Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
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 | 144,696,690 | |
Trading Symbol | CZR |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents ($935 and $944 attributable to our VIE) | $1,555 | $2,806 |
Restricted cash ($15 and $15 attributable to our VIE) | 49 | 76 |
Receivables, net ($112 and $97 attributable to our VIE) | 186 | 518 |
Due from affiliates ($49 and $0 attributable to our VIE) | 49 | 0 |
Deferred income taxes ($5 and $5 attributable to our VIE) | 5 | 5 |
Prepayments and other current assets ($49 and $27 attributable to our VIE) | 167 | 225 |
Inventory ($3 and $3 attributable to our VIE) | 12 | 43 |
Total current assets | 2,023 | 3,673 |
Property and equipment, net ($2,630 and $2,570 attributable to our VIE) | 7,638 | 13,456 |
Goodwill ($292 and $291 attributable to our VIE) | 1,693 | 2,366 |
Intangible assets other than goodwill ($279 and $289 attributable to our VIE) | 609 | 3,150 |
Restricted cash ($9 and $25 attributable to our VIE) | 65 | 109 |
Deferred income taxes ($13 and $13 attributable to our VIE) | 13 | 14 |
Deferred charges and other ($277 and $60 attributable to our VIE) | 496 | 767 |
Total assets | 12,537 | 23,535 |
Current liabilities | ||
Accounts payable ($170 and $79 attributable to our VIE) | 242 | 349 |
Due to affiliates ($26 and $0 attributable to our VIE) | 27 | 0 |
Accrued expenses and other current liabilities ($207 and $242 attributable to our VIE) | 556 | 1,199 |
Interest payable ($53 and $37 attributable to our VIE) | 203 | 736 |
Deferred income taxes ($2 and $2 attributable to our VIE) | 36 | 217 |
Current portion of long-term debt ($24 and $20 attributable to our VIE) | 71 | 15,779 |
Total current liabilities | 1,135 | 18,280 |
Long-term debt ($2,299 and $2,306 attributable to our VIE) | 6,991 | 7,434 |
Deferred income taxes ($5 and $8 attributable to our VIE) | 1,286 | 2,079 |
Deferred credits and other ($131 and $124 attributable to our VIE) | 194 | 484 |
Total liabilities | 9,606 | 28,277 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity/(deficit) | ||
Common stock, voting: par value $0.01; 145 and 147 shares | 1 | 1 |
Treasury stock: 2 and 2 shares | -21 | -19 |
Additional paid-in capital | 8,141 | 8,140 |
Accumulated deficit | -6,332 | -13,104 |
Accumulated other comprehensive income/(loss) | 2 | -15 |
Total Caesars stockholders’ equity/(deficit) | 1,791 | -4,997 |
Noncontrolling interests | 1,140 | 255 |
Total stockholders’ equity/(deficit) | 2,931 | -4,742 |
Total liabilities and stockholder's deficit | $12,537 | $23,535 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Common stock, shares issued | 145 | 147 |
Treasury stock, shares | 2 | 2 |
Common stock, par value | $0.01 | $0.01 |
Cash and cash equivalents | $1,555 | $2,806 |
Restricted cash | 49 | 76 |
Receivables, net of allowance for doubtful accounts | 186 | 518 |
Due from Affiliate | 49 | 0 |
Deferred income taxes | 5 | 5 |
Prepayments and other current assets | 167 | 225 |
Inventory | 12 | 43 |
Property and equipment, net of accumulated depreciation | 7,638 | 13,456 |
Goodwill | 1,693 | 2,366 |
Intangible assets other than goodwill | 609 | 3,150 |
Restricted cash | 65 | 109 |
Deferred income taxes | 13 | 14 |
Deferred charges and other | 496 | 767 |
Accounts payable | 242 | 349 |
Due to affiliates | 27 | 0 |
Accrued expenses and other current liabilities | 556 | 1,199 |
Interest payable | 203 | 736 |
Deferred income taxes | 36 | 217 |
Current Portion of Long-Term Debt | 71 | 15,779 |
Long-Term Debt, Face Value | 6,991 | 7,434 |
Deferred income taxes | 1,286 | 2,079 |
Deferred credits and other | 194 | 484 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 935 | 944 |
Restricted cash | 15 | 15 |
Receivables, net of allowance for doubtful accounts | 112 | 97 |
Due from Affiliate | 49 | 0 |
Deferred income taxes | 5 | 5 |
Prepayments and other current assets | 49 | 27 |
Inventory | 3 | 3 |
Property and equipment, net of accumulated depreciation | 2,630 | 2,570 |
Goodwill | 292 | 291 |
Intangible assets other than goodwill | 279 | 289 |
Restricted cash | 9 | 25 |
Deferred income taxes | 13 | 13 |
Deferred charges and other | 277 | 60 |
Accounts payable | 170 | 79 |
Due to affiliates | 26 | 0 |
Accrued expenses and other current liabilities | 207 | 242 |
Interest payable | 53 | 37 |
Deferred income taxes | 2 | 2 |
Current Portion of Long-Term Debt | 24 | 20 |
Long-Term Debt, Face Value | 2,299 | 2,306 |
Deferred income taxes | 5 | 8 |
Deferred credits and other | $131 | $124 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Casino | $667 | $1,308 |
Food and beverage | 225 | 372 |
Rooms | 222 | 308 |
Management fees | 2 | 14 |
Other | 282 | 252 |
Reimbursed management costs | 12 | 62 |
Less: casino promotional allowances | -157 | -283 |
Net revenues | 1,253 | 2,033 |
Direct expenses | ||
Casino | 356 | 788 |
Food and beverage | 103 | 158 |
Rooms | 55 | 80 |
Property, general, administrative, and other | 386 | 527 |
Reimbursable management costs | 12 | 62 |
Depreciation and amortization | 102 | 149 |
Write-downs, reserves, and project opening costs, net of recoveries | 42 | 24 |
Impairment of tangible and other intangible assets | 0 | 33 |
Corporate expense | 47 | 50 |
Acquisition and integration costs and other | 6 | 11 |
Total operating expenses | 1,109 | 1,882 |
Income from operations | 144 | 151 |
Interest expense | -238 | -592 |
Gain on deconsolidation of subsidiary and other | 7,090 | -1 |
Income/(loss) from continuing operations, before income taxes | 6,996 | -442 |
Income tax benefit/(provision) | -192 | 136 |
Income/(loss) from continuing operations, net of income taxes | 6,804 | -306 |
Discontinued operations | ||
Loss from discontinued operations | -7 | -96 |
Income tax benefit | 0 | 19 |
Loss from discontinued operations, net of income taxes | -7 | -77 |
Net loss | 6,797 | -383 |
Net income attributable to noncontrolling interests | -25 | -3 |
Net income/(loss) attributable to Caesars | 6,772 | -386 |
Earnings/(loss) per share - basic and diluted: | ||
Basic earnings/(loss) per share from continuing operations | $46.86 | ($2.26) |
Basic loss per share from discontinued operations | ($0.05) | ($0.56) |
Basic earnings/(loss) per share | $46.81 | ($2.82) |
Diluted earnings/(loss) per share from continuing operations | $46.17 | ($2.26) |
Diluted loss per share from discontinued operations | ($0.05) | ($0.56) |
Diluted earnings/(loss) per share | $46.12 | ($2.82) |
Weighted average common share outstanding | 145 | 137 |
Weighted average common shares and dilutive potential common shares | 147 | 137 |
Comprehensive income/(loss): | ||
Other comprehensive loss, net of income taxes | 0 | -4 |
Comprehensive income/(loss) | 6,797 | -387 |
Comprehensive loss attributable to noncontrolling interests | -25 | -3 |
Comprehensive income/(loss) attributable to Caesars | $6,772 | ($390) |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | |
In Millions, unless otherwise specified | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 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 | -386 | 0 | 0 | 0 | -386 | 0 | -386 | ||
Net income | -3 | 3 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -383 | ||||||||
Share-based compensation | 8 | 0 | 0 | 8 | 0 | 0 | 8 | 0 | |
Other comprehensive loss, net of income taxes | -4 | 0 | 0 | 0 | 0 | -4 | -4 | 0 | |
Stockholders' Equity, Other | 6 | 0 | 0 | 2 | 0 | 0 | 2 | 4 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2014 | -2,277 | 1 | -16 | 7,241 | -10,707 | -21 | -3,502 | 1,225 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | -4,742 | 1 | -19 | 8,140 | -13,104 | -15 | -4,997 | 255 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) attributable to Caesars | 6,772 | 0 | 0 | 0 | 6,772 | 0 | 6,772 | ||
Net income | -25 | 25 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,797 | ||||||||
Deconsolidation of CEOC | [1] | 870 | 0 | 0 | 0 | 0 | 16 | 16 | 854 |
Share-based compensation | 1 | 0 | -2 | 5 | 0 | 0 | 3 | -2 | |
Other comprehensive loss, net of income taxes | 0 | ||||||||
Decrease in noncontrolling interests, net of distributions and contributions | -10 | 0 | 0 | 0 | 0 | 0 | 0 | -10 | |
Stockholders' Equity, Other | 15 | 0 | 0 | -4 | 0 | 1 | -3 | 18 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2015 | $2,931 | $1 | ($21) | $8,141 | ($6,332) | $2 | $1,791 | $1,140 | |
[1] | (1) See Note 4, “Deconsolidation of Caesars Entertainment Operating Company.†|
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
Cash flows used in operating activities | ($102) | ($94) |
Cash flows provided by/(used in) investing activities | ||
Acquisitions of property and equipment, net of change in related payables | -100 | -241 |
Deconsolidation of CEOC | -958 | 0 |
Change in restricted cash | 33 | 94 |
Proceeds received from sale of assets | 0 | 13 |
Payments to acquire businesses, net of transaction costs and cash acquired | 0 | -23 |
Purchases of investment securities | -3 | -13 |
Other | 4 | 6 |
Cash flows used in investing activities | -1,024 | -164 |
Cash flows provided by/(used in) financing activities | ||
Proceeds from the issuance of long-term debt | 35 | 0 |
Debt issuance and extension costs and fees | 0 | -8 |
Repayments of long-term debt | -94 | -26 |
Payment of contingent consideration | -30 | 0 |
Purchase of additional interests in subsidiaries | 0 | -4 |
Repurchase of management shares | -27 | 0 |
Issuance of common stock, net of fees | 0 | 1 |
Proceeds from sales of noncontrolling interests | 0 | 12 |
Distributions to noncontrolling interest owners | -5 | -4 |
Other | 3 | 0 |
Cash flows used in financing activities | -118 | -29 |
Cash flows used in discontinued operations | ||
Cash flows used in operating activities | -7 | 0 |
Net cash used in discontinued operations | -7 | 0 |
Net decrease in cash and cash equivalents | -1,251 | -287 |
Cash and cash equivalents, beginning of period | 2,806 | 2,771 |
Cash and cash equivalents, end of period | 1,555 | 2,484 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 188 | 420 |
Cash paid for income taxes | 20 | 12 |
Change in accrued capital expenditures | $27 | $54 |
Organization_Organization_Note
Organization Organization (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization |
Organization | |
As described in Note 4, “Deconsolidation of Caesars Entertainment Operating Company,” effective January 15, 2015, we deconsolidated Caesars Entertainment Operating Company, Inc. (“CEOC”), our majority owned subsidiary, subsequent to its voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). As such, all amounts presented in these consolidated condensed financial statements and notes thereto exclude the operating results and cash flows of CEOC subsequent to January 15, 2015, and the assets, liabilities, and equity of CEOC as of March 31, 2015. | |
Following the deconsolidation of CEOC, our business is composed of our wholly owned subsidiary, Caesars Entertainment Resort Properties, LLC (“CERP”) and its subsidiaries, our consolidated variable interest entity (“VIE”), Caesars Growth Partners, LLC (“CGP LLC”) and its subsidiaries, and other direct subsidiaries of Caesars Entertainment. As of March 31, 2015, CERP and CGP LLC owned and operated a total of 12 casinos in the United States. | |
We also include the results of Caesars Interactive Entertainment, Inc. (“CIE”), a majority owned subsidiary of CGP LLC that 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 aggregated 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 Casino Properties and Developments (“CGP Casinos”), and CIE. CGP Casinos is comprised of all subsidiaries of CGP LLC excluding CIE. CEOC is a reportable segment; however, it was deconsolidated effective January 15, 2015. | |
This Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 10-K”). | |
Going Concern | |
The accompanying consolidated financial statements have been prepared assuming that CEC 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 Note 5, “Litigation,” we are a defendant in litigation and other Noteholder Disputes relating to certain CEOC transactions dating back to 2010. These matters, if resolved against us, raise substantial doubt about CEC’s ability to continue as a going concern. Management's plans concerning these matters are also discussed in Note 5. | |
As described more fully in Note 5, under the headings “Noteholder Disputes” and “Demands for Payment,” we are subject to currently pending or threatened litigation (the “Litigation”) and demands for payment by certain creditors asserting, among other things, that 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 only recently begun in several of them including the Unsecured Note Lawsuits (as defined in Note 5). | |
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 and resulted in the voluntary reorganization of CEOC. | |
Financial Condition and Other Matters | |
Over the three-year period ended December 31, 2014, we incurred cumulative net losses totaling $7.2 billion, primarily due to $7.0 billion of interest expense resulting from our highly-leveraged capital structure. During the three months ended March 31, 2015, we recognized net income of $6.8 billion, which includes an $7.1 billion gain recognized associated with the deconsolidation of CEOC. 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 cumulative cash flows from operating activities were negative $772 million over the three-year period, primarily due to cash paid for interest of $5.7 billion. As of March 31, 2015, subsequent to the deconsolidation of CEOC, we had a total accumulated deficit of $6.3 billion and long term debt, including current portion of $71 million, totaled $7.1 billion. | |
The substantial majority of the preceding negative financial factors have occurred in our largest operating subsidiary, CEOC, which incurred cumulative net losses totaling $7.1 billion resulting from interest expense of $6.2 billion over the three-year period ended December 31, 2014. As of December 31, 2014, CEOC had a total accumulated deficit of $11.4 billion and long term debt, including current portion of $15.8 billion, totaled $16.1 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 Note 4). |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation and Consolidation |
Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements of CEC have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2015 fiscal year. | |
Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial information for the three months ended March 31, 2014 reflects the results of operations and cash flows of the Harrah’s Tunica and Showboat Atlantic City casinos as discontinued operations consistent with the current period presentation. See Note 7, “Discontinued Operations.” | |
Caesars Growth Partners, LLC | |
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 VIE. Caesars Acquisition Company (“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 Caesars Entertainment is the primary beneficiary of CGP LLC and is required to consolidate them. | |
CGP LLC generated net revenues of $567 million and $226 million for the three months ended March 31, 2015 and 2014, respectively. Net loss attributable to Caesars related to CGP LLC was $2 million for the three months ended March 31, 2015 compared with net income of $1 million for the three months ended March 31, 2014. | |
Contingently Issuable Non-Voting Membership Units | |
CGP LLC is obligated to issue additional non-voting membership units to Caesars Entertainment in 2016 to the extent that the earnings from CIE’s social and mobile games business exceeds a specified threshold amount in 2015. CGP LLC recorded a liability representing the fair value of the additional contingently issuable non-voting membership units of $228 million and $347 million as of March 31, 2015 and December 31, 2014, respectively. Such liability is eliminated in our consolidation of CGP LLC. | |
Caesars Enterprise Services, LLC | |
Activities of Joint Venture | |
Caesars Enterprise Services, LLC (“CES”) is a services joint venture by and among CEOC, CERP, and Caesars Growth Properties Holdings, LLC (“CGPH” and, together with CERP and CEOC, the “Members” and each a “Member”) that manages certain enterprise assets 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, 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. | |
Consolidation of CES | |
A steering committee acts in the role of a board of managers for CES with each Member entitled to appoint one representative to the steering committee. Each Member, through its representative, is entitled to a single vote on the steering committee, accordingly, the voting power of the Members does not equate to their ownership percentages. We have determined that because CEC consolidates two of the Members (CERP and CGPH), CEC is deemed to have a controlling financial interest in CES through our ownership of that interest. | |
CES is a "pass-through" entity that serves as an agent on behalf of its Members at a cost-basis, and is contractually required to fully allocate its costs. CES is designed to have no net income; therefore, any such net income or loss is immaterial and will be subject to allocation in the subsequent period. | |
As described in Note 4, effective January 15, 2015, CEOC is no longer a consolidated subsidiary. Therefore, CEOC’s ownership interest in CES is accounted for as noncontrolling interest. |
Liquidity_Considerations
Liquidity Considerations | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Liquidity Considerations [Abstract] | ||||||||||||||||||||||||||||
Liquidity Considerations [Text Block] | Liquidity Considerations | |||||||||||||||||||||||||||
We are a highly-leveraged company and had $7.2 billion in face value of debt outstanding as of March 31, 2015, subsequent to the deconsolidation of CEOC effective January 15, 2015. As a result, a significant portion of our liquidity needs are for debt service, including significant interest payments. Our estimated consolidated debt service obligation for the remainder of 2015 is $551 million, consisting of $46 million in principal maturities and $505 million in required interest payments. Our estimated consolidated debt service obligation for 2016 is $642 million, consisting of $62 million in principal maturities and $580 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 | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CERP | CES | CGP LLC | Parent | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 212 | $ | 90 | $ | 845 | $ | 408 | ||||||||||||||||||||
Revolver capacity | 270 | — | 160 | — | ||||||||||||||||||||||||
Revolver capacity drawn or committed to letters of credit | (145 | ) | — | — | — | |||||||||||||||||||||||
Total | $ | 337 | $ | 90 | $ | 1,005 | $ | 408 | ||||||||||||||||||||
Future Maturities of Long-Term Debt | ||||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CERP | $ | 29 | $ | 36 | $ | 26 | $ | 170 | $ | 25 | $ | 4,501 | $ | 4,787 | ||||||||||||||
CGP LLC | 17 | 26 | 23 | 38 | 192 | 2,086 | 2,382 | |||||||||||||||||||||
Total | $ | 46 | $ | 62 | $ | 49 | $ | 208 | $ | 217 | $ | 6,587 | $ | 7,169 | ||||||||||||||
Future Estimated Interest Payments | ||||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CERP | $ | 349 | $ | 394 | $ | 405 | $ | 410 | $ | 403 | $ | 489 | $ | 2,450 | ||||||||||||||
CGP LLC | 156 | 186 | 193 | 197 | 197 | 322 | 1,251 | |||||||||||||||||||||
Total | $ | 505 | $ | 580 | $ | 598 | $ | 607 | $ | 600 | $ | 811 | $ | 3,701 | ||||||||||||||
See Note 12, “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 detail includes, among other information, a table presenting details of our individual borrowings outstanding as of March 31, 2015 and December 31, 2014, as well as discussion of recent changes in our debt outstanding, and changes in the terms of existing debt subsequent to March 31, 2015. | ||||||||||||||||||||||||||||
CEOC Financial Restructuring Plan | ||||||||||||||||||||||||||||
As described in Note 4, a result of CEOC’s highly-leveraged capital structure and the general decline in its gaming results since 2007, on January 15, 2015, CEOC voluntarily filed for reorganization under Chapter 11 of 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. However, we expect this financial restructuring plan ultimately will reduce CEOC’s long-term debt and related interest payments. See Note 4 for details of CEOC’s Chapter 11 cases and CEOC liquidity considerations. | ||||||||||||||||||||||||||||
CERP Liquidity Discussion and Analysis | ||||||||||||||||||||||||||||
As of March 31, 2015, CERP’s cash and cash equivalents totaled $212 million. Its 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 March 31, 2015, CERP had $4.8 billion face value of indebtedness outstanding including capital lease indebtedness. See Note 12 for additional information related to CERP indebtedness and related restrictive covenants. Cash paid for interest for the three months ended March 31, 2015 was $48 million. | ||||||||||||||||||||||||||||
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 12). CGP LLC’s cash and cash equivalents, excluding restricted cash, totaled $845 million as of March 31, 2015, and includes $34 million held by foreign subsidiaries. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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 $1.6 billion as of March 31, 2015. Cash and cash equivalents as of March 31, 2015, includes $845 million held by CGP LLC, which is not available for our use to fund operations or satisfy our obligations unrelated to CGP LLC. | ||||||||||||||||||||||||||||
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 $125 million remained as available borrowing capacity for CERP as of March 31, 2015. CGP LLC’s total revolving credit facilities provide for up to $160 million, and an immaterial amount was committed for outstanding letters of credit as of March 31, 2015. | ||||||||||||||||||||||||||||
We experienced negative consolidated operating cash flows of $102 million for the three months ended March 31, 2015, which includes negative operating cash flows of $220 million from CEOC before its deconsolidation effective January 15, 2015. | ||||||||||||||||||||||||||||
As previously noted, CEOC did not expect that its cash flows from operations would be sufficient to repay its indebtedness, and as a result, filed for reorganization under Chapter 11 of the Bankruptcy Code. Because of the absence of cross-default provisions in the indebtedness issued by other CEC subsidiaries and the modification of the parent guarantee (as discussed in Note 11, “Contractual Commitments and Contingent Liabilities”), we do not believe that the impact of the event of default by CEOC, resulting from its bankruptcy filing, will materially impact the liquidity of CEC and its consolidated subsidiaries as of March 31, 2015. | ||||||||||||||||||||||||||||
As described in Note 2, “Basis of Presentation and Consolidation,” 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 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, “Organization,” due to the material uncertainty related to the litigation described more fully in Note 5 under the heading “Noteholder Disputes,” given the inherent uncertainty of litigation, combined with the fact that the matters are each in their very preliminary stages and discovery has not yet progressed in any of them, we have concluded that we cannot provide assurance as to the outcome of these matters or of the range of potential losses should the matters ultimately be resolved against us. 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 outcome of these matters, raises substantial doubt about the Company’s ability to continue as a going concern. |
Deconsolidation_of_CEOC_Decons
Deconsolidation of CEOC Deconsolidation of CEOC (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Deconsolidation of CEOC [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Deconsolidation of Caesars Entertainment Operating Company |
Chapter 11 Filing for Reorganization | |
As previously disclosed in our 2014 10-K, 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 in the Bankruptcy Court in order to implement a restructuring plan for balance sheet deleveraging. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy 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. Under the proposed plan, Caesars Entertainment will make substantial cash and other contributions as part of implementing the ultimate restructuring plan when it is agreed upon by the applicable parties and approved by the Bankruptcy Court (see Note 11). | |
Deconsolidation of CEOC | |
CEOC’s filing for reorganization was a reconsideration event for Caesars Entertainment to reevaluate whether consolidation of CEOC continues to be appropriate. We have concluded that CEOC is a VIE, subsequent to its filing for bankruptcy, because the holders of equity at risk (including us as an 89% equity holder) as a group no longer have the power to make the primary decisions. The power to make material decisions has been transferred to the Bankruptcy Court. We have concluded that the equity owners, including Caesars Entertainment, only possess non-substantive voting rights and that we are not the primary beneficiary of CEOC, since the Bankruptcy Court now controls its material activities. | |
Based on the preceding, we concluded that Caesars Entertainment should deconsolidate CEOC effective on the Petition Date. For similar reasons, we determined that we do not have significant influence over CEOC; therefore, Caesars Entertainment will account for its investment in CEOC as a cost method investment subsequent to the deconsolidation. The CEOC filing for reorganization does not represent a strategic shift by CEC because CEC has retained its 89% ownership interest in CEOC and continues to operate and manage casinos; therefore, CEOC has not been classified as discontinued operations. | |
Upon the deconsolidation of CEOC, Caesars Entertainment recognized a $7.1 billion gain and recorded a cost method investment in CEOC of zero due to the negative equity associated with CEOC’s underlying financial position. In addition, as of December 31, 2014, CEOC represented total assets of $11.1 billion, total liabilities of $18.7 billion, and total long-term debt of $16.1 billion. For the 2015 period prior to the deconsolidation, CEOC segment net revenue totaled $158 million, net loss attributable to Caesars totaled $76 million, and negative cash flow from operating activities totaled $220 million. | |
Noncontrolling Interests | |
As of March 31, 2015, CEOC owned 69.0% of the equity interest in CES and held $4 million in noncontrolling interest in CES subsequent to its deconsolidation. | |
Related Party Relationship | |
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 Chapter 11 and the subsequent deconsolidation, transactions with CEOC are no longer eliminated in consolidation and are treated as 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 (see Note 19, “Related Party Transactions”). |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation |
Litigation | |
Noteholder Disputes | |
On August 4, 2014, Wilmington Savings Fund Society, FSB, solely in its capacity as successor Indenture Trustee for the 10.00% Second-Priority Senior Secured Notes due 2018 (the "10.00% Second-Priority 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 10.00% Second-Priority 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. During the pendency of its Chapter 11 bankruptcy proceedings, the action has been automatically stayed with respect to CEOC. Vice Chancellor Glasscock denied the motion to dismiss with respect to CEC on March 18, 2015. Subsequently, plaintiffs advised the judge presiding over the CEOC bankruptcy proceeding that they would pursue in this litigation only those claims alleging that CEC remains liable under the parent guarantee formerly applicable to the 10.00% Second-Priority Notes. | |
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. Claims against the first lien note holder defendant have been voluntarily dismissed. | |
On September 3, 2014, holders of approximately $21 million of CEOC 6.50% Senior Unsecured Notes due 2016 and 5.75% Senior Unsecured Noted due 2017 (collectively, the “Senior Unsecured Notes”) 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 Senior Unsecured Notes (on the other hand) impaired their own rights under the Trust Indenture Act of 1939 and the indentures governing the Senior Unsecured Notes. The lawsuit seeks both declaratory and monetary relief. On October 2, 2014, a holder of CEOC’s 6.50% Senior Unsecured Notes due 2016 purporting to represent a class of all persons who held 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 "Parent Guarantee Lawsuits") have been assigned to the same judge. Although the claims against CEOC have been automatically stayed during its Chapter 11 bankruptcy proceedings, the court denied a motion to dismiss both lawsuits with respect to CEC, and discovery has begun with respect to the plaintiffs' claims against CEC. | |
On November 25, 2014, UMB Bank, as successor indenture trustee for CEOC's 8.50% Senior Secured Notes due 2020 (the “8.50% Senior Secured Notes”), 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 improperly stripped CEOC of certain assets, wrongfully affected a release of CEC’s parent guarantee of the 8.50% Senior Secured Notes and committed other wrongs. Among other things, UMB Bank asked the court to appoint a receiver over CEOC. In addition, the suit pleads claims for fraudulent conveyances/transfers, insider preferences, illegal dividends, declaratory judgment (for breach of contract as regards to the parent guarantee and also as to certain covenants in the bond indenture), tortious interference with contract, breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment, and seeks monetary, equitable and declaratory relief. The lawsuit has been automatically stayed with respect to CEOC during its Chapter 11 bankruptcy process. Pursuant to the RSA, the lawsuit also has been stayed in its entirety, with the consent of all of the parties to it. The consensual stay will expire upon the termination of the RSA. | |
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 Notes. The February 13 Notice alleges that CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 10.00% Second-Priority Notes; that all amounts due and owing on the 10.00% Second-Priority Notes therefore immediately became payable; and that Caesars Entertainment is responsible for paying CEOC’s obligations on the 10.00% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest, and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 13 Notice alleges is still binding. The February 13 Notice accordingly demands that Caesars Entertainment immediately pay Wilmington Savings Fund Society, FSB, cash in an amount of not less than $3.7 billion, plus accrued and unpaid interest (including without limitation the $184 million interest payment due December 15, 2014 that CEOC elected not to pay) and accrued and unpaid attorneys’ fees and other expenses. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. | |
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 CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 12.75% Second-Priority Notes; that all amounts due and owing on the 12.75% Second-Priority Notes therefore immediately became payable; and that CEC is responsible for paying CEOC’s obligations on the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 18 Notice alleges is still binding. The February 18 Notice therefore demands that CEC immediately pay BOKF, 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. 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 an additional Parent Guarantee Lawsuit against CEC in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 12.75% Second-Priority Notes. Plaintiff alleges there that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indenture governing these notes, causing all principal and interest to become immediately due and payable, and that CEC is obligated to make those payments pursuant to a parent guarantee provision in the indenture governing these notes that plaintiff alleges is still binding. Plaintiff brings claims for violation of the Trust Indenture Act of 1939, breach of contract, intentional interference with contractual relations, breach of duty of good faith and fair dealing and for declaratory relief. The case has been assigned to the same judge presiding over the other Unsecured Note Lawsuits. CEC filed its answer to the BOKF complaint on March 25, 2015, and the parties are currently engaged in discovery. | |
The Company believes that the claims and demands described above against CEC are without merit and intends to defend itself 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, the Company believes that it is not probable that a material loss will result from the outcome of these matters. However, the Noteholder Disputes are in their very preliminary stages and discovery has only recently begun in several of them, including in the Parent Guarantee Lawsuits. We cannot provide assurance as to the outcome of any of the Noteholder Disputes or of the range of potential losses should any of the Noteholder Disputes ultimately be resolved against us, due to the inherent uncertainty of litigation and the current stage of these litigations. Should these matters ultimately be resolved through litigation outside of the financial restructuring of CEOC (the “Financial Restructuring”), and should a court 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). | |
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) an order directing the CAC Directors to fulfill alleged 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; (2) an order directing 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 (3) an award to 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”), and also under state contract and unjust enrichment law theories, 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 was argued in March 2015. On April 14, 2015, the Court issued an Opinion dismissing with prejudice the unjust enrichment claim, and transferring the purported contract and ERISA claims to the Northern District of Illinois, as had been requested by CEC. | |
Other Matters | |
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. | |
Prior to NRF’s vote, the CEC Group reiterated its commitment to remain in the plan and not seek rejection of any collective bargaining agreement in which the obligation to contribute to NRF exists. It is completely current with respect to pension contributions. Caesars Entertainment has opposed the NRF actions in the appropriate legal forums including in the CEOC bankruptcy proceeding. The parties entered into a Standstill Agreement in March 2015, setting a briefing schedule for both CEOC’s motion that NRF’s action violated the automatic stay and CEC’s motion to extend the stay to encompass NRF’s collection lawsuit against CEC. All briefs are due by May 21, 2015, and a hearing is to be scheduled before the Bankruptcy Court on or about May 27, 2015. | |
Caesars Entertainment believes that its legal arguments against the actions undertaken by NRF are strong and will pursue them vigorously. Because legal proceedings with respect to this matter are at the preliminary stages, we cannot currently provide assurance as to the ultimate outcome of the matters at issue. | |
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. On October 11, 2013, the Company’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCEN”), stating that FinCEN is investigating Caesars Palace for alleged violations of the Bank Secrecy Act to determine whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace. Caesars Palace responded to FinCEN’s letter on January 13, 2014. Additionally, the Company was informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of the Company and its subsidiaries had been initiated. The Company and Caesars Palace have been fully cooperating with both the FinCEN and grand jury investigations since October 2013. On April 29, 2015, representatives of Caesars Palace met with representatives of the various governmental entities involved. At that meeting, the governmental parties reviewed with the representatives of Caesars Palace in general terms the results of their investigations and proposed a range of potential settlement outcomes, including fines in the range of $12 million to $20 million. Caesars Palace is evaluating the government’s proposals, and representatives of Caesars Palace expect to meet with the governmental parties next month to further discuss the resolution of these matters. Caesars Palace is a subsidiary of CEOC and, because of CEOC’s Chapter 11 bankruptcy filing on January 15, 2015, has been, together with CEOC’s other subsidiaries, deconsolidated from CEC’s financial results. Accordingly, we expect that any financial penalties imposed upon Caesars Palace would not impact CEC’s financial results. | |
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. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance amending the existing requirements for the presentation of debt issuance costs. The amendments to the guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The balance of unamortized debt issuance costs was $39 million as of March 31, 2015. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those reporting periods. Early adoption is permitted. We expect to adopt this standard in the second quarter of 2015. |
Dispositions_and_Divestitures_
Dispositions and Divestitures (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | |||||||
Discontinued Operations | ||||||||
The operating results of the following properties have been classified as discontinued operations for all periods presented and are excluded from the results of operations presented within this Form 10-Q. Discontinued operations include the following properties, which were owned by CEOC and will be excluded from future presentation due to the deconsolidation of CEOC effective January 15, 2015 (see Note 4). | ||||||||
• | Showboat Atlantic City in New Jersey, closed in August 2014 | |||||||
• | Harrah’s Tunica in Mississippi, closed in June 2014 | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Net revenues | ||||||||
Showboat Atlantic City | $ | — | $ | 36 | ||||
Harrah’s Tunica | — | 32 | ||||||
Other | — | 2 | ||||||
Total net revenues | $ | — | $ | 70 | ||||
Pre-tax loss from operations | ||||||||
Showboat Atlantic City | $ | (6 | ) | $ | (8 | ) | ||
Harrah’s Tunica | — | (71 | ) | |||||
Other | (1 | ) | (17 | ) | ||||
Total pre-tax loss from discontinued operations | $ | (7 | ) | $ | (96 | ) | ||
Loss, net of income taxes | ||||||||
Showboat Atlantic City | $ | (6 | ) | $ | 4 | |||
Harrah’s Tunica | — | (64 | ) | |||||
Other | (1 | ) | (17 | ) | ||||
Total loss from discontinued operations, net of income taxes | $ | (7 | ) | $ | (77 | ) |
Property_and_Equipment_net
Property and Equipment, net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment, net | Property and Equipment, Net | |||||||
(In millions) | 31-Mar-15 | December 31, 2014 | ||||||
Land and land improvements | $ | 3,585 | $ | 6,218 | ||||
Buildings, riverboats, and improvements | 3,920 | 7,506 | ||||||
Furniture, fixtures, and equipment | 1,098 | 2,685 | ||||||
Construction in progress | 313 | 302 | ||||||
Total property and equipment | 8,916 | 16,711 | ||||||
Less: accumulated depreciation | (1,278 | ) | (3,255 | ) | ||||
Total property and equipment, net | $ | 7,638 | $ | 13,456 | ||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Depreciation expense (1) | $ | 75 | $ | 129 | ||||
____________________ | ||||||||
(1) | included in depreciation and amortization, corporate expense, and income/(loss) from discontinued operations | |||||||
Tangible Asset Impairments | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Continuing operations | $ | — | $ | 4 | ||||
Discontinued operations | — | 68 | ||||||
Total | $ | — | $ | 72 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Changes in Carrying Value of Goodwill and other Intangible Assets | ||||||||||||||||||||||||||
Amortizing Intangible Assets | Non-Amortizing Intangible Assets | |||||||||||||||||||||||||
(In millions) | Goodwill | Other | ||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 636 | $ | 2,366 | $ | 2,514 | ||||||||||||||||||||
Amortization | (23 | ) | — | — | ||||||||||||||||||||||
CEOC goodwill and intangible assets | (152 | ) | (673 | ) | (2,366 | ) | ||||||||||||||||||||
Balance as of March 31, 2015 | $ | 461 | $ | 1,693 | $ | 148 | ||||||||||||||||||||
During the three months ended March 31, 2014, we recorded impairment charges of $29 million in continuing operations related to certain gaming rights and trademarks as a result of declining financial results in certain of our markets. We determine the estimated fair values of our non-amortizing intangible assets by primarily using the Relief From Royalty Method and Excess Earnings Method under the income approach. | ||||||||||||||||||||||||||
Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill | ||||||||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||||||
(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 | $ | 893 | $ | (521 | ) | $ | 372 | $ | 1,265 | $ | (736 | ) | $ | 529 | |||||||||||
Contract rights | 9.8 | 3 | (1 | ) | 2 | 84 | (81 | ) | 3 | |||||||||||||||||
Developed technology | 2.9 | 118 | (56 | ) | 62 | 188 | (109 | ) | 79 | |||||||||||||||||
Gaming rights | 9.3 | 43 | (18 | ) | 25 | 47 | (22 | ) | 25 | |||||||||||||||||
$ | 1,057 | $ | (596 | ) | 461 | $ | 1,584 | $ | (948 | ) | 636 | |||||||||||||||
Non-amortizing intangible assets | ||||||||||||||||||||||||||
Gaming rights | 22 | 934 | ||||||||||||||||||||||||
Trademarks | 126 | 1,580 | ||||||||||||||||||||||||
148 | 2,514 | |||||||||||||||||||||||||
Total intangible assets other than goodwill | $ | 609 | $ | 3,150 | ||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
Investments | ||||||||||||||||
(In millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
March 31, 2015 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 4 | $ | 4 | $ | — | $ | — | ||||||||
Government bonds | 69 | — | 69 | — | ||||||||||||
Total assets at fair value | $ | 73 | $ | 4 | $ | 69 | $ | — | ||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 15 | $ | 15 | $ | — | $ | — | ||||||||
Government bonds | 70 | — | 70 | — | ||||||||||||
Total assets at fair value | $ | 85 | $ | 15 | $ | 70 | $ | — | ||||||||
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 assets in our Consolidated Balance Sheets, while a portion is included in prepayments and other current assets. As of March 31, 2015 and December 31, 2014, gross unrealized gains and losses on marketable securities were not material. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
Interest Rate Swap Agreements | ||||||||||||||||
As of December 31, 2014, CEOC had eight interest rate swap agreements that were not designated as accounting hedges and had notional amounts totaling $5.8 billion and a total fair value liability of $6 million. These interest rate swaps expired and were settled for $17 million by CEC during the first quarter of 2015. We did not renew the swap agreements or enter into any replacement instruments. | ||||||||||||||||
Effect of Non-designated Derivative Instruments on Net Loss | ||||||||||||||||
(In millions) | Three Months Ended March 31, | |||||||||||||||
Derivatives not designated as hedging instruments | Location of Loss Recognized in Net Loss | 2015 | 2014 | |||||||||||||
Net periodic cash settlements and accrued interest (1) | Interest expense | $ | — | $ | 43 | |||||||||||
Total expense related to derivatives | Interest expense | 7 | 8 | |||||||||||||
___________________ | ||||||||||||||||
(1) | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly or quarterly. | |||||||||||||||
Items Measured at Fair Value on a Non-recurring Basis | ||||||||||||||||
We had contingent earnout liabilities primarily related to the CIE acquisition of Pacific Interactive. During the first quarter of 2015, we paid $64 million of the earnout liability. As of March 31, 2015, the remaining liability was $3 million. | ||||||||||||||||
We classify the items measured at fair value on a non-recurring basis within level 3 in the fair value hierarchy. |
Contractual_Commitments_Contra
Contractual Commitments Contractual Commitments (Notes) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies Disclosure [Text Block] | Contractual Commitments and Contingent Liabilities | |||
Contractual Commitments | ||||
During the three months ended March 31, 2015, we have entered into no material contractual commitments outside of the ordinary course of business. | ||||
Interest Payments | ||||
As of March 31, 2015, our estimated interest payments for the rest of the year ending December 31, 2015 are $505 million, for the years ended December 31, 2016 through 2019 are $580 million, $598 million, $607 million, and $600 million, respectively, and $811 million in total thereafter through maturity. See Note 12 for details of our debt outstanding. | ||||
Contingent Liabilities | ||||
Self-Insurance | ||||
We are self-insured for employee health, dental, vision and other insurance and our insurance claims and reserves includes accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. As of March 31, 2015 and December 31, 2014, we had total self-insurance liability accruals of $185 million and $204 million, respectively. As of December 31, 2014, $35 million of the total liability related to CEOC and was subsequently deconsolidated. | ||||
Deferred Compensation and Employee Benefits | ||||
Deferred Compensation Plans | ||||
As of March 31, 2015, certain current and former employees of CEC, and our subsidiaries and affiliates, have balances under the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan, the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II, the Park Place Entertainment Corporation Executive Deferred Compensation Plan, the Harrah’s Entertainment, Inc. Deferred Compensation Plan, and the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan. These plans are deferred compensation plans that allow certain employees an opportunity to save for retirement and other purposes. | ||||
Each of the plans is now frozen and is no longer accepting contributions. However, participants may still earn returns on existing plan balances based upon their selected investment alternatives, which are reflected in their deferral accounts. | ||||
Plan obligations in respect of all of these plans were previously included in CEC’s consolidated financial statements as liabilities due to the consolidation of CEOC. As of March 31, 2015, CEC has recorded in the accompanying financial statements $53 million in liabilities, representing the estimate of its obligations under the deferred compensation plans described above. The additional liability in respect of these plans that CEC has not recorded is $28 million. | ||||
Trust Assets | ||||
CEC is a party to a trust agreement and an escrow agreement, each structured as so-called “rabbi trust” arrangements, which hold assets that may be used to satisfy obligations under the deferred compensation plans above. Amounts held pursuant to the trust agreement were $66 million as of March 31, 2015, and amounts held pursuant to the escrow agreement were $56 million as of March 31, 2015. | ||||
The accompanying financial statements record the assets held pursuant to the trust agreement as long-term restricted assets on CEC’s balance sheet. The accompanying financial statements do not record the assets held pursuant to the escrow agreement on CEC’s balance sheet as we continue to assess the escrow agreement and its historical funding. | ||||
The amounts recorded as assets and liabilities are based upon CEC’s current conclusions regarding ownership of assets and obligation to pay liabilities in respect of the plans and trust assets described above. These amounts may change as a result of many factors, including but not limited to the following: further analyses by CEC, events occurring in connection with discussions with CEOC creditors, and CEOC’s Chapter 11 cases. Such changes, if they occur, could eliminate or reduce the assets or liabilities recorded on CEC’s balance sheet, increase the asset for all or some portion of the assets held pursuant to the escrow agreement, or increase the liabilities not recorded. CEC believes that it may have claims to all or some portion of the assets held pursuant to the escrow agreement. | ||||
Guarantee of Collection of CEOC Term Loans | ||||
In 2014, CEOC amended its senior secured credit facilities (the “Bank Amendment”) resulting in, among other things, 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. 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). | ||||
(In millions) | March 31, 2015 | |||
Maturities of debt guaranteed by such guarantee of collection, total | $ | 5,354 | ||
Contractual interest payments guaranteed by such guarantee of collection, annually | 426 | |||
CEC and CEOC have entered into a Restructuring Support Agreement (RSA) under which certain offers have been made which are expected to satisfy, amend, or remove this guarantee of collection in conjunction with the overall restructuring of CEOC. Because these negotiations are: (1) contingent upon the overall restructuring, (2) include many factors interconnected with the restructuring as described in the preceding paragraph, (3) assume the CAC plan of merger, among other items; we have not accrued any amounts due under this guarantee of collection as they are not currently estimable. Such an estimation would require assumptions as to the amounts ultimately not collected by the holders of the guarantee through the end of the restructuring and emergence by CEOC, which we are currently unable to make, because we do not control the proceedings while CEOC is in bankruptcy. | ||||
CEOC Reorganization | ||||
As described in Note 4, the Debtors voluntarily filed for reorganization under Chapter 11. Under the proposed restructuring plan, Caesars Entertainment will make substantial cash and other contributions as part of implementing the ultimate restructuring plan when it is agreed upon by the applicable parties and approved by the Bankruptcy Court. 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 if there is insufficient liquidity at closing of the restructuring; and (iii) purchase up to $969 million of new equity in the restructured Debtors. The completion of the previously announced merger of Caesars Entertainment and CAC will allow Caesars Entertainment to make these contributions without the need for any significant outside financing. If the merger with CAC is not completed for any reason, Caesars Entertainment would still be liable for these contributions. | ||||
If there is not a comprehensive out of court restructuring of 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 in accordance with an agreement with CEC, CEOC and certain holders of CEOC’s outstanding 6.50% Senior Notes due 2016 and 5.75% Senior Notes due 2017 for a private refinancing (the “Notes Transaction”), CEOC and CEC agreed that CEC will be obligated to make an additional payment to CEOC of $35 million. We have accrued this liability in accrued expenses and other current liabilities on the consolidated condensed balance sheet. |
Debt
Debt | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
Summary of Debt by Financing Structure | ||||||||||||||||
(In millions) | Face Value | Book Value | Book Value | |||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||
CEOC | $ | — | $ | — | $ | 16,100 | ||||||||||
CERP | 4,787 | 4,731 | 4,774 | |||||||||||||
CGP LLC | 2,382 | 2,323 | 2,326 | |||||||||||||
CEC | 8 | 8 | 13 | |||||||||||||
Total Debt | 7,177 | 7,062 | 23,213 | |||||||||||||
Current Portion of Long-Term Debt | (71 | ) | (71 | ) | (15,779 | ) | ||||||||||
Long-Term Debt | $ | 7,106 | $ | 6,991 | $ | 7,434 | ||||||||||
Current Portion of Long-Term Debt | ||||||||||||||||
The current portion of long-term debt is $71 million as of March 31, 2015. For CERP, the current portion of long-term debt is $38 million and is primarily related to required annual principal payments 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 $24 million of payments due related to Term Loans, Special Improvement District Bonds, and various capitalized lease obligations. | ||||||||||||||||
Debt Discounts or Premiums and Debt Issuance Costs | ||||||||||||||||
Debt discounts or premiums and debt issuance costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts or premiums 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 issuance costs are included in deferred charges and other assets in our Consolidated Balance Sheets. | ||||||||||||||||
As of March 31, 2015 and December 31, 2014, book values of debt are presented net of unamortized discounts of $0.1 billion and $2.4 billion, respectively. | ||||||||||||||||
Fair Value | ||||||||||||||||
As of March 31, 2015 and December 31, 2014, our outstanding debt had fair values of $6.6 billion and $17.5 billion, respectively, and carrying values of $7.2 billion and $25.6 billion, respectively. We estimated the fair value of the debt based on borrowing rates available as of March 31, 2015 and 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. | ||||||||||||||||
CEOC Debt | ||||||||||||||||
As described in Note 4, we deconsolidated CEOC effective January 15, 2015. Therefore, no amounts are reported for CEOC debt as of March 31, 2015. | ||||||||||||||||
Book Value | ||||||||||||||||
(In millions) | December 31, 2014 | |||||||||||||||
Credit Facilities (1) | $ | 5,162 | ||||||||||||||
Secured Debt | 9,996 | |||||||||||||||
Subsidiary-Guaranteed Debt | 479 | |||||||||||||||
Unsecured Senior Debt | 463 | |||||||||||||||
Other Unsecured Borrowings | 77 | |||||||||||||||
Total CEOC Debt | 16,177 | |||||||||||||||
Additional Debt Discount | (77 | ) | ||||||||||||||
Total CEOC Debt, as consolidated | $ | 16,100 | ||||||||||||||
___________________ | ||||||||||||||||
(1) Caesars Entertainment guarantees collection of amounts under the CEOC Credit Facilities (see Note 11). | ||||||||||||||||
CERP Debt | ||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||
Detail of Debt (Dollars in millions) | Maturity | March 31, 2015 | December 31, 2014 | |||||||||||||
Secured Debt | ||||||||||||||||
CERP Senior Secured Loan | 2020 | 7.00% | $ | 2,469 | $ | 2,426 | $ | 2,431 | ||||||||
CERP Revolver | 2018 | various | 145 | 145 | 180 | |||||||||||
CERP First Lien Notes | 2020 | 8.00% | 1,000 | 995 | 994 | |||||||||||
CERP Second Lien Notes | 2021 | 11.00% | 1,150 | 1,142 | 1,142 | |||||||||||
Capitalized Lease Obligations | to 2017 | various | 11 | 11 | 13 | |||||||||||
Other Unsecured Borrowings | ||||||||||||||||
Other | 2016 | 0.00% - 6.00% | 12 | 12 | 14 | |||||||||||
Total CERP Debt | 4,787 | 4,731 | 4,774 | |||||||||||||
Current Portion of CERP Long-Term Debt | (38 | ) | (38 | ) | (39 | ) | ||||||||||
CERP Long-Term Debt | $ | 4,749 | $ | 4,693 | $ | 4,735 | ||||||||||
CERP Financing | ||||||||||||||||
CERP Credit Facilities | ||||||||||||||||
As of March 31, 2015, the CERP Credit Facilities provided for an aggregate principal amount of up to $2.8 billion, composed of (i) 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. The CERP Term Loans require scheduled quarterly payments of $6 million, with the balance due at maturity. | ||||||||||||||||
CERP Notes | ||||||||||||||||
As of March 31, 2015, the CERP Notes had an aggregate face value of $2.2 billion. The CERP Notes consist of (i) $1.0 billion aggregate principal amount of 8.0% first-priority senior secured notes due 2020 and (ii) $1.2 billion aggregate principal amount of 11.0% second-priority senior secured notes due 2021. | ||||||||||||||||
Registration Statement | ||||||||||||||||
In connection with the CERP Financing described above, CERP committed to register the CERP notes originally issued pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Initial CERP Notes”) under a registration statement with the SEC by November 17, 2014. 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, the Company incurred additional interest on the Initial CERP Notes of 0.25% annually beginning November 17, 2014, which increased to 0.50% annually from February 17, 2015 until the consummation of the exchange offer on March 18, 2015. Upon the consummation of the exchange offer, the Initial CERP Notes that were exchanged were replaced with new notes (the "Exchange Notes" and, together with the Initial CERP Notes, the "CERP Notes"), whose terms are substantially identical to that of the Initial CERP Notes, except that the Exchange Notes have no transfer restrictions or registration rights. | ||||||||||||||||
CERP Restrictive Covenants | ||||||||||||||||
The CERP Notes and CERP Credit Facilities include negative covenants, subject to certain exceptions, and 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 a senior secured leverage ratio (“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”). | ||||||||||||||||
CGP LLC Debt | ||||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||
Detail of Debt (Dollars in millions) | Maturity | March 31, 2015 | December 31, 2014 | |||||||||||||
Secured Debt | ||||||||||||||||
CGPH Term Loan (1) | 2021 | 6.25% | $ | 1,166 | $ | 1,136 | $ | 1,138 | ||||||||
CGPH Notes (1) | 2022 | 9.38% | 675 | 661 | 661 | |||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 2020 | 8.25% - 8.75% | 330 | 321 | 321 | |||||||||||
Cromwell Credit Facility | 2019 | 11.00% | 184 | 180 | 180 | |||||||||||
Capital Lease Obligations | to 2016 | various | 3 | 3 | 4 | |||||||||||
Other | 2018 | 8.00% | 5 | 4 | 4 | |||||||||||
Other Unsecured Borrowings | ||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 14 | 14 | 14 | |||||||||||
Other | 2016 | various | 5 | 4 | 4 | |||||||||||
Total CGP LLC Debt (2) | 2,382 | 2,323 | 2,326 | |||||||||||||
Current Portion of CGP LLC Long-Term Debt | (24 | ) | (24 | ) | (20 | ) | ||||||||||
CGP LLC Long-Term Debt | $ | 2,358 | $ | 2,299 | $ | 2,306 | ||||||||||
____________________ | ||||||||||||||||
(1) | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | |||||||||||||||
(2) | As of March 31, 2015, CIE had $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 Loan (“CGPH Term Loan”) | ||||||||||||||||
As of March 31, 2015, the CGPH Term Loan had a face value of $1.2 billion. The CGPH Term Loan Credit Agreement provided for a $150 million revolving credit facility (the “Revolving Credit Facility”). As of March 31, 2015, no borrowings were outstanding under the Revolving Credit Facility, and no material amounts were committed to outstanding letters of credit. The CGPH Term Loan bears interest at LIBOR plus 5.25% with a LIBOR floor of 1.00%. | ||||||||||||||||
The CGPH Term Loan includes customary negative covenants, subject to certain exceptions, and 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 also requires that CGPH maintains a SSLR of no more than 6.00 to 1.00, which is the ratio of first lien senior secured net debt to earnings before interest, taxes, depreciation and amortization, adjusted as defined (“CGPH Adjusted EBITDA”). | ||||||||||||||||
Caesars Growth Properties Holdings Notes (“CGPH Notes”) | ||||||||||||||||
As of March 31, 2015, the CGPH Notes had a face value of $675 million. The CGPH Notes include negative covenants, subject to certain exceptions, and contains affirmative covenants and events of default, subject to exceptions, baskets and thresholds (including equity cure provisions), all of the preceding being customary in nature. The CGPH Notes bear interest at 9.38%. | ||||||||||||||||
Registration Rights Agreement. In connection with the issuance of the 2022 Notes, CGPH and its direct subsidiary, Caesars Growth Properties Finance, Inc. (“Finance” and each, an “Issuer” and together, the “CGP LLC Issuers”), each an indirect, wholly owned subsidiary of CGP LLC, are subject to a registration rights agreement that required the CGP LLC Issuers to use its commercially reasonable efforts to prepare, to cause to be filed with the Securities and Exchange Commission, and to become effective on or prior to April 17, 2015, a registration statement with respect to the 2022 Notes, which were originally issued pursuant to Rule 144A of the Securities Act of 1933, as amended. | ||||||||||||||||
Accordingly, the CGP LLC Issuers filed an initial registration statement on Form S-4 (the "Registration Statement") on March 30, 2015. As of April 17, 2015, the Registration Statement was not yet declared effective. Because the Issuers failed to meet the targets for the registration and exchange of notes, the CGP LLC Issuers began to incur additional interest on the 2022 Notes of 0.25% annually beginning April 18, 2015. The annual interest rate on the 2022 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 2022 Notes will revert to the original level. | ||||||||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | ||||||||||||||||
As of March 31, 2015, the Horseshoe Baltimore Credit Facility provided for an aggregate principal amount of up to $310 million, consisting of (i) a $300 million senior secured term facility with a seven-year maturity, which was fully drawn as of March 31, 2015; and (ii) a $10 million senior secured revolving facility with a five-year maturity, which remained undrawn as of March 31, 2015. The borrowings bear interest at LIBOR plus 7.0% with a LIBOR floor of 1.25%. | ||||||||||||||||
As of March 31, 2015, the Horseshoe Baltimore FF&E Facility provided for an aggregate principal amount of up to $30 million to be used to finance or reimburse the purchase price and certain related costs of furniture, furnishings and equipment (referred to as “FF&E”) or refinance the purchase price of FF&E purchased with other funds as part of the development of the Horseshoe Baltimore casino. As of March 31, 2015, $30 million was outstanding on the Horseshoe Baltimore FF&E Facility. The Horseshoe Baltimore FF&E Facility bears interest at LIBOR plus 7.5% with a LIBOR floor of 1.25%. | ||||||||||||||||
The Horseshoe Baltimore Credit and FF&E Facilities include negative covenants, subject to certain exceptions, and contains affirmative covenants and events of default, subject to exceptions, baskets and thresholds (including equity cure provisions), all of the preceding being customary in nature. | ||||||||||||||||
The Horseshoe Baltimore Credit and FF&E Facilities also 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 beginning two quarters after the commencement of operations of the Baltimore Development. Commencement of operations is defined to occur once all unconditional waivers of lien are received, which had not occurred as of March 31, 2015. | ||||||||||||||||
Management believes that CGP LLC is in compliance with the Baltimore Credit Facility and Baltimore FF&E Facility covenants as of March 31, 2015. | ||||||||||||||||
Cromwell Credit Facility | ||||||||||||||||
As of March 31, 2015, The Cromwell holds a $184 million senior secured credit facility bearing interest at LIBOR plus 9.75% with a LIBOR floor of 1.25% (the “Cromwell Credit Facility”). The Cromwell Credit Facility 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 second quarter of 2015, and continuing through the first quarter of 2016, 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 from the second quarter of 2016 through the first quarter of 2017 may not exceed 5.00 to 1.00. The SSLR beginning in the second quarter of 2017 and for each fiscal quarter thereafter, may not exceed 4.75 to 1.00. | ||||||||||||||||
During the quarters ended December 31, 2014, and March 31, 2015, the Consolidated Cromwell EBITDA covenant was not met. We cured this by making an immaterial cash cure payment on March 31, 2015, which is within the permitted cure period for the quarter ended December 31, 2014. We intend to make the cash cure payment for failing to meet the covenant for the three months ended March 31, 2015, during the second quarter of 2015. The Cromwell Credit Facility allows this right to cure provided that (i) in each eight-fiscal-quarter period there shall be no more than five fiscal quarters in which the cure right is exercised and (ii) the cure right may not be exercised in any fiscal quarter that immediately follows two consecutive fiscal quarters in which it was exercised. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | Earnings Per Share | |||||||
Basic earnings per share is computed by dividing income from continuing operations and income from discontinued operations, respectively, net of income taxes, by the weighted-average number of common shares outstanding for each period. Diluted earnings per share is computed by dividing income from continuing operations and income from discontinued operations, respectively, net of income taxes, by the sum of weighted-average number of shares of common shares outstanding and dilutive potential common shares. | ||||||||
Because the Company generated net losses for the three months ended March 31, 2014, 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. | ||||||||
Basic and Dilutive Net Earnings Per Share Reconciliation | ||||||||
Three Months Ended March 31, | ||||||||
(In millions, except per share data) | 2015 | 2014 | ||||||
Income/(loss) from continuing operation, net of income taxes | 6,779 | (309 | ) | |||||
Loss from discontinued operation, net of income taxes | (7 | ) | (77 | ) | ||||
Net income/(loss) attributable to Caesars | 6,772 | (386 | ) | |||||
Weighted average common share outstanding | 145 | 137 | ||||||
Dilutive potential common shares: | ||||||||
Stock options | 2 | — | ||||||
Weighted average common shares and dilutive potential common shares | 147 | 137 | ||||||
Basic income/(loss) per share from continuing operations | $ | 46.86 | $ | (2.26 | ) | |||
Basic loss per share from discontinued operations | (0.05 | ) | (0.56 | ) | ||||
Basic income/(loss) per share | $ | 46.81 | $ | (2.82 | ) | |||
Diluted income/(loss) per share from continuing operations | $ | 46.17 | $ | (2.26 | ) | |||
Diluted loss per share from discontinued operations | (0.05 | ) | (0.56 | ) | ||||
Diluted income/(loss) per share | $ | 46.12 | $ | (2.82 | ) | |||
Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Stock options | 3 | 5 | ||||||
Restricted stock units and awards | 1 | 1 | ||||||
Total anti-dilutive common shares | 4 | 6 | ||||||
Casino_Promotional_Allowances
Casino Promotional Allowances | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Promotional Allowance [Abstract] | ||||||||
Casino Promotional Allowances | Casino Promotional Allowances | |||||||
The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as casino promotional allowances. The estimated cost of providing such casino promotional allowances is included in casino expenses. | ||||||||
Estimated Retail Value of Casino Promotional Allowances | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Food and Beverage | $ | 84 | $ | 156 | ||||
Rooms | 64 | 104 | ||||||
Other | 9 | 23 | ||||||
$ | 157 | $ | 283 | |||||
Estimated Cost of Providing Casino Promotional Allowances | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Food and Beverage | $ | 52 | $ | 114 | ||||
Rooms | 23 | 41 | ||||||
Other | 5 | 13 | ||||||
$ | 80 | $ | 168 | |||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
Caesars Entertainment Stock-Based Compensation | ||||||||||||||
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. | ||||||||||||||
Composition of Stock-Based Compensation Expense | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||
Corporate expense | $ | 14 | $ | 7 | ||||||||||
Property, general, administrative, and other | 14 | 19 | ||||||||||||
Total stock-based compensation expense | $ | 28 | $ | 26 | ||||||||||
Options and Restricted Stock Units Granted | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 1,000,000 | $ | 5.01 | — | $ | — | ||||||||
Restricted stock units | 1,827,219 | 13.01 | 1,104 | 23.03 | ||||||||||
Options and Restricted Stock Units Outstanding | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 10,110,589 | $ | 3.34 | 9,379,885 | $ | 3.35 | ||||||||
Restricted stock units | 3,545,446 | 15.53 | 2,156,727 | 17.45 | ||||||||||
CIE Stock-Based Compensation | ||||||||||||||
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. | ||||||||||||||
Stock-based compensation expense attributable to CIE is recorded in property, general, administrative, and other in the consolidated condensed statements of operations and comprehensive income and totaled $13 million and $18 million for the three months ended March 31, 2015 and 2014, respectively. As of the March 31, 2015 and December 31, 2014, the liability related to outstanding options and warrants was $101 million and $103 million, respectively. 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. | ||||||||||||||
Options and Restricted Stock Units Granted | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 1,029 | $ | 4,770.92 | 340 | $ | 4,250.00 | ||||||||
Restricted stock units | 536 | 12,630.00 | 388 | 8,500.00 | ||||||||||
Options and Restricted Stock Units Outstanding | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 13,527 | $ | 1,852.62 | 13,279 | $ | 1,616.01 | ||||||||
Restricted stock units | 5,418 | 6,972.40 | 5,096 | 6,494.71 | ||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
The Company’s provision for income taxes during the interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The Company has utilized a discrete effective tax rate method, as allowed by ASC 740-270 “Income Taxes, Interim Reporting”, to calculate taxes for the three months ended March 31, 2015. The Company determined that as small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate for the three months ended March 31, 2015. | ||||||||
Income Tax Allocation | ||||||||
Three Months Ended March 31, | ||||||||
(Dollars in millions) | 2015 | 2014 | ||||||
Income tax benefit/(provision) applicable to: | ||||||||
Income/(loss) from continuing operations, before income taxes | $ | (192 | ) | $ | 136 | |||
Discontinued operations | $ | — | $ | 19 | ||||
Effective tax rate benefit | 2.7 | % | 30.8 | % | ||||
We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our consolidated condensed 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 and potential interest or penalties associated with those liabilities. | ||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal and state deferred tax assets which were not deemed realizable based upon estimates of future taxable income. | ||||||||
The effective tax rate for the three months ended March 31, 2015, differed from the expected federal tax expense of 35% primarily due to the nontaxable portion of the gain on deconsolidation of CEOC. The effective rate benefit for the three months ended March 31, 2014, differed from the expected federal tax benefit of 35% primarily due to an increase in the federal valuation allowance against 2014 losses from continuing operations. | ||||||||
We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are under regular and recurring audit by the Internal Revenue Service 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_Repo
Segment Reporting Segment Reporting (Notes) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting | |||||||||||||||||||||||||||
We view each casino property and CIE as operating segments and aggregated 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, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP LLC excluding CIE. CIE is comprised of the subsidiaries that operate CGP LLC’s social and mobile gaming operations and WSOP. CEOC is a reportable segment; however, it was deconsolidated effective January 15, 2015 (see Note 4). | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
“Other” includes parent, consolidating, and other adjustments to reconcile to consolidated CEC results. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE (1) | Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | 2 | |||||||||||||
Net revenues | 164 | 529 | 390 | 177 | 7 | (14 | ) | 1,253 | ||||||||||||||||||||
Depreciation and amortization | 11 | 49 | 34 | 7 | 1 | — | 102 | |||||||||||||||||||||
Impairment of intangible and tangible assets | — | — | — | — | — | — | — | |||||||||||||||||||||
Income/(loss) from operations | 9 | 106 | 164 | 41 | (176 | ) | — | 144 | ||||||||||||||||||||
Interest expense | 87 | 101 | 46 | 2 | 2 | — | 238 | |||||||||||||||||||||
Gain on deconsolidation of subsidiary and other | — | — | (2 | ) | — | 7,092 | — | 7,090 | ||||||||||||||||||||
Income tax benefit/(provision) from continuing operations | — | (2 | ) | — | (13 | ) | (177 | ) | — | (192 | ) | |||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $141 million. | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP Casinos | CIE (2) | Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 17 | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | 14 | |||||||||||||
Net revenues | 1,181 | 492 | 292 | 124 | 3 | (59 | ) | 2,033 | ||||||||||||||||||||
Depreciation and amortization | 71 | 50 | 22 | 6 | — | — | 149 | |||||||||||||||||||||
Impairment of intangible and tangible assets | 33 | — | — | — | — | — | 33 | |||||||||||||||||||||
Income/(loss) from operations | 48 | 60 | (41 | ) | 5 | 79 | — | 151 | ||||||||||||||||||||
Interest expense | 524 | 91 | 15 | 1 | (1 | ) | (38 | ) | 592 | |||||||||||||||||||
Other gains/(losses) | 1 | — | 50 | — | (14 | ) | (38 | ) | (1 | ) | ||||||||||||||||||
Income tax benefit/(provision) from continuing operations | 60 | 24 | (8 | ) | (1 | ) | 61 | — | 136 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $83 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $89 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 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. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE | Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | 9 | $ | 106 | $ | 164 | $ | 41 | $ | (176 | ) | $ | — | $ | 144 | |||||||||||||
Depreciation and amortization | 11 | 49 | 34 | 7 | 1 | — | 102 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 1 | 2 | 3 | — | 37 | (1 | ) | 42 | ||||||||||||||||||||
Impairment of intangible and tangible assets | — | — | — | — | — | — | — | |||||||||||||||||||||
Corporate expense | 7 | 12 | 7 | — | 21 | — | 47 | |||||||||||||||||||||
Acquisition and integration costs and other | 3 | — | (117 | ) | — | 120 | — | 6 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||
Property EBITDA | $ | 31 | $ | 169 | $ | 91 | $ | 48 | $ | 3 | $ | (1 | ) | $ | 341 | |||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE | Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | 48 | $ | 60 | $ | (41 | ) | $ | 5 | $ | 79 | $ | — | $ | 151 | |||||||||||||
Depreciation and amortization | 71 | 50 | 22 | 6 | — | — | 149 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 4 | 4 | 16 | — | — | — | 24 | |||||||||||||||||||||
Impairment of intangible and tangible assets | 33 | — | — | — | — | — | 33 | |||||||||||||||||||||
Corporate expense | 49 | 14 | 1 | — | (14 | ) | — | 50 | ||||||||||||||||||||
Acquisition and integration costs and other | 11 | — | 76 | — | (76 | ) | — | 11 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | (5 | ) | — | — | — | — | — | (5 | ) | |||||||||||||||||||
Property EBITDA | $ | 211 | $ | 128 | $ | 74 | $ | 11 | $ | (11 | ) | $ | — | $ | 413 | |||||||||||||
Condensed Balance Sheets - By Segment | ||||||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE (1) | Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | — | $ | 7,186 | $ | 4,182 | $ | 485 | $ | 2,736 | $ | (2,052 | ) | $ | 12,537 | |||||||||||||
Total liabilities | — | 6,318 | 2,881 | 287 | 313 | $ | (193 | ) | 9,606 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $253 million and foreign liabilities of $148 million. | |||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP Casinos | CIE (2) | 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. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Reconciliation of Cash Paid for Interest | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Interest expense | $ | 238 | $ | 592 | ||||
Adjustments to reconcile to cash paid for interest: | ||||||||
Net change in accrued interest | (30 | ) | (116 | ) | ||||
Capitalized interest | 3 | — | ||||||
Amortization of debt issuance costs | (1 | ) | (9 | ) | ||||
Net amortization of discounts and premiums | (21 | ) | (81 | ) | ||||
Change in derivative instruments due to cash settlements | — | 35 | ||||||
Other | (1 | ) | (1 | ) | ||||
Cash paid for interest | $ | 188 | $ | 420 | ||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Related Party Transactions [Abstract] | ||||
Related Party Transactions | Related Party Transactions | |||
Transactions with Sponsors and their Affiliates | ||||
The members of Hamlet Holdings LLC (“Hamlet Holdings”) are comprised of individuals affiliated with Apollo Global Management, LLC (“Apollo”) and affiliates of TPG Capital LP (“TPG”) (collectively, the “Sponsors”). As of March 31, 2015, Hamlet Holdings beneficially owned 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. | ||||
Caesars Entertainment has a services agreement with the Sponsors relating to the provision of financial and strategic advisory services and consulting services. The Sponsors granted a waiver of the monitoring fees for management services; however, we reimburse the Sponsors for expenses they incur related to these management services. The reimbursed expenses are included in corporate expense and totaled approximately $2 million and $1 million for the three months ended March 31, 2015 and 2014, respectively. | ||||
We may engage in transactions with companies owned or controlled by affiliates of the Sponsors in the normal course of business. We believe such transactions are conducted at fair value. Pursuant to the terms of these agreements, Caesars Entertainment incurred expenses of approximately $2 million and $2 million for the three months ended March 31, 2015 and 2014, respectively. | ||||
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. | ||||
Transactions with CEOC | ||||
As described in Note 4, upon its filing for Chapter 11 and its subsequent deconsolidation, transactions with CEOC will no longer be eliminated in consolidation and will be considered related party transactions for Caesars Entertainment. A summary of these transactions is provided in the table below. | ||||
Three Months Ended March 31, | ||||
(In millions) | 2015 | |||
Shared services allocated expenses to CEOC | $ | 75 | ||
Shared services allocated expenses from CEOC | 15 | |||
Management fees | 9 | |||
Octavius Tower lease | 7 | |||
Service provider fee | 2 | |||
Cross marketing and trademarks | 1 | |||
Services Joint Venture | ||||
CES provides certain corporate management and administrative operations to the Members, and the cost of these services are allocated among the Members which include CEOC. CEOC reimburses CES for the allocated costs. The CES allocated costs include amounts for insurance coverage. | ||||
Insurance Coverage | ||||
We are self-insured for employee health, dental, vision and risk insurance, and our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. For employee health, dental, and vision insurance, CES receives funding from our subsidiaries in order to pay claims on their behalf. Caesars Entertainment provides risk insurance coverage to CEOC and receives insurance premiums on an installment basis, which are intended to cover claims processed on CEOC’s behalf. | ||||
CEOC Shared Services Agreement | ||||
Pursuant to a shared services agreement, CEOC provided us with certain corporate management and administrative operations, and the costs of these services were allocated to us. | ||||
Management Fees | ||||
CGP LLC pays 50% of the ongoing management fee to CEOC for the CGP LLC properties that are managed by CEOC or CES. The remaining 50% of the management fees were paid in advance, and are being recognized into management fee expense over the term of the agreements. With respect to the properties sold to CGP LLC in 2014 and Horseshoe Baltimore, which opened in August 2014, management fees consist of a base management fee calculated as a percentage of monthly net operating revenues and an incentive management fee calculated as a percentage of EBITDA for each operating year. With respect to Planet Hollywood, management fees consist of a base management fee calculated as a percentage of adjusted gross operating revenue plus net casino wins, and an incentive fee calculated as a percentage of EBITDA. | ||||
Octavius Tower Lease Agreement | ||||
Under the Octavius Tower lease agreement, CEOC leases the Octavius Tower at Caesars Palace from CERP and pays rent totaling $35 million annually through expiration in April 2026. | ||||
Service Provider Fee | ||||
CEOC, CERP and CGP LLC have a shared services agreement that provides CERP and CGP LLC will pay for certain indirect corporate support costs. CEOC is authorized to charge CERP and CGP LLC for an amount equal to 24.6% and 5.4%, respectively, of unallocated corporate support costs. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of approximately $2 million for the three months ended March 31, 2015. | ||||
Cross Marketing and Trademark License Agreement | ||||
CIE and CEOC have a Cross Marketing and Trademark License Agreement in effect until December 31, 2026, unless terminated earlier pursuant to the terms of the agreement. The agreement grants CIE the exclusive right to use various brands of Caesars Entertainment in connection with social and mobile games and online real money gaming in exchange for a 3% royalty. This agreement also provides for cross-marketing and promotional activities between CIE and CEOC, including participation by CIE in CEC's Total Rewards loyalty program. CEOC also receives a revenue share from CIE for customer referrals. Pursuant to the terms of this agreement, Caesars Entertainment incurred expenses of $1 million for the three months ended March 31, 2015. | ||||
Due from/to Affiliates | ||||
As of March 31, 2015, due from affiliates was $49 million and represented a receivable due to CES from CEOC for shared services performed on behalf of CEOC. | ||||
As of March 31, 2015, due to affiliates was $27 million and represented a payable due to CEOC, primarily from CGP LLC for shared services performed on behalf of CGP LLC. | ||||
Stock-Based Compensation | ||||
CEC maintains an equity incentive awards plan under which CEC may issue time-based and performance-based stock options, restricted stock units and restricted stock awards to CEOC employees. Although awards under the plan result in the issuance of shares of CEC, because CEOC is no longer a consolidated subsidiary of CEC, we have accounted for these awards as nonemployee awards subsequent to the date of deconsolidation. | ||||
Employee Benefit Plans | ||||
CEC maintains a defined contribution savings and retirement plan in which employees of CEOC may participate. The plan provides for, among other things, pre-tax and after-tax contributions by employees. Under the plan, participating employees may elect to contribute up to 50% of their eligible earnings (subject to certain IRS and plan limits). |
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
The accompanying unaudited consolidated condensed financial statements of CEC have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2015 fiscal year. | |
Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial information for the three months ended March 31, 2014 reflects the results of operations and cash flows of the Harrah’s Tunica and Showboat Atlantic City casinos as discontinued operations consistent with the current period presentation. |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We view each casino property and CIE as operating segments and aggregated 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, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP LLC excluding CIE. CIE is comprised of the subsidiaries that operate CGP LLC’s social and mobile gaming operations and WSOP. CEOC is a reportable segment; however, it was deconsolidated effective January 15, 2015 (see Note 4). |
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_Liqui
Liquidity Considerations Liquidity Considerations (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Liquidity Considerations [Abstract] | ||||||||||||||||||||||||||||
Liquidity [Table Text Block] | Cash and Available Revolver Capacity | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CERP | CES | CGP LLC | Parent | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 212 | $ | 90 | $ | 845 | $ | 408 | ||||||||||||||||||||
Revolver capacity | 270 | — | 160 | — | ||||||||||||||||||||||||
Revolver capacity drawn or committed to letters of credit | (145 | ) | — | — | — | |||||||||||||||||||||||
Total | $ | 337 | $ | 90 | $ | 1,005 | $ | 408 | ||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Future Maturities of Long-Term Debt | |||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CERP | $ | 29 | $ | 36 | $ | 26 | $ | 170 | $ | 25 | $ | 4,501 | $ | 4,787 | ||||||||||||||
CGP LLC | 17 | 26 | 23 | 38 | 192 | 2,086 | 2,382 | |||||||||||||||||||||
Total | $ | 46 | $ | 62 | $ | 49 | $ | 208 | $ | 217 | $ | 6,587 | $ | 7,169 | ||||||||||||||
Schedule of Estimated Interest Payments [Table Text Block] | Future Estimated Interest Payments | |||||||||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||
CERP | $ | 349 | $ | 394 | $ | 405 | $ | 410 | $ | 403 | $ | 489 | $ | 2,450 | ||||||||||||||
CGP LLC | 156 | 186 | 193 | 197 | 197 | 322 | 1,251 | |||||||||||||||||||||
Total | $ | 505 | $ | 580 | $ | 598 | $ | 607 | $ | 600 | $ | 811 | $ | 3,701 | ||||||||||||||
Dispositions_and_Divestitures_1
Dispositions and Divestitures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Discontinued Operations | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Net revenues | ||||||||
Showboat Atlantic City | $ | — | $ | 36 | ||||
Harrah’s Tunica | — | 32 | ||||||
Other | — | 2 | ||||||
Total net revenues | $ | — | $ | 70 | ||||
Pre-tax loss from operations | ||||||||
Showboat Atlantic City | $ | (6 | ) | $ | (8 | ) | ||
Harrah’s Tunica | — | (71 | ) | |||||
Other | (1 | ) | (17 | ) | ||||
Total pre-tax loss from discontinued operations | $ | (7 | ) | $ | (96 | ) | ||
Loss, net of income taxes | ||||||||
Showboat Atlantic City | $ | (6 | ) | $ | 4 | |||
Harrah’s Tunica | — | (64 | ) | |||||
Other | (1 | ) | (17 | ) | ||||
Total loss from discontinued operations, net of income taxes | $ | (7 | ) | $ | (77 | ) |
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment, Net | ||||||||
(In millions) | 31-Mar-15 | December 31, 2014 | ||||||
Land and land improvements | $ | 3,585 | $ | 6,218 | ||||
Buildings, riverboats, and improvements | 3,920 | 7,506 | ||||||
Furniture, fixtures, and equipment | 1,098 | 2,685 | ||||||
Construction in progress | 313 | 302 | ||||||
Total property and equipment | 8,916 | 16,711 | ||||||
Less: accumulated depreciation | (1,278 | ) | (3,255 | ) | ||||
Total property and equipment, net | $ | 7,638 | $ | 13,456 | ||||
Depreciation Expense | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Depreciation expense (1) | $ | 75 | $ | 129 | ||||
Tangible Asset Impairments [Table Text Block] | Tangible Asset Impairments | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Continuing operations | $ | — | $ | 4 | ||||
Discontinued operations | — | 68 | ||||||
Total | $ | — | $ | 72 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Changes in Goodwill and Other Intangible Assets | Changes in Carrying Value of Goodwill and other Intangible Assets | |||||||||||||||||||||||||
Amortizing Intangible Assets | Non-Amortizing Intangible Assets | |||||||||||||||||||||||||
(In millions) | Goodwill | Other | ||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 636 | $ | 2,366 | $ | 2,514 | ||||||||||||||||||||
Amortization | (23 | ) | — | — | ||||||||||||||||||||||
CEOC goodwill and intangible assets | (152 | ) | (673 | ) | (2,366 | ) | ||||||||||||||||||||
Balance as of March 31, 2015 | $ | 461 | $ | 1,693 | $ | 148 | ||||||||||||||||||||
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 | |||||||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||||||
(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 | $ | 893 | $ | (521 | ) | $ | 372 | $ | 1,265 | $ | (736 | ) | $ | 529 | |||||||||||
Contract rights | 9.8 | 3 | (1 | ) | 2 | 84 | (81 | ) | 3 | |||||||||||||||||
Developed technology | 2.9 | 118 | (56 | ) | 62 | 188 | (109 | ) | 79 | |||||||||||||||||
Gaming rights | 9.3 | 43 | (18 | ) | 25 | 47 | (22 | ) | 25 | |||||||||||||||||
$ | 1,057 | $ | (596 | ) | 461 | $ | 1,584 | $ | (948 | ) | 636 | |||||||||||||||
Non-amortizing intangible assets | ||||||||||||||||||||||||||
Gaming rights | 22 | 934 | ||||||||||||||||||||||||
Trademarks | 126 | 1,580 | ||||||||||||||||||||||||
148 | 2,514 | |||||||||||||||||||||||||
Total intangible assets other than goodwill | $ | 609 | $ | 3,150 | ||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | Investments | |||||||||||||||
(In millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
March 31, 2015 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 4 | $ | 4 | $ | — | $ | — | ||||||||
Government bonds | 69 | — | 69 | — | ||||||||||||
Total assets at fair value | $ | 73 | $ | 4 | $ | 69 | $ | — | ||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Equity securities | $ | 15 | $ | 15 | $ | — | $ | — | ||||||||
Government bonds | 70 | — | 70 | — | ||||||||||||
Total assets at fair value | $ | 85 | $ | 15 | $ | 70 | $ | — | ||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | Effect of Non-designated Derivative Instruments on Net Loss | |||||||||||||||
(In millions) | Three Months Ended March 31, | |||||||||||||||
Derivatives not designated as hedging instruments | Location of Loss Recognized in Net Loss | 2015 | 2014 | |||||||||||||
Net periodic cash settlements and accrued interest (1) | Interest expense | $ | — | $ | 43 | |||||||||||
Total expense related to derivatives | Interest expense | 7 | 8 | |||||||||||||
___________________ | ||||||||||||||||
(1) | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly or quarterly. |
Contractual_Commitments_Contra1
Contractual Commitments Contractual Commitments (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Guarantee of Collection [Table Text Block] | ||||
(In millions) | March 31, 2015 | |||
Maturities of debt guaranteed by such guarantee of collection, total | $ | 5,354 | ||
Contractual interest payments guaranteed by such guarantee of collection, annually | 426 | |||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Outstanding Debt | Summary of Debt by Financing Structure | |||||||||||||||
(In millions) | Face Value | Book Value | Book Value | |||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||
CEOC | $ | — | $ | — | $ | 16,100 | ||||||||||
CERP | 4,787 | 4,731 | 4,774 | |||||||||||||
CGP LLC | 2,382 | 2,323 | 2,326 | |||||||||||||
CEC | 8 | 8 | 13 | |||||||||||||
Total Debt | 7,177 | 7,062 | 23,213 | |||||||||||||
Current Portion of Long-Term Debt | (71 | ) | (71 | ) | (15,779 | ) | ||||||||||
Long-Term Debt | $ | 7,106 | $ | 6,991 | $ | 7,434 | ||||||||||
Outstanding Debt CEOC [Table Text Block] | CEOC Debt | |||||||||||||||
As described in Note 4, we deconsolidated CEOC effective January 15, 2015. Therefore, no amounts are reported for CEOC debt as of March 31, 2015. | ||||||||||||||||
Book Value | ||||||||||||||||
(In millions) | December 31, 2014 | |||||||||||||||
Credit Facilities (1) | $ | 5,162 | ||||||||||||||
Secured Debt | 9,996 | |||||||||||||||
Subsidiary-Guaranteed Debt | 479 | |||||||||||||||
Unsecured Senior Debt | 463 | |||||||||||||||
Other Unsecured Borrowings | 77 | |||||||||||||||
Total CEOC Debt | 16,177 | |||||||||||||||
Additional Debt Discount | (77 | ) | ||||||||||||||
Total CEOC Debt, as consolidated | $ | 16,100 | ||||||||||||||
___________________ | ||||||||||||||||
(1) Caesars Entertainment guarantees collection of amounts under the CEOC Credit Facilities (see Note 11). | ||||||||||||||||
Outstanding Debt CERP [Table Text Block] | CERP Debt | |||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||
Detail of Debt (Dollars in millions) | Maturity | March 31, 2015 | December 31, 2014 | |||||||||||||
Secured Debt | ||||||||||||||||
CERP Senior Secured Loan | 2020 | 7.00% | $ | 2,469 | $ | 2,426 | $ | 2,431 | ||||||||
CERP Revolver | 2018 | various | 145 | 145 | 180 | |||||||||||
CERP First Lien Notes | 2020 | 8.00% | 1,000 | 995 | 994 | |||||||||||
CERP Second Lien Notes | 2021 | 11.00% | 1,150 | 1,142 | 1,142 | |||||||||||
Capitalized Lease Obligations | to 2017 | various | 11 | 11 | 13 | |||||||||||
Other Unsecured Borrowings | ||||||||||||||||
Other | 2016 | 0.00% - 6.00% | 12 | 12 | 14 | |||||||||||
Total CERP Debt | 4,787 | 4,731 | 4,774 | |||||||||||||
Current Portion of CERP Long-Term Debt | (38 | ) | (38 | ) | (39 | ) | ||||||||||
CERP Long-Term Debt | $ | 4,749 | $ | 4,693 | $ | 4,735 | ||||||||||
Outstanding Debt CGP [Table Text Block] | CGP LLC Debt | |||||||||||||||
Final | Rate(s) | Face Value | Book Value | Book Value | ||||||||||||
Detail of Debt (Dollars in millions) | Maturity | March 31, 2015 | December 31, 2014 | |||||||||||||
Secured Debt | ||||||||||||||||
CGPH Term Loan (1) | 2021 | 6.25% | $ | 1,166 | $ | 1,136 | $ | 1,138 | ||||||||
CGPH Notes (1) | 2022 | 9.38% | 675 | 661 | 661 | |||||||||||
Horseshoe Baltimore Credit and FF&E Facilities | 2020 | 8.25% - 8.75% | 330 | 321 | 321 | |||||||||||
Cromwell Credit Facility | 2019 | 11.00% | 184 | 180 | 180 | |||||||||||
Capital Lease Obligations | to 2016 | various | 3 | 3 | 4 | |||||||||||
Other | 2018 | 8.00% | 5 | 4 | 4 | |||||||||||
Other Unsecured Borrowings | ||||||||||||||||
Special Improvement District Bonds | 2037 | 5.30% | 14 | 14 | 14 | |||||||||||
Other | 2016 | various | 5 | 4 | 4 | |||||||||||
Total CGP LLC Debt (2) | 2,382 | 2,323 | 2,326 | |||||||||||||
Current Portion of CGP LLC Long-Term Debt | (24 | ) | (24 | ) | (20 | ) | ||||||||||
CGP LLC Long-Term Debt | $ | 2,358 | $ | 2,299 | $ | 2,306 | ||||||||||
____________________ | ||||||||||||||||
(1) | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries. | |||||||||||||||
(2) | As of March 31, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and Dilutive Net Earnings Per Share Reconciliation | |||||||
Three Months Ended March 31, | ||||||||
(In millions, except per share data) | 2015 | 2014 | ||||||
Income/(loss) from continuing operation, net of income taxes | 6,779 | (309 | ) | |||||
Loss from discontinued operation, net of income taxes | (7 | ) | (77 | ) | ||||
Net income/(loss) attributable to Caesars | 6,772 | (386 | ) | |||||
Weighted average common share outstanding | 145 | 137 | ||||||
Dilutive potential common shares: | ||||||||
Stock options | 2 | — | ||||||
Weighted average common shares and dilutive potential common shares | 147 | 137 | ||||||
Basic income/(loss) per share from continuing operations | $ | 46.86 | $ | (2.26 | ) | |||
Basic loss per share from discontinued operations | (0.05 | ) | (0.56 | ) | ||||
Basic income/(loss) per share | $ | 46.81 | $ | (2.82 | ) | |||
Diluted income/(loss) per share from continuing operations | $ | 46.17 | $ | (2.26 | ) | |||
Diluted loss per share from discontinued operations | (0.05 | ) | (0.56 | ) | ||||
Diluted income/(loss) per share | $ | 46.12 | $ | (2.82 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Stock options | 3 | 5 | ||||||
Restricted stock units and awards | 1 | 1 | ||||||
Total anti-dilutive common shares | 4 | 6 | ||||||
Casino_Promotional_Allowances_
Casino Promotional Allowances (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Promotional Allowance [Abstract] | ||||||||
Promotional Allowances [Table Text Block] | Estimated Retail Value of Casino Promotional Allowances | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Food and Beverage | $ | 84 | $ | 156 | ||||
Rooms | 64 | 104 | ||||||
Other | 9 | 23 | ||||||
$ | 157 | $ | 283 | |||||
Cost of Providing Promotional Allowance [Table Text Block] | Estimated Cost of Providing Casino Promotional Allowances | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Food and Beverage | $ | 52 | $ | 114 | ||||
Rooms | 23 | 41 | ||||||
Other | 5 | 13 | ||||||
$ | 80 | $ | 168 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Composition of Stock-Based Compensation Expense | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||
Corporate expense | $ | 14 | $ | 7 | ||||||||||
Property, general, administrative, and other | 14 | 19 | ||||||||||||
Total stock-based compensation expense | $ | 28 | $ | 26 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options and Restricted Stock Units Granted | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 1,000,000 | $ | 5.01 | — | $ | — | ||||||||
Restricted stock units | 1,827,219 | 13.01 | 1,104 | 23.03 | ||||||||||
Options and Restricted Stock Units Outstanding | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 10,110,589 | $ | 3.34 | 9,379,885 | $ | 3.35 | ||||||||
Restricted stock units | 3,545,446 | 15.53 | 2,156,727 | 17.45 | ||||||||||
Schedule of Share-based Compensation, CIE Stock Options, Activity [Table Text Block] | Options and Restricted Stock Units Granted | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 1,029 | $ | 4,770.92 | 340 | $ | 4,250.00 | ||||||||
Restricted stock units | 536 | 12,630.00 | 388 | 8,500.00 | ||||||||||
Options and Restricted Stock Units Outstanding | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Shares | Wtd Avg Fair Value | Shares | Wtd Avg Fair Value | |||||||||||
Stock options | 13,527 | $ | 1,852.62 | 13,279 | $ | 1,616.01 | ||||||||
Restricted stock units | 5,418 | 6,972.40 | 5,096 | 6,494.71 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Allocation of Total Income Taxes | Income Tax Allocation | |||||||
Three Months Ended March 31, | ||||||||
(Dollars in millions) | 2015 | 2014 | ||||||
Income tax benefit/(provision) applicable to: | ||||||||
Income/(loss) from continuing operations, before income taxes | $ | (192 | ) | $ | 136 | |||
Discontinued operations | $ | — | $ | 19 | ||||
Effective tax rate benefit | 2.7 | % | 30.8 | % |
Segment_Reporting_Segment_Repo2
Segment Reporting Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment Reporting Income Statement [Table Text Block] | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE (1) | Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | 2 | |||||||||||||
Net revenues | 164 | 529 | 390 | 177 | 7 | (14 | ) | 1,253 | ||||||||||||||||||||
Depreciation and amortization | 11 | 49 | 34 | 7 | 1 | — | 102 | |||||||||||||||||||||
Impairment of intangible and tangible assets | — | — | — | — | — | — | — | |||||||||||||||||||||
Income/(loss) from operations | 9 | 106 | 164 | 41 | (176 | ) | — | 144 | ||||||||||||||||||||
Interest expense | 87 | 101 | 46 | 2 | 2 | — | 238 | |||||||||||||||||||||
Gain on deconsolidation of subsidiary and other | — | — | (2 | ) | — | 7,092 | — | 7,090 | ||||||||||||||||||||
Income tax benefit/(provision) from continuing operations | — | (2 | ) | — | (13 | ) | (177 | ) | — | (192 | ) | |||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $141 million. | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP Casinos | CIE (2) | Other | Elimination | CEC | |||||||||||||||||||||
Management fees | $ | 17 | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | 14 | |||||||||||||
Net revenues | 1,181 | 492 | 292 | 124 | 3 | (59 | ) | 2,033 | ||||||||||||||||||||
Depreciation and amortization | 71 | 50 | 22 | 6 | — | — | 149 | |||||||||||||||||||||
Impairment of intangible and tangible assets | 33 | — | — | — | — | — | 33 | |||||||||||||||||||||
Income/(loss) from operations | 48 | 60 | (41 | ) | 5 | 79 | — | 151 | ||||||||||||||||||||
Interest expense | 524 | 91 | 15 | 1 | (1 | ) | (38 | ) | 592 | |||||||||||||||||||
Other gains/(losses) | 1 | — | 50 | — | (14 | ) | (38 | ) | (1 | ) | ||||||||||||||||||
Income tax benefit/(provision) from continuing operations | 60 | 24 | (8 | ) | (1 | ) | 61 | — | 136 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign net revenues of $83 million. | |||||||||||||||||||||||||||
(2) | Includes foreign net revenues of $89 million. | |||||||||||||||||||||||||||
Segment Reporting Property EBITDA [Table Text Block] | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE | Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | 9 | $ | 106 | $ | 164 | $ | 41 | $ | (176 | ) | $ | — | $ | 144 | |||||||||||||
Depreciation and amortization | 11 | 49 | 34 | 7 | 1 | — | 102 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 1 | 2 | 3 | — | 37 | (1 | ) | 42 | ||||||||||||||||||||
Impairment of intangible and tangible assets | — | — | — | — | — | — | — | |||||||||||||||||||||
Corporate expense | 7 | 12 | 7 | — | 21 | — | 47 | |||||||||||||||||||||
Acquisition and integration costs and other | 3 | — | (117 | ) | — | 120 | — | 6 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||
Property EBITDA | $ | 31 | $ | 169 | $ | 91 | $ | 48 | $ | 3 | $ | (1 | ) | $ | 341 | |||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE | Other | Elimination | CEC | |||||||||||||||||||||
Income/(loss) from operations | $ | 48 | $ | 60 | $ | (41 | ) | $ | 5 | $ | 79 | $ | — | $ | 151 | |||||||||||||
Depreciation and amortization | 71 | 50 | 22 | 6 | — | — | 149 | |||||||||||||||||||||
Write-downs, reserves, and project opening costs, net of recoveries | 4 | 4 | 16 | — | — | — | 24 | |||||||||||||||||||||
Impairment of intangible and tangible assets | 33 | — | — | — | — | — | 33 | |||||||||||||||||||||
Corporate expense | 49 | 14 | 1 | — | (14 | ) | — | 50 | ||||||||||||||||||||
Acquisition and integration costs and other | 11 | — | 76 | — | (76 | ) | — | 11 | ||||||||||||||||||||
EBITDA attributable to discontinued operations | (5 | ) | — | — | — | — | — | (5 | ) | |||||||||||||||||||
Property EBITDA | $ | 211 | $ | 128 | $ | 74 | $ | 11 | $ | (11 | ) | $ | — | $ | 413 | |||||||||||||
Segment Reporting Balance Sheet [Table Text Block] | Condensed Balance Sheets - By Segment | |||||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | CEOC | CERP | CGP Casinos | CIE (1) | Other | Elimination | CEC | |||||||||||||||||||||
Total assets | $ | — | $ | 7,186 | $ | 4,182 | $ | 485 | $ | 2,736 | $ | (2,052 | ) | $ | 12,537 | |||||||||||||
Total liabilities | — | 6,318 | 2,881 | 287 | 313 | $ | (193 | ) | 9,606 | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(1) | Includes foreign assets of $253 million and foreign liabilities of $148 million. | |||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | CEOC (1) | CERP | CGP Casinos | CIE (2) | 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. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Reconciliation | Reconciliation of Cash Paid for Interest | |||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Interest expense | $ | 238 | $ | 592 | ||||
Adjustments to reconcile to cash paid for interest: | ||||||||
Net change in accrued interest | (30 | ) | (116 | ) | ||||
Capitalized interest | 3 | — | ||||||
Amortization of debt issuance costs | (1 | ) | (9 | ) | ||||
Net amortization of discounts and premiums | (21 | ) | (81 | ) | ||||
Change in derivative instruments due to cash settlements | — | 35 | ||||||
Other | (1 | ) | (1 | ) | ||||
Cash paid for interest | $ | 188 | $ | 420 | ||||
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Related Party Transactions [Abstract] | ||||
Schedule of Related Party Transactions [Table Text Block] | ||||
Three Months Ended March 31, | ||||
(In millions) | 2015 | |||
Shared services allocated expenses to CEOC | $ | 75 | ||
Shared services allocated expenses from CEOC | 15 | |||
Management fees | 9 | |||
Octavius Tower lease | 7 | |||
Service provider fee | 2 | |||
Cross marketing and trademarks | 1 | |||
Organization_Organization_Deta
Organization Organization (Details) (USD $) | 3 Months Ended | 36 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 15, 2015 |
segment | ||||
Number of Reportable Segments | 4 | |||
Net income/(loss) attributable to Caesars | $6,772 | ($386) | $7,200 | |
Interest Expense | 238 | 592 | 7,000 | |
Gain on deconsolidation of subsidiary and other | 7,090 | -1 | ||
Accumulated deficit | -6,332 | -13,104 | ||
Long-term Debt, Current Maturities | 71 | 15,779 | ||
Long-term Debt | 7,062 | 23,213 | ||
Cash flows used in operating activities | -102 | -94 | 772 | |
Cash paid for interest | 188 | 420 | 5,700 | |
UNITED STATES | ||||
Number Of Casinos Operated Or Managed | 12 | |||
Caesars Entertainment Operating Company [Member] | ||||
Net income/(loss) attributable to Caesars | 7,100 | -76 | ||
Interest Expense | 6,200 | |||
Accumulated deficit | 11,400 | |||
Long-term Debt, Current Maturities | -15,800 | |||
Long-term Debt | 16,177 | |||
Cash flows used in operating activities | -220 | |||
Long Term Debt, less Discount | $0 | $16,100 |
Basis_of_Presentation_and_Cons2
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Details) (USD $) | 3 Months Ended | 36 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Net revenues | $1,253 | $2,033 | |
Net income/(loss) attributable to Caesars | 6,772 | -386 | 7,200 |
Caesars Growth Partners, LLC [Member] | |||
Net revenues | 567 | 226 | |
Net income/(loss) attributable to Caesars | -2 | 1 | |
Caesars Growth Partners, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Contingently Issuable Membership Units [Member] | |||
Contingent Consideration Classified as Equity, Fair Value Disclosure | $228 | $347 |
Liquidity_Considerations_Liqui1
Liquidity Considerations Liquidity Considerations - Liquidity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Cash and cash equivalents | $1,555 | $2,806 | $2,484 | $2,771 |
Caesars Entertainment Resort Properties [Member] | ||||
Cash and cash equivalents | 212 | |||
Revolver capacity | 270 | |||
Revolver capacity drawn or committed to letters of credit | -145 | |||
Liquidity | 337 | |||
Caesars Enterprise Services [Member] | ||||
Cash and cash equivalents | 90 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Liquidity | 90 | |||
Caesars Growth Partners, LLC [Member] | ||||
Cash and cash equivalents | 845 | |||
Revolver capacity | 160 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Liquidity | 1,005 | |||
Parent [Member] | ||||
Cash and cash equivalents | 408 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Liquidity | $408 |
Liquidity_Considerations_Liqui2
Liquidity Considerations Liquidity Considerations - Future Long-term Debt Maturities (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $46 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 62 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 49 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 208 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 217 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 6,587 |
Long-term debt, Maturities, Repayments of Principal, Total | 7,169 |
Caesars Entertainment Resort Properties [Member] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 29 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 36 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 26 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 170 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 25 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,501 |
Long-term debt, Maturities, Repayments of Principal, Total | 4,787 |
Caesars Growth Partners, LLC [Member] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 17 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 26 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 23 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 38 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 192 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,086 |
Long-term debt, Maturities, Repayments of Principal, Total | $2,382 |
Liquidity_Considerations_Liqui3
Liquidity Considerations Liquidity Considerations - Future Estimated Interest Payments (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Long Term Debt Interest Repayment Remainder of Year | $505 |
Long Term Debt Interest Repayments In Year Two | 580 |
Long Term Debt Interest Repayments In Year Three | 598 |
Long Term Debt Interest Repayments In Year Four | 607 |
Long Term Debt Interest Repayments In Year Five | 600 |
Long Term Debt Interest Repayments After Year Five | 811 |
Long-term Debt Interest Repayments, Total | 3,701 |
Caesars Entertainment Resort Properties [Member] | |
Long Term Debt Interest Repayment Remainder of Year | 349 |
Long Term Debt Interest Repayments In Year Two | 394 |
Long Term Debt Interest Repayments In Year Three | 405 |
Long Term Debt Interest Repayments In Year Four | 410 |
Long Term Debt Interest Repayments In Year Five | 403 |
Long Term Debt Interest Repayments After Year Five | 489 |
Long-term Debt Interest Repayments, Total | 2,450 |
Caesars Growth Partners, LLC [Member] | |
Long Term Debt Interest Repayment Remainder of Year | 156 |
Long Term Debt Interest Repayments In Year Two | 186 |
Long Term Debt Interest Repayments In Year Three | 193 |
Long Term Debt Interest Repayments In Year Four | 197 |
Long Term Debt Interest Repayments In Year Five | 197 |
Long Term Debt Interest Repayments After Year Five | 322 |
Long-term Debt Interest Repayments, Total | $1,251 |
Liquidity_Considerations_Liqui4
Liquidity Considerations Liquidiity Considerations - Additional Information (Details) (USD $) | 3 Months Ended | 36 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 15, 2015 | Dec. 31, 2013 | |
Long-term Debt, Gross | $7,177 | $25,600 | ||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 551 | |||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 46 | |||||
Long Term Debt Interest Repayment Remainder of Year | 505 | |||||
Contractual Obligation, Due in Second Year | 642 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 62 | |||||
Long Term Debt Interest Repayments In Year Two | 580 | |||||
Cash and cash equivalents | 1,555 | 2,484 | 2,806 | 2,771 | ||
Cash paid for interest | 188 | 420 | 5,700 | |||
Cash flows used in operating activities | -102 | -94 | 772 | |||
Caesars Entertainment Resort Properties [Member] | ||||||
Long-term Debt, Gross | 4,787 | |||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 29 | |||||
Long Term Debt Interest Repayment Remainder of Year | 349 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 36 | |||||
Long Term Debt Interest Repayments In Year Two | 394 | |||||
Cash and cash equivalents | 212 | |||||
Cash paid for interest | 48 | |||||
Revolver capacity | 270 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 125 | |||||
Caesars Growth Partners, LLC [Member] | ||||||
Long-term Debt, Gross | 2,382 | [1] | ||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 17 | |||||
Long Term Debt Interest Repayment Remainder of Year | 156 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 26 | |||||
Long Term Debt Interest Repayments In Year Two | 186 | |||||
Cash and cash equivalents | 845 | |||||
Revolver capacity | 160 | |||||
Caesars Growth Partners, LLC [Member] | International [Member] | ||||||
Cash and cash equivalents | 34 | |||||
Caesars Entertainment Operating Company [Member] | ||||||
Long-term Debt, Gross | 0 | |||||
Cash flows used in operating activities | ($220) | |||||
[1] | As of March 31, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Deconsolidation_of_CEOC_Decons1
Deconsolidation of CEOC Deconsolidation of CEOC (Details) (USD $) | 3 Months Ended | 36 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 15, 2015 |
Gain on deconsolidation of subsidiary and other | $7,090 | ($1) | ||
Assets | 12,537 | 23,535 | ||
Liabilities | 9,606 | 28,277 | ||
Net revenues | 1,253 | 2,033 | ||
Net income/(loss) attributable to Caesars | 6,772 | -386 | 7,200 | |
Cash flows used in operating activities | -102 | -94 | 772 | |
Caesars Entertainment Operating Company [Member] | ||||
Equity Method Investment, Ownership Percentage | 89.00% | |||
Cost Method Investments | 0 | |||
Assets | 11,100 | |||
Liabilities | 18,700 | |||
Long Term Debt, less Discount | 0 | 16,100 | ||
Net revenues | 158 | |||
Net income/(loss) attributable to Caesars | 7,100 | -76 | ||
Cash flows used in operating activities | -220 | |||
Caesars Entertainment Operating Company [Member] | Caesars Enterprise Services [Member] | ||||
Equity Method Investment, Ownership Percentage | 69.00% | |||
Noncontrolling Interest in Variable Interest Entity | $4 |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2010 | Dec. 31, 2013 |
Bondholder Communications - August Fourth Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On August 4, 2014, Wilmington Savings Fund Society, FSB, solely in its capacity as successor Indenture Trustee for the 10.00% Second-Priority Senior Secured Notes due 2018 (the "10.00% Second-Priority 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 10.00% Second-Priority 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. During the pendency of its Chapter 11 bankruptcy proceedings, the action has been automatically stayed with respect to CEOC. Vice Chancellor Glasscock denied the motion to dismiss with respect to CEC on March 18, 2015. Subsequently, plaintiffs advised the judge presiding over the CEOC bankruptcy proceeding that they would pursue in this litigation only those claims alleging that CEC remains liable under the parent guarantee formerly applicable to the 10.00% Second-Priority Notes. | ||
Bondholder Communications - August Fifth Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | 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. Claims against the first lien note holder defendant have been voluntarily dismissed. | ||
Bondholder Communications - September Third Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On September 3, 2014, holders of approximately $21 million of CEOC 6.50% Senior Unsecured Notes due 2016 and 5.75% Senior Unsecured Noted due 2017 (collectively, the “Senior Unsecured Notesâ€) 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 Senior Unsecured Notes (on the other hand) impaired their own rights under the Trust Indenture Act of 1939 and the indentures governing the Senior Unsecured Notes. The lawsuit seeks both declaratory and monetary relief. On October 2, 2014, a holder of CEOC’s 6.50% Senior Unsecured Notes due 2016 purporting to represent a class of all persons who held 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 "Parent Guarantee Lawsuits") have been assigned to the same judge. Although the claims against CEOC have been automatically stayed during its Chapter 11 bankruptcy proceedings, the court denied a motion to dismiss both lawsuits with respect to CEC, and discovery has begun with respect to the plaintiffs' claims against CEC. | ||
Bondholder Communications - November Twenty fifth Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On November 25, 2014, UMB Bank, as successor indenture trustee for CEOC's 8.50% Senior Secured Notes due 2020 (the “8.50% Senior Secured Notesâ€), 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 improperly stripped CEOC of certain assets, wrongfully affected a release of CEC’s parent guarantee of the 8.50% Senior Secured Notes and committed other wrongs. Among other things, UMB Bank asked the court to appoint a receiver over CEOC. In addition, the suit pleads claims for fraudulent conveyances/transfers, insider preferences, illegal dividends, declaratory judgment (for breach of contract as regards to the parent guarantee and also as to certain covenants in the bond indenture), tortious interference with contract, breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment, and seeks monetary, equitable and declaratory relief. The lawsuit has been automatically stayed with respect to CEOC during its Chapter 11 bankruptcy process. Pursuant to the RSA, the lawsuit also has been stayed in its entirety, with the consent of all of the parties to it. The consensual stay will expire upon the termination of the RSA. | ||
Wilmington Savings Fund [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | 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 Notes. The February 13 Notice alleges that CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 10.00% Second-Priority Notes; that all amounts due and owing on the 10.00% Second-Priority Notes therefore immediately became payable; and that Caesars Entertainment is responsible for paying CEOC’s obligations on the 10.00% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest, and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 13 Notice alleges is still binding. The February 13 Notice accordingly demands that Caesars Entertainment immediately pay Wilmington Savings Fund Society, FSB, cash in an amount of not less than $3.7 billion, plus accrued and unpaid interest (including without limitation the $184 million interest payment due December 15, 2014 that CEOC elected not to pay) and accrued and unpaid attorneys’ fees and other expenses. The February 13 Notice also alleges that the interest, fees and expenses continue to accrue. | ||
February Eighteenth BOK Financial N.A. [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | 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 CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 12.75% Second-Priority Notes; that all amounts due and owing on the 12.75% Second-Priority Notes therefore immediately became payable; and that CEC is responsible for paying CEOC’s obligations on the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 18 Notice alleges is still binding. The February 18 Notice therefore demands that CEC immediately pay BOKF, 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. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. | ||
March Third BOK Financial N.A. [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On March 3, 2015, BOKF, N.A. filed an additional Parent Guarantee Lawsuit against CEC in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 12.75% Second-Priority Notes. Plaintiff alleges there that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indenture governing these notes, causing all principal and interest to become immediately due and payable, and that CEC is obligated to make those payments pursuant to a parent guarantee provision in the indenture governing these notes that plaintiff alleges is still binding. Plaintiff brings claims for violation of the Trust Indenture Act of 1939, breach of contract, intentional interference with contractual relations, breach of duty of good faith and fair dealing and for declaratory relief. The case has been assigned to the same judge presiding over the other Unsecured Note Lawsuits. CEC filed its answer to the BOKF complaint on March 25, 2015, and the parties are currently engaged in discovery. | ||
Bondholder Communications - December Thirtieth Lawsuit [Member] | |||
Loss Contingencies [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) an order directing the CAC Directors to fulfill alleged 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; (2) an order directing 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 (3) an award to 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] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $25 | ||
Loss Contingency, Damages Awarded, Value | 54 | ||
Loss Contingency, Estimate of Possible Loss | 19 | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $35 | ||
National Retirement Fund Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | 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. | ||
Loss Contingency, Management's Assessment and Process | Prior to NRF’s vote, the CEC Group reiterated its commitment to remain in the plan and not seek rejection of any collective bargaining agreement in which the obligation to contribute to NRF exists. It is completely current with respect to pension contributions. Caesars Entertainment has opposed the NRF actions in the appropriate legal forums including in the CEOC bankruptcy proceeding. The parties entered into a Standstill Agreement in March 2015, setting a briefing schedule for both CEOC’s motion that NRF’s action violated the automatic stay and CEC’s motion to extend the stay to encompass NRF’s collection lawsuit against CEC. All briefs are due by May 21, 2015, and a hearing is to be scheduled before the Bankruptcy Court on or about May 27, 2015. | ||
Anti-Money Laundering Case [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | In recent years, governmental authorities have been increasingly focused on anti-money laundering (“AMLâ€) policies and procedures, with a particular focus on the gaming industry. On October 11, 2013, the Company’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCENâ€), stating that FinCEN is investigating Caesars Palace for alleged violations of the Bank Secrecy Act to determine whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace. Caesars Palace responded to FinCEN’s letter on January 13, 2014. Additionally, the Company was informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of the Company and its subsidiaries had been initiated. The Company and Caesars Palace have been fully cooperating with both the FinCEN and grand jury investigations since October 2013. On April 29, 2015, representatives of Caesars Palace met with representatives of the various governmental entities involved. At that meeting, the governmental parties reviewed with the representatives of Caesars Palace in general terms the results of their investigations and proposed a range of potential settlement outcomes, including fines in the range of $12 million to $20 million. Caesars Palace is evaluating the government’s proposals, and representatives of Caesars Palace expect to meet with the governmental parties next month to further discuss the resolution of these matters. Caesars Palace is a subsidiary of CEOC and, because of CEOC’s Chapter 11 bankruptcy filing on January 15, 2015, has been, together with CEOC’s other subsidiaries, deconsolidated from CEC’s financial results. Accordingly, we expect that any financial penalties imposed upon Caesars Palace would not impact CEC’s financial results. |
Recently_Issued_Accounting_Pro1
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements - Details (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Recently Issued Accounting Pronouncements [Abstract] | |
Unamortized Debt Issuance Expense | $39 |
Dispositions_and_Divestitures_2
Dispositions and Divestitures - Income from Discontinued Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | $0 | $70 |
Pre-tax loss from operations | -7 | -96 |
Loss, net of income taxes | -7 | -77 |
Showboat Atlantic City [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | 0 | 36 |
Pre-tax loss from operations | -6 | -8 |
Loss, net of income taxes | -6 | 4 |
Harrahs Tunica [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | 0 | 32 |
Pre-tax loss from operations | 0 | -71 |
Loss, net of income taxes | 0 | -64 |
Other [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | 0 | 2 |
Pre-tax loss from operations | -1 | -17 |
Loss, net of income taxes | ($1) | ($17) |
Property_and_Equipment_net_Det
Property and Equipment, net (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $3,585 | $6,218 |
Buildings, riverboats, and improvements | 3,920 | 7,506 |
Furniture, fixtures, and equipment | 1,098 | 2,685 |
Construction in progress | 313 | 302 |
Total, Gross | 8,916 | 16,711 |
Less: accumulated depreciation | -1,278 | -3,255 |
Property and equipment, net | $7,638 | $13,456 |
Property_and_Equipment_net_Dep
Property and Equipment, net - Depreciation Expense (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $102 | $149 |
Property, Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $75 | $129 |
Property_and_Equipment_net_Pro
Property and Equipment, net Property and Equipment, net - Tangible Impairment Assets (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Tangible asset impairment charges | $0 | $72 |
Continuing Operations [Member] | ||
Tangible asset impairment charges | 0 | 4 |
Discontinued Operations [Member] | ||
Tangible asset impairment charges | $0 | $68 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Intangible Assets (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Other Intangible Assets [Roll Forward] | |
Amortizing Intangible Assets, Beginning Balance | $636 |
Amortizing Intangible Assets, Amortization expense | -23 |
Finite-Lived Intangible Assets, Period Increase (Decrease) | -152 |
Amortizing Intangible Assets, Ending Balance | 461 |
Goodwill, Beginning Balance | 2,366 |
Goodwill, Period Increase (Decrease) | -673 |
Goodwill, Ending Balance | 1,693 |
Other Non-Amortizing Intangible Assets, Beginning Balance | 2,514 |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | -2,366 |
Other Non-Amortizing Intangible Assets, Ending Balance | $148 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | $1,057 | $1,584 |
Accumulated Amortization | -596 | -948 |
Net Carrying Amount | 461 | 636 |
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 148 | 2,514 |
Intangible assets other than goodwill | 609 | 3,150 |
Gaming rights [Member] | ||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 22 | 934 |
Trademarks [Member] | ||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||
Non-amortizing intangible assets | 126 | 1,580 |
Customer relationships [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 6 years 2 months | |
Gross Carrying Amount | 893 | 1,265 |
Accumulated Amortization | -521 | -736 |
Net Carrying Amount | 372 | 529 |
Contract rights [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 9 years 10 months | |
Gross Carrying Amount | 3 | 84 |
Accumulated Amortization | -1 | -81 |
Net Carrying Amount | 2 | 3 |
Developed technology rights [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 2 years 11 months | |
Gross Carrying Amount | 118 | 188 |
Accumulated Amortization | -56 | -109 |
Net Carrying Amount | 62 | 79 |
Gaming rights [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 9 years 4 months | |
Gross Carrying Amount | 43 | 47 |
Accumulated Amortization | -18 | -22 |
Net Carrying Amount | $25 | $25 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Additional Disclosure (Details) (Continuing Operations [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Continuing Operations [Member] | |
Impairment of tangible and other intangible assets | $29 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Assets and Financial Liabilities (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investments, Fair Value Disclosure | $73 | $85 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure | 4 | 15 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure | 69 | 70 |
Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Equity Securities [Member] | ||
Investments, Fair Value Disclosure | 4 | 15 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure | 4 | 15 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
US Treasury and Government [Member] | ||
Investments, Fair Value Disclosure | 69 | 70 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure | 69 | 70 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Deriva
Fair Value Measurements Derivative Instruments and hedging Activities Disclosure (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net Periodic Cash Settlements and Accrued Interest | $0 | [1] | $43 | [1] |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $7 | $8 | ||
[1] | The derivative settlements under the terms of the interest rate swap agreements are recognized as interest expense and are paid monthly or quarterly. |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $30,000,000 | $0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 64,000,000 | ||
Business Combination, Contingent Consideration, Liability | 3,000,000 | ||
Interest Rate Swap [Member] | |||
Derivative, Number of Instruments Held | 8 | ||
Derivative, Notional Amount | 5,800,000,000 | ||
Derivative Liability | $17,000,000 | $6,000,000 |
Contractual_Commitments_Contra2
Contractual Commitments Contractual Commitments - Guarantee of Collection (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Payment Guarantee [Member] | |
Guarantees, Fair Value Disclosure | $5,354 |
Guarantee Type, Other [Member] | |
Guarantees, Fair Value Disclosure | $426 |
Contractual_Commitments_Contra3
Contractual Commitments Contractual Commitments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Long Term Debt Interest Repayment Remainder of Year | $505 | |
Long Term Debt Interest Repayments In Year Two | 580 | |
Long Term Debt Interest Repayments In Year Three | 598 | |
Long Term Debt Interest Repayments In Year Four | 607 | |
Long Term Debt Interest Repayments In Year Five | 600 | |
Long Term Debt Interest Repayments After Year Five | 811 | |
Self Insurance Reserve | 185 | 204 |
Other Commitment | 969 | |
Notes Payable, Related Parties, Noncurrent | 35 | |
Deferred compensation liability | 53 | |
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 28 | |
Assets Held-in-trust | 66 | |
Assets Held-in-trust, Noncurrent | 56 | |
Caesars Entertainment Operating Company [Member] | ||
Self Insurance Reserve | 35 | |
Business Restructuring Reserves [Member] | ||
Payments for Restructuring | 406 | |
Other Restructuring Costs | $75 |
Debt_Outstanding_Debt_Detail
Debt - Outstanding Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Long-term Debt, Gross | $7,177 | $25,600 | ||
Long-term Debt | 7,062 | 23,213 | ||
Current Portion Of Long Term Debt Face Value | -71 | |||
Long-term Debt, Current Maturities | -71 | -15,779 | ||
Long Term Debt Non Current Face Value | 7,106 | |||
Long-term Debt, Excluding Current Maturities | 6,991 | 7,434 | ||
Caesars Entertainment Operating Company [Member] | ||||
Long-term Debt, Gross | 0 | |||
Long Term Debt, less Discount | 0 | 16,100 | ||
Long-term Debt | 16,177 | |||
Long-term Debt, Current Maturities | 15,800 | |||
Caesars Entertainment Resort Properties [Member] | ||||
Long-term Debt, Gross | 4,787 | |||
Long-term Debt | 4,731 | 4,774 | ||
Long-term Debt, Current Maturities | -38 | -39 | ||
Long Term Debt Non Current Face Value | 4,749 | |||
Long-term Debt, Excluding Current Maturities | 4,693 | 4,735 | ||
Caesars Growth Partners, LLC [Member] | ||||
Long-term Debt, Gross | 2,382 | [1] | ||
Long-term Debt | 2,323 | [1] | 2,326 | [1] |
Long-term Debt, Current Maturities | -24 | -20 | ||
Long Term Debt Non Current Face Value | 2,358 | |||
Long-term Debt, Excluding Current Maturities | 2,299 | 2,306 | ||
Parent [Member] | ||||
Long-term Debt, Gross | 8 | |||
Long-term Debt | $8 | $13 | ||
[1] | As of March 31, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Debt_Debt_CEOC_Details
Debt Debt - CEOC (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Millions, unless otherwise specified | |||
Long-term Debt | $7,062 | $23,213 | |
Caesars Entertainment Operating Company [Member] | |||
Long-term Debt | 16,177 | ||
Debt Instrument - Additional Unamortized Discount | -77 | ||
Long Term Debt, less Discount | 0 | 16,100 | |
Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||
Long-term Debt | 5,162 | [1] | |
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||
Long-term Debt | 9,996 | ||
Caesars Entertainment Operating Company [Member] | Subsidiary Guarantors Of Parent And Subsidiary Guaranteed Debt [Member] | |||
Long-term Debt | 479 | ||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||
Long-term Debt | 463 | ||
Caesars Entertainment Operating Company [Member] | Long-term Debt, Other [Member] | |||
Long-term Debt | $77 | ||
[1] | Caesars Entertainment guarantees collection of amounts under the CEOC Credit Facilities (see Note 11). |
Debt_Debt_CERP_Details
Debt Debt- CERP (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Long-term Debt, Gross | $7,177 | $25,600 |
Long-term Debt | 7,062 | 23,213 |
Current Portion of Long-Term Debt | 71 | 15,779 |
Long Term Debt Non Current Face Value | 7,106 | |
Long-term Debt, Excluding Current Maturities | 6,991 | 7,434 |
Caesars Entertainment Resort Properties [Member] | ||
Long-term Debt, Gross | 4,787 | |
Long-term Debt | 4,731 | 4,774 |
Current Portion of Long-Term Debt | 38 | 39 |
Long Term Debt Non Current Face Value | 4,749 | |
Long-term Debt, Excluding Current Maturities | 4,693 | 4,735 |
Caesars Entertainment Resort Properties [Member] | Senior Notes [Member] | ||
Debt Instrument, Interest Rate | 7.00% | |
Long-term Debt, Gross | 2,469 | |
Long-term Debt | 2,426 | 2,431 |
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | ||
Debt Instrument, Interest Rate | 8.00% | |
Long-term Debt, Gross | 1,000 | |
Long-term Debt | 995 | 994 |
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | ||
Debt Instrument, Interest Rate | 11.00% | |
Long-term Debt, Gross | 1,150 | |
Long-term Debt | 1,142 | 1,142 |
Caesars Entertainment Resort Properties [Member] | Capital Lease Obligations [Member] | ||
Long-term Debt, Gross | 11 | |
Long-term Debt | 11 | 13 |
Caesars Entertainment Resort Properties [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.00% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.00% | |
Long-term Debt, Gross | 12 | |
Long-term Debt | 12 | 14 |
Caesars Entertainment Resort Properties [Member] | Senior Secured Revolving Facility [Member] | Secured Debt [Member] | ||
Long-term Debt, Gross | 145 | |
Long-term Debt | $145 | $180 |
Debt_Debt_CGP_Details
Debt Debt - CGP (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Long-term Debt, Gross | $7,177 | $25,600 | ||
Long-term Debt | 7,062 | 23,213 | ||
Long-term Debt, Current Maturities | -71 | -15,779 | ||
Long Term Debt Non Current Face Value | 7,106 | |||
Long-term Debt, Excluding Current Maturities | 6,991 | 7,434 | ||
Caesars Growth Partners, LLC [Member] | ||||
Long-term Debt, Gross | 2,382 | [1] | ||
Long-term Debt | 2,323 | [1] | 2,326 | [1] |
Long-term Debt, Current Maturities | -24 | -20 | ||
Long Term Debt Non Current Face Value | 2,358 | |||
Long-term Debt, Excluding Current Maturities | 2,299 | 2,306 | ||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | ||||
Debt Instrument, Interest Rate | 6.25% | [2] | ||
Long-term Debt, Gross | 1,166 | [2] | ||
Long-term Debt | 1,136 | [2] | 1,138 | [2] |
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | ||||
Long-term Debt, Gross | 675 | |||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 8.25% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.75% | |||
Long-term Debt, Gross | 330 | |||
Long-term Debt | 321 | 321 | ||
Caesars Growth Partners, LLC [Member] | Capital Lease Obligations [Member] | ||||
Long-term Debt, Gross | 3 | |||
Long-term Debt | 3 | 4 | ||
Caesars Growth Partners, LLC [Member] | Long-term Debt, Other [Member] | ||||
Debt Instrument, Interest Rate | 8.00% | |||
Long-term Debt, Gross | 5 | |||
Long-term Debt | 4 | 4 | ||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | ||||
Debt Instrument, Interest Rate | 5.30% | |||
Long-term Debt, Gross | 14 | |||
Long-term Debt | 14 | 14 | ||
Caesars Growth Partners, LLC [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | ||||
Long-term Debt, Gross | 5 | |||
Long-term Debt | 4 | 4 | ||
Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Medium-term Notes [Member] | ||||
Debt Instrument, Interest Rate | 11.00% | |||
Long-term Debt, Gross | 184 | |||
Long-term Debt | 180 | 180 | ||
Caesars Interactive Entertainment [Member] | Subsidiary Issuer [Member] | ||||
Long-term Debt, Gross | 40 | |||
Twenty Twenty-two Note at Nine point Three Seven Five [Member] | Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Interest Rate | 9.38% | [2] | ||
Long-term Debt, Gross | 675 | [2] | ||
Long-term Debt | $661 | [2] | $661 | [2] |
[1] | As of March 31, 2015, CIE had $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. |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Long-term Debt | $7,062,000,000 | $23,213,000,000 | |||
Current Portion of Long-Term Debt | 71,000,000 | 15,779,000,000 | |||
Debt Instrument, Unamortized Discount | 100,000,000 | 2,400,000,000 | |||
Long-term Debt, Fair Value | 6,600,000,000 | 17,500,000,000 | |||
Long-term Debt, Gross | 7,177,000,000 | 25,600,000,000 | |||
Property EBITDA | 341,000,000 | 413,000,000 | |||
Caesars Entertainment Resort Properties [Member] | |||||
Revolver capacity | 270,000,000 | ||||
Long-term Debt | 4,731,000,000 | 4,774,000,000 | |||
Long-Term Debt Instrument, Face Value | 2,150,000,000 | ||||
Current Portion of Long-Term Debt | 38,000,000 | 39,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 125,000,000 | ||||
Long-term Debt, Gross | 4,787,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | Revolving Credit Facility [Member] | |||||
Revolver capacity | 2,770,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | |||||
Term Loans Periodic Payments | 6,000,000 | ||||
Debt Instrument, Original Face Amount | 2,500,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | Senior Notes [Member] | |||||
Long-term Debt | 2,426,000,000 | 2,431,000,000 | |||
Long-term Debt, Gross | 2,469,000,000 | ||||
Debt Instrument, Interest Rate | 7.00% | ||||
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | |||||
Long-term Debt | 995,000,000 | 994,000,000 | |||
Debt Instrument, Face Amount | 1,000,000,000 | ||||
Long-term Debt, Gross | 1,000,000,000 | ||||
Debt Instrument, Interest Rate | 8.00% | ||||
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | |||||
Long-term Debt | 1,142,000,000 | 1,142,000,000 | |||
Debt Instrument, Face Amount | 1,150,000,000 | ||||
Long-term Debt, Gross | 1,150,000,000 | ||||
Debt Instrument, Interest Rate | 11.00% | ||||
Caesars Entertainment Resort Properties [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 8 | ||||
Caesars Entertainment Resort Properties [Member] | Senior Secured Revolving Facility [Member] | Secured Debt [Member] | |||||
Long-term Debt | 145,000,000 | 180,000,000 | |||
Long-term Debt, Gross | 145,000,000 | ||||
Caesars Growth Partners, LLC [Member] | |||||
Revolver capacity | 160,000,000 | ||||
Long-term Debt | 2,323,000,000 | [1] | 2,326,000,000 | [1] | |
Current Portion of Long-Term Debt | 24,000,000 | 20,000,000 | |||
Long-term Debt, Gross | 2,382,000,000 | [1] | |||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||
Long-term Debt | 1,136,000,000 | [2] | 1,138,000,000 | [2] | |
Long-term Debt, Gross | 1,166,000,000 | [2] | |||
Debt Instrument, Interest Rate | 6.25% | [2] | |||
Caesars Growth Partners, LLC [Member] | Subordinated Debt [Member] | |||||
Long-term Debt, Gross | 675,000,000 | ||||
Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | |||||
Long-term Debt | 321,000,000 | 321,000,000 | |||
Long-term Debt, Gross | 330,000,000 | ||||
Caesars Growth Partners, LLC [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 6 | ||||
Caesars Growth Partners, LLC [Member] | Senior Secured Revolving Facility [Member] | Secured Debt [Member] | |||||
Revolver capacity | 150,000,000 | ||||
Long-term Debt | 0 | ||||
Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore Credit Facility [Member] | |||||
Revolver capacity | 310,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 10,000,000 | ||||
Long-term Debt, Gross | 300,000,000 | ||||
Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore FF&E Facility [Member] | |||||
Revolver capacity | 30,000,000 | ||||
Long-term Debt, Gross | 30,000,000 | ||||
Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Medium-term Notes [Member] | |||||
Long-term Debt | 180,000,000 | 180,000,000 | |||
Long-term Debt, Gross | 184,000,000 | ||||
Debt Instrument, Interest Rate | 11.00% | ||||
Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Minimum [Member] | |||||
Property EBITDA | 7,500,000 | ||||
Caesars Growth Partners, LLC [Member] | Twenty Twenty-two Note at Nine point Three Seven Five [Member] | Subordinated Debt [Member] | |||||
Long-term Debt | 661,000,000 | [2] | 661,000,000 | [2] | |
Long-term Debt, Gross | $675,000,000 | [2] | |||
Debt Instrument, Interest Rate | 9.38% | [2] | |||
Caesars Growth Properties Holdings, LLC [Member] | First Three Quarters [Member] | Line of Credit [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 7.5 | ||||
Caesars Growth Properties Holdings, LLC [Member] | First Three Quarters [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 5.25 | ||||
Caesars Growth Properties Holdings, LLC [Member] | Following Four Quarters [Member] | Line of Credit [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 6 | ||||
Caesars Growth Properties Holdings, LLC [Member] | Following Four Quarters [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 5 | ||||
Caesars Growth Properties Holdings, LLC [Member] | Remainder of Agreement [Member] | Line of Credit [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 4.75 | ||||
Caesars Growth Properties Holdings, LLC [Member] | Remainder of Agreement [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | |||||
Leverage Ratio For Line Of Credit Facility | 4.75 | ||||
[1] | As of March 31, 2015, CIE had $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. |
Earnings_Per_Share_Earnings_Pe2
Earnings Per Share Earnings Per Share - Basic and Dilutive Net Earnings Per Share Reconciliation (Details) (USD $) | 3 Months Ended | 36 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Earnings Per Share [Abstract] | |||
Income (Loss) from Continuing Operations Attributable to Parent | $6,779 | ($309) | |
Loss, net of income taxes | -7 | -77 | |
Net income/(loss) attributable to Caesars | $6,772 | ($386) | $7,200 |
Weighted average common share outstanding | 145 | 137 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2 | 0 | |
Weighted average common shares and dilutive potential common shares | 147 | 137 | |
Basic earnings/(loss) per share from continuing operations | $46.86 | ($2.26) | |
Basic loss per share from discontinued operations | ($0.05) | ($0.56) | |
Basic earnings/(loss) per share | $46.81 | ($2.82) | |
Diluted earnings/(loss) per share from continuing operations | $46.17 | ($2.26) | |
Diluted loss per share from discontinued operations | ($0.05) | ($0.56) | |
Diluted earnings/(loss) per share | $46.12 | ($2.82) |
Earnings_Per_Share_Weighted_Av
Earnings Per Share - Weighted Average Number of Anti-Dilutive Shares (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 4 | 6 |
Stock options | ||
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 3 | 5 |
Restricted stock units and awards | ||
Antidilutive Securities [Line Items] | ||
Anti-dilutive potential common shares | 1 | 1 |
Casino_Promotional_Allowances_1
Casino Promotional Allowances - Retail Value (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Promotional Allowances | $157 | $283 |
Food and Beverage [Member] | ||
Promotional Allowances | 84 | 156 |
Rooms [Member] | ||
Promotional Allowances | 64 | 104 |
Other Promotional Allowances [Member] | ||
Promotional Allowances | $9 | $23 |
Casino_Promotional_Allowances_2
Casino Promotional Allowances Casino Promotional Allowance - Retail Cost (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cost of Promotional Allowances | $80 | $168 |
Food and Beverage [Member] | ||
Cost of Promotional Allowances | 52 | 114 |
Rooms [Member] | ||
Cost of Promotional Allowances | 23 | 41 |
Other Promotional Allowances [Member] | ||
Cost of Promotional Allowances | $5 | $13 |
StockBased_Compensation_Compos
Stock-Based Compensation - Composition of Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $28 | $26 |
Corporate expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 14 | 7 |
Property, general, administrative, and other [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $14 | $19 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation - Options and Restricted Stock Units Granted (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.01 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,827,219 | 1,104 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.01 | $23.03 |
StockBased_Compensation_StockB1
Stock-Based Compensation Stock-Based Compensation - Options and Restricted Stock Units Outstanding (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,110,589 | 9,379,885 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value | $3.34 | $3.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,545,446 | 2,156,727 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $15.53 | $17.45 |
StockBased_Compensation_StockB2
Stock-Based Compensation Stock-Based Compensation - CIE Options and Restricted Stock Units Granted (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.01 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,827,219 | 1,104 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.01 | $23.03 |
Caesars Interactive Entertainment [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,029 | 340 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4,770.92 | $4,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 536 | 388 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $12,630 | $8,500 |
StockBased_Compensation_StockB3
Stock-Based Compensation Stock-Based Compensation - CIE Options and Restricted Stock Units Outstanding (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,110,589 | 9,379,885 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value | $3.34 | $3.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,545,446 | 2,156,727 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $15.53 | $17.45 |
Caesars Interactive Entertainment [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 13,527 | 13,279 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value | $1,852.62 | $1,616.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,418 | 5,096 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $6,972.40 | $6,494.71 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $28 | $26 | |
Caesars Interactive Entertainment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 13 | 18 | |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $101 | $103 |
Income_Taxes_Allocation_of_Tot
Income Taxes - Allocation of Total Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Benefit/(Loss) Applicable To: [Abstract] | ||
Income/(loss) from continuing operations, before income taxes | ($192) | $136 |
Discontinued operations | $0 | $19 |
Effective tax rate benefit | 2.70% | 30.80% |
Segment_Reporting_Segment_Repo3
Segment Reporting Segment Reporting Income Statement (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Management fees | $2 | $14 | ||
Net revenues | 1,253 | 2,033 | ||
Depreciation and amortization | 102 | 149 | ||
Impairment of tangible and other intangible assets | 0 | 33 | ||
Income/(loss) from operations | 144 | 151 | ||
Interest expense | 238 | 592 | ||
Gain on deconsolidation of subsidiary and other | 7,090 | -1 | ||
Income/(loss) from continuing operations, before income taxes | -192 | 136 | ||
Caesars Entertainment Operating Company [Member] | ||||
Management fees | 4 | 17 | [1] | |
Net revenues | 164 | 1,181 | [1] | |
Depreciation and amortization | 11 | 71 | ||
Impairment of tangible and other intangible assets | 0 | 33 | [1] | |
Income/(loss) from operations | 9 | 48 | [1] | |
Interest expense | 87 | 524 | [1] | |
Gain on deconsolidation of subsidiary and other | 0 | 1 | [1] | |
Income/(loss) from continuing operations, before income taxes | 0 | 60 | [1] | |
Caesars Entertainment Resort Properties [Member] | ||||
Management fees | 0 | 0 | ||
Net revenues | 529 | 492 | ||
Depreciation and amortization | 49 | 50 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Income/(loss) from operations | 106 | 60 | ||
Interest expense | 101 | 91 | ||
Gain on deconsolidation of subsidiary and other | 0 | 0 | ||
Income/(loss) from continuing operations, before income taxes | -2 | 24 | ||
Caesars Growth Partners, LLC [Member] | ||||
Management fees | 0 | 0 | ||
Net revenues | 390 | 292 | ||
Depreciation and amortization | 34 | 22 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Income/(loss) from operations | 164 | -41 | ||
Interest expense | 46 | 15 | ||
Gain on deconsolidation of subsidiary and other | -2 | 50 | ||
Income/(loss) from continuing operations, before income taxes | 0 | -8 | ||
Caesars Interactive Entertainment [Member] | ||||
Management fees | 0 | [2] | 0 | [3] |
Net revenues | 177 | [2] | 124 | [3] |
Depreciation and amortization | 7 | 6 | ||
Impairment of tangible and other intangible assets | 0 | 0 | [3] | |
Income/(loss) from operations | 41 | [2] | 5 | [3] |
Interest expense | 2 | [2] | 1 | [3] |
Gain on deconsolidation of subsidiary and other | 0 | [2] | 0 | [3] |
Income/(loss) from continuing operations, before income taxes | -13 | [2] | -1 | [3] |
Parent Company [Member] | ||||
Management fees | 0 | 0 | ||
Net revenues | 7 | 3 | ||
Depreciation and amortization | 1 | 0 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Income/(loss) from operations | -176 | 79 | ||
Interest expense | 2 | -1 | ||
Gain on deconsolidation of subsidiary and other | 7,092 | -14 | ||
Income/(loss) from continuing operations, before income taxes | -177 | 61 | ||
Intersubsegment Eliminations [Member] | ||||
Management fees | -2 | -3 | ||
Net revenues | -14 | -59 | ||
Depreciation and amortization | 0 | 0 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Income/(loss) from operations | 0 | 0 | ||
Interest expense | 0 | -38 | ||
Gain on deconsolidation of subsidiary and other | 0 | -38 | ||
Income/(loss) from continuing operations, before income taxes | 0 | 0 | ||
International [Member] | Caesars Entertainment Operating Company [Member] | ||||
Net revenues | 83 | |||
International [Member] | Caesars Interactive Entertainment [Member] | ||||
Net revenues | $141 | $89 | ||
[1] | Includes foreign net revenues of $83 million. | |||
[2] | Caesars Entertainment guarantees collection of amounts under the CEOC Credit Facilities (see Note 11). | |||
[3] | Includes foreign net revenues of $89 million |
Segment_Reporting_Segment_Repo4
Segment Reporting Segment Reporting Property EBITDA (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Operating Income (Loss) | $144 | $151 | ||
Depreciation and amortization | 102 | 149 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 42 | 24 | ||
Impairment of tangible and other intangible assets | 0 | 33 | ||
Corporate expense | 47 | 50 | ||
Acquisition and integration costs and other | 6 | 11 | ||
Discontinued Operations, EBITDA | 0 | -5 | ||
Property EBITDA | 341 | 413 | ||
Caesars Entertainment Operating Company [Member] | ||||
Operating Income (Loss) | 9 | 48 | [1] | |
Depreciation and amortization | 11 | 71 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 1 | 4 | ||
Impairment of tangible and other intangible assets | 0 | 33 | [1] | |
Corporate expense | 7 | 49 | ||
Acquisition and integration costs and other | 3 | 11 | ||
Discontinued Operations, EBITDA | 0 | -5 | ||
Property EBITDA | 31 | 211 | ||
Caesars Entertainment Resort Properties [Member] | ||||
Operating Income (Loss) | 106 | 60 | ||
Depreciation and amortization | 49 | 50 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 2 | 4 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Corporate expense | 12 | 14 | ||
Acquisition and integration costs and other | 0 | 0 | ||
Discontinued Operations, EBITDA | 0 | 0 | ||
Property EBITDA | 169 | 128 | ||
Caesars Growth Partners, LLC [Member] | ||||
Operating Income (Loss) | 164 | -41 | ||
Depreciation and amortization | 34 | 22 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 3 | 16 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Corporate expense | 7 | 1 | ||
Acquisition and integration costs and other | -117 | 76 | ||
Discontinued Operations, EBITDA | 0 | 0 | ||
Property EBITDA | 91 | 74 | ||
Caesars Interactive Entertainment [Member] | ||||
Operating Income (Loss) | 41 | [2] | 5 | [3] |
Depreciation and amortization | 7 | 6 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 0 | 0 | ||
Impairment of tangible and other intangible assets | 0 | 0 | [3] | |
Corporate expense | 0 | 0 | ||
Acquisition and integration costs and other | 0 | 0 | ||
Discontinued Operations, EBITDA | 0 | 0 | ||
Property EBITDA | 48 | 11 | ||
Parent Company [Member] | ||||
Operating Income (Loss) | -176 | 79 | ||
Depreciation and amortization | 1 | 0 | ||
Write-downs, reserves, and project opening costs, net of recoveries | 37 | 0 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Corporate expense | 21 | -14 | ||
Acquisition and integration costs and other | 120 | -76 | ||
Discontinued Operations, EBITDA | 0 | 0 | ||
Property EBITDA | 3 | -11 | ||
Intersubsegment Eliminations [Member] | ||||
Operating Income (Loss) | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Write-downs, reserves, and project opening costs, net of recoveries | -1 | 0 | ||
Impairment of tangible and other intangible assets | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Acquisition and integration costs and other | 0 | 0 | ||
Discontinued Operations, EBITDA | 0 | 0 | ||
Property EBITDA | ($1) | $0 | ||
[1] | Includes foreign net revenues of $83 million. | |||
[2] | Caesars Entertainment guarantees collection of amounts under the CEOC Credit Facilities (see Note 11). | |||
[3] | Includes foreign net revenues of $89 million |
Segment_Reporting_Segment_Repo5
Segment Reporting Segment Reporting Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Assets | $12,537 | $23,535 | ||
Liabilities | 9,606 | 28,277 | ||
Caesars Entertainment Operating Company [Member] | ||||
Assets | 0 | 11,355 | [1] | |
Liabilities | 0 | 19,773 | [1] | |
Caesars Entertainment Resort Properties [Member] | ||||
Assets | 7,186 | 7,172 | ||
Liabilities | 6,318 | 6,334 | ||
Caesars Growth Partners, LLC [Member] | ||||
Assets | 4,182 | 4,185 | ||
Liabilities | 2,881 | 2,979 | ||
Caesars Interactive Entertainment [Member] | ||||
Assets | 485 | [2] | 546 | [3] |
Liabilities | 287 | [2] | 367 | [3] |
Parent Company [Member] | ||||
Assets | 2,736 | 2,752 | ||
Liabilities | 313 | -583 | ||
Intersubsegment Eliminations [Member] | ||||
Assets | -2,052 | -2,475 | ||
Liabilities | -193 | -593 | ||
International [Member] | Caesars Entertainment Operating Company [Member] | ||||
Assets | 312 | |||
Liabilities | 183 | |||
International [Member] | Caesars Interactive Entertainment [Member] | ||||
Assets | 253 | 305 | ||
Liabilities | $148 | $172 | ||
[1] | Includes foreign assets of $312 million and foreign liabilities of $183 million. | |||
[2] | Includes foreign assets of $253 million and foreign liabilities of $148 million. | |||
[3] | Includes foreign assets of $305 million and foreign liabilities of $172 million. |
Segment_Reporting_Segment_Repo6
Segment Reporting Segment Reporting Additional (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 4 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Supplemental Cash Flow Reconciliation (Detail) (USD $) | 3 Months Ended | 36 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | |||
Interest expense | $238 | $592 | |
Adjustments to reconcile to cash paid for interest: | |||
Net change in accrued interest | -30 | -116 | |
Capitalized interest | 3 | 0 | |
Amortization of debt issuance costs | -1 | -9 | |
Net amortization of discounts and premiums | -21 | -81 | |
Payments for (Proceeds from) Hedge, Financing Activities | 0 | 35 | |
Other Noncash Expense | -1 | -1 | |
Cash paid for interest | $188 | $420 | $5,700 |
Related_Party_Transactions_Rel1
Related Party Transactions Related Party Transactions - Schedule of Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transaction, Expenses from Transactions with Related Party | $2 | $2 |
Caesars Entertainment Operating Company [Member] | ||
Costs and Expenses, Related Party | 75 | |
Related Party Transaction, Expenses from Transactions with Related Party | 15 | |
Related Party [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 2 | |
Management Fee Expense | 9 | |
Operating Leases, Rent Expense | 7 | |
Marketing Expense | $1 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Corporate expense | $47 | $50 | |
Related Party Transaction, Expenses from Transactions with Related Party | 2 | 2 | |
Due from affiliates ($49 and $0 attributable to our VIE) | 49 | 0 | |
Due to affiliates ($26 and $0 attributable to our VIE) | 27 | 0 | |
Related Party Transaction [Member] | |||
Related Party Transaction [Line Items] | |||
Corporate expense | 2 | 1 | |
Hamlet Holdings LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Owner | 60.50% | ||
Caesars Entertainment Operating Company [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 15 | ||
Caesars Entertainment Operating Company [Member] | Octavius Lease Payments [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable | 35 | ||
Caesars Entertainment Resort Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Corporate Expense Allocation | 24.60% | ||
Caesars Growth Properties Holdings, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Corporate Expense Allocation | 5.40% | ||
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 2 | ||
Marketing Expense | $1 |