Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | CAESARS ENTERTAINMENT Corp | |
Entity Central Index Key | 858,339 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 145,001,980 | |
Trading Symbol | CZR |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents ($990 and $944 attributable to our VIE) | $ 1,579 | $ 2,806 |
Restricted cash ($13 and $15 attributable to our VIE) | 67 | 76 |
Receivables, net ($102 and $97 attributable to our VIE) | 179 | 518 |
Due from affiliates ($24 and $0 attributable to our VIE) | 24 | 0 |
Deferred income taxes ($6 and $5 attributable to our VIE) | 6 | 5 |
Prepayments and other current assets ($50 and $27 attributable to our VIE) | 153 | 225 |
Inventory ($4 and $3 attributable to our VIE) | 14 | 43 |
Total current assets | 2,022 | 3,673 |
Property and equipment, net ($2,634 and $2,570 attributable to our VIE) | 7,655 | 13,456 |
Goodwill ($292 and $291 attributable to our VIE) | 1,693 | 2,366 |
Intangible assets other than goodwill ($269 and $289 attributable to our VIE) | 586 | 3,150 |
Restricted cash ($13 and $25 attributable to our VIE) | 69 | 109 |
Deferred income taxes ($23 and $13 attributable to our VIE) | 23 | 14 |
Deferred charges and other assets ($259 and $46 attributable to our VIE) | 455 | 563 |
Total assets | 12,503 | 23,331 |
Current liabilities | ||
Accounts payable ($126 and $79 attributable to our VIE) | 182 | 349 |
Due to affiliates ($24 and $0 attributable to our VIE) | 24 | 0 |
Accrued expenses and other current liabilities ($222 and $242 attributable to our VIE) | 644 | 1,199 |
Interest payable ($37 and $37 attributable to our VIE) | 134 | 736 |
Deferred income taxes ($10 and $2 attributable to our VIE) | 44 | 217 |
Current portion of long-term debt ($86 and $20 attributable to our VIE) | 222 | 15,779 |
Total current liabilities | 1,250 | 18,280 |
Long-term debt ($2,280 and $2,292 attributable to our VIE) | 6,802 | 7,230 |
Deferred income taxes ($5 and $8 attributable to our VIE) | 1,268 | 2,079 |
Deferred credits and other liabilities ($118 and $124 attributable to our VIE) | 175 | 484 |
Total liabilities | $ 9,495 | $ 28,073 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity/(deficit) | ||
Caesars stockholders’ equity/(deficit) | $ 1,832 | $ (4,997) |
Noncontrolling interests | 1,176 | 255 |
Total stockholders’ equity/(deficit) | 3,008 | (4,742) |
Total liabilities and stockholder's deficit | $ 12,503 | $ 23,331 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 1,579 | $ 2,806 |
Restricted cash | 67 | 76 |
Receivables, net of allowance for doubtful accounts | 179 | 518 |
Due from Affiliate | 24 | 0 |
Deferred income taxes | 6 | 5 |
Prepayments and other current assets | 153 | 225 |
Inventory | 14 | 43 |
Property and equipment, net of accumulated depreciation | 7,655 | 13,456 |
Goodwill | 1,693 | 2,366 |
Intangible assets other than goodwill | 586 | 3,150 |
Restricted cash | 69 | 109 |
Deferred income taxes | 23 | 14 |
Deferred charges and other | 455 | 563 |
Accounts payable | 182 | 349 |
Due to affiliates | 24 | 0 |
Accrued expenses and other current liabilities | 644 | 1,199 |
Interest payable | 134 | 736 |
Deferred income taxes | 44 | 217 |
Current Portion of Long-Term Debt | 222 | 15,779 |
Long-Term Debt, Face Value | 6,802 | 7,230 |
Deferred income taxes | 1,268 | 2,079 |
Deferred credits and other | 175 | 484 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 990 | 944 |
Restricted cash | 13 | 15 |
Receivables, net of allowance for doubtful accounts | 102 | 97 |
Due from Affiliate | 24 | 0 |
Deferred income taxes | 6 | 5 |
Prepayments and other current assets | 50 | 27 |
Inventory | 4 | 3 |
Property and equipment, net of accumulated depreciation | 2,634 | 2,570 |
Goodwill | 292 | 291 |
Intangible assets other than goodwill | 269 | 289 |
Restricted cash | 13 | 25 |
Deferred income taxes | 23 | 13 |
Deferred charges and other | 259 | 46 |
Accounts payable | 126 | 79 |
Due to affiliates | 24 | 0 |
Accrued expenses and other current liabilities | 222 | 242 |
Interest payable | 37 | 37 |
Deferred income taxes | 10 | 2 |
Current Portion of Long-Term Debt | 86 | 20 |
Long-Term Debt, Face Value | 2,280 | 2,292 |
Deferred income taxes | 5 | 8 |
Deferred credits and other | $ 118 | $ 124 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Casino | $ 543 | $ 1,337 | $ 1,203 | $ 2,638 |
Food and beverage | 203 | 377 | 429 | 750 |
Rooms | 221 | 306 | 443 | 614 |
Interactive entertainment | 186 | 145 | 363 | 269 |
Management fees | 0 | 15 | 2 | 28 |
Other | 121 | 168 | 235 | 304 |
Reimbursed management costs | 0 | 68 | 9 | 129 |
Less: casino promotional allowances | (133) | (276) | (289) | (559) |
Net revenues | 1,141 | 2,140 | 2,395 | 4,173 |
Direct expenses | ||||
Casino | 278 | 791 | 634 | 1,579 |
Food and beverage | 99 | 175 | 202 | 333 |
Rooms | 57 | 80 | 113 | 160 |
Platform fees | 51 | 41 | 100 | 76 |
Property, general, administrative, and other | 305 | 510 | 646 | 1,004 |
Reimbursable management costs | 0 | 68 | 9 | 129 |
Depreciation and amortization | 96 | 157 | 198 | 305 |
Write-downs, reserves, and project opening costs, net of recoveries | 24 | 52 | 66 | 76 |
Impairment of tangible and other intangible assets | 0 | 17 | 0 | 50 |
Corporate expense | 45 | 68 | 91 | 119 |
Acquisition and integration costs and other | 0 | 54 | 6 | 65 |
Total operating expenses | 955 | 2,013 | 2,065 | 3,896 |
Income from operations | 186 | 127 | 330 | 277 |
Interest expense | (147) | (654) | (384) | (1,246) |
Gain on deconsolidation of subsidiary and other gains/(losses) | 7 | (27) | 7,096 | (27) |
Income/(loss) from continuing operations, before income taxes | 46 | (554) | 7,042 | (996) |
Income tax benefit/(provision) | 4 | 167 | (188) | 309 |
Income/(loss) from continuing operations, net of income taxes | 50 | (387) | 6,854 | (687) |
Discontinued operations | ||||
Loss from discontinued operations | 0 | (47) | (7) | (142) |
Income tax benefit/(provision) | 0 | 2 | 0 | 13 |
Loss from discontinued operations, net of income taxes | 0 | (45) | (7) | (129) |
Net loss | 50 | (432) | 6,847 | (816) |
Net income attributable to noncontrolling interests | (35) | (34) | (60) | (37) |
Net income/(loss) attributable to Caesars | $ 15 | $ (466) | $ 6,787 | $ (853) |
Earnings/(loss) per share - basic and diluted: | ||||
Basic earnings/(loss) per share from continuing operations | $ 0.10 | $ (2.92) | $ 46.93 | $ (5.15) |
Basic loss per share from discontinued operations | 0 | (0.32) | (0.04) | (0.91) |
Basic earnings/(loss) per share | 0.10 | (3.24) | 46.89 | (6.06) |
Diluted earnings/(loss) per share from continuing operations | 0.10 | (2.92) | 46.31 | (5.15) |
Diluted loss per share from discontinued operations | 0 | (0.32) | (0.04) | (0.91) |
Diluted earnings/(loss) per share | $ 0.10 | $ (3.24) | $ 46.27 | $ (6.06) |
Weighted average common share outstanding | 145 | 144 | 145 | 141 |
Weighted average common shares and dilutive potential common shares | 147 | 144 | 147 | 141 |
Comprehensive income/(loss): | ||||
Other comprehensive loss, net of income taxes | $ 0 | $ 0 | $ 0 | $ (3) |
Comprehensive income/(loss) | 50 | (432) | 6,847 | (819) |
Comprehensive loss attributable to noncontrolling interests | (35) | (34) | (60) | (37) |
Comprehensive income/(loss) attributable to Caesars | $ 15 | $ (466) | $ 6,787 | $ (856) |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT) - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) [Member] | Total Caesars Stockholders’ Equity/(Deficit) | Noncontrolling Interest [Member] | |
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 | (853) | 0 | 0 | 0 | (853) | 0 | (853) | ||
Net income attributable to noncontrolling interests | (37) | 37 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (816) | ||||||||
Share-based compensation | 15 | 0 | (3) | 18 | 0 | 0 | 15 | 0 | |
Common stock issuances | 138 | 1 | 0 | 137 | 0 | 0 | 138 | 0 | |
Other comprehensive loss, net of income taxes | (3) | 0 | 0 | 0 | 0 | (3) | (3) | 0 | |
Allocation of minority interest resulting from sales and conveyances of subsidiary stock | 14 | 0 | 0 | 754 | 0 | 4 | 758 | (744) | |
Stockholders' Equity, Other | (23) | 0 | 0 | 2 | 0 | 0 | 2 | (25) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2014 | (2,579) | 2 | (19) | 8,142 | (11,174) | (16) | (3,065) | 486 | |
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 | 6,787 | 0 | 0 | 0 | 6,787 | 0 | 6,787 | ||
Net income attributable to noncontrolling interests | (60) | 60 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,847 | ||||||||
Elimination of CEOC noncontrolling interest and deconsolidation (1) | [1] | 870 | 0 | 0 | 0 | 0 | 16 | 16 | 854 |
Share-based compensation | 29 | 0 | (2) | 31 | 0 | 0 | 29 | 0 | |
Other comprehensive loss, net of income taxes | 0 | ||||||||
Decrease in noncontrolling interests, net of distributions and contributions | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) | |
Stockholders' Equity, Other | 12 | 0 | 0 | (4) | 0 | 1 | (3) | 15 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2015 | $ 3,008 | $ 1 | $ (21) | $ 8,167 | $ (6,317) | $ 2 | $ 1,832 | $ 1,176 | |
[1] | See Note 4, “Deconsolidation of Caesars Entertainment Operating Company” |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Cash flows provided by/(used in) operating activities | $ 101 | $ (387) |
Cash flows provided by/(used in) investing activities | ||
Acquisitions of property and equipment, net of change in related payables | (227) | (536) |
Deconsolidation of CEOC | (958) | 0 |
Change in restricted cash | 11 | (1,516) |
Proceeds received from sale of assets | 0 | 28 |
Payments to acquire businesses, net of transaction costs and cash acquired | 0 | (23) |
Other | 0 | 3 |
Cash flows used in investing activities | (1,174) | (2,044) |
Cash flows provided by/(used in) financing activities | ||
Proceeds from the issuance of long-term debt | 190 | 4,324 |
Debt issuance and extension costs and fees | 0 | (40) |
Repayments of long-term debt | (258) | (1,304) |
Payment of contingent consideration | (32) | 0 |
Repurchase of management shares | (38) | 0 |
Issuance of common stock, net of fees | 0 | 137 |
Proceeds from sales of noncontrolling interests | 0 | 18 |
Distributions to noncontrolling interest owners | (15) | (33) |
Other | 6 | (5) |
Cash flows provided by/(used in) financing activities | (147) | 3,097 |
Cash flows used in discontinued operations | ||
Cash flows used in operating activities | (7) | (6) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (1) |
Net cash used in discontinued operations | (7) | (7) |
Net increase/(decrease) in cash and cash equivalents | (1,227) | 659 |
Cash and cash equivalents, beginning of period | 2,806 | 2,771 |
Cash and cash equivalents, end of period | 1,579 | 3,430 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 403 | 1,150 |
Cash paid for income taxes | 35 | 28 |
Change in accrued capital expenditures | $ (11) | $ 45 |
Organization Organization (Note
Organization Organization (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Organization CEC is primarily a holding company with no independent operations of its own. It owns Caesars Entertainment Resort Properties, LLC (“CERP”) and an interest in Caesars Growth Partners, LLC (“CGP”). As of June 30, 2015 , CERP and CGP owned a total of 12 casinos in the United States, which are concentrated in Las Vegas, where there are eight . CEC also owns 89% of Caesars Entertainment Operating Company, Inc. (“CEOC”). As described in Note 4 , “ Deconsolidation of Caesars Entertainment Operating Company ,” the results of CEOC and its subsidiaries are no longer consolidated with Caesars subsequent to CEOC’s voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) on January 15, 2015 . Caesars Enterprise Services, LLC In 2014, we launched Caesars Enterprise Services, LLC (“CES”), a services joint venture by and among CERP, CEOC and Caesars Growth Properties Holdings, LLC (“CGPH” and, together with CERP and CEOC, the “Members” and each a “Member”). CES provides certain corporate and administrative services for the Members’ casino properties, including substantially all of the 28 casinos owned by CEOC and nine casinos owned by unrelated third parties (including three Indian tribes). CES manages certain assets for the casinos to which it provides services and the other assets it owns, licenses or controls, and employs certain of the corresponding employees. 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. Expenses incurred by CES that are not allocated to the properties directly are allocated to the Members according to their allocation percentages, subject to annual review. Therefore, CES is a "pass-through" entity that serves as an agent on behalf of the 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. Caesars Interactive Entertainment, Inc. (“CIE”) We also include the results of CIE, a majority owned subsidiary of CGP that operates an online gaming business providing 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. Reportable Segments We view each casino property and CIE as operating segments and currently aggregate all such casino properties and CIE into three reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures: CERP, Caesars Growth Partners Casino Properties and Developments (“CGP Casinos”), and CIE. CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. CEOC remained a reportable segment until its deconsolidation effective January 15, 2015 . Going Concern Overview The accompanying consolidated financial statements have been prepared assuming that Caesars 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. The following provides our analysis and the factors that were considered in reaching this conclusion. Litigation As described more fully below and in Note 5 , 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 Caesars’ ability to continue as a going concern. Management's plans concerning these matters are also discussed in Note 5 . CEC Liquidity CEC is primarily a holding company with no independent operations, employees, or material debt issuances of its own. Its primary assets at June 30, 2015 consist of $350 million in cash and cash equivalents and its ownership interests in CEOC, CERP and CGP. The restrictions included in certain debt arrangements entered into by CERP and CGP (and/or their respective subsidiaries) do not allow for CERP, CGP, or their subsidiaries to provide dividends to CEC. In addition, CEC does not receive any financial benefit from CEOC during CEOC’s bankruptcy, as all earnings and cash flows are retained by CEOC for the benefit of its creditors. CEC has no requirement to fund the operations of CERP, CGP, or their subsidiaries. Accordingly, CEC cash outflows are primarily used for corporate development opportunities and other corporate-level activity. Because CEC has no operations on its own and the restrictions on its subsidiaries under lending arrangements prevent the distribution of cash from the subsidiaries to the holding company, CEC is generally limited to raising additional capital through borrowings or equity transactions. We have a number of material outstanding uncertainties for which we have not accrued any amounts, specifically the following, all of which are described in Note 5 , “ Litigation ,” unless otherwise noted: • Litigation commenced by Wilmington Savings Fund Society, FSB on August 4, 2014 (the “Delaware Second Lien Lawsuit”); • Litigation commenced by parties on September 3, 2014 and October 2, 2014 (the “Senior Unsecured Lawsuits”); • Litigation commenced by UMB Bank on November 25, 2014 (the “Delaware First Lien Lawsuit”); • Demands for payment made by Wilmington Savings Fund Society, FSB on February 13, 2015 (the “February 13 Notice”); • Demands for payment made by BOKF, N.A., on February 18, 2015 (see “February 18 Notice”); • Litigation commenced by BOKF, N.A. on March 3, 2015 (the “New York Second Lien Lawsuit”); • Litigation commenced by UMB Bank on June 15, 2015 (the “New York First Lien Lawsuit”); • Litigation commenced by Trustees of the National Retirement Fund in January 2015; and • The CEC Collection Guarantee which resulted from certain of the 2014 bank amendments (see “CEC Collection Guarantee” below). In each of these matters, claims have been made or could be made against our ultimate parent holding company, CEC. In the event of an adverse outcome on one or all of the matters set forth above, it is likely that a reorganization under Chapter 11 of the Bankruptcy Code would be necessary due to the limited resources available at CEC to resolve such matters. Certain claims in the Parent Guarantee Lawsuits (defined below) subject to summary judgment motions could be decided as early as August 2015, and in the event of an adverse outcome on such claims, CEC would likely seek reorganization under Chapter 11 of the Bankruptcy Code soon thereafter. See Note 5 . Guarantee of Collection 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) June 30, 2015 Maturities of debt guaranteed by such guarantee of collection, total $ 5,354 Estimated contractual interest payments guaranteed by such guarantee of collection, annually (1) 426 ____________________ (1) Quarterly payments are normally scheduled to be paid on January 2nd, April 2nd, July 2nd, and October 2nd. The last quarterly payment was made on January 2nd, 2015. Payments have been stayed due to the CEOC bankruptcy. See Note 4 . In July 2015, CEC and CEOC entered into a Fourth Amended and Restated Restructuring Support and Forbearance Agreement with certain holders of claims in respect of claims under CEOC’s first lien notes and other indebtedness (“First Lien Bond RSA”) under which certain offers have been made that are expected to reduce the liabilities associated with the CEC Collection Guarantee in conjunction with the overall restructuring of CEOC. The conclusion of these negotiations are highly uncertain because they are: (1) contingent upon the overall restructuring, (2) include many factors interconnected with the restructuring as described in the preceding paragraph, (3) assume the Caesars Acquisition Corporation (“CAC”) plan of merger, among other items. See Note 11 , “ Contractual Commitments and Contingent Liabilities - CEOC Reorganization.” We assessed the fair value of the CEC Collection Guarantee under ASC460 as of the CEOC Petition Date (see Note 4). We applied a probability-weighted valuation method considering the possible scenarios at that time, and concluded that the CEC Collection Guarantee does not have a fair value materially higher than zero . Accordingly, as noted above under “CEC Liquidity,” we have not accrued any amounts due under the CEC Collection Guarantee. Financial Condition as of December 31, 2014 and Financial Restructuring 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. 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 $23.0 billion . Our cumulative cash flows from operating activities were negative $772 million over the three-year period, primarily due to total cash paid for interest of $5.7 billion . The substantial majority of the preceding negative financial factors have occurred in our largest operating subsidiary, CEOC, which 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 $15.9 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 raised substantial doubt about CEOC’s ability to continue as a going concern as of December 31, 2014 and contributed to CEOC’s decision to voluntarily file for reorganization under Chapter 11 of the Bankruptcy Code (see Note 4 ). Caesars’ Financial Condition During the six months ended June 30, 2015 , we recognized net income of $6.8 billion , which includes a $7.1 billion gain recognized upon the deconsolidation of CEOC, and generated operating cash flows of $101 million , which includes $220 million of negative operating cash flow attributable to CEOC prior its deconsolidation. As of June 30, 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 $222 million , totaled $7.0 billion . |
Basis of Presentation and Conso
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Notes) | 6 Months Ended |
Jun. 30, 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 Caesars 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. 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 June 30, 2015 . Certain immaterial prior year amounts have been reclassified to conform to the current year’s presentation. The financial information for the six months ended June 30, 2014 reflects the results of operations and cash flows of the Showboat Atlantic City casino as discontinued operations consistent with the current period presentation. See Note 7 , “ Discontinued Operations .” In our interim report on Form 10-Q for the period ended September 30, 2014 (“ September 2014 Form 10-Q ”), we recorded an adjustment to correct an error discovered subsequent to the issuance of the second quarter Form 10-Q. The amounts presented in this filing, therefore, are consistent with the previously corrected amounts as included in our nine month statement of cash flows included in our September 2014 Form 10-Q . The cash flows related to CGPH’s May 2014 financing that was both borrowed and repaid during the second quarter of 2014 had been (prior to correction in the third quarter of 2014) presented on a net, rather than gross, basis. The current presentation, all within financing activities, reflects $693 million in proceeds, $700 million in repayments, and $7 million in debt issuance costs and fees, instead of a net impact of zero as disclosed in our interim report on Form 10-Q for the period ended June 30, 2014. This reclassification only impacts the presentation of these amounts in cash flows from financing activities, and we do not believe the effects of the correction are material. No other reported items are affected by this correction. Consolidation of Subsidiaries and Variable Interest Entities We consolidate into our financial statements the accounts of all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (1) affiliates that are more than 50% owned are consolidated; (2) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we are have determined that we have significant influence over the entities; and (3) investments in affiliates of 20% or less are generally accounted for using the cost method. We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. For VIEs that are under common control with affiliates, in lieu of an assessment of the power to direct the activities that most significantly impact the results of the VIE, we may be required to assess a number of other factors to determine the consolidating entity, including the following: (i) the closeness of the association that the VIE has with the businesses of the affiliated entities, (ii) the entity from which the VIE obtained its assets; (iii) the nature of ongoing management and other agreements; and (iv) the obligation to absorb losses and the right to receive residual returns that could potentially be significant to the VIE. Along with the VIEs that are consolidated in accordance with the above guidelines, we also hold variable interests in other VIEs that are not consolidated because we are not the primary beneficiary. We continually monitor both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. A change in determination could have a material impact on our financial statements. Despite a majority financial interest, we may only possess non-substantive voting rights that do not confer upon us the ability to control key activities of the entity, such as determining operating budgets, payment of obligations, management of assets, and/or other activities necessary for the ordinary course of business. We continually monitor both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. Consolidation of Caesars Growth Partners Because the equity holders in CGP receive returns disproportionate to their voting interests and substantially all the activities of CGP are related to Caesars, CGP has been determined to be a VIE. CAC is the sole voting member of CGP. Common control exists between CAC and Caesars through the majority beneficial ownership of both by Hamlet Holdings (as defined in Note 18 , “ Related Party Transactions ”). The assets held by CGP originally came from Caesars and continue to be intrinsically closely associated with Caesars through the nature of the business, as well as ongoing service and management agreements. Additionally, Caesars is expected to receive the majority of the benefits or absorb the majority of the losses from its higher economic participation in CGP. Since Caesars is more closely associated with CGP than CAC, we have determined that Caesars is the primary beneficiary of CGP and is required to consolidate them. Neither CAC nor CGP guarantees any of CEC’s debt, and the creditors or beneficial holders of CGP have no recourse to the general credit of CEC. CGP generated net revenues of $574 million and $353 million for the three months ended June 30, 2015 and 2014, respectively, and $1,141 million and $579 million for the six months ended June 30, 2015 and 2014, respectively. Net income attributable to Caesars related to CGP was $8 million for the three months ended June 30, 2015 compared with net loss of $115 million for the three months ended June 30, 2014. Net income attributable to Caesars related to CGP was $6 million for the six months ended June 30, 2015 compared with net loss of $114 million for the six months ended June 30, 2014. CGP is obligated to issue additional non-voting membership units to CEC in 2016 to the extent that the earnings from CIE’s social and mobile games business exceeds a specified threshold amount in 2015. CGP recorded a liability representing the fair value of the additional contingently issuable non-voting membership units of $230 million and $347 million as of June 30, 2015 and December 31, 2014 , respectively. Such liability is eliminated in our consolidation of CGP. Consolidation of Caesars Enterprise Services 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 Caesars consolidates two of the Members (CERP and CGPH), Caesars is deemed to have a controlling financial interest in CES through our ownership of that interest. As described in Note 4 , effective January 15, 2015 , CEOC is no longer a consolidated subsidiary. Therefore, CEOC’s ownership interest in CES, totaling $11 million , is accounted for as noncontrolling interest. Consolidation Considerations for Caesars Entertainment Operating Company As described in Note 4 , CEOC’s filing for reorganization was a reconsideration event for Caesars Entertainment to reevaluate whether consolidation of CEOC continued to be appropriate. We have concluded that CEOC is a VIE and that we are not the primary beneficiary of CEOC. See Note 18 , “ Related Party Transactions ,” for additional information on the carrying amounts and classification of assets and liabilities that relate to our variable interest in CEOC. In addition, as described in Note 1 , “ Organization - Guarantee of Collection ,” we have a guarantee of collection with respect to certain of CEOC’s debt obligations for which we have not accrued any amounts as of June 30, 2015 . |
Liquidity Considerations
Liquidity Considerations | 6 Months Ended |
Jun. 30, 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 June 30, 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 $337 million , consisting of $47 million in principal maturities and $290 million in required interest payments. Our estimated consolidated debt service obligation for 2016 is $773 million , consisting of $202 million in principal maturities and $571 million in required interest payments. Consolidated cash and cash equivalents, excluding restricted cash, as of June 30, 2015 as shown in the table below, includes amounts held by CERP, CGP, and CES, which are not readily available to CEC. Cash and Available Revolver Capacity June 30, 2015 (In millions) CERP CES CGP Parent Cash and cash equivalents $ 206 $ 99 $ 891 $ 383 Revolver capacity 270 — 160 — Revolver capacity drawn or committed to letters of credit (95 ) — (60 ) — Total $ 381 $ 99 $ 991 $ 383 Future Maturities of Long-Term Debt (In millions) 2015 2016 2017 2018 2019 Thereafter Total CERP $ 20 $ 131 $ 27 $ 25 $ 25 $ 4,500 $ 4,728 CGP 27 71 23 27 203 2,085 2,436 Total $ 47 $ 202 $ 50 $ 52 $ 228 $ 6,585 $ 7,164 Future Estimated Interest Payments (In millions) 2015 2016 2017 2018 2019 Thereafter Total CERP $ 195 $ 384 $ 395 $ 405 $ 412 $ 497 $ 2,288 CGP 95 187 190 198 202 330 1,202 Total $ 290 $ 571 $ 585 $ 603 $ 614 $ 827 $ 3,490 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 June 30, 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 June 30, 2015 . |
Deconsolidation of CEOC Deconso
Deconsolidation of CEOC Deconsolidation of CEOC (Notes) | 6 Months Ended |
Jun. 30, 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 United States subsidiaries (the “Debtors”) voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for Northern District of Illinois in Chicago (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. CEC, exclusive of its subsidiaries, CERP, and CGP are separate entities with independent capital structures and have not filed for bankruptcy relief. In addition, all Caesars Entertainment properties, and those owned by CEOC, are continuing to operate in the ordinary course. Under the proposed plans, Caesars Entertainment will make substantial cash and other contributions as part of implementing the ultimate restructuring plans if they are 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 continued 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 had the power to make the primary decisions. Our assessment focused on indicators that CEC did not have significant influence over the operating and financial policies of CEOC, primarily including: • CEOC expanded its board of directors and added two independent directors. The CEOC board then delegated certain key decision-making authority regarding the bankruptcy and related party matters to two committees, which are comprised of primarily the independent directors. Additionally, as a result of the bankruptcy proceedings, critical decisions are now subject to the overall jurisdiction of the Bankruptcy Court and the Creditors Committee (described below). • The Bankruptcy Court established the Creditors Committee to represent the rights of the creditors during the bankruptcy proceedings. Through the Creditors Committees, creditors have the right to object to recommendations presented by CEOC’s management or the Board of Directors. • CEOC’s executive leadership is comprised of individuals who are independent of CEC. Accordingly, we are not the primary beneficiary of CEOC because we have concluded that the equity owners, including CEC, only possess non-substantive voting rights; CEC is not operating CEOC as debtor-in-possession as the CEC Board has ceded its authority to the Bankruptcy Court; CEC management cannot carry on activities necessary for the ordinary course of business without Bankruptcy Court approval; and CEOC still manages day-to-day operations, but does not have discretion to make significant capital or operating budgetary changes or decisions, purchase or sell significant assets, or approve management or employee compensation arrangements. Ultimately, CEOC’s material decisions are still subject to review by the Creditors Committees and the Bankruptcy Court. In addition to the above, we assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate CEOC effective on the Petition Date. We further considered how to account for our continuing investment in CEOC after deconsolidation and concluded that for similar reasons, we do not have significant influence over CEOC during the pendency of the bankruptcy; therefore, Caesars Entertainment accounts for its investment in CEOC as a cost method investment subsequent to the deconsolidation. 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 $11.0 billion , total liabilities of $18.6 billion , and total long-term debt of $15.9 billion . For the 2015 period prior to the deconsolidation, CEOC segment net revenues totaled $158 million , net loss attributable to Caesars totaled $76 million , and negative cash flow from operating activities totaled $220 million . 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 18 , “ Related Party Transactions ”). |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 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 "Delaware Second Lien Lawsuit") in the Court of Chancery in the State of Delaware against CEC and CEOC, CGP, CAC,CERP, CES, Eric Hession, Gary Loveman, Jeffrey D. Benjamin, David Bonderman, Kelvin L. Davis, Marc C. Rowan, David B. Sambur, and Eric Press. The lawsuit alleges claims for breach of contract, intentional and constructive fraudulent transfer, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and corporate waste. The lawsuit seeks (1) an award of money damages; (2) to void certain transfers, the earliest of which dates back to 2010; (3) an injunction directing the recipients of the assets in these transactions to return them to CEOC; (4) a declaration that CEC remains liable under the parent guarantee formerly applicable to the 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. Discovery in the action is underway, with a current deadline of September 30, 2015. 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. On January 16, 2015, the claims against the first lien note holder defendant were voluntarily dismissed and on June 29, 2015, the declaratory judgment claim against the second lien note holder defendants was also voluntarily dismissed. On July 6, 2015, the claim for tortious interference with prospective economic advantage brought by CEOC against the second lien note holders was voluntarily dismissed as well, without prejudice, leaving in the action only the tortious interference with prospective economic advantage claim brought by CEC against the second lien note holder defendants. On July 20, 2015, the Court granted the second lien note holder defendants’ motion to dismiss that claim and ordered that the action be marked disposed. 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 "Senior Unsecured 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 is ongoing with respect to the plaintiffs' claims against CEC. On November 25, 2014, UMB Bank (“UMB”), 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 "Delaware First Lien Lawsuit") in Delaware Chancery Court against CEC, CEOC, CERP, CAC, CGP, 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 First Lien Bond 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 First Lien Bond 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. (“BOKF”), in its capacity as successor Trustee for CEOC’s 12.75% Second-Priority Senior Secured Notes due 2018 (the “12.75% Second-Priority Notes”). The February 18 Notice alleges that CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 12.75% Second-Priority Notes; that all amounts due and owing on the 12.75% Second-Priority Notes therefore immediately became payable; and that CEC is responsible for paying CEOC’s obligations on the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 18 Notice alleges is still binding. The February 18 Notice therefore demands that CEC immediately pay BOKF cash in an amount of not less than $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys’ fees, and other expenses. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. 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 filed a lawsuit (the “New York Second Lien Lawsuit”) against CEC in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 12.75% Second-Priority Notes. On June 15, 2015, UMB filed lawsuit (the “New York First Lien Lawsuit” and, together with the Delaware Second Lien Lawsuit, the Delaware First Lien Lawsuit, the Senior Unsecured Lawsuits and the New York Second Lien Lawsuit, the “Parent Guarantee Lawsuits”) against CEC, also in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 11.25% Senior Secured Notes due 2017, 8.50% Senior Secured Notes due 2020, and 9.00% Senior Secured Notes due 2020. Plaintiffs in these actions allege that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indenture governing these notes, causing all principal and interest to become immediately due and payable, and that CEC is obligated to make those payments pursuant to a parent guarantee provision in the indentures governing these notes that plaintiffs allege are still binding. Both plaintiffs bring claims for violation of the Trust Indenture Act of 1939, breach of contract, breach of duty of good faith and fair dealing and for declaratory relief and BOKF brings an additional claim for intentional interference with contractual relations. The cases have both been assigned to the same judge presiding over the other Parent Guarantee Lawsuits that are taking place in Manhattan. CEC filed its answer to the BOKF complaint on March 25, 2015, and its answer to the UMB complaint is due on August 10, 2015. On June 25, 2015, and June 26, 2015, BOKF and UMB, respectively, moved for partial summary judgment, specifically on their claims alleging a violation of the Trust Indenture Act of 1939, seeking both declaratory relief and damages. CEC filed its opposition to those motions on July 24, 2015, and the motions will be fully briefed by August 7, 2015. The parties are separately also engaged in discovery in both actions. On March 11, 2015, CEOC filed an adversary proceeding in bankruptcy court requesting that the Parent Guarantee Lawsuits be enjoined against all defendants through plan confirmation; in subsequent submissions, CEOC stated that it sought a temporary stay of those lawsuits until 60 days after the issuance of a final report by the Bankruptcy Examiner. CEOC argued that contemporaneous prosecution of related claims against CEC would impair the bankruptcy court’s jurisdiction over the Debtors’ reorganization by threatening the Debtors’ ability to recover estate property for the benefit of all creditors, diminishing the prospects of a successful reorganization, and depleting property of the estate. On July 22, 2015, the bankruptcy court denied CEOC’s request. The bankruptcy court’s ruling does not address the merits of the Parent Guarantee Lawsuits. We believe that the claims and demands described above against CEC are without merit and we intend to defend the company 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. We believe that the Noteholder Disputes and the Parent Guarantee Lawsuits have a reasonably possible likelihood of an adverse outcome, but 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 the Noteholder Disputes, such determination would likely lead to a reorganization under Chapter 11 of the Bankruptcy Code (see Note 1). We are not able to estimate a range of reasonably possible losses should any of the Noteholder Disputes ultimately be resolved against us, although they could potentially exceed $11 billion. (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, we received a letter from Hilton, notifying us of a lawsuit related to the Hilton Plan that alleged that CEC had a potential liability for the additional claims under the terms of the Allocation Agreement. Based on conversations between our representative and a representative of the defendants, we recorded a charge of $25 million during the second quarter 2010, representing CEC’s (including subsidiaries) allocated share of the total damages estimate. In December 2013, we received a letter from Hilton notifying us that all final court rulings have been rendered in relation to this matter. We were subsequently informed that CEC’s 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. We met with Hilton representatives in March 2014 and had discussions subsequently. We cannot currently predict the ultimate outcome of this matter, but continue to believe that we 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, we 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. We 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. The Northern District of Illinois subsequently referred the case to the Bankruptcy Court presiding over the CEOC bankruptcy, and the matter remains pending. Other Matters In January 2015, a majority of the Trustees of the National Retirement Fund (“NRF”), a multi-employer defined benefit pension plan, voted to expel CEC and its participating subsidiaries (“CEC Group”) from the plan. NRF claims that CEOC’s bankruptcy presents an “actuarial risk” to the plan because, depending on the outcome of the bankruptcy proceeding, CEC might no longer be liable to the plan for any partial or complete withdrawal liability. NRF has advised the CEC Group that its expulsion has triggered withdrawal liability with a present value of approximately $360 million, payable in 80 quarterly payments of about $6 million. Prior to NRF’s vote, the CEC Group reiterated its commitment to remain in the plan and not seek rejection of any collective bargaining agreements in which the obligation to contribute to NRF exists. It is completely current with respect to pension contributions. We opposed the NRF actions in the appropriate legal forums including seeking a declaratory judgment in federal district court challenging NRF’s authority to expel the CEC Group and also seeking relief in the CEOC bankruptcy proceeding. The parties entered into a Standstill Agreement in March 2015 staying the CEC Group’s obligation to commence quarterly payments and instead continue making its monthly contributions, and also setting a briefing schedule in the bankruptcy proceeding for both CEOC’s motion that NRF’s action violated the automatic stay and our motion to extend the stay to encompass NRF’s collection lawsuit against CEC. Both matters have been fully briefed, but the Bankruptcy Court has yet to rule. NRF has filed a motion to dismiss the federal district court action asserting that the governing statute requires that the issue must first be arbitrated. All briefs have been submitted. Absent a resolution, we expect the Bankruptcy Court to set an argument schedule at another hearing set for August 19, 2015. We believe our 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, CEOC’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCEN”), stating that FinCEN 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, we were informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of CEC and its subsidiaries had been initiated. CEC and Caesars Palace have been 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 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 have a limited impact on CEC’s financial results. Caesars 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 Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued authoritative guidance amending the FASB Accounting Standards Codification and creating a new Topic 606, Revenue from Contracts with Customers . The new guidance is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for United States GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Existing industry guidance will be eliminated, including revenue recognition guidance specific to the gaming industry. In addition, interim and annual disclosures will be substantially revised. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. Early adoption is not permitted. We will adopt this standard effective January 1, 2017. We are currently assessing the impact the adoption of this standard will have on our disclosures and results of operations. In August 2014, the FASB issued authoritative guidance amending the existing requirements for disclosing information about an entity’s ability to continue as a going concern. This guidance explicitly requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. This guidance is effective for annual reporting periods ending after December 15, 2016, and for annual and interim reporting periods thereafter. Early adoption is permitted. We are currently assessing the impact the adoption of this standard will have and expect to adopt this standard effective for our year ending December 31, 2016. In April 2015, the 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. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those reporting periods. Early adoption is permitted and should be applied retrospectively. We adopted this standard effective for our quarter ended June 30, 2015. As of December 31, 2014 , we have reclassified $204 million of unamortized debt issuance costs from deferred charges and other assets to long-term debt in our Consolidated Condensed Balance Sheets. See Note 12 . |
Dispositions and Divestitures (
Dispositions and Divestitures (Notes) | 6 Months Ended |
Jun. 30, 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 primarily include the following properties, which were owned by CEOC and were deconsolidated 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 June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Net revenues Showboat Atlantic City $ — $ 46 $ — $ 82 Harrah’s Tunica — 14 — 46 Other — — — 2 Total net revenues $ — $ 60 $ — $ 130 Pre-tax loss from operations Showboat Atlantic City $ — $ (4 ) $ (6 ) $ (12 ) Harrah’s Tunica — (26 ) — (96 ) Other — (17 ) (1 ) (34 ) Total pre-tax loss from discontinued operations $ — $ (47 ) $ (7 ) $ (142 ) Loss, net of income taxes Showboat Atlantic City $ — $ (3 ) $ (6 ) $ 1 Harrah’s Tunica — (26 ) — (96 ) Other — (16 ) (1 ) (34 ) Total loss from discontinued operations, net of income taxes $ — $ (45 ) $ (7 ) $ (129 ) |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment (In millions) June 30, 2015 December 31, 2014 Land and land improvements $ 3,578 $ 6,218 Buildings, riverboats, and improvements 4,020 7,506 Furniture, fixtures, and equipment 1,254 2,685 Construction in progress 148 302 Total property and equipment 9,000 16,711 Less: accumulated depreciation (1,345 ) (3,255 ) Total property and equipment, net $ 7,655 $ 13,456 Capitalized interest was $9 million for the six months ended June 30, 2015 , primarily related to the Atlantic City Convention and Meeting Center construction and room renovation at The LINQ Hotel & Casino and Bally’s Hotel & Casino. Capitalized interest was $29 million for the six months ended June 30, 2014, primarily related to The LINQ Promenade and Horseshoe Baltimore. Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Depreciation expense (1) $ 72 $ 140 $ 148 $ 269 ____________________ (1) Included in depreciation and amortization, corporate expense, and income/(loss) from discontinued operations Tangible Asset Impairments Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Continuing operations $ — $ 4 $ — $ 8 Discontinued operations — — — 68 Total $ — $ 4 $ — $ 76 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 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 (46 ) — — CEOC goodwill and intangible assets (152 ) (673 ) (2,366 ) Balance as of June 30, 2015 $ 438 $ 1,693 $ 148 During the six months ended June 30, 2014 , we recorded impairment charges of $42 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. During the six months ended June 30, 2015 , we incurred no impairment charges related to goodwill or other intangible assets. We were not able to finalize our impairment assessment related to the goodwill of certain properties that had a triggering event in the fourth quarter of 2014. During the first quarter of 2015, we completed our fair value analysis, which confirmed there was no additional goodwill impairment required as of December 31, 2014. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2015 December 31, 2014 (Dollars in millions) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 5.9 $ 893 $ (536 ) $ 357 $ 1,265 $ (736 ) $ 529 Contract rights 9.6 3 (1 ) 2 84 (81 ) 3 Developed technology 2.6 118 (62 ) 56 188 (109 ) 79 Gaming rights 9.1 43 (20 ) 23 47 (22 ) 25 $ 1,057 $ (619 ) 438 $ 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 $ 586 $ 3,150 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Investments (In millions) Balance Level 1 Level 2 Level 3 June 30, 2015 Assets: Equity securities $ 4 $ 4 $ — $ — Government bonds 68 — 68 — Total assets at fair value $ 72 $ 4 $ 68 $ — 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 June 30, 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 Caesars 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 June 30, Six Months Ended June 30, Derivatives not designated as hedging instruments Location of Loss Recognized in Net Loss 2015 2014 2015 2014 Net periodic cash settlements and accrued interest (1) Interest expense $ — $ 44 $ — $ 88 Total expense related to derivatives Interest expense — — 7 9 ___________________ (1) The derivative settlements under the terms of the interest rate swap agreements were recognized as interest expense and were paid monthly or quarterly prior to their expiration in January 2015. Items Measured at Fair Value on a Non-recurring Basis We had contingent earnout liabilities totaling $66 million as of December 31, 2014 , primarily related to the CIE acquisition of Pacific Interactive. The liabilities were paid during the first and second quarter of 2015. We classify the items measured at fair value on a non-recurring basis within level 3 in the fair value hierarchy. |
Contractual Commitments Contrac
Contractual Commitments Contractual Commitments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Contractual Commitments and Contingent Liabilities Contractual Commitments During the six months ended June 30, 2015 , we have not entered into any material contractual commitments outside of the ordinary course of business that have materially changed our contractual commitments as compared to December 31, 2014 . Interest Payments As of June 30, 2015 , our estimated interest payments for the rest of the year ending December 31, 2015 are $290 million , for the years ended December 31, 2016 through 2019 are $571 million , $585 million , $603 million , and $614 million , respectively, and $827 million in total thereafter through maturity. See Note 12 for details of our debt outstanding. Contingent Liabilities Self-Insurance Prior to the deconsolidation of CEOC, we were self-insured for employee medical (health, dental and vision) and risk insurance, including workers compensation, and our insurance claims and reserves included accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. As of December 31, 2014 , we had total self-insurance liability accruals of $185 million . We continue to be self-insured for workers compensation and other risk insurance as of June 30, 2015 , with a total estimated self-insurance liability of $164 million , and estimated employee medical insurance claims of $15 million have been funded as of June 30, 2015 . Deferred Compensation and Employee Benefits Deferred Compensation Plans As of June 30, 2015 , certain current and former employees of Caesars, 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 Caesars’ consolidated financial statements as liabilities due to the consolidation of CEOC. As of June 30, 2015 , Caesars has recorded in the accompanying financial statements $48 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 Caesars has not recorded is approximately $28 million , as it was determined that this portion of the liability was attributable to CEOC. 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 approximately $66 million as of June 30, 2015 , and amounts held pursuant to the escrow agreement were approximately $56 million as of June 30, 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 the propriety of the funds that were contributed in accordance with the agreement. The amounts recorded as assets and liabilities are based upon Caesars’ 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 Caesars, 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 Caesars’ 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. Caesars believes that it may have claims to all or some portion of the assets held pursuant to the escrow agreement. CEOC Reorganization As described in Note 4 , the Debtors voluntarily filed for reorganization under Chapter 11 in January 2015 as contemplated by the Third Amended and Restated Restructuring Support and Forbearance Agreement entered into by CEC, CEOC and certain holders of claims in respect of claims under CEOC’s first lien notes and other indebtedness (the “First Lien Bond RSA”). Under the proposed restructuring plan contemplated by the First Lien Bond RSA, CEC will make substantial cash and other contributions as part of implementing the ultimate restructuring plan when it is voted on by the applicable parties and approved by the Bankruptcy Court. CEC 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 and CAC will allow CEC to make these contributions without the need for any significant outside financing. If the merger with CAC is not completed for any reason, CEC would still be liable for these contributions. On July 20, 2015 (see Note 19 ), CEC and CEOC entered into a restructuring agreement with holders of a significant amount of CEOC’s second-lien notes (the “Second Lien Bond RSA”). The Second Lien Bond RSA provides for a substantial improvement in recoveries for second lien noteholders and adds to the group of creditors supporting CEOC’s restructuring plan. The Second Lien Bond RSA will go effective when holders owning greater than 50% of second lien debt sign the agreement. Pursuant to the Second Lien Bond RSA, second lien noteholders who sign the agreement by the date holders owning greater than 50% of second lien debt sign the agreement (or 10 days after such date if occurring before August 19, 2015), shall receive a forbearance fee. Holders eligible to receive the fee will receive their pro rata share of at least $200 million in convertible notes to be issued by CEC in consideration for forbearing in respect to certain alleged defaults. These holders also have the potential to receive an additional $200 million of convertible notes either directly or through an enhanced class recovery as outlined more fully below. In connection with the Second Lien Bond RSA, CEC and CEOC agreed to several improvements from the First Lien Bond RSA announced in January 2015, as follows: • CEC will contribute an additional $200 million of CEC convertible notes to the class of second lien noteholders if the class votes in favor of CEOC’s plan of reorganization. If the class does not vote in favor, the additional notes shall be distributed to second lien noteholders who have signed the Second Lien Bond RSA as an additional fee; • CEC will contribute approximately 5% common equity stake in PropCo (or cash) to the class of second lien noteholders; • CEC will contribute an additional approximately 5% common equity stake in PropCo (or cash) to the class of second lien noteholders if the class of second lien noteholders votes in favor of CEOC’s plan of reorganization. If the class does not vote in favor, the additional equity (or cash) shall be distributed to second lien noteholders who have signed the Second Lien Bond RSA as an additional fee; • Under certain conditions, second lien noteholders will have the opportunity to purchase, at plan value, a minimum of 2.5% of the PropCo Common Stock to be issued to first lien noteholders and a maximum of 100% of such stock; • CEC has agreed to grant PropCo a call right to purchase the real estate associated with Harrah’s New Orleans, consistent with the previously granted call right granted for the real estate underlying Harrah’s Atlantic City and Harrah’s Laughlin. Except as detailed above, the Second Lien Bond RSA with the group of second-lien noteholders is consistent with the First Lien Bond RSA. The restructuring plan is subject to approval by the bankruptcy court and the receipt of required gaming regulatory approvals. 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. On July 31, 2015, CEC and CEOC amended and restated the First Lien Bond RSA with certain holders of claims in respect of claims under CEOC’s first lien notes and other indebtedness. Under the proposed restructuring plan contemplated by the amended and restated First Lien Bond RSA, CEC will, in addition to the contributions highlighted above, (a) pay to the first lien note holders upon the Debtors’ emergence from bankruptcy an amount equal to $25 million per month starting February 1, 2016 through the Debtors’ emergence from bankruptcy, (b) purchase from bank lenders that vote in favor of the plan of reorganization any claims of such bank lenders that survive the bankruptcy for an amount equal to 6.5% per annum (increasing by 25 basis points per quarter starting October 1, 2015 to a maximum of 8.1%) of the principal amount of such bank lenders’ claims immediately prior to the Debtors’ emergence from bankruptcy, less adequate protection payments received, and (c) guarantee the OpCo debt in addition to the lease payments. Should a majority of the subject bank lenders vote in favor of the plan, CEC may be required to record a material liability for such anticipated payments. We estimate this amount could be between $102 million and $561 million . These amounts are subject to change based upon the timing of the emergence of the Debtors from bankruptcy and the number of bank lenders voting in favor of the plan. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Summary of Debt by Financing Structure June 30, 2015 December 31, 2014 (In millions) Face Value Book Value Book Value CEOC $ — $ — $ 15,930 CERP 4,728 4,655 4,754 CGP 2,436 2,366 2,312 CEC 3 3 13 Total Debt 7,167 7,024 23,009 Current Portion of Long-Term Debt (222 ) (222 ) (15,779 ) Long-Term Debt $ 6,945 $ 6,802 $ 7,230 Current Portion of Long-Term Debt The current portion of long-term debt is $222 million as of June 30, 2015 . For CERP, the current portion of long-term debt is $133 million , which includes $95 million outstanding under CERP’s revolving credit facility as well as principal payments on its senior secured loan, other unsecured borrowings, and capitalized lease obligations. For CGP, the current portion of long-term debt is $86 million , which includes $60 million outstanding under the CGPH revolving credit facility as well as principal payments on term loans, special improvement district bonds, and various capitalized lease obligations. Borrowings under the revolving credit facilities are each subject to separate note agreements executed based on the provisions of the applicable credit facility agreements, and each note has a contractual maturity of less than one year. The applicable credit facility agreements each have a contractual maturity of greater than one year and we have the ability to rollover the outstanding principal balances on a long-term basis; however, we currently intend to repay the principal balances within the following 12 months. Amounts borrowed under the revolving credit facilities are intended to satisfy short term liquidity needs and are classified as current. Debt Discounts and Deferred Finance Charges Debt discounts and deferred finance charges 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 are written off and included in our gain or loss calculations to the extent we retire debt prior to its original maturity date. As described in Note 6 , “ Recently Issued Accounting Pronouncements ,” we adopted authoritative guidance amending the existing requirements for the presentation of debt issuance costs. As of June 30, 2015 and December 31, 2014 , book values of debt are presented net of total unamortized discounts of $111 million and $2.4 billion , respectively, and total unamortized debt deferred finance charges of $32 million and $204 million , respectively. Fair Value As of June 30, 2015 and December 31, 2014 , our outstanding debt had fair values of $6.4 billion and $17.5 billion , respectively, and face values of $7.2 billion and $25.6 billion , respectively. We estimated the fair value of debt based on borrowing rates available as of June 30, 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 June 30, 2015 . December 31, 2014 (In millions) Book Value Credit Facilities (1) $ 5,106 Secured Debt 9,884 Subsidiary-Guaranteed Debt 477 Unsecured Senior Debt 463 Other Unsecured Borrowings 77 Total CEOC Debt 16,007 Additional Debt Discount (77 ) Total CEOC Debt, as consolidated $ 15,930 ___________________ (1) CEC guarantees collection of amounts under the CEOC Credit Facilities (see Note 1 ) CERP Debt June 30, 2015 December 31, 2014 Detail of Debt (Dollars in millions) Final Maturity Rate(s) Face Value Book Value Book Value Secured Debt CERP Term Loan 2020 7.00% $ 2,463 $ 2,411 $ 2,420 CERP Revolving Credit Facility 2018 various 95 95 180 CERP First Lien Notes 2020 8.00% 1,000 991 990 CERP Second Lien Notes 2021 11.00% 1,150 1,138 1,137 Capitalized Lease Obligations to 2017 various 9 9 13 Other Unsecured Borrowings Other 2016 0.00% - 6.00% 11 11 14 Total CERP Debt 4,728 4,655 4,754 Current Portion of CERP Long-Term Debt (133 ) (133 ) (39 ) CERP Long-Term Debt $ 4,595 $ 4,522 $ 4,715 CERP Financing CERP Credit Facilities As of June 30, 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. As of June 30, 2015 , $95 million of borrowings were outstanding under the CERP revolving credit facility, and no amounts were committed to outstanding letters of credit. CERP Notes As of June 30, 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 (“CERP First Lien Notes”) and (ii) $1.2 billion aggregate principal amount of 11.0% second-priority senior secured notes due 2021 (“CERP Second Lien Notes”). CERP pledged a significant portion of its assets as collateral under the CERP Senior Secured Credit Facilities and the CERP Notes. Registration Statement In connection with the CERP Financing, 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, CERP incurred additional interest on the Initial CERP Notes of $2 million . Upon the consummation of the exchange offer on March 18, 2015, the Initial CERP Notes were exchanged and replaced with the CERP Notes. The terms of the CERP Notes are substantially identical to that of the Initial CERP Notes, except that the CERP Notes have no transfer restrictions or registration rights. The CERP Notes are co-issued, as well as fully and unconditionally guaranteed, jointly and severally, by CERP and each of its subsidiaries on a senior secured basis. CERP is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. CERP Restrictive Covenants The CERP Notes and CERP Credit Facilities include negative covenants, subject to certain exceptions, 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”). CERP is in compliance with the CERP Credit Facilities covenant as of June 30, 2015 . CGP Debt June 30, 2015 December 31, 2014 Detail of Debt (Dollars in millions) Final Maturity Rate(s) Face Value Book Value Book Value Secured Debt CGPH Term Loan (1) 2021 6.25% $ 1,163 $ 1,129 $ 1,133 CGPH Notes (1) 2022 9.38% 675 660 659 Horseshoe Baltimore Credit and FF&E Facilities to 2020 8.25% - 8.75% 330 316 316 Cromwell Credit Facility 2019 11.00% 183 177 178 Capital Lease Obligations to 2017 various 2 2 4 CGPH Revolving Credit Facility 2019 5.44% 60 60 — Other 2018 8.00% 5 4 4 Other Unsecured Borrowings Special Improvement District Bonds 2037 5.30% 14 14 14 Other 2016 various 4 4 4 Total CGP Debt (2) 2,436 2,366 2,312 Current Portion of CGP Long-Term Debt (86 ) (86 ) (20 ) CGP Long-Term Debt $ 2,350 $ 2,280 $ 2,292 ____________________ (1) Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries (2) As of June 30, 2015 , CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. CGPH Term Loan Credit Agreement As of June 30, 2015 , the CGPH Term Loan Credit Agreement provided for the CGPH Term Loan with a face value of $1.2 billion and a $150 million revolving credit facility. As of June 30, 2015 , $60 million of borrowings were outstanding under the CGPH revolving credit facility, and no material amounts were committed to outstanding letters of credit. The CGPH Term Loan is guaranteed by the direct parent of CGPH and certain subsidiaries of CGPH, and is secured by the direct parent’s equity interest in CGPH and substantially all of the existing and future assets of CGPH and the subsidiary guarantors. 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 an 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”). CGP is in compliance with the CGPH Term Loan covenants as of June 30, 2015 . CGPH Notes As of June 30, 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 are secured by substantially all of the existing and future property and assets of CGPH and the subsidiary guarantors (subject to exceptions). None of CEC, CERP, or CEOC guarantee the CGPH Notes. Registration Rights Agreement. In connection with the issuance of the CGPH Notes, CGPH committed to register the CGPH Notes by April 17, 2015, which were originally issued pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Initial CGPH Notes”). Accordingly, CGPH filed a registration statement on Form S-4 (the "Registration Statement") on March 30, 2015 and Amendments to such Registration Statement on May 18, 2015 and May 29, 2015. The Registration Statement was declared effective on June 26, 2015 (the “Effective Date”). Since the Effective Date was not on or prior to April 17, 2015, CGPH incurred additional interest on the CGPH Notes beginning April 18, 2015, until the consummation of the exchange offer on July 28, 2015. Upon consummation of the exchange offer, the Initial CGPH Notes that were exchanged were replaced with new notes (the “Exchange Notes” and, together with the Initial CGPH Notes, the “CGPH Notes”), whose terms are substantially identical to that of the Initial CGPH Notes, except that the Exchange Notes have no transfer restrictions or registration rights. The CGPH Notes are guaranteed by CGPH and certain subsidiaries (subject to exceptions). In addition, CGPH is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. Horseshoe Baltimore Credit and FF&E Facilities As of June 30, 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 June 30, 2015 ; and (ii) a $10 million senior secured revolving facility with a five-year maturity, which remained undrawn as of June 30, 2015 . The Horseshoe Baltimore Credit Facility is secured by substantially all material assets of CBAC Borrower, LLC and its wholly-owned domestic subsidiaries. As of June 30, 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 June 30, 2015 , $30 million was outstanding on the Horseshoe Baltimore FF&E Facility. 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 in the first quarter of 2016. Management believes that CGP is in compliance with the Baltimore Credit Facility and Baltimore FF&E Facility covenants as of June 30, 2015 . Cromwell Credit Facility As of June 30, 2015 , The Cromwell holds a $183 million senior secured credit facility (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 “Cromwell EBITDA”). In addition, beginning in the second quarter of 2015, and continuing through the first quarter of 2016, the Cromwell SSLR may not exceed 5.25 to 1.00, defined as the ratio of The Cromwell’s first lien senior secured net debt to Cromwell EBITDA. The Cromwell 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 Cromwell SSLR beginning in the second quarter of 2017 and for each fiscal quarter thereafter, may not exceed 4.75 to 1.00. The Cromwell Credit Facility allows the right to cure noncompliance with the covenant by making a cash cure payment, subject to certain limitations. CGP is in compliance with the Cromwell covenants as of June 30, 2015 . |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 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 Caesars generated net losses for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (In millions, except per share data) 2015 2014 2015 2014 Income/(loss) from continuing operation, net of income taxes 15 (421 ) 6,794 (724 ) Loss from discontinued operation, net of income taxes — (45 ) (7 ) (129 ) Net income/(loss) attributable to Caesars 15 (466 ) 6,787 (853 ) Weighted average common share outstanding 145 144 145 141 Dilutive potential common shares: Stock options 2 — 2 — Weighted average common shares and dilutive potential common shares 147 144 147 141 Basic income/(loss) per share from continuing operations $ 0.10 $ (2.92 ) $ 46.93 $ (5.15 ) Basic loss per share from discontinued operations — (0.32 ) (0.04 ) (0.91 ) Basic income/(loss) per share $ 0.10 $ (3.24 ) $ 46.89 $ (6.06 ) Diluted income/(loss) per share from continuing operations $ 0.10 $ (2.92 ) $ 46.31 $ (5.15 ) Diluted loss per share from discontinued operations — (0.32 ) (0.04 ) (0.91 ) Diluted income/(loss) per share $ 0.10 $ (3.24 ) $ 46.27 $ (6.06 ) Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Stock options 4 6 4 6 Restricted stock units and awards 1 2 — 1 Total anti-dilutive common shares 5 8 4 7 |
Casino Promotional Allowances
Casino Promotional Allowances | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Food and Beverage $ 69 $ 152 $ 140 $ 308 Rooms 57 102 114 206 Other 7 22 35 45 $ 133 $ 276 $ 289 $ 559 Estimated Cost of Providing Casino Promotional Allowances Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Food and Beverage $ 42 $ 114 $ 84 $ 228 Rooms 20 40 40 81 Other 4 14 8 28 $ 66 $ 168 $ 132 $ 337 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Corporate expense $ 23 $ 12 $ 35 $ 19 Property, general, administrative, and other 8 12 22 31 Total stock-based compensation expense $ 31 $ 24 $ 57 $ 50 Stock Option Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at end of period 10,662,153 $ 13.02 9,379,885 $ 13.65 Granted during 2015 1,629,641 10.68 N/A N/A Restricted Stock Unit Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Fair Value Shares Wtd Avg Fair Value Outstanding at end of period 6,297,028 $ 12.48 2,156,727 $ 17.45 Granted during 2015 4,981,883 10.67 N/A N/A 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 $7 million and $20 million for the three and six months ended June 30, 2015 , respectively, and $8 million and $26 million for the three and six months ended June 30, 2014 , respectively. As of the June 30, 2015 and December 31, 2014 , the liability related to outstanding options and warrants was $85 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. Stock Option Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at end of period 13,040 $ 4,862.96 13,279 $ 3,953.85 Granted during 2015 1,325 13,192.23 N/A N/A Restricted Stock Unit Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Fair Value Shares Wtd Avg Fair Value Outstanding at end of period 5,351 $ 7,178.96 5,096 $ 6,494.71 Granted during 2015 701 12,761.81 N/A N/A |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Caesars’ 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. We have utilized a discrete effective tax rate method, as allowed by ASC 740-270 “ Income Taxes, Interim Reporting ”, to calculate taxes for the three and six months ended June 30, 2015 . We 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 and six months ended June 30, 2015 . Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2015 2014 2015 2014 Income tax benefit/(provision) applicable to: Income/(loss) from continuing operations, before income taxes $ 4 $ 167 $ (188 ) $ 309 Discontinued operations $ — $ 2 — 13 Effective tax rate benefit (8.7 )% 30.1 % 2.7 % 31.0 % 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 that were not deemed realizable based upon estimates of future taxable income. The effective tax rate expense for the three months ended June 30, 2015 differed from the expected federal tax expense of 35% primarily due to tax benefits of foreign income taxed at lower rates than the US and tax benefits from noncontrolling interests. The effective rate benefit for the three months ended June 30, 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, the state tax impact of combining the CERP properties for tax purposes, and the tax effect of the CEC sale of CEOC common stock. The effective tax rate expense for the six months ended June 30, 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 six months ended June 30, 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 partially offset by a tax benefit from the reversal of uncertain federal and state tax positions. 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 Repor
Segment Reporting Segment Reporting (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting We view each casino property and CIE as operating segments and currently aggregate all such casino properties and CIE into three reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures: CERP, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. CIE is comprised of the subsidiaries that operate CGP’s social and mobile gaming operations and WSOP. CEOC remained 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 Caesars 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 Caesars results. Three Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Management fees $ — $ — $ — $ — $ 9 $ (9 ) $ — Net revenues — 566 390 186 14 (15 ) 1,141 Depreciation and amortization — 49 38 8 1 — 96 Impairment of intangible and tangible assets — — — — — — — Income/(loss) from operations — 126 44 54 (38 ) — 186 Interest expense — 98 47 1 2 (1 ) 147 Gain on deconsolidation of subsidiary and other — — 1 — 7 (1 ) 7 Income tax benefit/(provision) from continuing operations — (11 ) — (14 ) 29 — 4 ____________________ (1) Includes foreign net revenues of $148 million Three Months Ended June 30, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Management fees $ 24 $ — $ — $ — $ — $ (9 ) $ 15 Net revenues 1,229 538 294 145 40 (106 ) 2,140 Depreciation and amortization 66 56 26 7 3 (1 ) 157 Impairment of intangible and tangible assets (3 ) — — — 20 — 17 Income/(loss) from operations 59 69 48 (3 ) (52 ) 6 127 Interest expense 528 99 61 1 — (35 ) 654 Other gains/(losses) 2 — 28 — (16 ) (41 ) (27 ) Income tax benefit/(provision) from continuing operations 207 (1 ) (4 ) 19 (54 ) — 167 ____________________ (1) Includes foreign net revenues of $72 million (2) Includes foreign net revenues of $105 million Six Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Management fees $ 4 $ — $ — $ — $ 9 $ (11 ) $ 2 Net revenues 164 1,095 780 363 18 (25 ) 2,395 Depreciation and amortization 11 99 71 16 1 — 198 Impairment of intangible and tangible assets — — — — — — — Income/(loss) from operations 9 233 208 95 (215 ) — 330 Interest expense 87 200 94 3 3 (3 ) 384 Gain on deconsolidation of subsidiary and other — — — — 7,099 (3 ) 7,096 Income tax benefit/(provision) from continuing operations — (13 ) — (27 ) (148 ) — (188 ) ____________________ (1) Includes foreign net revenues of $289 million Six Months Ended June 30, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Management fees $ 40 $ — $ — $ — $ — $ (12 ) $ 28 Net revenues 2,410 1,030 586 269 57 (179 ) 4,173 Depreciation and amortization 138 106 47 14 1 (1 ) 305 Impairment of intangible and tangible assets 30 — — — 20 — 50 Income/(loss) from operations 107 128 8 1 27 6 277 Interest expense 1,052 190 76 2 (1 ) (73 ) 1,246 Other gains/(losses) 3 — 78 — (29 ) (79 ) (27 ) Income tax benefit/(provision) from continuing operations 267 23 (12 ) 18 13 — 309 ____________________ (1) Includes foreign net revenues of $155 million (2) Includes foreign net revenues of $193 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 June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ — $ 126 $ 44 $ 54 $ (38 ) $ — $ 186 Depreciation and amortization — 49 38 8 1 — 96 Write-downs, reserves, and project opening costs, net of recoveries — 1 4 — 19 — 24 Impairment of intangible and tangible assets — — — — — — — Corporate expense — 10 11 — 33 (9 ) 45 Acquisition and integration costs and other — — 3 — (3 ) — — EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ — $ 186 $ 100 $ 62 $ 12 $ (9 ) $ 351 Three Months Ended June 30, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 59 $ 69 $ 48 $ (3 ) $ (52 ) $ 6 $ 127 Depreciation and amortization 66 56 26 7 3 (1 ) 157 Write-downs, reserves, and project opening costs, net of recoveries 43 2 12 — — (5 ) 52 Impairment of intangible and tangible assets (3 ) — — — 20 — 17 Corporate expense 44 19 5 — 1 (1 ) 68 Acquisition and integration costs and other 5 — (22 ) 32 39 — 54 EBITDA attributable to discontinued operations (2 ) — — — — — (2 ) Property EBITDA $ 212 $ 146 $ 69 $ 36 $ 11 $ (1 ) $ 473 Six Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 9 $ 233 $ 208 $ 95 $ (215 ) $ — $ 330 Depreciation and amortization 11 99 71 16 1 — 198 Write-downs, reserves, and project opening costs, net of recoveries 1 2 7 — 56 — 66 Impairment of intangible and tangible assets — — — — — — — Corporate expense 7 22 19 — 52 (9 ) 91 Acquisition and integration costs and other 3 — (115 ) — 118 — 6 EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ 31 $ 356 $ 190 $ 111 $ 12 $ (9 ) $ 691 Six Months Ended June 30, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 107 $ 128 $ 8 $ 1 $ 27 $ 6 $ 277 Depreciation and amortization 138 106 47 14 1 (1 ) 305 Write-downs, reserves, and project opening costs, net of recoveries 47 6 28 — — (5 ) 76 Impairment of intangible and tangible assets 30 — — — 20 — 50 Corporate expense 79 34 6 — 1 (1 ) 119 Acquisition and integration costs and other 16 — 54 33 (38 ) — 65 EBITDA attributable to discontinued operations (6 ) — — (1 ) — — (7 ) Property EBITDA $ 411 $ 274 $ 143 $ 47 $ 11 $ (1 ) $ 885 Condensed Balance Sheets - By Segment As of June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Total assets $ — $ 7,157 $ 4,236 $ 454 $ 1,577 $ (921 ) $ 12,503 Total liabilities — 6,237 2,855 294 277 (168 ) 9,495 ____________________ (1) Includes foreign assets of $259 million and foreign liabilities of $62 million As of December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Total assets $ 11,185 $ 7,152 $ 4,171 $ 546 $ 2,752 $ (2,475 ) $ 23,331 Total liabilities 19,603 6,314 2,965 367 (583 ) (593 ) 28,073 ____________________ (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 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 1 $ 3 $ 4 $ 6 Transactions with CEOC Shared services allocated expenses to CEOC 82 — 157 — Shared services allocated expenses from CEOC 30 — 59 — Management fees 10 — 19 — Octavius Tower lease 9 — 16 — Other transactions 4 — 7 — 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 June 30, 2015 , Hamlet Holdings beneficially owned a majority 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. CEC 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 are included in the table above. 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. Amounts paid to affiliates of the Sponsors are included in the table above. 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 are no longer eliminated in consolidation and are considered related party transactions for Caesars. A summary of these transactions is provided in the table above. Services Joint Venture CES provides certain corporate and administrative services to its Members, and the costs 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. See Note 1 , “ Organization .” Insurance Coverage Prior to the deconsolidation of CEOC, we were self-insured for employee medical (health, dental and vision) and risk insurance, including workers compensation, and our insurance claims and reserves included accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. We continue to be self-insured for workers compensation and other risk insurance as of June 30, 2015 . Caesars Entertainment provides insurance coverage to CEOC and receives insurance premiums on an installment basis, which are intended to cover claims processed on CEOC’s behalf. We prepay CEOC for estimated employee medical insurance claims. CEOC Shared Services Agreement Pursuant to a shared services agreement, CEOC provided Caesars with certain corporate and administrative services, and the costs of these services were allocated to Caesars. Management Fees CGP pays 50% of the ongoing management fee to CEOC for the CGP 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 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 revenues 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. LINQ Access and Parking Easement Lease Agreement Under the LINQ Access and Parking Easement lease agreement, CEOC leases the parking lot behind The LINQ promenade and The LINQ Hotel to CERP and CGP. Together, CERP and CGP pay approximately $2 million annually, subject to a 3% annual increase through expiration in April 2028. Service Provider Fee CEOC, CERP and CGP have a shared services agreement under which CERP and CGP pay for certain indirect corporate support costs. CEOC is authorized to charge CERP and CGP for an amount equal to 24.6% and 5.4% , respectively, of unallocated corporate support costs. 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 Caesars’ Total Rewards loyalty program. CEOC also receives a revenue share from CIE for customer referrals. Stock-Based Compensation Caesars 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). Due from/to Affiliates Amounts due to or from affiliates for each counterparty represent the net receivable or payable as of the end of the reporting period primarily resulting from the transactions described above and are settled on a net basis by each counterparty in accordance with the legal and contractual restrictions governing transactions by and among Caesars’ consolidated entities and CEOC. The amount due from CEOC represents the maximum exposure to loss as a result of Caesars’ involvement with CEOC As of June 30, 2015 , due from affiliates was $24 million and represented a receivable due to CES from CEOC for shared services performed on behalf of CEOC. As of June 30, 2015 , due to affiliates was $24 million and represented a payable due to CEOC, primarily from CGP and CEC (the parent entity) for shared services performed on their behalf. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Restructuring Agreement On July 20, 2015, we filed a Current Report on Form 8-K announcing that CEC and CEOC entered into a restructuring agreement with holders of a significant amount of CEOC’s second-lien notes. This agreement provides for a substantial improvement in recoveries for second lien noteholders and adds to the group of creditors supporting CEOC’s restructuring plan. The agreement will go effective when holders owning greater than 50% of second lien debt sign the agreement. See Note 11 . On August 3, 2015, we filed a Current Report on Form 8-K announcing that CEC and CEOC entered into an amended and restated First Lien Bond RSA. This agreement provides for a revised set of case milestones in addition to several significant enhancements to the transaction for the benefit of all creditors, including the first lien noteholders, first lien bank lenders and non-first lien noteholders. See Note 11 . |
Basis of Presentation and Con26
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Policies) | 6 Months Ended |
Jun. 30, 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 Caesars 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. 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 June 30, 2015 . Certain immaterial prior year amounts have been reclassified to conform to the current year’s presentation. The financial information for the six months ended June 30, 2014 reflects the results of operations and cash flows of the Showboat Atlantic City casino as discontinued operations consistent with the current period presentation. |
Segment Reporting Segment Rep27
Segment Reporting Segment Reporting (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We view each casino property and CIE as operating segments and currently aggregate all such casino properties and CIE into three reportable segments based on management’s view of these properties, which aligns with their ownership and underlying credit structures: CERP, CGP Casinos, and CIE. CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. CIE is comprised of the subsidiaries that operate CGP’s social and mobile gaming operations and WSOP. CEOC remained 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 Caesars 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. |
Organization Organization - Gua
Organization Organization - Guarantee of Collection (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantee of Collection [Table Text Block] | (In millions) June 30, 2015 Maturities of debt guaranteed by such guarantee of collection, total $ 5,354 Estimated contractual interest payments guaranteed by such guarantee of collection, annually (1) 426 ____________________ (1) Quarterly payments are normally scheduled to be paid on January 2nd, April 2nd, July 2nd, and October 2nd. The last quarterly payment was made on January 2nd, 2015. Payments have been stayed due to the CEOC bankruptcy. See Note 4 . |
Liquidity Considerations Liquid
Liquidity Considerations Liquidity Considerations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Liquidity Considerations [Abstract] | |
Liquidity [Table Text Block] | Cash and Available Revolver Capacity June 30, 2015 (In millions) CERP CES CGP Parent Cash and cash equivalents $ 206 $ 99 $ 891 $ 383 Revolver capacity 270 — 160 — Revolver capacity drawn or committed to letters of credit (95 ) — (60 ) — Total $ 381 $ 99 $ 991 $ 383 |
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 $ 20 $ 131 $ 27 $ 25 $ 25 $ 4,500 $ 4,728 CGP 27 71 23 27 203 2,085 2,436 Total $ 47 $ 202 $ 50 $ 52 $ 228 $ 6,585 $ 7,164 |
Schedule of Estimated Interest Payments [Table Text Block] | Future Estimated Interest Payments (In millions) 2015 2016 2017 2018 2019 Thereafter Total CERP $ 195 $ 384 $ 395 $ 405 $ 412 $ 497 $ 2,288 CGP 95 187 190 198 202 330 1,202 Total $ 290 $ 571 $ 585 $ 603 $ 614 $ 827 $ 3,490 |
Dispositions and Divestitures30
Dispositions and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Discontinued Operations | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Net revenues Showboat Atlantic City $ — $ 46 $ — $ 82 Harrah’s Tunica — 14 — 46 Other — — — 2 Total net revenues $ — $ 60 $ — $ 130 Pre-tax loss from operations Showboat Atlantic City $ — $ (4 ) $ (6 ) $ (12 ) Harrah’s Tunica — (26 ) — (96 ) Other — (17 ) (1 ) (34 ) Total pre-tax loss from discontinued operations $ — $ (47 ) $ (7 ) $ (142 ) Loss, net of income taxes Showboat Atlantic City $ — $ (3 ) $ (6 ) $ 1 Harrah’s Tunica — (26 ) — (96 ) Other — (16 ) (1 ) (34 ) Total loss from discontinued operations, net of income taxes $ — $ (45 ) $ (7 ) $ (129 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (In millions) June 30, 2015 December 31, 2014 Land and land improvements $ 3,578 $ 6,218 Buildings, riverboats, and improvements 4,020 7,506 Furniture, fixtures, and equipment 1,254 2,685 Construction in progress 148 302 Total property and equipment 9,000 16,711 Less: accumulated depreciation (1,345 ) (3,255 ) Total property and equipment, net $ 7,655 $ 13,456 |
Depreciation Expense | Depreciation Expense Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Depreciation expense (1) $ 72 $ 140 $ 148 $ 269 ____________________ (1) Included in depreciation and amortization, corporate expense, and income/(loss) from discontinued operations |
Tangible Asset Impairments [Table Text Block] | Tangible Asset Impairments Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Continuing operations $ — $ 4 $ — $ 8 Discontinued operations — — — 68 Total $ — $ 4 $ — $ 76 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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 (46 ) — — CEOC goodwill and intangible assets (152 ) (673 ) (2,366 ) Balance as of June 30, 2015 $ 438 $ 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 June 30, 2015 December 31, 2014 (Dollars in millions) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 5.9 $ 893 $ (536 ) $ 357 $ 1,265 $ (736 ) $ 529 Contract rights 9.6 3 (1 ) 2 84 (81 ) 3 Developed technology 2.6 118 (62 ) 56 188 (109 ) 79 Gaming rights 9.1 43 (20 ) 23 47 (22 ) 25 $ 1,057 $ (619 ) 438 $ 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 $ 586 $ 3,150 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Items Measured at Fair Value on a Recurring Basis | Investments (In millions) Balance Level 1 Level 2 Level 3 June 30, 2015 Assets: Equity securities $ 4 $ 4 $ — $ — Government bonds 68 — 68 — Total assets at fair value $ 72 $ 4 $ 68 $ — 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 June 30, Six Months Ended June 30, Derivatives not designated as hedging instruments Location of Loss Recognized in Net Loss 2015 2014 2015 2014 Net periodic cash settlements and accrued interest (1) Interest expense $ — $ 44 $ — $ 88 Total expense related to derivatives Interest expense — — 7 9 ___________________ (1) The derivative settlements under the terms of the interest rate swap agreements were recognized as interest expense and were paid monthly or quarterly |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | Summary of Debt by Financing Structure June 30, 2015 December 31, 2014 (In millions) Face Value Book Value Book Value CEOC $ — $ — $ 15,930 CERP 4,728 4,655 4,754 CGP 2,436 2,366 2,312 CEC 3 3 13 Total Debt 7,167 7,024 23,009 Current Portion of Long-Term Debt (222 ) (222 ) (15,779 ) Long-Term Debt $ 6,945 $ 6,802 $ 7,230 |
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 June 30, 2015 . December 31, 2014 (In millions) Book Value Credit Facilities (1) $ 5,106 Secured Debt 9,884 Subsidiary-Guaranteed Debt 477 Unsecured Senior Debt 463 Other Unsecured Borrowings 77 Total CEOC Debt 16,007 Additional Debt Discount (77 ) Total CEOC Debt, as consolidated $ 15,930 ___________________ (1) CEC guarantees collection of amounts under the CEOC Credit Facilities (see Note 1 ) |
Outstanding Debt CERP [Table Text Block] | CERP Debt June 30, 2015 December 31, 2014 Detail of Debt (Dollars in millions) Final Maturity Rate(s) Face Value Book Value Book Value Secured Debt CERP Term Loan 2020 7.00% $ 2,463 $ 2,411 $ 2,420 CERP Revolving Credit Facility 2018 various 95 95 180 CERP First Lien Notes 2020 8.00% 1,000 991 990 CERP Second Lien Notes 2021 11.00% 1,150 1,138 1,137 Capitalized Lease Obligations to 2017 various 9 9 13 Other Unsecured Borrowings Other 2016 0.00% - 6.00% 11 11 14 Total CERP Debt 4,728 4,655 4,754 Current Portion of CERP Long-Term Debt (133 ) (133 ) (39 ) CERP Long-Term Debt $ 4,595 $ 4,522 $ 4,715 |
Outstanding Debt CGP [Table Text Block] | CGP Debt June 30, 2015 December 31, 2014 Detail of Debt (Dollars in millions) Final Maturity Rate(s) Face Value Book Value Book Value Secured Debt CGPH Term Loan (1) 2021 6.25% $ 1,163 $ 1,129 $ 1,133 CGPH Notes (1) 2022 9.38% 675 660 659 Horseshoe Baltimore Credit and FF&E Facilities to 2020 8.25% - 8.75% 330 316 316 Cromwell Credit Facility 2019 11.00% 183 177 178 Capital Lease Obligations to 2017 various 2 2 4 CGPH Revolving Credit Facility 2019 5.44% 60 60 — Other 2018 8.00% 5 4 4 Other Unsecured Borrowings Special Improvement District Bonds 2037 5.30% 14 14 14 Other 2016 various 4 4 4 Total CGP Debt (2) 2,436 2,366 2,312 Current Portion of CGP Long-Term Debt (86 ) (86 ) (20 ) CGP Long-Term Debt $ 2,350 $ 2,280 $ 2,292 ____________________ (1) Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries (2) As of June 30, 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 P35
Earnings Per Share Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In millions, except per share data) 2015 2014 2015 2014 Income/(loss) from continuing operation, net of income taxes 15 (421 ) 6,794 (724 ) Loss from discontinued operation, net of income taxes — (45 ) (7 ) (129 ) Net income/(loss) attributable to Caesars 15 (466 ) 6,787 (853 ) Weighted average common share outstanding 145 144 145 141 Dilutive potential common shares: Stock options 2 — 2 — Weighted average common shares and dilutive potential common shares 147 144 147 141 Basic income/(loss) per share from continuing operations $ 0.10 $ (2.92 ) $ 46.93 $ (5.15 ) Basic loss per share from discontinued operations — (0.32 ) (0.04 ) (0.91 ) Basic income/(loss) per share $ 0.10 $ (3.24 ) $ 46.89 $ (6.06 ) Diluted income/(loss) per share from continuing operations $ 0.10 $ (2.92 ) $ 46.31 $ (5.15 ) Diluted loss per share from discontinued operations — (0.32 ) (0.04 ) (0.91 ) Diluted income/(loss) per share $ 0.10 $ (3.24 ) $ 46.27 $ (6.06 ) |
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 June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Stock options 4 6 4 6 Restricted stock units and awards 1 2 — 1 Total anti-dilutive common shares 5 8 4 7 |
Casino Promotional Allowances (
Casino Promotional Allowances (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Promotional Allowance [Abstract] | |
Casino Promotional Allowance Retail Value [Table Text Block] | Estimated Retail Value of Casino Promotional Allowances Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Food and Beverage $ 69 $ 152 $ 140 $ 308 Rooms 57 102 114 206 Other 7 22 35 45 $ 133 $ 276 $ 289 $ 559 |
Casino Promotional Allowance Estimated Cost [Table Text Block] | Estimated Cost of Providing Casino Promotional Allowances Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Food and Beverage $ 42 $ 114 $ 84 $ 228 Rooms 20 40 40 81 Other 4 14 8 28 $ 66 $ 168 $ 132 $ 337 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Corporate expense $ 23 $ 12 $ 35 $ 19 Property, general, administrative, and other 8 12 22 31 Total stock-based compensation expense $ 31 $ 24 $ 57 $ 50 |
Schedule of Share-based Compensation, Activity [Table Text Block] | Stock Option Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at end of period 10,662,153 $ 13.02 9,379,885 $ 13.65 Granted during 2015 1,629,641 10.68 N/A N/A Restricted Stock Unit Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Fair Value Shares Wtd Avg Fair Value Outstanding at end of period 6,297,028 $ 12.48 2,156,727 $ 17.45 Granted during 2015 4,981,883 10.67 N/A N/A |
Schedule of Share-based Compensation, Activity, CIE [Table Text Block] | Stock Option Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at end of period 13,040 $ 4,862.96 13,279 $ 3,953.85 Granted during 2015 1,325 13,192.23 N/A N/A Restricted Stock Unit Activity June 30, 2015 December 31, 2014 Shares Wtd Avg Fair Value Shares Wtd Avg Fair Value Outstanding at end of period 5,351 $ 7,178.96 5,096 $ 6,494.71 Granted during 2015 701 12,761.81 N/A N/A |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Allocation of Total Income Taxes | Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2015 2014 2015 2014 Income tax benefit/(provision) applicable to: Income/(loss) from continuing operations, before income taxes $ 4 $ 167 $ (188 ) $ 309 Discontinued operations $ — $ 2 — 13 Effective tax rate benefit (8.7 )% 30.1 % 2.7 % 31.0 % |
Segment Reporting Segment Rep39
Segment Reporting Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Income Statement [Table Text Block] | Three Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Management fees $ — $ — $ — $ — $ 9 $ (9 ) $ — Net revenues — 566 390 186 14 (15 ) 1,141 Depreciation and amortization — 49 38 8 1 — 96 Impairment of intangible and tangible assets — — — — — — — Income/(loss) from operations — 126 44 54 (38 ) — 186 Interest expense — 98 47 1 2 (1 ) 147 Gain on deconsolidation of subsidiary and other — — 1 — 7 (1 ) 7 Income tax benefit/(provision) from continuing operations — (11 ) — (14 ) 29 — 4 ____________________ (1) Includes foreign net revenues of $148 million Three Months Ended June 30, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Management fees $ 24 $ — $ — $ — $ — $ (9 ) $ 15 Net revenues 1,229 538 294 145 40 (106 ) 2,140 Depreciation and amortization 66 56 26 7 3 (1 ) 157 Impairment of intangible and tangible assets (3 ) — — — 20 — 17 Income/(loss) from operations 59 69 48 (3 ) (52 ) 6 127 Interest expense 528 99 61 1 — (35 ) 654 Other gains/(losses) 2 — 28 — (16 ) (41 ) (27 ) Income tax benefit/(provision) from continuing operations 207 (1 ) (4 ) 19 (54 ) — 167 ____________________ (1) Includes foreign net revenues of $72 million (2) Includes foreign net revenues of $105 million Six Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Management fees $ 4 $ — $ — $ — $ 9 $ (11 ) $ 2 Net revenues 164 1,095 780 363 18 (25 ) 2,395 Depreciation and amortization 11 99 71 16 1 — 198 Impairment of intangible and tangible assets — — — — — — — Income/(loss) from operations 9 233 208 95 (215 ) — 330 Interest expense 87 200 94 3 3 (3 ) 384 Gain on deconsolidation of subsidiary and other — — — — 7,099 (3 ) 7,096 Income tax benefit/(provision) from continuing operations — (13 ) — (27 ) (148 ) — (188 ) ____________________ (1) Includes foreign net revenues of $289 million Six Months Ended June 30, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Management fees $ 40 $ — $ — $ — $ — $ (12 ) $ 28 Net revenues 2,410 1,030 586 269 57 (179 ) 4,173 Depreciation and amortization 138 106 47 14 1 (1 ) 305 Impairment of intangible and tangible assets 30 — — — 20 — 50 Income/(loss) from operations 107 128 8 1 27 6 277 Interest expense 1,052 190 76 2 (1 ) (73 ) 1,246 Other gains/(losses) 3 — 78 — (29 ) (79 ) (27 ) Income tax benefit/(provision) from continuing operations 267 23 (12 ) 18 13 — 309 ____________________ (1) Includes foreign net revenues of $155 million (2) Includes foreign net revenues of $193 million |
Segment Reporting Property EBITDA [Table Text Block] | Three Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ — $ 126 $ 44 $ 54 $ (38 ) $ — $ 186 Depreciation and amortization — 49 38 8 1 — 96 Write-downs, reserves, and project opening costs, net of recoveries — 1 4 — 19 — 24 Impairment of intangible and tangible assets — — — — — — — Corporate expense — 10 11 — 33 (9 ) 45 Acquisition and integration costs and other — — 3 — (3 ) — — EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ — $ 186 $ 100 $ 62 $ 12 $ (9 ) $ 351 Three Months Ended June 30, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 59 $ 69 $ 48 $ (3 ) $ (52 ) $ 6 $ 127 Depreciation and amortization 66 56 26 7 3 (1 ) 157 Write-downs, reserves, and project opening costs, net of recoveries 43 2 12 — — (5 ) 52 Impairment of intangible and tangible assets (3 ) — — — 20 — 17 Corporate expense 44 19 5 — 1 (1 ) 68 Acquisition and integration costs and other 5 — (22 ) 32 39 — 54 EBITDA attributable to discontinued operations (2 ) — — — — — (2 ) Property EBITDA $ 212 $ 146 $ 69 $ 36 $ 11 $ (1 ) $ 473 Six Months Ended June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 9 $ 233 $ 208 $ 95 $ (215 ) $ — $ 330 Depreciation and amortization 11 99 71 16 1 — 198 Write-downs, reserves, and project opening costs, net of recoveries 1 2 7 — 56 — 66 Impairment of intangible and tangible assets — — — — — — — Corporate expense 7 22 19 — 52 (9 ) 91 Acquisition and integration costs and other 3 — (115 ) — 118 — 6 EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ 31 $ 356 $ 190 $ 111 $ 12 $ (9 ) $ 691 Six Months Ended June 30, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination Caesars Income/(loss) from operations $ 107 $ 128 $ 8 $ 1 $ 27 $ 6 $ 277 Depreciation and amortization 138 106 47 14 1 (1 ) 305 Write-downs, reserves, and project opening costs, net of recoveries 47 6 28 — — (5 ) 76 Impairment of intangible and tangible assets 30 — — — 20 — 50 Corporate expense 79 34 6 — 1 (1 ) 119 Acquisition and integration costs and other 16 — 54 33 (38 ) — 65 EBITDA attributable to discontinued operations (6 ) — — (1 ) — — (7 ) Property EBITDA $ 411 $ 274 $ 143 $ 47 $ 11 $ (1 ) $ 885 |
Segment Reporting Balance Sheet [Table Text Block] | Condensed Balance Sheets - By Segment As of June 30, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination Caesars Total assets $ — $ 7,157 $ 4,236 $ 454 $ 1,577 $ (921 ) $ 12,503 Total liabilities — 6,237 2,855 294 277 (168 ) 9,495 ____________________ (1) Includes foreign assets of $259 million and foreign liabilities of $62 million As of December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination Caesars Total assets $ 11,185 $ 7,152 $ 4,171 $ 546 $ 2,752 $ (2,475 ) $ 23,331 Total liabilities 19,603 6,314 2,965 367 (583 ) (593 ) 28,073 ____________________ (1) Includes foreign assets of $312 million and foreign liabilities of $183 million (2) Includes foreign assets of $305 million and foreign liabilities of |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 1 $ 3 $ 4 $ 6 Transactions with CEOC Shared services allocated expenses to CEOC 82 — 157 — Shared services allocated expenses from CEOC 30 — 59 — Management fees 10 — 19 — Octavius Tower lease 9 — 16 — Other transactions 4 — 7 — |
Organization Organization- Guar
Organization Organization- Guarantee of Collection (Details) $ in Millions | Jun. 30, 2015USD ($) | |
Payment Guarantee [Member] | ||
Guarantees, Fair Value Disclosure | $ 5,354 | |
Guarantee Type, Other [Member] | ||
Guarantees, Fair Value Disclosure | [1] | $ 426 |
[1] | Quarterly payments are normally scheduled to be paid on January 2nd, April 2nd, July 2nd, and October 2nd. The last quarterly payment was made on January 2nd, 2015. Payments have been stayed due to the CEOC bankruptcy. See Note 4. |
Organization Organization (Deta
Organization Organization (Details) | Jan. 15, 2015USD ($) | Jun. 30, 2015USD ($)businessCasinos | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)businessCasinossegment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Number of Reportable Segments | segment | 3 | ||||||
Net income/(loss) attributable to Caesars | $ 15,000,000 | $ (466,000,000) | $ 6,787,000,000 | $ (853,000,000) | $ 7,200,000,000 | ||
Interest Expense | 147,000,000 | 654,000,000 | 384,000,000 | 1,246,000,000 | 7,000,000,000 | ||
Gain on deconsolidation of subsidiary and other gains/(losses) | 7,000,000 | (27,000,000) | 7,096,000,000 | (27,000,000) | |||
Accumulated deficit | (6,300,000,000) | (6,300,000,000) | (13,100,000,000) | ||||
Long-term Debt, Current Maturities | 222,000,000 | 222,000,000 | 15,779,000,000 | ||||
Long-term Debt | 7,024,000,000 | 7,024,000,000 | 23,009,000,000 | ||||
Cash flows provided by/(used in) operating activities | (101,000,000) | 387,000,000 | (772,000,000) | ||||
Cash paid for interest | 403,000,000 | 1,150,000,000 | 5,700,000,000 | ||||
Cash and cash equivalents | $ 1,579,000,000 | $ 3,430,000,000 | $ 1,579,000,000 | $ 3,430,000,000 | 2,806,000,000 | $ 2,771,000,000 | |
Caesars Entertainment Operating Company [Member] | |||||||
Number Of Casinos Managed | business | 28 | 28 | |||||
Net income/(loss) attributable to Caesars | $ (76,000,000) | 7,100,000,000 | |||||
Interest Expense | 6,200,000,000 | ||||||
Accumulated deficit | 11,400,000,000 | ||||||
Long-term Debt, Current Maturities | 15,800,000,000 | ||||||
Long-term Debt | 16,007,000,000 | ||||||
Cash flows provided by/(used in) operating activities | $ 220,000,000 | ||||||
Long Term Debt, less Discount | $ 0 | $ 0 | 15,930,000,000 | ||||
Third Party [Member] | |||||||
Number Of Casinos Managed | Casinos | 9 | 9 | |||||
Parent Company [Member] | |||||||
Guarantees, Fair Value Disclosure | $ 0 | $ 0 | |||||
Long-term Debt | 3,000,000 | 3,000,000 | $ 13,000,000 | ||||
Cash and cash equivalents | $ 350,000,000 | $ 350,000,000 | |||||
UNITED STATES | |||||||
Number Of Casinos Operated Or Managed | Casinos | 12 | 12 | |||||
Indian Land [Member] | Third Party [Member] | |||||||
Number Of Casinos Managed | Casinos | 3 | 3 | |||||
Geographic Concentration Risk [Member] | LAS VEGAS, NEVADA | UNITED STATES | |||||||
Number Of Casinos Operated Or Managed | Casinos | 8 | 8 |
Basis of Presentation and Con43
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Details) - USD ($) $ in Millions | Jan. 15, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Repayments of Long-term Debt | $ 700 | $ 258 | $ 1,304 | |||
Payments of Debt Issuance Costs | 0 | 40 | ||||
Net revenues | $ 1,141 | 2,140 | 2,395 | 4,173 | ||
Net income/(loss) attributable to Caesars | 15 | (466) | 6,787 | (853) | $ 7,200 | |
Caesars Growth Partners, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Contingently Issuable Membership Units [Member] | ||||||
Net revenues | 574 | 353 | 1,141 | 579 | ||
Net income/(loss) attributable to Caesars | 8 | (115) | 6 | (114) | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 230 | 230 | 347 | |||
Caesars Entertainment Operating Company [Member] | ||||||
Net revenues | $ 158 | |||||
Net income/(loss) attributable to Caesars | $ (76) | $ 7,100 | ||||
Caesars Enterprise Services [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Noncontrolling Interest in Variable Interest Entity | $ 11 | $ 11 | ||||
Restatement Adjustment [Member] | ||||||
Proceeds from Issuance of Debt | $ 700 | 693 | ||||
Repayments of Long-term Debt | 700 | |||||
Payments of Debt Issuance Costs | $ (7) |
Liquidity Considerations Liqu44
Liquidity Considerations Liquidity Considerations - Liquidity (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 1,579 | $ 2,806 | $ 3,430 | $ 2,771 |
Caesars Entertainment Resort Properties [Member] | ||||
Cash and cash equivalents | 206 | |||
Revolver capacity | 270 | |||
Revolver capacity drawn or committed to letters of credit | (95) | |||
Liquidity | 381 | |||
Caesars Enterprise Services [Member] | ||||
Cash and cash equivalents | 99 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Liquidity | 99 | |||
Caesars Growth Partners, LLC [Member] | ||||
Cash and cash equivalents | 891 | |||
Revolver capacity | 160 | |||
Revolver capacity drawn or committed to letters of credit | (60) | |||
Liquidity | 991 | |||
Parent [Member] | ||||
Cash and cash equivalents | 383 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Liquidity | $ 383 |
Liquidity Considerations Liqu45
Liquidity Considerations Liquidity Considerations - Future Long-term Debt Maturities (Details) $ in Millions | Jun. 30, 2015USD ($) |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 47 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 202 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 50 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 52 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 228 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 6,585 |
Long-term debt, Maturities, Repayments of Principal, Total | 7,164 |
Caesars Entertainment Resort Properties [Member] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 20 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 131 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 27 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 25 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 25 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,500 |
Long-term debt, Maturities, Repayments of Principal, Total | 4,728 |
Caesars Growth Partners, LLC [Member] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 27 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 71 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 23 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 27 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 203 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,085 |
Long-term debt, Maturities, Repayments of Principal, Total | $ 2,436 |
Liquidity Considerations Liqu46
Liquidity Considerations Liquidity Considerations - Future Estimated Interest Payments (Details) $ in Millions | Jun. 30, 2015USD ($) |
Long Term Debt Interest Repayment Remainder of Year | $ 290 |
Long Term Debt Interest Repayments In Year Two | 571 |
Long Term Debt Interest Repayments In Year Three | 585 |
Long Term Debt Interest Repayments In Year Four | 603 |
Long Term Debt Interest Repayments In Year Five | 614 |
Long Term Debt Interest Repayments After Year Five | 827 |
Long-term Debt Interest Repayments, Total | 3,490 |
Caesars Entertainment Resort Properties [Member] | |
Long Term Debt Interest Repayment Remainder of Year | 195 |
Long Term Debt Interest Repayments In Year Two | 384 |
Long Term Debt Interest Repayments In Year Three | 395 |
Long Term Debt Interest Repayments In Year Four | 405 |
Long Term Debt Interest Repayments In Year Five | 412 |
Long Term Debt Interest Repayments After Year Five | 497 |
Long-term Debt Interest Repayments, Total | 2,288 |
Caesars Growth Partners, LLC [Member] | |
Long Term Debt Interest Repayment Remainder of Year | 95 |
Long Term Debt Interest Repayments In Year Two | 187 |
Long Term Debt Interest Repayments In Year Three | 190 |
Long Term Debt Interest Repayments In Year Four | 198 |
Long Term Debt Interest Repayments In Year Five | 202 |
Long Term Debt Interest Repayments After Year Five | 330 |
Long-term Debt Interest Repayments, Total | $ 1,202 |
Liquidity Considerations Liqu47
Liquidity Considerations Liquidiity Considerations - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Liquidity Considerations [Abstract] | ||
Long-term Debt, Gross | $ 7,167 | $ 25,600 |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 337 | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 47 | |
Long Term Debt Interest Repayment Remainder of Year | 290 | |
Contractual Obligation, Due in Second Year | 773 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 202 | |
Long Term Debt Interest Repayments In Year Two | $ 571 |
Deconsolidation of CEOC Decon48
Deconsolidation of CEOC Deconsolidation of CEOC (Details) - USD ($) $ in Millions | Jan. 15, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Gain on deconsolidation of subsidiary and other gains/(losses) | $ 7 | $ (27) | $ 7,096 | $ (27) | ||
Assets | 12,503 | 12,503 | $ 23,331 | |||
Liabilities | 9,495 | 9,495 | 28,073 | |||
Net revenues | 1,141 | 2,140 | 2,395 | 4,173 | ||
Net income/(loss) attributable to Caesars | $ 15 | $ (466) | 6,787 | (853) | 7,200 | |
Cash flows provided by/(used in) operating activities | $ 101 | $ (387) | 772 | |||
Caesars Entertainment Operating Company [Member] | ||||||
Equity Method Investment, Ownership Percentage | 89.00% | 89.00% | ||||
Cost Method Investments | $ 0 | $ 0 | ||||
Assets | 11,000 | |||||
Liabilities | 18,600 | |||||
Long Term Debt, less Discount | $ 0 | $ 0 | 15,930 | |||
Net revenues | $ 158 | |||||
Net income/(loss) attributable to Caesars | (76) | $ 7,100 | ||||
Cash flows provided by/(used in) operating activities | $ (220) |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2010 | Jun. 30, 2015 | 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 "Delaware Second Lien Lawsuit") in the Court of Chancery in the State of Delaware against CEC and CEOC, CGP, CAC,CERP, CES, Eric Hession, Gary Loveman, Jeffrey D. Benjamin, David Bonderman, Kelvin L. Davis, Marc C. Rowan, David B. Sambur, and Eric Press. The lawsuit alleges claims for breach of contract, intentional and constructive fraudulent transfer, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and corporate waste. The lawsuit seeks (1) an award of money damages; (2) to void certain transfers, the earliest of which dates back to 2010; (3) an injunction directing the recipients of the assets in these transactions to return them to CEOC; (4) a declaration that CEC remains liable under the parent guarantee formerly applicable to the 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. Discovery in the action is underway, with a current deadline of September 30, 2015. | ||
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. On January 16, 2015, the claims against the first lien note holder defendant were voluntarily dismissed and on June 29, 2015, the declaratory judgment claim against the second lien note holder defendants was also voluntarily dismissed. On July 6, 2015, the claim for tortious interference with prospective economic advantage brought by CEOC against the second lien note holders was voluntarily dismissed as well, without prejudice, leaving in the action only the tortious interference with prospective economic advantage claim brought by CEC against the second lien note holder defendants. On July 20, 2015, the Court granted the second lien note holder defendants’ motion to dismiss that claim and ordered that the action be marked disposed. | ||
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 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 "Senior Unsecured 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 is ongoing 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 (“UMB”), 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 "Delaware First Lien Lawsuit") in Delaware Chancery Court against CEC, CEOC, CERP, CAC, CGP, 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 First Lien Bond 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 First Lien Bond 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 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. | ||
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 Notice”) from BOKF, N.A. (“BOKF”), in its capacity as successor Trustee for CEOC’s 12.75% Second-Priority Senior Secured Notes due 2018 (the “12.75% Second-Priority Notes”). The February 18 Notice alleges that CEOC’s commencement of its voluntary Chapter 11 bankruptcy case constituted an event of default under the indenture governing the 12.75% Second-Priority Notes; that all amounts due and owing on the 12.75% Second-Priority Notes therefore immediately became payable; and that CEC is responsible for paying CEOC’s obligations on the 12.75% Second-Priority Notes, including CEOC’s obligation to timely pay all principal, interest and any premium due on these notes, as a result of a parent guarantee provision contained in the indenture governing the notes that the February 18 Notice alleges is still binding. The February 18 Notice therefore demands that CEC immediately pay BOKF cash in an amount of not less than $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys’ fees, and other expenses. The February 18 Notice also alleges that the interest, fees and expenses continue to accrue. | ||
March Third BOK Financial N.A. [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On March 3, 2015, BOKF filed a lawsuit (the “New York Second Lien Lawsuit”) against CEC in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 12.75% Second-Priority Notes. On June 15, 2015, UMB filed lawsuit (the “New York First Lien Lawsuit” and, together with the Delaware Second Lien Lawsuit, the Delaware First Lien Lawsuit, the Senior Unsecured Lawsuits and the New York Second Lien Lawsuit, the “Parent Guarantee Lawsuits”) against CEC, also in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 11.25% Senior Secured Notes due 2017, 8.50% Senior Secured Notes due 2020, and 9.00% Senior Secured Notes due 2020. Plaintiffs in these actions allege that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indenture governing these notes, causing all principal and interest to become immediately due and payable, and that CEC is obligated to make those payments pursuant to a parent guarantee provision in the indentures governing these notes that plaintiffs allege are still binding. Both plaintiffs bring claims for violation of the Trust Indenture Act of 1939, breach of contract, breach of duty of good faith and fair dealing and for declaratory relief and BOKF brings an additional claim for intentional interference with contractual relations. The cases have both been assigned to the same judge presiding over the other Parent Guarantee Lawsuits that are taking place in Manhattan. CEC filed its answer to the BOKF complaint on March 25, 2015, and its answer to the UMB complaint is due on August 10, 2015. On June 25, 2015, and June 26, 2015, BOKF and UMB, respectively, moved for partial summary judgment, specifically on their claims alleging a violation of the Trust Indenture Act of 1939, seeking both declaratory relief and damages. CEC filed its opposition to those motions on July 24, 2015, and the motions will be fully briefed by August 7, 2015. The parties are separately also engaged in discovery in both actions. | ||
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 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. | ||
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, a majority of the Trustees of the National Retirement Fund (“NRF”), a multi-employer defined benefit pension plan, voted to expel CEC and its participating subsidiaries (“CEC Group”) from the plan. NRF claims that CEOC’s bankruptcy presents an “actuarial risk” to the plan because, depending on the outcome of the bankruptcy proceeding, CEC might no longer be liable to the plan for any partial or complete withdrawal liability. NRF has advised the CEC Group that its expulsion has triggered withdrawal liability with a present value of approximately $360 million, payable in 80 quarterly payments of about $6 million. | ||
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 agreements in which the obligation to contribute to NRF exists. It is completely current with respect to pension contributions. We opposed the NRF actions in the appropriate legal forums including seeking a declaratory judgment in federal district court challenging NRF’s authority to expel the CEC Group and also seeking relief in the CEOC bankruptcy proceeding. The parties entered into a Standstill Agreement in March 2015 staying the CEC Group’s obligation to commence quarterly payments and instead continue making its monthly contributions, and also setting a briefing schedule in the bankruptcy proceeding for both CEOC’s motion that NRF’s action violated the automatic stay and our motion to extend the stay to encompass NRF’s collection lawsuit against CEC. Both matters have been fully briefed, but the Bankruptcy Court has yet to rule. NRF has filed a motion to dismiss the federal district court action asserting that the governing statute requires that the issue must first be arbitrated. All briefs have been submitted. Absent a resolution, we expect the Bankruptcy Court to set an argument schedule at another hearing set for August 19, 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 (“AML”) policies and procedures, with a particular focus on the gaming industry. On October 11, 2013, CEOC’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCEN”), stating that FinCEN 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, we were informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of CEC and its subsidiaries had been initiated. CEC and Caesars Palace have been 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 $20 million. Caesars Palace is a subsidiary of CEOC and, because of CEOC’s Chapter 11 bankruptcy filing on January 15, 2015, has been, together with CEOC’s other subsidiaries, deconsolidated from CEC’s financial results. Accordingly, we expect that any financial penalties imposed upon Caesars Palace would have a limited impact on CEC’s financial results. |
Recently Issued Accounting Pr50
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements - Details (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Recently Issued Accounting Pronouncements [Abstract] | ||
Unamortized Debt Issuance Expense | $ 32 | $ 204 |
Dispositions and Divestitures -
Dispositions and Divestitures - Income from Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | $ 0 | $ 60 | $ 0 | $ 130 |
Pre-tax loss from operations | 0 | (47) | (7) | (142) |
Loss, net of income taxes | 0 | (45) | (7) | (129) |
Showboat Atlantic City [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 0 | 46 | 0 | 82 |
Pre-tax loss from operations | 0 | (4) | (6) | (12) |
Loss, net of income taxes | 0 | (3) | (6) | 1 |
Harrahs Tunica [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 0 | 14 | 0 | 46 |
Pre-tax loss from operations | 0 | (26) | 0 | (96) |
Loss, net of income taxes | 0 | (26) | 0 | (96) |
Other [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 2 |
Pre-tax loss from operations | 0 | (17) | (1) | (34) |
Loss, net of income taxes | $ 0 | $ (16) | $ (1) | $ (34) |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 3,578 | $ 6,218 |
Buildings, riverboats, and improvements | 4,020 | 7,506 |
Furniture, fixtures, and equipment | 1,254 | 2,685 |
Construction in progress | 148 | 302 |
Total, Gross | 9,000 | 16,711 |
Less: accumulated depreciation | (1,345) | (3,255) |
Property and equipment, net | $ 7,655 | $ 13,456 |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | $ 96 | $ 157 | $ 198 | $ 305 | |
Property, Plant and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | [1] | $ 72 | $ 140 | $ 148 | $ 269 |
[1] | ncluded in depreciation and amortization, corporate expense, and income/(loss) from discontinued operations |
Property and Equipment Property
Property and Equipment Property and Equipment - Tangible Impairment Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Tangible asset impairment charges | $ 0 | $ 4 | $ 0 | $ 76 |
Continuing Operations [Member] | ||||
Tangible asset impairment charges | 0 | 4 | 0 | 8 |
Discontinued Operations [Member] | ||||
Tangible asset impairment charges | $ 0 | $ 0 | $ 0 | $ 68 |
Property and Equipment Proper55
Property and Equipment Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized interest | $ 9 | $ 29 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Intangible Assets (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill and Other Intangible Assets [Roll Forward] | |
Amortizing Intangible Assets, Beginning Balance | $ 636 |
Amortizing Intangible Assets, Amortization expense | (46) |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (152) |
Amortizing Intangible Assets, Ending Balance | 438 |
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 Intangible57
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | $ 1,057 | $ 1,584 |
Accumulated Amortization | (619) | (948) |
Net Carrying Amount | 438 | 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 | 586 | 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) | 5 years 11 months | |
Gross Carrying Amount | $ 893 | 1,265 |
Accumulated Amortization | (536) | (736) |
Net Carrying Amount | $ 357 | 529 |
Contract rights [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 9 years 7 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 7 months | |
Gross Carrying Amount | $ 118 | 188 |
Accumulated Amortization | (62) | (109) |
Net Carrying Amount | $ 56 | 79 |
Gaming rights [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 9 years 1 month | |
Gross Carrying Amount | $ 43 | 47 |
Accumulated Amortization | (20) | (22) |
Net Carrying Amount | $ 23 | $ 25 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Additional Disclosure (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Impairment of tangible and other intangible assets | $ 0 | ||
Goodwill, Impairment Loss | $ 0 | ||
Continuing Operations [Member] | |||
Impairment of tangible and other intangible assets | $ 42,000,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Financial Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Fair Value Disclosure | $ 72 | $ 85 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure | 4 | 15 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure | 68 | 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 | 68 | 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 | 68 | 70 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements Derivat
Fair Value Measurements Derivative Instruments and hedging Activities Disclosure (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Net Periodic Cash Settlements and Accrued Interest | [1] | $ 0 | $ 44 | $ 0 | $ 88 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 0 | $ 7 | $ 9 | |
[1] | The derivative settlements under the terms of the interest rate swap agreements were recognized as interest expense and were paid monthly or quarterly |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)interest_rate_swap_agreements |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 66 | |
Interest Rate Swap [Member] | ||
Derivative Liability | $ 17 | |
Caesars Entertainment Operating Company [Member] | Interest Rate Swap [Member] | ||
Derivative, Number of Instruments Held | interest_rate_swap_agreements | 8 | |
Derivative, Notional Amount | $ 5,800 | |
Derivative Liability | $ 6 |
Contractual Commitments Contr62
Contractual Commitments Contractual Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2015 | Jul. 31, 2015 | Jul. 20, 2015 | Dec. 31, 2014 | |
Long Term Debt Interest Repayment Remainder of Year | $ 290 | |||
Long Term Debt Interest Repayments In Year Two | 571 | |||
Long Term Debt Interest Repayments In Year Three | 585 | |||
Long Term Debt Interest Repayments In Year Four | 603 | |||
Long Term Debt Interest Repayments In Year Five | 614 | |||
Long Term Debt Interest Repayments After Year Five | 827 | |||
Self Insurance Reserve | $ 185 | |||
Deferred compensation liability | 48 | |||
Assets Held-in-trust | 66 | |||
Assets Held-in-trust, Noncurrent | $ 56 | |||
Commitments and contingencies (Note 11) | ||||
Notes Payable, Related Parties, Current | $ 35 | |||
Business Restructuring Reserves [Member] | ||||
Payments for Restructuring | 406 | |||
Other Restructuring Costs | 75 | |||
Other Commitment | 969 | |||
Caesars Entertainment Operating Company [Member] | ||||
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 28 | |||
Subsequent Event [Member] | ||||
Other Commitment | $ 200 | |||
Commitments and contingencies (Note 11) | $ 25 | $ 200 | ||
Other Insurance Product Line [Member] | ||||
Self Insurance Reserve | 164 | |||
Health Insurance Product Line [Member] | ||||
Self Insurance Reserve | $ 15 | |||
Minimum [Member] | Subsequent Event [Member] | ||||
Other Commitment | 102 | |||
Maximum [Member] | Subsequent Event [Member] | ||||
Other Commitment | $ 561 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Long-term Debt, Gross | $ 7,167 | $ 25,600 | |
Long-term Debt | 7,024 | 23,009 | |
Long-term Debt, Current Maturities | (222) | (15,779) | |
Long Term Debt Non Current Face Value | 6,945 | ||
Long-term Debt, Excluding Current Maturities | 6,802 | 7,230 | |
Caesars Entertainment Operating Company [Member] | |||
Long-term Debt, Gross | 0 | ||
Long Term Debt, less Discount | 0 | 15,930 | |
Long-term Debt | 16,007 | ||
Long-term Debt, Current Maturities | (15,800) | ||
Caesars Entertainment Resort Properties [Member] | |||
Long-term Debt, Gross | 4,728 | ||
Long-term Debt | 4,655 | 4,754 | |
Long-term Debt, Current Maturities | (133) | (39) | |
Long Term Debt Non Current Face Value | 4,595 | ||
Long-term Debt, Excluding Current Maturities | 4,522 | 4,715 | |
Parent [Member] | |||
Long-term Debt, Gross | 3 | ||
Long-term Debt | 3 | 13 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Long-term Debt, Current Maturities | (86) | (20) | |
Long-term Debt, Excluding Current Maturities | 2,280 | 2,292 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | |||
Long-term Debt, Gross | [1] | 2,436 | |
Long-term Debt | [1] | 2,366 | 2,312 |
Long-term Debt, Current Maturities | (86) | (20) | |
Long Term Debt Non Current Face Value | 2,350 | ||
Long-term Debt, Excluding Current Maturities | $ 2,280 | $ 2,292 | |
[1] | As of June 30, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. |
Debt Debt - CEOC (Details)
Debt Debt - CEOC (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Long-term Debt | $ 7,024 | $ 23,009 | |
Caesars Entertainment Operating Company [Member] | |||
Long-term Debt | 16,007 | ||
Debt Instrument - Additional Unamortized Discount | (77) | ||
Long Term Debt, less Discount | $ 0 | 15,930 | |
Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||
Long-term Debt | [1] | 5,106 | |
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||
Long-term Debt | 9,884 | ||
Caesars Entertainment Operating Company [Member] | Subsidiary Guarantors Of Parent And Subsidiary Guaranteed Debt [Member] | |||
Long-term Debt | 477 | ||
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] | guarantees collection of amounts under the CEOC Credit Facilities (see Note 1) |
Debt Debt- CERP (Details)
Debt Debt- CERP (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Long-term Debt, Gross | $ 7,167 | $ 25,600 |
Long-term Debt | 7,024 | 23,009 |
Current Portion of Long-Term Debt | (222) | (15,779) |
Long Term Debt Non Current Face Value | 6,945 | |
Long-term Debt, Excluding Current Maturities | 6,802 | 7,230 |
Caesars Entertainment Resort Properties [Member] | ||
Long-term Debt, Gross | 4,728 | |
Long-term Debt | 4,655 | 4,754 |
Current Portion of Long-Term Debt | (133) | (39) |
Long Term Debt Non Current Face Value | 4,595 | |
Long-term Debt, Excluding Current Maturities | $ 4,522 | 4,715 |
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | ||
Debt Instrument, Interest Rate | 7.00% | |
Long-term Debt, Gross | $ 2,463 | |
Long-term Debt | $ 2,411 | 2,420 |
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | ||
Debt Instrument, Interest Rate | 8.00% | |
Long-term Debt, Gross | $ 1,000 | |
Long-term Debt | $ 991 | 990 |
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | ||
Debt Instrument, Interest Rate | 11.00% | |
Long-term Debt, Gross | $ 1,150 | |
Long-term Debt | 1,138 | 1,137 |
Caesars Entertainment Resort Properties [Member] | Capital Lease Obligations [Member] | ||
Long-term Debt, Gross | 9 | |
Long-term Debt | $ 9 | 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 | $ 11 | |
Long-term Debt | 11 | 14 |
Caesars Entertainment Resort Properties [Member] | Senior Secured Revolving Facility [Member] | Secured Debt [Member] | ||
Long-term Debt, Gross | 95 | |
Long-term Debt | $ 95 | $ 180 |
Debt Debt - CGP (Details)
Debt Debt - CGP (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Long-term Debt, Gross | $ 7,167 | $ 25,600 | |
Long-term Debt | 7,024 | 23,009 | |
Long-term Debt, Current Maturities | (222) | (15,779) | |
Long Term Debt Non Current Face Value | 6,945 | ||
Long-term Debt, Excluding Current Maturities | 6,802 | 7,230 | |
Caesars Interactive Entertainment [Member] | Subsidiary Issuer [Member] | |||
Long-term Debt, Gross | 40 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Long-term Debt, Current Maturities | (86) | (20) | |
Long-term Debt, Excluding Current Maturities | 2,280 | 2,292 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | |||
Long-term Debt, Gross | [1] | 2,436 | |
Long-term Debt | [1] | 2,366 | 2,312 |
Long-term Debt, Current Maturities | (86) | (20) | |
Long Term Debt Non Current Face Value | 2,350 | ||
Long-term Debt, Excluding Current Maturities | $ 2,280 | 2,292 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Secured Term Debt [Member] | |||
Debt Instrument, Interest Rate | [2] | 6.25% | |
Long-term Debt, Gross | [2] | $ 1,163 | |
Long-term Debt | [2] | $ 1,129 | 1,133 |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument, Interest Rate | [2] | 9.38% | |
Long-term Debt, Gross | [2] | $ 675 | |
Long-term Debt | [2] | $ 660 | 659 |
Variable Interest Entity, Primary Beneficiary [Member] | 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 | 316 | 316 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Capital Lease Obligations [Member] | |||
Long-term Debt, Gross | 2 | ||
Long-term Debt | $ 2 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | 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 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Other Unsecured Borrowings Special Improvements District Bonds [Member] | |||
Debt Instrument, Interest Rate | 5.30% | ||
Long-term Debt, Gross | $ 14 | ||
Long-term Debt | 14 | 14 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | |||
Long-term Debt, Gross | 4 | ||
Long-term Debt | $ 4 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Medium-term Notes [Member] | |||
Debt Instrument, Interest Rate | 11.00% | ||
Long-term Debt, Gross | $ 183 | ||
Long-term Debt | $ 177 | 178 | |
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Senior Secured Revolving Facility [Member] | Secured Debt [Member] | |||
Debt Instrument, Interest Rate | 5.44% | ||
Long-term Debt, Gross | $ 60 | ||
Long-term Debt | $ 60 | $ 0 | |
[1] | As of June 30, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | ||
[2] | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Current Portion of Long-Term Debt | $ 222,000,000 | $ 222,000,000 | $ 15,779,000,000 | |||
Long-term Debt | 7,024,000,000 | 7,024,000,000 | 23,009,000,000 | |||
Long-term Debt, Gross | 7,167,000,000 | 7,167,000,000 | 25,600,000,000 | |||
Debt Instrument, Unamortized Discount | 111,000,000 | 111,000,000 | 2,400,000,000 | |||
Unamortized Debt Issuance Expense | 32,000,000 | 32,000,000 | 204,000,000 | |||
Long-term Debt, Fair Value | 6,400,000,000 | 6,400,000,000 | 17,500,000,000 | |||
Property EBITDA | 351,000,000 | $ 473,000,000 | 691,000,000 | $ 885,000,000 | ||
Caesars Entertainment Resort Properties [Member] | ||||||
Current Portion of Long-Term Debt | 133,000,000 | 133,000,000 | 39,000,000 | |||
Long-term Debt | 4,655,000,000 | 4,655,000,000 | 4,754,000,000 | |||
Long-term Debt, Gross | 4,728,000,000 | 4,728,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ (270,000,000) | (270,000,000) | ||||
Interest Expense, Debt | $ 2,000,000 | |||||
Caesars Entertainment Resort Properties [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 8 | 8 | ||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | ||||||
Long-term Debt | $ 2,411,000,000 | $ 2,411,000,000 | 2,420,000,000 | |||
Long-term Debt, Gross | $ 2,463,000,000 | 2,463,000,000 | ||||
Term Loans Periodic Payments | $ 6,000,000 | |||||
Debt Instrument, Interest Rate | 7.00% | 7.00% | ||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Senior Secured Revolving Facility [Member] | ||||||
Long-term Debt | $ 95,000,000 | $ 95,000,000 | 180,000,000 | |||
Long-term Debt, Gross | 95,000,000 | 95,000,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 270,000,000 | 270,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | First And Second Lien Secured Debt [Member] | ||||||
Long-term Debt, Gross | 2,200,000,000 | 2,200,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,800,000,000 | 2,800,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | First Lien Notes [Member] | ||||||
Long-term Debt | 991,000,000 | 991,000,000 | 990,000,000 | |||
Long-term Debt, Gross | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Debt Instrument, Interest Rate | 8.00% | 8.00% | ||||
Caesars Entertainment Resort Properties [Member] | Second Lien Notes [Member] | ||||||
Long-term Debt | $ 1,138,000,000 | $ 1,138,000,000 | 1,137,000,000 | |||
Long-term Debt, Gross | $ 1,150,000,000 | $ 1,150,000,000 | ||||
Debt Instrument, Interest Rate | 11.00% | 11.00% | ||||
Caesars Growth Partners, LLC [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ (160,000,000) | $ (160,000,000) | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current Portion of Long-Term Debt | 86,000,000 | 86,000,000 | 20,000,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Current Portion of Long-Term Debt | 86,000,000 | 86,000,000 | 20,000,000 | |||
Long-term Debt | [1] | 2,366,000,000 | 2,366,000,000 | 2,312,000,000 | ||
Long-term Debt, Gross | [1] | $ 2,436,000,000 | $ 2,436,000,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 6 | 6 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore Credit Facility [Member] | ||||||
Long-term Debt, Gross | $ 300,000,000 | $ 300,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 310,000,000 | 310,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 10,000,000 | 10,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Horseshoe Baltimore FF&E Facility [Member] | ||||||
Long-term Debt, Gross | 30,000,000 | 30,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | 30,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Cromwell Credit Facility [Member] | Minimum [Member] | ||||||
Property EBITDA | $ 7,500,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | First Three Quarters [Member] | Line of Credit [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 7.5 | 7.5 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | First Three Quarters [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 5.25 | 5.25 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Following Four Quarters [Member] | Line of Credit [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 6 | 6 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Following Four Quarters [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 5 | 5 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Remainder of Agreement [Member] | Line of Credit [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 4.75 | 4.75 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Remainder of Agreement [Member] | Cromwell Credit Facility [Member] | Maximum [Member] | ||||||
Leverage Ratio For Line Of Credit Facility | 4.75 | 4.75 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | ||||||
Long-term Debt | [2] | $ 660,000,000 | $ 660,000,000 | 659,000,000 | ||
Long-term Debt, Gross | [2] | $ 675,000,000 | $ 675,000,000 | |||
Debt Instrument, Interest Rate | [2] | 9.38% | 9.38% | |||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | Senior Secured Revolving Facility [Member] | ||||||
Long-term Debt | $ 60,000,000 | $ 60,000,000 | 0 | |||
Long-term Debt, Gross | 60,000,000 | 60,000,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | $ 150,000,000 | ||||
Debt Instrument, Interest Rate | 5.44% | 5.44% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | ||||||
Long-term Debt | $ 316,000,000 | $ 316,000,000 | 316,000,000 | |||
Long-term Debt, Gross | 330,000,000 | 330,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Medium-term Notes [Member] | Cromwell Credit Facility [Member] | ||||||
Long-term Debt | 177,000,000 | 177,000,000 | $ 178,000,000 | |||
Long-term Debt, Gross | $ 183,000,000 | $ 183,000,000 | ||||
Debt Instrument, Interest Rate | 11.00% | 11.00% | ||||
[1] | As of June 30, 2015, CIE had $40 million drawn under a revolver arrangement with Caesars Entertainment. Accordingly, such debt is not considered outstanding in the above presentation. | |||||
[2] | Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain of its wholly owned subsidiaries |
Earnings Per Share Earnings P68
Earnings Per Share Earnings Per Share - Basic and Dilutive Net Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 36 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 15 | $ (421) | $ 6,794 | $ (724) | |
Loss, net of income taxes | 0 | (45) | (7) | (129) | |
Net income/(loss) attributable to Caesars | $ 15 | $ (466) | $ 6,787 | $ (853) | $ 7,200 |
Weighted average common share outstanding | 145 | 144 | 145 | 141 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2 | 0 | 2 | 0 | |
Weighted average common shares and dilutive potential common shares | 147 | 144 | 147 | 141 | |
Basic earnings/(loss) per share from continuing operations | $ 0.10 | $ (2.92) | $ 46.93 | $ (5.15) | |
Basic loss per share from discontinued operations | 0 | (0.32) | (0.04) | (0.91) | |
Basic earnings/(loss) per share | 0.10 | (3.24) | 46.89 | (6.06) | |
Diluted earnings/(loss) per share from continuing operations | 0.10 | (2.92) | 46.31 | (5.15) | |
Diluted loss per share from discontinued operations | 0 | (0.32) | (0.04) | (0.91) | |
Diluted earnings/(loss) per share | $ 0.10 | $ (3.24) | $ 46.27 | $ (6.06) |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Number of Anti-Dilutive Shares (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities [Line Items] | ||||
Anti-dilutive potential common shares | 5 | 8 | 4 | 7 |
Stock options | ||||
Antidilutive Securities [Line Items] | ||||
Anti-dilutive potential common shares | 4 | 6 | 4 | 6 |
Restricted stock units and awards | ||||
Antidilutive Securities [Line Items] | ||||
Anti-dilutive potential common shares | 1 | 2 | 0 | 1 |
Casino Promotional Allowance Re
Casino Promotional Allowance Retail Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Promotional Allowances | $ 133 | $ 276 | $ 289 | $ 559 |
Food and Beverage [Member] | ||||
Promotional Allowances | 69 | 152 | 140 | 308 |
Rooms [Member] | ||||
Promotional Allowances | 57 | 102 | 114 | 206 |
Other Promotional Allowances [Member] | ||||
Promotional Allowances | $ 7 | $ 22 | $ 35 | $ 45 |
Casino Promotional Allowances C
Casino Promotional Allowances Casino Promotional Allowance Estimated Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cost of Promotional Allowances | $ 66 | $ 168 | $ 132 | $ 337 |
Food and Beverage [Member] | ||||
Cost of Promotional Allowances | 42 | 114 | 84 | 228 |
Rooms [Member] | ||||
Cost of Promotional Allowances | 20 | 40 | 40 | 81 |
Other Promotional Allowances [Member] | ||||
Cost of Promotional Allowances | $ 4 | $ 14 | $ 8 | $ 28 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Composition of Stock-Based Compensation (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 31 | $ 24 | $ 57 | $ 50 |
Corporate expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 23 | 12 | 35 | 19 |
Property, general, administrative, and other [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 8 | $ 12 | $ 22 | $ 31 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation - Options and Restricted Stock Units Granted and Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 10,662,153 | 9,379,885 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 13.02 | $ 13.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,629,641 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10.68 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 6,297,028 | 2,156,727 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.48 | $ 17.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,981,883 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.67 |
Stock-Based Compensation Stoc74
Stock-Based Compensation Stock-Based Compensation - CIE Options and Restricted Stock Units Granted and Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 10,662,153 | 9,379,885 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 13.02 | $ 13.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,629,641 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10.68 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 6,297,028 | 2,156,727 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.48 | $ 17.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,981,883 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.67 | |
Caesars Interactive Entertainment [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 13,040 | 13,279 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4,862.96 | $ 3,953.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,325 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 13,192.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,351 | 5,096 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7,178.96 | $ 6,494.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 701 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12,761.81 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 31 | $ 24 | $ 57 | $ 50 | |
Caesars Interactive Entertainment [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 7 | $ 8 | 20 | $ 26 | |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 85 | $ 85 | $ 103 |
Income Taxes - Allocation of To
Income Taxes - Allocation of Total Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Benefit/(Loss) Applicable To: [Abstract] | ||||
Income/(loss) from continuing operations, before income taxes | $ 4 | $ 167 | $ (188) | $ 309 |
Discontinued operations | $ 0 | $ 2 | $ 0 | $ 13 |
Effective tax rate benefit | (8.70%) | 30.10% | 2.70% | 31.00% |
Segment Reporting Segment Rep77
Segment Reporting Segment Reporting Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 36 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |||||
Management fees | $ 0 | $ 15 | $ 2 | $ 28 | |||||
Net revenues | 1,141 | 2,140 | 2,395 | 4,173 | |||||
Depreciation and amortization | 96 | 157 | 198 | 305 | |||||
Impairment of tangible and other intangible assets | 0 | 17 | 0 | 50 | |||||
Income/(loss) from operations | 186 | 127 | 330 | 277 | |||||
Interest Expense | 147 | 654 | 384 | 1,246 | $ 7,000 | ||||
Gain on deconsolidation of subsidiary and other gains/(losses) | 7 | (27) | 7,096 | (27) | |||||
Income/(loss) from continuing operations, before income taxes | 4 | 167 | (188) | 309 | |||||
Caesars Entertainment Operating Company [Member] | International [Member] | |||||||||
Net revenues | 72 | 155 | |||||||
Caesars Interactive Entertainment [Member] | International [Member] | |||||||||
Net revenues | 148 | 105 | 289 | 193 | |||||
Operating Segments [Member] | Caesars Entertainment Operating Company [Member] | |||||||||
Management fees | 0 | 24 | [1] | 4 | 40 | [2] | |||
Net revenues | 0 | 1,229 | [1] | 164 | 2,410 | [2] | |||
Depreciation and amortization | 0 | 66 | [1] | 11 | 138 | [2] | |||
Impairment of tangible and other intangible assets | 0 | (3) | [1] | 0 | 30 | [2] | |||
Income/(loss) from operations | 0 | 59 | [1] | 9 | 107 | [2] | |||
Interest Expense | 0 | 528 | 87 | 1,052 | |||||
Gain on deconsolidation of subsidiary and other gains/(losses) | 0 | 2 | [1] | 0 | 3 | [2] | |||
Income/(loss) from continuing operations, before income taxes | 0 | 207 | [1] | 0 | 267 | [2] | |||
Operating Segments [Member] | Caesars Entertainment Resort Properties [Member] | |||||||||
Management fees | 0 | 0 | 0 | 0 | |||||
Net revenues | 566 | 538 | 1,095 | 1,030 | |||||
Depreciation and amortization | 49 | 56 | 99 | 106 | |||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | |||||
Income/(loss) from operations | 126 | 69 | 233 | 128 | |||||
Interest Expense | 98 | 99 | 200 | 190 | |||||
Gain on deconsolidation of subsidiary and other gains/(losses) | 0 | 0 | 0 | 0 | |||||
Income/(loss) from continuing operations, before income taxes | (11) | (1) | (13) | 23 | |||||
Operating Segments [Member] | Caesars Growth Partners, LLC [Member] | |||||||||
Management fees | 0 | 0 | 0 | 0 | |||||
Net revenues | 390 | 294 | 780 | 586 | |||||
Depreciation and amortization | 38 | 26 | 71 | 47 | |||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | |||||
Income/(loss) from operations | 44 | 48 | 208 | 8 | |||||
Interest Expense | 47 | 61 | 94 | 76 | |||||
Gain on deconsolidation of subsidiary and other gains/(losses) | 1 | 28 | 0 | 78 | |||||
Income/(loss) from continuing operations, before income taxes | 0 | (4) | 0 | (12) | |||||
Operating Segments [Member] | Caesars Interactive Entertainment [Member] | |||||||||
Management fees | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |
Net revenues | 186 | [3] | 145 | [4] | 363 | [5] | 269 | [6] | |
Depreciation and amortization | 8 | 7 | [4] | 16 | [5] | 14 | [6] | ||
Impairment of tangible and other intangible assets | 0 | 0 | [4] | 0 | [5] | 0 | [6] | ||
Income/(loss) from operations | 54 | [3] | (3) | [4] | 95 | [5] | 1 | [6] | |
Interest Expense | 1 | [3] | 1 | [4] | 3 | 2 | |||
Gain on deconsolidation of subsidiary and other gains/(losses) | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |
Income/(loss) from continuing operations, before income taxes | (14) | 19 | [4] | (27) | [5] | 18 | [6] | ||
Corporate, Non-Segment [Member] | |||||||||
Management fees | 9 | 0 | 9 | 0 | |||||
Net revenues | 14 | 40 | 18 | 57 | |||||
Depreciation and amortization | 1 | 3 | 1 | 1 | |||||
Impairment of tangible and other intangible assets | 0 | 20 | 0 | 20 | |||||
Income/(loss) from operations | (38) | (52) | (215) | 27 | |||||
Interest Expense | 2 | 0 | 3 | (1) | |||||
Gain on deconsolidation of subsidiary and other gains/(losses) | 7 | (16) | 7,099 | (29) | |||||
Income/(loss) from continuing operations, before income taxes | 29 | (54) | (148) | 13 | |||||
Intersegment Eliminations [Member] | |||||||||
Management fees | (9) | (9) | (11) | (12) | |||||
Net revenues | (15) | (106) | (25) | (179) | |||||
Depreciation and amortization | 0 | (1) | 0 | (1) | |||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | |||||
Income/(loss) from operations | 0 | 6 | 0 | 6 | |||||
Interest Expense | (1) | (35) | (3) | (73) | |||||
Gain on deconsolidation of subsidiary and other gains/(losses) | (1) | (41) | (3) | (79) | |||||
Income/(loss) from continuing operations, before income taxes | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | Includes foreign net revenues of $72 million | ||||||||
[2] | Includes foreign net revenues of $155 million | ||||||||
[3] | Includes foreign net revenues of $148 million Three Months Ended June 30, 2014(In millions)CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CaesarsManagement fees$24 $— $— $— $— $(9) $15Net revenues1,229 538 294 145 40 (106) 2,140Depreciation and amortization66 56 26 7 3 (1) 157Impairment of intangible and tangible assets(3) — — — 20 — 17Income/(loss) from operations59 69 48 (3) (52) 6 127Interest expense528 99 61 1 — (35) 654Other gains/(losses) 2 — 28 — (16) (41) (27)Income tax benefit/(provision) from continuing operations207 (1) (4) 19 (54) — 167 | ||||||||
[4] | Includes foreign net revenues of $105 million Six Months Ended June 30, 2015(In millions)CEOC CERP CGP Casinos CIE (1) Other Elimination CaesarsManagement fees$4 $— $— $— $9 $(11) $2Net revenues164 1,095 780 363 18 (25) 2,395Depreciation and amortization11 99 71 16 1 — 198Impairment of intangible and tangible assets— — — — — — —Income/(loss) from operations9 233 208 95 (215) — 330Interest expense87 200 94 3 3 (3) 384Gain on deconsolidation of subsidiary and other — — — — 7,099 (3) 7,096Income tax benefit/(provision) from continuing operations— (13) — (27) (148) — (188) | ||||||||
[5] | Includes foreign net revenues of $289 million Six Months Ended June 30, 2014(In millions)CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CaesarsManagement fees$40 $— $— $— $— $(12) $28Net revenues2,410 1,030 586 269 57 (179) 4,173Depreciation and amortization138 106 47 14 1 (1) 305Impairment of intangible and tangible assets30 — — — 20 — 50Income/(loss) from operations107 128 8 1 27 6 277Interest expense1,052 190 76 2 (1) (73) 1,246Other gains/(losses) 3 — 78 — (29) (79) (27)Income tax benefit/(provision) from continuing operations267 23 (12) 18 13 — 309 | ||||||||
[6] | Includes foreign net revenues of $193 million |
Segment Reporting Segment Rep78
Segment Reporting Segment Reporting Property EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Operating Income (Loss) | $ 186 | $ 127 | $ 330 | $ 277 | ||||
Depreciation and amortization | 96 | 157 | 198 | 305 | ||||
Write-downs, reserves, and project opening costs, net of recoveries | 24 | 52 | 66 | 76 | ||||
Impairment of tangible and other intangible assets | 0 | 17 | 0 | 50 | ||||
Corporate expense | 45 | 68 | 91 | 119 | ||||
Acquisition and integration costs and other | 0 | 54 | 6 | 65 | ||||
Discontinued Operations, EBITDA | 0 | (2) | 0 | (7) | ||||
Property EBITDA | 351 | 473 | 691 | 885 | ||||
Operating Segments [Member] | Caesars Entertainment Operating Company [Member] | ||||||||
Operating Income (Loss) | 0 | 59 | [1] | 9 | 107 | [2] | ||
Depreciation and amortization | 0 | 66 | [1] | 11 | 138 | [2] | ||
Write-downs, reserves, and project opening costs, net of recoveries | 0 | 43 | 1 | 47 | ||||
Impairment of tangible and other intangible assets | 0 | (3) | [1] | 0 | 30 | [2] | ||
Corporate expense | 0 | 44 | 7 | 79 | ||||
Acquisition and integration costs and other | 0 | 5 | 3 | 16 | ||||
Discontinued Operations, EBITDA | 0 | (2) | 0 | (6) | ||||
Property EBITDA | 0 | 212 | 31 | 411 | ||||
Operating Segments [Member] | Caesars Entertainment Resort Properties [Member] | ||||||||
Operating Income (Loss) | 126 | 69 | 233 | 128 | ||||
Depreciation and amortization | 49 | 56 | 99 | 106 | ||||
Write-downs, reserves, and project opening costs, net of recoveries | 1 | 2 | 2 | 6 | ||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | ||||
Corporate expense | 10 | 19 | 22 | 34 | ||||
Acquisition and integration costs and other | 0 | 0 | 0 | 0 | ||||
Discontinued Operations, EBITDA | 0 | 0 | 0 | 0 | ||||
Property EBITDA | 186 | 146 | 356 | 274 | ||||
Operating Segments [Member] | Caesars Growth Partners, LLC [Member] | ||||||||
Operating Income (Loss) | 44 | 48 | 208 | 8 | ||||
Depreciation and amortization | 38 | 26 | 71 | 47 | ||||
Write-downs, reserves, and project opening costs, net of recoveries | 4 | 12 | 7 | 28 | ||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | ||||
Corporate expense | 11 | 5 | 19 | 6 | ||||
Acquisition and integration costs and other | 3 | (22) | (115) | 54 | ||||
Discontinued Operations, EBITDA | 0 | 0 | 0 | 0 | ||||
Property EBITDA | 100 | 69 | 190 | 143 | ||||
Operating Segments [Member] | Caesars Interactive Entertainment [Member] | ||||||||
Operating Income (Loss) | 54 | [3] | (3) | [4] | 95 | [5] | 1 | [6] |
Depreciation and amortization | 8 | 7 | [4] | 16 | [5] | 14 | [6] | |
Write-downs, reserves, and project opening costs, net of recoveries | 0 | 0 | 0 | 0 | ||||
Impairment of tangible and other intangible assets | 0 | 0 | [4] | 0 | [5] | 0 | [6] | |
Corporate expense | 0 | 0 | 0 | 0 | ||||
Acquisition and integration costs and other | 0 | 32 | 0 | 33 | ||||
Discontinued Operations, EBITDA | 0 | 0 | 0 | |||||
Property EBITDA | 62 | 36 | 111 | 47 | ||||
Corporate, Non-Segment [Member] | ||||||||
Operating Income (Loss) | (38) | (52) | (215) | 27 | ||||
Depreciation and amortization | 1 | 3 | 1 | 1 | ||||
Write-downs, reserves, and project opening costs, net of recoveries | 19 | 0 | 56 | 0 | ||||
Impairment of tangible and other intangible assets | 0 | 20 | 0 | 20 | ||||
Corporate expense | 33 | 1 | 52 | 1 | ||||
Acquisition and integration costs and other | (3) | 39 | 118 | (38) | ||||
Discontinued Operations, EBITDA | 0 | 0 | 0 | 0 | ||||
Property EBITDA | 12 | 11 | 12 | 11 | ||||
Intersegment Eliminations [Member] | ||||||||
Operating Income (Loss) | 0 | 6 | 0 | 6 | ||||
Depreciation and amortization | 0 | (1) | 0 | (1) | ||||
Write-downs, reserves, and project opening costs, net of recoveries | 0 | (5) | 0 | (5) | ||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | 0 | ||||
Corporate expense | (9) | (1) | (9) | (1) | ||||
Acquisition and integration costs and other | 0 | 0 | 0 | 0 | ||||
Discontinued Operations, EBITDA | 0 | 0 | 0 | 0 | ||||
Property EBITDA | $ (9) | $ (1) | $ (9) | $ (1) | ||||
[1] | Includes foreign net revenues of $72 million | |||||||
[2] | Includes foreign net revenues of $155 million | |||||||
[3] | Includes foreign net revenues of $148 million Three Months Ended June 30, 2014(In millions)CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CaesarsManagement fees$24 $— $— $— $— $(9) $15Net revenues1,229 538 294 145 40 (106) 2,140Depreciation and amortization66 56 26 7 3 (1) 157Impairment of intangible and tangible assets(3) — — — 20 — 17Income/(loss) from operations59 69 48 (3) (52) 6 127Interest expense528 99 61 1 — (35) 654Other gains/(losses) 2 — 28 — (16) (41) (27)Income tax benefit/(provision) from continuing operations207 (1) (4) 19 (54) — 167 | |||||||
[4] | Includes foreign net revenues of $105 million Six Months Ended June 30, 2015(In millions)CEOC CERP CGP Casinos CIE (1) Other Elimination CaesarsManagement fees$4 $— $— $— $9 $(11) $2Net revenues164 1,095 780 363 18 (25) 2,395Depreciation and amortization11 99 71 16 1 — 198Impairment of intangible and tangible assets— — — — — — —Income/(loss) from operations9 233 208 95 (215) — 330Interest expense87 200 94 3 3 (3) 384Gain on deconsolidation of subsidiary and other — — — — 7,099 (3) 7,096Income tax benefit/(provision) from continuing operations— (13) — (27) (148) — (188) | |||||||
[5] | Includes foreign net revenues of $289 million Six Months Ended June 30, 2014(In millions)CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CaesarsManagement fees$40 $— $— $— $— $(12) $28Net revenues2,410 1,030 586 269 57 (179) 4,173Depreciation and amortization138 106 47 14 1 (1) 305Impairment of intangible and tangible assets30 — — — 20 — 50Income/(loss) from operations107 128 8 1 27 6 277Interest expense1,052 190 76 2 (1) (73) 1,246Other gains/(losses) 3 — 78 — (29) (79) (27)Income tax benefit/(provision) from continuing operations267 23 (12) 18 13 — 309 | |||||||
[6] | Includes foreign net revenues of $193 million |
Segment Reporting Segment Rep79
Segment Reporting Segment Reporting Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | ||
Assets | $ 12,503 | $ 23,331 | ||
Liabilities | 9,495 | 28,073 | ||
Caesars Entertainment Operating Company [Member] | International [Member] | ||||
Assets | 312 | |||
Liabilities | 183 | |||
Caesars Interactive Entertainment [Member] | International [Member] | ||||
Assets | 259 | 305 | ||
Liabilities | 62 | 172 | ||
Operating Segments [Member] | Caesars Entertainment Operating Company [Member] | ||||
Assets | 0 | 11,185 | [1] | |
Liabilities | 0 | 19,603 | [1] | |
Operating Segments [Member] | Caesars Entertainment Resort Properties [Member] | ||||
Assets | 7,157 | 7,152 | ||
Liabilities | 6,237 | 6,314 | ||
Operating Segments [Member] | Caesars Interactive Entertainment [Member] | ||||
Assets | 454 | [2] | 546 | [3] |
Liabilities | 294 | [2] | 367 | [3] |
Operating Segments [Member] | Caesars Growth Partners, LLC [Member] | ||||
Assets | 4,236 | 4,171 | ||
Liabilities | 2,855 | 2,965 | ||
Corporate, Non-Segment [Member] | ||||
Assets | 1,577 | 2,752 | ||
Liabilities | 277 | (583) | ||
Intersegment Eliminations [Member] | ||||
Assets | (921) | (2,475) | ||
Liabilities | $ (168) | $ (593) | ||
[1] | Includes foreign assets of $312 million and foreign liabilities of $183 million | |||
[2] | Includes foreign assets of $259 million and foreign liabilities of $62 million | |||
[3] | Includes foreign assets of $305 million and foreign liabilities of |
Segment Reporting Segment Rep80
Segment Reporting Segment Reporting Additional (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Related Party Transactions Re81
Related Party Transactions Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Affiliated Entity [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1 | $ 3 | $ 4 | $ 6 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 4 | 0 | 7 | 0 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation to Related Party [Member] | Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction, Amounts of Transaction | 82 | 0 | 157 | 0 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation from Related Party [Member] | Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 30 | 0 | 59 | 0 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Management Fees [Member] | Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 10 | 0 | 19 | 0 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Lease Agreements [Member] | Caesars Entertainment Operating Company [Member] | ||||
Revenue from Related Parties | $ 9 | $ 0 | $ 16 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Due from Affiliate | $ 24 | $ 0 |
Due to affiliates | 24 | $ 0 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Lease Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Operating Leases, Future Minimum Payments Receivable | 35 | |
Operating Leases, Future Minimum Payments Due | $ 2 | |
Majority-Owned Subsidiary, Unconsolidated [Member] | Caesars Entertainment Resort Properties [Member] | Caesars Entertainment Operating Company [Member] | ||
Related Party Transaction [Line Items] | ||
Corporate Expense Allocation | 24.60% | |
Majority-Owned Subsidiary, Unconsolidated [Member] | Caesars Growth Properties Holdings, LLC [Member] | Caesars Entertainment Operating Company [Member] | ||
Related Party Transaction [Line Items] | ||
Corporate Expense Allocation | 5.40% |