Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | CAESARS ENTERTAINMENT Corp | ||
Entity Central Index Key | 858,339 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 145,143,581 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 351 | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | CZR |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents ($1,060 and $944 attributable to our VIE) | $ 1,338 | $ 2,806 |
Restricted cash ($4 and $15 attributable to our VIE) | 59 | 76 |
Receivables, net ($123 and $97 attributable to our VIE) | 193 | 518 |
Due from affiliates ($32 and $0 attributable to our VIE) | 32 | 0 |
Prepayments and other current assets ($51 and $27 attributable to our VIE) | 128 | 225 |
Inventories ($7 and $3 attributable to our VIE) | 21 | 43 |
Total current assets | 1,771 | 3,668 |
Property and equipment, net ($2,620 and $2,570 attributable to our VIE) | 7,598 | 13,456 |
Goodwill ($294 and $291 attributable to our VIE) | 1,696 | 2,366 |
Intangible assets other than goodwill ($251 and $289 attributable to our VIE) | 543 | 3,150 |
Restricted cash ($9 and $25 attributable to our VIE) | 109 | 109 |
Deferred income taxes ($28 and $16 attributable to our VIE) | 28 | 16 |
Deferred charges and other assets ($260 and $46 attributable to our VIE) | 450 | 563 |
Total assets | 12,195 | 23,328 |
Current liabilities | ||
Accounts payable ($141 and $79 attributable to our VIE) | 179 | 349 |
Due to affiliates ($15 and $0 attributable to our VIE) | 16 | 0 |
Accrued expenses and other current liabilities ($272 and $242 attributable to our VIE) | 588 | 1,199 |
Accrued restructuring and support expenses | 905 | 0 |
Interest payable ($37 and $37 attributable to our VIE) | 131 | 736 |
Current portion of long-term debt ($70 and $20 attributable to our VIE) | 187 | 15,779 |
Total current liabilities | 2,006 | 18,063 |
Long-term debt ($2,267 and $2,292 attributable to our VIE) | 6,777 | 7,230 |
Deferred income taxes ($4 and $7 attributable to our VIE) | 991 | 2,293 |
Deferred credits and other liabilities ($138 and $124 attributable to our VIE) | 188 | 484 |
Total liabilities | $ 9,962 | $ 28,070 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity/(deficit) | ||
Common stock: voting, $0.01 par value, 147 and 147 shares issued, respectively | $ 1 | $ 1 |
Treasury stock: 2 and 2 shares, respectively | (21) | (19) |
Additional paid-in capital | 8,190 | 8,140 |
Accumulated deficit | (7,184) | (13,104) |
Accumulated other comprehensive loss | 1 | (15) |
Total Caesars stockholders’ equity/(deficit) | 987 | (4,997) |
Noncontrolling interests | 1,246 | 255 |
Total stockholders’ equity/(deficit) | 2,233 | (4,742) |
Total liabilities and stockholders’ equity/(deficit) | $ 12,195 | $ 23,328 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock | 147 | 147 |
Treasury Stock | 2 | 2 |
Common stock, par value | $ 0.01 | |
Cash and cash equivalents | $ 1,338 | $ 2,806 |
Restricted cash | 59 | 76 |
Inventories | 21 | 43 |
Receivables, net | 193 | 518 |
Due from affiliates | 32 | 0 |
Prepayments and other current assets | 128 | 225 |
Property and equipment, net | 7,598 | 13,456 |
Goodwill | 1,696 | 2,366 |
Intangible assets other than goodwill, net | 543 | 3,150 |
Restricted cash | 109 | 109 |
Deferred income taxes | 28 | 16 |
Deferred charges and other | 450 | 563 |
Accounts payable | 179 | 349 |
Due to affiliates | 16 | 0 |
Accrued expenses and other current liabilities | 588 | 1,199 |
Interest payable | 131 | 736 |
Current portion of long-term debt | 187 | 15,779 |
Long-term debt | 6,777 | 7,230 |
Deferred income taxes | 991 | 2,293 |
Deferred credits and other | 188 | 484 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 1,060 | 944 |
Restricted cash | 4 | 15 |
Inventories | 7 | 3 |
Receivables, net | 123 | 97 |
Due from affiliates | 32 | 0 |
Prepayments and other current assets | 51 | 27 |
Property and equipment, net | 2,620 | 2,570 |
Goodwill | 294 | 291 |
Intangible assets other than goodwill, net | 251 | 289 |
Restricted cash | 9 | 25 |
Deferred income taxes | 28 | 16 |
Deferred charges and other | 260 | 46 |
Accounts payable | 141 | 79 |
Due to affiliates | 15 | 0 |
Accrued expenses and other current liabilities | 272 | 242 |
Interest payable | 37 | 37 |
Current portion of long-term debt | 70 | 20 |
Long-term debt | 2,267 | 2,292 |
Deferred income taxes | 4 | 7 |
Deferred credits and other | $ 138 | $ 124 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Casino | $ 2,257 | $ 5,394 | $ 5,527 |
Food and beverage | 840 | 1,522 | 1,451 |
Rooms | 878 | 1,207 | 1,167 |
Interactive entertainment | 764 | 585 | 315 |
Other revenue | 468 | 703 | 601 |
Reimbursed management costs | 10 | 243 | 266 |
Less: casino promotional allowances | (563) | (1,138) | (1,107) |
Net revenues | 4,654 | 8,516 | 8,220 |
Direct | |||
Casino | 1,194 | 3,253 | 3,112 |
Food and beverage | 399 | 694 | 639 |
Rooms | 227 | 315 | 296 |
Platform fees | 212 | 166 | 94 |
Property, general, administrative, and other | 1,309 | 2,149 | 1,943 |
Reimbursable management costs | 10 | 243 | 266 |
Depreciation and amortization | 401 | 636 | 701 |
Impairment of goodwill | 0 | 695 | 104 |
Impairment of tangible and other intangible assets | 1 | 299 | 2,727 |
Corporate expense | 176 | 282 | 161 |
Other operating costs | 152 | 236 | 203 |
Total operating expenses | 4,081 | 8,968 | 10,246 |
Income/(loss) from operations | 573 | (452) | (2,026) |
Interest expense | (684) | (2,670) | (2,252) |
Deconsolidation and restructuring of CEOC and other | 6,115 | (95) | 28 |
Income/(loss) from continuing operations before income taxes | 6,004 | (3,217) | (4,250) |
Income tax benefit | 55 | 543 | 1,517 |
Income/(loss) from continuing operations, net of income taxes | 6,059 | (2,674) | (2,733) |
Loss from discontinued operations, net of income taxes | (7) | (192) | (207) |
Net income/(loss) | 6,052 | (2,866) | (2,940) |
Net (income)/loss attributable to noncontrolling interests | (132) | 83 | (8) |
Net income/(loss) attributable to Caesars | $ 5,920 | $ (2,783) | $ (2,948) |
Earnings/(loss) per share - basic and diluted | |||
Basic earnings/(loss) per share from continuing operations | $ 40.92 | $ (18.18) | $ (21.32) |
Basic loss per share from discontinued operations | (0.04) | (1.35) | (1.61) |
Basic earnings/(loss) per share | 40.88 | (19.53) | (22.93) |
Diluted earnings/(loss) per share from continuing operations | 40.30 | (18.18) | (21.32) |
Diluted loss per share from discontinued operations | (0.04) | (1.35) | (1.61) |
Diluted earnings/(loss) per share | $ 40.26 | $ (19.53) | $ (22.93) |
Weighted-average common shares outstanding - basic | 145 | 142 | 129 |
Weighted-average common shares outstanding - diluted | 147 | 142 | 129 |
Comprehensive income/(loss): | |||
Other comprehensive loss, net of income taxes | $ 0 | $ (2) | $ (38) |
Comprehensive income/(loss) | 6,052 | (2,868) | (2,978) |
Comprehensive (income)/loss attributable to noncontrolling interests | (132) | 83 | (8) |
Comprehensive income/(loss) attributable to Caesars | $ 5,920 | $ (2,785) | $ (2,986) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY/(DEFICIT) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in-Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Total Caesars Stockholders' Equity | Noncontrolling Interest | Caesars Entertainment Operating Company [Member] | Caesars Entertainment Operating Company [Member]Noncontrolling Interest | |
Beginning balance at Dec. 31, 2012 | $ (333) | $ 1 | $ (16) | $ 6,954 | $ (7,373) | $ 21 | $ (413) | $ 80 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) attributable to Caesars | (2,948) | 0 | 0 | 0 | (2,948) | 0 | (2,948) | ||||
Net income/(loss) attributable to noncontrolling interests | (8) | 8 | |||||||||
Net income/(loss) | (2,940) | ||||||||||
Share-based compensation | 40 | 0 | 0 | 40 | 0 | 0 | 40 | 0 | |||
Common stock issuances (1) | [1] | 216 | 0 | 0 | 216 | 0 | 0 | 216 | 0 | ||
Adjustments to Additional Paid in Capital, Other | (9) | 0 | 0 | (9) | 0 | 0 | (9) | 0 | |||
Other comprehensive loss, net of income taxes | (38) | 0 | 0 | 0 | 0 | (38) | (38) | 0 | |||
Allocation of minority interest resulting from sales and conveyances of subsidiary stock (2) | 1,175 | 0 | 0 | 25 | 0 | 0 | 25 | 1,150 | |||
Other | (15) | 0 | 0 | 5 | 0 | 0 | 5 | (20) | |||
Ending balance at Dec. 31, 2013 | $ (1,904) | 1 | (16) | 7,231 | (10,321) | (17) | (3,122) | 1,218 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, New Issues | 11,000,000 | ||||||||||
Net income/(loss) attributable to Caesars | $ (2,783) | 0 | 0 | 0 | (2,783) | 0 | (2,783) | ||||
Net income/(loss) attributable to noncontrolling interests | 83 | (83) | |||||||||
Net income/(loss) | (2,866) | ||||||||||
Share-based compensation | 29 | 0 | (3) | 32 | 0 | 0 | 29 | 0 | |||
Common stock issuances (1) | [1] | 136 | 0 | 0 | 136 | 0 | 0 | 136 | 0 | ||
Other comprehensive loss, net of income taxes | (2) | 0 | 0 | 0 | 0 | (2) | (2) | 0 | |||
Allocation of minority interest resulting from sales and conveyances of subsidiary stock (2) | [2] | 14 | 0 | 0 | 754 | 0 | 4 | 758 | (744) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [3] | (160) | 0 | 0 | 0 | 0 | 0 | 0 | (160) | ||
Other | 11 | 0 | 0 | (13) | 0 | 0 | (13) | 24 | |||
Ending balance at Dec. 31, 2014 | $ (4,742) | 1 | (19) | 8,140 | (13,104) | (15) | (4,997) | 255 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, New Issues | 7,000,000 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 68,100 | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 86,936 | ||||||||||
Other Noncontrolling Interests | $ 869 | ||||||||||
Other Noncontrolling Interest Allocation From Sale Of Stock | 744 | ||||||||||
Net income/(loss) attributable to Caesars | $ 5,920 | 0 | 0 | 0 | 5,920 | 0 | 5,920 | ||||
Net income/(loss) attributable to noncontrolling interests | (132) | 132 | |||||||||
Net income/(loss) | 6,052 | ||||||||||
Share-based compensation | 48 | 0 | (2) | 50 | 0 | 0 | 48 | 0 | |||
Other comprehensive loss, net of income taxes | 0 | ||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | [4] | 870 | 0 | 0 | 0 | 0 | 16 | 16 | 854 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (10) | 0 | 0 | 0 | 0 | 0 | 0 | (10) | $ (160) | ||
Other | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | |||
Ending balance at Dec. 31, 2015 | $ 2,233 | $ 1 | $ (21) | $ 8,190 | $ (7,184) | $ 1 | $ 987 | $ 1,246 | |||
[1] | We issued and sold 7 million shares in 2014 and 11 million shares in 2013. | ||||||||||
[2] | In 2014, we sold 68,100 of CEC’s shares of CEOC’s common stock to qualified institutional buyers and CEOC granted 86,936 shares of its common stock to employees. We allocated $869 million of accumulated stockholders’ deficit to the noncontrolling interests’ ownership in CEOC based upon the noncontrolling interests’ ownership share as of December 31, 2014, which included $744 million for the allocation of minority interest resulting from sales and conveyances of CEOC stock. | ||||||||||
[3] | See Note 2. | ||||||||||
[4] | See Note 3. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income/(loss) | $ 6,052 | $ (2,866) | $ (2,940) |
Adjustments to reconcile net income/(loss) to cash flows from operating activities: | |||
Loss from discontinued operations | 7 | 192 | 207 |
Gain on deconsolidation of CEOC | (7,125) | 0 | 0 |
Loss on extinguishment of debt | 0 | 96 | 30 |
Depreciation and amortization | 403 | 679 | 722 |
Amortization of deferred finance costs and debt discount/premium | 38 | 438 | 360 |
Provision for doubtful accounts | 11 | 50 | 28 |
Impairment of intangible and tangible assets | 1 | 994 | 2,831 |
Share-based compensation expense | 123 | 132 | 57 |
Deferred income taxes | (130) | (453) | (1,452) |
Other non-cash adjustments to net income/(loss) | 1 | 83 | 117 |
Net changes in: | |||
Accounts receivable | (58) | (2) | (93) |
Due to/due from affiliates, net | (32) | 0 | 0 |
Inventories, prepayments and other current assets | 1 | (24) | 12 |
Deferred charges and other | (7) | 1 | (33) |
Accounts payable | (42) | (43) | 70 |
Interest payable | (41) | 342 | 157 |
Accrued expenses | 921 | (189) | 59 |
Deferred credits and other | (5) | (199) | (194) |
Other | 2 | 34 | (37) |
Cash flows provided by/(used in) operating activities | 120 | (735) | (99) |
Cash flows from investing activities | |||
Acquisitions of property and equipment, net of change in related payables | (350) | (998) | (726) |
Deconsolidation of CEOC cash | (958) | 0 | 0 |
Increase in restricted cash | (82) | (3,936) | (2,022) |
Decrease in restricted cash | 61 | 4,176 | 2,796 |
Proceeds from the sale and maturity of investments | 29 | 24 | 68 |
Payments to acquire investments | (30) | (23) | (20) |
Other | (3) | 68 | (31) |
Cash flows provided by/(used in) investing activities | (1,333) | (689) | 65 |
Cash flows from financing activities | |||
Proceeds from long-term debt and revolving credit facilities | 310 | 4,436 | 6,039 |
Debt issuance and extension costs and fees | 0 | (196) | (153) |
Repayments of long-term debt and revolving credit facilities | (450) | (2,833) | (6,605) |
Payment of contingent consideration | (32) | 0 | 0 |
Repurchase of CIE management shares | (65) | 0 | 0 |
Proceeds from sale of interest in subsidiary | 0 | 8 | 1,198 |
Issuance of common stock, net of fees | 0 | 136 | 217 |
Distributions to noncontrolling interest owners | (36) | 0 | 0 |
Other | 25 | (37) | (45) |
Cash flows provided by/(used in) financing activities | (248) | 1,514 | 651 |
Cash flows from discontinued operations | |||
Cash flows from operating activities | (7) | (60) | (20) |
Cash flows from investing activities | 0 | 5 | 412 |
Net cash from discontinued operations | (7) | (55) | 392 |
Net increase/(decrease) in cash and cash equivalents | (1,468) | 35 | 1,009 |
Change in cash classified as assets held for sale | 0 | 0 | 4 |
Cash and cash equivalents, beginning of period | 2,806 | 2,771 | 1,758 |
Cash and cash equivalents, end of period | 1,338 | 2,806 | 2,771 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 696 | 2,070 | 1,899 |
Cash paid for income taxes | 80 | 50 | 38 |
Change in accrued capital expenditures | (35) | 46 | 19 |
Change in assets acquired through financing activities and capital leases | $ 0 | $ 30 | $ 67 |
Description of Business (Notes)
Description of Business (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business 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 December 31, 2015, CERP and CGP owned a total of 12 casino properties in the United States, eight of which are in Las Vegas. These eight casino properties represented 52% of consolidated net revenues for the year ended December 31, 2015. CEC also holds a majority interest in Caesars Entertainment Operating Company, Inc. (“CEOC”). As described in Note 3 , 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, CERP, CEOC and Caesars Growth Properties Holdings, LLC (“CGPH”) (collectively, the “Members”) formed Caesars Enterprise Services, LLC (“CES”), a services joint venture. CES provides certain corporate and administrative services for the Members’ casino properties, including substantially all of the 28 casino properties owned by CEOC, and ten casinos owned by unrelated third parties (including four Indian tribal properties). 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. Expenses incurred by CES are allocated to the casino properties directly or 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 operating cash flows of its own, and any net income or loss is generally immaterial and is typically subject to allocation to the Members in the subsequent period. Omnibus License and Enterprise Services Agreement In 2014, the Members entered into an Omnibus License and Enterprise Services Agreement (the “Omnibus Agreement”), which granted licenses to the Members and certain of their affiliates in connection with the implementation of CES. CES was funded in 2014 through initial contributions by two of the Members, including cash contributions by CERP of $43 million and by CGP LLC for CGPH of $23 million . Certain executives and employees have been transitioned to CES by the Members and the services of such employees are available as part of CES’s provision of services to the Members and certain of their affiliates that own properties that require CES services under the Omnibus Agreement. Under the Omnibus Agreement, CEOC, Caesars Licensing Company, LLC (“CLC”), Caesars World, Inc. (“CWI”), and certain of our subsidiaries that are the owners of our properties granted CES a non-exclusive, irrevocable, world-wide, royalty-free license in and to all intellectual property owned or used by such licensors, including all intellectual property (a) currently used, or contemplated to be used, in connection with the properties owned by the Members and their respective affiliates, including any and all intellectual property related to the Total Rewards program, and (b) necessary for the provision of services contemplated by the Omnibus Agreement and by the applicable management agreement for any such property (collectively, the “Enterprise Assets”). CERP also granted CES non-exclusive licenses to certain other intellectual property, including intellectual property that is specific to properties controlled by CERP or its subsidiaries. Under the terms of the joint venture and the Omnibus 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. CES granted to the properties owned or controlled by the Members and their respective affiliates non-exclusive licenses to the Enterprise Assets. CES granted to CEOC, CLC, CWI and the properties owned or controlled by the Members, including us, licenses to any intellectual property that CES develops or acquires in the future that is not derivative of the intellectual property licensed to it. CES also granted to CEOC, CLC and CWI a non-exclusive license to intellectual property specific to the properties controlled by CGPH, CERP and their subsidiaries for any uses consistent with the uses made by CEOC, CLC and CWI with respect to such intellectual property prior to the date of the Omnibus Agreement. Caesars Interactive Entertainment, Inc. (“CIE”) Our results also include CIE, a majority owned subsidiary of CGP that operates an online games business providing social games on Facebook and other social media websites and mobile application platforms that utilize virtual currency and certain real money gaming in Nevada and New Jersey. CIE also owns the World Series of Poker (“WSOP”) tournaments and brand and licenses WSOP trademarks for a variety of products and businesses related to this brand. Employee Relations We have approximately 33,000 employees throughout our organization. Approximately 16,000 of our employees are covered by collective bargaining agreements with certain of our subsidiaries, relating to certain casino, hotel, and restaurant employees. The majority of these employees are covered by the following agreements: Employee Group Approximate Number of Active Employees Represented Union Date on which Collective Bargaining Agreement Becomes Amendable Las Vegas Culinary Employees 8,500 Culinary Workers Union, Local 226 May 2018 Atlantic City Food & Beverage and Hotel employees 1,400 UNITE HERE, Local 54 March 2015 and continuing on a month to month basis Las Vegas Bartenders 1,200 Bartenders Union, Local 165 May 2018 Las Vegas Dealers 1,100 Transport Workers Union of America February 2019 Going Concern Overview We have identified the following circumstances that raise substantial doubt about CEC’s ability to continue as a going concern: • we have limited cash available to meet financial commitments of CEC, primarily resulting from significant expenditures made to (1) defend the Company against the matters disclosed below under “Litigation” and (2) support CEOC’s plan of reorganization (the “Restructuring”); • we have made material future commitments to support the Restructuring; and • we are a defendant in litigation, including the Noteholder Disputes, and other noteholder disputes relating to certain CEOC transactions dating back to 2010, that if resolved against us would raise substantial doubt about CEC’s ability to continue as a going concern. The circumstances set forth above and described in more detail below under “CEC Liquidity” and “Litigation,” individually and collectively, raise substantial doubt about CEC’s ability to continue as a going concern between now and the Effective Date of the Restructuring, while continuing to also meet its commitments. Under the terms of the Restructuring, all related litigation is expected to be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters disclosed below, it is likely that a CEC reorganization under Chapter 11 of the Bankruptcy Code would be necessary. CEOC Reorganization As described more fully in Note 3 , on January 15, 2015, 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. Commitments Under the First Lien RSAs. CEC and the Debtors are party to the (a) Fifth Amended and Restated Restructuring Support and Forbearance Agreement dated October 7, 2015, with certain holders of claims in respect of claims under CEOC’s first lien notes (the “First Lien Bond RSA”) and (b) Restructuring Support and Forbearance Agreement dated August 21, 2015, with certain holders of claims in respect of claims under CEOC’s first lien credit agreement (the “First Lien Bank RSA” and, together with the First Lien Bond RSA, the “First Lien RSAs”). The Effective Date of the Restructuring (the material terms of which are contained in the First Lien RSAs as they may be modified by their terms) is the date upon which all required conditions of the Restructuring have been satisfied or waived and on which the CEOC reorganization and related transactions will become effective. CEOC filed a plan of reorganization on October 7, 2015, with the Bankruptcy Court (the “Plan”) that reflects the terms of the First Lien RSAs. Under the Plan, CEC has agreed to pay the following amounts and take other actions: • $406 million for forbearance fees in connection with the Restructuring, general corporate purposes and to fund sources and uses (“Fixed Payments”); • $25 million per month for the period from February 1, 2016 through the Effective Date for the benefit of the First Lien Noteholders (“Additional Consideration”); • Up to $63 million in upfront payments to certain First Lien Bank Lenders (“Upfront Payments”); • $386 million to purchase from the Settling First Lien Bank Lenders 100% of their respective First Lien Bank Obligations that survive the Effective Date (“Bank Guaranty Settlement”); • Purchase up to all of OpCo equity for $700 million pursuant to the put rights, where holders of over 85% of the First Lien Notes have already indicated their intent to put their OpCo equity to CEC once received (“OpCo” refers to the proposed entity resulting from the Restructuring that will operate the CEOC Properties under a lease with PropCo. “CEOC Properties” refers to those properties owned by CEOC as of the Petition Date.); • Purchase up to 14.8% of PropCo equity for $269 million pursuant to the put rights (“PropCo” refers to the proposed entity resulting from the Restructuring that will own the CEOC Properties as of the Effective Date.); • Give PropCo a right of first refusal on all new domestic non-Las Vegas gaming facility opportunities, with CEC or OpCo leasing such properties; • Give PropCo a call right to purchase Harrah’s Atlantic City and Harrah’s Laughlin; • Guarantee OpCo’s monetary obligations to PropCo under the leases; and • Enter into a guaranty of collection of the OpCo debt received by the First Lien Bank Lenders and First Lien Noteholders. The Restructuring is subject to approval by the Bankruptcy Court and the receipt of required gaming regulatory approvals. Because more than a majority of the first lienholders has approved the First Lien RSAs, we believe it is probable that the contingent obligations will be paid and, therefore, we have recorded the items below in Deconsolidation and Restructuring of CEOC and Other in the statements of operations: Description Amount (in millions) Fixed payments (1) $ 406 Additional consideration (2) 163 Upfront payments (3) 63 Bank Guaranty Settlement (4) 386 Total accrued restructuring and support expenses $ 1,018 ____________________ (1) $86 million was paid in fourth quarter of 2015. (2) For the purposes of determining this amount, the Effective Date is estimated to be in the third quarter of 2016; however this date is outside of our control and is highly subject to change. (3) $61 million was paid in fourth quarter of 2015. (4) The liability is primarily based on the terms of the settlement agreement for creditors that have agreed to the settlement. A portion of the liability was estimated for creditors who have not yet agreed, based on the assumption their settlement will be substantially equivalent to those who have agreed to the settlement. In addition to the amounts accrued and described above, we also committed to pay $75 million to CEOC if there is insufficient liquidity as of the Effective Date. Additional Potential Commitments . In addition to terms described above relative to the First Lien RSAs, under the terms of the Plan, CEC will pay the following if certain classes of CEOC’s unsecured creditors vote in favor of the Plan and if the Plan is approved by the Bankruptcy Court: • Up to $450 million in principal amount of 5% convertible notes to be issued by CEC; • Up to 9.8% of PropCo equity purchased pursuant to the PropCo put rights and/or cash in an amount equal to the shortfall from 9.8% of PropCo equity (at Plan value) if the PropCo put rights are not fully exercised; • The consideration CAC would have received under the Plan on account of CEOC’s unsecured notes held by CAC; and • Give PropCo a call right to purchase Harrah’s New Orleans. Payment to CEOC . In addition, and separate from the transactions and agreements described above, 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 by February 15, 2016, CEC will be obligated upon demand to make an additional payment to CEOC of $35 million . During the first quarter of 2015, we accrued this liability in Accrued Restructuring and Support Expenses on the consolidated balance sheet, and this amount is currently due and payable. Termination by Consenting Creditors (Subsequent Event). On February 15, 2016, certain milestones under the First Lien RSAs were not met by CEOC, giving rise to the ability of two-thirds of each of CEOC’s first lien bondholders and first lien bank lenders to terminate their respective First Lien RSAs, although neither has done so. We, CEOC, and CEOC’s creditors continue to negotiate terms of the Restructuring. CEC Liquidity Caesars Entertainment is a highly-leveraged company and had $7.1 billion in consolidated debt outstanding as of December 31, 2015 . As a result, a significant portion of our liquidity needs are for debt service, including significant interest payments. As of December 31, 2015 , our consolidated estimated debt service obligation for 2016 is $767 million , and $9.5 billion thereafter to maturity, consisting of $187 million in principal maturities and $580 million in required interest payments. See Note 13 for details of our debt outstanding and related restrictive covenants. This includes, among other information, a table presenting details of our individual borrowings outstanding as of December 31, 2015 and 2014, and each subsidiary’s annual maturities of long-term debt as of December 31, 2015 . Summary of Cash and Revolver Capacity December 31, 2015 (In millions) CERP CES CGP Other Cash and cash equivalents $ 150 $ 158 $ 902 $ 128 Revolver capacity 270 — 160 — Revolver capacity drawn or committed to letters of credit (80 ) — (45 ) — Total $ 340 $ 158 $ 1,017 $ 128 Consolidated cash and cash equivalents as of December 31, 2015 , as shown in the table above, includes amounts held by CERP, CGP, and CES, which are not readily available to CEC. “Other” reflects CEC and certain of its direct subsidiaries, including its insurance captives. CEC is primarily a holding company with no independent operations, employees, or material debt issuances of its own. Its primary assets at December 31, 2015, consist of $128 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) generally 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. CEC is generally limited to raising additional capital through borrowings or equity transactions because it has no operations of its own and the restrictions on its subsidiaries under lending arrangements generally prevent the distribution of cash from the subsidiaries to CEC, except for certain restricted payments that CERP and CGPH are authorized to make in accordance with their lending arrangements. We made material commitments under the Restructuring described above that have been accrued as of December 31, 2015 . The completion of the merger of Caesars and Caesars Acquisition Company (“CAC”) described below is expected to aid CEC in meeting these commitments. However, based on our current forecasts, we estimate that CEC will require additional sources of funding to meet its ongoing obligations when they come due as well as in order to meet its commitments under the First Lien RSAs. We are evaluating additional sources of liquidity to enable CEC to meet its ongoing obligations and its commitments under the Restructuring, but have not yet secured additional funding. Furthermore, if the merger with CAC is not completed for any reason, CEC would still be liable for these payments. As a result of the foregoing, we have substantial doubt about CEC’s ability to continue as a going concern. 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 was limited to a guarantee of collection (“CEC Collection Guarantee”) with respect to obligations owed to the lenders who consented 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. As part of the Bank Guaranty Settlement disclosed above, the CEOC creditors have agreed to eliminate the CEC Collection Guarantee, and we recorded a $386 million as an estimate of the liability based on the terms of the Bank Guaranty Settlement agreement. Litigation In addition to financial commitments described above, we have the following outstanding uncertainties for which we have not accrued any amounts, all of which are described in Note 4 : • 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 (the “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 Wilmington Trust, National Association on October 20, 2015 (the “New York Senior Notes Lawsuit”); and • Litigation commenced by Trustees of the National Retirement Fund in January 2015 (“NRF Litigation”). Summary The circumstances described in “ CEC Liquidity ” above raise substantial doubt as to CEC’s ability to continue as a going concern without securing additional sources of funding to meet its ongoing obligations and its commitments under the Restructuring. Additionally, in each of the litigation matters, claims have been made or could be made against CEC that, if resolved against us, raise substantial doubt about CEC’s ability to continue as a going concern. Under the terms of the Plan that was filed with the Bankruptcy Court, all of the above litigation should be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters set forth above, it is likely that a reorganization under Chapter 11 of the Bankruptcy Code would be necessary. Announced Merger with Caesars Acquisition Company In 2014, Caesars and CAC entered into a merger agreement (the “Merger”), pursuant to which, among other things, CAC will merge with and into Caesars, with Caesars as the surviving company. Subject to the terms and conditions of the merger agreement, upon consummation of the merger, each share of class A common stock of CAC issued and outstanding immediately prior to the effective time of the Merger will be converted into, and become exchangeable for, that number of shares of CEC common stock, equal to 0.664 to one (the “Exchange Ratio”). The Exchange Ratio may be subject to adjustment by Special Committees of both CAC’s Board of Directors and Caesars’ Board of Directors, each composed solely of independent directors (these Special Committees are referred to here collectively as the “Special Committees”). The adjustment of the Exchange Ratio may be made during the 14-day period beginning on the later of the confirmation date of a CEOC restructuring plan and the date that both CAC and Caesars confirm that information to render a fairness opinion has been received by their respective independent financial advisors. If the Special Committees do not agree to an adjustment to the Exchange Ratio during this 14-day period, there will not be an adjustment to the Exchange Ratio. Either CAC or Caesars may terminate the merger agreement within five business days following this period, if: (a) the Special Committees cannot agree on an Exchange Ratio adjustment and a failure to terminate the Merger Agreement would be inconsistent with their respective directors’ fiduciary duties; or (b) either of the Special Committees has not received an opinion of its respective financial advisor that the Exchange Ratio (as adjusted, if applicable) is fair, from a financial point of view to Caesars or CAC and its public stockholders, as applicable. |
Basis of Presentation & Consoli
Basis of Presentation & Consolidation (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | — Basis of Presentation and Principles of Consolidation Basis of Presentation and Use of Estimates Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual amounts could differ from those estimates. Certain immaterial prior year amounts have been reclassified to conform to the current year’s presentation. Consolidation of Subsidiaries and Variable Interest Entities Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (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 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 19 ). 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. We have determined that Caesars is the primary beneficiary of CGP as a result of the close association with Caesars and other factors such as the fact that all of the assets and businesses owned by CGP were acquired from Caesars, and therefore, we are 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. We account for the noncontrolling interest in CGP using the hypothetical liquidation at book value (“HLBV”) method to attribute the earnings and losses of CGP between the controlling and noncontrolling interest. Under this method, the noncontrolling interest in the CGP entity is based upon the noncontrolling interest holders’ contractual claims on CGP’s accounting balance sheet pursuant to the mandatory liquidation provisions of the operating agreement, adjusted for certain common control tax distributions and the Notes Distribution described in Note 13 . Caesars’ resulting net income from the controlling interest is the residual net income from the consolidation of the VIE less the HLBV calculated net income attributable to the noncontrolling interest holder. Due to certain mandatory liquidation provisions of the operating agreement, this could result in a net loss to Caesars consolidated results in periods in which CGP reports net income. Subject to the terms and conditions described in the certificate of incorporation of CAC and the operating agreement of CGP, after October 21, 2016, Caesars Entertainment will have the right to acquire all or a portion of the voting units of CGP (or, at the election of CAC, shares of CAC’s Class A common stock) not otherwise owned by Caesars Entertainment at such time. The purchase consideration may be, at Caesars Entertainment’s option, cash or shares of Caesars Entertainment’s common stock valued at market value, net of customary market discount and expenses, provided that the cash portion will not exceed 50% of the total consideration in any exercise of the call right. The purchase price will be the greater of (i) the fair market value of the voting units of CGP (or shares of CAC’s Class A common stock) at such time based on an independent appraisal or (ii) the initial capital contribution in respect of such units plus a 10.5% per annum return on such capital contribution, subject to a maximum return on such capital contribution of 25% per annum, taking into account prior distributions with respect to such units. CGP generated net revenues of $2.3 billion and $1.6 billion for the years ended December 31, 2015 and 2014, respectively. Net loss attributable to Caesars related to CGP was $18 million and $405 million for the years ended December 31, 2015 and 2014, respectively. The noncontrolling interest balance attributable to CGP as of December 31, 2015 was $1.2 billion . CGP is obligated to issue non-voting membership units (the “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. The number of units to be received by CEC is capped at a value of $225 million divided by the value of the units as of the date of CGP’s formation in 2013. CGP recognized a liability representing the estimated fair value of the units they expected issue to CEC, which was $347 million as of December 31, 2014. As of December 31, 2015, CIE’s earnings had exceeded the threshold and the number of units is no longer variable. As a result, CGP reclassified the fair value of the units to additional paid in capital, which was $228 million as of December 31, 2015. The value of the units is eliminated in our consolidation of CGP. CGP consolidates into its financial statements the accounts of any variable interest entity for which it is determined to be the primary beneficiary. Caesars Baltimore Investment Company, LLC (“CBIC”), a wholly-owned subsidiary of CGP, indirectly holds interests in the owner of the Horseshoe Baltimore Casino (“Horseshoe Baltimore”) in Maryland. CBIC has an ownership interest in CR Baltimore Holdings (“CRBH”), a variable interest entity. CBIC has been determined to be the primary beneficiary of CRBH, and therefore, consolidates CRBH into its financial statements. As CBIC is wholly-owned by CGP, CGP therefore also consolidates CRBH. In addition to CGP, we also hold immaterial variable interests in other VIEs that are not consolidated because we are not the primary beneficiary. We continually monitor both consolidated and non-consolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. 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 3 , effective January 15, 2015, CEOC is no longer a consolidated subsidiary. Therefore, CEOC’s ownership interest in CES, totaling $23 million , is accounted for as noncontrolling interest. Consolidation Considerations for Caesars Entertainment Operating Company As described in Note 3 , 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. |
Deconsolidation of CEOC (Notes)
Deconsolidation of CEOC (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Deconsolidation of Caesars Entertainment Operating Company | Deconsolidation of Caesars Entertainment Operating Company Chapter 11 Filing for Reorganization 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 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. As described in Note 1 , under “ CEOC Reorganization ,” CEC has agreed to pay significant amounts and to take a series of other actions under CEOC’s plan of reorganization. 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 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 Committees (described below). • The Bankruptcy Court established the Creditors Committees to represent the rights of CEOC’s creditors during the bankruptcy proceedings. Through the Creditors Committees, creditors have the right to object to recommendations presented by CEOC’s management or 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 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 all 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, as CEOC’s material decisions are 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. Caesars Entertainment recognized a $7.1 billion gain associated with the deconsolidation of CEOC and recorded a cost method investment in CEOC of zero due to the negative equity associated with CEOC’s underlying financial position. As of December 31, 2014, CEOC represented total assets of $11.0 billion and total liabilities of $18.6 billion , including 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 has funded and is expected to 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 but are not limited to items such as casino management fees paid to CEOC, insurance expenses related to insurance coverage reimbursed by CEOC, and rent payments by CEOC to CERP under the Octavius Tower lease agreement. See Transactions with CEOC in Note 19 for all transactions between us and CEOC. |
Litigation (Notes)
Litigation (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation Litigation Noteholder Disputes On August 4, 2014, Wilmington Savings Fund Society, FSB, solely in its capacity as successor Indenture Trustee for the 10.00% Second-Priority Senior Secured Notes due 2018 (the “10.00% Second-Priority Notes”), on behalf of itself and, it alleges, derivatively on behalf of CEOC, filed a lawsuit (the “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. The motion to dismiss with respect to CEC was denied on March 18, 2015. In a Verified Supplemental Complaint filed on August 3, 2015, the plaintiff stated that due to CEOC’s bankruptcy filing, the continuation of all claims was stayed pursuant to the bankruptcy except for Claims II, III, and X. These are claims against CEC only, for breach of contract in respect of the release of the parent guarantee formerly applicable to the CEOC 10.00% Second-Priority Notes, for declaratory relief in respect of the release of this guarantee, and for violations of the Trust Indenture Act in respect of the release of this guarantee. Fact discovery in the case is complete. No trial date has been set. 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. The claims against CEOC have been automatically stayed during its Chapter 11 bankruptcy proceedings. The court denied a motion to dismiss both lawsuits with respect to CEC. The parties have completed fact discovery with respect to both plaintiffs' claims against CEC. On October 23, 2015, plaintiffs in the Senior Unsecured Lawsuits moved for partial summary judgment, and on December 29, 2015, those motions were denied. On December 4, 2015, plaintiff in the action brought on behalf of holders of CEOC’s 6.50% Senior Unsecured Notes moved for class certification, and under the schedule imposed by the court for this motion, briefing has been completed. These lawsuits are currently scheduled for trial in May 2016 . 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 effected a release of CEC’s parent guarantee of the 8.50% Senior Secured Notes and committed other wrongs. Among other things, UMB 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, 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 a lawsuit (the “New York First Lien Lawsuit”) against CEC, also in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 11.25% Senior Secured Notes due 2017, 8.50% Senior Secured Notes due 2020, and 9.00% Senior Secured Notes due 2020. Plaintiffs in these actions allege that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indentures 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 parent guarantee provisions in the indentures governing these notes that plaintiffs allege are still binding. Both plaintiffs bring claims for violation of the Trust Indenture Act of 1939, breach of contract, breach of duty of good faith and fair dealing and for declaratory relief and BOKF brings an additional claim for intentional interference with contractual relations. The cases have both been assigned to the same judge presiding over the other Parent Guarantee Lawsuits (as defined below) that are taking place in Manhattan. CEC filed its answer to the BOKF complaint on March 25, 2015, and to the UMB complaint on August 10, 2015. On June 25, 2015, and June 26, 2015, BOKF and UMB, respectively, moved for partial summary judgment, specifically on their claims alleging a violation of the Trust Indenture Act of 1939, seeking both declaratory relief and damages. On August 27, 2015, those motions were denied. The court, on its own motion, certified its order with respect to the interpretation of the Trust Indenture Act for interlocutory appeal to the United States Court of Appeals for the Second Circuit, and on December 22, 2015, the appellate court denied our motion for leave to appeal. On November 20, 2015, BOKF and UMB again moved for partial summary judgment. These motions likewise were denied. On October 20, 2015, Wilmington Trust, National Association (“Wilmington Trust”), filed a lawsuit (the “New York Senior Notes Lawsuit” and, together with the Delaware Second Lien Lawsuit, the Delaware First Lien Lawsuit, the Senior Unsecured Lawsuits, the New York Second Lien Lawsuit, and the New York First Lien Lawsuit, the “Parent Guarantee Lawsuits”) against CEC in federal district court in Manhattan in its capacity as successor indenture trustee for CEOC’s 10.75% Senior Notes due 2016 (the “10.75% Senior Notes”). Plaintiff alleges that CEC is obligated to make payment of amounts due on the 10.75% Senior Notes pursuant to a parent guarantee provision in the indenture governing those notes that plaintiff alleges is still in effect. Plaintiff raises claims for violations of the Trust Indenture Act of 1939, breach of contract, breach of the implied duty of good faith and fair dealing, and for declaratory judgment, and seeks monetary and declaratory relief. CEC filed its answer to the complaint on November 23, 2015, and the parties have begun fact discovery. On March 11, 2015, CEOC filed an adversary proceeding in bankruptcy court requesting that the Parent Guarantee Lawsuits be enjoined against all defendants through plan confirmation; in subsequent submissions, CEOC stated that it sought a temporary stay of those lawsuits until 60 days after the issuance of a final report by the Bankruptcy Examiner. CEOC argued that contemporaneous prosecution of related claims against CEC would impair the bankruptcy court’s jurisdiction over the Debtors’ reorganization by threatening the Debtors’ ability to recover estate property for the benefit of all creditors, diminishing the prospects of a successful reorganization, and depleting property of the estate. On July 22, 2015, the bankruptcy court denied CEOC’s request, and on October 6, 2015, this denial was affirmed by the United States District Court for the Northern District of Illinois. On December 23, 2015, the United States Court of Appeals for the Seventh Circuit vacated the denial of CEOC’s request to enjoin the Parent Guarantee Lawsuits and remanded the case for further proceedings. On February 26, 2016, the bankruptcy court granted CEOC’s motion for a temporary stay with respect to the New York Second Lien Lawsuit and the New York First Lien Lawsuit that had been scheduled to begin on March 14. The stay will remain in effect until 60 days after the filing of the Examiner’s interim report (expected between March 7 and March 14), or May 9, 2016, whichever comes first. None of the rulings on CEOC’s request to enjoin the Parent Guarantee Lawsuits addresses the merits of those actions. 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, except as described above, the actions against CEC have been allowed to continue. See additional disclosure relating to CEOC’s Chapter 11 filing in Note 1. We believe that the Noteholder Disputes and the Parent Guarantee Lawsuits have a reasonably possible likelihood of an adverse outcome. 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 some or all of the Noteholder Disputes, such determination would likely lead to a CEC 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. 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 Merger Law 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. Hilton moved to have the Bankruptcy Court refer the matter back to the federal district court. Also, in early September 2015, CEC moved to dismiss the remaining ERISA and contract claims in their entirety. Hilton opposed that motion as to its ERISA claims on September 30, 2015 and volunteered to stipulate to the dismissal of the contract claims without prejudice. CEC will not consent to the dismissal of contract claims unless the dismissal is with prejudice. CEC filed a reply brief in further support of its motion to dismiss on October 21, 2015. Both motions are pending decisions. 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. The Bankruptcy Court denied CEOC’s motion that NRF’s action violated the automatic stay but our motion to extend the stay to encompass NRF’s collection lawsuit against CEC is still pending. The Standstill Agreement remains in effect. Also, the federal district court has granted NRF’s motion to dismiss CEC’s declaratory judgment action agreeing with NRF that the governing statute requires that the issue must first be arbitrated. CEC has filed its Notice of Appeal challenging the district court’s ruling. 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. In October 2013, CEOC’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCEN”), stating that FinCEN was investigating Caesars Palace for alleged violations of the Bank Secrecy Act to determine whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace. Caesars Palace responded to FinCEN’s letter in January 2014. Additionally, we were informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of the Company and its subsidiaries had been initiated. CEC and Caesars Palace have been cooperating with FinCEN, the Department of Justice and the Nevada Gaming Control Board (the “GCB”) on this matter. On September 8, 2015, FinCEN announced a settlement pursuant to which Caesars Palace agreed to an $8 million civil penalty for its violations of the Bank Secrecy Act, which penalty shall be treated as a general unsecured claim in Caesars Palace’s bankruptcy proceedings. In addition, Caesars Palace agreed to conduct periodic external audits and independent testing of its AML compliance program, report to FinCEN on mandated improvements, adopt a rigorous training regime, and engage in a “look-back” for suspicious transactions. The terms of the FinCEN settlement were approved by the bankruptcy court on October 19, 2015. CEOC and the GCB reached a settlement on the same facts as above, wherein CEC agreed to pay $1.5 million and provide to the GCB the same information that is reported to FinCEN and to resubmit its updated AML policies. On September 17, 2015, the settlement agreement was approved by the Nevada Gaming Commission . CEOC continues to cooperate with the Department of Justice in its investigation of this matter. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Additional accounting policy disclosures are provided within the applicable notes to the consolidated financial statements. Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of three months or less from the date of purchase and are stated at the lower of cost or market value. Our cash and cash equivalents as of December 31, 2015 and 2014 , includes $1.1 billion and $944 million , respectively, held by our consolidated VIEs, which is not available for our use to fund operations or satisfy our obligations. Restricted Cash As of December 31, 2015 and 2014 , we had $168 million and $185 million of restricted cash, respectively, comprised of current and non-current portions. Restricted cash includes cash reserved under loan agreements for (a) development projects and (b) certain expenditures incurred in the normal course of business, such as interest services, real estate taxes, casualty insurance, and capital improvements; and certain other cash deposits that are designated by management for specific purpose. Receivables We issue credit to approved casino customers following investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectibility of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Marker play represents a significant portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States’ assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. We reserve an estimated amount for gaming receivables that may not be collected to reduce the Company’s receivables to their net carrying amount. Methodologies for estimating the allowance for doubtful accounts range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for allowance for doubtful accounts. Receivables are reported net of the allowance for doubtful accounts. Allowance for Doubtful Accounts (In millions) 2015 2014 2013 Balance as of January 1 $ 196 $ 162 $ 202 Charged to income 11 50 29 Charge-offs less recoveries 3 (16 ) (69 ) CEOC deconsolidation (162 ) — — Balance as of December 31 $ 48 $ 196 $ 162 Revenue Recognition Property Revenues Casino revenues are measured by the aggregate net difference between gaming wins and losses. Funds deposited by customers in advance and chips in the customers’ possession are recognized as a liability before gaming play occurs. Food and beverage, rooms, and other operating revenues are recognized when services are performed. Advance deposits on rooms and advance ticket sales are recorded as a deposit liability until services are provided to the customer. Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. See Note 15 . Interactive Entertainment Revenues: Social and Mobile Games CIE derives revenue from the sale of virtual currencies within casino-themed social and mobile games that are played on various global social and mobile third-party platforms. CIE's primary social and mobile games, Slotomania and Bingo Blitz, operate on a free-to-play model, whereby game players may collect virtual currency or other virtual consumable goods free of charge and have the ability to send free “gifts” of virtual goods to their friends through interactions with certain social platforms. Game players also may purchase additional virtual goods above and beyond the level of free virtual goods available to that player. Purchased virtual goods are deposited into the player’s account and are then not separately identifiable from virtual goods previously obtained by the player. CIE is able to reliably estimate the period of time over which virtual currency is consumed. As such, CIE recognizes revenue using an item-based revenue model. However, CIE is unable to distinguish between whether purchased or free virtual currency is being consumed; therefore, CIE must estimate the amount of outstanding purchased virtual currency at each reporting period based on customer behavior. CIE records within accrued expenses and other current liabilities the deferred revenue associated with its social and mobile games, and also records within prepayments and other current assets the prepaid platform fees associated with this deferred revenue. CIE’s games are played on various social and mobile third-party platforms for which such third parties collect monies from CIE’s customers and pay CIE an amount after deducting a platform fee. CIE is the primary obligor with its customers under these arrangements, retains the ability to establish the pricing for its virtual currencies, and assumes all credit risk with its customers. Based upon these facts, CIE recognizes revenue from its game-playing customers on a gross basis and related platform fees are recorded as a component of operating expense. Sales taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. Other Revenue Other revenue primarily includes revenue from third-party real estate leasing arrangements at our casino properties, revenue from company-operated retail stores, revenue from our entertainment venues and The High Roller observation wheel, and management fee revenue earned by CEOC through its management of third-party casino properties, until its deconsolidation in January 2015. Advertising The Company expenses the production costs of advertising the first time the advertising takes place. Advertising expense was $192 million , $270 million , and $208 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Other Operating Costs Other operating costs primarily includes write-downs, reserves, and project opening costs, net of recoveries and acquisition and integration costs. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification. During 2015, we adopted Account Standards Update No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes , (see Note 18 ) and No. 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , (see Note 13 ). Revenue Recognition - May 2014 (amended August 2015) : Created 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, 2017, including interim periods within those reporting periods. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We expect to adopt this standard effective January 1, 2017. We are currently assessing the impact the adoption of this standard will have on our financial statements; however, we expect that the accounting for our customer loyalty programs and casino promotional allowances will be affected. Going Concern - August 2014 : Amended 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 effect the adoption of this standard will have on our financial statements. Consolidation - February 2015 : Amended Topic 810, Consolidation . The new guidance affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the accounting standard by placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. Further, the new guidance reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a VIE and changes consolidation conclusions in several industries that typically make use of VIEs. The new guidance is effective for periods beginning after December 15, 2015 for public companies. We are adopting this standard as of January 1, 2016, and are in the process of evaluating the effect it will have on our financial statements, if any. Recognition and Measurement of Financial Instruments - January 2016: The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, they require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation) to be measured at fair value with any changes in fair value recognized in net income and simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted on certain provisions. We are currently assessing the effect the adoption of this standard will have on our financial statements. Leases - February 2016: The new guidance requires lease obligations to be recognized on the balance sheet. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Discontinued Operations | Acquisitions and Discontinued Operations Acquisitio ns Pacific Interactive In February 2014, CIE acquired Pacific Interactive UK Limited (“Pacific Interactive”) and the assets of various affiliates, a social and mobile games developer and owner of House of Fun Slots , which was not considered material. CIE recorded contingent consideration payable of approximately $29 million associated with this acquisition as of the acquisition date. This contingent consideration was subsequently adjusted to its estimated fair market value totaling $66 million as of December 31, 2014 . The liabilities were paid during the first and second quarter of 2015. Discontinued Operations Discontinued operations primarily include properties owned by CEOC, which was deconsolidated effective January 15, 2015 (see Note 3 ). Years Ended December 31, (In millions) 2015 2014 2013 Net revenues Showboat Atlantic City $ — $ 115 $ 199 Harrah’s Tunica — 46 130 Other — 2 14 Total net revenues $ — $ 163 $ 343 Pre-tax loss from operations Showboat Atlantic City $ (6 ) $ (59 ) $ (66 ) Harrah’s Tunica — (120 ) (140 ) Other (1 ) (34 ) (33 ) Total pre-tax loss from discontinued operations $ (7 ) $ (213 ) $ (239 ) Loss, net of income taxes Showboat Atlantic City $ (6 ) $ (38 ) $ (83 ) Harrah’s Tunica — (120 ) (91 ) Other (1 ) (34 ) (33 ) Total loss from discontinued operations, net of income taxes $ (7 ) $ (192 ) $ (207 ) Tangible and intangible asset impairments Showboat Atlantic City $ — $ 10 $ 69 Harrah’s Tunica — 68 118 Other — 17 12 Total impairments from discontinued operations $ — $ 95 $ 199 Showboat Atlantic City CEOC closed its Showboat Atlantic City casino permanently effective August 2014 and subsequently sold it in December 2014 for $18 million . In 2014 we accrued severance and other exit costs totaling $26 million and recognized a tangible asset impairment of $10 million . As of December 31, 2014, this transaction had not met the requirements of a completed sale of real estate for accounting purposes. As a result, the $18 million in assets were classified as held for sale and the sale proceeds were recorded as a liability. In 2015, the requirements for recognition as a completed sale were met. Harrah’s Tunica CEOC closed its Harrah’s Tunica casino permanently effective June 2014 and recorded intangible and tangible asset impairment charges totaling $68 million and accrued exit costs of $16 million associated with the closure of this casino. Harrah’s Tunica was sold by CEOC in January 2016. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | — Property and Equipment We have significant capital invested in our long-lived assets, and judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. The accuracy of these estimates affects the amount of depreciation and amortization expense recognized in our financial results and whether we have a gain or loss on the disposal of an asset. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. We review the carrying value of our long-lived assets whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. As necessary, we typically estimate the fair value of assets starting with a “Replacement Cost New” approach and then deduct appropriate amounts for both functional and economic obsolescence to arrive at the fair value estimates. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows, which, for most of our assets, is the individual property. These analyses are sensitive to management assumptions and the estimates of the obsolescence factors. Changes in these assumptions and estimates could have a material impact on the analyses and the consolidated financial statements. Additions to property and equipment are stated at cost. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Interest expense is capitalized on internally constructed assets at the applicable weighted-average borrowing rates of interest. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period of time. Interest capitalized was $12 million , $45 million , and $38 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Useful Lives Land improvements 12 years Buildings 20 to 40 years Building and leasehold improvements 5 to 20 years Riverboats and barges 30 years Furniture, fixtures, and equipment 2.5 to 20 years Property and Equipment, Net As of December 31, (In millions) 2015 2014 Land and land improvements $ 3,584 $ 6,218 Buildings, riverboats, and improvements 4,134 7,506 Furniture, fixtures, and equipment 1,326 2,685 Construction in progress 59 302 Total property and equipment 9,103 16,711 Less: accumulated depreciation (1,505 ) (3,255 ) Total property and equipment, net $ 7,598 $ 13,456 Depreciation Expense Years Ended December 31, (In millions) 2015 2014 2013 Depreciation expense $ 306 $ 574 $ 572 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease and is included in depreciation and amortization, corporate expense, and loss from discontinued operations. Tangible Asset Impairments Years Ended December 31, (In millions) 2015 2014 2013 Continuing operations $ 1 $ 60 $ 2,381 In 2014, due to a decline in recent performance and downward adjustments to expectations of future performance, we performed an impairment assessment for certain of our properties resulting in an impairment charge primarily related to a property in Reno, Nevada. In 2013, the pricing of certain casino property sales that occurred in the Atlantic City market indicated a substantial decline in market price had occurred for casinos in Atlantic City and the fair value assessment we performed of the properties resulted in impairment charges. In addition, we determined that deteriorating gaming volumes in certain of our markets made it necessary to complete an impairment assessment on certain of our properties, resulting in impairments related to our land holdings in Biloxi, Mississippi, and a real estate project and certain properties in Atlantic City, New Jersey. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | — Goodwill and Other Intangible Assets The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determine the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. We perform our annual goodwill impairment assessment as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. We also evaluate the aggregate fair value of all of our reporting units and other non-operating assets in comparison to our aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in our industry. We perform our annual impairment assessment of other non-amortizing intangible assets as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of our non-amortizing intangible assets by primarily using the “Relief from Royalty Method” and “Excess Earnings Method” under the income approach. The annual evaluation of goodwill and other non-amortizing intangible assets requires the use of estimates about future operating results, valuation multiples, and discount rates to determine their estimated fair value. Changes in these assumptions can materially affect these estimates. Thus, to the extent gaming volumes deteriorate in the near future, discount rates increase significantly, or we do not meet our projected performance, we could have impairments to record in the future and such impairments could be material. Changes in Carrying Value of Goodwill by Segment (In millions) CEOC CERP CGP Casinos CIE CEC Total Gross Goodwill Balance as of January 1, 2014 $ 5,435 $ 3,894 $ 25 $ 87 $ 9,441 Additions — — — 13 13 Transfers (1) (1,141 ) — 1,141 — — Balance as of December 31, 2014 4,294 3,894 1,166 100 9,454 Accumulated Impairment Balance as of January 1, 2014 (4,175 ) (2,203 ) — — (6,378 ) Impairment (2) (251 ) (289 ) (155 ) (15 ) (710 ) Transfers (1) 805 — (805 ) — — Balance as of December 31, 2014 (3,621 ) (2,492 ) (960 ) (15 ) (7,088 ) Net Carrying Value, December 31, 2014 $ 673 $ 1,402 $ 206 $ 85 $ 2,366 Gross Goodwill Balance as of January 1, 2015 $ 4,294 $ 3,894 $ 1,166 $ 100 $ 9,454 Additions — — — 3 3 CEOC Deconsolidation (4,294 ) — — — (4,294 ) Balance as of December 31, 2015 — 3,894 1,166 103 5,163 Accumulated Impairment Balance as of January 1, 2015 (3,621 ) (2,492 ) (960 ) (15 ) (7,088 ) CEOC Deconsolidation 3,621 — — — 3,621 Balance as of December 31, 2015 — (2,492 ) (960 ) (15 ) (3,467 ) Net Carrying Value, December 31, 2015 $ — $ 1,402 $ 206 $ 88 $ 1,696 ____________________ (1) During 2014, CGP purchased four properties from CEOC (see Note 19). (2) CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 7 ). Changes in Carrying Value of Intangible Assets Other Than Goodwill Amortizing Non-Amortizing Total (In millions) 2015 2014 2015 2014 2015 2014 Balance as of January 1 $ 636 $ 730 $ 2,514 $ 2,758 $ 3,150 $ 3,488 Additions (1) — 50 — — — 50 Impairments — (2 ) — (240 ) — (242 ) Amortization expense (89 ) (133 ) — — (89 ) (133 ) CEOC Deconsolidation (152 ) — (2,366 ) — (2,518 ) — Other — (9 ) — (4 ) — (13 ) Balance as of December 31 $ 395 $ 636 $ 148 $ 2,514 $ 543 $ 3,150 ____________________ (1) During 2014, we increased our amortizing intangible assets $50 million , primarily as a result of the Pacific Interactive acquisition (see Note 7 ). During 2014 and 2013, as a result of a decline in recent performance and downward adjustments to expectations of future performance in certain of our markets, we recognized impairment charges related to goodwill, trademarks, and gaming rights for certain of our properties. Intangible Asset Impairment Charges - Continuing Operations Years Ended December 31, (In millions) 2015 2014 2013 Goodwill $ — $ 695 $ 104 Trademarks — 13 101 Gaming Rights and other — 226 245 Total impairment charges $ — $ 934 $ 450 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 2015 December 31, 2014 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.4 $ 917 $ (589 ) $ 328 $ 1,265 $ (736 ) $ 529 Contract rights 9.1 3 (1 ) 2 84 (81 ) 3 Patented technology 2.2 86 (49 ) 37 188 (109 ) 79 Gaming rights and other 8.3 52 (24 ) 28 47 (22 ) 25 $ 1,058 $ (663 ) 395 $ 1,584 $ (948 ) 636 Non-amortizing intangible assets Trademarks 126 1,580 Gaming rights 22 934 148 2,514 Total intangible assets other than goodwill $ 543 $ 3,150 The aggregate amortization expense for intangible assets that continue to be amortized was $89 million in 2015 , $133 million in 2014 , and $163 million in 2013 . Estimated Five-Year Amortization Years Ended December 31, (In millions) 2016 2017 2018 2019 2020 Estimated annual amortization expense $ 82 $ 79 $ 63 $ 56 $ 54 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | — Fair Value Measurements Our assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 (EBITDA multiples and discount rate) and Level 3 (forecasted cash flows) inputs. See Note 9 for more information on the application of the use of fair value to measure goodwill and other intangible assets. We have not elected the fair value measurement option available under GAAP for any of our assets or liabilities that meet the criteria for this option. The following financial and non-financial assets and liabilities of the Company are measured at fair value on a recurring basis. Investments Measured at Fair Value on a Recurring Basis (In millions) Balance Level 1 Level 2 Level 3 December 31, 2015 Assets: Equity securities $ 4 $ 4 $ — $ — Government bonds 67 — 67 — Total assets at fair value $ 71 $ 4 $ 67 $ — December 31, 2014 Assets: Equity securities $ 15 $ 15 $ — $ — Government bonds 70 — 70 — Total assets at fair value $ 85 $ 15 $ 70 $ — Investments primarily consist of equity and debt securities held by our captive insurance entities 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 primarily used as collateral for several escrow and trust agreements with third-party beneficiaries and are recorded in deferred charges and other in our balance sheets while a portion is included in prepayments and other current assets. As of December 31, 2015 and 2014 , gross unrealized gains and losses on marketable securities were not material. Derivative Instruments 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 during the first quarter of 2015. We did not renew the swap agreements or enter into any replacement instruments. 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. The net periodic cash settlement amount for these derivatives totaled $177 million and $172 million for the years ended December 2014 and 2013, respectively. Interest expense related to the derivatives was $7 million , $17 million , and $34 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. For the year ended December 31, 2013, we reclassified $4 million from accumulated other comprehensive loss into net loss on derivatives designated as accounting hedges. Items Measured at Fair Value on a Non-recurring Basis As of December 31, 2015, the fair values of our intangible and tangible assets equaled or exceeded their carrying values, and therefore, we had no related assets measured at fair value. As of December 31, 2014, the total of our intangible and tangible assets that were required to be measured at fair value for our year end goodwill impairment and other intangible assets impairment assessment was $848 million , and we recorded impairment charges related to these assets totaling $642 million for the year then ended. Market and income approaches were used to value the intangible and tangible assets. Inputs included an expected range of market values, probability estimated by management that each value could be achieved, expected cash flows, recent comparable transactions, discounted cash flows, discount rate, royalty rate, growth rate, and tax rate. We classify the items measured at fair value on a non-recurring basis within level 3 in the fair value hierarchy. |
Detail of Accrued Expenses and
Detail of Accrued Expenses and Other Current Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Detail of Accrued Expenses [Abstract] | |
Detail of Accrued Expenses and Other Current Liabilities | — Accrued Expenses and Other Current Liabilities Self-Insurance Accruals Prior to the deconsolidation of CEOC, we were self-insured for employee medical coverage (health, dental and vision). We now prepay CEOC for estimated employee medical insurance claims with residual differences between estimated and actual claims being reported in due to/from affiliates. We continue to be self-insured for workers’ compensation and other risk products through our captive insurance subsidiaries and provide insurance coverage to CEOC through these captives. We receive insurance premiums from CEOC on an installment basis, which are intended to cover claims processed on CEOC’s behalf. Our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. Self-insurance accruals are included in the table below. Detail of Accrued Expenses and Other Current Liabilities As of December 31, CEOC (In millions) 2015 2014 2014 (1) Payroll and other compensation $ 171 $ 220 $ 125 Self-insurance accruals 168 204 35 Advance deposits 76 150 83 Accrued taxes 34 146 106 Total Rewards liability 1 47 46 Other accruals 138 432 257 Total accrued expenses and other current liabilities $ 588 $ 1,199 $ 652 ____________________ (1) CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC as of December 31, 2015. See Note 3 . CEOC amounts are included in consolidated 2014 balances above. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases We lease both real estate and equipment used in our operations. As of December 31, 2015 , the remaining lives of our operating leases ranged from 1 to 82 years , with various automatic extensions totaling up to 78 years . For the years ended December 31, 2015 , 2014 , and 2013 , rental expense for operating leases was $72 million , $137 million , and $131 million , respectively. In addition to minimum rental commitments, certain of our operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. Future Minimum Rental Commitments (In millions) Capital Leases Operating Leases 2016 $ 6 $ 38 2017 2 39 2018 — 40 2019 — 40 2020 — 40 2021 and thereafter — 558 Total minimum rental commitments 8 $ 755 Less amounts representing interest — Present value of net minimum lease payments $ 8 |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Summary of Debt by Financing Structure As of December 31, 2015 2014 (In millions) Face Value Book Value Book Value CERP $ 4,694 $ 4,627 $ 4,754 CGP 2,402 2,337 2,312 CEOC (1) — — 15,930 CEC — — 13 Total debt 7,096 6,964 23,009 Current portion of long-term debt (187 ) (187 ) (15,779 ) Long-term debt $ 6,909 $ 6,777 $ 7,230 Fair value of debt $ 6,421 ____________________ (1) CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3 . Annual Estimated Debt Service Requirements Years ended December 31, (In millions) 2016 2017 2018 2019 2020 Thereafter Total Principal CERP $ 117 $ 27 $ 25 $ 25 $ 3,350 $ 1,150 $ 4,694 CGP 70 21 25 201 300 1,785 2,402 Total principal 187 48 50 226 3,650 2,935 7,096 Estimated Interest CERP 390 390 400 400 400 130 2,110 CGP 190 190 190 190 170 150 1,080 Total interest 580 580 590 590 570 280 3,190 Principal and Interest CERP 507 417 425 425 3,750 1,280 6,804 CGP 260 211 215 391 470 1,935 3,482 Total principal and interest $ 767 $ 628 $ 640 $ 816 $ 4,220 $ 3,215 $ 10,286 Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities December 31, 2015 December 31, 2014 (In millions) Proceeds Repayments Proceeds Repayments CERP Term Loan $ — $ (25 ) $ — $ (25 ) CERP Senior Secured Revolver 230 (330 ) 295 (115 ) CGPH Term Loan — (12 ) 1,141 — CGPH Senior Secured Revolving Credit Facility 80 (35 ) — — CGPH First Closing Term Loan — — 693 (700 ) CGPH Notes — — 660 — Horseshoe Baltimore Credit Facility — — 76 — Horseshoe Baltimore FF&E Facility — (3 ) 30 — Cromwell Credit Facility — (10 ) — — Planet Hollywood Loan Agreement — — — (495 ) Incremental Term Loans — — 1,528 (1,275 ) Other debt activity — (25 ) 13 (189 ) Capital lease payments — (10 ) — (34 ) Total $ 310 $ (450 ) $ 4,436 $ (2,833 ) Current Portion of Long-Term Debt The current portion of long-term debt is $187 million as of December 31, 2015 . For CERP, the current portion of long-term debt is $117 million , which includes the $80 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 that are expected to be paid within twelve months. For CGP, the current portion of long-term debt is $70 million , which includes the $45 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 that are expected to be paid within 12 months. 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. CEOC reclassified all of the debt impacted by its bankruptcy to current as of December 31, 2014. CEOC’s current portion of long-term debt at December 31, 2014, net of unamortized discount and deferred finance charges of $2.2 billion , was $15.7 billion . Debt Discounts and Deferred Finance Charges Debt discounts and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to its original maturity date. Effective for our quarter ended June 30, 2015, we adopted authoritative guidance amending the existing requirements for the presentation of deferred finance charges. The amendments to the guidance require that deferred finance charges 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. As of December 31, 2014, we have reclassified $204 million of unamortized deferred finance charges from deferred charges and other assets to long-term debt. As of December 31, 2015 and 2014 , book values of debt are presented net of unamortized discounts and deferred finance charges of $132 million and $2.6 billion , respectively. Fair Value We calculate the fair value of debt based on borrowing rates available as of December 31, 2015 , 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. CERP Debt As December 31, 2015 2014 Detail of Debt (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value CERP Credit Facilities CERP Term Loan (2) 2020 7.00% $ 2,450 $ 2,403 $ 2,420 CERP Senior Secured Revolving Credit Facility (3) 2018 variable 80 80 180 CERP Notes (4) CERP First Lien Notes 2020 8.00% 1,000 992 990 CERP Second Lien Notes 2021 11.00% 1,150 1,138 1,137 Capital lease obligations and other to 2017 various 14 14 27 Total CERP debt 4,694 4,627 4,754 Current portion of CERP long-term debt (117 ) (117 ) (39 ) CERP long-term debt $ 4,577 $ 4,510 $ 4,715 ________________________________ (1) Interest rate is fixed, except where noted. (2) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015 . (3) Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%. (4) Registered pursuant to a registration statement on Form S-4, which was declared effective on February 10, 2015. CERP Financing In October 2013, we completed the financing for the CERP Credit Facilities and the CERP Notes (“CERP Financing”) to retire a previous financing. CERP Credit Facilities The CERP senior secured revolving credit facility allows for borrowings 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 December 31, 2015 , no amounts were committed to outstanding letters of credit. Borrowings under the senior secured revolving credit facility bear interest at the same rate elections as the CERP Term Loans. On a quarterly basis, we are required to pay each lender (i) a commitment fee in respect of any unborrowed amounts under the senior secured revolving credit facility and (ii) a letter of credit fee in respect of the aggregate face amount of outstanding letters of credit under the senior secured revolving credit facility. As of December 31, 2015, the senior secured revolving credit facility bore a commitment fee for unborrowed amounts of 50 basis points. CERP Notes The Notes issued under the CERP Financing contained registration rights, which culminated in an exchange offer on March 18, 2015 resulting in the CERP Notes (with terms substantially identical to those of the originally-issued CERP Notes, except that the registered CERP Notes no longer have transfer restrictions or registration rights). CERP is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. CGP Debt As December 31, 2015 2014 Detail of Debt (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value CGPH Credit Facilities CGPH Senior Secured Term Loan (2) 2021 6.25% $ 1,157 $ 1,126 $ 1,133 CGPH Senior Secured Revolving Credit Facility (3) 2019 variable 45 45 — CGPH Notes (4) 2022 9.38% 675 660 659 Horseshoe Baltimore Credit and FF&E Facilities Horseshoe Baltimore Credit Facility (5) 2020 8.25% 300 288 286 Horseshoe Baltimore Revolving Facility Loan (6) 2018 variable — — — Horseshoe Baltimore FF&E Facility (5) 2019 8.75% 27 27 30 Cromwell Credit Facility (5) 2019 11.00% 175 169 178 Other secured debt 2018 8.00% 5 4 4 Special Improvement District Bonds 2037 5.30% 14 14 14 Capital lease obligations and other 2016 to 2017 various 4 4 8 Total CGP debt 2,402 2,337 2,312 Current portion of CGP long-term debt (70 ) (70 ) (20 ) CGP long-term debt $ 2,332 $ 2,267 $ 2,292 ________________________________ (1) Interest rate is fixed, except where noted. (2) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015. (3) Variable interest rate calculated as LIBOR plus 5.25%. (4) Registered pursuant to a registration statement on Form S-4, which was declared effective on June 26, 2015. (5) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. (6) Variable interest rate calculated as LIBOR plus 7.00%. Property Transaction between CEOC and CGP In 2014, CEOC sold to CGP, among other things, four properties, related intellectual property, and 50% of certain ongoing management fees and any termination fees. To fund the purchase price, CGP entered into the CGPH Credit Facilities and CGPH Notes. As part of this transaction, CGP assumed the debt associated with the Cromwell Credit Facility and used $477 million of the net proceeds from the CGPH Credit Facilities to repay all amounts then outstanding under the Planet Hollywood Loan Agreement. See Note 2 for more details of the property transaction. CGPH Credit Facilities The CGPH senior secured revolving credit facility provides for an aggregate principal amount of up to $150 million . As of December 31, 2015 , no material amounts were committed to outstanding letters of credit. 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 December 31, 2015 , the Horseshoe Baltimore Credit Facility included a senior secured revolving facility loan for an aggregate principal amount of up to $10 million . The Horseshoe Baltimore FF&E Facility was 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. CEOC Debt As described in Note 3 , we deconsolidated CEOC effective January 15, 2015. Therefore, we have no CEOC debt as of December 31, 2015 . As of December 31, 2014 (In millions) Book Value Secured Debt $ 9,884 Credit Facilities (1) 5,106 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 ) Secured Debt Cash Tender Offer Using proceeds from the Incremental Term Loans described below, in July 2014, CEOC completed a cash tender offer for the $190 million aggregate principal amount outstanding of its 10.00% Second-Priority Senior Secured Notes due 2015 (the “10.00% Notes”): • Received tenders from the holders of $103 million in aggregate principal amount; • Purchased an additional $83 million in aggregate principal amount for $191 million ; and • Resulted in the retirement and redemption of approximately 98% of outstanding principal amount. Payment on Second-Priority Senior Secured Notes Pursuant to the indenture dated December 24, 2008 (“2008 Indenture”), on December 15, 2014, CEOC was required to redeem approximately $18 million of aggregate principal of its 10.00% second-priority senior secured notes due 2015 and 10.00% second-priority senior secured notes due 2018 (“Second-Lien Notes”). On December 12, 2014, CEOC deposited $18 million with Delaware Trust Company, as paying agent under the 2008 Indenture, to fund the required redemption. The Second Lien Notes are included in Secured Debt in the table above. CEOC was subsequently advised by Delaware Trust Company that it had provided contrary instructions to The Depository Trust Company to distribute the funds received with directions it had received from the beneficial holders purporting to own a majority of the Second-Lien Notes. These contrary instructions provided for the allocation of the deposited funds ratably between principal and interest due under the 2008 Indenture. CEOC believes that the contrary instructions were inconsistent with both its direction and the terms of the 2008 Indenture. As a result, CEOC has accounted for these payments as an $18 million reduction in the principal amount of the Second-Lien Notes, consistent with the instructions that were communicated to Delaware Trust Company. Credit Facilities In 2014, CEOC completed the offering of $1.8 billion of incremental term loans (“Incremental Term Loans”) due no later than March 1, 2017, and used the net cash proceeds to repay $794 million on existing term loans outstanding under the Credit Facilities and to complete the cash tender offers for the 10.00% Notes (above) and 5.625% Notes (below). As of December 31, 2014, CEOC Credit Facilities also included a senior secured revolving credit facility in an aggregate principal amount of up to $106 million , including both a letter of credit sub-facility and a swingline loan sub-facility. There were no amounts outstanding under the revolving credit facility as of December 31, 2014. Unsecured Senior Debt Cash Tender Offer Using proceeds from the Incremental Term Loans described above, in July 2014, CEOC completed a cash tender offer for the $792 million aggregate principal amount outstanding of its 5.625% Senior Notes due 2015 (the “5.625% Notes”): • Received tenders from the holders of $44 million in aggregate principal amount; • Purchased and redeemed an additional $747 million in aggregate principal amount for $830 million ; and • Resulted in the retirement and redemption of 100% of the outstanding principal amount. Note Purchase and Support Agreement In August 2014, CEOC and CEC announced an agreement (the “Note Purchase and Support Agreement”) with certain holders (the “Holders”) of CEOC’s outstanding 6.50% Senior Notes due 2016 (the “6.50% Notes”) and 5.75% Senior Notes due 2017 (the “5.75% Notes” and, together with the 6.50% Notes, the “Senior Unsecured Notes”) in connection with a private refinancing transaction, pursuant to which, among other things (i) Holders representing $238 million aggregate principal amount of the Senior Unsecured Notes and greater than 51% of each class of the Senior Unsecured Notes that were held by non-affiliates of CEC and CEOC agreed to sell to CEC and CEOC an aggregate principal amount of approximately $89 million of the 6.50% Notes and an aggregate principal amount of approximately $66 million of the 5.75% Notes; (ii) CEC agreed to pay the Holders a ratable amount of $78 million of cash in the aggregate, (iii) CEOC agreed to pay the Holders a ratable amount of $78 million of cash in the aggregate, (iv) CEOC agreed to pay the Holders accrued and unpaid interest in cash; and (v) CEC agreed to contribute $427 million in aggregate principal ( $368 million net of discount and accrued interest contributed) of Senior Unsecured Notes to CEOC for cancellation. Distribution of CEOC Notes In 2014, CGP distributed 100% of its remaining investment in certain CEOC notes as a dividend to its members, CEC and Caesars Acquisition Company (“CAC”), (the “Notes Distribution”). CEC received $187 million in aggregate principal amount of the 6.50% Senior Notes and $206 million in aggregate principal amount of the 5.75% Senior Notes, and CAC received $138 million in aggregate principal amount of the 6.50% Senior Notes and $151 million in aggregate principal amount of the 5.75% Senior Notes. The CEOC notes held by CGP prior to the Notes Distribution were eliminated in consolidation. The CEOC notes received by CEC were subsequently contributed to CEOC for cancellation which resulted in no impact on the consolidated financial statements of CEC. The CEOC notes received by CAC resulted in an increase in the face value and book value reported for CEOC debt because CAC is not a consolidated entity. In addition, the Notes Distribution resulted in a $160 million decrease in noncontrolling interest (which represents the fair value of the CEOC notes) and an $89 million increase to the discount on long-term debt. The decrease in noncontrolling interest represents CGP's reported fair value of the CEOC notes at the time of the Notes Distribution, while the increase to the discount represents the difference between CGP's fair value for the CEOC notes and the book value reported by CEOC. The Notes Distribution to CAC was accounted for as a new issuance of debt. As a result of this transaction, the $289 million in face value of notes distributed by CGP to CAC was reflected as being outstanding debt prior to the deconsolidation of CEOC, with a total discount of $129 million , resulting in an increase to net book value of debt outstanding equal to the fair value of the related notes, which was $160 million . Summary of Loss on Extinguishment of Debt (In millions) Years Ended December 31, Related Transaction 2014 2013 CEOC Secured Debt $ 14 $ 29 CEOC Credit Facilities 22 — CEOC Unsecured Senior Debt 31 — Planet Hollywood Loan Agreement 28 — Other 1 1 Total loss on extinguishment of debt $ 96 $ 30 Terms of Outstanding Debt Restrictive Covenants The CERP Notes, CERP Credit Facilities, CGPH Senior Secured Term Loan, CGPH Notes, Horseshoe Baltimore Credit and FF&E Facilities, and Cromwell Credit Facility all include negative covenants, subject to certain exceptions, and contain affirmative covenants and events of default, subject to exceptions, baskets and thresholds (including equity cure provisions in the case of the CERP Credit Facilities, Horseshoe Baltimore Credit and FF&E Facilities, and the Cromwell Credit Facility), all of the preceding being customary in nature. The restrictive covenants also require that we maintain Senior Secured Leverage Ratios (“SSLR”) as shown in the table below. SSLR is defined as the ratio of first lien senior secured net debt to earnings before interest, taxes, depreciation and amortization, adjusted as defined (“Adjusted EBITDA”). The Cromwell Credit Facility also required The Cromwell to maintain a minimum amount of consolidated EBITDA through Q1 2015. Credit Facility Covenant Type Effective Period Requirement CERP Credit Facilities CERP Maximum SSLR From inception 8.00 to 1.00 CGPH Senior Secured Term Loan CGPH Maximum SSLR From inception 6.00 to 1.00 Horseshoe Baltimore Credit and FF&E Facilities (1) CBAC Maximum SSLR Q1 - Q4 2016 7.50 to 1.00 CBAC Maximum SSLR Q1 - Q4 2017 6.00 to 1.00 CBAC Maximum SSLR Q1 2018 and thereafter 4.75 to 1.00 Cromwell Credit Facility Cromwell Minimum EBITDA Q4 2014 - Q1 2015 $7.5 Million Cromwell Maximum SSLR Q2 2015 - Q1 2016 5.25 to 1.00 Cromwell Maximum SSLR Q2 2016 - Q1 2017 5.00 to 1.00 Cromwell Maximum SSLR Q2 2017 and thereafter 4.75 to 1.00 ________________________________ (1) CBAC Borrower, LLC (“CBAC”) is a joint venture in which Caesars Baltimore Investment Company, LLC (“CBIC”) holds an interest. CBIC is a wholly owned subsidiary of CGP. Guarantees CERP has pledged a significant portion of its assets as collateral under the notes and facilities. The CERP Notes are co-issued, as well as fully and unconditionally guaranteed, jointly and severally, by Caesars Entertainment Resort Properties, LLC (parent entity) and each of its wholly-owned subsidiaries on a senior secured basis. The CGPH Senior Secured 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 Notes are secured by substantially all of the existing and future property and assets of CGPH and the subsidiary guarantors (subject to exceptions), and are guaranteed by CGPH and certain subsidiaries (subject to exceptions). The Horseshoe Baltimore Credit Facility is secured by substantially all material assets of CBAC Borrower, LLC and its wholly-owned domestic subsidiaries. The Horseshoe Baltimore FF&E Facility is secured by the FF&E that was purchased with the proceeds. The Cromwell Credit Facility is secured by the assets of the Cromwell. Restricted Net Assets Because of the restrictions in our borrowings and other arrangements, the amount of net assets at consolidated subsidiaries not available to be remitted to CEC via dividend, loan or transfer was $2.1 billion and $2.4 billion , as of December 31, 2015 and 2014 , respectively. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | — Earnings Per Share Basic earnings per share is computed by dividing the applicable income amounts by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing the applicable income amounts by the sum of weighted-average number of shares of common shares outstanding and dilutive potential common shares. For periods in which Caesars generated net losses, the weighted-average basic shares outstanding was used in calculating diluted loss per share because including diluted shares would be anti-dilutive to loss per share. Basic and Dilutive Net Earnings Per Share Reconciliation Years Ended December 31, (In millions, except per share data) 2015 2014 2013 Income/(loss) from continuing operations attributable to Caesars, net of income taxes $ 5,927 $ (2,591 ) $ (2,741 ) Loss from discontinued operations attributable to Caesars, net of income taxes (7 ) (192 ) (207 ) Net income/(loss) attributable to Caesars $ 5,920 $ (2,783 ) $ (2,948 ) Weighted average common share outstanding 145 142 129 Dilutive potential common shares: Stock options 2 — — Weighted average common shares and dilutive potential common shares 147 142 129 Basic income/(loss) per share from continuing operations $ 40.92 $ (18.18 ) $ (21.32 ) Basic loss per share from discontinued operations (0.04 ) (1.35 ) (1.61 ) Basic income/(loss) per share $ 40.88 $ (19.53 ) $ (22.93 ) Diluted income/(loss) per share from continuing operations $ 40.30 $ (18.18 ) $ (21.32 ) Diluted loss per share from discontinued operations (0.04 ) (1.35 ) (1.61 ) Diluted income/(loss) per share $ 40.26 $ (19.53 ) $ (22.93 ) Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2015 2014 2013 Stock options 4 6 4 Restricted stock units and awards 1 2 2 Total anti-dilutive common shares 5 8 6 |
Casino Promotional Allowances (
Casino Promotional Allowances (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Promotional Allowances [Abstract] | |
Casino Promotional Allowances | — Casino Promotional Allowances The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as casino promotional allowances. The estimated cost of providing such casino promotional allowances is included in casino expenses. Estimated Retail Value of Casino Promotional Allowances Years Ended December 31, (In millions) 2015 2014 2013 Food and Beverage $ 281 $ 622 $ 589 Rooms 234 422 427 Other 48 94 91 $ 563 $ 1,138 $ 1,107 Estimated Cost of Providing Casino Promotional Allowances Years Ended December 31, (In millions) 2015 2014 2013 Food and Beverage $ 169 $ 463 $ 428 Rooms 83 168 165 Other 17 60 46 $ 269 $ 691 $ 639 |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Caesars Entertainment Stock-Based Compensation Plans We maintain long-term incentive plans for management, other personnel, and key service providers. The plans allow for granting stock-based compensation awards, based on CEC common stock (NASDAQ symbol “CZR”), including time-based and performance-based stock options, restricted stock units, restricted stock awards, stock grants, or a combination of awards. Management Equity Incentive Plan The Harrah’s Entertainment, Inc. Management Equity Incentive Plan, as amended, (the “2008 Incentive Plan”) allowed for the granting of performance-based options. The options vest and become exercisable if the return on investment in the Company of TPG, Apollo, and their affiliates (the “Majority Stockholders”) achieves a 2.0X return. The options vest on a pro-rata basis from zero to 100% if the Majority Stockholders achieve a return of less than 2.0 X but greater than or equal to 1.75 X. Upon the adoption of the 2012 Performance Incentive Plan, as amended, (the “2012 Incentive Plan”) options may no longer be granted under the 2008 Incentive Plan. As of December 31, 2015 , 23,755 options were outstanding under the 2008 Incentive Plan and will expire between years 2018 - 2021. Performance Incentive Plan We adopted the 2012 Incentive Plan for directors, employees, officers and consultants or advisers who render services to Caesars Entertainment or its subsidiaries. As of December 31, 2015 , a total of 23,449,468 shares of our common stock had been authorized to be issued under the long-term incentive plans. The number of unissued common shares reserved for future grants under the long-term incentive plans was 5,218,592 as of that date. The 2012 Incentive Plan provided for a one-time stock option exchange program (the “Option Exchange”) to permit Caesars Entertainment to cancel certain stock options held by certain of its employees, service providers and directors in exchange for new, replacement options to purchase an equal number of shares of our common stock (the “Replacement Options”). Options eligible for the Option Exchange (the “Eligible Options”) were granted on or prior to February 9, 2012, and had an exercise price equal to or greater than $20.09 per share. Replacement Options have an exercise price of $8.22 per share, a 10 -year term and a new vesting schedule determined on a grant-by-grant basis, as follows: Time-Based Options : 20% of the time-based Replacement Options were immediately vested, with the remainder vesting annually in equal amounts over four years. Performance-Based Options : • For options replacing the Eligible Options subject to vesting if funds affiliated with the Sponsors achieve at least a 1.5X return, the Replacement Options will vest on the date that the Caesars Entertainment’s 30-day trailing average closing common stock price equals or exceeds $35.00 per share. • For options replacing the Eligible Options subject to vesting if funds affiliated with the Sponsors achieve at least a 2.0X return, the Replacement Options vest on the earlier of the following: (i) 50% on March 15, 2014 and 50% on March 15, 2015 or (ii) Caesars Entertainment’s 30-day trailing average closing common stock price equals or exceeds $57.41 per share. Loveman Performance-Based Options : We granted 290,334 options in November 2011 to Gary Loveman, the Company’s Chairman of the Board, and former Chief Executive Officer and President. The options were eligible to vest if funds affiliated with the Sponsors achieve at least a 1.0X return (the “Loveman Performance-Based Options”). The Replacement Options granted in exchange for the Loveman Performance-Based Options will vest on the date that Caesars Entertainment’s 30‑day trailing average closing common stock price equals or exceeds $57.41 per share. As a result of the Option Exchange, incremental stock compensation totaling $15 million is being amortized to compensation expense over an approximate vesting period of 4 to 5.5 years. Composition of Caesars Entertainment Stock-Based Compensation Expense Years Ended December 31, (In millions) 2015 2014 2013 Corporate expense $ 57 $ 36 $ 25 Property, general, administrative, and other 5 9 7 Total stock-based compensation expense $ 62 $ 45 $ 32 Caesars Entertainment Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2014 9,379,885 $ 13.65 7.8 Granted 1,844,332 10.04 Exercised (58,700 ) 8.22 Forfeited (327,934 ) 12.76 Expired (199,364 ) 23.29 Outstanding as of December 31, 2015 10,638,219 $ 12.90 6.8 Vested and expected to vest as of December 31, 2015 10,250,794 $ 11.59 7.3 $ 1 Exercisable as of December 31, 2015 5,744,384 $ 9.51 6.8 Caesars Entertainment Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 1,844,332 1,500,770 550,812 Weighted Average Grant-Date Fair Value per share (1) $ 3.38 $ 10.27 $ 5.95 Weighted Average Exercise Price per Share (1) $ 10.04 $ 21.18 $ 13.65 Option Exercises: Number of options exercised 58,700 317,703 143,109 Cash received for options exercised (2) $ — $ 3 $ 1 Aggregate intrinsic value of options exercised (2) $ — $ 2 $ 2 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. (2) 2015 amounts are immaterial. Caesars Entertainment Assumptions Used to Estimate Option Values Years Ended December 31, 2015 2014 2013 Expected volatility 42.0 % 52.1 % 57.4 % Expected dividend yield — % — % — % Expected term (in years) 5.7 5.5 3.8 Risk-free interest rate 1.6 % 1.7 % 1.0 % Caesars Entertainment Restricted Stock Unit Activity During the year ended December 31, 2015 , we granted restricted stock units (the “RSUs”) to employees of Caesars Entertainment with an aggregate fair value of $54 million . Each RSU represents the right to receive payment in respect of one share of the Caesars Entertainment’s common stock. The majority of the RSUs will vest 25% annually. The following table summarizes the activity of RSUs during the year ended December 31, 2015 . Units Wtd Avg Fair Value Outstanding as of December 31, 2014 2,156,727 $ 17.45 Granted 5,169,322 10.50 Vested (609,753 ) 16.85 Forfeited (386,861 ) 13.69 Outstanding as of December 31, 2015 6,329,435 12.06 We utilized historical optionee behavioral data to estimate the option exercise and termination rates used in the option-pricing models. The expected term of the options represents the period of time the options were expected to be outstanding based on historical trends and/or derived from a numerical pricing model, such as the Monte Carlo simulation model. Expected volatility was based on the historical volatility of the common stock of Caesars Entertainment and its competitor peer group for a period approximating the expected life. We do not expect to pay dividends on common stock. The risk-free interest rate within the expected term was based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2015 , there was $66 million of total unrecognized compensation cost related to Caesars Entertainment stock-based compensation plans, which is expected to be recognized over a remaining weighted-average period of 2.6 years. CIE Stock-Based Compensation Plan CIE grants stock-based compensation awards in CIE common stock to its employees, directors, service providers and consultants in accordance with the Caesars Interactive Entertainment, Inc. Amended and Restated Management Equity Incentive Plan which is intended to promote the interests of CIE and its shareholders by providing key employees, directors, service providers and consultants with an incentive to encourage their continued employment or service and improve the growth and profitability of CIE. CIE has granted stock options and warrants, restricted shares, and restricted stock units to its employees and service providers. These programs are classified as liability-based instruments and are re-measured at their fair value at each reporting date. Composition of CIE Stock-Based Compensation Expense Years Ended December 31, (In millions) 2015 2014 2013 Total stock-based compensation expense $ 60 $ 87 $ 25 Stock-based compensation expense attributable to CIE is recorded in property, general, administrative, and other in our Statements of Operations. As of December 31, 2015 , the liability related to outstanding options and warrants was $107 million . The current portion is recorded in accrued expenses and other current liabilities on our balance sheets, while the long-term portion is recorded in deferred credits and other liabilities. CIE Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2014 13,279 $ 3,953.85 6.8 Granted 10,350 15,352.49 Exercised (1,984 ) 2,424.20 Forfeited (588 ) 8,106.90 Outstanding as of December 31, 2015 21,057 $ 9,584.64 7.8 Vested and expected to vest as of December 31, 2015 20,179 $ 9,620.68 7.8 $ 124 Exercisable as of December 31, 2015 6,292 $ 2,790.08 4.7 CIE Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 10,350 1,135 6,300 Weighted Average Grant-Date Fair Value per share (1) $ 4,670.27 $ 4,717.02 $ 2,620.48 Weighted Average Exercise Price per Share $ 15,352.49 $ 9,976.43 $ 5,539.98 Option Exercises: Number of options exercised 1,984 3,822 365 Cash received for options exercised $ 5 $ 6 $ 1 Aggregate intrinsic value of options exercised $ 21 $ 27 $ 1 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. Assumptions Used to Estimate CIE Option Value Years Ended December 31, 2015 2014 2013 Expected range of volatility 42.9% - 49.4% 46.5% - 56.8% 49.7% - 58.6% Expected dividend yield — % — % — % Expected range of term (in years) 1.5 - 4.7 2.4 - 7.1 2.3 - 7.3 Risk-free interest rate range 0.7% - 1.7% 0.7% - 2.3% 0.6% - 2.5% CIE Restricted Stock Unit Activity Units Wtd Avg Fair Value Outstanding as of December 31, 2014 5,096 $ 6,494.71 Granted 924 13,161.70 Vested (1,025 ) 6,004.02 Forfeited (456 ) 7,649.01 Outstanding as of December 31, 2015 4,539 7,827.24 CIE utilized historical optionee behavioral data to estimate the option exercise and termination rates used in the option-pricing models. The expected term of the options represents the period of time the options were expected to be outstanding based on historical trends and/or derived from a numerical pricing model, such as the Monte Carlo simulation model. Expected volatility was based on the historical volatility of the common stock of CIE and its competitor peer group for a period approximating the expected life. CIE does not expect to pay dividends on common stock. The risk-free interest rate within the expected term was based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2015 , there was $144 million of total unrecognized compensation cost related to CIE stock-based compensation plans, which is expected to be recognized over a remaining weighted-average period of 3.2 years. CAC Stock-Based Compensation Plan In April 2014, the CAC Board of Directors approved the CAC Equity-Based Compensation Plan for officers, employees, directors, individual consultants and advisers of the Company and its subsidiaries (the “CAC Equity Plan”). Under the CAC Equity Plan, CEC is authorized to grant stock-based instruments in the form of or with a value related to CAC Class A Common Stock, par value $0.001 per share (the “CAC Common Stock”) to officers, employees, directors, individual consultants and advisers of CEC and its subsidiaries. The CAC Equity Plan will terminate ten years after approval by the Board. Subject to adjustments in connection with certain changes in capitalization, the maximum value of the shares of CAC Common Stock that may be delivered pursuant to awards under the CAC Equity Plan is $25 million . Upon issuance of shares pursuant to this plan, such shares will be contributed by CAC to CGP as additional investment into that entity, at which time CGP will settle its management fee obligation with CEC and its subsidiaries through a distribution of such shares. In May 2014, CEC granted awards to officers, employees, directors, individual consultants, and advisers of CEC and its subsidiaries in accordance with the CAC Equity Plan to reward and provide incentive for services provided in their capacity, promote the success of CGP, and more closely align the interests of such individuals with those of the stockholders of the CAC. Awards under this plan vested one-third in October 2014 with the remaining two-thirds vesting in equal portions in October 2015 and October 2016. During the years ended December 31, 2015 and 2014, expense associated with the vesting of such awards is recorded as stock-based compensation expense by CEC totaling $12 million and $10 million , respectively. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | — Deferred Compensation and Employee Benefit Plans Deferred Compensation Deferred Compensation Plans As of December 31, 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 (“ESSP”), the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II (“ESSP 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 (“EDCP”). 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 included in Caesars’ financial statements as liabilities prior to the deconsolidation of CEOC. As of December 31, 2015 , Caesars has recorded in the accompanying financial statements $44 million in liabilities, representing the estimate of its obligations under the ESSP and ESSP II and for certain former Directors and employees who had employment agreements with Harrah's Entertainment, Inc., (the predecessor to CEC) and participated in the EDCP. The additional liability in respect of the other plans described above that Caesars has not recorded is approximately $29 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 and the escrow agreement were approximately $64 million and $49 million , respectively as of December 31, 2015 . The assets held pursuant to the trust agreement have been reflected as long-term restricted assets on CEC’s balance sheet. The assets held pursuant to the escrow agreement have not been reflected 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. Savings and Retirement Plans We maintain a defined contribution savings and retirement plan that allows employees to make pre-tax and after-tax contributions. Under the plan, participating employees may elect to contribute up to 50% of their eligible earnings (subject to IRS rules and regulations) and are eligible to receive a company match of up to $600 . Participating employees become vested in matching contributions on a pro-rata basis over five years of credited service. Our contribution expense for this plan was $6 million , $13 million , and $13 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. We maintain several supplemental executive retirement plans (“SERP”) to provide additional retirement benefits to a select group of former executives. The total liability reported in deferred credits and other by CEOC for the SERP plans was $33 million as of December 31, 2014. Pension Commitments CEOC has a defined benefit plan for employees of our London Clubs International subsidiary that provides benefits based on final pensionable salary. The assets of the plan are held in a separate trustee-administered fund and death-in-service benefits, professional fees, and other expenses are paid by the pension plan. While consolidated in our results, this plan was accounted for under the immediate recognition method, under which actuarial gains and losses were recognized in operating results in the year in which the gains and losses occurred rather than deferring them into Other Comprehensive Loss and amortizing them over future periods. Any such amounts were recorded in the fourth quarter of each year, and during the fourth quarter of 2014 and 2013, we recognized $21 million and $97 million , respectively. As of December 31, 2014, total plan assets were $208 million with total projected benefit obligation totaling $293 million , resulting in a net pension liability of $85 million . CEOC net pension liability has been deconsolidated effective January 15, 2015 (see Note 3 ). Multiemployer Pension Plan The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from a single-employer plan in the following aspects: a. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c. If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a “withdrawal liability.” Multi-employer Pension Plan Participation Pension Protection Act Zone Status (1) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status (2) 2015 2014 2013 Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Southern Nevada Culinary and Bartenders Pension Plan (5) 88-6016617/001 Green Green No $ 16 $ 18 $ 20 No May 31, 2018 Pension Plan of the UNITE HERE National Retirement Fund (3)(5) 13-6130178/001 Red Red Yes 6 14 14 No March 14, 2015 (6) Local 68 Engineers Union Pension Plan (4)(5) 51-0176618/001 Green Green No — 1 2 No April 30, 2017 NJ Carpenters Pension Fund 22-6174423/001 Yellow Yellow Yes — — 1 No April 30, 2017 Painters IUPAT 52-6073909/001 Yellow Yellow Yes 1 1 1 No Various up to April 2017 Other Funds 9 12 12 Total Contributions $ 32 $ 46 $ 50 ____________________ (1) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 2015 , except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (2) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (3) As described in Note 4 , in January 2015, the Pension Plan of the UNITE HERE National Retirement Fund voted to expel Caesars Entertainment and its participating subsidiaries from the plan. (4) Plan years begin July 1. (5) Plan was listed in the pension plans’ Forms 5500 as providing more than 5% of the total contributions for the plan years ended 2014 and 2013 (also the Nevada Resort Association IATSE Local 720 Retirement Plan, which is included in “Other Funds”). At the date the financial statements were issued, Forms 5500 were not available for the plan year ending in 2015 . (6) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effect on the income tax provision and deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have provided a valuation allowance on certain federal, foreign, and state net operating losses (“NOLs”), and other federal, state, and foreign deferred tax assets. NOLs and other federal, state, and foreign deferred tax assets were not deemed realizable based upon near term estimates of future taxable income. We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our balance sheets, separate from any related income tax payable, which is also reported within accrued expenses, or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions, as well as potential interest or penalties associated with those liabilities. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions, except for CGP, which is filed as part of a separate tax filing group. We are under regular and recurring audit by the Internal Revenue Service (“IRS”) and various state taxing authorities on open tax positions, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months. Components of Income/(Loss) Before Income Taxes from Continuing Operations Years Ended December 31, (In millions) 2015 2014 2013 United States $ 5,779 $ (3,351 ) $ (4,446 ) Outside of the U.S. 225 134 196 $ 6,004 $ (3,217 ) $ (4,250 ) Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2015 2014 2013 United States Current Federal $ — $ — $ 7 State — 110 83 Deferred Federal 135 593 1,388 State (10 ) (109 ) 51 Outside of the U.S. Current (78 ) (56 ) (29 ) Deferred 8 5 17 $ 55 $ 543 $ 1,517 Allocation of Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2015 2014 2013 Income tax benefit/(provision) applicable to: Loss from continuing operations $ 55 $ 543 $ 1,517 Loss from discontinued operations — 21 32 Accumulated other comprehensive income/(loss) — — (16 ) Deconsolidation and restructuring of CEOC and other 1,176 — — Additional paid-in capital — — (15 ) Effective Income Tax Rate Reconciliation Years Ended December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: State taxes, net of federal tax benefit — 1.7 6.6 Valuation allowance 3.4 (5.9 ) (8.9 ) Foreign income taxes (0.3 ) (0.1 ) 0.1 Goodwill — (9.3 ) (0.4 ) Deconsolidation of CEOC (38.6 ) — — Stock-based compensation 0.3 (0.8 ) (0.2 ) Acquisition and integration costs — (0.4 ) 0.1 Reserves for uncertain tax positions — 0.3 — Sale of stock of subsidiary — (0.5 ) — Capital loss tax benefit — — 4.2 Disallowed losses on sale to related party — (3.9 ) (0.3 ) Deferred tax adjustment upon contribution of CIE to CGP — — (0.5 ) Noncontrolling interests (0.6 ) 1.0 — Other (0.1 ) (0.2 ) — Effective tax rate (0.9 )% 16.9 % 35.7 % Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of December 31, (In millions) 2015 2014 Deferred tax assets: State net operating losses $ 5 $ 294 Foreign net operating losses 2 23 Federal net operating loss 44 1,466 Compensation programs 56 145 Allowance for doubtful accounts 10 89 Self-insurance reserves 7 16 Accrued restructuring and support expenses 317 — Accrued expenses 6 52 Federal tax credits 35 52 Federal indirect tax benefits of uncertain state tax positions — 1 Investment in CGP LLC 115 — Investments in non-consolidated affiliates — 28 Capital loss carryover 15 134 Deferred revenue 1 93 Subtotal 613 2,393 Less: valuation allowance 207 970 Total deferred tax assets 406 1,423 Deferred tax liabilities: Depreciation and other property-related items 922 1,143 Deferred cancellation of debt income and other debt-related items 152 1,508 Investment in CGP — 21 Investment in non-consolidated affiliates 170 — Intangibles 111 998 Prepaid expenses 10 28 Other 4 2 Total deferred tax liabilities 1,369 3,700 Net deferred tax liability $ 963 $ 2,277 In November 2015, the FASB issued ASU No. 2015-17 , Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , requiring deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent in a classified statement of financial position. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The amendments in this guidance are effective for annual periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively, for all deferred tax liabilities and assets, or retrospectively to all periods presented. We have early adopted ASU No. 2015-17 during the quarter ended December 31, 2015 and retrospectively applied the amendments. We reclassified $212 million of net deferred tax liabilities from current assets/liabilities to noncurrent assets/liabilities in our balance sheet as of December 31, 2014. As of December 31, 2015 and 2014 , we had federal NOL carryforwards of $134 million and $4.2 billion , respectively. These net operating losses are different from the net operating losses that are reflected in our federal and certain state tax returns as they do not include net operating losses that are attributable to our deconsolidated subsidiary, CEOC. The decrease in the federal NOL carryforwards from 2014 to 2015 is primarily the result of the deconsolidation of CEOC. These NOLs will begin to expire in 2031. In addition, we had federal general business tax credits and research tax credit carryforwards of $14 million , which will begin to expire in 2029. We believe that it is more likely than not that the benefit from the federal NOL and tax credit carryforwards for the CEC tax consolidated group will not be realized. As a result, a valuation allowance has been established for our federal NOL carryforwards and tax credits carryforwards deferred tax assets as of December 31, 2015 . As of December 31, 2015 and 2014 , we had foreign tax credit carryforwards of $19 million and $14 million , respectively. These foreign tax credit carryforwards will begin to expire in 2034. No federal valuation allowance has been established for CGP’s foreign tax credits carryforwards or research tax credits carryforwards. As of December 31, 2015 , we had a federal capital loss carryforward of $42 million , which will expire in 2019. We do not project having sufficient capital gains in future years in order to utilize these capital loss carryovers. As such, a full valuation allowance has been provided for the capital loss carryover as of December 31, 2015 . NOL carryforwards for our domestic subsidiaries for state income taxes were $85 million and $8.2 billion as of December 31, 2015 and 2014 , respectively. The decrease in the state NOL carryforwards from 2014 to 2015 is primarily the result of the deconsolidation of CEOC. We believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. Accordingly, we have provided a full valuation allowance on the deferred tax assets relating to these NOL carryforwards which will not more likely than not be realized. These state NOLs will begin to expire in 2034. NOL carryforwards of our foreign subsidiaries were $6 million and $110 million as of December 31, 2015 and 2014 , respectively. The decrease in the foreign NOL carryforwards from 2014 to 2015 is primarily the result of the deconsolidation of CEOC. The majority of these foreign NOLs have an indefinite carryforward period, but are subject to a full valuation allowance as we do not believe these assets meet the “more likely than not” criteria for recognition. We do not provide for deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. That excess is estimated to total $46 million as of December 31, 2015 . The additional deferred taxes, including foreign withholding taxes, that have not been provided is estimated at $11 million as of December 31, 2015 . Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2015 2014 2013 Balance at beginning of year $ 80 $ 142 $ 333 Additions based on tax positions related to the current year 3 20 1 Additions for tax positions of prior years 2 — 7 Reductions for tax positions for prior years — (2 ) (50 ) Deconsolidation of CEOC (78 ) — — Settlements — — (82 ) Expiration of statutes — (80 ) (67 ) Balance at end of year $ 7 $ 80 $ 142 We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our balance sheets, separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. We accrue interest and penalties related to unrecognized tax benefits in income tax expense. There was no adjustment to our accrual during 2015 . We reduced our accrual by $62 million and $10 million during 2014 and 2013 , respectively. There was no accrual for interest and penalties as of December 31, 2015 . We accrued $1 million and $63 million for the payment of interest and penalties as of December 31, 2014 and 2013 , respectively. Included in the balances of unrecognized tax benefits as of December 31, 2015 , 2014 and 2013 , are approximately $1 million , $48 million , and $91 million , respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are subject to exam by various state and foreign tax authorities. As of December 31, 2015 , the tax years prior to 2011, with the exception of 2007, are not subject to examination for U.S. tax purposes. As of December 31, 2015 , the tax years prior to 2011 are no longer subject to examination for most of the foreign and state income tax jurisdictions as the statutes of limitations have lapsed. CIE’s Israeli subsidiary, Playtika Ltd, has been granted a beneficial tax status by Israel for fiscal years 2010 through 2017. Playtika expects to reapply for beneficial tax status for periods after expiration. The Israel tax savings from this beneficial tax status had no material impact on 2013, 2014, or 2015 earnings per share. We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Year ended December 31, (In millions) 2015 2014 2013 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 20 $ 2 $ 23 Expenses paid to Sponsors’ portfolio companies 3 9 9 Expenses paid on behalf of CAC 36 32 7 Transactions with CEOC Shared services allocated expenses to CEOC 355 — — Shared services allocated expenses from CEOC 117 — — Management fees incurred 40 — — Octavius Tower lease revenue 34 — — Other expenses incurred 12 — — 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 December 31, 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. Reimbursements and Expenses CEC has a services agreement with the Sponsors relating to the provision of financial and strategic advisory services and consulting services. The Sponsors have granted an ongoing 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. Sponsors’ Portfolio Companies We have entered into agreements with a number of companies that are portfolio companies of our Sponsors. The following are the Sponsor portfolio companies with which we have business relationships: • XOJet, Inc. - provides access to aircraft at contractually agreed upon hourly rates. • SunGard Availability Service LP - provides enterprise cloud services and solutions for managed information technology. • Sabre, Inc. - provides technology to assist our customers with booking hotel rooms. • Avaya Inc. - supplies technology products and services and related software licenses and support. • Norwegian Cruise Line Holdings Ltd. - a cruise ship operations company with which we have a marketing agreement pursuant to which, among other things, NCL pays Caesars Entertainment a percentage of its gaming revenue. • Classic Party Rentals - provides party rental supplies. • Creative Artists Agency LLC , - we have entered into multiple entertainment agreements in connection with artists’ performances at Caesars’ properties. Amounts paid to the Sponsors’ portfolio companies are included in the table above and we believe such transactions are conducted at fair value. In addition, certain entities affiliated with or under the control of our Sponsors may from time to time transact in and hold our debt securities, and participate in any modifications of such instruments on terms available to any other holder of our debt. Caesars Acquisition Company As described in Note 2 , CAC is the sole voting member of CGP, our consolidated VIE, and common control exists between CAC and Caesars through the majority beneficial ownership of both by Hamlet Holdings. Pursuant to the operating agreement of CGP, CGP pays certain expenses on behalf of CAC. These expenses, which are included in the table above, commenced in 2013 and are reflected as distributions to a noncontrolling interest holder in the consolidated statements of equity. Transactions with CEOC As described in Note 3 , 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 . Insurance Coverage Prior to the deconsolidation of CEOC, we were self-insured for employee medical (health, dental and vision) and risk products, including workers compensation and surety bonds, 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 December 31, 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 provides Caesars with certain corporate and administrative services, and the costs of these services are allocated to Caesars. Certain services are now provided by CES (see Note 1 ). Property Transaction between CEOC and CGP In 2014, CEOC sold to CGP, among other things, four properties (The Cromwell, The LINQ Hotel, Bally’s Las Vegas, and Harrah’s New Orleans), related intellectual property, and 50% of certain ongoing management fees and any termination fees payable under property management agreements associated with those properties entered into with CEOC for an aggregate purchase price of $2.0 billion , minus assumed debt and other customary closing adjustments. The debt assumed consisted of the $185 million Cromwell Credit Facility described in Note 13 . Under the terms of the agreements governing this transaction, each property remained under management by CEOC, until CEOC assigned the management agreements to CES. CEOC continues to receive ongoing management fees during the term of the related property management agreement consisting of a (i) base management fee of 2% of monthly net operating revenues and (ii) an incentive management fee in an amount equal to 5% of EBITDA for each operating year. Each property also licenses enterprise-wide intellectual property from CLC. The agreements governing this transaction also provide that CEC and CEOC will indemnify CGP LLC for the failure of CEC and CEOC to perform or fulfill any of their covenants or breach any of their representations and warranties under the agreements among other agreed upon matters. CGP entered into a First Lien Credit Agreement providing for a $1.2 billion term loan and a $150 million revolving facility (see CGPH Credit Facilities in Note 13 ), and completed the offering of $675 million aggregate principal amount of its subsidiaries’ 9.375% second-priority senior secured notes due 2022 (see CGPH Notes in Note 13 ). Management Fees CGP pays a management fee to CEOC for the CGP properties that are managed by CEOC or CES. 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. Amounts are included within other expenses incurred in the table above. 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 21.8% and 12.8% , respectively, of unallocated corporate support costs. Amounts are included within other expenses incurred in the table above. 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. Amounts are included within other expenses incurred in the table above. Equity Incentive Awards 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). In addition, employees subject to collective bargaining agreements receive benefits through the multi-employer pension plans sponsored by the organization in which they are a member. The expenses related to contributions made to the plans on their behalf are allocated to the properties at which they are employed. Total Rewards Loyalty Program CEOC’s customer loyalty program, Total Rewards, offers incentives to customers from their spending related to on-property entertainment expenses, including gaming, hotel, dining, and retail shopping at our and CEOC’s resort properties located in the U.S. and Canada. Under the program, customers are able to accumulate, or bank, reward credits over time that they may redeem at their discretion under the terms of the program. The reward credit balance will be forfeited if the customer does not earn a reward credit over the prior six-month period. As a result of the ability of the customer to bank the reward credits, CEOC estimates the cost of fulfilling the redemption of reward credits, after consideration of estimated forfeitures (referred to as “breakage”) based upon the cost of historical redemptions. The estimated value of reward credits is expensed as the reward credits are earned by customers and is included in direct casino expense. The total estimated cost is accrued by CEOC, with the incremental charges related to our casino properties included in due to affiliates, net in the accompanying balance sheets. In addition to reward credits, customers at certain of our properties can earn points based on play that are redeemable in the form of credits playable at the gaming machine. We accrue the cost of redeemable points, after consideration of estimated breakage, as they are earned. The cost is recorded as contra-revenue and is included in casino promotional allowances. 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 December 31, 2015 , due from affiliates was $32 million and represented a receivable due to CES from CEOC for shared services performed on behalf of CEOC. As of December 31, 2015 , due to affiliates was $16 million and represented a payable due to CEOC primarily from CGP for shared services performed on their behalf. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 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, Caesars Growth Partners Casino Properties and Developments (“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 games operations and WSOP. CEOC remained a reportable segment until its deconsolidation effective January 15, 2015 (see Note 3). The results of each reportable segment presented below are consistent with the way Caesars management assesses these results and allocates resources, 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 standalone filings. “Other” includes parent, consolidating, and other adjustments to reconcile to consolidated Caesars results. Condensed Statements of Operations - By Segment Year Ended December 31, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination CEC Other revenues $ 12 $ 297 $ 163 $ — $ 26 $ (30 ) $ 468 Net revenues 164 2,154 1,579 766 26 (35 ) 4,654 Depreciation and amortization 11 210 150 30 — — 401 Impairment of goodwill — — — — — — — Impairment of tangible and other intangible assets — — 1 — — — 1 Income/(loss) from operations 9 411 291 189 (328 ) 1 573 Interest expense (87 ) (399 ) (194 ) (5 ) (4 ) 5 (684 ) Deconsolidation and restructuring of CEOC and other — — 2 5 6,113 (5 ) 6,115 Income tax benefit/(provision) from continuing operations — (5 ) — (62 ) 122 — 55 ____________________ (1) Includes foreign net revenues of $616 million Year Ended December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Other revenues $ 324 $ 300 $ 154 $ — $ 112 $ (187 ) $ 703 Net revenues 4,812 2,065 1,281 587 101 (330 ) 8,516 Depreciation and amortization 291 200 115 28 3 (1 ) 636 Impairment of goodwill 251 289 155 — — — 695 Impairment of tangible and other intangible assets 308 (12 ) — 3 — — 299 Income/(loss) from operations (323 ) (32 ) (139 ) 21 14 7 (452 ) Interest expense (2,184 ) (389 ) (164 ) (6 ) (17 ) 90 (2,670 ) Deconsolidation and restructuring of CEOC and other (100 ) — 132 — (30 ) (97 ) (95 ) Income tax benefit/(provision) from continuing operations 264 28 214 (36 ) 73 — 543 ____________________ (1) Includes foreign net revenues of $337 million (2) Includes foreign net revenues of $434 million Year Ended December 31, 2013 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Other revenues $ 354 $ 231 $ 96 $ — $ 22 $ (102 ) $ 601 Net revenues 4,985 1,979 1,040 317 20 (121 ) 8,220 Depreciation and amortization 384 216 83 18 — — 701 Impairment of goodwill 104 — — — — — 104 Impairment of tangible and other intangible assets 1,668 1,059 — — — — 2,727 Income/(loss) from operations (1,344 ) (804 ) (3 ) (9 ) 134 — (2,026 ) Interest expense (2,069 ) (246 ) (60 ) (3 ) (9 ) 135 (2,252 ) Deconsolidation and restructuring of CEOC and other 34 15 28 (1 ) 87 (135 ) 28 Income tax benefit/(provision) from continuing operations 651 384 (113 ) (2 ) 597 — 1,517 ____________________ (1) Includes foreign net revenues of $356 million (2) Includes foreign net revenues of $224 million Property EBITDA - by Segment Property EBITDA is defined as revenues less property operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) (benefit)/provision for income taxes, (iii) depreciation and amortization, (iv) corporate expenses, and (v) certain items that we do not consider indicative of its ongoing operating performance at an operating property level. In evaluating Property EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Property EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items. Property EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income/(loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Property EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Property EBITDA is included because management uses Property EBITDA to measure performance and allocate resources, and believes that Property EBITDA provides investors with additional information consistent with that used by management. Year Ended December 31, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (85 ) $ 7 $ 113 $ 107 $ 5,777 $ 1 $ 5,920 Net income/(loss) attributable to noncontrolling interests — — (14 ) 20 126 — 132 Loss from discontinued operations, net of income taxes 7 — — — — — 7 Income tax (benefit)/provision — 5 — 62 (122 ) — (55 ) Deconsolidation and restructuring of CEOC and other — — (2 ) (5 ) (6,113 ) 5 (6,115 ) Interest expense 87 399 194 5 4 (5 ) 684 Depreciation and amortization 11 210 150 30 — — 401 Impairment of goodwill — — — — — — — Impairment of tangible and other intangible assets — — 1 — — — 1 Corporate expense 7 47 39 — 95 (12 ) 176 Other operating costs 4 4 (105 ) — 249 — 152 EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ 31 $ 672 $ 376 $ 219 $ 16 $ (11 ) $ 1,303 Year Ended December 31, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (2,524 ) $ (393 ) $ 71 $ (32 ) $ 95 $ — $ (2,783 ) Net income/(loss) attributable to noncontrolling interests 8 — (28 ) (5 ) (58 ) — (83 ) Loss from discontinued operations, net of income taxes 173 — — 16 3 — 192 Income tax (benefit)/provision (264 ) (28 ) (214 ) 36 (73 ) — (543 ) Deconsolidation and restructuring of CEOC and other 100 — (132 ) — 30 97 95 Interest expense 2,184 389 164 6 17 (90 ) 2,670 Depreciation and amortization 291 200 115 28 3 (1 ) 636 Impairment of goodwill 251 289 155 — — — 695 Impairment of tangible and other intangible assets 308 (12 ) — 3 — — 299 Corporate expense 189 60 23 — 13 (3 ) 282 Other operating costs 106 15 111 33 (24 ) (5 ) 236 EBITDA attributable to discontinued operations (6 ) — — (1 ) — — (7 ) Property EBITDA $ 816 $ 520 $ 265 $ 84 $ 6 $ (2 ) $ 1,689 Year Ended December 31, 2013 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (2,939 ) $ (651 ) $ (146 ) $ (13 ) $ 801 $ — $ (2,948 ) Net income/(loss) attributable to noncontrolling interests 4 — (2 ) (2 ) 8 — 8 Loss from discontinued operations, net of income taxes 207 — — — — — 207 Income tax (benefit)/provision (651 ) (384 ) 113 2 (597 ) — (1,517 ) Deconsolidation and restructuring of CEOC and other (34 ) (15 ) (28 ) 1 (87 ) 135 (28 ) Interest expense 2,069 246 60 3 9 (135 ) 2,252 Depreciation and amortization 384 216 83 18 — — 701 Impairment of goodwill 104 — — — — — 104 Impairment of tangible and other intangible assets 1,668 1,059 — — — — 2,727 Corporate expense 138 47 — — 16 (40 ) 161 Other operating costs 106 12 168 53 (136 ) — 203 EBITDA attributable to discontinued operations 7 — — — — — 7 Property EBITDA $ 1,063 $ 530 $ 248 $ 62 $ 14 $ (40 ) $ 1,877 Condensed Balance Sheets - By Segment As of December 31, 2015 (In millions) CERP CGP Casinos CIE (1) Other Elimination CEC Total assets $ 7,028 $ 4,174 $ 485 $ 1,409 $ (901 ) $ 12,195 Total liabilities 6,073 2,583 269 1,155 (118 ) 9,962 ____________________ (1) Includes foreign assets of $281 million and foreign liabilities of $57 million As of December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Total assets $ 11,185 $ 7,152 $ 4,171 $ 546 $ 2,749 $ (2,475 ) $ 23,328 Total liabilities 19,603 6,314 2,965 367 (586 ) (593 ) 28,070 ____________________ (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 |
Quarterly Results of Operations
Quarterly Results of Operations - Unaudited (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) (In millions, except per share amounts) First Second Third Fourth Total 2015 Net revenues $ 1,253 $ 1,141 $ 1,141 $ 1,119 $ 4,654 Income from operations 144 186 139 104 573 Net income/(loss) 6,797 50 (756 ) (39 ) 6,052 Net income/(loss) attributable to Caesars 6,772 15 (791 ) (76 ) 5,920 Basic earnings/(loss) per share 46.81 0.10 (5.44 ) (0.54 ) 40.88 Diluted earnings/(loss) per share 46.12 0.10 (5.44 ) (0.54 ) 40.26 2014 Net revenues $ 2,033 $ 2,140 $ 2,212 $ 2,131 $ 8,516 Income/(loss) from operations 151 127 (328 ) (402 ) (452 ) Net loss (383 ) (433 ) (980 ) (1,070 ) (2,866 ) Net loss attributable to Caesars (386 ) (466 ) (908 ) (1,023 ) (2,783 ) Basic loss per share (2.82 ) (3.24 ) (6.29 ) (7.08 ) (19.53 ) Diluted loss per share (2.82 ) (3.24 ) (6.29 ) (7.08 ) (19.53 ) |
Schedule I (Notes)
Schedule I (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Deconsolidation of Caesars Entertainment Operating Company Chapter 11 Filing for Reorganization 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 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. As described in Note 1 , under “ CEOC Reorganization ,” CEC has agreed to pay significant amounts and to take a series of other actions under CEOC’s plan of reorganization. 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 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 Committees (described below). • The Bankruptcy Court established the Creditors Committees to represent the rights of CEOC’s creditors during the bankruptcy proceedings. Through the Creditors Committees, creditors have the right to object to recommendations presented by CEOC’s management or 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 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 all 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, as CEOC’s material decisions are 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. Caesars Entertainment recognized a $7.1 billion gain associated with the deconsolidation of CEOC and recorded a cost method investment in CEOC of zero due to the negative equity associated with CEOC’s underlying financial position. As of December 31, 2014, CEOC represented total assets of $11.0 billion and total liabilities of $18.6 billion , including 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 has funded and is expected to 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 but are not limited to items such as casino management fees paid to CEOC, insurance expenses related to insurance coverage reimbursed by CEOC, and rent payments by CEOC to CERP under the Octavius Tower lease agreement. See Transactions with CEOC in Note 19 for all transactions between us and CEOC. |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Disclosure | CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED BALANCE SHEETS As of December 31, (In millions) 2015 2014 Assets Current assets Cash and cash equivalents $ 48 $ 378 Restricted cash — 11 Prepayments and other current assets 7 25 Intercompany receivables 18 10 Total current assets 73 424 Restricted cash 100 76 Deferred income taxes — 4 Deferred charges and other 94 — Intercompany receivables — 40 Investment in subsidiary 1,871 — Total assets $ 2,138 $ 544 Liabilities and Stockholders’ Equity/(Deficit) Current liabilities Accounts payable $ 4 $ — Accrued expenses 940 — Interest payables — 1 Intercompany payables — 6 Current portion of long-term debt — 13 Total current liabilities 944 20 Accumulated losses of subsidiaries in excess of investment — 5,214 Deferred credits and other 53 2 Deferred income taxes 154 — Intercompany payables — 55 Total liabilities 1,151 5,291 Total stockholders’ equity/(deficit) 987 (4,747 ) Total liabilities and stockholders’ equity/(deficit) $ 2,138 $ 544 CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS Years Ended December 31, (In millions) 2015 2014 2013 Net revenues $ 12 $ — $ — Operating expenses Income on interests in non-consolidated affiliates — (1 ) (1 ) (Gain)/loss on interests in subsidiaries (144 ) 2,765 2,923 Corporate expense 95 14 16 Other operating costs 111 10 — Total operating expenses 62 2,788 2,938 Loss from operations (50 ) (2,788 ) (2,938 ) Interest income (expense) (4 ) (3 ) 2 Gain on investment in subsidiaries and other 6,110 15 23 Income/(loss) from operations before income taxes 6,056 (2,776 ) (2,913 ) Income tax benefit/(provision) (136 ) (7 ) — Net income/(loss) 5,920 (2,783 ) (2,913 ) Other comprehensive income, net of income taxes — — — Comprehensive income/(loss) $ 5,920 $ (2,783 ) $ (2,913 ) CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED STATEMENT OF CASH FLOWS Years Ended December 31, (In millions) 2015 2014 2013 Cash flows provided by/(used in) operating activities $ (276 ) $ 152 $ 408 Cash flows from investing activities Increase in restricted cash (44 ) (56 ) (140 ) Decrease in restricted cash 20 20 89 Purchase of additional interest in subsidiary — — (581 ) Purchase of LINQ/Octavius — — (81 ) Proceeds paid for sale of assets — — (29 ) Proceeds from long term receivable 40 — — Cash flows provided by/(used in) investing activities 16 (36 ) (742 ) Cash flows from financing activities Issuance of common stock, net of fees — 136 217 Proceeds from the issuance of long-term debt — 13 — Repayments of long-term debt (68 ) — — Transfer to affiliates — — 223 Other financing (2 ) — — Cash flows provided by/(used in) financing activities (70 ) 149 440 Net increase in cash and cash equivalents (330 ) 265 106 Cash and cash equivalents, beginning of period 378 113 7 Cash and cash equivalents, end of period $ 48 $ 378 $ 113 CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION NOTES TO CONDENSED FINANCIAL INFORMATION 1. Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment Corporation and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment Corporation and its subsidiaries (the “Company”). This information should be read in conjunction with the company’s consolidated financial statements included elsewhere in this filing. 2. Restricted net assets of subsidiaries Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held at December 31, 2015 and 2014 was approximately $2.1 billion and $2.4 billion , respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. 3. Commitments, contingencies, and long-term obligations For a discussion of the Company’s commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 13 of the Company’s consolidated financial statements. 4. Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”) The accompanying financial statements are based upon the Company's current conclusions regarding ownership of assets and obligation to pay liabilities. On January 15, 2015, CEOC (the Company's largest subsidiary) and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015. 5. Going concern As described more fully in Note 1 of the Company’s consolidated financial statements, the Company made material commitments under CEOC’s plan of reorganization (the “Restructuring”) and is a defendant in litigation, including the Noteholder Disputes, and other noteholder disputes relating to certain CEOC transactions dating back to 2010. The circumstances described in Note 1 under “ CEC Liquidity ” raise substantial doubt as to the Company’s ability to continue as a going concern without securing additional funding to meet its ongoing obligations and its commitments under the Restructuring. Additionally, in each of the litigation matters disclosed in Note 1 under “ Litigation ,” claims have been made or could be made against the Company that, if resolved against it, raise substantial doubt about the Company’s ability to continue as a going concern. Under the terms of the Restructuring, all such litigation should be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters disclosed in Note 1 , it is likely that a reorganization under Chapter 11 of the Bankruptcy Code would be necessary. |
Business Description and Basis of Presentation [Text Block] | Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment Corporation and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment Corporation and its subsidiaries (the “Company”). This information should be read in conjunction with the company’s consolidated financial statements included elsewhere in this filing. |
Restricted Assets Disclosure [Text Block] | Restricted net assets of subsidiaries Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held at December 31, 2015 and 2014 was approximately $2.1 billion and $2.4 billion , respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. |
Commitments Contingencies and Guarantees [Text Block] | Commitments, contingencies, and long-term obligations For a discussion of the Company’s commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 13 of the Company’s consolidated financial statements |
Restructuring and Related Activities Disclosure [Text Block] | Impact of deconsolidation of Caesars Entertainment Operating Company, Inc. (“CEOC”) The accompanying financial statements are based upon the Company's current conclusions regarding ownership of assets and obligation to pay liabilities. On January 15, 2015, CEOC (the Company's largest subsidiary) and certain of its U.S. subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (the “Bankruptcy Court”). Because CEOC is under the control of the Bankruptcy Court, CEC deconsolidated this subsidiary effective January 15, 2015. |
Substantial Doubt about Going Concern, Conditions or Events | 5. Going concern As described more fully in Note 1 of the Company’s consolidated financial statements, the Company made material commitments under CEOC’s plan of reorganization (the “Restructuring”) and is a defendant in litigation, including the Noteholder Disputes, and other noteholder disputes relating to certain CEOC transactions dating back to 2010. The circumstances described in Note 1 under “ CEC Liquidity ” raise substantial doubt as to the Company’s ability to continue as a going concern without securing additional funding to meet its ongoing obligations and its commitments under the Restructuring. Additionally, in each of the litigation matters disclosed in Note 1 under “ Litigation ,” claims have been made or could be made against the Company that, if resolved against it, raise substantial doubt about the Company’s ability to continue as a going concern. Under the terms of the Restructuring, all such litigation should be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters disclosed in Note 1 , it is likely that a reorganization under Chapter 11 of the Bankruptcy Code would be necessary. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Basis of Presentation and Use of Estimates Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual amounts could differ from those estimates. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (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 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 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturities of three months or less from the date of purchase and are stated at the lower of cost or market value. |
Restricted Cash | Restricted cash includes cash reserved under loan agreements for (a) development projects and (b) certain expenditures incurred in the normal course of business, such as interest services, real estate taxes, casualty insurance, and capital improvements; and certain other cash deposits that are designated by management for specific purpose. |
Receivables | Receivables We issue credit to approved casino customers following investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectibility of these receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Marker play represents a significant portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States’ assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. We reserve an estimated amount for gaming receivables that may not be collected to reduce the Company’s receivables to their net carrying amount. Methodologies for estimating the allowance for doubtful accounts range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for allowance for doubtful accounts. |
Revenue Recognition | Other Revenue Other revenue primarily includes revenue from third-party real estate leasing arrangements at our casino properties, revenue from company-operated retail stores, revenue from our entertainment venues and The High Roller observation wheel, and management fee revenue earned by CEOC through its management of third-party casino properties, until its deconsolidation in January 2015. Revenue Recognition Property Revenues Casino revenues are measured by the aggregate net difference between gaming wins and losses. Funds deposited by customers in advance and chips in the customers’ possession are recognized as a liability before gaming play occurs. Food and beverage, rooms, and other operating revenues are recognized when services are performed. Advance deposits on rooms and advance ticket sales are recorded as a deposit liability until services are provided to the customer. Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses. |
Revenue Recognition, Revenue Reductions | 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. |
Revenue Recognition, Interactive Entertainment | Interactive Entertainment Revenues: Social and Mobile Games CIE derives revenue from the sale of virtual currencies within casino-themed social and mobile games that are played on various global social and mobile third-party platforms. CIE's primary social and mobile games, Slotomania and Bingo Blitz, operate on a free-to-play model, whereby game players may collect virtual currency or other virtual consumable goods free of charge and have the ability to send free “gifts” of virtual goods to their friends through interactions with certain social platforms. Game players also may purchase additional virtual goods above and beyond the level of free virtual goods available to that player. Purchased virtual goods are deposited into the player’s account and are then not separately identifiable from virtual goods previously obtained by the player. CIE is able to reliably estimate the period of time over which virtual currency is consumed. As such, CIE recognizes revenue using an item-based revenue model. However, CIE is unable to distinguish between whether purchased or free virtual currency is being consumed; therefore, CIE must estimate the amount of outstanding purchased virtual currency at each reporting period based on customer behavior. CIE records within accrued expenses and other current liabilities the deferred revenue associated with its social and mobile games, and also records within prepayments and other current assets the prepaid platform fees associated with this deferred revenue. CIE’s games are played on various social and mobile third-party platforms for which such third parties collect monies from CIE’s customers and pay CIE an amount after deducting a platform fee. CIE is the primary obligor with its customers under these arrangements, retains the ability to establish the pricing for its virtual currencies, and assumes all credit risk with its customers. Based upon these facts, CIE recognizes revenue from its game-playing customers on a gross basis and related platform fees are recorded as a component of operating expense. |
Advertising | Advertising The Company expenses the production costs of advertising the first time the advertising takes place. |
Property, Plant and Equipment | We have significant capital invested in our long-lived assets, and judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. The accuracy of these estimates affects the amount of depreciation and amortization expense recognized in our financial results and whether we have a gain or loss on the disposal of an asset. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. We review the carrying value of our long-lived assets whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. As necessary, we typically estimate the fair value of assets starting with a “Replacement Cost New” approach and then deduct appropriate amounts for both functional and economic obsolescence to arrive at the fair value estimates. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows, which, for most of our assets, is the individual property. These analyses are sensitive to management assumptions and the estimates of the obsolescence factors. Changes in these assumptions and estimates could have a material impact on the analyses and the consolidated financial statements. Additions to property and equipment are stated at cost. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Interest expense is capitalized on internally constructed assets at the applicable weighted-average borrowing rates of interest. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period of time. Interest capitalized was $12 million , $45 million , and $38 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Useful Lives Land improvements 12 years Buildings 20 to 40 years Building and leasehold improvements 5 to 20 years Riverboats and barges 30 years Furniture, fixtures, and equipment 2.5 to 20 years |
Goodwill and Intangible Assets | The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determine the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. We perform our annual goodwill impairment assessment as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general. We also evaluate the aggregate fair value of all of our reporting units and other non-operating assets in comparison to our aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in our industry. We perform our annual impairment assessment of other non-amortizing intangible assets as of October 1. We perform this assessment more frequently if impairment indicators exist. We determine the estimated fair value of our non-amortizing intangible assets by primarily using the “Relief from Royalty Method” and “Excess Earnings Method” under the income approach. The annual evaluation of goodwill and other non-amortizing intangible assets requires the use of estimates about future operating results, valuation multiples, and discount rates to determine their estimated fair value. Changes in these assumptions can materially affect these estimates. Thus, to the extent gaming volumes deteriorate in the near future, discount rates increase significantly, or we do not meet our projected performance, we could have impairments to record in the future and such impairments could be material. |
Self Insurance Reserve | Self-Insurance Accruals Prior to the deconsolidation of CEOC, we were self-insured for employee medical coverage (health, dental and vision). We now prepay CEOC for estimated employee medical insurance claims with residual differences between estimated and actual claims being reported in due to/from affiliates. We continue to be self-insured for workers’ compensation and other risk products through our captive insurance subsidiaries and provide insurance coverage to CEOC through these captives. We receive insurance premiums from CEOC on an installment basis, which are intended to cover claims processed on CEOC’s behalf. Our insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of actuarial estimates of incurred but not reported claims. In estimating these reserves, historical loss experience and judgments about the expected levels of costs per claim are considered. These claims are accounted for based on actuarial estimates of the undiscounted claims, including those claims incurred but not reported. We believe the use of actuarial methods to account for these liabilities provides a consistent and effective way to measure these highly judgmental accruals. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. |
Debt | Debt Discounts and Deferred Finance Charges Debt discounts and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to its original maturity date. |
Income Tax | The effect on the income tax provision and deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have provided a valuation allowance on certain federal, foreign, and state net operating losses (“NOLs”), and other federal, state, and foreign deferred tax assets. NOLs and other federal, state, and foreign deferred tax assets were not deemed realizable based upon near term estimates of future taxable income. We classify reserves for tax uncertainties within accrued expenses and deferred credits and other in our balance sheets, separate from any related income tax payable, which is also reported within accrued expenses, or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions, as well as potential interest or penalties associated with those liabilities. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions, except for CGP, which is filed as part of a separate tax filing group. We are under regular and recurring audit by the Internal Revenue Service (“IRS”) and various state taxing authorities on open tax positions, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months. |
Segment Reporting | 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. CIE is comprised of the subsidiaries that operate CGP’s social and mobile games operations and WSOP. CEOC remained a reportable segment until its deconsolidation effective January 15, 2015 (see Note 3). The results of each reportable segment presented below are consistent with the way Caesars management assesses these results and allocates resources, 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 standalone filings. |
Description of Business Descrip
Description of Business Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collective Bargaining Agreements | Employee Group Approximate Number of Active Employees Represented Union Date on which Collective Bargaining Agreement Becomes Amendable Las Vegas Culinary Employees 8,500 Culinary Workers Union, Local 226 May 2018 Atlantic City Food & Beverage and Hotel employees 1,400 UNITE HERE, Local 54 March 2015 and continuing on a month to month basis Las Vegas Bartenders 1,200 Bartenders Union, Local 165 May 2018 Las Vegas Dealers 1,100 Transport Workers Union of America February 2019 |
Restructuring and Related Costs | Description Amount (in millions) Fixed payments (1) $ 406 Additional consideration (2) 163 Upfront payments (3) 63 Bank Guaranty Settlement (4) 386 Total accrued restructuring and support expenses $ 1,018 ____________________ (1) $86 million was paid in fourth quarter of 2015. (2) For the purposes of determining this amount, the Effective Date is estimated to be in the third quarter of 2016; however this date is outside of our control and is highly subject to change. (3) $61 million was paid in fourth quarter of 2015. (4) The liability is primarily based on the terms of the settlement agreement for creditors that have agreed to the settlement. A portion of the liability was estimated for creditors who have not yet agreed, based on the assumption their settlement will be substantially equivalent to those who have agreed to the settlement. |
Summary of Cash and Revolver Capacity | Summary of Cash and Revolver Capacity December 31, 2015 (In millions) CERP CES CGP Other Cash and cash equivalents $ 150 $ 158 $ 902 $ 128 Revolver capacity 270 — 160 — Revolver capacity drawn or committed to letters of credit (80 ) — (45 ) — Total $ 340 $ 158 $ 1,017 $ 128 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Allowance for Doubtful Accounts (In millions) 2015 2014 2013 Balance as of January 1 $ 196 $ 162 $ 202 Charged to income 11 50 29 Charge-offs less recoveries 3 (16 ) (69 ) CEOC deconsolidation (162 ) — — Balance as of December 31 $ 48 $ 196 $ 162 |
Acquisitions and Discontinued32
Acquisitions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Discontinued Operations | Discontinued operations primarily include properties owned by CEOC, which was deconsolidated effective January 15, 2015 (see Note 3 ). Years Ended December 31, (In millions) 2015 2014 2013 Net revenues Showboat Atlantic City $ — $ 115 $ 199 Harrah’s Tunica — 46 130 Other — 2 14 Total net revenues $ — $ 163 $ 343 Pre-tax loss from operations Showboat Atlantic City $ (6 ) $ (59 ) $ (66 ) Harrah’s Tunica — (120 ) (140 ) Other (1 ) (34 ) (33 ) Total pre-tax loss from discontinued operations $ (7 ) $ (213 ) $ (239 ) Loss, net of income taxes Showboat Atlantic City $ (6 ) $ (38 ) $ (83 ) Harrah’s Tunica — (120 ) (91 ) Other (1 ) (34 ) (33 ) Total loss from discontinued operations, net of income taxes $ (7 ) $ (192 ) $ (207 ) Tangible and intangible asset impairments Showboat Atlantic City $ — $ 10 $ 69 Harrah’s Tunica — 68 118 Other — 17 12 Total impairments from discontinued operations $ — $ 95 $ 199 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Estimated Useful Lives | Useful Lives Land improvements 12 years Buildings 20 to 40 years Building and leasehold improvements 5 to 20 years Riverboats and barges 30 years Furniture, fixtures, and equipment 2.5 to 20 years |
Property and Equipment, Net | Property and Equipment, Net As of December 31, (In millions) 2015 2014 Land and land improvements $ 3,584 $ 6,218 Buildings, riverboats, and improvements 4,134 7,506 Furniture, fixtures, and equipment 1,326 2,685 Construction in progress 59 302 Total property and equipment 9,103 16,711 Less: accumulated depreciation (1,505 ) (3,255 ) Total property and equipment, net $ 7,598 $ 13,456 |
Depreciation Expense | Depreciation Expense Years Ended December 31, (In millions) 2015 2014 2013 Depreciation expense $ 306 $ 574 $ 572 |
Tangible Asset Impairments | Tangible Asset Impairments Years Ended December 31, (In millions) 2015 2014 2013 Continuing operations $ 1 $ 60 $ 2,381 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Value of Goodwill and Intangible Assets [Table Text Block] | Changes in Carrying Value of Goodwill by Segment (In millions) CEOC CERP CGP Casinos CIE CEC Total Gross Goodwill Balance as of January 1, 2014 $ 5,435 $ 3,894 $ 25 $ 87 $ 9,441 Additions — — — 13 13 Transfers (1) (1,141 ) — 1,141 — — Balance as of December 31, 2014 4,294 3,894 1,166 100 9,454 Accumulated Impairment Balance as of January 1, 2014 (4,175 ) (2,203 ) — — (6,378 ) Impairment (2) (251 ) (289 ) (155 ) (15 ) (710 ) Transfers (1) 805 — (805 ) — — Balance as of December 31, 2014 (3,621 ) (2,492 ) (960 ) (15 ) (7,088 ) Net Carrying Value, December 31, 2014 $ 673 $ 1,402 $ 206 $ 85 $ 2,366 Gross Goodwill Balance as of January 1, 2015 $ 4,294 $ 3,894 $ 1,166 $ 100 $ 9,454 Additions — — — 3 3 CEOC Deconsolidation (4,294 ) — — — (4,294 ) Balance as of December 31, 2015 — 3,894 1,166 103 5,163 Accumulated Impairment Balance as of January 1, 2015 (3,621 ) (2,492 ) (960 ) (15 ) (7,088 ) CEOC Deconsolidation 3,621 — — — 3,621 Balance as of December 31, 2015 — (2,492 ) (960 ) (15 ) (3,467 ) Net Carrying Value, December 31, 2015 $ — $ 1,402 $ 206 $ 88 $ 1,696 ____________________ (1) During 2014, CGP purchased four properties from CEOC (see Note 19). (2) CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 7 ). Changes in Carrying Value of Intangible Assets Other Than Goodwill Amortizing Non-Amortizing Total (In millions) 2015 2014 2015 2014 2015 2014 Balance as of January 1 $ 636 $ 730 $ 2,514 $ 2,758 $ 3,150 $ 3,488 Additions (1) — 50 — — — 50 Impairments — (2 ) — (240 ) — (242 ) Amortization expense (89 ) (133 ) — — (89 ) (133 ) CEOC Deconsolidation (152 ) — (2,366 ) — (2,518 ) — Other — (9 ) — (4 ) — (13 ) Balance as of December 31 $ 395 $ 636 $ 148 $ 2,514 $ 543 $ 3,150 ____________________ (1) During 2014, we increased our amortizing intangible assets $50 million , primarily as a result of the Pacific Interactive acquisition (see Note 7 ) |
Goodwill Impairment Charges - Continuing Operations [Table Text Block] | Intangible Asset Impairment Charges - Continuing Operations Years Ended December 31, (In millions) 2015 2014 2013 Goodwill $ — $ 695 $ 104 Trademarks — 13 101 Gaming Rights and other — 226 245 Total impairment charges $ — $ 934 $ 450 |
Intangible Asset Impairment Charges - Continuing Operations [Table Text Block] | Intangible Asset Impairment Charges - Continuing Operations Years Ended December 31, (In millions) 2015 2014 2013 Goodwill $ — $ 695 $ 104 Trademarks — 13 101 Gaming Rights and other — 226 245 Total impairment charges $ — $ 934 $ 450 |
Gross Carrying Value and Accumulated Amortization of Finite-Lived Intangible Assets Other Than Goodwill [Table Text Block] | Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 2015 December 31, 2014 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.4 $ 917 $ (589 ) $ 328 $ 1,265 $ (736 ) $ 529 Contract rights 9.1 3 (1 ) 2 84 (81 ) 3 Patented technology 2.2 86 (49 ) 37 188 (109 ) 79 Gaming rights and other 8.3 52 (24 ) 28 47 (22 ) 25 $ 1,058 $ (663 ) 395 $ 1,584 $ (948 ) 636 Non-amortizing intangible assets Trademarks 126 1,580 Gaming rights 22 934 148 2,514 Total intangible assets other than goodwill $ 543 $ 3,150 |
Gross Carrying Value and Accumulated Amortization of Indefinite-Lived Intangible Assets Other Than Goodwill [Table Text Block] | Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill December 31, 2015 December 31, 2014 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.4 $ 917 $ (589 ) $ 328 $ 1,265 $ (736 ) $ 529 Contract rights 9.1 3 (1 ) 2 84 (81 ) 3 Patented technology 2.2 86 (49 ) 37 188 (109 ) 79 Gaming rights and other 8.3 52 (24 ) 28 47 (22 ) 25 $ 1,058 $ (663 ) 395 $ 1,584 $ (948 ) 636 Non-amortizing intangible assets Trademarks 126 1,580 Gaming rights 22 934 148 2,514 Total intangible assets other than goodwill $ 543 $ 3,150 |
Estimated Five-Year Amortization [Table Text Block] | Estimated Five-Year Amortization Years Ended December 31, (In millions) 2016 2017 2018 2019 2020 Estimated annual amortization expense $ 82 $ 79 $ 63 $ 56 $ 54 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Investments Measured at Fair Value on a Recurring Basis | Investments Measured at Fair Value on a Recurring Basis (In millions) Balance Level 1 Level 2 Level 3 December 31, 2015 Assets: Equity securities $ 4 $ 4 $ — $ — Government bonds 67 — 67 — Total assets at fair value $ 71 $ 4 $ 67 $ — December 31, 2014 Assets: Equity securities $ 15 $ 15 $ — $ — Government bonds 70 — 70 — Total assets at fair value $ 85 $ 15 $ 70 $ — |
Detail of Accrued Expenses an36
Detail of Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Detail of Accrued Expenses [Abstract] | |
Accrued Expenses and Other Current Liabilities | Detail of Accrued Expenses and Other Current Liabilities As of December 31, CEOC (In millions) 2015 2014 2014 (1) Payroll and other compensation $ 171 $ 220 $ 125 Self-insurance accruals 168 204 35 Advance deposits 76 150 83 Accrued taxes 34 146 106 Total Rewards liability 1 47 46 Other accruals 138 432 257 Total accrued expenses and other current liabilities $ 588 $ 1,199 $ 652 ____________________ (1) CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC as of December 31, 2015. See Note 3 . CEOC amounts are included in consolidated 2014 balances above. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Rental Commitments | Future Minimum Rental Commitments (In millions) Capital Leases Operating Leases 2016 $ 6 $ 38 2017 2 39 2018 — 40 2019 — 40 2020 — 40 2021 and thereafter — 558 Total minimum rental commitments 8 $ 755 Less amounts representing interest — Present value of net minimum lease payments $ 8 |
Debt (Tables)
Debt (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Summary of Debt | Summary of Debt by Financing Structure As of December 31, 2015 2014 (In millions) Face Value Book Value Book Value CERP $ 4,694 $ 4,627 $ 4,754 CGP 2,402 2,337 2,312 CEOC (1) — — 15,930 CEC — — 13 Total debt 7,096 6,964 23,009 Current portion of long-term debt (187 ) (187 ) (15,779 ) Long-term debt $ 6,909 $ 6,777 $ 7,230 Fair value of debt $ 6,421 ____________________ (1) CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3 . | |
Annual Estimated Debt Service Requirements | Annual Estimated Debt Service Requirements Years ended December 31, (In millions) 2016 2017 2018 2019 2020 Thereafter Total Principal CERP $ 117 $ 27 $ 25 $ 25 $ 3,350 $ 1,150 $ 4,694 CGP 70 21 25 201 300 1,785 2,402 Total principal 187 48 50 226 3,650 2,935 7,096 Estimated Interest CERP 390 390 400 400 400 130 2,110 CGP 190 190 190 190 170 150 1,080 Total interest 580 580 590 590 570 280 3,190 Principal and Interest CERP 507 417 425 425 3,750 1,280 6,804 CGP 260 211 215 391 470 1,935 3,482 Total principal and interest $ 767 $ 628 $ 640 $ 816 $ 4,220 $ 3,215 $ 10,286 | |
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities | Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities December 31, 2015 December 31, 2014 (In millions) Proceeds Repayments Proceeds Repayments CERP Term Loan $ — $ (25 ) $ — $ (25 ) CERP Senior Secured Revolver 230 (330 ) 295 (115 ) CGPH Term Loan — (12 ) 1,141 — CGPH Senior Secured Revolving Credit Facility 80 (35 ) — — CGPH First Closing Term Loan — — 693 (700 ) CGPH Notes — — 660 — Horseshoe Baltimore Credit Facility — — 76 — Horseshoe Baltimore FF&E Facility — (3 ) 30 — Cromwell Credit Facility — (10 ) — — Planet Hollywood Loan Agreement — — — (495 ) Incremental Term Loans — — 1,528 (1,275 ) Other debt activity — (25 ) 13 (189 ) Capital lease payments — (10 ) — (34 ) Total $ 310 $ (450 ) $ 4,436 $ (2,833 ) | |
Summary of Loss on Extinguishment of Debt | Summary of Loss on Extinguishment of Debt (In millions) Years Ended December 31, Related Transaction 2014 2013 CEOC Secured Debt $ 14 $ 29 CEOC Credit Facilities 22 — CEOC Unsecured Senior Debt 31 — Planet Hollywood Loan Agreement 28 — Other 1 1 Total loss on extinguishment of debt $ 96 $ 30 | |
Credit Facilities | Credit Facility Covenant Type Effective Period Requirement CERP Credit Facilities CERP Maximum SSLR From inception 8.00 to 1.00 CGPH Senior Secured Term Loan CGPH Maximum SSLR From inception 6.00 to 1.00 Horseshoe Baltimore Credit and FF&E Facilities (1) CBAC Maximum SSLR Q1 - Q4 2016 7.50 to 1.00 CBAC Maximum SSLR Q1 - Q4 2017 6.00 to 1.00 CBAC Maximum SSLR Q1 2018 and thereafter 4.75 to 1.00 Cromwell Credit Facility Cromwell Minimum EBITDA Q4 2014 - Q1 2015 $7.5 Million Cromwell Maximum SSLR Q2 2015 - Q1 2016 5.25 to 1.00 Cromwell Maximum SSLR Q2 2016 - Q1 2017 5.00 to 1.00 Cromwell Maximum SSLR Q2 2017 and thereafter 4.75 to 1.00 ________________________________ (1) CBAC Borrower, LLC (“CBAC”) is a joint venture in which Caesars Baltimore Investment Company, LLC (“CBIC”) holds an interest. CBIC is a wholly owned subsidiary of CGP. | |
Caesars Entertainment Resort Properties [Member] | ||
Debt Instrument [Line Items] | ||
Summary of Debt | CERP Debt As December 31, 2015 2014 Detail of Debt (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value CERP Credit Facilities CERP Term Loan (2) 2020 7.00% $ 2,450 $ 2,403 $ 2,420 CERP Senior Secured Revolving Credit Facility (3) 2018 variable 80 80 180 CERP Notes (4) CERP First Lien Notes 2020 8.00% 1,000 992 990 CERP Second Lien Notes 2021 11.00% 1,150 1,138 1,137 Capital lease obligations and other to 2017 various 14 14 27 Total CERP debt 4,694 4,627 4,754 Current portion of CERP long-term debt (117 ) (117 ) (39 ) CERP long-term debt $ 4,577 $ 4,510 $ 4,715 ________________________________ (1) Interest rate is fixed, except where noted. (2) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015 . (3) Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%. (4) Registered pursuant to a registration statement on Form S-4, which was declared effective on February 10, 2015. | |
Caesars Growth Partners, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Summary of Debt | CGP Debt As December 31, 2015 2014 Detail of Debt (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value CGPH Credit Facilities CGPH Senior Secured Term Loan (2) 2021 6.25% $ 1,157 $ 1,126 $ 1,133 CGPH Senior Secured Revolving Credit Facility (3) 2019 variable 45 45 — CGPH Notes (4) 2022 9.38% 675 660 659 Horseshoe Baltimore Credit and FF&E Facilities Horseshoe Baltimore Credit Facility (5) 2020 8.25% 300 288 286 Horseshoe Baltimore Revolving Facility Loan (6) 2018 variable — — — Horseshoe Baltimore FF&E Facility (5) 2019 8.75% 27 27 30 Cromwell Credit Facility (5) 2019 11.00% 175 169 178 Other secured debt 2018 8.00% 5 4 4 Special Improvement District Bonds 2037 5.30% 14 14 14 Capital lease obligations and other 2016 to 2017 various 4 4 8 Total CGP debt 2,402 2,337 2,312 Current portion of CGP long-term debt (70 ) (70 ) (20 ) CGP long-term debt $ 2,332 $ 2,267 $ 2,292 ________________________________ (1) Interest rate is fixed, except where noted. (2) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015. (3) Variable interest rate calculated as LIBOR plus 5.25%. (4) Registered pursuant to a registration statement on Form S-4, which was declared effective on June 26, 2015. (5) Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. (6) Variable interest rate calculated as LIBOR plus 7.00%. | |
Caesars Entertainment Operating Company [Member] | ||
Debt Instrument [Line Items] | ||
Summary of Debt | As of December 31, 2014 (In millions) Book Value Secured Debt $ 9,884 Credit Facilities (1) 5,106 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 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Dilutive Net Earnings Per Share Reconciliation | Basic and Dilutive Net Earnings Per Share Reconciliation Years Ended December 31, (In millions, except per share data) 2015 2014 2013 Income/(loss) from continuing operations attributable to Caesars, net of income taxes $ 5,927 $ (2,591 ) $ (2,741 ) Loss from discontinued operations attributable to Caesars, net of income taxes (7 ) (192 ) (207 ) Net income/(loss) attributable to Caesars $ 5,920 $ (2,783 ) $ (2,948 ) Weighted average common share outstanding 145 142 129 Dilutive potential common shares: Stock options 2 — — Weighted average common shares and dilutive potential common shares 147 142 129 Basic income/(loss) per share from continuing operations $ 40.92 $ (18.18 ) $ (21.32 ) Basic loss per share from discontinued operations (0.04 ) (1.35 ) (1.61 ) Basic income/(loss) per share $ 40.88 $ (19.53 ) $ (22.93 ) Diluted income/(loss) per share from continuing operations $ 40.30 $ (18.18 ) $ (21.32 ) Diluted loss per share from discontinued operations (0.04 ) (1.35 ) (1.61 ) Diluted income/(loss) per share $ 40.26 $ (19.53 ) $ (22.93 ) |
Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS | Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2015 2014 2013 Stock options 4 6 4 Restricted stock units and awards 1 2 2 Total anti-dilutive common shares 5 8 6 |
Casino Promotional Allowances40
Casino Promotional Allowances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Promotional Allowances [Abstract] | |
Promotional Allowances | Estimated Retail Value of Casino Promotional Allowances Years Ended December 31, (In millions) 2015 2014 2013 Food and Beverage $ 281 $ 622 $ 589 Rooms 234 422 427 Other 48 94 91 $ 563 $ 1,138 $ 1,107 |
Cost of Providing Promotional Allowance | Estimated Cost of Providing Casino Promotional Allowances Years Ended December 31, (In millions) 2015 2014 2013 Food and Beverage $ 169 $ 463 $ 428 Rooms 83 168 165 Other 17 60 46 $ 269 $ 691 $ 639 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Caesars Interactive Entertainment [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Composition of Stock-Based Compensation | Composition of CIE Stock-Based Compensation Expense Years Ended December 31, (In millions) 2015 2014 2013 Total stock-based compensation expense $ 60 $ 87 $ 25 |
Stock Option Activity | CIE Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2014 13,279 $ 3,953.85 6.8 Granted 10,350 15,352.49 Exercised (1,984 ) 2,424.20 Forfeited (588 ) 8,106.90 Outstanding as of December 31, 2015 21,057 $ 9,584.64 7.8 Vested and expected to vest as of December 31, 2015 20,179 $ 9,620.68 7.8 $ 124 Exercisable as of December 31, 2015 6,292 $ 2,790.08 4.7 |
Stock Option Grants and Exercises | CIE Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 10,350 1,135 6,300 Weighted Average Grant-Date Fair Value per share (1) $ 4,670.27 $ 4,717.02 $ 2,620.48 Weighted Average Exercise Price per Share $ 15,352.49 $ 9,976.43 $ 5,539.98 Option Exercises: Number of options exercised 1,984 3,822 365 Cash received for options exercised $ 5 $ 6 $ 1 Aggregate intrinsic value of options exercised $ 21 $ 27 $ 1 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
Stock Option Grants and Exercises | CIE Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 10,350 1,135 6,300 Weighted Average Grant-Date Fair Value per share (1) $ 4,670.27 $ 4,717.02 $ 2,620.48 Weighted Average Exercise Price per Share $ 15,352.49 $ 9,976.43 $ 5,539.98 Option Exercises: Number of options exercised 1,984 3,822 365 Cash received for options exercised $ 5 $ 6 $ 1 Aggregate intrinsic value of options exercised $ 21 $ 27 $ 1 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
Assumptions Used to Estimate Option Values | Assumptions Used to Estimate CIE Option Value Years Ended December 31, 2015 2014 2013 Expected range of volatility 42.9% - 49.4% 46.5% - 56.8% 49.7% - 58.6% Expected dividend yield — % — % — % Expected range of term (in years) 1.5 - 4.7 2.4 - 7.1 2.3 - 7.3 Risk-free interest rate range 0.7% - 1.7% 0.7% - 2.3% 0.6% - 2.5% |
Restricted Stock Unit Activity | CIE Restricted Stock Unit Activity Units Wtd Avg Fair Value Outstanding as of December 31, 2014 5,096 $ 6,494.71 Granted 924 13,161.70 Vested (1,025 ) 6,004.02 Forfeited (456 ) 7,649.01 Outstanding as of December 31, 2015 4,539 7,827.24 |
Parent [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Composition of Stock-Based Compensation | Composition of Caesars Entertainment Stock-Based Compensation Expense Years Ended December 31, (In millions) 2015 2014 2013 Corporate expense $ 57 $ 36 $ 25 Property, general, administrative, and other 5 9 7 Total stock-based compensation expense $ 62 $ 45 $ 32 |
Stock Option Activity | Caesars Entertainment Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2014 9,379,885 $ 13.65 7.8 Granted 1,844,332 10.04 Exercised (58,700 ) 8.22 Forfeited (327,934 ) 12.76 Expired (199,364 ) 23.29 Outstanding as of December 31, 2015 10,638,219 $ 12.90 6.8 Vested and expected to vest as of December 31, 2015 10,250,794 $ 11.59 7.3 $ 1 Exercisable as of December 31, 2015 5,744,384 $ 9.51 6.8 |
Stock Option Grants and Exercises | Caesars Entertainment Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 1,844,332 1,500,770 550,812 Weighted Average Grant-Date Fair Value per share (1) $ 3.38 $ 10.27 $ 5.95 Weighted Average Exercise Price per Share (1) $ 10.04 $ 21.18 $ 13.65 Option Exercises: Number of options exercised 58,700 317,703 143,109 Cash received for options exercised (2) $ — $ 3 $ 1 Aggregate intrinsic value of options exercised (2) $ — $ 2 $ 2 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. (2) 2015 amounts are immaterial. |
Stock Option Grants and Exercises | Caesars Entertainment Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2015 2014 2013 Options Granted: Number of options granted 1,844,332 1,500,770 550,812 Weighted Average Grant-Date Fair Value per share (1) $ 3.38 $ 10.27 $ 5.95 Weighted Average Exercise Price per Share (1) $ 10.04 $ 21.18 $ 13.65 Option Exercises: Number of options exercised 58,700 317,703 143,109 Cash received for options exercised (2) $ — $ 3 $ 1 Aggregate intrinsic value of options exercised (2) $ — $ 2 $ 2 ____________________ (1) Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. (2) 2015 amounts are immaterial. |
Assumptions Used to Estimate Option Values | Caesars Entertainment Assumptions Used to Estimate Option Values Years Ended December 31, 2015 2014 2013 Expected volatility 42.0 % 52.1 % 57.4 % Expected dividend yield — % — % — % Expected term (in years) 5.7 5.5 3.8 Risk-free interest rate 1.6 % 1.7 % 1.0 % |
Restricted Stock Unit Activity | Units Wtd Avg Fair Value Outstanding as of December 31, 2014 2,156,727 $ 17.45 Granted 5,169,322 10.50 Vested (609,753 ) 16.85 Forfeited (386,861 ) 13.69 Outstanding as of December 31, 2015 6,329,435 12.06 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan Participation and Contribution Summary | Multi-employer Pension Plan Participation Pension Protection Act Zone Status (1) Contributions (In millions) Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status (2) 2015 2014 2013 Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Southern Nevada Culinary and Bartenders Pension Plan (5) 88-6016617/001 Green Green No $ 16 $ 18 $ 20 No May 31, 2018 Pension Plan of the UNITE HERE National Retirement Fund (3)(5) 13-6130178/001 Red Red Yes 6 14 14 No March 14, 2015 (6) Local 68 Engineers Union Pension Plan (4)(5) 51-0176618/001 Green Green No — 1 2 No April 30, 2017 NJ Carpenters Pension Fund 22-6174423/001 Yellow Yellow Yes — — 1 No April 30, 2017 Painters IUPAT 52-6073909/001 Yellow Yellow Yes 1 1 1 No Various up to April 2017 Other Funds 9 12 12 Total Contributions $ 32 $ 46 $ 50 ____________________ (1) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 2015 , except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (2) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (3) As described in Note 4 , in January 2015, the Pension Plan of the UNITE HERE National Retirement Fund voted to expel Caesars Entertainment and its participating subsidiaries from the plan. (4) Plan years begin July 1. (5) Plan was listed in the pension plans’ Forms 5500 as providing more than 5% of the total contributions for the plan years ended 2014 and 2013 (also the Nevada Resort Association IATSE Local 720 Retirement Plan, which is included in “Other Funds”). At the date the financial statements were issued, Forms 5500 were not available for the plan year ending in 2015 . (6) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of (Loss)/Income Before Income Taxes from Continuing Operations | Components of Income/(Loss) Before Income Taxes from Continuing Operations Years Ended December 31, (In millions) 2015 2014 2013 United States $ 5,779 $ (3,351 ) $ (4,446 ) Outside of the U.S. 225 134 196 $ 6,004 $ (3,217 ) $ (4,250 ) |
Income Tax Benefit/(Provision) | Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2015 2014 2013 United States Current Federal $ — $ — $ 7 State — 110 83 Deferred Federal 135 593 1,388 State (10 ) (109 ) 51 Outside of the U.S. Current (78 ) (56 ) (29 ) Deferred 8 5 17 $ 55 $ 543 $ 1,517 |
Allocation of Income Tax Benefit/(Provision) | Allocation of Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2015 2014 2013 Income tax benefit/(provision) applicable to: Loss from continuing operations $ 55 $ 543 $ 1,517 Loss from discontinued operations — 21 32 Accumulated other comprehensive income/(loss) — — (16 ) Deconsolidation and restructuring of CEOC and other 1,176 — — Additional paid-in capital — — (15 ) |
Effective Income Tax Rate Reconciliation | Effective Income Tax Rate Reconciliation Years Ended December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: State taxes, net of federal tax benefit — 1.7 6.6 Valuation allowance 3.4 (5.9 ) (8.9 ) Foreign income taxes (0.3 ) (0.1 ) 0.1 Goodwill — (9.3 ) (0.4 ) Deconsolidation of CEOC (38.6 ) — — Stock-based compensation 0.3 (0.8 ) (0.2 ) Acquisition and integration costs — (0.4 ) 0.1 Reserves for uncertain tax positions — 0.3 — Sale of stock of subsidiary — (0.5 ) — Capital loss tax benefit — — 4.2 Disallowed losses on sale to related party — (3.9 ) (0.3 ) Deferred tax adjustment upon contribution of CIE to CGP — — (0.5 ) Noncontrolling interests (0.6 ) 1.0 — Other (0.1 ) (0.2 ) — Effective tax rate (0.9 )% 16.9 % 35.7 % |
Temporary Differences Resulting in Deferred Tax Assets and Liabilities | Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of December 31, (In millions) 2015 2014 Deferred tax assets: State net operating losses $ 5 $ 294 Foreign net operating losses 2 23 Federal net operating loss 44 1,466 Compensation programs 56 145 Allowance for doubtful accounts 10 89 Self-insurance reserves 7 16 Accrued restructuring and support expenses 317 — Accrued expenses 6 52 Federal tax credits 35 52 Federal indirect tax benefits of uncertain state tax positions — 1 Investment in CGP LLC 115 — Investments in non-consolidated affiliates — 28 Capital loss carryover 15 134 Deferred revenue 1 93 Subtotal 613 2,393 Less: valuation allowance 207 970 Total deferred tax assets 406 1,423 Deferred tax liabilities: Depreciation and other property-related items 922 1,143 Deferred cancellation of debt income and other debt-related items 152 1,508 Investment in CGP — 21 Investment in non-consolidated affiliates 170 — Intangibles 111 998 Prepaid expenses 10 28 Other 4 2 Total deferred tax liabilities 1,369 3,700 Net deferred tax liability $ 963 $ 2,277 |
Reconciliation of Unrecognized Tax Benefits | Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2015 2014 2013 Balance at beginning of year $ 80 $ 142 $ 333 Additions based on tax positions related to the current year 3 20 1 Additions for tax positions of prior years 2 — 7 Reductions for tax positions for prior years — (2 ) (50 ) Deconsolidation of CEOC (78 ) — — Settlements — — (82 ) Expiration of statutes — (80 ) (67 ) Balance at end of year $ 7 $ 80 $ 142 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, (In millions) 2015 2014 2013 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 20 $ 2 $ 23 Expenses paid to Sponsors’ portfolio companies 3 9 9 Expenses paid on behalf of CAC 36 32 7 Transactions with CEOC Shared services allocated expenses to CEOC 355 — — Shared services allocated expenses from CEOC 117 — — Management fees incurred 40 — — Octavius Tower lease revenue 34 — — Other expenses incurred 12 — — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, Income Statement [Table Text Block] | Condensed Statements of Operations - By Segment Year Ended December 31, 2015 (In millions) CEOC CERP CGP Casinos CIE (1) Other Elimination CEC Other revenues $ 12 $ 297 $ 163 $ — $ 26 $ (30 ) $ 468 Net revenues 164 2,154 1,579 766 26 (35 ) 4,654 Depreciation and amortization 11 210 150 30 — — 401 Impairment of goodwill — — — — — — — Impairment of tangible and other intangible assets — — 1 — — — 1 Income/(loss) from operations 9 411 291 189 (328 ) 1 573 Interest expense (87 ) (399 ) (194 ) (5 ) (4 ) 5 (684 ) Deconsolidation and restructuring of CEOC and other — — 2 5 6,113 (5 ) 6,115 Income tax benefit/(provision) from continuing operations — (5 ) — (62 ) 122 — 55 ____________________ (1) Includes foreign net revenues of $616 million Year Ended December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Other revenues $ 324 $ 300 $ 154 $ — $ 112 $ (187 ) $ 703 Net revenues 4,812 2,065 1,281 587 101 (330 ) 8,516 Depreciation and amortization 291 200 115 28 3 (1 ) 636 Impairment of goodwill 251 289 155 — — — 695 Impairment of tangible and other intangible assets 308 (12 ) — 3 — — 299 Income/(loss) from operations (323 ) (32 ) (139 ) 21 14 7 (452 ) Interest expense (2,184 ) (389 ) (164 ) (6 ) (17 ) 90 (2,670 ) Deconsolidation and restructuring of CEOC and other (100 ) — 132 — (30 ) (97 ) (95 ) Income tax benefit/(provision) from continuing operations 264 28 214 (36 ) 73 — 543 ____________________ (1) Includes foreign net revenues of $337 million (2) Includes foreign net revenues of $434 million Year Ended December 31, 2013 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Other revenues $ 354 $ 231 $ 96 $ — $ 22 $ (102 ) $ 601 Net revenues 4,985 1,979 1,040 317 20 (121 ) 8,220 Depreciation and amortization 384 216 83 18 — — 701 Impairment of goodwill 104 — — — — — 104 Impairment of tangible and other intangible assets 1,668 1,059 — — — — 2,727 Income/(loss) from operations (1,344 ) (804 ) (3 ) (9 ) 134 — (2,026 ) Interest expense (2,069 ) (246 ) (60 ) (3 ) (9 ) 135 (2,252 ) Deconsolidation and restructuring of CEOC and other 34 15 28 (1 ) 87 (135 ) 28 Income tax benefit/(provision) from continuing operations 651 384 (113 ) (2 ) 597 — 1,517 ____________________ (1) Includes foreign net revenues of $356 million (2) Includes foreign net revenues of $224 million |
Schedule of Segment Reporting Information, Property EBITDA [Table Text Block] | Year Ended December 31, 2015 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (85 ) $ 7 $ 113 $ 107 $ 5,777 $ 1 $ 5,920 Net income/(loss) attributable to noncontrolling interests — — (14 ) 20 126 — 132 Loss from discontinued operations, net of income taxes 7 — — — — — 7 Income tax (benefit)/provision — 5 — 62 (122 ) — (55 ) Deconsolidation and restructuring of CEOC and other — — (2 ) (5 ) (6,113 ) 5 (6,115 ) Interest expense 87 399 194 5 4 (5 ) 684 Depreciation and amortization 11 210 150 30 — — 401 Impairment of goodwill — — — — — — — Impairment of tangible and other intangible assets — — 1 — — — 1 Corporate expense 7 47 39 — 95 (12 ) 176 Other operating costs 4 4 (105 ) — 249 — 152 EBITDA attributable to discontinued operations — — — — — — — Property EBITDA $ 31 $ 672 $ 376 $ 219 $ 16 $ (11 ) $ 1,303 Year Ended December 31, 2014 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (2,524 ) $ (393 ) $ 71 $ (32 ) $ 95 $ — $ (2,783 ) Net income/(loss) attributable to noncontrolling interests 8 — (28 ) (5 ) (58 ) — (83 ) Loss from discontinued operations, net of income taxes 173 — — 16 3 — 192 Income tax (benefit)/provision (264 ) (28 ) (214 ) 36 (73 ) — (543 ) Deconsolidation and restructuring of CEOC and other 100 — (132 ) — 30 97 95 Interest expense 2,184 389 164 6 17 (90 ) 2,670 Depreciation and amortization 291 200 115 28 3 (1 ) 636 Impairment of goodwill 251 289 155 — — — 695 Impairment of tangible and other intangible assets 308 (12 ) — 3 — — 299 Corporate expense 189 60 23 — 13 (3 ) 282 Other operating costs 106 15 111 33 (24 ) (5 ) 236 EBITDA attributable to discontinued operations (6 ) — — (1 ) — — (7 ) Property EBITDA $ 816 $ 520 $ 265 $ 84 $ 6 $ (2 ) $ 1,689 Year Ended December 31, 2013 (In millions) CEOC CERP CGP Casinos CIE Other Elimination CEC Net income/(loss) attributable to company $ (2,939 ) $ (651 ) $ (146 ) $ (13 ) $ 801 $ — $ (2,948 ) Net income/(loss) attributable to noncontrolling interests 4 — (2 ) (2 ) 8 — 8 Loss from discontinued operations, net of income taxes 207 — — — — — 207 Income tax (benefit)/provision (651 ) (384 ) 113 2 (597 ) — (1,517 ) Deconsolidation and restructuring of CEOC and other (34 ) (15 ) (28 ) 1 (87 ) 135 (28 ) Interest expense 2,069 246 60 3 9 (135 ) 2,252 Depreciation and amortization 384 216 83 18 — — 701 Impairment of goodwill 104 — — — — — 104 Impairment of tangible and other intangible assets 1,668 1,059 — — — — 2,727 Corporate expense 138 47 — — 16 (40 ) 161 Other operating costs 106 12 168 53 (136 ) — 203 EBITDA attributable to discontinued operations 7 — — — — — 7 Property EBITDA $ 1,063 $ 530 $ 248 $ 62 $ 14 $ (40 ) $ 1,877 |
Schedule of Segment Reporting Information, Balance Sheet [Table Text Block] | Condensed Balance Sheets - By Segment As of December 31, 2015 (In millions) CERP CGP Casinos CIE (1) Other Elimination CEC Total assets $ 7,028 $ 4,174 $ 485 $ 1,409 $ (901 ) $ 12,195 Total liabilities 6,073 2,583 269 1,155 (118 ) 9,962 ____________________ (1) Includes foreign assets of $281 million and foreign liabilities of $57 million As of December 31, 2014 (In millions) CEOC (1) CERP CGP Casinos CIE (2) Other Elimination CEC Total assets $ 11,185 $ 7,152 $ 4,171 $ 546 $ 2,749 $ (2,475 ) $ 23,328 Total liabilities 19,603 6,314 2,965 367 (586 ) (593 ) 28,070 ____________________ (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 |
Quarterly Results of Operatio46
Quarterly Results of Operations - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | (In millions, except per share amounts) First Second Third Fourth Total 2015 Net revenues $ 1,253 $ 1,141 $ 1,141 $ 1,119 $ 4,654 Income from operations 144 186 139 104 573 Net income/(loss) 6,797 50 (756 ) (39 ) 6,052 Net income/(loss) attributable to Caesars 6,772 15 (791 ) (76 ) 5,920 Basic earnings/(loss) per share 46.81 0.10 (5.44 ) (0.54 ) 40.88 Diluted earnings/(loss) per share 46.12 0.10 (5.44 ) (0.54 ) 40.26 2014 Net revenues $ 2,033 $ 2,140 $ 2,212 $ 2,131 $ 8,516 Income/(loss) from operations 151 127 (328 ) (402 ) (452 ) Net loss (383 ) (433 ) (980 ) (1,070 ) (2,866 ) Net loss attributable to Caesars (386 ) (466 ) (908 ) (1,023 ) (2,783 ) Basic loss per share (2.82 ) (3.24 ) (6.29 ) (7.08 ) (19.53 ) Diluted loss per share (2.82 ) (3.24 ) (6.29 ) (7.08 ) (19.53 ) |
Description of Business Descr47
Description of Business Description of Business - Employees Under Collective Bargaining Agreements (Details) | Dec. 31, 2015employee |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 33,000 |
Workforce Subject to Collective Bargaining Arrangements [Member] | |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 16,000 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Culinary Workers Union, Local 226 [Member] | |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 8,500 |
Workforce Subject to Collective Bargaining Arrangements [Member] | UNITE HERE, Local 54 [Member] | |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 1,400 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Bartenders Union, Local 165 [Member] | |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 1,200 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Transport Workers Union of America [Member] | |
Multiemployer Plans [Line Items] | |
Entity Number of Employees | 1,100 |
Description of Business Descr48
Description of Business Description of Business - Restructuring Expenses (Details) - Caesars Entertainment Operating Company [Member] - Nonoperating Income (Expense) - Other Restructuring [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Fixed payments (1) | [1] | $ 86 | $ 406 | |
Additional consideration (2) | 25 | 163 | [2] | |
Upfront payments (3) | $ 61 | 63 | [3] | |
Total accrued restructuring and support expenses | 1,018 | |||
Payment Guarantee [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Bank Guaranty Settlement (4) | [4] | $ 386 | ||
[1] | $86 million was paid in fourth quarter of 2015 | |||
[2] | For the purposes of determining this amount, the Effective Date is estimated to be in the third quarter of 2016; however this date is outside of our control and is highly subject to change. | |||
[3] | $61 million was paid in fourth quarter of 2015 | |||
[4] | The liability is primarily based on the terms of the settlement agreement for creditors that have agreed to the settlement. A portion of the liability was estimated for creditors who have not yet agreed, based on the assumption their settlement will be substantially equivalent to those who have agreed to the settlement. |
Description of Business Descr49
Description of Business Description of Business - Cash and Available Revolver Capacity (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | $ 1,338 | $ 2,806 | $ 2,771 | $ 1,758 |
Caesars Entertainment Resort Properties [Member] | ||||
Cash and cash equivalents | 150 | |||
Revolver capacity | 270 | |||
Revolver capacity drawn or committed to letters of credit | (80) | |||
Total | 340 | |||
Caesars Enterprise Services [Member] | ||||
Cash and cash equivalents | 158 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Total | 158 | |||
Caesars Growth Partners | ||||
Cash and cash equivalents | 902 | |||
Revolver capacity | 160 | |||
Revolver capacity drawn or committed to letters of credit | (45) | |||
Total | 1,017 | |||
Parent Company [Member] | ||||
Cash and cash equivalents | 128 | |||
Revolver capacity | 0 | |||
Revolver capacity drawn or committed to letters of credit | 0 | |||
Total | $ 128 |
Description of Business - Addit
Description of Business - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($)employeebusinessCasinos | Dec. 31, 2015USD ($)employeebusinessCasinosshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |||
Description of Business [Line Items] | |||||||
Entity Number of Employees | employee | 33,000 | 33,000 | |||||
Substantial Doubt about Going Concern, Conditions or Events | The circumstances set forth above and described in more detail below under “CEC Liquidity” and “Litigation,” individually and collectively, raise substantial doubt about CEC’s ability to continue as a going concern between now and the Effective Date of the Restructuring, while continuing to also meet its commitments. Under the terms of the Restructuring, all related litigation is expected to be resolved. However, in the event of a material adverse ruling on one or all of the litigation matters disclosed below, it is likely that a CEC reorganization under Chapter 11 of the Bankruptcy Code would be necessary. | ||||||
Notes Payable, Related Parties, Current | $ 35 | $ 35 | |||||
Long-term Debt, Gross | 7,096 | 7,096 | |||||
Contractual Obligation, Due in Next Fiscal Year | 767 | 767 | |||||
Contractual Obligation, Excluding Latest Fiscal Year | 9,500 | 9,500 | |||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 187 | 187 | |||||
Cash and cash equivalents | $ 1,338 | $ 1,338 | $ 2,806 | $ 2,771 | $ 1,758 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 0.664 | ||||||
United States | |||||||
Description of Business [Line Items] | |||||||
Number Of Casinos Operated Or Managed | Casinos | 12 | 12 | |||||
Other Restructuring [Member] | Caesars Entertainment Operating Company [Member] | Nonoperating Income (Expense) | |||||||
Description of Business [Line Items] | |||||||
Restructuring Costs | [1] | $ 86 | $ 406 | ||||
Other Restructuring Costs | 25 | 163 | [2] | ||||
Payments for Restructuring | 61 | 63 | [3] | ||||
Interest Expense [Member] | |||||||
Description of Business [Line Items] | |||||||
Other Commitment | 3,190 | 3,190 | |||||
Other Commitment, Due in Next Twelve Months | 580 | 580 | |||||
Convertible Debt [Member] | |||||||
Description of Business [Line Items] | |||||||
Other Commitment | $ 450 | $ 450 | |||||
Caesars Entertainment Operating Company [Member] | |||||||
Description of Business [Line Items] | |||||||
Number Of Casinos Managed | business | 28 | 28 | |||||
Long-term Debt, Gross | [4] | $ 0 | $ 0 | ||||
Third Party [Member] | |||||||
Description of Business [Line Items] | |||||||
Number Of Casinos Managed | Casinos | 10 | 10 | |||||
Third Party [Member] | Indian Land [Member] | |||||||
Description of Business [Line Items] | |||||||
Number Of Casinos Managed | Casinos | 4 | 4 | |||||
Affiliated Entity [Member] | Business Restructuring Reserves [Member] | |||||||
Description of Business [Line Items] | |||||||
Other Commitment | $ 700 | $ 700 | |||||
Majority-Owned Subsidiary, Unconsolidated [Member] | Business Restructuring Reserves [Member] | |||||||
Description of Business [Line Items] | |||||||
Other Commitment | $ 269 | $ 269 | |||||
Equity Method Investment, Ownership Percentage | 14.80% | 14.80% | |||||
Parent Company [Member] | |||||||
Description of Business [Line Items] | |||||||
Cash and cash equivalents | $ 48 | $ 48 | 378 | $ 113 | $ 7 | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | |||||||
Description of Business [Line Items] | |||||||
Entity Number of Employees | employee | 16,000 | 16,000 | |||||
Payment Guarantee [Member] | Other Restructuring [Member] | Caesars Entertainment Operating Company [Member] | Nonoperating Income (Expense) | |||||||
Description of Business [Line Items] | |||||||
Restructuring charges | [5] | $ 386 | |||||
Caesars Entertainment Operating Company [Member] | Business Restructuring Reserves [Member] | |||||||
Description of Business [Line Items] | |||||||
Other Restructuring Costs | $ 75 | ||||||
Caesars Entertainment Resort Properties [Member] | |||||||
Description of Business [Line Items] | |||||||
Proceeds from Contributed Capital | 43 | ||||||
Caesars Growth Partners, LLC [Member] | |||||||
Description of Business [Line Items] | |||||||
Proceeds from Contributed Capital | $ 23 | ||||||
Geographic Concentration Risk [Member] | NEVADA | United States | |||||||
Description of Business [Line Items] | |||||||
Number Of Casinos Operated Or Managed | Casinos | 8 | 8 | |||||
Geographic Concentration Risk [Member] | NEVADA | Sales Revenue, Net [Member] | United States | |||||||
Description of Business [Line Items] | |||||||
Concentration Risk, Percentage | 52.00% | ||||||
[1] | $86 million was paid in fourth quarter of 2015 | ||||||
[2] | For the purposes of determining this amount, the Effective Date is estimated to be in the third quarter of 2016; however this date is outside of our control and is highly subject to change. | ||||||
[3] | $61 million was paid in fourth quarter of 2015 | ||||||
[4] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3. | ||||||
[5] | The liability is primarily based on the terms of the settlement agreement for creditors that have agreed to the settlement. A portion of the liability was estimated for creditors who have not yet agreed, based on the assumption their settlement will be substantially equivalent to those who have agreed to the settlement. |
Basis of Presentation & Conso51
Basis of Presentation & Consolidation (Details) - USD ($) $ in Millions | Jan. 15, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||||||||||||
Net revenues | $ 1,119 | $ 1,141 | $ 1,141 | $ 1,253 | $ 2,131 | $ 2,212 | $ 2,140 | $ 2,033 | $ 4,654 | $ 8,516 | $ 8,220 | |
Net income/(loss) attributable to company | (76) | $ (791) | $ 15 | $ 6,772 | (1,023) | $ (908) | $ (466) | $ (386) | 5,920 | (2,783) | $ (2,948) | |
Caesars Growth Partners | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Noncontrolling Interest in Variable Interest Entity | 1,200 | 1,200 | ||||||||||
Caesars Entertainment Operating Company [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Net revenues | $ 158 | |||||||||||
Net income/(loss) attributable to company | $ 76 | |||||||||||
Caesars Entertainment Operating Company [Member] | Caesars Enterprise Services [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Noncontrolling Interest in Variable Interest Entity | 23 | 23 | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Net revenues | 2,300 | 1,600 | ||||||||||
Net income/(loss) attributable to company | 18 | 405 | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Contingently Issuable Membership Units [Member] | Caesars Growth Partners | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 228 | $ 347 | 228 | $ 347 | ||||||||
Maximum [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Contingently Issuable Membership Units [Member] | Caesars Growth Partners | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Business Combination, Contingent Consideration, Asset | $ 225 | $ 225 |
Deconsolidation of CEOC (Detail
Deconsolidation of CEOC (Details) - USD ($) $ in Millions | Jan. 15, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Deconsolidation, Gain (Loss), Amount | $ 7,125 | $ 0 | $ 0 | ||||||||||
Cost Method Investments | $ 0 | 0 | |||||||||||
Assets | 12,195 | $ 23,328 | 12,195 | 23,328 | |||||||||
Liabilities | 9,962 | 28,070 | 9,962 | 28,070 | |||||||||
Revenue, Net | 1,119 | $ 1,141 | $ 1,141 | $ 1,253 | 2,131 | $ 2,212 | $ 2,140 | $ 2,033 | 4,654 | 8,516 | 8,220 | ||
Net income/(loss) attributable to company | (76) | $ (791) | $ 15 | $ 6,772 | (1,023) | $ (908) | $ (466) | $ (386) | 5,920 | (2,783) | (2,948) | ||
Net Cash Provided by (Used in) Operating Activities | 120 | (735) | $ (99) | ||||||||||
Caesars Entertainment Operating Company [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Assets | 11,000 | 11,000 | |||||||||||
Liabilities | 18,600 | 18,600 | |||||||||||
Long Term Debt, less Discount | [1] | $ 0 | $ 15,930 | $ 0 | $ 15,930 | ||||||||
Revenue, Net | $ 158 | ||||||||||||
Net income/(loss) attributable to company | 76 | ||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ (220) | ||||||||||||
[1] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3. |
Litigation Litigation (Details)
Litigation Litigation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2010 | Dec. 31, 2015 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Opinion of Counsel | 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, except as described above, the actions against CEC have been allowed to continue. See additional disclosure relating to CEOC’s Chapter 11 filing in Note 1. We believe that the Noteholder Disputes and the Parent Guarantee Lawsuits have a reasonably possible likelihood of an adverse outcome. 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 some or all of the Noteholder Disputes, such determination would likely lead to a CEC 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. | ||
Guarantee Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Actions Taken by Court, Arbitrator or Mediator | On March 11, 2015, CEOC filed an adversary proceeding in bankruptcy court requesting that the Parent Guarantee Lawsuits be enjoined against all defendants through plan confirmation; in subsequent submissions, CEOC stated that it sought a temporary stay of those lawsuits until 60 days after the issuance of a final report by the Bankruptcy Examiner. CEOC argued that contemporaneous prosecution of related claims against CEC would impair the bankruptcy court’s jurisdiction over the Debtors’ reorganization by threatening the Debtors’ ability to recover estate property for the benefit of all creditors, diminishing the prospects of a successful reorganization, and depleting property of the estate. On July 22, 2015, the bankruptcy court denied CEOC’s request, and on October 6, 2015, this denial was affirmed by the United States District Court for the Northern District of Illinois. On December 23, 2015, the United States Court of Appeals for the Seventh Circuit vacated the denial of CEOC’s request to enjoin the Parent Guarantee Lawsuits and remanded the case for further proceedings. On February 26, 2016, the bankruptcy court granted CEOC’s motion for a temporary stay with respect to the New York Second Lien Lawsuit and the New York First Lien Lawsuit that had been scheduled to begin on March 14. The stay will remain in effect until 60 days after the filing of the Examiner’s interim report (expected between March 7 and March 14), or May 9, 2016, whichever comes first. None of the rulings on CEOC’s request to enjoin the Parent Guarantee Lawsuits addresses the merits of those actions. | ||
Delaware Second Lien 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. The motion to dismiss with respect to CEC was denied on March 18, 2015. In a Verified Supplemental Complaint filed on August 3, 2015, the plaintiff stated that due to CEOC’s bankruptcy filing, the continuation of all claims was stayed pursuant to the bankruptcy except for Claims II, III, and X. These are claims against CEC only, for breach of contract in respect of the release of the parent guarantee formerly applicable to the CEOC 10.00% Second-Priority Notes, for declaratory relief in respect of the release of this guarantee, and for violations of the Trust Indenture Act in respect of the release of this guarantee. Fact discovery in the case is complete. No trial date has been set. | ||
Senior Unsecured Lawsuits [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. The claims against CEOC have been automatically stayed during its Chapter 11 bankruptcy proceedings. The court denied a motion to dismiss both lawsuits with respect to CEC. The parties have completed fact discovery with respect to both plaintiffs' claims against CEC. On October 23, 2015, plaintiffs in the Senior Unsecured Lawsuits moved for partial summary judgment, and on December 29, 2015, those motions were denied. On December 4, 2015, plaintiff in the action brought on behalf of holders of CEOC’s 6.50% Senior Unsecured Notes moved for class certification, and under the schedule imposed by the court for this motion, briefing has been completed. These lawsuits are currently scheduled for trial in May 2016 | ||
Delaware First Lien Lawsuit [Member] | Guarantee Obligations [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 effected a release of CEC’s parent guarantee of the 8.50% Senior Secured Notes and committed other wrongs. Among other things, UMB 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. | ||
February 13 Notice [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 18 Notice [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. | ||
New York Second Lien Lawsuit [Member] | Guarantee Obligations [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 a lawsuit (the “New York First Lien Lawsuit”) against CEC, also in federal district court in Manhattan, in its capacity as successor trustee for CEOC’s 11.25% Senior Secured Notes due 2017, 8.50% Senior Secured Notes due 2020, and 9.00% Senior Secured Notes due 2020. Plaintiffs in these actions allege that CEOC’s filing of its voluntary Chapter 11 bankruptcy case constitutes an event of default under the indentures 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 parent guarantee provisions in the indentures governing these notes that plaintiffs allege are still binding. Both plaintiffs bring claims for violation of the Trust Indenture Act of 1939, breach of contract, breach of duty of good faith and fair dealing and for declaratory relief and BOKF brings an additional claim for intentional interference with contractual relations. The cases have both been assigned to the same judge presiding over the other Parent Guarantee Lawsuits (as defined below) that are taking place in Manhattan. CEC filed its answer to the BOKF complaint on March 25, 2015, and to the UMB complaint on August 10, 2015. On June 25, 2015, and June 26, 2015, BOKF and UMB, respectively, moved for partial summary judgment, specifically on their claims alleging a violation of the Trust Indenture Act of 1939, seeking both declaratory relief and damages. On August 27, 2015, those motions were denied. The court, on its own motion, certified its order with respect to the interpretation of the Trust Indenture Act for interlocutory appeal to the United States Court of Appeals for the Second Circuit, and on December 22, 2015, the appellate court denied our motion for leave to appeal. On November 20, 2015, BOKF and UMB again moved for partial summary judgment. These motions likewise were denied. | ||
New York Senior Notes Lawsuit [Member] | Guarantee Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Allegations | On October 20, 2015, Wilmington Trust, National Association (“Wilmington Trust”), filed a lawsuit (the “New York Senior Notes Lawsuit” and, together with the Delaware Second Lien Lawsuit, the Delaware First Lien Lawsuit, the Senior Unsecured Lawsuits, the New York Second Lien Lawsuit, and the New York First Lien Lawsuit, the “Parent Guarantee Lawsuits”) against CEC in federal district court in Manhattan in its capacity as successor indenture trustee for CEOC’s 10.75% Senior Notes due 2016 (the “10.75% Senior Notes”). Plaintiff alleges that CEC is obligated to make payment of amounts due on the 10.75% Senior Notes pursuant to a parent guarantee provision in the indenture governing those notes that plaintiff alleges is still in effect. Plaintiff raises claims for violations of the Trust Indenture Act of 1939, breach of contract, breach of the implied duty of good faith and fair dealing, and for declaratory judgment, and seeks monetary and declaratory relief. CEC filed its answer to the complaint on November 23, 2015, and the parties have begun fact discovery. | ||
Merger 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 Merger Law 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. The Bankruptcy Court denied CEOC’s motion that NRF’s action violated the automatic stay but our motion to extend the stay to encompass NRF’s collection lawsuit against CEC is still pending. The Standstill Agreement remains in effect. Also, the federal district court has granted NRF’s motion to dismiss CEC’s declaratory judgment action agreeing with NRF that the governing statute requires that the issue must first be arbitrated. CEC has filed its Notice of Appeal challenging the district court’s ruling. | ||
Anti-Money Laundering Case [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ 1.5 | ||
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. In October 2013, CEOC’s subsidiary, Desert Palace, Inc. (the owner of and referred to herein as Caesars Palace), received a letter from the Financial Crimes Enforcement Network of the United States Department of the Treasury (“FinCEN”), stating that FinCEN was investigating Caesars Palace for alleged violations of the Bank Secrecy Act to determine whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace. Caesars Palace responded to FinCEN’s letter in January 2014. Additionally, we were informed in October 2013 that a federal grand jury investigation regarding anti-money laundering practices of the Company and its subsidiaries had been initiated. CEC and Caesars Palace have been cooperating with FinCEN, the Department of Justice and the Nevada Gaming Control Board (the “GCB”) on this matter. On September 8, 2015, FinCEN announced a settlement pursuant to which Caesars Palace agreed to an $8 million civil penalty for its violations of the Bank Secrecy Act, which penalty shall be treated as a general unsecured claim in Caesars Palace’s bankruptcy proceedings. In addition, Caesars Palace agreed to conduct periodic external audits and independent testing of its AML compliance program, report to FinCEN on mandated improvements, adopt a rigorous training regime, and engage in a “look-back” for suspicious transactions. The terms of the FinCEN settlement were approved by the bankruptcy court on October 19, 2015. | ||
Loss Contingency, Settlement Agreement, Terms | CEOC and the GCB reached a settlement on the same facts as above, wherein CEC agreed to pay $1.5 million and provide to the GCB the same information that is reported to FinCEN and to resubmit its updated AML policies. On September 17, 2015, the settlement agreement was approved by the Nevada Gaming Commission | ||
Caesars Entertainment Operating Company [Member] | Anti-Money Laundering Case [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ 8 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts, Current [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Beginning Balance | $ 48 | $ 196 | $ 162 | $ 202 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 11 | 50 | 29 | |
Valuation Allowances and Reserves, Deductions | 3 | (16) | (69) | |
Valuation Allowances and Reserves, Adjustments | (162) | 0 | 0 | |
Valuation Allowances and Reserves, Ending Balance | $ 48 | $ 196 | $ 162 | $ 202 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cash and Cash Equivalents, at Carrying Value | $ 1,338 | $ 2,806 | $ 2,771 | $ 1,758 |
Restricted Cash and Cash Equivalents | 168 | 185 | ||
Advertising Expense | $ 192 | 270 | $ 208 | |
Number of Reportable Segments | segment | 3 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 1,060 | $ 944 |
Acquisitions, Investments, Disp
Acquisitions, Investments, Dispositions and Divestitures - Income from Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Tangible and intangible asset impairments | $ 1 | $ 994 | $ 2,831 |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 0 | 163 | 343 |
Pre-tax loss from operations | (7) | (213) | (239) |
Loss, net of income taxes | (7) | (192) | (207) |
Tangible and intangible asset impairments | 0 | 95 | 199 |
Discontinued Operations, Held-for-sale [Member] | Discontinued Operations [Member] | Showboat Atlantic City [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 0 | 115 | 199 |
Pre-tax loss from operations | (6) | (59) | (66) |
Loss, net of income taxes | (6) | (38) | (83) |
Tangible and intangible asset impairments | 0 | 10 | 69 |
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Discontinued Operations [Member] | Harrahs Tunica [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 0 | 46 | 130 |
Pre-tax loss from operations | 0 | (120) | (140) |
Loss, net of income taxes | 0 | (120) | (91) |
Tangible and intangible asset impairments | 0 | 68 | 118 |
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Discontinued Operations [Member] | Disposal Group Other [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 0 | 2 | 14 |
Pre-tax loss from operations | (1) | (34) | (33) |
Loss, net of income taxes | (1) | (34) | (33) |
Tangible and intangible asset impairments | $ 0 | $ 17 | $ 12 |
Acquisitions, Investments, Di57
Acquisitions, Investments, Dispositions and Divestitures - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Line Items | ||||
Tangible and intangible asset impairments | $ 1 | $ 994 | $ 2,831 | |
Discontinued Operations [Member] | ||||
Line Items | ||||
Tangible and intangible asset impairments | 0 | 95 | 199 | |
Discontinued Operations [Member] | Showboat Atlantic City [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Line Items | ||||
Discontinued Operation, Other Liabilities | 18 | |||
Discontinued Operation, Accrued Liabilities, Current | 26 | |||
Tangible and intangible asset impairments | 0 | 10 | 69 | |
Discontinued Operation, Other Assets | 18 | |||
Discontinued Operations [Member] | Harrahs Tunica [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | ||||
Line Items | ||||
Discontinued Operation, Accrued Liabilities, Current | 16 | |||
Tangible and intangible asset impairments | $ 0 | 68 | $ 118 | |
Caesars Interactive Entertainment [Member] | Pacific Interactive [Member] | ||||
Line Items | ||||
Contingent earnout liability | $ 29 | |||
Contingency, Amount of Settlement | $ 66 |
Property and Equipment - Useful
Property and Equipment - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Riverboats and Barges [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years 6 months |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,103 | $ 16,711 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,505) | (3,255) |
Property, Plant and Equipment, Net | 7,598 | 13,456 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,584 | 6,218 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,134 | 7,506 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,326 | 2,685 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 59 | $ 302 |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 401 | $ 636 | $ 701 |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 306 | $ 574 | $ 572 |
Property and Equipment Property
Property and Equipment Property and Equipment - Tangible Asset Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Continuing Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 1 | $ 60 | $ 2,381 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Interest Costs Capitalized | $ 12 | $ 45 | $ 38 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Segment (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | |||
Goodwill [Roll Forward] | ||||
Gross Goodwill, Beginning Balance | $ 9,454 | $ 9,441 | ||
Additions | 3 | 13 | ||
Transfers | [1] | 0 | ||
Goodwill, Other Changes | (4,294) | |||
Gross Goodwill, Ending Balance | 5,163 | 9,454 | ||
Accumulated Impairment, Beginning Balance | (7,088) | (6,378) | ||
Impairment of goodwill | (3,621) | (710) | [2] | |
Accumulated Impairment, Transfers | [2] | 0 | ||
Accumulated Impairment, Ending Balance | (3,467) | (7,088) | ||
Goodwill, Net Carrying Value | 1,696 | 2,366 | ||
Caesars Entertainment Operating Company [Member] | ||||
Goodwill [Roll Forward] | ||||
Gross Goodwill, Beginning Balance | 4,294 | 5,435 | ||
Additions | 0 | 0 | ||
Transfers | [1] | (1,141) | ||
Goodwill, Other Changes | (4,294) | |||
Gross Goodwill, Ending Balance | 0 | 4,294 | ||
Accumulated Impairment, Beginning Balance | (3,621) | (4,175) | ||
Impairment of goodwill | (3,621) | (251) | [2] | |
Accumulated Impairment, Transfers | [2] | 805 | ||
Accumulated Impairment, Ending Balance | 0 | (3,621) | ||
Goodwill, Net Carrying Value | 0 | 673 | ||
Caesars Entertainment Resort Properties [Member] | ||||
Goodwill [Roll Forward] | ||||
Gross Goodwill, Beginning Balance | 3,894 | 3,894 | ||
Additions | 0 | 0 | ||
Transfers | [1] | 0 | ||
Goodwill, Other Changes | 0 | |||
Gross Goodwill, Ending Balance | 3,894 | 3,894 | ||
Accumulated Impairment, Beginning Balance | (2,492) | (2,203) | ||
Impairment of goodwill | 0 | (289) | [2] | |
Accumulated Impairment, Transfers | [2] | 0 | ||
Accumulated Impairment, Ending Balance | (2,492) | (2,492) | ||
Goodwill, Net Carrying Value | 1,402 | 1,402 | ||
Caesars Growth Partners, LLC [Member] | ||||
Goodwill [Roll Forward] | ||||
Gross Goodwill, Beginning Balance | 1,166 | 25 | ||
Additions | 0 | 0 | ||
Transfers | [1] | 1,141 | ||
Goodwill, Other Changes | 0 | |||
Gross Goodwill, Ending Balance | 1,166 | 1,166 | ||
Accumulated Impairment, Beginning Balance | (960) | 0 | ||
Impairment of goodwill | 0 | (155) | [2] | |
Accumulated Impairment, Transfers | [2] | (805) | ||
Accumulated Impairment, Ending Balance | (960) | (960) | ||
Goodwill, Net Carrying Value | 206 | 206 | ||
Caesars Interactive Entertainment [Member] | ||||
Goodwill [Roll Forward] | ||||
Gross Goodwill, Beginning Balance | 100 | 87 | ||
Additions | 3 | 13 | ||
Transfers | [1] | 0 | ||
Goodwill, Other Changes | 0 | |||
Gross Goodwill, Ending Balance | 103 | 100 | ||
Accumulated Impairment, Beginning Balance | (15) | 0 | ||
Impairment of goodwill | 0 | (15) | [2] | |
Accumulated Impairment, Transfers | [2] | 0 | ||
Accumulated Impairment, Ending Balance | (15) | (15) | ||
Goodwill, Net Carrying Value | $ 88 | $ 85 | ||
Caesars Entertainment Operating Company [Member] | Caesars Growth Partners, LLC [Member] | ||||
Number of Businesses Acquired | business | 4 | |||
[1] | During 2014, CGP purchased four properties from CEOC (see Note 19). | |||
[2] | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 7) |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets - Changes in Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Goodwill and Other Intangible Assets [Roll Forward] | |||
Amortizing Intangible Assets, Beginning Balance | $ 636 | $ 730 | |
Finite-lived Intangible Assets Acquired | [1] | 0 | 50 |
Impairment of Intangible Assets, Finite-lived | 0 | (2) | |
Amortization of Intangible Assets | (89) | (133) | |
Amortizing Intangible Assets, Other | 0 | (9) | |
Amortizing Intangible Assets, Ending Balance | 395 | 636 | |
Other Non-Amortizing Intangible Assets, Beginning Balance | 2,514 | 2,758 | |
Indefinite-lived Intangible Assets Acquired | [1] | 0 | 0 |
Other Non-Amortizing Intangible Assets, Impairment | 0 | (240) | |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | 0 | (4) | |
Other Non-Amortizing Intangible Assets, Ending Balance | 148 | 2,514 | |
Intangible assets other than goodwill, Beginning Balance | 3,150 | 3,488 | |
Finite-lived Intangible Assets Acquired | [1] | 0 | 50 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | (242) | |
Amortization of Intangible Assets | (89) | (133) | |
Increase (Decrease) in Intangible Assets, Current | 0 | (13) | |
Intangible assets other than goodwill, Ending Balance | 543 | 3,150 | |
Caesars Entertainment Operating Company [Member] | |||
Goodwill and Other Intangible Assets [Roll Forward] | |||
Amortizing Intangible Assets, Other | (152) | 0 | |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | (2,366) | 0 | |
Increase (Decrease) in Intangible Assets, Current | $ (2,518) | $ 0 | |
[1] | During 2014, we increased our amortizing intangible assets $50 million, primarily as a result of the Pacific Interactive acquisition (see Note 7). |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets - Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | $ 3,621 | $ 710 | [1] | |
Impairment of intangible assets other than goodwill | 0 | 240 | ||
Continuing Operations [Member] | ||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | 0 | 695 | $ 104 | |
Total impairment charges | 0 | 934 | 450 | |
Continuing Operations [Member] | Trademarks [Member] | ||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | ||||
Impairment of intangible assets other than goodwill | 0 | 13 | 101 | |
Continuing Operations [Member] | Gaming Rights and other [Member] | ||||
Schedule of Impairment Charges for Goodwill and Other Non-Amortizing Intangible Assets [Line Items] | ||||
Impairment of intangible assets other than goodwill | $ 0 | $ 226 | $ 245 | |
[1] | CIE impairment during 2014 related to CIE RMG BEL, LLC is included in discontinued operations. (See Note 7) |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets Excluding Goodwill [Line Items] | |||
Gross Carrying Amount | $ 1,058 | $ 1,584 | |
Accumulated Amortization | (663) | (948) | |
Net Carrying Amount | 395 | 636 | $ 730 |
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | |||
Non amortizing intangible assets | 148 | 2,514 | 2,758 |
Total intangible assets other than goodwill | 543 | 3,150 | $ 3,488 |
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 5 months | ||
Gross Carrying Amount | $ 917 | 1,265 | |
Accumulated Amortization | (589) | (736) | |
Net Carrying Amount | $ 328 | 529 | |
Contract rights [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 9 years 1 month | ||
Gross Carrying Amount | $ 3 | 84 | |
Accumulated Amortization | (1) | (81) | |
Net Carrying Amount | $ 2 | 3 | |
Patented technology [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 2 years 2 months | ||
Gross Carrying Amount | $ 86 | 188 | |
Accumulated Amortization | (49) | (109) | |
Net Carrying Amount | $ 37 | 79 | |
Gaming Rights [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Weighted Average Remaining Useful Life (in years) | 8 years 4 months | ||
Gross Carrying Amount | $ 52 | 47 | |
Accumulated Amortization | (24) | (22) | |
Net Carrying Amount | $ 28 | $ 25 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Estimated Five-Year Amortization (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 82 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 79 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 63 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 56 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 54 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 89 | $ 133 | |
Continuing Operations [Member] | |||
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 89 | $ 133 | $ 163 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Financial Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Investments | $ 71 | $ 85 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 4 | 15 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 67 | 70 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 4 | 15 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 4 | 15 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
US Treasury and Government [Member] | ||
Assets: | ||
Investments | 67 | 70 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investments | 67 | 70 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Details (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)count | Dec. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | $ 17,000,000 | ||
Net Periodic Cash Settlements and Accrued Interest | $ 177,000,000 | $ 172,000,000 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 7,000,000 | 17,000,000 | 34,000,000 |
Interest Expense | 684,000,000 | 2,670,000,000 | 2,252,000,000 |
Tangible and intangible asset impairments | 1,000,000 | 994,000,000 | 2,831,000,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Expense | $ 4,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 6,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 848,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 0 | ||
Tangible and intangible asset impairments | $ 642,000,000 | ||
Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | count | 8 | ||
Derivative, Notional Amount | $ 5,800,000,000 |
Detail of Accrued Expenses an71
Detail of Accrued Expenses and Other Current Liabilities - Detail of Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Detail of Accrued Expenses [Line Items] | |||
Payroll and other compensation | $ 171 | $ 220 | |
Self-insurance accruals | 168 | 204 | |
Advance deposits | 76 | 150 | |
Accrued taxes | 34 | 146 | |
Total Rewards liability | 1 | 47 | |
Other accruals | 138 | 432 | |
Total accrued expenses and other current liabilities | $ 588 | 1,199 | |
Caesars Entertainment Operating Company [Member] | |||
Detail of Accrued Expenses [Line Items] | |||
Payroll and other compensation | [1] | 125 | |
Self-insurance accruals | [1] | 35 | |
Advance deposits | [1] | 83 | |
Accrued taxes | [1] | 106 | |
Total Rewards liability | [1] | 46 | |
Other accruals | [1] | 257 | |
Total accrued expenses and other current liabilities | [1] | $ 652 | |
[1] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC as of December 31, 2015. See Note 3. CEOC amounts are included in consolidated 2014 balances above. |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Capital Leases, Due 2016 | $ 6 |
Capital Leases, Due 2017 | 2 |
Capital Leases, Due 2018 | 0 |
Capital Leases, Due 2019 | 0 |
Capital Leases, Due 2020 | 0 |
Capital Leases, Due 2021 and thereafter | 0 |
Capital Leases, Total minimum rental commitments | 8 |
Capital Leases: Less amounts representing interest | 0 |
Capital Leases, Present value of net minimum lease payments | 8 |
Noncancelable Operating Leases, Due 2016 | 38 |
Noncancelable Operating Leases, Due 2017 | 39 |
Noncancelable Operating Leases, Due 2018 | 40 |
Noncancelable Operating Leases, Due 2019 | 40 |
Noncancelable Operating Leases, Due 2020 | 40 |
Noncancelable Operating Leases, Due 2021 and thereafter | 558 |
Noncancelable Operating Leases, Total minimum rental commitments | $ 755 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 72 | $ 137 | $ 131 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 year | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 82 years | ||
Automatic lease extensions (in years) | 78 years |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 7,096 | |||||
Long-term Debt | 6,964 | $ 23,009 | ||||
Long-term Debt, Current Maturities | (187) | (15,779) | ||||
Long Term Debt Non Current Face Value | 6,909 | |||||
Long-term Debt, Excluding Current Maturities | 6,777 | 7,230 | ||||
Long-term Debt, Fair Value | 6,421 | |||||
Property EBITDA | 1,303 | 1,689 | $ 1,877 | |||
Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [1] | 0 | ||||
Long-term Debt | 16,007 | |||||
Long Term Debt, less Discount | [1] | 0 | 15,930 | |||
Long-term Debt, Current Maturities | (15,700) | |||||
Debt Instrument - Additional Unamortized Discount | (77) | |||||
Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 4,694 | |||||
Long-term Debt | 4,627 | 4,754 | ||||
Long-term Debt, Current Maturities | (117) | (39) | ||||
Long Term Debt Non Current Face Value | 4,577 | |||||
Long-term Debt, Excluding Current Maturities | 4,510 | 4,715 | ||||
Secured Debt [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 9,884 | |||||
Secured Debt [Member] | Term Loan [Member] | Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | 2,450 | ||||
Long-term Debt | [2] | $ 2,403 | 2,420 | |||
Debt Instrument, Interest Rate, Stated Percentage | [2],[3] | 7.00% | ||||
Secured Debt [Member] | First Lien Notes [Member] | Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [4] | $ 1,000 | ||||
Long-term Debt | [4] | $ 992 | 990 | |||
Debt Instrument, Interest Rate, Stated Percentage | [3],[4] | 8.00% | ||||
Secured Debt [Member] | Second Lien Notes [Member] | Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [4] | $ 1,150 | ||||
Long-term Debt | [4] | $ 1,138 | 1,137 | |||
Debt Instrument, Interest Rate, Stated Percentage | [3],[4] | 11.00% | ||||
Line of Credit [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | [5] | 5,106 | ||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [6] | $ 80 | ||||
Long-term Debt | $ 80 | [6] | 180 | [7] | ||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||
Debt Instrument, Description of Variable Rate Basis | [6] | Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%. | ||||
Senior Notes [Member] | Subsidiary Guarantors Of Parent And Subsidiary Guaranteed Debt [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 477 | |||||
Unsecured Debt [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 238 | |||||
Long-term Debt | 77 | |||||
Unsecured Debt [Member] | Other Debt Obligations [Member] | Caesars Entertainment Operating Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 463 | |||||
Capital Lease Obligations [Member] | Caesars Entertainment Resort Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 14 | |||||
Long-term Debt | 14 | 27 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Current Maturities | (70) | (20) | ||||
Long-term Debt, Excluding Current Maturities | 2,267 | 2,292 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 2,402 | |||||
Long-term Debt | 2,337 | 2,312 | ||||
Long-term Debt, Current Maturities | (70) | (20) | ||||
Long Term Debt Non Current Face Value | 2,332 | |||||
Long-term Debt, Excluding Current Maturities | 2,267 | 2,292 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Term Loan [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [8] | 1,157 | ||||
Long-term Debt | [8] | $ 1,126 | 1,133 | |||
Debt Instrument, Interest Rate, Stated Percentage | [8],[9] | 6.25% | ||||
Debt Instrument, Description of Variable Rate Basis | [8] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [7] | $ 45 | ||||
Long-term Debt | [7] | $ 45 | 0 | |||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | |||||
Debt Instrument, Description of Variable Rate Basis | [7] | Variable interest rate calculated as LIBOR plus 5.25%. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | CGPH Notes [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 675 | [10] | 675 | |||
Long-term Debt | [10] | $ 660 | 659 | |||
Debt Instrument, Interest Rate, Stated Percentage | [9],[10] | 9.38% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Horseshoe Baltimore Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [11] | $ 300 | ||||
Long-term Debt | [11] | $ 288 | $ 286 | |||
Debt Instrument, Interest Rate, Stated Percentage | [9],[11] | 8.25% | ||||
Debt Instrument, Description of Variable Rate Basis | [11] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Horseshoe Baltimore FF&E Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [11] | $ 27 | ||||
Long-term Debt | [11] | $ 27 | $ 30 | |||
Debt Instrument, Description of Variable Rate Basis | [11] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Cromwell Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [11] | $ 175 | ||||
Long-term Debt | [11] | $ 169 | 178 | |||
Debt Instrument, Description of Variable Rate Basis | [11] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Other Debt Obligations [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 5 | |||||
Long-term Debt | $ 4 | 4 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Line of Credit [Member] | Horseshoe Baltimore Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [12] | $ 0 | ||||
Long-term Debt | [12] | $ 0 | 0 | |||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | |||||
Debt Instrument, Description of Variable Rate Basis | [12] | Variable interest rate calculated as LIBOR plus 7.00%. | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Line of Credit [Member] | Horseshoe Baltimore FF&E Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [9],[11] | 8.75% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Line of Credit [Member] | Cromwell Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [9],[11] | 11.00% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Unsecured Debt [Member] | Special Improvement District Bonds [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 14 | |||||
Long-term Debt | $ 14 | 14 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Capital Lease Obligations [Member] | Caesars Growth Partners, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 4 | |||||
Long-term Debt | 4 | 8 | ||||
Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 0 | |||||
Long-term Debt | $ 0 | $ 13 | ||||
[1] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3. | |||||
[2] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015. | |||||
[3] | Interest rate is fixed, except where noted. | |||||
[4] | Registered pursuant to a registration statement on Form S-4, which was declared effective on February 10, 2015 | |||||
[5] | CEC guarantees collection of amounts under the CEOC Credit Facilities (see Note 1) | |||||
[6] | Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%. | |||||
[7] | Variable interest rate calculated as LIBOR plus 5.25%. | |||||
[8] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of December 31, 2015. | |||||
[9] | Interest rate is fixed, except where noted. | |||||
[10] | Registered pursuant to a registration statement on Form S-4, which was declared effective on June 26, 2015. | |||||
[11] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. | |||||
[12] | Variable interest rate calculated as LIBOR plus 7.00%. |
Debt - Annual Estimated Debt Se
Debt - Annual Estimated Debt Service Requirements (Details) $ in Millions | Dec. 31, 2015USD ($) |
Other Commitments [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 187 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 48 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 50 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 226 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,650 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,935 |
Long-term debt, Maturities, Repayments of Principal, Total | 7,096 |
Contractual Obligation, Due in Next Fiscal Year | 767 |
Contractual Obligation, Due in Second Year | 628 |
Contractual Obligation, Due in Third Year | 640 |
Contractual Obligation, Due in Fourth Year | 816 |
Contractual Obligation, Due in Fifth Year | 4,220 |
Contractual Obligation, Due after Fifth Year | 3,215 |
Contractual Obligation, Total | 10,286 |
Caesars Entertainment Resort Properties [Member] | |
Other Commitments [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 117 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 27 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 25 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 25 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,350 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,150 |
Long-term debt, Maturities, Repayments of Principal, Total | 4,694 |
Contractual Obligation, Due in Next Fiscal Year | 507 |
Contractual Obligation, Due in Second Year | 417 |
Contractual Obligation, Due in Third Year | 425 |
Contractual Obligation, Due in Fourth Year | 425 |
Contractual Obligation, Due in Fifth Year | 3,750 |
Contractual Obligation, Due after Fifth Year | 1,280 |
Contractual Obligation, Total | 6,804 |
Caesars Growth Partners, LLC [Member] | |
Other Commitments [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 70 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 21 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 25 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 201 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 300 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,785 |
Long-term debt, Maturities, Repayments of Principal, Total | 2,402 |
Contractual Obligation, Due in Next Fiscal Year | 260 |
Contractual Obligation, Due in Second Year | 211 |
Contractual Obligation, Due in Third Year | 215 |
Contractual Obligation, Due in Fourth Year | 391 |
Contractual Obligation, Due in Fifth Year | 470 |
Contractual Obligation, Due after Fifth Year | 1,935 |
Contractual Obligation, Total | 3,482 |
Interest Expense [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 580 |
Other Commitment, Due in Second Year | 580 |
Other Commitment, Due in Third Year | 590 |
Other Commitment, Due in Fourth Year | 590 |
Other Commitment, Due in Fifth Year | 570 |
Other Commitment, Due after Fifth Year | 280 |
Other Commitment, Total | 3,190 |
Interest Expense [Member] | Caesars Entertainment Resort Properties [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 390 |
Other Commitment, Due in Second Year | 390 |
Other Commitment, Due in Third Year | 400 |
Other Commitment, Due in Fourth Year | 400 |
Other Commitment, Due in Fifth Year | 400 |
Other Commitment, Due after Fifth Year | 130 |
Other Commitment, Total | 2,110 |
Interest Expense [Member] | Caesars Growth Partners, LLC [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 190 |
Other Commitment, Due in Second Year | 190 |
Other Commitment, Due in Third Year | 190 |
Other Commitment, Due in Fourth Year | 190 |
Other Commitment, Due in Fifth Year | 170 |
Other Commitment, Due after Fifth Year | 150 |
Other Commitment, Total | $ 1,080 |
Debt - Summary of Debt and Revo
Debt - Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | $ 310 | $ 4,436 | $ 6,039 |
Repayments of long-term debt and revolving credit facilities | (450) | (2,833) | $ (6,605) |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 13 | |
Repayments of long-term debt and revolving credit facilities | (25) | (189) | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Repayments of long-term debt and revolving credit facilities | (10) | (34) | |
Caesars Growth Partners, LLC [Member] | Senior Loans [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Repayments of long-term debt and revolving credit facilities | 0 | (495) | |
Caesars Entertainment Operating Company [Member] | Medium-term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 1,528 | |
Repayments of long-term debt and revolving credit facilities | 0 | (1,275) | |
Term Loan [Member] | Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Repayments of long-term debt and revolving credit facilities | (25) | (25) | |
Revolving Credit Facility [Member] | Caesars Entertainment Resort Properties [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 230 | 295 | |
Repayments of long-term debt and revolving credit facilities | (330) | (115) | |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 1,141 | |
Repayments of long-term debt and revolving credit facilities | (12) | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | First Closing Term Loan [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 693 | |
Repayments of long-term debt and revolving credit facilities | 0 | (700) | |
Variable Interest Entity, Primary Beneficiary [Member] | Revolving Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 80 | 0 | |
Repayments of long-term debt and revolving credit facilities | (35) | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | CGPH Notes [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 660 | |
Repayments of long-term debt and revolving credit facilities | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 76 | |
Repayments of long-term debt and revolving credit facilities | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore FF&E Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 30 | |
Repayments of long-term debt and revolving credit facilities | (3) | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Cromwell Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Repayments of long-term debt and revolving credit facilities | $ (10) | $ 0 |
Debt - Summary of Loss on Extin
Debt - Summary of Loss on Extinguishment of Debt(Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 96 | $ 30 |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | 1 | 1 | |
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | 14 | 29 | |
Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | 22 | 0 | |
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | 31 | 0 | |
Caesars Growth Partners, LLC [Member] | Senior Loans [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | $ 28 | $ 0 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Line of Credit Facility [Line Items] | ||||
Property EBITDA | $ 1,303 | $ 1,689 | $ 1,877 | |
Caesars Entertainment Resort Properties [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | 8 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | Secured Debt [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | 6 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Cromwell Credit Facility [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Property EBITDA | $ 7.5 | |||
First Three Quarters [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit and FF&E Facilities [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | [1] | 7.50 | ||
First Three Quarters [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Cromwell Credit Facility [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | 5.25 | |||
Following Four Quarters [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit and FF&E Facilities [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | [1] | 6 | ||
Following Four Quarters [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Cromwell Credit Facility [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | 5 | |||
Remainder of Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit and FF&E Facilities [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | [1] | 4.75 | ||
Remainder of Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Cromwell Credit Facility [Member] | Line of Credit [Member] | Caesars Growth Partners, LLC [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Leverage Ratio For Line Of Credit Facility | 4.75 | |||
[1] | CBAC Borrower, LLC (“CBAC”) is a joint venture in which Caesars Baltimore Investment Company, LLC (“CBIC”) holds an interest. CBIC is a wholly owned subsidiary of CGP. |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | |||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | $ 187,000,000 | $ 187,000,000 | $ 15,779,000,000 | ||
Long-term Debt, Gross | 7,096,000,000 | 7,096,000,000 | |||
Unamortized discounts | 132,000,000 | 132,000,000 | 2,600,000,000 | ||
Unamortized Debt Issuance Expense | 204,000,000 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 10,000,000 | 160,000,000 | [1] | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 2,100,000,000 | 2,100,000,000 | 2,400,000,000 | ||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Early Repayment of Senior Debt | 78,000,000 | ||||
Debt Conversion, Original Debt, Amount | 427,000,000 | ||||
Debt Conversion, Converted Instrument, Amount | 368,000,000 | ||||
Caesars Entertainment Resort Properties [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | 117,000,000 | 117,000,000 | 39,000,000 | ||
Long-term Debt, Gross | 4,694,000,000 | 4,694,000,000 | |||
Revolver capacity | 270,000,000 | 270,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 80,000,000 | 80,000,000 | |||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment | 6,000,000 | ||||
Caesars Growth Partners, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolver capacity | 160,000,000 | 160,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 45,000,000 | 45,000,000 | |||
Caesars Entertainment Operating Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | 15,700,000,000 | ||||
Long-term Debt, Gross | [2] | 0 | 0 | ||
Unamortized discounts | 2,200,000,000 | ||||
Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 794,000,000 | ||||
Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 191,000,000 | ||||
Debt Instrument, Repurchased Face Amount | 83,000,000 | ||||
Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 238,000,000 | ||||
Early Repayment of Senior Debt | 78,000,000 | ||||
Caesars Acquisition Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized discounts | 129,000,000 | 129,000,000 | |||
Caesars Acquisition Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 289,000,000 | 289,000,000 | |||
Revolving Credit Facility [Member] | Caesars Entertainment Resort Properties [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [3] | 80,000,000 | 80,000,000 | ||
Letters of Credit Outstanding, Amount | 0 | 0 | |||
Revolving Credit Facility [Member] | Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolver capacity | 106,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Twenty-Fifteen Note at Ten Percent [Member] | Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 18,000,000 | ||||
Debt Instrument, Repurchased Face Amount | 190,000,000 | ||||
Term Loan B Seven [Member] | Caesars Entertainment Operating Company [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 1,800,000,000 | ||||
Unsecured Senior Debt Five Point Six Two Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 830,000,000 | ||||
Debt Instrument, Repurchased Face Amount | 792,000,000 | ||||
Unsecured Senior Debt Six Point Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 89,000,000 | ||||
Unsecured Senior Debt Five Point Seven Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 66,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | 70,000,000 | 70,000,000 | 20,000,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | 70,000,000 | 70,000,000 | 20,000,000 | ||
Long-term Debt, Gross | 2,402,000,000 | 2,402,000,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 477,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Revolving Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [4] | 45,000,000 | 45,000,000 | ||
Revolver capacity | 150,000,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [5] | 0 | 0 | ||
Revolver capacity | 10,000,000 | 10,000,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Horseshoe Baltimore Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [6] | 300,000,000 | 300,000,000 | ||
Cash Tender Offer [Member] | Twenty-Fifteen Note at Ten Percent [Member] | Caesars Entertainment Operating Company [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | 103,000,000 | ||||
Cash Tender Offer [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | 44,000,000 | ||||
Note Repurchase and Redemption [Member] | Unsecured Senior Debt Five Point Six Two Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 747,000,000 | ||||
Unsecured Senior Debt Five Point Seven Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 206,000,000 | ||||
Payments of Distributions to Affiliates | 151,000,000 | ||||
Unsecured Senior Debt Six Point Five Percent [Member] | Caesars Entertainment Operating Company [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 187,000,000 | ||||
Payments of Distributions to Affiliates | 138,000,000 | ||||
Noncontrolling Interest [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized discounts | $ 89,000,000 | 89,000,000 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 10,000,000 | $ 160,000,000 | [1] | ||
Noncontrolling Interest [Member] | Caesars Entertainment Operating Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 160,000,000 | ||||
Caesars Entertainment Operating Company [Member] | Caesars Growth Partners, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of Businesses Acquired | business | 4 | ||||
[1] | See Note 2. | ||||
[2] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3. | ||||
[3] | Variable interest rate for amounts currently borrowed is calculated by adding LIBOR to a base rate of 6.00%. | ||||
[4] | Variable interest rate calculated as LIBOR plus 5.25%. | ||||
[5] | Variable interest rate calculated as LIBOR plus 7.00%. | ||||
[6] | Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of December 31, 2015. |
Earnings Per Share Earnings Per
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income/(loss) from continuing operations attributable to Caesars, net of income taxes | $ 5,927 | $ (2,591) | $ (2,741) | ||||||||
Loss from discontinued operations attributable to Caesars, net of income taxes | (7) | (192) | (207) | ||||||||
Net income/(loss) attributable to Caesars | $ (76) | $ (791) | $ 15 | $ 6,772 | $ (1,023) | $ (908) | $ (466) | $ (386) | $ 5,920 | $ (2,783) | $ (2,948) |
Weighted-average common shares outstanding - basic | 145 | 142 | 129 | ||||||||
Dilutive potential common shares: Stock options | 2 | 0 | 0 | ||||||||
Weighted average common shares and dilutive potential common shares | 147 | 142 | 129 | ||||||||
Basic income/(loss) per share from continuing operations | $ 40.92 | $ (18.18) | $ (21.32) | ||||||||
Basic loss per share from discontinued operations | (0.04) | (1.35) | (1.61) | ||||||||
Basic income/(loss) per share | $ (0.54) | $ (5.44) | $ 0.10 | $ 46.81 | $ (7.08) | $ (6.29) | $ (3.24) | $ (2.82) | 40.88 | (19.53) | (22.93) |
Diluted income/(loss) per share from continuing operations | 40.30 | (18.18) | (21.32) | ||||||||
Diluted loss per share from discontinued operations | (0.04) | (1.35) | (1.61) | ||||||||
Diluted income/(loss) per share | $ (0.54) | $ (5.44) | $ 0.10 | $ 46.12 | $ (7.08) | $ (6.29) | $ (3.24) | $ (2.82) | $ 40.26 | $ (19.53) | $ (22.93) |
Earnings Per Share Earnings P81
Earnings Per Share Earnings Per Share - Weighted Average Numbers of Anti-Dilutive Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive common shares | 5 | 8 | 6 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive common shares | 4 | 6 | 4 |
Restricted stock units and awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive common shares | 1 | 2 | 2 |
Casino Promotional Allowances82
Casino Promotional Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Promotional Allowances | $ 563 | $ 1,138 | $ 1,107 |
Cost of Promotional Allowances | 269 | 691 | 639 |
Food and Beverage | |||
Promotional Allowances | 281 | 622 | 589 |
Cost of Promotional Allowances | 169 | 463 | 428 |
Rooms | |||
Promotional Allowances | 234 | 422 | 427 |
Cost of Promotional Allowances | 83 | 168 | 165 |
Other | |||
Promotional Allowances | 48 | 94 | 91 |
Cost of Promotional Allowances | $ 17 | $ 60 | $ 46 |
Stock-Based Compensation - CEC
Stock-Based Compensation - CEC Composition of Stock-Based Compensation CEC (Details) - Parent [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 62 | $ 45 | $ 32 |
Corporate expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 57 | 36 | 25 |
Property, general, administrative and other [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 5 | $ 9 | $ 7 |
Stock-Based Compensation - CE84
Stock-Based Compensation - CEC Stock Option Activity (Details) - Parent [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding as of December 31, 2014 | 9,379,885 | |||
Granted | 1,844,332 | 1,500,770 | 550,812 | |
Exercised | (58,700) | (317,703) | (143,109) | |
Forfeited | (327,934) | |||
Expired | (199,364) | |||
Outstanding as of December 31, 2015 | 10,638,219 | 9,379,885 | ||
Vested and expected to vest as of December 31, 2015 | 10,250,794 | |||
Exercisable as of December 31, 2015 | 5,744,384 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 13.65 | |||
Weighted Average Exercise Price per Share (1) | [1] | 10.04 | $ 21.18 | $ 13.65 |
Weighted Average Exercise Price Exercised | 8.22 | |||
Weighted Average Exercise Price Forfeited | 12.76 | |||
Weighted Average Exercise Price Expired | 23.29 | |||
Weighted Average Exercise Price Outstanding, End of Period | 12.90 | $ 13.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 11.59 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 9.51 | |||
Weighted Average Remaining Contractual Term [Abstract] | ||||
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months | 7 years 10 months | ||
Options Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months | |||
Options Exercisable, Weighted Average Remaining Contractual Term | 6 years 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 1 | |||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
Stock-Based Compensation - CE85
Stock-Based Compensation - CEC Stock Option Grants and Exercises (Details) - Parent [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted | 1,844,332 | 1,500,770 | 550,812 | |
Weighted Average Grant-Date Fair Value per share (1) | [1] | $ 3.38 | $ 10.27 | $ 5.95 |
Weighted Average Exercise Price per Share (1) | [1] | $ 10.04 | $ 21.18 | $ 13.65 |
Number of options exercised | 58,700 | 317,703 | 143,109 | |
Cash received for options exercised | [2] | $ 0 | $ 3 | $ 1 |
Aggregate intrinsic value of options exercised (2) | [2] | $ 0 | $ 2 | $ 2 |
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. | |||
[2] | 2015 amounts are immaterial. |
Stock-Based Compensation - CE86
Stock-Based Compensation - CEC Assumptions Used to Estimate Option Values (Details) - Parent [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Volatility | 42.00% | 52.10% | 57.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term | 5 years 8 months | 5 years 6 months | 3 years 10 months |
Risk-free interest rate | 1.60% | 1.70% | 1.00% |
Stock-Based Compensation - CE87
Stock-Based Compensation - CEC Restricted Stock and Restricted Stock Unit Activity (Details) - Parent [Member] - Restricted stock units and awards | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Units Outstanding, Beginning balance | shares | 2,156,727 |
Units Granted in Period | shares | 5,169,322 |
Units Vested in Period | shares | (609,753) |
Units Forfeited in Period | shares | (386,861) |
Units Outstanding, Ending balance | shares | 6,329,435 |
Fair Value, Outstanding, Beginning balance | $ / shares | $ 17.45 |
Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 10.50 |
Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | 16.85 |
Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 13.69 |
Fair Value, Outstanding, Ending balance | $ / shares | $ 12.06 |
Stock-Based Compensation - CIE
Stock-Based Compensation - CIE Stock Option Activity (Details) - Caesars Interactive Entertainment [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CIE Stock Option Activity, Shares | |||
Outstanding as of December 31, 2014 | 13,279 | ||
Granted | 10,350 | 1,135 | 6,300 |
Exercised | (1,984) | (3,822) | (365) |
Forfeited | (588) | ||
Outstanding as of December 31, 2015 | 21,057 | 13,279 | |
Vested and expected to vest as of December 31, 2015 | 20,179 | ||
Exercisable as of December 31, 2015 | 6,292 | ||
Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 3,953.85 | ||
Weighted Average Exercise Price per Share (1) | 15,352.49 | $ 9,976.43 | $ 5,539.98 |
Weighted Average Exercise Price Exercised | 2,424.20 | ||
Weighted Average Exercise Price Forfeited | 8,106.90 | ||
Weighted Average Exercise Price Outstanding, End of Period | 9,584.64 | $ 3,953.85 | |
Weighted Average Exercise Price, Vested and Expected to Vest | 9,620.68 | ||
Weighted Average Exercise Price Exercisable | $ 2,790.08 | ||
Weighted Average Remaining Contractual Term [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | 6 years 10 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months | ||
Options Exercisable, Weighted Average Remaining Contractual Term | 4 years 8 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 124 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value |
Stock-Based Compensation - CI89
Stock-Based Compensation - CIE Stock Option Grants and Exercises (Details) - Caesars Interactive Entertainment [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted | 10,350 | 1,135 | 6,300 | |
Weighted Average Grant-Date Fair Value per share (1) | [1] | $ 4,670.27 | $ 4,717.02 | $ 2,620.48 |
Weighted Average Exercise Price per Share (1) | $ 15,352.49 | $ 9,976.43 | $ 5,539.98 | |
Number of options exercised | 1,984 | 3,822 | 365 | |
Cash received for options exercised | $ 5 | $ 6 | $ 1 | |
Aggregate intrinsic value of options exercised | $ 21 | $ 27 | $ 1 | |
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
Stock-Based Compensation - CI90
Stock-Based Compensation - CIE Valuation Assumptions (Details) - Caesars Interactive Entertainment [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected Volatility | 42.90% | 46.50% | 49.70% |
Expected term | 1 year 6 months | 2 years 5 months | 2 years 4 months |
Risk-free interest rate | 0.70% | 0.70% | 0.60% |
Maximum [Member] | |||
Expected Volatility | 49.40% | 56.80% | 58.60% |
Expected term | 4 years 8 months | 7 years 1 month | 7 years 3 months |
Risk-free interest rate | 1.70% | 2.30% | 2.50% |
Stock-Based Compensation - CI91
Stock-Based Compensation - CIE Restricted Stock Activity (Details) - Caesars Interactive Entertainment [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations [Abstract] | |
Units Outstanding, Beginning balance | shares | 5,096 |
Units Granted in Period | shares | 924 |
Units Vested in Period | shares | (1,025) |
Units Forfeited in Period | shares | (456) |
Units Outstanding, Ending balance | shares | 4,539 |
Fair Value, Outstanding, Beginning balance | $ / shares | $ 6,494.71 |
Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 13,161.70 |
Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | 6,004.02 |
Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 7,649.01 |
Fair Value, Outstanding, Ending balance | $ / shares | $ 7,827.24 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Comp - Composition of CIE Stock-Based Comp Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, general, administrative and other [Member] | Caesars Interactive Entertainment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 60 | $ 87 | $ 25 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 123 | $ 132 | $ 57 | |||
Common stock, par value | $ 0.01 | |||||
Caesars Interactive Entertainment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, Outstanding, Number | 21,057 | 13,279 | ||||
Weighted Average Exercise Price per Share (1) | $ 15,352.49 | $ 9,976.43 | $ 5,539.98 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 144 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months | |||||
Caesars Interactive Entertainment [Member] | Management Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Liability, Current and Noncurrent | $ 107 | |||||
Caesars Acquisition Company [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, par value | $ 0.001 | |||||
Allocated Share-based Compensation Expense | $ 12 | $ 10 | ||||
Caesars Acquisition Company [Member] | CAC Equity-Based Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Value of Shares Available for Grant | $ 25 | |||||
Parent [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, Outstanding, Number | 10,638,219 | 9,379,885 | ||||
Weighted Average Exercise Price per Share (1) | [1] | $ 10.04 | $ 21.18 | $ 13.65 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 66 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months | |||||
Allocated Share-based Compensation Expense | $ 62 | $ 45 | $ 32 | |||
Parent [Member] | Vesting Period One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage of performace-based options | 50.00% | |||||
Parent [Member] | Vesting Period Two [Member] [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage of performace-based options | 50.00% | |||||
Parent [Member] | Replacement Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted Average Exercise Price per Share (1) | $ 8.22 | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 years | |||||
Percentage Of Stock Options Vesting Per Year | 20.00% | |||||
Parent [Member] | Chairman, CEO and President Performance-Based Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number Of Stock Options Eligible For Exchange | 290,334 | |||||
Parent [Member] | Restricted stock units and awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 54 | |||||
Parent [Member] | Restricted stock units and awards | Annual [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||
Parent [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Parent [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years 6 months | |||||
Parent [Member] | Management Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, Outstanding, Number | 23,755 | |||||
Parent [Member] | Management Equity Incentive Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Return On Investment | 175.00% | |||||
Parent [Member] | Management Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Return On Investment | 200.00% | |||||
Parent [Member] | 2012 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Authorized | 23,449,468 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,218,592 | |||||
Weighted Average Exercise Price per Share (1) | $ 20.09 | |||||
Share-based Compensation | $ 15 | |||||
Parent [Member] | 2012 Incentive Plan [Member] | Replacement Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock Closing Price Per Share | $ 57.41 | |||||
Parent [Member] | 2012 Incentive Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock Closing Price Per Share | $ 35 | |||||
[1] | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plan Participation and Contribution Summary (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Multiemployer Plans [Line Items] | ||||
Contributions | $ 32 | $ 46 | $ 50 | |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | [1] | 886,016,617 | ||
Pension Plan Number | [1] | 1 | ||
Pension Protection Act Zone Status | [1],[2] | Green | Green | |
FIP/RP Status Pending/Implemented | [1],[3] | No | ||
Contributions | [1] | $ 16 | $ 18 | $ 20 |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | [1] | May 31, 2018 | ||
Multiemployer Plans, Period Contributions, Significance of Contributions | true | true | ||
Pension Plan of the UNITE HERE National Retirement Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | [4] | 136,130,178 | ||
Pension Plan Number | [4] | 1 | ||
Pension Protection Act Zone Status | [1],[2],[4] | Red | Red | |
FIP/RP Status Pending/Implemented | [3],[4] | Implemented | ||
Contributions | [1],[4] | $ 6 | $ 14 | $ 14 |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | [1],[4],[5] | Mar. 14, 2015 | ||
Multiemployer Plans, Period Contributions, Significance of Contributions | true | true | ||
Local 68 Engineers Union Pension Plan2 [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | [1],[6] | 510,176,618 | ||
Pension Plan Number | [1],[6] | 1 | ||
Pension Protection Act Zone Status | [1],[2],[6] | Green | Green | |
FIP/RP Status Pending/Implemented | [1],[3],[6] | Pending | ||
Contributions | [1],[6] | $ 0 | $ 1 | $ 2 |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | [1],[6] | Apr. 30, 2017 | ||
Multiemployer Plans, Period Contributions, Significance of Contributions | true | true | ||
NJ Carpenters Pension Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 226,174,423 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [2] | Yellow | Yellow | |
FIP/RP Status Pending/Implemented | [3] | Implemented | ||
Contributions | $ 0 | $ 0 | $ 1 | |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | Apr. 30, 2017 | |||
Painters IUPAT [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 526,073,909 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [2] | Yellow | Yellow | |
FIP/RP Status Pending/Implemented | [3] | Implemented | ||
Contributions | $ 1 | $ 1 | 1 | |
Surcharge Imposed | No | |||
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions | $ 9 | $ 12 | $ 12 | |
Nevada Resort Association IATSE Local 720 Retirement Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Multiemployer Plans, Period Contributions, Significance of Contributions | true | true | ||
Maximum [Member] | Painters IUPAT [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Expiration Date of Collective-Bargaining Agreement | Apr. 30, 2017 | |||
[1] | Plan was listed in the pension plans’ Forms 5500 as providing more than 5% of the total contributions for the plan years ended 2014 and 2013 (also the Nevada Resort Association IATSE Local 720 Retirement Plan, which is included in “Other Funds”). At the date the financial statements were issued, Forms 5500 were not available for the plan year ending in 2015. | |||
[2] | Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 2015, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. | |||
[3] | Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||
[4] | January 2015, the Pension Plan of the UNITE HERE National Retirement Fund voted to expel Caesars Entertainment and its participating subsidiaries from the plan. | |||
[5] | The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. | |||
[6] | Plan years begin July 1. |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Noncurrent Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Classified, Noncurrent | $ 44,000,000 | ||
Caesars Entertainment Operating Company [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 29,000,000 | ||
Trust for Benefit of Employees [Member] | Other Noncurrent Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets Held-in-trust | 64,000,000 | ||
Escrow for Benefit of Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets Held-in-trust | $ 49,000,000 | ||
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | $ 33,000,000 | ||
Defined Contribution Savings and Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ||
Employer annual cap per participant | $ 600 | ||
Deferred Compensation Plans, Company Contributions, Vesting Period | 5 years | ||
Contribution expense | $ 6,000,000 | 13,000,000 | $ 13,000,000 |
London Clubs International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 21,000,000 | $ 97,000,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 208,000,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 293,000,000 | ||
Defined Benefit Pension Plan, Liabilities | $ 85,000,000 |
Income Taxes - Components of In
Income Taxes - Components of Income/(Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | $ 6,004 | $ (3,217) | $ (4,250) |
United States [Member] | |||
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | 5,779 | (3,351) | (4,446) |
Outside of the U.S. [Member] | |||
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | $ 225 | $ 134 | $ 196 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit/(Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current - Federal | $ 0 | $ 0 | $ 7 |
Current - State | 0 | 110 | 83 |
Deferred - Federal | 135 | 593 | 1,388 |
Deferred - State | (10) | (109) | 51 |
Current - Ouside of the U.S. | (78) | (56) | (29) |
Deferred - Ouside of the U.S. | 8 | 5 | 17 |
Total income tax benefit | $ 55 | $ 543 | $ 1,517 |
Income Taxes - Allocation of In
Income Taxes - Allocation of Income Tax Benefit/(Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax benefit/(provision) applicable to: | |||
Loss from continuing operations | $ 55 | $ 543 | $ 1,517 |
Loss from discontinued operations | 0 | 21 | 32 |
Accumulated other comprehensive income/(loss) | 0 | 0 | (16) |
Deconsolidation and restructuring of CEOC and other | 1,176 | 0 | 0 |
Additional paid-in capital | $ 0 | $ 0 | $ (15) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 0.00% | 1.70% | 6.60% |
Valuation allowance | 3.40% | (5.90%) | (8.90%) |
Foreign income taxes | (0.30%) | (0.10%) | 0.10% |
Goodwill | 0.00% | (9.30%) | (0.40%) |
Deconsolidation of CEOC | (38.60%) | 0.00% | 0.00% |
Stock-based compensation | 0.30% | (0.80%) | (0.20%) |
Acquisition and integration costs | 0.00% | (0.40%) | 0.10% |
Reserves for uncertain tax positions | 0.00% | 0.30% | 0.00% |
Sale of stock of subsidiary | 0.00% | (0.50%) | 0.00% |
Capital loss tax benefit | 0.00% | 0.00% | 4.20% |
Disallowed losses on sale to related party | (0.00%) | (3.90%) | (0.30%) |
Deferred tax adjustment upon contribution of CIE to CGP | (0.00%) | (0.00%) | (0.50%) |
Noncontrolling interests | (0.60%) | 1.00% | 0.00% |
Other | (0.10%) | (0.20%) | 0.00% |
Effective tax rate | (0.90%) | 16.90% | 35.70% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
State net operating losses | $ 5 | $ 294 |
Foreign net operating losses | 2 | 23 |
Federal net operating loss | 44 | 1,466 |
Compensation programs | 56 | 145 |
Allowance for doubtful accounts | 10 | 89 |
Self-insurance reserves | 7 | 16 |
Accrued restructuring and support expenses | 317 | 0 |
Accrued expenses | 6 | 52 |
Federal tax credits | 35 | 52 |
Federal indirect tax benefits of uncertain state tax positions | 0 | 1 |
Investment in CGP LLC | 115 | 0 |
Investments in non-consolidated affiliates | 0 | 28 |
Capital loss carryover | 15 | 134 |
Deferred revenue | 1 | 93 |
Subtotal | 613 | 2,393 |
Less: valuation allowance | 207 | 970 |
Total deferred tax assets | 406 | 1,423 |
Depreciation and other property-related items | 922 | 1,143 |
Deferred cancellation of debt income and other debt-related items | 152 | 1,508 |
Investment in CGP | 0 | 21 |
Investment in non-consolidated affiliates | 170 | 0 |
Intangibles | 111 | 998 |
Prepaid expenses | 10 | 28 |
Other | 4 | 2 |
Total deferred tax liabilities | 1,369 | 3,700 |
Net deferred tax liability | $ 963 | $ 2,277 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning Balance | $ 80 | $ 142 | $ 333 |
Additions based on tax positions related to the current year | 3 | 20 | 1 |
Additions for tax positions of prior years | 2 | 0 | 7 |
Reductions for tax positions for prior years | 0 | (2) | (50) |
Deconsolidation of CEOC | (78) | 0 | 0 |
Settlements | 0 | 0 | (82) |
Expiration of statutes | 0 | (80) | (67) |
Ending Balance | $ 7 | $ 80 | $ 142 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax And Carryforwards [Line Items] | |||
Capital loss carryover | $ 15 | $ 134 | |
Undistributed Earnings of Foreign Subsidiaries | 46 | ||
Deferred Tax Assets, Investments | 11 | ||
Interest and penalties accrued for unrecognized tax benefits, current period | 0 | 62 | $ 10 |
Interest and penalties accrued for unrecognized tax benefits, total | 0 | 1 | 63 |
Unrecognized tax benefits that would impact the effective tax rate | 1 | 48 | $ 91 |
General Business Tax Credit Carryforward [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward, amount to expire | 14 | ||
Federal [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | 134 | 4,200 | |
Capital loss carryover | 42 | ||
Foreign Tax Authority [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | 6 | 110 | |
Tax Credit Carryforward, Amount | 19 | 14 | |
State [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | $ 85 | 8,200 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | Other Noncurrent Liabilities [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 212 |
Related Party Transactions R103
Related Party Transactions Related Party Transactions Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 3 | $ 9 | $ 9 |
Hamlet Holdings LLC [Member] | Majority Shareholder [Member] | Reimbursement to Counterparty [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 20 | 2 | 23 |
Caesars Acquisition Company [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 36 | 32 | 7 |
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 12 | 0 | 0 |
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation to Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 355 | 0 | 0 |
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation from Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 117 | 0 | 0 |
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 40 | 0 | 0 |
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Lease Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 34 | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | |||
Related Party Transaction [Line Items] | ||||
Long-term Debt, Gross | $ 7,096 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 38 | |||
Due from affiliates | 32 | $ 0 | ||
Due to affiliates | 16 | $ 0 | ||
Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long-term Debt, Gross | [1] | 0 | ||
Caesars Entertainment Resort Properties [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolver capacity | 270 | |||
Long-term Debt, Gross | 4,694 | |||
Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolver capacity | 160 | |||
Caesars Entertainment Operating Company [Member] | 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, Next Twelve Months | $ 2 | |||
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation to CES Members [Member] | Caesars Entertainment Resort Properties [Member] | ||||
Related Party Transaction [Line Items] | ||||
Corporate Expense Allocation | 21.80% | |||
Caesars Entertainment Operating Company [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Shared Services Allocation to CES Members [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Corporate Expense Allocation | 12.80% | |||
Caesars Entertainment Operating Company [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of Businesses Acquired | business | 4 | |||
CGP LLC Property Transaction [Member] | Caesars Entertainment Operating Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales Price Of Subsidiary | $ 2,000 | |||
Cromwell Credit Facility [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long-term Debt, Gross | 185 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from affiliates | $ 32 | 0 | ||
Due to affiliates | 15 | 0 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long-term Debt, Gross | 2,402 | |||
Revolving Credit Facility [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolver capacity | 1,200 | |||
CGPH Notes [Member] | Secured Debt [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long-term Debt, Gross | 675 | [2] | 675 | |
Revolving Credit Facility [Member] | Secured Debt [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Caesars Growth Partners, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revolver capacity | $ 150 | |||
Long-term Debt, Gross | [3] | $ 45 | ||
[1] | CEOC was deconsolidated effective January 15, 2015, therefore no amounts are reported for CEOC debt as of December 31, 2015. See Note 3. | |||
[2] | Registered pursuant to a registration statement on Form S-4, which was declared effective on June 26, 2015. | |||
[3] | Variable interest rate calculated as LIBOR plus 5.25%. |
Segment Reporting - Statement o
Segment Reporting - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | $ (76) | $ (791) | $ 15 | $ 6,772 | $ (1,023) | $ (908) | $ (466) | $ (386) | $ 5,920 | $ (2,783) | $ (2,948) | |||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 468 | 703 | 601 | |||||||||||
Net revenues | 1,119 | 1,141 | 1,141 | 1,253 | 2,131 | 2,212 | 2,140 | 2,033 | 4,654 | 8,516 | 8,220 | |||
Depreciation and amortization | 401 | 636 | 701 | |||||||||||
Impairment of goodwill | 0 | 695 | 104 | |||||||||||
Impairment of tangible and other intangible assets | 1 | 299 | 2,727 | |||||||||||
Income/(loss) from operations | $ 104 | $ 139 | $ 186 | $ 144 | $ (402) | $ (328) | $ 127 | $ 151 | 573 | (452) | (2,026) | |||
Interest expense | (684) | (2,670) | (2,252) | |||||||||||
Deconsolidation and restructuring of CEOC and other | 6,115 | (95) | 28 | |||||||||||
Income tax benefit | 55 | 543 | 1,517 | |||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 5,777 | 95 | 801 | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 26 | 112 | 22 | |||||||||||
Net revenues | 26 | 101 | 20 | |||||||||||
Depreciation and amortization | 0 | 3 | 0 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Income/(loss) from operations | (328) | 14 | 134 | |||||||||||
Interest expense | (4) | (17) | (9) | |||||||||||
Deconsolidation and restructuring of CEOC and other | 6,113 | (30) | 87 | |||||||||||
Income tax benefit | 122 | 73 | 597 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 1 | 0 | 0 | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | (30) | (187) | (102) | |||||||||||
Net revenues | (35) | (330) | (121) | |||||||||||
Depreciation and amortization | 0 | (1) | 0 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Income/(loss) from operations | 1 | 7 | 0 | |||||||||||
Interest expense | 5 | 90 | 135 | |||||||||||
Deconsolidation and restructuring of CEOC and other | (5) | (97) | (135) | |||||||||||
Income tax benefit | 0 | 0 | 0 | |||||||||||
Caesars Entertainment Operating Company [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | (85) | (2,524) | (2,939) | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 12 | 324 | [1] | 354 | [2] | |||||||||
Net revenues | 164 | 4,812 | [1] | 4,985 | [2] | |||||||||
Depreciation and amortization | 11 | 291 | [1] | 384 | [2] | |||||||||
Impairment of goodwill | 0 | 251 | [1] | 104 | [2] | |||||||||
Impairment of tangible and other intangible assets | 0 | 308 | [1] | 1,668 | [2] | |||||||||
Income/(loss) from operations | 9 | (323) | [1] | (1,344) | [2] | |||||||||
Interest expense | (87) | (2,184) | [1] | (2,069) | [2] | |||||||||
Deconsolidation and restructuring of CEOC and other | 0 | (100) | [1] | 34 | [2] | |||||||||
Income tax benefit | 0 | 264 | [1] | 651 | [2] | |||||||||
Caesars Entertainment Operating Company [Member] | Operating Segments [Member] | International [Member] | ||||||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Net revenues | 337 | 356 | ||||||||||||
Caesars Entertainment Resort Properties [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 7 | (393) | (651) | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 297 | 300 | 231 | |||||||||||
Net revenues | 2,154 | 2,065 | 1,979 | |||||||||||
Depreciation and amortization | 210 | 200 | 216 | |||||||||||
Impairment of goodwill | 0 | 289 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | (12) | 1,059 | |||||||||||
Income/(loss) from operations | 411 | (32) | (804) | |||||||||||
Interest expense | (399) | (389) | (246) | |||||||||||
Deconsolidation and restructuring of CEOC and other | 0 | 0 | 15 | |||||||||||
Income tax benefit | (5) | 28 | 384 | |||||||||||
Caesars Growth Partners | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 113 | 71 | (146) | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 163 | 154 | 96 | |||||||||||
Net revenues | 1,579 | 1,281 | 1,040 | |||||||||||
Depreciation and amortization | 150 | 115 | 83 | |||||||||||
Impairment of goodwill | 0 | 155 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 1 | 0 | 0 | |||||||||||
Income/(loss) from operations | 291 | (139) | (3) | |||||||||||
Interest expense | (194) | (164) | (60) | |||||||||||
Deconsolidation and restructuring of CEOC and other | 2 | 132 | 28 | |||||||||||
Income tax benefit | 0 | 214 | (113) | |||||||||||
Caesars Interactive Entertainment [Member] | International [Member] | ||||||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Net revenues | 616 | |||||||||||||
Caesars Interactive Entertainment [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 107 | (32) | (13) | |||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Other revenue | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Net revenues | 766 | [3] | 587 | [4] | 317 | [5] | ||||||||
Depreciation and amortization | 30 | [3] | 28 | [4] | 18 | [5] | ||||||||
Impairment of goodwill | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Impairment of tangible and other intangible assets | 0 | [3] | 3 | [4] | 0 | [5] | ||||||||
Income/(loss) from operations | 189 | [3] | 21 | [4] | (9) | [5] | ||||||||
Interest expense | (5) | [3] | (6) | [4] | (3) | [5] | ||||||||
Deconsolidation and restructuring of CEOC and other | 5 | [3] | 0 | [4] | (1) | [5] | ||||||||
Income tax benefit | $ (62) | [3] | (36) | [4] | (2) | [5] | ||||||||
Caesars Interactive Entertainment [Member] | Operating Segments [Member] | International [Member] | ||||||||||||||
Condensed Statements of Operations by Segment | ||||||||||||||
Net revenues | $ 434 | $ 224 | ||||||||||||
[1] | Includes foreign net revenues of $337 million | |||||||||||||
[2] | Includes foreign net revenues of $356 million | |||||||||||||
[3] | Includes foreign net revenues of $616 million | |||||||||||||
[4] | Includes foreign net revenues of $434 million | |||||||||||||
[5] | Includes foreign net revenues of $224 million |
Segment Reporting - Property EB
Segment Reporting - Property EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | $ (76) | $ (791) | $ 15 | $ 6,772 | $ (1,023) | $ (908) | $ (466) | $ (386) | $ 5,920 | $ (2,783) | $ (2,948) | |||
Net income/(loss) attributable to noncontrolling interests | 132 | (83) | 8 | |||||||||||
Loss from discontinued operations, net of income taxes | 7 | 192 | 207 | |||||||||||
Income Tax Expense (Benefit) | (55) | (543) | (1,517) | |||||||||||
Deconsolidation and restructuring of CEOC and other | (6,115) | 95 | (28) | |||||||||||
Interest expense | 684 | 2,670 | 2,252 | |||||||||||
Depreciation and amortization | 401 | 636 | 701 | |||||||||||
Impairment of goodwill | 0 | 695 | 104 | |||||||||||
Impairment of tangible and other intangible assets | 1 | 299 | 2,727 | |||||||||||
Corporate expense | 176 | 282 | 161 | |||||||||||
Other operating costs | 152 | 236 | 203 | |||||||||||
EBITDA attributable to discontinued operations | 0 | (7) | 7 | |||||||||||
Property EBITDA | 1,303 | 1,689 | 1,877 | |||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 5,777 | 95 | 801 | |||||||||||
Net income/(loss) attributable to noncontrolling interests | 126 | (58) | 8 | |||||||||||
Loss from discontinued operations, net of income taxes | 0 | 3 | 0 | |||||||||||
Income Tax Expense (Benefit) | (122) | (73) | (597) | |||||||||||
Deconsolidation and restructuring of CEOC and other | (6,113) | 30 | (87) | |||||||||||
Interest expense | 4 | 17 | 9 | |||||||||||
Depreciation and amortization | 0 | 3 | 0 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Corporate expense | 95 | 13 | 16 | |||||||||||
Other operating costs | 249 | (24) | (136) | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 16 | 6 | 14 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 1 | 0 | 0 | |||||||||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||||
Deconsolidation and restructuring of CEOC and other | 5 | 97 | 135 | |||||||||||
Interest expense | (5) | (90) | (135) | |||||||||||
Depreciation and amortization | 0 | (1) | 0 | |||||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | 0 | 0 | |||||||||||
Corporate expense | (12) | (3) | (40) | |||||||||||
Other operating costs | 0 | (5) | 0 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | (11) | (2) | (40) | |||||||||||
Caesars Entertainment Operating Company [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | (85) | (2,524) | (2,939) | |||||||||||
Net income/(loss) attributable to noncontrolling interests | 0 | 8 | 4 | |||||||||||
Loss from discontinued operations, net of income taxes | 7 | 173 | 207 | |||||||||||
Income Tax Expense (Benefit) | 0 | (264) | [1] | (651) | [2] | |||||||||
Deconsolidation and restructuring of CEOC and other | 0 | 100 | [1] | (34) | [2] | |||||||||
Interest expense | 87 | 2,184 | [1] | 2,069 | [2] | |||||||||
Depreciation and amortization | 11 | 291 | [1] | 384 | [2] | |||||||||
Impairment of goodwill | 0 | 251 | [1] | 104 | [2] | |||||||||
Impairment of tangible and other intangible assets | 0 | 308 | [1] | 1,668 | [2] | |||||||||
Corporate expense | 7 | 189 | 138 | |||||||||||
Other operating costs | 4 | 106 | 106 | |||||||||||
EBITDA attributable to discontinued operations | 0 | (6) | 7 | |||||||||||
Property EBITDA | 31 | 816 | 1,063 | |||||||||||
Caesars Entertainment Resort Properties [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 7 | (393) | (651) | |||||||||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||
Income Tax Expense (Benefit) | 5 | (28) | (384) | |||||||||||
Deconsolidation and restructuring of CEOC and other | 0 | 0 | (15) | |||||||||||
Interest expense | 399 | 389 | 246 | |||||||||||
Depreciation and amortization | 210 | 200 | 216 | |||||||||||
Impairment of goodwill | 0 | 289 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 0 | (12) | 1,059 | |||||||||||
Corporate expense | 47 | 60 | 47 | |||||||||||
Other operating costs | 4 | 15 | 12 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 672 | 520 | 530 | |||||||||||
Caesars Growth Partners | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 113 | 71 | (146) | |||||||||||
Net income/(loss) attributable to noncontrolling interests | (14) | (28) | (2) | |||||||||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||
Income Tax Expense (Benefit) | 0 | (214) | 113 | |||||||||||
Deconsolidation and restructuring of CEOC and other | (2) | (132) | (28) | |||||||||||
Interest expense | 194 | 164 | 60 | |||||||||||
Depreciation and amortization | 150 | 115 | 83 | |||||||||||
Impairment of goodwill | 0 | 155 | 0 | |||||||||||
Impairment of tangible and other intangible assets | 1 | 0 | 0 | |||||||||||
Corporate expense | 39 | 23 | 0 | |||||||||||
Other operating costs | (105) | 111 | 168 | |||||||||||
EBITDA attributable to discontinued operations | 0 | 0 | 0 | |||||||||||
Property EBITDA | 376 | 265 | 248 | |||||||||||
Caesars Interactive Entertainment [Member] | Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net income/(loss) attributable to company | 107 | (32) | (13) | |||||||||||
Net income/(loss) attributable to noncontrolling interests | 20 | (5) | (2) | |||||||||||
Loss from discontinued operations, net of income taxes | 0 | 16 | 0 | |||||||||||
Income Tax Expense (Benefit) | 62 | [3] | 36 | [4] | 2 | [5] | ||||||||
Deconsolidation and restructuring of CEOC and other | (5) | [3] | 0 | [4] | 1 | [5] | ||||||||
Interest expense | 5 | [3] | 6 | [4] | 3 | [5] | ||||||||
Depreciation and amortization | 30 | [3] | 28 | [4] | 18 | [5] | ||||||||
Impairment of goodwill | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Impairment of tangible and other intangible assets | 0 | [3] | 3 | [4] | 0 | [5] | ||||||||
Corporate expense | 0 | 0 | 0 | |||||||||||
Other operating costs | 0 | 33 | 53 | |||||||||||
EBITDA attributable to discontinued operations | 0 | (1) | 0 | |||||||||||
Property EBITDA | $ 219 | $ 84 | $ 62 | |||||||||||
[1] | Includes foreign net revenues of $337 million | |||||||||||||
[2] | Includes foreign net revenues of $356 million | |||||||||||||
[3] | Includes foreign net revenues of $616 million | |||||||||||||
[4] | Includes foreign net revenues of $434 million | |||||||||||||
[5] | Includes foreign net revenues of $224 million |
Segment Reporting - Balance She
Segment Reporting - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | |||||
Assets | $ 12,195 | $ 23,328 | |||
Liabilities | 9,962 | 28,070 | |||
Operating Segments [Member] | Caesars Entertainment Operating Company [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | [1] | 11,185 | |||
Liabilities | [1] | 19,603 | |||
Operating Segments [Member] | Caesars Entertainment Operating Company [Member] | International [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 312 | ||||
Liabilities | 183 | ||||
Operating Segments [Member] | Caesars Entertainment Resort Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 7,028 | 7,152 | |||
Liabilities | 6,073 | 6,314 | |||
Operating Segments [Member] | Caesars Growth Partners | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 4,174 | 4,171 | |||
Liabilities | 2,583 | 2,965 | |||
Operating Segments [Member] | Caesars Interactive Entertainment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 485 | [2] | 546 | [3] | |
Liabilities | 269 | [2] | 367 | [3] | |
Operating Segments [Member] | Caesars Interactive Entertainment [Member] | International [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 281 | 305 | |||
Liabilities | 57 | 172 | |||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,409 | 2,749 | |||
Liabilities | 1,155 | (586) | |||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | (901) | (2,475) | |||
Liabilities | $ (118) | $ (593) | |||
[1] | Includes foreign assets of $312 million and foreign liabilities of $183 million | ||||
[2] | Includes foreign assets of $281 million and foreign liabilities of $57 million | ||||
[3] | Includes foreign assets of $305 million and foreign liabilities of $172 million |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Quarterly Results of Operati109
Quarterly Results of Operations - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net revenues | $ 1,119 | $ 1,141 | $ 1,141 | $ 1,253 | $ 2,131 | $ 2,212 | $ 2,140 | $ 2,033 | $ 4,654 | $ 8,516 | $ 8,220 |
Income from operations | 104 | 139 | 186 | 144 | (402) | (328) | 127 | 151 | 573 | (452) | (2,026) |
Net income/(loss) | (39) | (756) | 50 | 6,797 | (1,070) | (980) | (433) | (383) | 6,052 | (2,866) | (2,940) |
Net income/(loss) attributable to Caesars | $ (76) | $ (791) | $ 15 | $ 6,772 | $ (1,023) | $ (908) | $ (466) | $ (386) | $ 5,920 | $ (2,783) | $ (2,948) |
Basic earnings/(loss) per share | $ (0.54) | $ (5.44) | $ 0.10 | $ 46.81 | $ (7.08) | $ (6.29) | $ (3.24) | $ (2.82) | $ 40.88 | $ (19.53) | $ (22.93) |
Diluted earnings/(loss) per share | $ (0.54) | $ (5.44) | $ 0.10 | $ 46.12 | $ (7.08) | $ (6.29) | $ (3.24) | $ (2.82) | $ 40.26 | $ (19.53) | $ (22.93) |
Schedule I - CONDENSED BALANCE
Schedule I - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 1,338 | $ 2,806 | $ 2,771 | $ 1,758 |
Restricted cash | 59 | 76 | ||
Prepayments and other current assets | 128 | 225 | ||
Total current assets | 1,771 | 3,668 | ||
Restricted cash | 109 | 109 | ||
Deferred income taxes | 28 | 16 | ||
Total assets | 12,195 | 23,328 | ||
Liabilities and Stockholders’ Equity/(Deficit) | ||||
Accounts payable | 179 | 349 | ||
Accrued expenses and other current liabilities | 588 | 1,199 | ||
Interest payable | 131 | 736 | ||
Current portion of long-term debt | 187 | 15,779 | ||
Total current liabilities | 2,006 | 18,063 | ||
Deferred credits and other | 188 | 484 | ||
Deferred income taxes | 991 | 2,293 | ||
Total liabilities | 9,962 | 28,070 | ||
Total stockholders’ equity/(deficit) | 987 | (4,997) | ||
Total liabilities and stockholders’ equity/(deficit) | 12,195 | 23,328 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 48 | 378 | $ 113 | $ 7 |
Restricted cash | 0 | 11 | ||
Prepayments and other current assets | 7 | 25 | ||
Intercompany receivables | 18 | 10 | ||
Total current assets | 73 | 424 | ||
Restricted cash | 100 | 76 | ||
Deferred income taxes | 0 | 4 | ||
Deferred charges and other | 94 | 0 | ||
Intercompany receivables | 0 | 40 | ||
Investment in subsidiary | 1,871 | 0 | ||
Total assets | 2,138 | 544 | ||
Liabilities and Stockholders’ Equity/(Deficit) | ||||
Accounts payable | 4 | 0 | ||
Accrued expenses and other current liabilities | 940 | 0 | ||
Interest payable | 0 | 1 | ||
Intercompany payables | 0 | 6 | ||
Current portion of long-term debt | 0 | 13 | ||
Total current liabilities | 944 | 20 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 5,214 | ||
Deferred credits and other | 53 | 2 | ||
Deferred income taxes | 154 | 0 | ||
Intercompany payables | 0 | 55 | ||
Total liabilities | 1,151 | 5,291 | ||
Total stockholders’ equity/(deficit) | 987 | (4,747) | ||
Total liabilities and stockholders’ equity/(deficit) | $ 2,138 | $ 544 |
Schedule I - CONDENSED STATEMEN
Schedule I - CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | $ 1,119 | $ 1,141 | $ 1,141 | $ 1,253 | $ 2,131 | $ 2,212 | $ 2,140 | $ 2,033 | $ 4,654 | $ 8,516 | $ 8,220 |
Operating expenses | |||||||||||
Corporate expense | 176 | 282 | 161 | ||||||||
Other operating costs | 152 | 236 | 203 | ||||||||
Total operating expenses | 4,081 | 8,968 | 10,246 | ||||||||
Loss from operations | $ 104 | $ 139 | $ 186 | $ 144 | $ (402) | $ (328) | $ 127 | $ 151 | 573 | (452) | (2,026) |
Interest expense | (684) | (2,670) | (2,252) | ||||||||
Gain on investment in subsidiaries and other | 6,115 | (95) | 28 | ||||||||
Income/(loss) from operations before income taxes | 6,004 | (3,217) | (4,250) | ||||||||
Income tax benefit | 55 | 543 | 1,517 | ||||||||
Net income/(loss) | 6,059 | (2,674) | (2,733) | ||||||||
Other comprehensive income, net of income taxes | 0 | (2) | (38) | ||||||||
Comprehensive income/(loss) | 5,920 | (2,785) | (2,986) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | 12 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Income on interests in non-consolidated affiliates | 0 | (1) | (1) | ||||||||
(Gain)/loss on interests in subsidiaries | (144) | 2,765 | 2,923 | ||||||||
Corporate expense | 95 | 14 | 16 | ||||||||
Other operating costs | 111 | 10 | 0 | ||||||||
Total operating expenses | 62 | 2,788 | 2,938 | ||||||||
Loss from operations | (50) | (2,788) | (2,938) | ||||||||
Interest expense | (4) | (3) | 2 | ||||||||
Gain on investment in subsidiaries and other | 6,110 | 15 | 23 | ||||||||
Income/(loss) from operations before income taxes | 6,056 | (2,776) | (2,913) | ||||||||
Income tax benefit | (136) | (7) | 0 | ||||||||
Net income/(loss) | 5,920 | (2,783) | (2,913) | ||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | ||||||||
Comprehensive income/(loss) | $ 5,920 | $ (2,783) | $ (2,913) |
Schedule I - CONDENSED STATE112
Schedule I - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows provided by/(used in) operating activities | $ 120 | $ (735) | $ (99) |
Cash flows from investing activities | |||
Increase in restricted cash | (82) | (3,936) | (2,022) |
Decrease in restricted cash | 61 | 4,176 | 2,796 |
Other | (3) | 68 | (31) |
Cash flows provided by/(used in) investing activities | (1,333) | (689) | 65 |
Cash flows from financing activities | |||
Issuance of common stock, net of fees | 0 | 136 | 217 |
Proceeds from the issuance of long-term debt | 310 | 4,436 | 6,039 |
Repayments of long-term debt | (450) | (2,833) | (6,605) |
Other | 25 | (37) | (45) |
Cash flows provided by/(used in) financing activities | (248) | 1,514 | 651 |
Net increase in cash and cash equivalents | (1,468) | 35 | 1,009 |
Cash and cash equivalents, beginning of period | 2,806 | 2,771 | 1,758 |
Cash and cash equivalents, end of period | 1,338 | 2,806 | 2,771 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows provided by/(used in) operating activities | (276) | 152 | 408 |
Cash flows from investing activities | |||
Increase in restricted cash | (44) | (56) | (140) |
Decrease in restricted cash | 20 | 20 | 89 |
Purchase of additional interest in subsidiary | 0 | 0 | (581) |
Purchase of LINQ/Octavius | 0 | 0 | (81) |
Proceeds paid for sale of assets | 0 | 0 | (29) |
Other | 40 | 0 | 0 |
Cash flows provided by/(used in) investing activities | 16 | (36) | (742) |
Cash flows from financing activities | |||
Issuance of common stock, net of fees | 0 | 136 | 217 |
Proceeds from the issuance of long-term debt | 0 | 13 | 0 |
Repayments of long-term debt | (68) | 0 | 0 |
Transfer to affiliates | 0 | 0 | 223 |
Other | (2) | 0 | 0 |
Cash flows provided by/(used in) financing activities | (70) | 149 | 440 |
Net increase in cash and cash equivalents | (330) | 265 | 106 |
Cash and cash equivalents, beginning of period | 378 | 113 | 7 |
Cash and cash equivalents, end of period | $ 48 | $ 378 | $ 113 |
Schedule I - Additional Informa
Schedule I - Additional Information (Details) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 2.1 | $ 2.4 |