | — | — | 50 | 19 | ||||||||||||||||||||
Impairments | (2 | ) | (150 | ) | (240 | ) | (200 | ) | (242 | ) | (350 | ) | ||||||||||||||
Amortization expense | (133 | ) | (165 | ) | — | — | (133 | ) | (165 | ) | ||||||||||||||||
Other | (9 | ) | (2 | ) | (4 | ) | — | (13 | ) | (2 | ) | |||||||||||||||
Balance as of December 31 | $ | 636 | $ | 730 | $ | 2,514 | $ | 2,758 | $ | 3,150 | $ | 3,488 | ||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | During 2014, we increased our amortizing intangible assets $50 million, primarily as a result of the Pacific Interactive acquisition (see Note 6, “Acquisitions, Dispositions, and Other Property Matters”). During 2013, we increased our amortizing intangible assets $19 million as a result of entering into certain contractual arrangements. | |||||||||||||||||||||||||
Summary of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets | Intangible Asset Impairment Charges - Continuing Operations | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Goodwill (1) | $ | 695 | $ | 104 | $ | 195 | ||||||||||||||||||||
Trademarks | 13 | 101 | 209 | |||||||||||||||||||||||
Gaming Rights and other (2) | 226 | 245 | 33 | |||||||||||||||||||||||
Total impairment charges | $ | 934 | $ | 450 | $ | 437 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||
(1) | Includes $406 million of impairments recorded in the fourth quarter of 2014. | |||||||||||||||||||||||||
(2) | Includes $40 million of impairments recorded in the fourth quarter of 2014. | |||||||||||||||||||||||||
Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill | Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Remaining | Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||||
Amortizing intangible assets | ||||||||||||||||||||||||||
Customer relationships | 6.2 | $ | 1,265 | $ | (736 | ) | $ | 529 | $ | 1,268 | $ | (646 | ) | $ | 622 | |||||||||||
Contract rights | 2.1 | 84 | (81 | ) | 3 | 98 | (79 | ) | 19 | |||||||||||||||||
Patented technology | 2.4 | 188 | (109 | ) | 79 | 138 | (77 | ) | 61 | |||||||||||||||||
Gaming rights and other | 9.6 | 47 | (22 | ) | 25 | 43 | (15 | ) | 28 | |||||||||||||||||
$ | 1,584 | $ | (948 | ) | 636 | $ | 1,547 | $ | (817 | ) | 730 | |||||||||||||||
Non-amortizing intangible assets | ||||||||||||||||||||||||||
Trademarks | 1,580 | 1,598 | ||||||||||||||||||||||||
Gaming rights | 934 | 1,160 | ||||||||||||||||||||||||
2,514 | 2,758 | |||||||||||||||||||||||||
Total intangible assets other than goodwill | $ | 3,150 | $ | 3,488 | ||||||||||||||||||||||
Detail_of_Accrued_Expenses_and2
Detail of Accrued Expenses and Other Current Liabilities Detail of Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Detail of Accrued Expenses [Abstract] | ||||||||
Accrued Expenses and Other Current Liabilities | Detail of Accrued Expenses and Other Current Liabilities | |||||||
As of December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Accrued Expenses | ||||||||
Payroll and other compensation | $ | 220 | $ | 233 | ||||
Self-insurance accruals | 204 | 208 | ||||||
Advance deposits | 150 | 204 | ||||||
Accrued taxes | 146 | 130 | ||||||
Total Rewards liability | 47 | 50 | ||||||
Other accruals | 432 | 387 | ||||||
Total | $ | 1,199 | $ | 1,212 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Summary of Debt by Financing Structure | |||||||||||||||||||||||||||
(In millions) | Face Value | Book Value | Book Value | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
CEOC | $ | 18,371 | $ | 16,100 | $ | 15,783 | ||||||||||||||||||||||
CERP | 4,832 | 4,774 | 4,611 | |||||||||||||||||||||||||
CGP LLC | 2,386 | 2,326 | 721 | |||||||||||||||||||||||||
CEC | 13 | 13 | — | |||||||||||||||||||||||||
Total Debt | 25,602 | 23,213 | 21,115 | |||||||||||||||||||||||||
Current Portion of Long-Term Debt | (18,049 | ) | (15,779 | ) | (197 | ) | ||||||||||||||||||||||
Long-Term Debt | $ | 7,553 | $ | 7,434 | $ | 20,918 | ||||||||||||||||||||||
Schedule of Maturities | Annual Maturities of Long-Term Debt | |||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CEOC | $ | 17,977 | $ | 19 | $ | 2 | $ | 1 | $ | 1 | $ | 371 | $ | 18,371 | ||||||||||||||
CERP | 39 | 36 | 27 | 205 | 25 | 4,500 | 4,832 | |||||||||||||||||||||
CGP LLC | 20 | 21 | 17 | 22 | 221 | 2,085 | 2,386 | |||||||||||||||||||||
Other | 13 | — | — | — | — | — | 13 | |||||||||||||||||||||
Total | $ | 18,049 | $ | 76 | $ | 46 | $ | 228 | $ | 247 | $ | 6,956 | $ | 25,602 | ||||||||||||||
Cash Flow from Financing Activity [Table Text Block] | Supplemental Cash Flow Information - Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | Proceeds from the issuance of long-term debt | Repayments of long-term debt | ||||||||||||||||||||||||||
Incremental Term Loans | $ | 1,528 | $ | (1,275 | ) | |||||||||||||||||||||||
CGPH Term Loan | 1,141 | — | ||||||||||||||||||||||||||
CGPH First Closing Term Loan | 693 | (700 | ) | |||||||||||||||||||||||||
CGPH Notes | 660 | — | ||||||||||||||||||||||||||
CERP Senior Secured Revolver | 295 | (115 | ) | |||||||||||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 106 | — | ||||||||||||||||||||||||||
Planet Hollywood Loan Agreement | — | (495 | ) | |||||||||||||||||||||||||
Other Debt Activity | 13 | (214 | ) | |||||||||||||||||||||||||
Capital Lease Payments | — | (34 | ) | |||||||||||||||||||||||||
Total | $ | 4,436 | $ | (2,833 | ) | |||||||||||||||||||||||
Outstanding Debt CEOC [Table Text Block] | ||||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Credit Facilities (1) | ||||||||||||||||||||||||||||
Term Loans B1 - B3 (2) | -- | -- | $ | — | $ | — | $ | 29 | ||||||||||||||||||||
Term Loan B4 | 2016 | 10.50% | 377 | 362 | 948 | |||||||||||||||||||||||
Term Loan B5 | 2017 | 5.99% | 938 | 919 | 989 | |||||||||||||||||||||||
Term Loan B6 | 2017 | 6.99% | 2,299 | 2,234 | 2,400 | |||||||||||||||||||||||
Term Loan B7 (3) | 2017 | 9.75% | 1,741 | 1,647 | — | |||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
Senior Secured Notes | 2017 | 11.25% | 2,095 | 2,073 | 2,066 | |||||||||||||||||||||||
Senior Secured Notes | 2020 | 8.50% | 1,250 | 1,250 | 1,250 | |||||||||||||||||||||||
Senior Secured Notes | 2020 | 9.00% | 3,000 | 2,960 | 2,955 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2018 | 12.75% | 750 | 745 | 744 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2018 | 10.00% | 4,485 | 2,618 | 2,433 | |||||||||||||||||||||||
Second-Priority Senior Secured Notes | 2015 | 10.00% | 3 | 3 | 188 | |||||||||||||||||||||||
Chester Downs Senior Secured Notes | 2020 | 9.25% | 330 | 330 | 330 | |||||||||||||||||||||||
Cromwell Credit Facility (6) | -- | -- | — | — | 180 | |||||||||||||||||||||||
Capitalized Lease Obligations | to 2017 | various | 17 | 17 | 17 | |||||||||||||||||||||||
Subsidiary-Guaranteed Debt (4) | ||||||||||||||||||||||||||||
Senior Notes | 2016 | 10.75% | 479 | 479 | 479 | |||||||||||||||||||||||
Senior PIK Toggle Notes | -- | -- | — | — | 11 | |||||||||||||||||||||||
Unsecured Senior Debt | ||||||||||||||||||||||||||||
5.625% (2) | -- | -- | — | — | 328 | |||||||||||||||||||||||
6.50% | 2016 | 6.50% | 297 | 270 | 213 | |||||||||||||||||||||||
5.75% | 2017 | 5.75% | 233 | 193 | 115 | |||||||||||||||||||||||
Floating Rate Contingent Convertible Senior Notes | 2024 | 0.24% | — | — | — | |||||||||||||||||||||||
Other Unsecured Borrowings | ||||||||||||||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 47 | 47 | 63 | |||||||||||||||||||||||
Other | 2016-2021 | 0.00% - 6.00% | 30 | 30 | 45 | |||||||||||||||||||||||
Total CEOC Debt | 18,371 | 16,177 | 15,783 | |||||||||||||||||||||||||
Additional Debt Discount (5) | — | (77 | ) | — | ||||||||||||||||||||||||
Total CEOC Debt, as consolidated | 18,371 | 16,100 | 15,783 | |||||||||||||||||||||||||
Current Portion of Long-Term Debt | (17,977 | ) | (15,708 | ) | (113 | ) | ||||||||||||||||||||||
Long-Term Debt | $ | 394 | $ | 392 | $ | 15,670 | ||||||||||||||||||||||
Outstanding Debt CERP [Table Text Block] | CERP Debt | |||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
CERP Senior Secured Loan (1) | 2020 | 7.00% | $ | 2,475 | $ | 2,431 | $ | 2,450 | ||||||||||||||||||||
CERP Revolver (1) | 2018 | various | 180 | 180 | — | |||||||||||||||||||||||
CERP First Lien Notes (1) | 2020 | 8.00% | 1,000 | 994 | 994 | |||||||||||||||||||||||
CERP Second Lien Notes (1) | 2021 | 11.00% | 1,150 | 1,142 | 1,141 | |||||||||||||||||||||||
Capitalized Lease Obligations | to 2017 | various | 13 | 13 | 5 | |||||||||||||||||||||||
Other Unsecured Borrowings | ||||||||||||||||||||||||||||
Other | 2016 | 0.00% - 6.00% | 14 | 14 | 21 | |||||||||||||||||||||||
Total CERP Debt | 4,832 | 4,774 | 4,611 | |||||||||||||||||||||||||
Current Portion of CERP Long-Term Debt | (39 | ) | (39 | ) | (36 | ) | ||||||||||||||||||||||
CERP Long-Term Debt | $ | 4,793 | $ | 4,735 | $ | 4,575 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Guaranteed by Caesars Entertainment Resort Properties and its subsidiaries. | |||||||||||||||||||||||||||
Outstanding Debt CGP [Table Text Block] | ||||||||||||||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||||||||||||||
Detail of Debt (Dollars in millions) | Maturity | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||
CGPH Term Loan (1) | 2021 | 6.25% | $ | 1,169 | $ | 1,138 | $ | — | ||||||||||||||||||||
CGPH Notes (1) | 2022 | 9.38% | 675 | 661 | — | |||||||||||||||||||||||
Planet Hollywood Loan Agreement | -- | -- | — | — | 456 | |||||||||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 2020 | 8.25% - 8.75% | 330 | 321 | 215 | |||||||||||||||||||||||
Cromwell Credit Facility (2) | 2019 | 11.00% | 185 | 180 | — | |||||||||||||||||||||||
Capital Lease Obligations | to 2016 | various | 4 | 4 | — | |||||||||||||||||||||||
Other Unsecured Borrowings (3) | ||||||||||||||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 14 | 14 | — | |||||||||||||||||||||||
Other | 2014 - 2018 | various | 9 | 8 | 50 | |||||||||||||||||||||||
Total CGP LLC Debt (4) | 2,386 | 2,326 | 721 | |||||||||||||||||||||||||
Current Portion of CGP LLC Long-Term Debt | (20 | ) | (20 | ) | (48 | ) | ||||||||||||||||||||||
CGP LLC Long-Term Debt | $ | 2,366 | $ | 2,306 | $ | 673 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | |||||||||||||||||||||||||||
(2) | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.” | |||||||||||||||||||||||||||
(3) | The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. | |||||||||||||||||||||||||||
(4) | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Stockholders_Equity_and_Loss_P1
Stockholders' Equity and Loss Per Share Stockholders' Equity and Loss Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders Equity Noncontrolling Interests and Income (Loss) Per Share [Abstract] | |||||||||
Number of Shares Excluded from Computation of Diluted Loss Per Share | |||||||||
Years Ended December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||
Stock options | 6 | 4 | 6 | ||||||
Restricted stock units | 2 | 2 | — | ||||||
Warrants | — | — | 1 | ||||||
8 | 6 | 7 | |||||||
Casino_Promotional_Allowances_2
Casino Promotional Allowances Casino Promotional Allowances (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Promotional Allowances [Abstract] | ||||||||||||
Promotional Allowances | Estimated Retail Value of Casino Promotional Allowances | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Food and Beverage | $ | 622 | $ | 589 | $ | 608 | ||||||
Rooms | 422 | 427 | 446 | |||||||||
Other | 94 | 91 | 115 | |||||||||
$ | 1,138 | $ | 1,107 | $ | 1,169 | |||||||
Cost of Providing Promotional Allowance | Estimated Cost of Providing Casino Promotional Allowances | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Food and Beverage | $ | 463 | $ | 428 | $ | 439 | ||||||
Rooms | 168 | 165 | 172 | |||||||||
Other | 60 | 46 | 47 | |||||||||
$ | 691 | $ | 639 | $ | 658 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of (Loss)/Income Before Income Taxes | Components of Income/(Loss) Before Income Taxes from Continuing Operations | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
United States | $ | (3,351 | ) | $ | (4,446 | ) | $ | (1,889 | ) | |||
Outside of the U.S. | 134 | 196 | 85 | |||||||||
$ | (3,217 | ) | $ | (4,250 | ) | $ | (1,804 | ) | ||||
Income Tax (Benefit)/Provision | Income Tax (Benefit)/Provision | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
United States | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | (7 | ) | $ | (69 | ) | ||||
State | (110 | ) | (83 | ) | 6 | |||||||
Deferred | ||||||||||||
Federal | (593 | ) | (1,388 | ) | (572 | ) | ||||||
State | 109 | (51 | ) | (76 | ) | |||||||
Outside of the U.S. | ||||||||||||
Current | 56 | 29 | 13 | |||||||||
Deferred | (5 | ) | (17 | ) | (3 | ) | ||||||
$ | (543 | ) | $ | (1,517 | ) | $ | (701 | ) | ||||
Schedule of Components of Income Tax Expense (Benefit), All Operations [Table Text Block] | Allocation of Income Tax (Benefit)/Provision | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Income tax (benefit)/provision applicable to: | ||||||||||||
Loss from continuing operations, before income taxes | $ | (543 | ) | $ | (1,517 | ) | $ | (701 | ) | |||
Discontinued operations | (21 | ) | (32 | ) | (120 | ) | ||||||
Accumulated other comprehensive income/(loss) | — | 16 | 11 | |||||||||
Additional paid in capital | — | 15 | (2 | ) | ||||||||
Effective Income Tax Rate Reconciliation | Effective Income Tax Rate Reconciliation | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increases/(decreases) in tax resulting from: | ||||||||||||
State taxes, net of federal tax benefit | 1.7 | 6.6 | 4 | |||||||||
Valuation allowance | (5.9 | ) | (8.9 | ) | (2.0 | ) | ||||||
Foreign income taxes | (0.1 | ) | 0.1 | (0.1 | ) | |||||||
Goodwill | (9.3 | ) | (0.4 | ) | (1.7 | ) | ||||||
Stock-based compensation | (0.8 | ) | (0.2 | ) | (0.2 | ) | ||||||
Officers’ life insurance/insurance proceeds | — | — | 0.2 | |||||||||
Acquisition and integration costs | (0.4 | ) | 0.1 | (0.2 | ) | |||||||
Reserves for uncertain tax positions | 0.3 | — | 3.9 | |||||||||
Sale of stock of subsidiary | (0.5 | ) | — | — | ||||||||
Capital loss tax benefit | — | 4.2 | — | |||||||||
Disallowed losses on sale to related party | (3.9 | ) | (0.3 | ) | — | |||||||
Deferred tax adjustment upon contribution of CIE to CGP LLC | — | (0.5 | ) | — | ||||||||
Noncontrolling interests | 1 | — | — | |||||||||
Other | (0.2 | ) | — | — | ||||||||
Effective tax rate | 16.9 | % | 35.7 | % | 38.9 | % | ||||||
Components of Deferred Tax Assets and Liabilities | Temporary Differences Resulting in Deferred Tax Assets and Liabilities | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
State net operating losses | $ | 294 | $ | 253 | ||||||||
Foreign net operating losses | 23 | 24 | ||||||||||
Federal net operating loss | 1,466 | 1,281 | ||||||||||
Compensation programs | 145 | 142 | ||||||||||
Allowance for doubtful accounts | 89 | 77 | ||||||||||
Self-insurance reserves | 16 | 17 | ||||||||||
Accrued expenses | 52 | 45 | ||||||||||
Federal tax credits | 52 | 35 | ||||||||||
Federal indirect tax benefits of uncertain state tax positions | 1 | 27 | ||||||||||
Investment in CGP LLC | — | 23 | ||||||||||
Investments in non-consolidated affiliates | 28 | 39 | ||||||||||
Capital loss carryover | 134 | 136 | ||||||||||
Deferred revenue | 93 | 41 | ||||||||||
Other | — | 10 | ||||||||||
Subtotal | 2,393 | 2,150 | ||||||||||
Less: valuation allowance | 970 | 740 | ||||||||||
Total deferred tax assets | 1,423 | 1,410 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and other property-related items | 1,143 | 1,189 | ||||||||||
Deferred cancellation of debt income and other debt-related items | 1,508 | 1,834 | ||||||||||
Investment in CGP LLC | 21 | — | ||||||||||
Intangibles | 998 | 1,118 | ||||||||||
Prepaid expenses | 28 | 25 | ||||||||||
Other | 2 | — | ||||||||||
Total deferred tax liabilities | 3,700 | 4,166 | ||||||||||
Net deferred tax liability | $ | 2,277 | $ | 2,756 | ||||||||
Deferred Tax Assets and Liabilities as Presented in Consolidated Balance Sheets | Deferred Tax Assets and Liabilities Presented in our Consolidated Balance Sheets | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Deferred income taxes (current) | $ | 5 | $ | 9 | ||||||||
Deferred income taxes (non-current) | 14 | — | ||||||||||
Total deferred tax assets | 19 | 9 | ||||||||||
Liabilities: | ||||||||||||
Deferred income taxes (current) | $ | 217 | $ | 289 | ||||||||
Deferred income taxes (non-current) | 2,079 | 2,476 | ||||||||||
Net deferred tax liability | $ | 2,277 | $ | 2,756 | ||||||||
Unrecognized Tax Benefits | Reconciliation of Unrecognized Tax Benefits | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 142 | $ | 333 | $ | 532 | ||||||
Additions based on tax positions related to the current year | 20 | 1 | 10 | |||||||||
Additions for tax positions of prior years | — | 7 | 3 | |||||||||
Reductions for tax positions for prior years | (2 | ) | (50 | ) | (204 | ) | ||||||
Settlements | — | (82 | ) | (8 | ) | |||||||
Expiration of statutes | (80 | ) | (67 | ) | — | |||||||
Balance at end of year | $ | 80 | $ | 142 | $ | 333 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Financial Assets and Financial Liabilities | Investments | |||||||||||||||
(In millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 15 | $ | 15 | $ | — | $ | — | ||||||||
Government bonds | 70 | — | 70 | — | ||||||||||||
Total assets at fair value | $ | 85 | $ | 15 | $ | 70 | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 20 | $ | 20 | $ | — | $ | — | ||||||||
Government bonds | 72 | — | 72 | — | ||||||||||||
Total assets at fair value | $ | 92 | $ | 20 | $ | 72 | $ | — | ||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | Effect of Derivative Instruments on Net Loss | |||||||||||||||
(In millions) | Years Ended December 31, | |||||||||||||||
Location of Amount Recognized in Net Loss | 2014 | 2013 | 2012 | |||||||||||||
Derivatives not designated as accounting hedges | ||||||||||||||||
Net periodic cash settlements and accrued interest (1) | Interest expense | $ | 177 | $ | 172 | $ | 170 | |||||||||
Total expense for derivatives | Interest expense | 17 | 34 | 140 | ||||||||||||
Derivatives designated as accounting hedges | ||||||||||||||||
Amounts reclassified from AOCL | Interest expense | — | 4 | 28 | ||||||||||||
____________________ | ||||||||||||||||
(1) | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly. |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Net Rental Expense | Net Rental Expense | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Noncancelable leases: | ||||||||||||
Minimum | $ | 68 | $ | 72 | $ | 115 | ||||||
Contingent | 2 | 2 | 2 | |||||||||
Sublease | (1 | ) | (1 | ) | (1 | ) | ||||||
Other leases | 68 | 58 | 78 | |||||||||
Total net rent expense | $ | 137 | $ | 131 | $ | 194 | ||||||
Future Minimum Rental Commitments | Future Minimum Rental Commitments | |||||||||||
(In millions) | Capital | Operating | ||||||||||
Leases | Leases | |||||||||||
2015 | $ | 21 | $ | 68 | ||||||||
2016 | 11 | 65 | ||||||||||
2017 | 2 | 60 | ||||||||||
2018 | — | 60 | ||||||||||
2019 | — | 59 | ||||||||||
2020 and thereafter | — | 968 | ||||||||||
Total minimum rental commitments | 34 | $ | 1,280 | |||||||||
Less amounts representing interest | (2 | ) | ||||||||||
Present value of net minimum lease payments | $ | 32 | ||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Cash Flow Reconciliation | Reconciliation of Cash Paid for Interest | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Interest expense | $ | 2,670 | $ | 2,252 | $ | 2,100 | ||||||
Adjustments to reconcile to cash paid for interest: | ||||||||||||
Net change in accrued interest | (346 | ) | (156 | ) | (42 | ) | ||||||
Executive compensation and benefit plans | (13 | ) | (16 | ) | (18 | ) | ||||||
Capitalized interest | 45 | 38 | 38 | |||||||||
Amortization of deferred finance costs and debt discount/premium | (438 | ) | (360 | ) | (315 | ) | ||||||
Amortization of accumulated other comprehensive loss | — | (5 | ) | (29 | ) | |||||||
Rollover of PIK interest to principal | (2 | ) | (1 | ) | (1 | ) | ||||||
Change in derivative instruments due to cash settlements | 160 | 138 | 30 | |||||||||
Other | (6 | ) | 9 | 9 | ||||||||
Cash paid for interest | $ | 2,070 | $ | 1,899 | $ | 1,772 | ||||||
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Composition of Stock-Based Compensation | Composition of Stock-Based Compensation Expense | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||
Corporate expense | $ | 36 | $ | 25 | $ | 29 | |||||||||||
Property, general, administrative, and other | 96 | 32 | 26 | ||||||||||||||
Total stock-based compensation expense | $ | 132 | $ | 57 | $ | 55 | |||||||||||
Stock Option Activity | Stock Option Activity | ||||||||||||||||
(Dollars in millions, except per share data) | Shares | Weighted Average Exercise Price | Fair Value (1) | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding as of December 31, 2013 | 8,463,811 | $ | 12.09 | $ | 2.68 | 8.5 | |||||||||||
Granted | 1,500,770 | 21.18 | 10.27 | ||||||||||||||
Exercised | (317,703 | ) | 9.1 | 1.78 | |||||||||||||
Forfeited | (237,202 | ) | 11.3 | 3.98 | |||||||||||||
Expired | (29,791 | ) | 17.16 | 2.39 | |||||||||||||
Outstanding as of December 31, 2014 | 9,379,885 | $ | 13.65 | $ | 3.35 | 7.8 | $ | 53 | |||||||||
Vested and expected to vest as of December 31, 2014 | 9,060,016 | $ | 12.09 | $ | 3.28 | 7.8 | $ | 52 | |||||||||
Exercisable as of December 31, 2014 | 3,746,013 | $ | 9.61 | $ | 1.8 | 7.5 | $ | 25 | |||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
Stock Option Grants and Exercises | Stock Option Grants and Exercises | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||
Options Granted: | |||||||||||||||||
Number of options granted | 1,500,770 | 550,812 | 8,173,944 | ||||||||||||||
Weighted Average Grant-Date Fair Value per share (1) | $ | 10.27 | $ | 5.95 | $ | 3.5 | |||||||||||
Weighted Average Exercise Price per Share (1)(2) | $ | 21.18 | $ | 13.65 | $ | 8.44 | |||||||||||
Option Exercises: | |||||||||||||||||
Number of options exercised | 317,703 | 143,109 | — | ||||||||||||||
Cash received for options exercised | $ | 3 | $ | 1 | $ | — | |||||||||||
Aggregate intrinsic value of options exercised | $ | 2 | $ | 2 | $ | — | |||||||||||
____________________ | |||||||||||||||||
(1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||||||||||||
(2) | Adjusted for the February 2012 1.742-for-1 stock split. | ||||||||||||||||
Assumptions Used to Estimate Option Values | Assumptions Used to Estimate Option Values | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 52.1 | % | 57.4 | % | 55.8 | % | |||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Expected term (in years) | 5.5 | 3.8 | 4.9 | ||||||||||||||
Risk-free interest rate | 1.7 | % | 1 | % | 0.9 | % | |||||||||||
Restricted Stock Unit Activity | Restricted Stock Unit Activity | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Outstanding as of December 31, 2013 | 1,503,534 | $ | 13.74 | ||||||||||||||
Granted | 1,183,098 | 20.82 | |||||||||||||||
Vested | (375,500 | ) | 13.74 | ||||||||||||||
Forfeited | (154,405 | ) | 16.2 | ||||||||||||||
Outstanding as of December 31, 2014 | 2,156,727 | 17.45 | |||||||||||||||
CIE Stock Option Activity | CIE Stock Option Activity | ||||||||||||||||
(Dollars in millions, except per share data) | Shares | Weighted Average Exercise Price | Fair Value (1) | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding as of December 31, 2013 | 17,015 | $ | 3,194.48 | $ | 1,124.81 | 7.3 | |||||||||||
Granted | 1,135 | $ | 9,976.43 | $ | 4,717.02 | ||||||||||||
Exercised | (3,822 | ) | $ | 1,649.71 | $ | 249.57 | |||||||||||
Forfeited | (1,049 | ) | $ | 5,767.76 | $ | 2,764.01 | |||||||||||
Outstanding as of December 31, 2014 | 13,279 | $ | 3,953.85 | $ | 1,616.01 | 6.8 | $ | 115 | |||||||||
Vested and expected to vest as of December 31, 2014 | 12,581 | $ | 3,832.25 | $ | 1,544.87 | 6.7 | $ | 111 | |||||||||
Exercisable as of December 31, 2014 | 6,920 | $ | 2,202.24 | $ | 547.75 | 5.1 | $ | 72 | |||||||||
CIE Stock Option Grants and Exercises | CIE Stock Option Grants and Exercises | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||
Options Granted: | |||||||||||||||||
Number of options granted | 1,135 | 6,300 | 1,442 | ||||||||||||||
Weighted Average Grant-Date Fair Value per share (1) | $ | 4,717.02 | $ | 2,620.48 | $ | 2,724.86 | |||||||||||
Weighted Average Exercise Price per Share | $ | 9,976.43 | $ | 5,539.98 | $ | 5,360.86 | |||||||||||
Option Exercises: | |||||||||||||||||
Number of options exercised | 3,822 | 365 | — | ||||||||||||||
Cash received for options exercised | $ | 6 | $ | 1 | $ | — | |||||||||||
Aggregate intrinsic value of options exercised | $ | 27 | $ | 1 | $ | — | |||||||||||
Assumptions Used to Estimate CIE Option Values | Assumptions Used to Estimate CIE Option Value | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected range of volatility | 46.5% - 56.8% | 49.7% - 58.6% | 59.4% - 61.3% | ||||||||||||||
Expected dividend yield | — | % | — | % | — | % | |||||||||||
Expected range of term (in years) | 2.4 - 7.1 | 2.3 - 7.3 | 4.2 - 7.1 | ||||||||||||||
Risk-free interest rate range | 0.7% - 2.3% | 0.6% - 2.5% | 0.6% - 1.2% | ||||||||||||||
CIE Restricted Stock Activity | CIE Restricted Stock Unit Activity | ||||||||||||||||
Units | Fair Value | ||||||||||||||||
Outstanding as of December 31, 2013 | 7,991 | $ | 3,853.00 | ||||||||||||||
Granted | 1,209 | 10,019.69 | |||||||||||||||
Vested | (3,794 | ) | 4,496.67 | ||||||||||||||
Forfeited | (310 | ) | 6,368.06 | ||||||||||||||
Outstanding as of December 31, 2014 | 5,096 | 6,494.71 | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Pension Plan Participation and Contribution Summary | Multiemployer Pension Plan Participation | ||||||||||||||||||||||||
Pension Protection Act Zone Status (1) | Contributions | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | FIP/RP Status (2) | 2014 | 2013 | 2012 | Surcharge Imposed | Expiration Date of Collective-Bargaining Agreement | ||||||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | 88-6016617/001 | Green | Green | No | $ | 18 | $ | 20 | $ | 19 | No | 31-May-18 | |||||||||||||
Pension Plan of the UNITE HERE National Retirement Fund (4) | 13-6130178/001 | Red | Red | Yes | 14 | 14 | 14 | No | 14-Mar-15 | ||||||||||||||||
Local 68 Engineers Union Pension Plan (3) | 51-0176618/001 | Green | Yellow | No | 1 | 2 | 2 | No | 30-Apr-17 | ||||||||||||||||
NJ Carpenters Pension Fund | 22-6174423/001 | Yellow | Yellow | Yes | — | 1 | — | No | 30-Apr-17 | ||||||||||||||||
Painters IUPAT | 52-6073909/001 | Yellow | Yellow | Yes | 1 | 1 | 1 | No | Various up to April 2017 | ||||||||||||||||
Other Funds | 12 | 12 | 12 | ||||||||||||||||||||||
Total Contributions | $ | 46 | $ | 50 | $ | 48 | |||||||||||||||||||
____________________ | |||||||||||||||||||||||||
(1) | Represents the Pension Protection Act (“PPA”) zone status for applicable plan year beginning January 1, 2014, except where noted otherwise. | ||||||||||||||||||||||||
(2) | Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | ||||||||||||||||||||||||
(3) | Plan years begin July 1. | ||||||||||||||||||||||||
Summary of Plans Where Contributions Exceeded Five Percent of Total Plan Contributions | Plans with Company Contributions in Excess of 5% of Total Plan Contributions | ||||||||||||||||||||||||
Pension Fund | Applicable Plan Years | ||||||||||||||||||||||||
Pension Plan of the UNITE HERE National Retirement Fund | 2013 and 2012 | ||||||||||||||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | 2013 and 2012 | ||||||||||||||||||||||||
Local 68 Engineers Union Pension Plan | 2013 and 2012 | ||||||||||||||||||||||||
Nevada Resort Association IATSE Local 720 Retirement Plan | 2013 and 2012 |
Segment_Reporting_Segment_Repo2
Segment Reporting Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, Income Statement [Table Text Block] | Condensed Statements of Operations - By Segment | |||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 93 | $ | — | $ | 1 | $ | — | $ | — | $ | (36 | ) | $ | 58 | |||||||||||||
Net revenues | 4,812 | 2,065 | 1,281 | 587 | 101 | (330 | ) | 8,516 | ||||||||||||||||||||
Depreciation and amortization | 291 | 200 | 115 | 28 | 3 | (1 | ) | 636 | ||||||||||||||||||||
Impairment of goodwill | 251 | 289 | 155 | — | — | — | 695 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 308 | (12 | ) | — | 3 | — | — | 299 | ||||||||||||||||||||
Income/(loss) from operations | (323 | ) | (32 | ) | (139 | ) | 21 | 14 | 7 | (452 | ) | |||||||||||||||||
Interest expense | (2,184 | ) | (389 | ) | (164 | ) | (6 | ) | (16 | ) | 89 | (2,670 | ) | |||||||||||||||
Other gains/(losses) | (100 | ) | — | 132 | — | (31 | ) | (96 | ) | (95 | ) | |||||||||||||||||
Income tax benefit from continuing operations | 264 | 28 | 214 | (36 | ) | 73 | — | 543 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $337 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $434 million. | |||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 74 | $ | — | $ | — | $ | — | $ | — | $ | (17 | ) | $ | 57 | |||||||||||||
Net revenues | 4,985 | 1,979 | 1,040 | 317 | 20 | (121 | ) | 8,220 | ||||||||||||||||||||
Depreciation and amortization | 384 | 216 | 83 | 18 | — | — | 701 | |||||||||||||||||||||
Impairment of goodwill | 104 | — | — | — | — | — | 104 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 1,668 | 1,059 | — | — | — | — | 2,727 | |||||||||||||||||||||
Income/(loss) from operations | (1,344 | ) | (804 | ) | (3 | ) | (9 | ) | 134 | — | (2,026 | ) | ||||||||||||||||
Interest expense | (2,069 | ) | (246 | ) | (60 | ) | (3 | ) | (9 | ) | 135 | (2,252 | ) | |||||||||||||||
Other gains/(losses) | 34 | 15 | 28 | (1 | ) | 87 | (135 | ) | 28 | |||||||||||||||||||
Income tax benefit from continuing operations | 651 | 384 | (113 | ) | (2 | ) | 597 | — | 1,517 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $356 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $224 million. | |||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 63 | $ | — | $ | — | $ | — | $ | — | $ | (16 | ) | $ | 47 | |||||||||||||
Net revenues | 4,988 | 2,003 | 1,082 | 206 | 25 | (118 | ) | 8,186 | ||||||||||||||||||||
Depreciation and amortization | 497 | 252 | 84 | 11 | — | — | 844 | |||||||||||||||||||||
Impairment of goodwill | 195 | — | — | — | — | — | 195 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 427 | 3 | — | — | — | — | 430 | |||||||||||||||||||||
Income/(loss) from operations | (159 | ) | 161 | 173 | 35 | (76 | ) | — | 134 | |||||||||||||||||||
Interest expense | (1,952 | ) | (232 | ) | (51 | ) | (4 | ) | 17 | 122 | (2,100 | ) | ||||||||||||||||
Other gains/(losses) | 21 | 136 | 1 | 1 | 125 | (122 | ) | 162 | ||||||||||||||||||||
Income tax benefit from continuing operations | 794 | (22 | ) | (40 | ) | (11 | ) | (20 | ) | — | 701 | |||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $443 million. | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information, Property EBITDA [Table Text Block] | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (323 | ) | $ | (32 | ) | $ | (139 | ) | $ | 21 | $ | 14 | $ | 7 | $ | (452 | ) | ||||||||||
Depreciation and amortization | 291 | 200 | 115 | 28 | 3 | (1 | ) | 636 | ||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 48 | 14 | 56 | — | 7 | (5 | ) | 120 | ||||||||||||||||||||
Impairment of goodwill | 251 | 289 | 155 | — | — | — | 695 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 308 | (12 | ) | — | 3 | — | — | 299 | ||||||||||||||||||||
Corporate expense | 189 | 60 | 23 | — | 13 | (3 | ) | 282 | ||||||||||||||||||||
Acquisition and integration costs and other | 58 | 1 | 55 | 33 | (31 | ) | — | 116 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | (6 | ) | — | — | (1 | ) | — | — | (7 | ) | ||||||||||||||||||
Property EBITDA | $ | 816 | $ | 520 | $ | 265 | $ | 84 | $ | 6 | $ | (2 | ) | $ | 1,689 | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (1,344 | ) | $ | (804 | ) | $ | (3 | ) | $ | (9 | ) | $ | 134 | $ | — | $ | (2,026 | ) | |||||||||
Depreciation and amortization | 384 | 216 | 83 | 18 | — | — | 701 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 72 | 15 | 15 | — | 2 | — | 104 | |||||||||||||||||||||
Impairment of goodwill | 104 | — | — | — | — | — | 104 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 1,668 | 1,059 | — | — | — | — | 2,727 | |||||||||||||||||||||
Corporate expense | 138 | 47 | — | — | 16 | (40 | ) | 161 | ||||||||||||||||||||
Acquisition and integration costs and other | 34 | (3 | ) | 153 | 53 | (138 | ) | — | 99 | |||||||||||||||||||
EBITDA attributable to discontinued operations | 7 | — | — | — | — | — | 7 | |||||||||||||||||||||
Property EBITDA | $ | 1,063 | $ | 530 | $ | 248 | $ | 62 | $ | 14 | $ | (40 | ) | $ | 1,877 | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP LLC Casinos | CIE | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | (159 | ) | $ | 161 | $ | 173 | $ | 35 | $ | (76 | ) | $ | — | $ | 134 | ||||||||||||
Depreciation and amortization | 497 | 252 | 84 | 11 | — | — | 844 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 59 | 22 | 3 | — | 15 | — | 99 | |||||||||||||||||||||
Impairment of goodwill | 195 | — | — | — | — | — | 195 | |||||||||||||||||||||
Impairment of tangible and other intangible assets | 427 | 3 | — | — | — | — | 430 | |||||||||||||||||||||
Corporate expense | 158 | 80 | — | — | 28 | (71 | ) | 195 | ||||||||||||||||||||
Acquisition and integration costs and other | 25 | (1 | ) | — | — | (1 | ) | — | 23 | |||||||||||||||||||
EBITDA attributable to discontinued operations | 108 | — | — | — | — | — | 108 | |||||||||||||||||||||
Property EBITDA | $ | 1,310 | $ | 517 | $ | 260 | $ | 46 | $ | (34 | ) | $ | (71 | ) | $ | 2,028 | ||||||||||||
Schedule of Segment Reporting Information, Balance Sheet [Table Text Block] | Condensed Balance Sheets - By Segment | |||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | 11,355 | $ | 7,172 | $ | 4,185 | $ | 546 | $ | 2,752 | $ | (2,475 | ) | $ | 23,535 | |||||||||||||
Total liabilities | 19,773 | 6,334 | 2,979 | 367 | (583 | ) | (593 | ) | 28,277 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $312 million and foreign liabilities of $183 million. | |||||||||||||||||||||||||||
(2) | Includes foreign assets of $305 million and foreign liabilities of $172 million. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP LLC Casinos | CIE (2) | Parent/ Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | 12,593 | $ | 7,372 | $ | 5,091 | $ | 427 | $ | 785 | $ | (1,579 | ) | $ | 24,689 | |||||||||||||
Total liabilities | 20,478 | 6,219 | 1,676 | 251 | 7,332 | (9,363 | ) | 26,593 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $301 million and foreign liabilities of $169 million. |
CEOC_Bankruptcy_CEOC_Bankruptc1
CEOC Bankruptcy CEOC Bankruptcy (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
CEOC Bankruptcy [Abstract] | ||||||||||
Deconsolidation Pro Forma Financial Information [Table Text Block] | The following unaudited pro forma financial information is based upon the historical consolidated financial statements of Caesars Entertainment, adjusted to reflect the deconsolidation of CEOC and its consolidated subsidiaries, as described above. | |||||||||
Pro Forma Financial Information (Unaudited) | ||||||||||
As of and for the Year Ended December 31, 2014 | ||||||||||
CEC, as reported | CEOC deconsolidation adjustment | CEC pro forma for CEOC deconsolidation | ||||||||
(In millions, except loss per share) | ||||||||||
Net revenues | $ | 8,516 | $ | (4,871 | ) | $ | 3,645 | |||
Net loss | (2,866 | ) | 2,220 | (646 | ) | |||||
Net loss attributable to Caesars | (2,783 | ) | 2,056 | (727 | ) | |||||
Loss per share - basic & diluted | (19.53 | ) | 14.43 | (5.10 | ) | |||||
Total assets | 23,535 | (11,122 | ) | 12,413 | ||||||
Long-term debt (current and non-current) | 23,213 | (16,100 | ) | 7,113 | ||||||
Total liabilities | 28,277 | (18,733 | ) | 9,544 | ||||||
Total stockholders’ equity/(deficit) | (4,742 | ) | 7,611 | 2,869 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Results of Operations | ||||||||||||||||||||
(In millions, except loss per share) | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Net revenues | $ | 2,033 | $ | 2,140 | $ | 2,212 | $ | 2,131 | $ | 8,516 | ||||||||||
Income/(loss) from operations | 151 | 127 | (328 | ) | (402 | ) | (452 | ) | ||||||||||||
Net loss | (383 | ) | (433 | ) | (980 | ) | (1,070 | ) | (2,866 | ) | ||||||||||
Net loss attributable to Caesars | (386 | ) | (466 | ) | (908 | ) | (1,023 | ) | (2,783 | ) | ||||||||||
Loss per share - basic and diluted | (2.82 | ) | (3.24 | ) | (6.29 | ) | (7.08 | ) | (19.53 | ) | ||||||||||
2013 | ||||||||||||||||||||
Net revenues | $ | 2,060 | $ | 2,069 | $ | 2,087 | $ | 2,004 | $ | 8,220 | ||||||||||
Income/(loss) from operations | 148 | 127 | (524 | ) | (1,777 | ) | (2,026 | ) | ||||||||||||
Net loss | (217 | ) | (209 | ) | (762 | ) | (1,752 | ) | (2,940 | ) | ||||||||||
Net loss attributable to Caesars | (218 | ) | (212 | ) | (761 | ) | (1,757 | ) | (2,948 | ) | ||||||||||
Loss per share - basic and diluted | (1.74 | ) | (1.69 | ) | (6.03 | ) | (12.83 | ) | (22.93 | ) |
Organization_and_Description_o1
Organization and Description of Business and Basis of Presentation Organization and Description of Business and Basis of Presentation - Going Concern (Details) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Net loss | ($1,070) | ($980) | ($433) | ($383) | ($1,752) | ($762) | ($209) | ($217) | ($2,866) | ($2,940) | ($1,503) | $7,200 | |
Interest expense | -2,670 | -2,252 | -2,100 | -7,000 | |||||||||
Accumulated deficit | 13,104 | 10,321 | 13,104 | 10,321 | 13,104 | ||||||||
Long-term Debt, Current Maturities | 15,779 | 197 | 15,779 | 197 | 15,779 | ||||||||
Long-term Debt | 23,213 | 21,115 | 23,213 | 21,115 | 23,213 | ||||||||
Net Cash Provided by (Used in) Operating Activities | -735 | -99 | 33 | 772 | |||||||||
Interest Paid | 2,070 | 1,899 | 1,772 | -5,700 | |||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||
Net loss | 7,100 | ||||||||||||
Interest expense | 1,700 | [1] | -6,200 | ||||||||||
Accumulated deficit | -11,400 | -11,400 | -11,400 | ||||||||||
Long-term Debt, Current Maturities | 15,708 | 113 | 15,708 | 113 | 15,708 | ||||||||
Long-term Debt | $16,177 | $15,783 | $16,177 | $15,783 | $16,177 | ||||||||
[1] | Includes foreign net revenues of $337 million. |
Organization_and_Description_o2
Organization and Description of Business and Basis of Presentation Organization and Description of Business and Basis of Presentation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
business_segments | |
business | |
Country | |
States | |
Number Of Casinos Operated Or Managed | 49 |
Number of States in which Entity Operates | 14 |
Number of Countries in which Entity Operates | 5 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0.664 |
Number of Reportable Segments | 4 |
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments | 1 |
United States | |
Number Of Casinos Operated Or Managed | 37 |
International [Member] | |
Number Of Casinos Operated Or Managed | 12 |
Basis_of_Presentation_Consolid2
Basis of Presentation & Consolidation Basis of Presentation & Consolidation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-14 | Apr. 30, 2014 | ||||||
Initial public offering | $17,000,000 | ||||||||||||||||||
Contributed Capital, Principal of Notes | 1,100,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 7,000,000 | 11,000,000 | |||||||||||||||||
Net revenues | 2,131,000,000 | 2,212,000,000 | 2,140,000,000 | 2,033,000,000 | 2,004,000,000 | 2,087,000,000 | 2,069,000,000 | 2,060,000,000 | 8,516,000,000 | 8,220,000,000 | 8,186,000,000 | ||||||||
Net Income (Loss) Attributable to Parent | -1,023,000,000 | -908,000,000 | -466,000,000 | -386,000,000 | -1,757,000,000 | -761,000,000 | -212,000,000 | -218,000,000 | -2,783,000,000 | -2,948,000,000 | -1,508,000,000 | ||||||||
Long-term Debt, Gross | 25,602,000,000 | 25,602,000,000 | |||||||||||||||||
Construction and Development Costs | 223,000,000 | ||||||||||||||||||
Long-term Debt | 23,213,000,000 | 21,115,000,000 | 23,213,000,000 | 21,115,000,000 | |||||||||||||||
Bond distribution to noncontrolling interest owners (2) | -160,000,000 | [1] | |||||||||||||||||
Unamortized discounts | 2,400,000,000 | 2,500,000,000 | 2,400,000,000 | 2,500,000,000 | |||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||||
Bond distribution to noncontrolling interest owners (2) | -160,000,000 | [1] | |||||||||||||||||
Unamortized discounts | 89,000,000 | 89,000,000 | |||||||||||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||||||||
Corporate Expense Allocation | 70.00% | ||||||||||||||||||
Caesars Entertainment Resort Properties [Member] | |||||||||||||||||||
Corporate Expense Allocation | 24.60% | ||||||||||||||||||
Proceeds from Contributed Capital | 43,000,000 | ||||||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | |||||||||||||||||||
Corporate Expense Allocation | 5.40% | ||||||||||||||||||
Proceeds from Contributed Capital | 23,000,000 | ||||||||||||||||||
Caesars Interactive Entertainment [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Long-term Debt, Gross | 40,000,000 | 40,000,000 | |||||||||||||||||
Long-term Debt | 40,000,000 | 40,000,000 | 42,000,000 | 126,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||||||||
Long-term Debt, Gross | 18,371,000,000 | 18,371,000,000 | |||||||||||||||||
Debt Instrument, Face Amount | 5,500,000,000 | 1,500,000,000 | 5,500,000,000 | ||||||||||||||||
Long-term Debt | 16,177,000,000 | 15,783,000,000 | 16,177,000,000 | 15,783,000,000 | |||||||||||||||
Unamortized discounts | 2,200,000,000 | 2,200,000,000 | |||||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Long-term Debt, Gross | 30,000,000 | 238,000,000 | 30,000,000 | ||||||||||||||||
Long-term Debt | 30,000,000 | 45,000,000 | 30,000,000 | 45,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Six Point Five Percent [Member] | |||||||||||||||||||
Long-term Debt, Gross | 297,000,000 | 297,000,000 | |||||||||||||||||
Long-term Debt | 270,000,000 | 213,000,000 | 270,000,000 | 213,000,000 | |||||||||||||||
Dividends Paid to Parent Company by Consolidated Subsidiaries | 187,000,000 | ||||||||||||||||||
Payments of Distributions to Affiliates | 138,000,000 | ||||||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Seven Five Percent [Member] | |||||||||||||||||||
Long-term Debt, Gross | 233,000,000 | 233,000,000 | |||||||||||||||||
Long-term Debt | 193,000,000 | 115,000,000 | 193,000,000 | 115,000,000 | |||||||||||||||
Dividends Paid to Parent Company by Consolidated Subsidiaries | 206,000,000 | ||||||||||||||||||
Payments of Distributions to Affiliates | 151,000,000 | ||||||||||||||||||
Caesars Entertainment Operating Company [Member] | CGP LLC Property Transaction [Member] | |||||||||||||||||||
Sales Price Of Subsidiary | 2,000,000,000 | ||||||||||||||||||
Caesars Acquisition Company [Member] | |||||||||||||||||||
Unamortized discounts | 129,000,000 | 129,000,000 | |||||||||||||||||
Caesars Acquisition Company [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 289,000,000 | 289,000,000 | |||||||||||||||||
Caesars Acquisition Company [Member] | Common Class A [Member] | |||||||||||||||||||
Initial public offering | 1,200,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 135,771,882 | ||||||||||||||||||
Caesars Acquisition Company [Member] | Common Class A [Member] | Affiliates of Apollo Global Management, LLC and TPG Capital, LP [Member] | |||||||||||||||||||
Initial public offering | 458,000,000 | ||||||||||||||||||
Shares Issued, Price Per Share | $8.64 | $8.64 | |||||||||||||||||
Caesars Growth Partners, LLC [Member] | |||||||||||||||||||
Payments to Acquire Equity Method Investments | 360,000,000 | ||||||||||||||||||
Percent of Management Fee to be Purchased | 50.00% | ||||||||||||||||||
Restoration of Subscription Rights, Value | 21,000,000 | 21,000,000 | |||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 1,100,000,000 | 1,100,000,000 | |||||||||||||||||
Long-term Debt, Gross | 2,386,000,000 | [2] | 2,386,000,000 | [2] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | -150,000,000 | -150,000,000 | |||||||||||||||||
Business Combination, Contingent Consideration, Asset | 225,000,000 | 225,000,000 | |||||||||||||||||
Long-term Debt | 2,326,000,000 | [2] | 721,000,000 | [2] | 2,326,000,000 | [2] | 721,000,000 | [2] | |||||||||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Long-term Debt, Gross | 330,000,000 | 330,000,000 | |||||||||||||||||
Long-term Debt | 321,000,000 | 215,000,000 | 321,000,000 | 215,000,000 | |||||||||||||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||||||||||||||||
Long-term Debt, Gross | 1,169,000,000 | [3] | 1,169,000,000 | [3] | |||||||||||||||
Debt Instrument, Face Amount | 1,175,000,000 | ||||||||||||||||||
Long-term Debt | 1,138,000,000 | [3] | 0 | [3] | 1,138,000,000 | [3] | 0 | [3] | |||||||||||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | Twenty Twenty-two Note at Nine point Three Seven Five [Member] | |||||||||||||||||||
Long-term Debt, Gross | 675,000,000 | [3] | 675,000,000 | [3] | 675,000,000 | ||||||||||||||
Long-term Debt | 661,000,000 | [3] | 0 | [3] | 661,000,000 | [3] | 0 | [3] | |||||||||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Long-term Debt, Gross | 9,000,000 | [4] | 9,000,000 | [4] | |||||||||||||||
Long-term Debt | 8,000,000 | [4] | 50,000,000 | [4] | 8,000,000 | [4] | 50,000,000 | [4] | |||||||||||
Caesars Growth Partners, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||||||||
Net revenues | 1,600,000,000 | 142,000,000 | |||||||||||||||||
Net Income (Loss) Attributable to Parent | 405,000,000 | 4,000,000 | |||||||||||||||||
Caesars Growth Partners, LLC [Member] | Contingently Issuable Membership Units [Member] | |||||||||||||||||||
Contingent earnout liability | 168,000,000 | 168,000,000 | |||||||||||||||||
Caesars Growth Partners, LLC [Member] | Contingently Issuable Membership Units [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 347,000,000 | 347,000,000 | |||||||||||||||||
Cromwell Credit Facility [Member] | Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Long-term Debt, Gross | 0 | [5] | 0 | [5] | |||||||||||||||
Long-term Debt | 0 | [5] | 180,000,000 | [5] | 0 | [5] | 180,000,000 | [5] | |||||||||||
Cromwell Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Long-term Debt, Gross | 185,000,000 | [5] | 185,000,000 | [5] | 185,000,000 | [5] | |||||||||||||
Long-term Debt | $180,000,000 | [5] | $0 | [5] | $180,000,000 | [5] | $0 | [5] | |||||||||||
[1] | (2) See Note 2, “Basis of Presentation and Principles of Consolidation,†for a description of CGP LLC’s distribution of CEOC notes. | ||||||||||||||||||
[2] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | ||||||||||||||||||
[3] | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | ||||||||||||||||||
[4] | The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. | ||||||||||||||||||
[5] | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.†|
Liquidity_Considerations_Liqui2
Liquidity Considerations Liquidity Considerations - Cash and Available Revolver Capacity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | |||||
Cash and cash equivalents | $2,806 | $2,771 | $1,758 | $891 | |
Caesars Entertainment Operating Company [Member] | |||||
Cash and cash equivalents | 1,194 | [1] | |||
Caesars Entertainment Resort Properties [Member] | |||||
Cash and cash equivalents | 189 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 270 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | -180 | ||||
Liquidity | 279 | ||||
Caesars Enterprise Services [Member] | |||||
Cash and cash equivalents | 70 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Liquidity | 70 | ||||
Caesars Growth Partners, LLC [Member] | |||||
Cash and cash equivalents | 944 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Liquidity | 1,094 | ||||
Parent and Other [Member] | |||||
Cash and cash equivalents | 409 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Liquidity | $409 | ||||
[1] | See information about CEOC’s Financial Restructuring Plan below and Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.†CEOC is unable to draw on its remaining revolver capacity. |
Liquidity_Considerations_Liqui3
Liquidity Considerations Liquidity Considerations - Additional Information Details) (USD $) | 12 Months Ended | 48 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2011 | ||
Long-term Debt, Gross | $25,602 | $25,602 | |||||
Contractual Obligation, Due in Next Twelve Months | 18,800 | 18,800 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 18,049 | 18,049 | |||||
Long Term Debt Interest Repayments In Next Twelve Months | 764 | 764 | |||||
Cash and cash equivalents | 2,806 | 2,771 | 1,758 | 2,806 | 891 | ||
Cash paid for interest | -2,070 | -1,899 | -1,772 | 5,700 | |||
International [Member] | |||||||
Cash and cash equivalents | 92 | 92 | |||||
Caesars Growth Partners, LLC [Member] | |||||||
Long-term Debt, Gross | 2,386 | [1] | 2,386 | [1] | |||
Contractual Obligation, Due in Next Twelve Months | 206 | 206 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 20 | 20 | |||||
Long Term Debt Interest Repayments In Next Twelve Months | 186 | 186 | |||||
Cash and cash equivalents | 944 | 944 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | -150 | -150 | |||||
Long Term Debt Interest Repayments In Year Two | 187 | 187 | |||||
Long Term Debt Interest Repayments In Year Three | 196 | 196 | |||||
Long Term Debt Interest Repayments In Year Four | 200 | 200 | |||||
Long Term Debt Interest Repayments In Year Five | 200 | 200 | |||||
Long Term Debt Interest Repayments After Year Five | 316 | 316 | |||||
Cash paid for interest | 107 | ||||||
Caesars Entertainment Resort Properties [Member] | |||||||
Long-term Debt, Gross | 4,832 | 4,832 | |||||
Contractual Obligation, Due in Next Twelve Months | 433 | 433 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 39 | 39 | |||||
Long Term Debt Interest Repayments In Next Twelve Months | 394 | 394 | |||||
Cash and cash equivalents | 189 | 189 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | -270 | -270 | |||||
Long Term Debt Interest Repayments In Year Two | 394 | 394 | |||||
Long Term Debt Interest Repayments In Year Three | 407 | 407 | |||||
Long Term Debt Interest Repayments In Year Four | 415 | 415 | |||||
Long Term Debt Interest Repayments In Year Five | 405 | 405 | |||||
Long Term Debt Interest Repayments After Year Five | 539 | 539 | |||||
Cash paid for interest | 379 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 90 | 90 | |||||
Caesars Entertainment Operating Company [Member] | |||||||
Long-term Debt, Gross | 18,371 | 18,371 | |||||
Contractual Obligation, Due in Next Twelve Months | 18,200 | 18,200 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 17,977 | 17,977 | |||||
Long Term Debt Interest Repayments In Next Twelve Months | 184 | 184 | |||||
Cash and cash equivalents | $1,194 | [2] | $1,194 | [2] | |||
[1] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | ||||||
[2] | See information about CEOC’s Financial Restructuring Plan below and Note 23, “Subsequent Events - CEOC Bankruptcy and Deconsolidation.†CEOC is unable to draw on its remaining revolver capacity. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and Cash Equivalents, at Carrying Value | $2,806 | $2,771 | $1,758 | $891 |
Restricted Cash and Cash Equivalents | 185 | 425 | ||
Allowance for Doubtful Accounts Receivable | 196 | 162 | ||
Advertising Expense | 270 | 208 | 194 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | $944 | $977 |
Acquisitions_Investments_Dispo
Acquisitions, Investments, Dispositions and Divestitures - Income from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | $163 | $343 | $613 |
Pre-tax (loss)/income from operations | -213 | -239 | -520 |
(Loss)/income, net of income taxes | -192 | -207 | -400 |
Showboat Atlantic City [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 115 | 199 | 228 |
Pre-tax (loss)/income from operations | -59 | -66 | -450 |
(Loss)/income, net of income taxes | -38 | -83 | -281 |
Harrahs Tunica [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 46 | 130 | 155 |
Pre-tax (loss)/income from operations | -120 | -140 | -3 |
(Loss)/income, net of income taxes | -120 | -91 | -2 |
Disposal Group Other [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 2 | 14 | 230 |
Pre-tax (loss)/income from operations | -34 | -33 | -67 |
(Loss)/income, net of income taxes | ($34) | ($33) | ($117) |
Acquisitions_Investments_Dispo1
Acquisitions, Investments, Dispositions and Divestitures - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2013 |
Line Items | |||||||||||
Tangible Asset Impairment Charges | $138 | $2,576 | $631 | ||||||||
Impairment of tangible and other intangible assets | 994 | 2,831 | 624 | ||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 120 | 104 | 99 | ||||||||
Caesars Interactive Entertainment [Member] | CIE RMG BEL [Member] | |||||||||||
Line Items | |||||||||||
Impairment of tangible and other intangible assets | 16 | ||||||||||
Caesars Interactive Entertainment [Member] | Pacific Interactive [Member] | |||||||||||
Line Items | |||||||||||
Contingent earnout liability | 29 | ||||||||||
Caesars Interactive Entertainment [Member] | Buffalo Studios, LLC [Member] | |||||||||||
Line Items | |||||||||||
Contingent earnout liability | 59 | 6 | 59 | ||||||||
Business Combination, Consideration Transferred | 45 | ||||||||||
Caesars Growth Partners, LLC [Member] | |||||||||||
Line Items | |||||||||||
Proceeds from Divestiture of Businesses | 13 | ||||||||||
Caesars Growth Partners, LLC [Member] | Baltimore, Maryland Joint Venture [Member] | |||||||||||
Line Items | |||||||||||
Investment or capital committment in joint venture | 78 | ||||||||||
Purchase of additional interests in subsidiaries | 56 | ||||||||||
Total ownership interest property | 41.00% | 41.00% | |||||||||
Caesars Entertainment Operating Company [Member] | Sterling Suffolk Racecourse, LLC [Member] | |||||||||||
Line Items | |||||||||||
Impairment of tangible and other intangible assets | 60 | ||||||||||
Equity Method Investments | 102 | 102 | |||||||||
Income (Loss) from Equity Method Investments | 102 | ||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 42 | ||||||||||
Caesars Entertainment Operating Company [Member] | Sterling Suffolk Racecourse, LLC [Member] | Convertible Preferred Stock [Member] | |||||||||||
Line Items | |||||||||||
Equity Method Investments | 42 | 42 | |||||||||
Caesars Entertainment Operating Company [Member] | Sterling Suffolk Racecourse, LLC [Member] | Common Stock [Member] | |||||||||||
Line Items | |||||||||||
Equity Method Investments | 60 | 60 | |||||||||
Caesars Entertainment Operating Company [Member] | Macau [Member] | |||||||||||
Line Items | |||||||||||
Proceeds from Divestiture of Businesses | 425 | ||||||||||
Tangible Asset Impairment Charges | 6 | ||||||||||
Caesars Entertainment Operating Company [Member] | Showboat Atlantic City [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 26 | ||||||||||
Business Exit Costs Paid | 5 | ||||||||||
Accrued Liabilities | 20 | 20 | |||||||||
Proceeds from Divestiture of Businesses | 18 | ||||||||||
Tangible Asset Impairment Charges | 10 | ||||||||||
Assets held for sale | 18 | 18 | |||||||||
Caesars Entertainment Operating Company [Member] | Harrahs Tunica [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 16 | ||||||||||
Business Exit Costs Paid | 6 | ||||||||||
Accrued Liabilities | 10 | 10 | |||||||||
Tangible Asset Impairment Charges | 115 | ||||||||||
Impairment of tangible and other intangible assets | 68 | ||||||||||
Caesars Entertainment Operating Company [Member] | Golden Nugget Casino [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 1 | 13 | |||||||||
Business Exit Costs Paid | 4 | ||||||||||
Accrued Liabilities | 10 | 10 | |||||||||
Impairment of tangible and other intangible assets | 2 | ||||||||||
Caesars Entertainment Operating Company [Member] | Alea Leeds [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 2 | 16 | |||||||||
Business Exit Costs Paid | 2 | ||||||||||
Accrued Liabilities | 16 | 16 | |||||||||
Impairment of tangible and other intangible assets | 6 | ||||||||||
Caesars Entertainment Operating Company [Member] | Claridge Hotel Tower, Atlantic City [Member] | |||||||||||
Line Items | |||||||||||
Proceeds received from (paid for) sale of assets | 13 | ||||||||||
Assets Held-for-sale, Other, Noncurrent | 0 | 12 | 12 | 0 | |||||||
Caesars Entertainment Operating Company [Member] | Council Bluffs, Iowa [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 65 | ||||||||||
Accrued Liabilities | 43 | 43 | |||||||||
Caesars Entertainment Operating Company [Member] | Harrah's Gulf Coast [Member] | |||||||||||
Line Items | |||||||||||
Business Exit Costs | 9 | 20 | |||||||||
Business Exit Costs Paid | 4 | ||||||||||
Accrued Liabilities | 26 | 21 | 21 | 26 | |||||||
Caesars Entertainment Operating Company [Member] | Baluma S.A. [Member] | Conrad Punta Del Este Resort and Casino [Member] | |||||||||||
Line Items | |||||||||||
Dispositions, Percentage of Voting Interests Sold | 45.00% | ||||||||||
Dispositions, Consideration for Sale Of Subsidiary | 140 | ||||||||||
Proceeds from the sale of a subsidiary | 50 | ||||||||||
Cash Divested from Deconsolidation | 30 | ||||||||||
Dispositions, Equity Received in Acquiring Company | 4.50% | 4.50% | |||||||||
Caesars Entertainment Operating Company [Member] | Enjoy S.A. [Member] | Conrad Punta Del Este Resort and Casino [Member] | |||||||||||
Line Items | |||||||||||
Dispositions, Deferred Cash Payment to be Received | 32 | 32 | |||||||||
Caesars Entertainment Resort Properties [Member] | AC Conference [Member] | |||||||||||
Line Items | |||||||||||
Book value of Assets Sold | $82 |
Property_and_Equipment_net_Pro1
Property and Equipment, net Property and Equipment - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Land Improvements [Member] | |
Property, Plant and Equipment, Useful Life | 12 years |
Riverboats and Barges [Member] | |
Property, Plant and Equipment, Useful Life | 30 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 2 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Property_and_Equipment_net_Det
Property and Equipment, net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $6,218 | $6,267 |
Buildings, riverboats, and improvements | 7,506 | 6,668 |
Furniture, fixtures, and equipment | 2,685 | 2,298 |
Construction in progress | 302 | 824 |
Total, Gross | 16,711 | 16,057 |
Less: accumulated depreciation | -3,255 | -2,819 |
Property and equipment, net | $13,456 | $13,238 |
Property_and_Equipment_net_Dep
Property and Equipment, net - Depreciation Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $636 | $701 | $844 |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $574 | $572 | $752 |
Property_and_Equipment_net_Pro2
Property and Equipment, net Property and Equipment, net -Tangible Asset Impairments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $138 | $2,576 | $631 |
Continuing Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | 60 | 2,381 | 181 |
Discontinued Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $78 | $195 | $450 |
Property_and_Equipment_net_Add
Property and Equipment, net - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||||
Interest Costs Capitalized | $45 | $38 | $38 | |
Recorded impairment of tangible assets | 138 | 2,576 | 631 | |
Harrah's Reno [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Recorded impairment of tangible assets | 49 | |||
Continuing Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Recorded impairment of tangible assets | 60 | 2,381 | 181 | |
Continuing Operations [Member] | MISSISSIPPI | ||||
Property, Plant and Equipment [Line Items] | ||||
Recorded impairment of tangible assets | 105 | |||
Continuing Operations [Member] | Atlantic Destination [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Recorded impairment of tangible assets | $499 | $1,700 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
Goodwill [Roll Forward] | |||||
Gross Goodwill, Beginning Balance | $9,441 | $9,434 | |||
Additions | 13 | 22 | |||
Goodwill, Written off Related to Sale of Business Unit | -15 | [1] | |||
Transfers | 0 | [2] | 0 | [3] | |
Gross Goodwill, Ending Balance | 9,454 | 9,441 | |||
Accumulated Impairment, Beginning Balance | -6,378 | -6,274 | |||
Impairment of goodwill | -710 | [4] | -104 | ||
Accumulated Impairment, Transfers | 0 | [2] | |||
Accumulated Impairment, Ending Balance | -7,088 | -6,378 | |||
Goodwill, Net Carrying Value | 2,366 | 3,063 | |||
Baluma S.A. [Member] | Conrad Punta Del Este Resort and Casino [Member] | |||||
Goodwill [Roll Forward] | |||||
Dispositions, Percentage of Voting Interests Sold | 45.00% | ||||
Caesars Entertainment Operating Company [Member] | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill, Beginning Balance | 5,435 | 5,475 | |||
Additions | 0 | 0 | |||
Goodwill, Written off Related to Sale of Business Unit | -15 | [1] | |||
Transfers | -1,141 | [2] | -25 | [3] | |
Gross Goodwill, Ending Balance | 4,294 | 5,435 | |||
Accumulated Impairment, Beginning Balance | -4,175 | -4,071 | |||
Impairment of goodwill | -251 | [4] | -104 | ||
Accumulated Impairment, Transfers | 805 | [2] | |||
Accumulated Impairment, Ending Balance | -3,621 | -4,175 | |||
Goodwill, Net Carrying Value | 673 | 1,260 | |||
Caesars Entertainment Resort Properties [Member] | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill, Beginning Balance | 3,894 | 3,894 | |||
Additions | 0 | 0 | |||
Goodwill, Written off Related to Sale of Business Unit | 0 | [1] | |||
Transfers | 0 | [2] | 0 | [3] | |
Gross Goodwill, Ending Balance | 3,894 | 3,894 | |||
Accumulated Impairment, Beginning Balance | -2,203 | -2,203 | |||
Impairment of goodwill | -289 | [4] | 0 | ||
Accumulated Impairment, Transfers | 0 | [2] | |||
Accumulated Impairment, Ending Balance | -2,492 | -2,203 | |||
Goodwill, Net Carrying Value | 1,402 | 1,691 | |||
Caesars Growth Partners, LLC [Member] | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill, Beginning Balance | 25 | 0 | |||
Additions | 0 | 0 | |||
Goodwill, Written off Related to Sale of Business Unit | 0 | [1] | |||
Transfers | 1,141 | [2] | 25 | [3] | |
Gross Goodwill, Ending Balance | 1,166 | 25 | |||
Accumulated Impairment, Beginning Balance | 0 | 0 | |||
Impairment of goodwill | -155 | [4] | 0 | ||
Accumulated Impairment, Transfers | -805 | [2] | |||
Accumulated Impairment, Ending Balance | -960 | 0 | |||
Goodwill, Net Carrying Value | 206 | 25 | |||
Caesars Interactive Entertainment [Member] | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill, Beginning Balance | 87 | 65 | |||
Additions | 13 | 22 | |||
Goodwill, Written off Related to Sale of Business Unit | 0 | [1] | |||
Transfers | 0 | [2] | 0 | [3] | |
Gross Goodwill, Ending Balance | 100 | 87 | |||
Accumulated Impairment, Beginning Balance | 0 | 0 | |||
Impairment of goodwill | -15 | [4] | 0 | ||
Accumulated Impairment, Transfers | 0 | [2] | |||
Accumulated Impairment, Ending Balance | -15 | 0 | |||
Goodwill, Net Carrying Value | $85 | $87 | |||
[1] | During 2013, CEOC sold 45% of its interest in Baluma S.A. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters. | ||||
[2] | During 2014, CGP LLC purchased four properties from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidationâ€). | ||||
[3] | During 2013, CGP LLC purchased Planet Hollywood Hotel & Casino from CEOC (see Note 2, “Basis of Presentation and Principles of Consolidationâ€). | ||||
[4] | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.â€) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Changes in Intangible Assets Other Than Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill and Other Intangible Assets [Roll Forward] | ||||
Amortizing Intangible Assets, Beginning Balance | $730 | $1,028 | ||
Finite-lived Intangible Assets Acquired | 50 | [1] | 19 | [1] |
Impairment of Intangible Assets, Finite-lived | -2 | -150 | ||
Amortization of Intangible Assets | -133 | -165 | ||
Amortizing Intangible Assets, Other | -9 | -2 | ||
Amortizing Intangible Assets, Ending Balance | 636 | 730 | ||
Other Non-Amortizing Intangible Assets, Beginning Balance | 2,758 | 2,958 | ||
Other Non-Amortizing Intangible Assets, Impairment | -240 | -200 | ||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | -4 | 0 | ||
Other Non-Amortizing Intangible Assets, Ending Balance | 2,514 | 2,758 | ||
Intangible assets other than goodwill, Beginning Balance | 3,488 | 3,986 | ||
Finite-lived Intangible Assets Acquired | 50 | [1] | 19 | [1] |
Impairment of Intangible Assets (Excluding Goodwill) | -242 | -350 | ||
Amortization of Intangible Assets | -133 | -165 | ||
Increase (Decrease) in Intangible Assets, Current | -13 | -2 | ||
Intangible assets other than goodwill, Ending Balance | $3,150 | $3,488 | ||
[1] | During 2014, we increased our amortizing intangible assets $50 million, primarily as a result of the Pacific Interactive acquisition (see Note 6, “Acquisitions, Dispositions, and Other Property Mattersâ€). During 2013, we increased our amortizing intangible assets $19 million as a result of entering into certain contractual arrangements. |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | |||||
Goodwill, Impairment Loss | ($710) | [1] | ($104) | ||
Impairment of intangible assets other than goodwill | 240 | 200 | |||
Continuing Operations [Member] | |||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | |||||
Goodwill, Impairment Loss | 406 | 695 | [2] | 104 | 195 |
Total impairment charges | 934 | 450 | 437 | ||
Continuing Operations [Member] | Trademarks [Member] | |||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | |||||
Impairment of intangible assets other than goodwill | 13 | 101 | 209 | ||
Continuing Operations [Member] | Gaming Rights and other [Member] | |||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | |||||
Impairment of intangible assets other than goodwill | $40 | $226 | [3] | $245 | $33 |
[1] | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 6, “Acquisitions, Dispositions, and Other Property Matters.â€) | ||||
[2] | Includes $406 million of impairments recorded in the fourth quarter of 2014 | ||||
[3] | Includes $40 million of impairments recorded in the fourth quarter of 2014 |
Goodwill_and_Other_Intangible_6
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 | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets Excluding Goodwill [Line Items] | |||
Gross Carrying Amount | $1,584 | $1,547 | |
Accumulated Amortization | -948 | -817 | |
Net Carrying Amount | 636 | 730 | 1,028 |
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | |||
Non amortizing intangible assets | 2,514 | 2,758 | 2,958 |
Total intangible assets other than goodwill | 3,150 | 3,488 | 3,986 |
Trademarks [Member] | |||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | |||
Non amortizing intangible assets | 1,580 | 1,598 | |
Gaming Rights [Member] | |||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | |||
Non amortizing intangible assets | 934 | 1,160 | |
Customer relationships [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 6 years 2 months | ||
Gross Carrying Amount | 1,265 | 1,268 | |
Accumulated Amortization | -736 | -646 | |
Net Carrying Amount | 529 | 622 | |
Contract rights [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 2 years 1 month | ||
Gross Carrying Amount | 84 | 98 | |
Accumulated Amortization | -81 | -79 | |
Net Carrying Amount | 3 | 19 | |
Patented technology [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 2 years 5 months | ||
Gross Carrying Amount | 188 | 138 | |
Accumulated Amortization | -109 | -77 | |
Net Carrying Amount | 79 | 61 | |
Gaming Rights [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 9 years 7 months | ||
Gross Carrying Amount | 47 | 43 | |
Accumulated Amortization | -22 | -15 | |
Net Carrying Amount | $25 | $28 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization of intangible assets | $133 | $165 | |
Finite-Lived Intangible Assets, Amortization Expense, 2015 | 130 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2016 | 111 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2017 | 101 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2018 | 87 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2019 | 68 | ||
Continuing Operations [Member] | |||
Amortization of intangible assets | $133 | $163 | $173 |
Detail_of_Accrued_Expenses_and3
Detail of Accrued Expenses and Other Current Liabilities Detail of Accrued Expenses - Detail of Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Detail of Accrued Expenses [Abstract] | ||
Payroll and other compensation | $220 | $233 |
Self-insurance accruals | 204 | 208 |
Advance deposits | 150 | 204 |
Accrued taxes | 146 | 130 |
Total Rewards liability | 47 | 50 |
Other accruals | 432 | 387 |
Total | $1,199 | $1,212 |
Detail_of_Accrued_Expenses_and4
Detail of Accrued Expenses and Other Current Liabilities Detail of Accrued Expenses - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Detail of Accrued Expenses [Abstract] | ||
Total Rewards liability | $47 | $50 |
Self-insurance accruals | $204 | $208 |
Debt_Schedule_of_Debt_Details
Debt - Schedule of Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $23,213 | $21,115 | ||
Long-term Debt, Gross | 25,602 | |||
Current Portion Of Long Term Debt Face Value | -18,049 | |||
Long-term Debt, Current Maturities | -15,779 | -197 | ||
Long Term Debt Non Current Face Value | 7,553 | |||
Long-term Debt, Excluding Current Maturities | 7,434 | 20,918 | ||
Caesars Entertainment Operating Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Debt, less Discount | 16,100 | |||
Long-term Debt | 16,177 | 15,783 | ||
Long-term Debt, Gross | 18,371 | |||
Current Portion Of Long Term Debt Face Value | -17,977 | |||
Long-term Debt, Current Maturities | -15,708 | -113 | ||
Long-term Debt, Excluding Current Maturities | 392 | 15,670 | ||
Caesars Entertainment Resort Properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 4,774 | 4,611 | ||
Long-term Debt, Gross | 4,832 | |||
Long-term Debt, Current Maturities | -39 | -36 | ||
Long Term Debt Non Current Face Value | 4,793 | |||
Long-term Debt, Excluding Current Maturities | 4,735 | 4,575 | ||
Caesars Growth Partners, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,326 | [1] | 721 | [1] |
Long-term Debt, Gross | 2,386 | [1] | ||
Long-term Debt, Current Maturities | -20 | -48 | ||
Long Term Debt Non Current Face Value | 2,366 | |||
Long-term Debt, Excluding Current Maturities | 2,306 | 673 | ||
Parent Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 13 | 0 | ||
Long-term Debt, Gross | 13 | |||
Long-term Debt, Current Maturities | ($13) | $0 | ||
[1] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Debt_Annual_Maturities_of_Long
Debt - Annual Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $18,049 | |
2016 | 76 | |
2017 | 46 | |
2018 | 228 | |
2019 | 247 | |
Thereafter | 6,956 | |
Long-term Debt, Gross | 25,602 | |
Caesars Entertainment Operating Company [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 17,977 | |
2016 | 19 | |
2017 | 2 | |
2018 | 1 | |
2019 | 1 | |
Thereafter | 371 | |
Long-term Debt, Gross | 18,371 | |
Caesars Entertainment Resort Properties [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 39 | |
2016 | 36 | |
2017 | 27 | |
2018 | 205 | |
2019 | 25 | |
Thereafter | 4,500 | |
Long-term Debt, Gross | 4,832 | |
Caesars Growth Partners, LLC [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 20 | |
2016 | 21 | |
2017 | 17 | |
2018 | 22 | |
2019 | 221 | |
Thereafter | 2,085 | |
Long-term Debt, Gross | 2,386 | [1] |
Parent Company [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 13 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Long-term Debt, Gross | $13 | |
[1] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Debt_Debt_Cash_Flows_from_Fina
Debt Debt - Cash Flows from Financing Activities (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Proceeds from the issuance of long-term debt | $4,436 | $6,039 | $4,162 | |
Repayments of Long-term Debt | -2,833 | |||
Long-term Debt, Other [Member] | ||||
Proceeds from the issuance of long-term debt | 13 | |||
Repayments of Long-term Debt | -214 | |||
Capital Lease Obligations [Member] | ||||
Proceeds from the issuance of long-term debt | 0 | |||
Repayments of Long-term Debt | -34 | |||
Caesars Entertainment Operating Company [Member] | ||||
Repayments of Long-term Debt | -1,400 | |||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | ||||
Repayments of Long-term Debt | -794 | |||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Seven [Member] | ||||
Proceeds from the issuance of long-term debt | 1,528 | |||
Repayments of Long-term Debt | -1,275 | |||
Caesars Growth Partners, LLC [Member] | ||||
Proceeds from the issuance of long-term debt | 693 | |||
Repayments of Long-term Debt | -700 | |||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | ||||
Proceeds from the issuance of long-term debt | 106 | |||
Repayments of Long-term Debt | 0 | |||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | ||||
Proceeds from the issuance of long-term debt | 1,141 | |||
Repayments of Long-term Debt | 0 | |||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | ||||
Proceeds from the issuance of long-term debt | 660 | |||
Repayments of Long-term Debt | 0 | |||
Caesars Growth Partners, LLC [Member] | Senior Secured Loan [Member] | ||||
Proceeds from the issuance of long-term debt | 0 | |||
Repayments of Long-term Debt | -495 | |||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Senior Secured Revolving Facility [Member] | ||||
Proceeds from the issuance of long-term debt | 295 | |||
Repayments of Long-term Debt | ($115) |
Debt_Debt_CEOC_Debt_Details
Debt Debt - CEOC Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | ||
In Millions, unless otherwise specified | ||||||
Current Portion Of Long Term Debt Face Value | ($18,049) | |||||
Long-term Debt | 23,213 | 21,115 | ||||
Long-term Debt, Gross | 25,602 | |||||
Long-term Debt, Current Maturities | -15,779 | -197 | ||||
Long-term Debt, Excluding Current Maturities | 7,434 | 20,918 | ||||
Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument, Face Amount | 5,500 | 1,500 | ||||
Current Portion Of Long Term Debt Face Value | -17,977 | |||||
Long-term Debt | 16,177 | 15,783 | ||||
Long-term Debt, Gross | 18,371 | |||||
Debt Instrument - Additional Unamortized Discount | -77 | [1] | ||||
Long Term Debt, less Discount | 16,100 | |||||
Long-term Debt, Current Maturities | -15,708 | -113 | ||||
Long-Term Debt Instrument, Face Value | 394 | |||||
Long-term Debt, Excluding Current Maturities | 392 | 15,670 | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B One - B Three [Member] | ||||||
Long-term Debt | 0 | [2],[3] | 29 | [2],[3] | ||
Long-term Debt, Gross | 0 | [2],[3] | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B4 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | |||||
Long-term Debt | 362 | [2] | 948 | [2] | ||
Long-term Debt, Gross | 377 | [2] | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loans B Five [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.99% | |||||
Long-term Debt | 919 | [2] | 989 | [2] | ||
Long-term Debt, Gross | 938 | [2] | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Six [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.99% | |||||
Long-term Debt | 2,234 | [2] | 2,400 | [2] | ||
Long-term Debt, Gross | 2,299 | [2] | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Seven [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |||||
Long-term Debt | 1,647 | [2],[4] | 0 | [2],[4] | ||
Long-term Debt, Gross | 1,741 | [2],[4] | ||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Cromwell Credit Facility [Member] | ||||||
Long-term Debt | 0 | [5] | 180 | [5] | ||
Long-term Debt, Gross | 0 | [5] | ||||
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | Twenty-Seventeen Note at Eleven point Two Five Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | |||||
Long-term Debt | 2,073 | 2,066 | ||||
Long-term Debt, Gross | 2,095 | |||||
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | Twenty-twenty Note at Eight point Five Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Long-term Debt | 1,250 | 1,250 | ||||
Long-term Debt, Gross | 1,250 | |||||
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | Twenty-Twenty Note at Nine Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||
Long-term Debt | 2,960 | 2,955 | ||||
Long-term Debt, Gross | 3,000 | |||||
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | Chester Downs Senior Secured Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |||||
Long-term Debt | 330 | 330 | ||||
Long-term Debt, Gross | 330 | |||||
Long-term Debt, Excluding Current Maturities | 330 | |||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Eighteen Note at Twelve point Seven Five [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | |||||
Long-term Debt | 745 | 744 | ||||
Long-term Debt, Gross | 750 | |||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Eighteen Note at Ten Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Debt Instrument, Face Amount | 4,485 | |||||
Long-term Debt | 2,618 | 2,433 | ||||
Long-term Debt, Gross | 4,485 | |||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Fifteen Note at Ten Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Long-term Debt | 3 | 188 | ||||
Long-term Debt, Gross | 3 | |||||
Caesars Entertainment Operating Company [Member] | Capital Lease Obligations [Member] | ||||||
Long-term Debt | 17 | 17 | ||||
Long-term Debt, Gross | 17 | |||||
Long-term Debt, Excluding Current Maturities | 18 | |||||
Caesars Entertainment Operating Company [Member] | Subsidiary Guaranteed Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |||||
Long-term Debt | 479 | [6] | 479 | [6] | ||
Long-term Debt, Gross | 479 | [6] | ||||
Caesars Entertainment Operating Company [Member] | Subsidiary Guaranteed Senior Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||
Long-term Debt | 0 | [6] | 11 | [6] | ||
Long-term Debt, Gross | 0 | [6] | ||||
Caesars Entertainment Operating Company [Member] | Subsidiary Guaranteed Senior Notes [Member] | Minimum [Member] | Payment in Kind (PIK) Note [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |||||
Caesars Entertainment Operating Company [Member] | Subsidiary Guaranteed Senior Notes [Member] | Maximum [Member] | Payment in Kind (PIK) Note [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.50% | |||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | ||||||
Long-term Debt | 30 | 45 | ||||
Long-term Debt, Gross | 30 | 238 | ||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | ||||||
Long-term Debt | 0 | [3] | 328 | [3] | ||
Long-term Debt, Gross | 0 | [3] | ||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Six Point Five Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||
Long-term Debt | 270 | 213 | ||||
Long-term Debt, Gross | 297 | |||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Seven Five Percent [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||
Long-term Debt | 193 | 115 | ||||
Long-term Debt, Gross | 233 | |||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Caesars Entertainment Operating Company [Member] | Convertible Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.24% | |||||
Long-term Debt | 0 | 0 | ||||
Long-term Debt, Gross | 0 | |||||
Caesars Entertainment Operating Company [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |||||
Long-term Debt | 47 | 63 | ||||
Long-term Debt, Gross | 47 | |||||
Long-term Debt, Excluding Current Maturities | $46 | |||||
[1] | Increase in discount on long-term debt due to distribution of CEOC notes through a dividend to a non-consolidated affiliate recorded on CEC parent. | |||||
[2] | In conjunction with the terms of the Bank Amendment (defined below), Caesars Entertainment guarantees collection of amounts under the Credit Facilities. | |||||
[3] | Repaid in the third quarter of 2014. | |||||
[4] | The Term B7 Loans have a springing maturity to 90 days prior to March 1, 2017, if more than $500 million of CEOC’s Term B5 Loan and Term B6 Loan remain outstanding on such date. | |||||
[5] | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.†| |||||
[6] | Guaranteed by certain wholly owned subsidiaries of CEOC. |
Debt_Debt_CERP_Debt_Details
Debt Debt - CERP Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | ||
In Millions, unless otherwise specified | |||||
Long-term Debt | $23,213 | $21,115 | |||
Long-term Debt, Gross | 25,602 | ||||
Long-term Debt, Current Maturities | -15,779 | -197 | |||
Long Term Debt Non Current Face Value | 7,553 | ||||
Long-term Debt, Excluding Current Maturities | 7,434 | 20,918 | |||
Caesars Entertainment Resort Properties [Member] | |||||
Long-term Debt | 4,774 | 4,611 | |||
Long-term Debt, Gross | 4,832 | ||||
Long-term Debt, Current Maturities | -39 | -36 | |||
Long Term Debt Non Current Face Value | 4,793 | ||||
Long-term Debt, Excluding Current Maturities | 4,735 | 4,575 | |||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||
Long-term Debt | 2,431 | [1] | 2,450 | [1] | |
Long-term Debt, Gross | 2,475 | [1] | |||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Senior Secured Revolving Facility [Member] | |||||
Long-term Debt | 180 | [1] | 0 | [1] | |
Long-term Line of Credit | 180 | [1] | |||
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Long-term Debt | 994 | [1] | 994 | [1] | |
Long-term Debt, Gross | 1,000 | [1] | 1,000 | ||
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||||
Long-term Debt | 1,142 | [1] | 1,141 | [1] | |
Long-term Debt, Gross | 1,150 | [1] | 1,200 | ||
Caesars Entertainment Resort Properties [Member] | Capital Lease Obligations [Member] | |||||
Long-term Debt | 13 | 5 | |||
Long-term Debt, Gross | 13 | ||||
Caesars Entertainment Resort Properties [Member] | Unsecured Debt [Member] | |||||
Long-term Debt | 14 | 21 | |||
Long-term Debt, Gross | $14 | ||||
Caesars Entertainment Resort Properties [Member] | Unsecured Debt [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||
Caesars Entertainment Resort Properties [Member] | Unsecured Debt [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||
[1] | Guaranteed by Caesars Entertainment Resort Properties and its subsidiaries. |
Debt_Debt_CGP_Debt_Details
Debt Debt - CGP Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | ||||||
Long-term Debt, Gross | $25,602 | |||||
Long-term Debt, Current Maturities | -15,779 | -197 | ||||
Long Term Debt Non Current Face Value | 7,553 | |||||
Long-term Debt, Excluding Current Maturities | 7,434 | 20,918 | ||||
Caesars Interactive Entertainment [Member] | Unsecured Debt [Member] | ||||||
Long-term Debt, Gross | 40 | |||||
Long-term Debt, Current Maturities | -48 | |||||
Caesars Growth Partners, LLC [Member] | ||||||
Long-term Debt, Gross | 2,386 | [1] | ||||
Long-term Debt, Current Maturities | -20 | -48 | ||||
Long Term Debt Non Current Face Value | 2,366 | |||||
Long-term Debt, Excluding Current Maturities | 2,306 | 673 | ||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Long-term Debt, Gross | 1,169 | [2] | ||||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | Twenty Twenty-two Note at Nine point Three Seven Five [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | |||||
Long-term Debt, Gross | 675 | [2] | 675 | |||
Caesars Growth Partners, LLC [Member] | Senior Secured Loan [Member] | ||||||
Long-term Debt, Gross | 0 | |||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | ||||||
Long-term Debt, Gross | 330 | |||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |||||
Caesars Growth Partners, LLC [Member] | Capital Lease Obligations [Member] | ||||||
Long-term Debt, Gross | 4 | |||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | ||||||
Long-term Debt, Gross | 9 | [3] | ||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Caesars Growth Partners, LLC [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |||||
Long-term Debt, Gross | 14 | [3] | ||||
Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Medium-term Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |||||
Long-term Debt, Gross | $185 | [4] | $185 | [4] | ||
[1] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | |||||
[2] | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | |||||
[3] | The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. | |||||
[4] | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.†|
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2013 | Nov. 30, 2014 | Jun. 30, 2013 | 31-May-14 | Apr. 30, 2014 | Dec. 31, 2011 | |||||
Debt Instrument [Line Items] | |||||||||||||||||
Unamortized discounts | $2,400,000,000 | $2,500,000,000 | $2,400,000,000 | ||||||||||||||
Long-term Debt, Current Maturities | 15,779,000,000 | 197,000,000 | 15,779,000,000 | ||||||||||||||
Long-term Debt, Excluding Current Maturities | 7,434,000,000 | 20,918,000,000 | 7,434,000,000 | ||||||||||||||
Long-term Debt, Fair Value | 17,500,000,000 | 17,500,000,000 | |||||||||||||||
Long-term Debt, Gross | 25,602,000,000 | 25,602,000,000 | |||||||||||||||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 2,400,000,000 | 3,000,000,000 | 2,400,000,000 | ||||||||||||||
Repayments of Long-term Debt | 2,833,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -96,000,000 | -30,000,000 | 136,000,000 | ||||||||||||||
Notes Payable, Related Parties, Noncurrent | 35,000,000 | 35,000,000 | |||||||||||||||
Property EBITDA | 1,689,000,000 | 1,877,000,000 | 2,028,000,000 | ||||||||||||||
Long-term Debt | 23,213,000,000 | 21,115,000,000 | 23,213,000,000 | ||||||||||||||
Capital Lease Obligations [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 34,000,000 | ||||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -25,000,000 | ||||||||||||||||
Early Repayment of Senior Debt | 78,000,000 | ||||||||||||||||
Debt Conversion, Original Amount | 427,000,000 | ||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 368,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Unamortized discounts | 2,200,000,000 | 2,200,000,000 | |||||||||||||||
Long-term Debt, Current Maturities | 15,708,000,000 | 113,000,000 | 15,708,000,000 | ||||||||||||||
Long-term Debt, Excluding Current Maturities | 392,000,000 | 15,670,000,000 | 392,000,000 | ||||||||||||||
Long-term Debt, Gross | 18,371,000,000 | 18,371,000,000 | |||||||||||||||
Repayments of Long-term Debt | 1,400,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -29,000,000 | ||||||||||||||||
Debt Instrument, Face Amount | 5,500,000,000 | 1,500,000,000 | 5,500,000,000 | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 106,000,000 | 106,000,000 | |||||||||||||||
Senior Debt Excluded From Debt Covenant | 5,500,000,000 | 5,500,000,000 | 3,700,000,000 | ||||||||||||||
Long-term Debt | 16,177,000,000 | 15,783,000,000 | 16,177,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 7.25 | 7.25 | 4.75 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Term Loan B Six [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Debt | 134,000,000 | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 134,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 75,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Excluding Current Maturities | 46,000,000 | 46,000,000 | |||||||||||||||
Long-term Debt, Gross | 47,000,000 | 47,000,000 | |||||||||||||||
Long-term Debt | 47,000,000 | 63,000,000 | 47,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Capital Lease Obligations [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Excluding Current Maturities | 18,000,000 | 18,000,000 | |||||||||||||||
Long-term Debt, Gross | 17,000,000 | 17,000,000 | |||||||||||||||
Long-term Debt | 17,000,000 | 17,000,000 | 17,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 794,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -22,000,000 | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 650,000,000 | ||||||||||||||||
Long-Term Debt Effecting Maturities | 500,000,000 | 500,000,000 | |||||||||||||||
Long-Term Debt Effecting Maturities | 500,000,000 | 500,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Seven [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 4,000,000 | ||||||||||||||||
Long-term Debt, Gross | 1,741,000,000 | [1],[2] | 1,741,000,000 | [1],[2] | |||||||||||||
Debt Instrument, Original Face Amount | 1,800,000,000 | 1,800,000,000 | |||||||||||||||
Repayments of Long-term Debt | 1,275,000,000 | ||||||||||||||||
Debt Instrument, Original Face Amount | 1,800,000,000 | 1,800,000,000 | |||||||||||||||
Long-term Debt | 1,647,000,000 | [1],[2] | 0 | [1],[2] | 1,647,000,000 | [1],[2] | |||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 16,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Three [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 13,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Four [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 377,000,000 | [1] | 377,000,000 | [1] | |||||||||||||
Repayments of Long-term Debt | 578,000,000 | ||||||||||||||||
Long-term Debt | 362,000,000 | [1] | 948,000,000 | [1] | 362,000,000 | [1] | |||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loans B Five [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 938,000,000 | [1] | 938,000,000 | [1] | |||||||||||||
Repayments of Long-term Debt | 54,000,000 | ||||||||||||||||
Long-term Debt | 919,000,000 | [1] | 989,000,000 | [1] | 919,000,000 | [1] | |||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B Six [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 2,299,000,000 | [1] | 2,299,000,000 | [1] | |||||||||||||
Repayments of Long-term Debt | 133,000,000 | ||||||||||||||||
Long-term Debt | 2,234,000,000 | [1] | 2,400,000,000 | [1] | 2,234,000,000 | [1] | |||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Revolving Credit Facility maturing Jan 28 2017 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | 0 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000,000 | 5,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Term Loan B One - B Three [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 0 | [1],[3] | 0 | [1],[3] | |||||||||||||
Long-term Debt | 0 | [1],[3] | 29,000,000 | [1],[3] | 0 | [1],[3] | |||||||||||
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | Cromwell Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 0 | [4] | 0 | [4] | |||||||||||||
Long-term Debt | 0 | [4] | 180,000,000 | [4] | 0 | [4] | |||||||||||
Caesars Entertainment Operating Company [Member] | Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 5,400,000,000 | 5,400,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 106,000,000 | 106,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 30,000,000 | 30,000,000 | 238,000,000 | ||||||||||||||
Early Repayment of Senior Debt | 78,000,000 | ||||||||||||||||
Long-term Debt | 30,000,000 | 45,000,000 | 30,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 0 | [3] | 0 | [3] | |||||||||||||
Debt Instrument, Repurchased Face Amount | 792,000,000 | 792,000,000 | |||||||||||||||
Repayments of Long-term Debt | 830,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -6,000,000 | ||||||||||||||||
Long-term Debt | 0 | [3] | 328,000,000 | [3] | 0 | [3] | |||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Six Point Five Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 297,000,000 | 297,000,000 | |||||||||||||||
Long-term Debt | 270,000,000 | 213,000,000 | 270,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Six Point Five Percent [Member] | Third Party [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 89,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Seven Five Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 233,000,000 | 233,000,000 | |||||||||||||||
Long-term Debt | 193,000,000 | 115,000,000 | 193,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Seven Five Percent [Member] | Third Party [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 66,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Subsequent to Bank Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Repurchased Face Amount | 82,000,000 | 82,000,000 | |||||||||||||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Debt | 18,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Fifteen Note at Ten Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 3,000,000 | 3,000,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | 190,000,000 | 190,000,000 | |||||||||||||||
Repayments of Long-term Debt | 191,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -14,000,000 | ||||||||||||||||
Long-term Debt | 3,000,000 | 188,000,000 | 3,000,000 | ||||||||||||||
Caesars Entertainment Operating Company [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line Of Credit Outstanding Amount Committed To Letters Of Credit | 101,000,000 | 101,000,000 | |||||||||||||||
Line of Credit Facility, Periodic Payment, Interest | 426,000,000 | ||||||||||||||||
Caesars Entertainment Operating Company [Member] | Chester Downs Senior Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Excluding Current Maturities | 330,000,000 | 330,000,000 | |||||||||||||||
Long-term Debt, Gross | 330,000,000 | 330,000,000 | |||||||||||||||
Long-term Debt | 330,000,000 | 330,000,000 | 330,000,000 | ||||||||||||||
Caesars Entertainment Resort Properties [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Current Maturities | 39,000,000 | 36,000,000 | 39,000,000 | ||||||||||||||
Long-term Debt, Excluding Current Maturities | 4,735,000,000 | 4,575,000,000 | 4,735,000,000 | ||||||||||||||
Debt Instrument, Annual Principal Payment | 25,000,000 | 25,000,000 | |||||||||||||||
Long-term Debt, Gross | 4,832,000,000 | 4,832,000,000 | |||||||||||||||
Gains/(losses) on Extinguishment of Debt | -37,000,000 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | -270,000,000 | -270,000,000 | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 180,000,000 | 180,000,000 | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 90,000,000 | 90,000,000 | |||||||||||||||
Leverage ratio for line of credit facility | 6.29 | 6.29 | |||||||||||||||
Long-term Debt | 4,774,000,000 | 4,611,000,000 | 4,774,000,000 | ||||||||||||||
Caesars Entertainment Resort Properties [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 8 | 8 | |||||||||||||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 2,475,000,000 | [5] | 2,475,000,000 | [5] | |||||||||||||
Term Loans Periodic Payments | 6,000,000 | ||||||||||||||||
Long-term Debt | 2,431,000,000 | [5] | 2,450,000,000 | [5] | 2,431,000,000 | [5] | |||||||||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Senior Secured Revolving Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 115,000,000 | ||||||||||||||||
Long-term Line of Credit | 180,000,000 | [5] | 180,000,000 | [5] | |||||||||||||
Long-term Debt, Weighted Average Interest Rate | 6.60% | 6.60% | |||||||||||||||
Long-term Debt | 180,000,000 | [5] | 0 | [5] | 180,000,000 | [5] | |||||||||||
Caesars Entertainment Resort Properties [Member] | Capital Lease Obligations [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 13,000,000 | 13,000,000 | |||||||||||||||
Long-term Debt | 13,000,000 | 5,000,000 | 13,000,000 | ||||||||||||||
Caesars Entertainment Resort Properties [Member] | Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 14,000,000 | 14,000,000 | |||||||||||||||
Long-term Debt | 14,000,000 | 21,000,000 | 14,000,000 | ||||||||||||||
Caesars Entertainment Resort Properties [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 2,800,000,000 | 2,800,000,000 | |||||||||||||||
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 1,000,000,000 | [5] | 1,000,000,000 | [5] | 1,000,000,000 | ||||||||||||
Long-term Debt | 994,000,000 | [5] | 994,000,000 | [5] | 994,000,000 | [5] | |||||||||||
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 1,150,000,000 | [5] | 1,150,000,000 | [5] | 1,200,000,000 | ||||||||||||
Long-term Debt | 1,142,000,000 | [5] | 1,141,000,000 | [5] | 1,142,000,000 | [5] | |||||||||||
Caesars Growth Properties Holdings, LLC [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 700,000,000 | 700,000,000 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 6 | 6 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Line of Credit [Member] | Maximum [Member] | First Three Quarters [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 7.5 | 7.5 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Line of Credit [Member] | Maximum [Member] | Following Four Quarters [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 6 | 6 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Line of Credit [Member] | Maximum [Member] | Remainder of Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 4.75 | 4.75 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | First Three Quarters [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 5.25 | 5.25 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | Following Four Quarters [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 5 | 5 | |||||||||||||||
Caesars Growth Properties Holdings, LLC [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | Remainder of Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio for line of credit facility | 4.75 | 4.75 | |||||||||||||||
Caesars Growth Partners, LLC [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Current Maturities | 20,000,000 | 48,000,000 | 20,000,000 | ||||||||||||||
Long-term Debt, Excluding Current Maturities | 2,306,000,000 | 673,000,000 | 2,306,000,000 | ||||||||||||||
Debt Instrument, Annual Principal Payment | 20,000,000 | 20,000,000 | |||||||||||||||
Long-term Debt, Gross | 2,386,000,000 | [6] | 2,386,000,000 | [6] | |||||||||||||
Repayments of Long-term Debt | 700,000,000 | ||||||||||||||||
Gains/(losses) on Extinguishment of Debt | -28,000,000 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | -150,000,000 | -150,000,000 | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | |||||||||||||||
Leverage ratio for line of credit facility | 3.11 | 3.11 | |||||||||||||||
Long-term Debt | 2,326,000,000 | [6] | 721,000,000 | [6] | 2,326,000,000 | [6] | |||||||||||
Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 300,000,000 | 225,000,000 | 300,000,000 | 38,000,000 | 38,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | 10,000,000 | |||||||||||||||
Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore FF&E Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 | |||||||||||||||
Long-term Line of Credit | 30,000,000 | 30,000,000 | |||||||||||||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 1,169,000,000 | [7] | 1,169,000,000 | [7] | |||||||||||||
Repayments of Long-term Debt | 0 | ||||||||||||||||
Debt Instrument, Face Amount | 1,175,000,000 | ||||||||||||||||
Long-term Debt | 1,138,000,000 | [7] | 0 | [7] | 1,138,000,000 | [7] | |||||||||||
Caesars Growth Partners, LLC [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 14,000,000 | [8] | 14,000,000 | [8] | |||||||||||||
Long-term Debt | 14,000,000 | [8] | 0 | [8] | 14,000,000 | [8] | |||||||||||
Caesars Growth Partners, LLC [Member] | Capital Lease Obligations [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 4,000,000 | 4,000,000 | |||||||||||||||
Long-term Debt | 4,000,000 | 0 | 4,000,000 | ||||||||||||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 330,000,000 | 330,000,000 | |||||||||||||||
Repayments of Long-term Debt | 0 | ||||||||||||||||
Long-term Debt | 321,000,000 | 215,000,000 | 321,000,000 | ||||||||||||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | Cromwell Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 185,000,000 | [4] | 185,000,000 | [4] | 185,000,000 | [4] | |||||||||||
Long-term Debt | 180,000,000 | [4] | 0 | [4] | 180,000,000 | [4] | |||||||||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | Cromwell Credit Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Property EBITDA | 7,500,000 | ||||||||||||||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 9,000,000 | [8] | 9,000,000 | [8] | |||||||||||||
Long-term Debt | 8,000,000 | [8] | 50,000,000 | [8] | 8,000,000 | [8] | |||||||||||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Debt | 0 | ||||||||||||||||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | Twenty Twenty-two Note at Nine point Three Seven Five [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 675,000,000 | [7] | 675,000,000 | [7] | 675,000,000 | ||||||||||||
Long-term Debt | 661,000,000 | [7] | 0 | [7] | 661,000,000 | [7] | |||||||||||
Caesars Growth Partners, LLC [Member] | Senior Secured Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | 0 | 0 | |||||||||||||||
Repayments of Long-term Debt | 495,000,000 | ||||||||||||||||
Repayments of Debt | 477,000,000 | ||||||||||||||||
Long-term Debt | 0 | 456,000,000 | 0 | ||||||||||||||
Caesars Interactive Entertainment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 8,913 | ||||||||||||||||
Caesars Interactive Entertainment [Member] | Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Current Maturities | 48,000,000 | 48,000,000 | |||||||||||||||
Long-term Debt, Gross | 40,000,000 | 40,000,000 | |||||||||||||||
Long-term Debt | 40,000,000 | 42,000,000 | 40,000,000 | 126,000,000 | |||||||||||||
Cash Tender Offer [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | 44,000,000 | 44,000,000 | |||||||||||||||
Cash Tender Offer [Member] | Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Fifteen Note at Ten Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | 103,000,000 | 103,000,000 | |||||||||||||||
Note Repurchase and Redemption [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | 747,000,000 | 747,000,000 | |||||||||||||||
Note Repurchase and Redemption [Member] | Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | Twenty-Fifteen Note at Ten Percent [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | $83,000,000 | $83,000,000 | |||||||||||||||
[1] | In conjunction with the terms of the Bank Amendment (defined below), Caesars Entertainment guarantees collection of amounts under the Credit Facilities. | ||||||||||||||||
[2] | The Term B7 Loans have a springing maturity to 90 days prior to March 1, 2017, if more than $500 million of CEOC’s Term B5 Loan and Term B6 Loan remain outstanding on such date. | ||||||||||||||||
[3] | Repaid in the third quarter of 2014. | ||||||||||||||||
[4] | The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly “Bill’s Credit Facility.†| ||||||||||||||||
[5] | Guaranteed by Caesars Entertainment Resort Properties and its subsidiaries. | ||||||||||||||||
[6] | As of December 31, 2014, under the CGP LLC structure, CIE has $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | ||||||||||||||||
[7] | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | ||||||||||||||||
[8] | The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. |
Stockholders_Equity_and_Loss_P2
Stockholders' Equity and Loss Per Share Stockholders' Equity and Loss Per Share - Reconciliation of Loss from Continuing Operations to Basic and Diluted Loss Per Share (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 8 | 6 | 7 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 6 | 4 | 6 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 2 | 2 | 0 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 0 | 0 | 1 |
Stockholders_Equity_and_Loss_P3
Stockholders' Equity and Loss Per Share Stockholders' Equity and Loss Per Share Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Class of Stock [Line Items] | |||||||
Maximum Aggregate Common Stock Offering Price | $500 | ||||||
Stock Issued During Period, Shares, New Issues | 7,000,000 | 11,000,000 | |||||
Issuance of common stock, net of fees | 136 | 217 | 17 | ||||
Proceeds from sale of interest in subsidiary | 8 | 1,198 | 32 | ||||
Caesars Entertainment Operating Company [Member] | |||||||
Class of Stock [Line Items] | |||||||
Equity Method Investment, Additional Information | 68100 | ||||||
Proceeds from Sale of Equity Method Investments | 6 | ||||||
Sale of Stock, Percentage of Ownership Sold | 5.00% | ||||||
Stock Issued During Period, Shares, Issued for Services | 86,936 | ||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 89.00% | ||||||
Caesars Entertainment Operating Company [Member] | Noncontrolling Interest [Member] | |||||||
Class of Stock [Line Items] | |||||||
Partners' Capital Attributable to Noncontrolling Interest | -869 | ||||||
Other Noncontrolling Interest Allocation From Sale Of Stock | 744 | ||||||
Caesars Baltimore AC [Member] | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from sale of interest in subsidiary | 35 | ||||||
Net Income (Loss) Allocated to Limited Partners | 9 | ||||||
Caesars Growth Partners, LLC [Member] | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from Divestiture of Businesses | 13 | ||||||
Sale of Stock, Consideration Received Per Transaction | $1,173 | ||||||
CR Baltimore Holdings [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of Stock, Percentage of Ownership before Transaction | 51.80% | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 41.40% |
Casino_Promotional_Allowances_3
Casino Promotional Allowances Casino Promotional Allowances (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Promotional Allowances | $1,138 | $1,107 | $1,169 |
Cost of Promotional Allowances | 691 | 639 | 658 |
Food and Beverage [Member] | |||
Promotional Allowances | 622 | 589 | 608 |
Cost of Promotional Allowances | 463 | 428 | 439 |
Rooms [Member] | |||
Promotional Allowances | 422 | 427 | 446 |
Cost of Promotional Allowances | 168 | 165 | 172 |
Other Promotional Allowances [Member] | |||
Promotional Allowances | 94 | 91 | 115 |
Cost of Promotional Allowances | $60 | $46 | $47 |
Income_Taxes_Components_of_Los
Income Taxes - Components of (Loss)/Income Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of (Loss)/Income Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | ($3,217) | ($4,250) | ($1,804) |
United States [Member] | |||
Components of (Loss)/Income Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | -3,351 | -4,446 | -1,889 |
Outside of the U.S. [Member] | |||
Components of (Loss)/Income Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | $134 | $196 | $85 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Provision (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current - Federal | $0 | ($7) | ($69) |
Current - State | -110 | -83 | 6 |
Deferred - Federal | -593 | -1,388 | -572 |
Deferred - State | 109 | -51 | -76 |
Current - Ouside of the U.S. | 56 | 29 | 13 |
Deferred - Ouside of the U.S. | -5 | -17 | -3 |
Total income tax benefit | ($543) | ($1,517) | ($701) |
Income_Taxes_Allocation_of_Tot
Income Taxes - Allocation of Total Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax (benefit)/provision applicable to: | |||
Loss from continuing operations, before income taxes | ($543) | ($1,517) | ($701) |
Discontinued operations | -21 | -32 | -120 |
Accumulated other comprehensive income/(loss) | 0 | 16 | 11 |
Additional paid in capital | $0 | $15 | ($2) |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 1.70% | 6.60% | 4.00% |
Valuation allowance | -5.90% | -8.90% | -2.00% |
Foreign income taxes | -0.10% | 0.10% | -0.10% |
Goodwill | -9.30% | -0.40% | -1.70% |
Stock based compensation | -0.80% | -0.20% | -0.20% |
Officers’ life insurance/insurance proceeds | 0.00% | 0.00% | 0.20% |
Acquisition and integration costs | -0.40% | 0.10% | -0.20% |
Reserves for uncertain tax positions | 0.30% | 0.00% | 3.90% |
Sale of stock of subsidiary | -0.50% | 0.00% | 0.00% |
Capital loss tax benefit | 0.00% | 4.20% | 0.00% |
Disallowed losses on sale to related party | -3.90% | -0.30% | 0.00% |
Deferred tax adjustment upon contribution of CIE to CGP | 0.00% | -0.50% | 0.00% |
Noncontrolling interests | 1.00% | 0.00% | 0.00% |
Other | -0.20% | 0.00% | 0.00% |
Effective tax rate | 16.90% | 35.70% | 38.90% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
State net operating losses | $294 | $253 |
Foreign net operating losses | 23 | 24 |
Federal net operating loss | 1,466 | 1,281 |
Compensation programs | 145 | 142 |
Allowance for doubtful accounts | 89 | 77 |
Self-insurance reserves | 16 | 17 |
Accrued expenses | 52 | 45 |
Federal tax credits | 52 | 35 |
Federal indirect tax benefits of uncertain state tax positions | 1 | 27 |
Investment in CGP LLC | 0 | 23 |
Investments in non-consolidated affiliates | 28 | 39 |
Capital loss carryover | 134 | 136 |
Deferred revenue | 93 | 41 |
Other | 0 | 10 |
Subtotal | 2,393 | 2,150 |
Less: valuation allowance | 970 | 740 |
Total deferred tax assets | 1,423 | 1,410 |
Depreciation and other property-related items | 1,143 | 1,189 |
Deferred cancellation of debt income and other debt-related items | 1,508 | 1,834 |
Investment in CGP LLC | 21 | 0 |
Intangibles | 998 | 1,118 |
Prepaid expenses | 28 | 25 |
Other | 2 | 0 |
Total deferred tax liabilities | 3,700 | 4,166 |
Net deferred tax liability | $2,277 | $2,756 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities as Presented in Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred income taxes (current) | $5 | $9 |
Deferred income taxes (non-current) | 14 | 0 |
Deferred Tax Assets, Net | 19 | 9 |
Deferred income taxes (current) | 217 | 289 |
Deferred income taxes (non-current) | 2,079 | 2,476 |
Net deferred tax liability | $2,277 | $2,756 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning Balance | $142 | $333 | $532 |
Additions based on tax positions related to the current year | 20 | 1 | 10 |
Additions for tax positions of prior years | 0 | 7 | 3 |
Reductions for tax positions for prior years | -2 | -50 | -204 |
Settlements | 0 | -82 | -8 |
Expiration of statutes | -80 | -67 | 0 |
Ending Balance | $80 | $142 | $333 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax And Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $294 | $253 | |
Deferred Tax Assets, Valuation Allowance | 970 | 740 | |
Undistributed Earnings of Foreign Subsidiaries | 118 | ||
Deferred Tax Assets, Investments | 13 | ||
Tax benefit due to IRS settlements | 80 | ||
Interest and penalties accrued for unrecognized tax benefits, current period | -62 | -10 | -8 |
Interest and penalties accrued for unrecognized tax benefits, total | 1 | 63 | 73 |
Unrecognized tax benefits that would impact the effective tax rate | 48 | 91 | 219 |
General Business Tax Credit Carryforward [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward, amount to expire | 39 | ||
State [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 17 | ||
Foreign Tax Authority [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward, amount to expire | 2 | ||
Deferred Tax Assets, Valuation Allowance | 2 | ||
Foreign Tax Authority [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | 110 | 119 | |
Tax Credit Carryforward, Amount | 14 | 7 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 12 | ||
Federal [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | 4,200 | 3,700 | |
Federal [Member] | Capital Loss Carryforward [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward, amount to expire | 364 | ||
State [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | $8,200 | $6,500 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Assets and Financial Liabilities (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Investments | $85 | $92 |
Level 1 [Member] | ||
Assets: | ||
Investments | 15 | 20 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 70 | 72 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 15 | 20 |
Equity Securities [Member] | Level 1 [Member] | ||
Assets: | ||
Investments | 15 | 20 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
US Treasury and Government [Member] | ||
Assets: | ||
Investments | 70 | 72 |
US Treasury and Government [Member] | Level 1 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 70 | 72 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | $0 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements - Derivative Instruments (Details) (USD $) | 12 Months Ended | 48 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
Derivative [Line Items] | |||||||
Net periodic cash settlements and accrued interest (1) | $177 | [1] | $172 | [1] | $170 | [1] | |
Total expense for derivatives | 17 | 34 | 140 | ||||
Interest Expense | 2,670 | 2,252 | 2,100 | 7,000 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Derivative [Line Items] | |||||||
Interest Expense | $0 | $4 | $28 | ||||
[1] | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Measurements Additional Details (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
Impairment of tangible and other intangible assets | $994,000,000 | $2,831,000,000 | $624,000,000 | |
Interest Rate Swap [Member] | ||||
Derivative, Number of Instruments Held | 8 | |||
Derivative, Notional Amount | 5,800,000,000 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Liability | 6,000,000 | 166,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Assets [Member] | ||||
Impairment of tangible and other intangible assets | 642,000,000 | 2,400,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure | 848,000,000 | 312,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Caesars Interactive Entertainment [Member] | ||||
Contingent earnout liability | 66,000,000 | 62,000,000 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 33,000,000 | 53,000,000 | ||
Subsequent Event [Member] | ||||
Derivative, Fair Value, Net | $17,000,000 |
Litigation_Contractual_Commitm1
Litigation, Contractual Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2010 | Dec. 31, 2013 |
Contingencies and Commitments [Line Items] | |||
Number Of Casinos Operated Or Managed | 49 | ||
Indian Land [Member] | |||
Contingencies and Commitments [Line Items] | |||
Number Of Casinos Operated Or Managed | 3 | ||
Aggregate monthly commitment for the minimum guaranteed payments to tribes | 1 | ||
Bondholder Communications - August Fourth Lawsuit [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Allegations | 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 "Second Lien Lawsuit") in the Court of Chancery in the State of Delaware against CEC and CEOC, Caesars Growth Partners, LLC (“CGP LLCâ€), Caesars Acquisition Company (“CACâ€), Caesars Entertainment Resort Properties, LLC (“CERPâ€), Caesars Enterprise Services, LLC (“CESâ€), 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 plaintiffs for their attorneys’ fees and costs. CEC believes this lawsuit is without merit and will defend itself 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. No decision on that motion has yet been issued. The parties agreed to stay discovery until a decision on the motion to dismiss is entered. During the Chapter 11 process, the action has been automatically stayed with respect to CEOC. | ||
August Fifth 2014 Lawsuit [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Damages Sought | On August 5, 2014, CEC, along with CEOC, filed a lawsuit in the Supreme Court of the State of New York, County of New York, against certain institutional first and second lien note holders. The complaint states that such institutional first and second lien note holders have acted against the best interests of CEOC and other creditors, including for the purpose of inflating the value of their credit default swap positions or improving other unique securities positions. The complaint asserts claims for tortious interference with prospective economic advantage, declaratory judgment and breach of contract and seeks, among other things, (1) money damages; (2) a declaration that no default or event of default has occurred or is occurring and that CEC and CEOC have not breached their fiduciary duties or engaged in fraudulent transfers or other violation of law; and (3) a preliminary and permanent injunction prohibiting the defendants from taking further actions to damage CEC or CEOC. Defendants filed motions to dismiss this action in October 2014 and the issue has now been fully briefed. The parties have agreed to stay discovery until a decision on the motion to dismiss is issued in this action. | ||
Bondholder Communications - September Third Lawsuit [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Allegations | On September 3, 2014, holders of approximately $21 million of CEOC Senior Notes due 2016 and 2017 filed suit in federal district court in Manhattan 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 Notes (on the other hand) impaired their own rights under the Senior Notes. The lawsuit seeks both declaratory and monetary relief. On October 2, 2014, other holders of CEOC Senior 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 "Unsecured Note Lawsuits") have been assigned to the same judge. CEC and CEOC’s motion to dismiss both complaints was denied in substantial part by the court. Although the claims against CEOC have been automatically stayed during the Chapter 11 process, discovery has begun with respect to the plaintiffs' claims against CEC. | ||
Bondholder Communications - November Twenty fifth Lawsuit [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Allegations | On November 25, 2014, UMB Bank, as successor indenture trustee for CEOC's 8.5% senior secured notes due 2020, filed a verified complaint (the "First Lien Lawsuit") in Delaware Chancery Court against CEC, CEOC, CERP, CAC, CGP LLC, CES, and against individual past and present Board members Loveman, Benjamin, Bonderman, Davis, Press, Rowan, Sambur, Hession, Colvin, Kleisner, Swann, Williams, Housenbold, Cohen, Stauber, and 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 and seeks accelerated discovery and an expedited trial on that receivership cause of action. In addition to seeking appointment of a receiver, the new suit pleads claims for alleged 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, usurpation of corporate opportunities, and unjust enrichment, and seeks monetary and equitable as well as declaratory relief. We 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 RSA, has been subject to a consensual stay for all parties since CEOC’s filing for Chapter 11. The consensual stay will expire upon the termination of the RSA. | ||
Bondholder Communications - December Thirtieth Lawsuit [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Allegations | On December 30, 2014, Nicholas Koskie, on behalf of himself and, he alleges, all others similarly situated, filed a lawsuit (the “Merger Lawsuitâ€) 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 Directorsâ€). The Merger 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 Mergerâ€), 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 Plaintiff and the putative class as a result of the Proposed Merger; and (4) to award Plaintiff for his costs and attorneys’ fees. It is unclear whether the Merger Lawsuit also seeks to enjoin the Proposed Merger. CEC believes that this lawsuit is without merit and will defend itself vigorously. The deadline to respond to the Merger Lawsuit has been adjourned without a date by agreement of the parties. | ||
Hilton Matter [Member] | |||
Contingencies and Commitments [Line Items] | |||
Charge recorded against earnings | 25 | ||
Loss Contingency, Damages Awarded, Value | 54 | ||
Loss Contingency, Estimate of Possible Loss | 19 | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $35 | ||
Anti-Money Laundering Case [Member] | |||
Contingencies and Commitments [Line Items] | |||
Loss Contingency, Allegations | 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. As an example, a major gaming company recently settled a U.S. Attorney investigation into its AML practices. On October 11, 2013, a subsidiary of the Company received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury ("FinCEN"), stating that FinCEN is investigating the Company’s subsidiary, Desert Palace, Inc. (the owner of 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. We responded to FinCEN's letter on January 13, 2014. Additionally, the Company has been informed that a federal grand jury investigation regarding the Company’s anti-money laundering practices and procedures is ongoing. The Company is fully cooperating with both the FinCEN and grand jury investigations. Based on proceedings to date, the Company is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any. |
Leases_Net_Rental_Expense_Deta
Leases - Net Rental Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Noncancelable, Minimum rental expense | $68 | $72 | $115 |
Noncancelable, Contingent rental expense | 2 | 2 | 2 |
Noncancelable, Sublease rental expense | -1 | -1 | -1 |
Operating Leases, Rent Expense | 68 | 58 | 78 |
Total net rent expense | $137 | $131 | $194 |
Leases_Leases_Future_Minimum_R
Leases Leases - Future Minimum Rental Commitments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
Capital Leases, Due 2015 | $21 |
Capital Leases, Due 2016 | 11 |
Capital Leases, Due 2017 | 2 |
Capital Leases, Due 2018 | 0 |
Capital Leases, Due 2019 | 0 |
Capital Leases, Due 2020 and thereafter | 0 |
Capital Leases, Total minimum rental commitments | 34 |
Capital Leases: Less amounts representing interest | -2 |
Capital Leases, Present value of net minimum lease payments | 32 |
Noncancelable Operating Leases, Due 2015 | 68 |
Noncancelable Operating Leases, Due 2016 | 65 |
Noncancelable Operating Leases, Due 2017 | 60 |
Noncancelable Operating Leases, Due 2018 | 60 |
Noncancelable Operating Leases, Due 2019 | 59 |
Noncancelable Operating Leases, Due 2020 and thereafter | 968 |
Noncancelable Operating Leases, Total minimum rental commitments | $1,280 |
Leases_Leases_Additional_Infor
Leases Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 83 years |
Automatic lease extensions (in years) | 79 years |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Supplemental Cash Flow Reconciliation (Detail) (USD $) | 12 Months Ended | 48 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||||
Interest expense | ($2,670) | ($2,252) | ($2,100) | ($7,000) |
Adjustments to reconcile to cash paid for interest: | ||||
Net change in accrued interest | -346 | -156 | -42 | |
Executive compensation and benefit plans | -13 | -16 | -18 | |
Capitalized interest | 45 | 38 | 38 | |
Amortization of deferred finance costs and debt discount/premium | -438 | -360 | -315 | |
Amortization of accumulated other comprehensive loss | 0 | -5 | -29 | |
Rollover of PIK interest to principal | -2 | -1 | -1 | |
Change in derivative instruments due to cash settlements | 160 | 138 | 30 | |
Other | -6 | 9 | 9 | |
Cash paid for interest | $2,070 | $1,899 | $1,772 | ($5,700) |
StockBased_Compensation_StockB1
Stock-Based Compensation Stock-Based Compensation - Composition of Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $132 | $57 | $55 |
Corporate expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 36 | 25 | 29 |
Property, general, administrative and other [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $96 | $32 | $26 |
StockBased_Compensation_StockB2
Stock-Based Compensation Stock-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Shares Outstanding, Beginning of Period | 8,463,811 | |||||
Shares Granted | 1,500,770 | 550,812 | 8,173,944 | |||
Shares Exercised | -317,703 | -143,109 | 0 | |||
Shares Forfeited | -237,202 | |||||
Shares Expired | -29,791 | |||||
Shares Outstanding, End of Period | 9,379,885 | 8,463,811 | ||||
Shares Vested and Expected to Vest, Outstanding, Number | 9,060,016 | |||||
Shares Exercisable | 3,746,013 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $12.09 | |||||
Weighted Average Exercise Price Granted | $21.18 | [1],[2] | $13.65 | [1],[2] | $8.44 | [1],[2] |
Weighted Average Exercise Price Exercised | $9.10 | |||||
Weighted Average Exercise Price Forfeited | $11.30 | |||||
Weighted Average Exercise Price Expired | $17.16 | |||||
Weighted Average Exercise Price Outstanding, End of Period | $13.65 | $12.09 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $12.09 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $9.61 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Fair Value, Weighted Average Exercise Price [Roll Forward] | ||||||
Options Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $2.68 | [1] | ||||
Weighted Average Grant-Date Fair Value per share | $10.27 | [1] | $5.95 | [1] | $3.50 | [1] |
Options Exercised in Period, Weighted Average Grant Date Fair Value | $1.78 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Grant Date Fair Value | $3.98 | [1] | ||||
Options Expired in Period, Weighted Average Grant Date Fair Value | $2.39 | [1] | ||||
Options Outstanding, Weighted Average Grant Date Fair Value, End of Period | $3.35 | [1] | $2.68 | [1] | ||
Options Vested and Expected to Vest, Outstanding, Weighted Average Grant Date Fair Value | $3.28 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value | $1.80 | [1] | ||||
Weighted Average Remaining Contractual Term [Abstract] | ||||||
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | 8 years 6 months | ||||
Options Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | |||||
Options Exercisable, Weighted Average Remaining Contractual Term | 7 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $53 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 52 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $25 | |||||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | |||||
[2] | Adjusted for the February 2012 1.742-for-1 stock split. |
StockBased_Compensation_StockB3
Stock-Based Compensation Stock-Based Compensation - Stock Option Grants and Exercises (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Number of options granted | 1,500,770 | 550,812 | 8,173,944 | ||||
Weighted Average Grant-Date Fair Value per share | $10.27 | [1] | $5.95 | [1] | $3.50 | [1] | |
Weighted Average Exercise Price per Share | $21.18 | [1],[2] | $13.65 | [1],[2] | $8.44 | [1],[2] | |
Shares Exercised | 317,703 | 143,109 | 0 | ||||
Cash received for options exercised | $3 | $1 | $0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $2 | $2 | $0 | ||||
Stock split ratio | 1.742 | ||||||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | ||||||
[2] | Adjusted for the February 2012 1.742-for-1 stock split. |
StockBased_Compensation_StockB4
Stock-Based Compensation Stock-Based Compensation - Assumptions Used to Estimate Option Values (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 52.10% | 57.40% | 55.80% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term | 5 years 6 months | 3 years 9 months | 4 years 11 months |
Risk-free interest rate | 1.70% | 1.00% | 0.90% |
StockBased_Compensation_StockB5
Stock-Based Compensation Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Units Outstanding, Beginning balance | 1,503,534 |
Units Granted in Period | 1,183,098 |
Units Vested in Period | -375,500 |
Units Forfeited in Period | -154,405 |
Units Outstanding, Ending balance | 2,156,727 |
Fair Value, Outstanding, Beginning balance | $13.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $13.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $16.20 |
Fair Value, Outstanding, Ending balance | $17.45 |
StockBased_Compensation_StockB6
Stock-Based Compensation Stock-Based Compansation - CIE Stock Option Activity (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
CIE Stock Option Activity, Shares | ||||||
Shares Outstanding, Beginning of Period | 8,463,811 | |||||
Shares Granted | 1,500,770 | 550,812 | 8,173,944 | |||
Shares Exercised | -317,703 | -143,109 | 0 | |||
Shares Forfeited | -237,202 | |||||
Shares Outstanding, End of Period | 9,379,885 | 8,463,811 | ||||
Shares Vested and Expected to Vest, Outstanding, Number | 9,060,016 | |||||
Shares Exercisable | 3,746,013 | |||||
Weighted Average Exercise Price [Abstract] | ||||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $12.09 | |||||
Weighted Average Exercise Price Granted | $21.18 | [1],[2] | $13.65 | [1],[2] | $8.44 | [1],[2] |
Weighted Average Exercise Price Exercised | $9.10 | |||||
Weighted Average Exercise Price Forfeited | $11.30 | |||||
Weighted Average Exercise Price Outstanding, End of Period | $13.65 | $12.09 | ||||
Weighted Average Exercise Price, Vested and Expected to Vest | $12.09 | |||||
Weighted Average Exercise Price Exercisable | $9.61 | |||||
Fair Value, Weighted Average Exercise Price | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value | $3.35 | [1] | $2.68 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.27 | [1] | $5.95 | [1] | $3.50 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Grant Date Fair Value | $1.78 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Grant Date Fair Value | $3.98 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Grant Date Fair Value | $3.28 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value | $1.80 | [1] | ||||
Weighted Average Remaining Contractual Term [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | 8 years 6 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | |||||
Options Exercisable, Weighted Average Remaining Contractual Term | 7 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $53 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 52 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 25 | |||||
Caesars Interactive Entertainment [Member] | ||||||
CIE Stock Option Activity, Shares | ||||||
Shares Outstanding, Beginning of Period | 17,015 | |||||
Shares Granted | 1,135 | 6,300 | 1,442 | |||
Shares Exercised | -3,822 | -365 | 0 | |||
Shares Forfeited | -1,049 | |||||
Shares Outstanding, End of Period | 13,279 | 17,015 | ||||
Shares Vested and Expected to Vest, Outstanding, Number | 12,581 | |||||
Shares Exercisable | 6,920 | |||||
Weighted Average Exercise Price [Abstract] | ||||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $3,194.48 | |||||
Weighted Average Exercise Price Granted | $9,976.43 | $5,539.98 | $5,360.86 | |||
Weighted Average Exercise Price Exercised | $1,649.71 | |||||
Weighted Average Exercise Price Forfeited | $5,767.76 | |||||
Weighted Average Exercise Price Outstanding, End of Period | $3,953.85 | $3,194.48 | ||||
Weighted Average Exercise Price, Vested and Expected to Vest | $3,832.25 | |||||
Weighted Average Exercise Price Exercisable | $2,202.24 | |||||
Fair Value, Weighted Average Exercise Price | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value | $1,616.01 | [1] | $1,124.81 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4,717.02 | [1] | $2,620.48 | [1] | $2,724.86 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Grant Date Fair Value | $249.57 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Grant Date Fair Value | $2,764.01 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Grant Date Fair Value | $1,544.87 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value | $547.75 | [1] | ||||
Weighted Average Remaining Contractual Term [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 9 months | 7 years 4 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months | |||||
Options Exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 115 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 111 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $72 | |||||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | |||||
[2] | Adjusted for the February 2012 1.742-for-1 stock split. |
StockBased_Compensation_StockB7
Stock-Based Compensation Stock-Based Compensation - CIE Stock Option Grants and Exercises (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options granted | 1,500,770 | 550,812 | 8,173,944 | |||
Weighted Average Grant-Date Fair Value per share | $10.27 | [1] | $5.95 | [1] | $3.50 | [1] |
Weighted Average Exercise Price Granted | $21.18 | [1],[2] | $13.65 | [1],[2] | $8.44 | [1],[2] |
Shares Exercised | 317,703 | 143,109 | 0 | |||
Stock Issued During Period, Value, Stock Options Exercised | $3 | $1 | $0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2 | 2 | 0 | |||
Caesars Interactive Entertainment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options granted | 1,135 | 6,300 | 1,442 | |||
Weighted Average Grant-Date Fair Value per share | $4,717.02 | [1] | $2,620.48 | [1] | $2,724.86 | [1] |
Weighted Average Exercise Price Granted | $9,976.43 | $5,539.98 | $5,360.86 | |||
Shares Exercised | 3,822 | 365 | 0 | |||
Stock Issued During Period, Value, Stock Options Exercised | 6 | 1 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $27 | $1 | $0 | |||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | |||||
[2] | Adjusted for the February 2012 1.742-for-1 stock split. |
StockBased_Compensation_StockB8
Stock-Based Compensation Stock-Based Compensation - CIE Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.10% | 57.40% | 55.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months | 3 years 9 months | 4 years 11 months |
Risk-free interest rate | 1.70% | 1.00% | 0.90% |
Caesars Interactive Entertainment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Caesars Interactive Entertainment [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 46.50% | 49.70% | 59.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 5 months | 2 years 4 months | 4 years 2 months |
Risk-free interest rate | 0.70% | 0.60% | 0.60% |
Caesars Interactive Entertainment [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.80% | 58.60% | 61.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 1 month | 7 years 3 months | 7 years 1 month |
Risk-free interest rate | 2.30% | 2.50% | 1.20% |
StockBased_Compensation_StockB9
Stock-Based Compensation Stock-Based Compensation - CIE Restricted Stock Activity (Details) (Caesars Interactive Entertainment [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Caesars Interactive Entertainment [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations [Abstract] | |
Units Outstanding, Beginning balance | 7,991 |
Units Granted in Period | 1,209 |
Units Vested in Period | -3,794 |
Units Forfeited in Period | -310 |
Units Outstanding, Ending balance | 5,096 |
Fair Value, Outstanding, Beginning balance | $3,853 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $10,019.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $4,496.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $6,368.06 |
Fair Value, Outstanding, Ending balance | $6,494.71 |
Recovered_Sheet1
Stock-Based Compensation Stock-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,379,885 | 8,463,811 | ||||||||
Weighted Average Exercise Price Granted | $21.18 | [1],[2] | $13.65 | [1],[2] | $8.44 | [1],[2] | ||||
Share-based Compensation | $132 | $57 | $55 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 57 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 10 months | |||||||||
Allocated Share-based Compensation Expense | 132 | 57 | 55 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.27 | [1] | $5.95 | [1] | $3.50 | [1] | ||||
Common stock, par value | $0.01 | $0.01 | ||||||||
Vesting Period One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage of performace-based options | 50.00% | |||||||||
Vesting Period Two [Member] [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage of performace-based options | 50.00% | |||||||||
Replacement Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted Average Exercise Price Granted | $8.22 | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 years | |||||||||
Percentage Of Stock Options Vesting Per Year | 20.00% | |||||||||
Chairman, CEO and President Performance-Based Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number Of Stock Options Eligible For Exchange | 290,334 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 25 | |||||||||
Units Granted in Period | 1,183,098 | |||||||||
Units Outstanding | 2,156,727 | 1,503,534 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $13.74 | |||||||||
Restricted Stock Units (RSUs) [Member] | Annual [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Units Granted in Period | 0 | |||||||||
Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years 6 months | |||||||||
Management Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 23,755 | |||||||||
Management Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Return On Investment | 175.00% | |||||||||
Management Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Return On Investment | 200.00% | |||||||||
2012 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,449,468 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,374,865 | |||||||||
Weighted Average Exercise Price Granted | $20.09 | |||||||||
Share-based Compensation | 15 | |||||||||
2012 Incentive Plan [Member] | Replacement Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock Closing Price Per Share | $57.41 | |||||||||
2012 Incentive Plan [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock Closing Price Per Share | $35 | |||||||||
2012 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||
Units Granted in Period | 50,000 | |||||||||
Units Outstanding | 0 | |||||||||
Caesars Entertainment Operating Company [Member] | Two Thousand Fourteen Performance Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Units Granted in Period | 86,936 | |||||||||
Allocated Share-based Compensation Expense | 8 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $90.31 | |||||||||
Caesars Acquisition Company [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated Share-based Compensation Expense | 10 | |||||||||
Common stock, par value | $0.00 | |||||||||
Caesars Acquisition Company [Member] | CAC Equity-Based Compensation Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Value of Shares Available for Grant | 25 | |||||||||
Caesars Interactive Entertainment [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 13,279 | 17,015 | ||||||||
Weighted Average Exercise Price Granted | $9,976.43 | $5,539.98 | $5,360.86 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 93 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 4 months | |||||||||
Units Granted in Period | 1,209 | |||||||||
Units Outstanding | 5,096 | 7,991 | ||||||||
Allocated Share-based Compensation Expense | 87 | 25 | 21 | 20 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4,717.02 | [1] | $2,620.48 | [1] | $2,724.86 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $4,496.67 | |||||||||
Caesars Interactive Entertainment [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Units Granted in Period | 5,260 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5,470 | [1] | ||||||||
Caesars Interactive Entertainment [Member] | Management Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $103 | |||||||||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | |||||||||
[2] | Adjusted for the February 2012 1.742-for-1 stock split. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Plan Participation and Contribution Summary (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Multiemployer Plans [Line Items] | ||||||
Contributions | $46 | $50 | $48 | |||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Entity Tax Identification Number | 886016617 | |||||
Pension Plan Number | 1 | |||||
Pension Protection Act Zone Status | Green | [1] | Green | [1] | ||
FIP/RP Status Pending/Implemented | No | [2] | ||||
Contributions | 18 | 20 | 19 | |||
Surcharge Imposed | No | |||||
Expiration Date of Collective-Bargaining Agreement | 31-May-18 | |||||
Pension Plan of the UNITE HERE National Retirement Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Entity Tax Identification Number | 136130178 | [3] | ||||
Pension Plan Number | 1 | [3] | ||||
Pension Protection Act Zone Status | Red | [1],[3] | Red | [1],[3] | ||
FIP/RP Status Pending/Implemented | Implemented | [2],[3] | ||||
Contributions | 14 | [3] | 14 | [3] | 14 | [3] |
Surcharge Imposed | No | [3] | ||||
Expiration Date of Collective-Bargaining Agreement | 14-Mar-15 | [3] | ||||
Local 68 Engineers Union Pension Plan2 [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Entity Tax Identification Number | 510176618 | [4] | ||||
Pension Plan Number | 1 | [4] | ||||
Pension Protection Act Zone Status | Green | [1],[4] | Yellow | [1],[4] | ||
FIP/RP Status Pending/Implemented | Pending | [2],[4] | ||||
Contributions | 1 | [4] | 2 | [4] | 2 | [4] |
Surcharge Imposed | No | [4] | ||||
Expiration Date of Collective-Bargaining Agreement | 30-Apr-17 | |||||
NJ Carpenters Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Entity Tax Identification Number | 226174423 | |||||
Pension Plan Number | 1 | |||||
Pension Protection Act Zone Status | Yellow | [1] | Yellow | [1] | ||
FIP/RP Status Pending/Implemented | Implemented | [2] | ||||
Contributions | 0 | 1 | 0 | |||
Surcharge Imposed | No | |||||
Expiration Date of Collective-Bargaining Agreement | 30-Apr-17 | |||||
Painters IUPAT [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Entity Tax Identification Number | 526073909 | |||||
Pension Plan Number | 1 | |||||
Pension Protection Act Zone Status | Yellow | [1] | Yellow | [1] | ||
FIP/RP Status Pending/Implemented | Implemented | [2] | ||||
Contributions | 1 | 1 | 1 | |||
Surcharge Imposed | No | |||||
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Contributions | $12 | $12 | $12 | |||
Maximum [Member] | Painters IUPAT [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Expiration Date of Collective-Bargaining Agreement | 30-Apr-17 | |||||
[1] | Represents the Pension Protection Act (“PPAâ€) zone status for applicable plan year beginning January 1, 2014, except where noted otherwise. | |||||
[2] | Indicates plans for which a financial improvement plan (“FIPâ€) or a rehabilitation plan (“RPâ€) is either pending or has been implemented. | |||||
[3] | As described in Note 22, “Subsequent Events - Other,†in 2015, the Pension Plan of the UNITE HERE National Retirement Fund voted to expel Caesars Entertainment and its participating subsidiaries from the plan. | |||||
[4] | Plan years begin July 1. |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Plans Where Contributions Exceeded Five Percent of Total Plan Contributions (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan of the UNITE HERE National Retirement Fund [Member] | ||
Multiemployer Plans [Line Items] | ||
Year Contributions to Plan Exceeded More Than 5% of Total Contributions | TRUE | TRUE |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
Year Contributions to Plan Exceeded More Than 5% of Total Contributions | TRUE | TRUE |
Local 68 Engineers Union Pension Plan2 [Member] | ||
Multiemployer Plans [Line Items] | ||
Year Contributions to Plan Exceeded More Than 5% of Total Contributions | TRUE | TRUE |
Nevada Resort Association IATSE Local 720 Retirement Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
Year Contributions to Plan Exceeded More Than 5% of Total Contributions | TRUE | TRUE |
Employee_Benefit_Plans_Savings
Employee Benefit Plans - Savings and Retirement Plan (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Savings and Retirement Plan Disclosure [Line Items] | ||||
Deferred Compensation Liability, Classified, Noncurrent | $80,000,000 | $80,000,000 | $84,000,000 | |
London Clubs International | ||||
Defined Contribution Savings and Retirement Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | 21,000,000 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 208,000,000 | 208,000,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 293,000,000 | 293,000,000 | ||
Defined Benefit Pension Plan, Liabilities | 85,000,000 | 85,000,000 | ||
Defined Benefit Plan, Expected Return on Plan Assets | 0.057 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.40% | 3.40% | ||
Defined Contribution Savings and Retirement Plan [Member] | ||||
Defined Contribution Savings and Retirement Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | |||
Employer annual cap per participant | 600 | |||
Deferred Compensation Plans, Company Contributions, Vesting Period | 5 years | |||
Contribution expense | 13,000,000 | 13,000,000 | 10,000,000 | |
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | ||||
Defined Contribution Savings and Retirement Plan Disclosure [Line Items] | ||||
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | $33,000,000 | $33,000,000 | $30,000,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Related Party Transaction, Expenses from Transactions with Related Party | $23,000,000 | $30,000,000 | ||
Repayments of Long-term Debt | 2,833,000,000 | |||
Hamlet Holdings LLC [Member] | ||||
Equity Owner | 61.00% | |||
XOJet, Inc. [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,000,000 | 3,800,000 | 4,100,000 | |
Sungard [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,500,000 | 2,100,000 | 1,600,000 | |
Sabre,Inc. [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 500,000 | 600,000 | 600,000 | |
Avaya, Inc. [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,100,000 | 1,400,000 | 1,500,000 | |
Norwegian Cruise Line Holdings Ltd. [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,000,000 | 1,000,000 | 300,000 | |
Classic Party Rentals [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 300,000 | 100,000 | 100,000 | |
Creative Artists Agency, LLC [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 200,000 | 0 | 0 | |
Caesars Interactive Entertainment [Member] | ||||
Related Party Transaction, Annual Fee | 2,000,000 | |||
Related Party Transaction, Per Event Fee | 75,000 | |||
Caesars Entertainment Operating Company [Member] | ||||
Repayments of Long-term Debt | 1,400,000,000 | |||
Caesars Entertainment Operating Company [Member] | Senior Loans [Member] | ||||
Debt Instrument, Repurchased Face Amount | 982,000,000 | |||
Repayments of Long-term Debt | 1,000,000,000 | |||
Caesars Growth Partners, LLC [Member] | ||||
Repayments of Long-term Debt | 700,000,000 | |||
Related Party Transaction, Amounts of Transaction | $452,000,000 |
Segment_Reporting_Segment_Repo3
Segment Reporting Segment Reporting - Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | $58 | $57 | $47 | ||||||||||||
Net revenues | 2,131 | 2,212 | 2,140 | 2,033 | 2,004 | 2,087 | 2,069 | 2,060 | 8,516 | 8,220 | 8,186 | ||||
Depreciation and amortization | 636 | 701 | 844 | ||||||||||||
Impairment of goodwill | 695 | 104 | 195 | ||||||||||||
Impairment of tangible and other intangible assets | 299 | 2,727 | 430 | ||||||||||||
Income/(loss) from operations | -402 | -328 | 127 | 151 | -1,777 | -524 | 127 | 148 | -452 | -2,026 | 134 | ||||
Interest expense | -2,670 | -2,252 | -2,100 | -7,000 | |||||||||||
Other gains/(losses) | -95 | 28 | 162 | ||||||||||||
Income tax benefit from continuing operations | 543 | 1,517 | 701 | ||||||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | 93 | [1] | 74 | [2] | 63 | [3] | |||||||||
Net revenues | 4,812 | [1] | 4,985 | [2] | 4,988 | [3] | |||||||||
Depreciation and amortization | 291 | [1] | 384 | [2] | 497 | [3] | |||||||||
Impairment of goodwill | 251 | [1] | 104 | [2] | 195 | [3] | |||||||||
Impairment of tangible and other intangible assets | 308 | [1] | 1,668 | [2] | 427 | [3] | |||||||||
Income/(loss) from operations | -323 | [1] | -1,344 | [2] | -159 | [3] | |||||||||
Interest expense | -2,184 | [1] | -2,069 | [2] | -1,952 | [3] | |||||||||
Other gains/(losses) | -100 | [1] | 34 | [2] | 21 | [3] | |||||||||
Income tax benefit from continuing operations | 264 | [1] | 651 | [2] | 794 | [3] | |||||||||
Caesars Entertainment Operating Company [Member] | International [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Net revenues | 337 | 356 | 443 | ||||||||||||
Caesars Entertainment Resort Properties [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | 0 | 0 | 0 | ||||||||||||
Net revenues | 2,065 | 1,979 | 2,003 | ||||||||||||
Depreciation and amortization | 200 | 216 | 252 | ||||||||||||
Impairment of goodwill | 289 | 0 | 0 | ||||||||||||
Impairment of tangible and other intangible assets | -12 | 1,059 | 3 | ||||||||||||
Income/(loss) from operations | -32 | -804 | 161 | ||||||||||||
Interest expense | -389 | -246 | -232 | ||||||||||||
Other gains/(losses) | 0 | 15 | 136 | ||||||||||||
Income tax benefit from continuing operations | 28 | 384 | -22 | ||||||||||||
Caesars Growth Partners, LLC [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | 1 | 0 | 0 | ||||||||||||
Net revenues | 1,281 | 1,040 | 1,082 | ||||||||||||
Depreciation and amortization | 115 | 83 | 84 | ||||||||||||
Impairment of goodwill | 155 | 0 | 0 | ||||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | ||||||||||||
Income/(loss) from operations | -139 | -3 | 173 | ||||||||||||
Interest expense | -164 | -60 | -51 | ||||||||||||
Other gains/(losses) | 132 | 28 | 1 | ||||||||||||
Income tax benefit from continuing operations | 214 | -113 | -40 | ||||||||||||
Caesars Interactive Entertainment [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | 0 | [4] | 0 | [5] | 0 | [6] | |||||||||
Net revenues | 587 | [4] | 317 | [5] | 206 | [6] | |||||||||
Depreciation and amortization | 28 | [4] | 18 | [5] | 11 | [6] | |||||||||
Impairment of goodwill | 0 | [4] | 0 | [5] | 0 | [6] | |||||||||
Impairment of tangible and other intangible assets | 3 | [4] | 0 | [5] | 0 | [6] | |||||||||
Income/(loss) from operations | 21 | [4] | -9 | [5] | 35 | [6] | |||||||||
Interest expense | -6 | [4] | -3 | [5] | -4 | [6] | |||||||||
Other gains/(losses) | 0 | [4] | -1 | [5] | 1 | [6] | |||||||||
Income tax benefit from continuing operations | -36 | [4] | -2 | [5] | -11 | [6] | |||||||||
Caesars Interactive Entertainment [Member] | International [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Net revenues | 434 | 224 | 192 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | 0 | 0 | 0 | ||||||||||||
Net revenues | 101 | 20 | 25 | ||||||||||||
Depreciation and amortization | 3 | 0 | 0 | ||||||||||||
Impairment of goodwill | 0 | 0 | 0 | ||||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | ||||||||||||
Income/(loss) from operations | 14 | 134 | -76 | ||||||||||||
Interest expense | -16 | -9 | 17 | ||||||||||||
Other gains/(losses) | -31 | 87 | 125 | ||||||||||||
Income tax benefit from continuing operations | 73 | 597 | -20 | ||||||||||||
Intersubsegment Eliminations [Member] | |||||||||||||||
Condensed Statements of Operations by Segment | |||||||||||||||
Management fees | -36 | -17 | -16 | ||||||||||||
Net revenues | -330 | -121 | -118 | ||||||||||||
Depreciation and amortization | -1 | 0 | 0 | ||||||||||||
Impairment of goodwill | 0 | 0 | 0 | ||||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | ||||||||||||
Income/(loss) from operations | 7 | 0 | 0 | ||||||||||||
Interest expense | 89 | 135 | 122 | ||||||||||||
Other gains/(losses) | -96 | -135 | -122 | ||||||||||||
Income tax benefit from continuing operations | $0 | $0 | $0 | ||||||||||||
[1] | Includes foreign net revenues of $337 million. | ||||||||||||||
[2] | Includes foreign net revenues of $356 million. | ||||||||||||||
[3] | Includes foreign net revenues of $443 million | ||||||||||||||
[4] | Includes foreign net revenues of $434 million. | ||||||||||||||
[5] | Includes foreign net revenues of $224 million. | ||||||||||||||
[6] | Includes foreign net revenues of $192 million. |
Segment_Reporting_Segment_Repo4
Segment Reporting Segment Reporting - Property EBITDA (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | ($402) | ($328) | $127 | $151 | ($1,777) | ($524) | $127 | $148 | ($452) | ($2,026) | $134 | |||
Depreciation and amortization | 636 | 701 | 844 | |||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 120 | 104 | 99 | |||||||||||
Impairment of goodwill | 695 | 104 | 195 | |||||||||||
Impairment of tangible and other intangible assets | 299 | 2,727 | 430 | |||||||||||
Corporate expense | 282 | 161 | 195 | |||||||||||
Acquisition and integration costs and other | 116 | 99 | 23 | |||||||||||
EBITDA attributable to discontinued operations | -7 | 7 | 108 | |||||||||||
Property EBITDA | 1,689 | 1,877 | 2,028 | |||||||||||
Caesars Entertainment Operating Company [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | -323 | [1] | -1,344 | [2] | -159 | [3] | ||||||||
Depreciation and amortization | 291 | [1] | 384 | [2] | 497 | [3] | ||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 48 | 72 | 59 | |||||||||||
Impairment of goodwill | 251 | [1] | 104 | [2] | 195 | [3] | ||||||||
Impairment of tangible and other intangible assets | 308 | [1] | 1,668 | [2] | 427 | [3] | ||||||||
Corporate expense | 189 | 138 | 158 | |||||||||||
Acquisition and integration costs and other | 58 | 34 | 25 | |||||||||||
EBITDA attributable to discontinued operations | -6 | 7 | 108 | |||||||||||
Property EBITDA | 816 | 1,063 | 1,310 | [3] | ||||||||||
Caesars Entertainment Resort Properties [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | -32 | -804 | 161 | |||||||||||
Depreciation and amortization | 200 | 216 | 252 | |||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 14 | 15 | 22 | |||||||||||
Impairment of goodwill | 289 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | -12 | 1,059 | 3 | |||||||||||
Corporate expense | 60 | 47 | 80 | |||||||||||
Acquisition and integration costs and other | 1 | -3 | -1 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 520 | 530 | 517 | |||||||||||
Caesars Growth Partners, LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | -139 | -3 | 173 | |||||||||||
Depreciation and amortization | 115 | 83 | 84 | |||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 56 | 15 | 3 | |||||||||||
Impairment of goodwill | 155 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Corporate expense | 23 | 0 | 0 | |||||||||||
Acquisition and integration costs and other | 55 | 153 | 0 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 265 | 248 | 260 | |||||||||||
Caesars Interactive Entertainment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | 21 | [4] | -9 | [5] | 35 | [6] | ||||||||
Depreciation and amortization | 28 | [4] | 18 | [5] | 11 | [6] | ||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 0 | 0 | 0 | |||||||||||
Impairment of goodwill | 0 | [4] | 0 | [5] | 0 | [6] | ||||||||
Impairment of tangible and other intangible assets | 3 | [4] | 0 | [5] | 0 | [6] | ||||||||
Corporate expense | 0 | 0 | 0 | |||||||||||
Acquisition and integration costs and other | 33 | 53 | 0 | |||||||||||
EBITDA attributable to discontinued operations | -1 | 0 | 0 | |||||||||||
Property EBITDA | 84 | 62 | 46 | |||||||||||
Parent Company [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | 14 | 134 | -76 | |||||||||||
Depreciation and amortization | 3 | 0 | 0 | |||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 7 | 2 | 15 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Corporate expense | 13 | 16 | 28 | |||||||||||
Acquisition and integration costs and other | -31 | -138 | -1 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 6 | 14 | -34 | |||||||||||
Intersubsegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income/(loss) from operations | 7 | 0 | 0 | |||||||||||
Depreciation and amortization | -1 | 0 | 0 | |||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | -5 | 0 | 0 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Corporate expense | -3 | -40 | -71 | |||||||||||
Acquisition and integration costs and other | 0 | 0 | 0 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | ($2) | ($40) | ($71) | |||||||||||
[1] | Includes foreign net revenues of $337 million. | |||||||||||||
[2] | Includes foreign net revenues of $356 million. | |||||||||||||
[3] | Includes foreign net revenues of $443 million | |||||||||||||
[4] | Includes foreign net revenues of $434 million. | |||||||||||||
[5] | Includes foreign net revenues of $224 million. | |||||||||||||
[6] | Includes foreign net revenues of $192 million. |
Segment_Reporting_Segment_Repo5
Segment Reporting Segment Reporting - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $23,535 | $24,689 | ||
Liabilities | 28,277 | 26,593 | ||
Caesars Entertainment Operating Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 11,355 | [1] | 12,593 | [2] |
Liabilities | 19,773 | [1] | 20,478 | [2] |
Caesars Entertainment Operating Company [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 312 | 301 | ||
Liabilities | 183 | 169 | ||
Caesars Entertainment Resort Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 7,172 | 7,372 | ||
Liabilities | 6,334 | 6,219 | ||
Caesars Growth Partners, LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 4,185 | 5,091 | ||
Liabilities | 2,979 | 1,676 | ||
Caesars Interactive Entertainment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 546 | [3] | 427 | [4] |
Liabilities | 367 | [3] | 251 | [4] |
Caesars Interactive Entertainment [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 305 | 183 | ||
Liabilities | 172 | 54 | ||
Parent Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 2,752 | 785 | ||
Liabilities | -583 | 7,332 | ||
Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | -2,475 | -1,579 | ||
Liabilities | ($593) | ($9,363) | ||
[1] | Includes foreign assets of $312 million and foreign liabilities of $183 million. | |||
[2] | Includes foreign assets of $301 million and foreign liabilities of $169 million. | |||
[3] | Includes foreign assets of $305 million and foreign liabilities of $172 million | |||
[4] | Includes foreign assets of $183 million and foreign liabilities of $54 million. |
Segment_Reporting_Segment_Repo6
Segment Reporting Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
business_segments | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 4 |
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments | 1 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Feb. 26, 2015 | Jan. 31, 2015 | Feb. 13, 2015 | Feb. 18, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
contingency_payment | ||||||
Subsequent Event [Line Items] | ||||||
Interest Payable, Current | $736 | $390 | ||||
Long Term Debt Interest Repayments In Next Twelve Months | 764 | |||||
Caesars Entertainment Operating Company [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Long Term Debt Interest Repayments In Next Twelve Months | 184 | |||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Interest Payable, Current | 225 | |||||
Caesars Entertainment Operating Company [Member] | Twenty-Eighteen Note at Ten Percent [Member] | Subordinated Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Interest Payable, Current | 184 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subsequent Event, Description | On February 26, 2015, we sold our 20% minority interest in Rock Ohio Caesars LLC, the entity that owns three Ohio casinos (Horseshoe Cleveland, Horseshoe Cincinnati, and Thistledown Racino) to Rock Ohio Ventures. The properties remain open for business and we continue to manage them. | |||||
Subsequent Event [Member] | National Retirement Fund Lawsuit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subsequent Event, Description | In January 2015, the National Retirement Fund (“NRFâ€), a multi-employer defined benefit pension plan, voted to expel Caesars Entertainment and its participating subsidiaries (“CEC Groupâ€) 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, Caesars Entertainment 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. Caesars Entertainment vigorously disputes NRF’s legal and contractual authority to take such action and has challenged NRF’s actions in the appropriate legal forums. | |||||
Loss Contingency, Damages Sought, Value | 360 | |||||
Number of Payments | 80 | |||||
Loss Contingency Accrual, Payments | 6 | |||||
Subsequent Event [Member] | Wilmington Savings Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subsequent Event, Description | On February 13, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the “February 13 Noticeâ€) from Wilmington Savings Fund Society, FSB, in its capacity as successor Trustee for CEOC’s 10.00% Second-Priority Senior Secured Notes due 2018 (the “10.00% Second-Priority Notesâ€) . The February 13 Notice alleges that Caesars Entertainment has unconditionally guaranteed the obligations of CEOC under the 10.00% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest, and any premium due on the 10.00% Second-Priority Notes, and 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 due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. | |||||
Loss Contingency, Damages Sought, Value | 3,700 | |||||
Subsequent Event [Member] | BOK Financial N.A. [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subsequent Event, Description | On February 18, 2015, Caesars Entertainment received a Demand For Payment of Guaranteed Obligations (the “February 18 Noticeâ€) from BOKF, N.A., in its capacity as successor Trustee for CEOC’s 12.75% Second-Priority Senior Secured Notes due 2018 (the “12.75% Second-Priority Notesâ€). The February 18 Notice alleges that CEC has unconditionally guaranteed the obligations of CEOC under the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on the Notes, and demands that CEC immediately pay BOKF, N.A., cash in an amount of not less than $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys’ fees, and other expenses due to CEOC’s commencement of a voluntary case under Chapter 11 of the Bankruptcy Code. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. | |||||
Loss Contingency, Damages Sought, Value | $750 |
CEOC_Bankruptcy_CEOC_Bankruptc2
CEOC Bankruptcy CEOC Bankruptcy - Deconsolidation Pro Forma Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2011 |
Revenue, Net | $2,131 | $2,212 | $2,140 | $2,033 | $2,004 | $2,087 | $2,069 | $2,060 | $8,516 | $8,220 | $8,186 | ||
Net (loss)/income | -1,070 | -980 | -433 | -383 | -1,752 | -762 | -209 | -217 | -2,866 | -2,940 | -1,503 | 7,200 | |
Net income/(loss) attributable to Caesars | -1,023 | -908 | -466 | -386 | -1,757 | -761 | -212 | -218 | -2,783 | -2,948 | -1,508 | ||
Net loss per share (usd per share) | ($7.08) | ($6.29) | ($3.24) | ($2.82) | ($12.83) | ($6.03) | ($1.69) | ($1.74) | ($19.53) | ($22.93) | ($12.04) | ||
Assets | 23,535 | 24,689 | 23,535 | 24,689 | 23,535 | ||||||||
Liabilities | 28,277 | 26,593 | 28,277 | 26,593 | 28,277 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -4,742 | -1,904 | -4,742 | -1,904 | -333 | -4,742 | 1,053 | ||||||
Deconsolidation Adjustment [Member] | Caesars Entertainment Operating Company Inc [Member] | |||||||||||||
Revenue, Net | -4,871 | ||||||||||||
Net (loss)/income | 2,220 | ||||||||||||
Net income/(loss) attributable to Caesars | 2,056 | ||||||||||||
Net loss per share (usd per share) | $14.43 | ||||||||||||
Assets | -11,122 | -11,122 | -11,122 | ||||||||||
Liabilities | -18,733 | -18,733 | -18,733 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,611 | 7,611 | 7,611 | ||||||||||
Pro Forma for Deconsolidation [Member] | |||||||||||||
Revenue, Net | 3,645 | ||||||||||||
Net (loss)/income | -646 | ||||||||||||
Net income/(loss) attributable to Caesars | -727 | ||||||||||||
Net loss per share (usd per share) | ($5.10) | ||||||||||||
Assets | 12,413 | 12,413 | 12,413 | ||||||||||
Liabilities | 9,544 | 9,544 | 9,544 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $2,869 | $2,869 | $2,869 |
CEOC_Bankruptcy_CEOC_Bankruptc3
CEOC Bankruptcy CEOC Bankruptcy (Details) (USD $) | 12 Months Ended | 48 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jan. 15, 2015 | Jan. 31, 2015 | Mar. 31, 2013 | ||
business | business | |||||||
Number Of Casinos Operated Or Managed | 49 | 49 | ||||||
Current Portion Of Long Term Debt Face Value | ($18,049,000,000) | ($18,049,000,000) | ||||||
Interest expense | -2,670,000,000 | -2,252,000,000 | -2,100,000,000 | -7,000,000,000 | ||||
Interest Payable, Current | 736,000,000 | 390,000,000 | 736,000,000 | |||||
United States | ||||||||
Number Of Casinos Operated Or Managed | 37 | 37 | ||||||
International [Member] | ||||||||
Number Of Casinos Operated Or Managed | 12 | 12 | ||||||
Subsequent Event [Member] | ||||||||
Restructuring and Related Activities, Description | New Capital Structure The Restructuring also contemplates that (i) OpCo will issue up to $1.2 billion in principal amount of first lien debt with a six year term and interest at LIBOR plus 4.00% with a 1% LIBOR floor (“New First Lien OpCo Debtâ€) and up to $547 million in principal amount of second lien debt with a seven year term and interest at 8.5% (“New Second Lien OpCo Debtâ€) and (ii) PropCo will issue $2.4 billion in principal amount of first lien debt with a five year term and interest at LIBOR plus 3.5% with a 1% LIBOR floor (“New First Lien PropCo Debtâ€) and $1.4 billion in principal amount of second lien debt with a six year term and interest at 8.0% (“New Second Lien PropCo Debtâ€). CPLV will issue $2.6 billion in debt, of which no less than $2.0 billion will be sold to third party investors for cash proceeds (“CPLV Market Debtâ€) and any remaining debt up to $600 million will constitute “CPLV Mezzanine Debt,†with the weighted average yield on the CPLV Market Debt and CPLV Mezzanine Debt capped as set forth in the Term Sheet. PropCo must also offer and issue up to $300 million of preferred equity (the “PropCo Preferred Equityâ€), the proceeds of which will be used to: (1) reduce the amount of CPLV Debt issued to holders of First Lien Notes, if any; then (2) reduce the amount of CPLV Market Debt required to meet certain conditions, if required; and ultimately (3) reduce the amount of the New Second Lien PropCo Debt. The PropCo Preferred Equity will be entitled to paid-in-kind dividends at a rate equal to the dividend yield to holders of PropCo’s common stock, provided the rate shall not be less than 5% per annum. The offering of the PropCo Preferred Equity will be fully backstopped. Recoveries The Term Sheet from the RSA dated January 14, 2015, contemplates the following approximate recoveries: Each lender under CEOC’s senior secured credit facilities (each, a “First Lien Bank Lenderâ€) will receive its pro rata share of (a) $705 million in cash, (b) $883 million in New First Lien OpCo Debt, (c) $406 million of New Second Lien OpCo Debt, (d) $2.0 billion in New First Lien PropCo Debt, and (e) up to $1.5 billion in additional cash or CPLV Mezzanine Debt. Each First Lien Noteholder will receive its pro rata share of (a) $207 million in cash, (b) $306 million in New First Lien OpCo Debt, (c) $141 million of New Second Lien OpCo Debt, (d) $431 million in New First Lien PropCo Debt, (e) $1.4 billion in New Second Lien PropCo Debt, (f) up to $1.2 billion in additional cash or CPLV Mezzanine Debt, (g) 69.9% directly or indirectly of PropCo equity (or cash as a result of certain put options and equity rights) and (h) 100% of the OpCo equity (or cash as a result of certain put options and equity rights). If they vote as a class to accept the Plan, each Non-First Lien Noteholder (as defined in the Term Sheet) will receive its pro rata share of 30.1% of the equity, directly or indirectly, in PropCo, and have the option to be a participant in certain equity rights. If the Non-First Lien Noteholders do not vote as a class to accept the Plan, each Non-First Lien Noteholder will receive its pro rata share of 17.5% of the equity, directly or indirectly, in PropCo, and the remaining 12.6% of PropCo equity shall be allocated to the equity holders of PropCo, excluding the Non-First Lien Noteholders, based on their pro rata ownership in PropCo. The Term Sheet contemplates the ability of certain of the creditors to elect to receive cash in lieu of the OpCo and PropCo equity and provides certain non-first lien creditors the right to purchase additional PropCo equity in certain circumstances. In order to effectuate the Restructuring, Caesars Entertainment has agreed to, among other things, (i) contribute $406 million for the restructuring and forbearance fees; (ii) contribute an additional $75 million to the Debtors (as defined below) if there is insufficient liquidity at closing of the Restructuring; (iii) purchase up to all of OpCo equity for $700 million and 14.8% of PropCo equity for $269 million; (iv) guarantee OpCo’s monetary obligations to PropCo under the Leases as discussed above; and (v) give PropCo a right of first refusal on all new domestic non-Las Vegas opportunities, with Caesars Entertainment or OpCo leasing such properties. CEOC has proposed a plan of reorganization that provides, among other things, mechanisms for settlement of claims against the debtors’ estates, treatment of CEOC’s existing equity and debt holders, and certain corporate governance and administrative matters pertaining to the reorganized company. The Restructuring contemplated by the RSA is subject to numerous conditions and third party approvals and there can be no assurances that the Restructuring will be completed on the terms contemplated by the RSA and the Term Sheet or at all. | |||||||
Deconsolidation, Related Party, Description | CEOC’s bankruptcy filing was a reconsideration event for Caesars Entertainment to reevaluate whether consolidation of CEOC continues to be appropriate. We reevaluated whether CEOC was a VIE, and we concluded that CEOC was a VIE. Generally, when an entity files for bankruptcy, the holders of equity at risk as a group lose the power to make decisions that have a significant impact on the economic performance of the entity because such power is typically transferred to the Bankruptcy Court. We have concluded that this is the case with CEOC and that the equity owners, including Caesars Entertainment, only possess non-substantive voting rights. We have also concluded that Caesars Entertainment is not the primary beneficiary of CEOC, since the Bankruptcy Court now controls its key activities, including determining operating budgets, payment of obligations, and management of assets. CEOC management cannot carry on activities necessary for the ordinary course of business without Bankruptcy Court approval. As a result, we have concluded that Caesars Entertainment should deconsolidate CEOC upon the bankruptcy filing. For similar reasons, we determined that we do not have significant influence over CEOC. As a result, Caesars Entertainment will account for the investment in CEOC as a cost method investment prospectively from the Petition Date. | |||||||
Caesars Entertainment Operating Company [Member] | ||||||||
Casino Space | 2,000,000 | 2,000,000 | ||||||
Number Of Slot Machines | 40,000 | 40,000 | ||||||
Number of Rooms in Hotel | 15,000 | 15,000 | ||||||
Current Portion Of Long Term Debt Face Value | -17,977,000,000 | -17,977,000,000 | ||||||
Interest expense | 1,700,000,000 | [1] | -6,200,000,000 | |||||
Debt Instrument, Face Amount | 5,500,000,000 | 5,500,000,000 | 1,500,000,000 | |||||
Caesars Entertainment Operating Company [Member] | Caesars Growth Partners, LLC [Member] | ||||||||
Number Of Casinos Managed | 6 | 6 | ||||||
Caesars Entertainment Operating Company [Member] | Third Party [Member] | ||||||||
Number Of Casinos Managed | 9 | 9 | ||||||
Caesars Entertainment Operating Company [Member] | United States | ||||||||
Number Of Casinos Operated Or Managed | 19 | 19 | ||||||
Caesars Entertainment Operating Company [Member] | International [Member] | ||||||||
Number Of Casinos Operated Or Managed | 9 | 9 | ||||||
Caesars Entertainment Operating Company [Member] | Subordinated Debt [Member] | ||||||||
Interest Payable, Current | 225,000,000 | 225,000,000 | ||||||
Caesars Entertainment Operating Company [Member] | Twenty-Fifteen Note at Ten Percent [Member] | Subordinated Debt [Member] | ||||||||
Interest Payable, Current | 41,000,000 | 41,000,000 | ||||||
Caesars Entertainment Operating Company [Member] | Twenty-Eighteen Note at Ten Percent [Member] | Subordinated Debt [Member] | ||||||||
Interest Payable, Current | 184,000,000 | 184,000,000 | ||||||
Debt Instrument, Face Amount | 4,485,000,000 | 4,485,000,000 | ||||||
Caesars Entertainment Operating Company [Member] | Subsequent Event [Member] | ||||||||
Bankruptcy Proceedings, Description of Proceedings | To implement the restructuring plan for balance sheet deleveraging, on January 15, 2015 (the “Petition Dateâ€), CEOC and certain of its U.S. subsidiaries (the “Debtorsâ€) voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code. The Debtors will continue to operate their businesses as “debtors-in-possession†under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. Caesars Entertainment, CERP, and CGP LLC are separate entities with independent capital structures and have not filed for bankruptcy relief. In addition, all Caesars Entertainment properties, including those owned by CEOC, are continuing to operate in the ordinary course. | |||||||
Current Portion Of Long Term Debt Face Value | 18,400,000,000 | 18,400,000,000 | 8,600,000,000 | |||||
Caesars Entertainment Operating Company [Member] | Subsequent Event [Member] | Interest Expense [Member] | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods, Contingent Payments, Amount | 450,000,000 | |||||||
Caesars Entertainment Operating Company [Member] | Subsequent Event [Member] | Operating Lease [Member] | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods, Contingent Payments, Amount | 635,000,000 | |||||||
Caesars Entertainment Operating Company [Member] | Subsequent Event [Member] | Discharge of Debt [Member] | ||||||||
Debt Instrument, Decrease, Forgiveness | 10,000,000,000 | |||||||
[1] | Includes foreign net revenues of $337 million. |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Net revenues | $2,131 | $2,212 | $2,140 | $2,033 | $2,004 | $2,087 | $2,069 | $2,060 | $8,516 | $8,220 | $8,186 | |
Income/(loss) from operations | -402 | -328 | 127 | 151 | -1,777 | -524 | 127 | 148 | -452 | -2,026 | 134 | |
Net loss | -1,070 | -980 | -433 | -383 | -1,752 | -762 | -209 | -217 | -2,866 | -2,940 | -1,503 | 7,200 |
Net income/(loss) attributable to Caesars | ($1,023) | ($908) | ($466) | ($386) | ($1,757) | ($761) | ($212) | ($218) | ($2,783) | ($2,948) | ($1,508) | |
Net loss per share (usd per share) | ($7.08) | ($6.29) | ($3.24) | ($2.82) | ($12.83) | ($6.03) | ($1.69) | ($1.74) | ($19.53) | ($22.93) | ($12.04) |
Schedule_I_CONDENSED_BALANCE_S
Schedule I - CONDENSED BALANCE SHEETS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $2,806 | $2,771 | $1,758 | $891 |
Restricted cash | 76 | 88 | ||
Receivables, net | 518 | 620 | ||
Prepayments and other current assets | 225 | 237 | ||
Total current assets | 3,673 | 3,770 | ||
Restricted cash | 109 | 337 | ||
Deferred charges and other | 767 | 793 | ||
Total assets | 23,535 | 24,689 | ||
Liabilities and Stockholders’ Equity/(Deficit) | ||||
Accounts payable | 349 | 443 | ||
Accrued expenses and other current liabilities | 1,199 | 1,212 | ||
Interest Payable, Current | 736 | 390 | ||
Long-term Debt, Current Maturities | 15,779 | 197 | ||
Total current liabilities | 18,280 | 2,531 | ||
Deferred credits and other | 484 | 668 | ||
Deferred income taxes ($8 and $4 attributable to our VIE) | 2,079 | 2,476 | ||
Total liabilities | 28,277 | 26,593 | ||
Total stockholders’ equity/(deficit) | -4,997 | -3,122 | ||
Total liabilities and stockholders’(deficit)/ equity | 23,535 | 24,689 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 378 | 113 | 7 | 4 |
Restricted cash | 11 | 31 | ||
Prepayments and other current assets | 25 | 0 | ||
Intercompany receivables | 10 | 1 | ||
Total current assets | 424 | 145 | ||
Restricted cash | 76 | 20 | ||
Deferred charges and other | 0 | 1 | ||
Deferred income taxes | 4 | 8 | ||
Intercompany receivables | 40 | 340 | ||
Total assets | 544 | 514 | ||
Liabilities and Stockholders’ Equity/(Deficit) | ||||
Accrued expenses and other current liabilities | 0 | 4 | ||
Interest Payable, Current | 1 | 0 | ||
Intercompany payables | 6 | 5 | ||
Long-term Debt, Current Maturities | 13 | 0 | ||
Total current liabilities | 20 | 9 | ||
Accumulated losses of subsidiaries in excess of investment | 5,214 | 3,582 | ||
Deferred credits and other | 2 | 0 | ||
Intercompany payables | 55 | 55 | ||
Total liabilities | 5,291 | 3,646 | ||
Total stockholders’ equity/(deficit) | -4,747 | -3,132 | ||
Total liabilities and stockholders’(deficit)/ equity | $544 | $514 |
Schedule_I_Schedule_I_CONDENSE
Schedule I Schedule I - CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net revenues | $2,131 | $2,212 | $2,140 | $2,033 | $2,004 | $2,087 | $2,069 | $2,060 | $8,516 | $8,220 | $8,186 | |
Operating expenses | ||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 120 | 104 | 99 | |||||||||
Corporate expense | 282 | 161 | 195 | |||||||||
Acquisition and integration costs | 116 | 99 | 23 | |||||||||
Total operating expenses | 8,968 | 10,246 | 8,052 | |||||||||
Loss from operations | -402 | -328 | 127 | 151 | -1,777 | -524 | 127 | 148 | -452 | -2,026 | 134 | |
Interest expense | -2,670 | -2,252 | -2,100 | -7,000 | ||||||||
Other income, including interest income | -95 | 28 | 162 | |||||||||
Loss from operations before income taxes | -3,217 | -4,250 | -1,804 | |||||||||
Income tax benefit | 543 | 1,517 | 701 | |||||||||
Net loss | -2,674 | -2,733 | -1,103 | |||||||||
Other comprehensive income/(loss), net of income taxes | -2 | -38 | 37 | |||||||||
Comprehensive loss | -2,785 | -2,986 | -1,472 | |||||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net revenues | 0 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 0 | 0 | 15 | |||||||||
Income (Loss) from Equity Method Investments | -1 | -1 | 0 | |||||||||
Loss on interests in subsidiaries | 2,765 | 2,923 | 1,464 | |||||||||
Corporate expense | 14 | 16 | 28 | |||||||||
Acquisition and integration costs | 10 | 0 | 0 | |||||||||
Total operating expenses | 2,788 | 2,938 | 1,507 | |||||||||
Loss from operations | -2,788 | -2,938 | -1,507 | |||||||||
Interest expense | -3 | 2 | -1 | |||||||||
Other income, including interest income | 15 | 23 | 18 | |||||||||
Loss from operations before income taxes | -2,776 | -2,913 | -1,490 | |||||||||
Income tax benefit | -7 | 0 | 9 | |||||||||
Net loss | -2,783 | -2,913 | -1,481 | |||||||||
Other comprehensive income/(loss), net of income taxes | 0 | 0 | 0 | |||||||||
Comprehensive loss | ($2,783) | ($2,913) | ($1,481) |
Schedule_I_Schedule_I_CONDENSE1
Schedule I Schedule I - CONDENSED STATEMENT OF CASH FLOWS (Details) (USD $) | 12 Months Ended | 48 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash flows from operating activities | ($735) | ($99) | $33 | $772 |
Cash flows from investing activities | ||||
Change in restricted cash | 240 | 774 | -681 | |
Payments to acquire businesses, net of transaction costs and cash acquired | -23 | -20 | -38 | |
Other | 25 | -51 | -34 | |
Cash flows from investing activities | -689 | 65 | -1,225 | |
Cash flows from financing activities | ||||
Issuance of common stock, net of fees | 136 | 217 | 17 | |
Other | -37 | -45 | -27 | |
Cash flows from financing activities | 1,514 | 651 | 1,473 | |
Net increase/(decrease) in cash and cash equivalents | 35 | 1,009 | 858 | |
Cash and cash equivalents, beginning of period | 2,771 | 1,758 | 891 | |
Cash and cash equivalents, end of period | 2,806 | 2,771 | 1,758 | 2,806 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash flows from operating activities | 152 | 408 | 259 | |
Cash flows from investing activities | ||||
Change in restricted cash | -36 | -51 | 0 | |
Purchase of additional interests in subsidiaries | 0 | -581 | -233 | |
Purchase of LINQ/Octavius from non-guarantor | 0 | -81 | 0 | |
Proceeds paid for sale of assets | 0 | -29 | 0 | |
Other | 0 | 0 | -1 | |
Cash flows from investing activities | -36 | -742 | -234 | |
Cash flows from financing activities | ||||
Issuance of common stock, net of fees | 136 | 217 | 17 | |
Other | 13 | 0 | 0 | |
Transfer to affiliates | 0 | 223 | -39 | |
Cash flows from financing activities | 149 | 440 | -22 | |
Net increase/(decrease) in cash and cash equivalents | 265 | 106 | 3 | |
Cash and cash equivalents, beginning of period | 113 | 7 | 4 | |
Cash and cash equivalents, end of period | $378 | $113 | $7 | $378 |
Schedule_I_Schedule_I_Addition
Schedule I Schedule I - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $2.40 | $3 |
Schedule_II_Details
Schedule II (Details) (Allowance for doubtful accounts, Current [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts, Current [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $162 | $202 | $202 |
Charged to Costs and Expenses | 50 | 29 | 67 |
Deductions from Reserves | 16 | 69 | 67 |
Balance at End of Period | $196 | $162 | $202 |