Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 01, 2018 | Jun. 30, 2017 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 696,735,401 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 692 | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | CZR |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash and cash equivalents ($58 and $107 attributable to our VIEs) | $ 2,558 | $ 1,540 | |
Restricted cash | 116 | 3,113 | |
Receivables, net ($0 and $3 attributable to our VIEs) | 496 | 160 | |
Due from affiliates, net ($0 and $62 attributable to our VIEs) | 11 | 64 | |
Prepayments and other current assets ($2 and $34 attributable to our VIEs) | 239 | 120 | |
Inventories | 39 | 20 | |
Total current assets | 3,459 | 5,017 | |
Property and equipment, net ($57 and $55 attributable to our VIEs) | 16,228 | 7,446 | |
Goodwill | 3,815 | [1] | 1,608 |
Intangible assets other than goodwill | 1,609 | 433 | |
Restricted cash | 35 | 5 | |
Deferred income taxes | 2 | 0 | |
Deferred charges and other assets ($0 and $2 attributable to our VIEs) | 364 | 414 | |
Total assets | 25,512 | 14,923 | |
Current liabilities | |||
Accounts payable ($3 and $100 attributable to our VIEs) | 318 | 215 | |
Due to affiliates, net | 0 | 66 | |
Accrued expenses and other current liabilities ($0 and $91 attributable to our VIEs) | 1,459 | 693 | |
Accrued restructuring and support expenses | 0 | 6,601 | |
Interest payable | 38 | 67 | |
Current portion of financing obligations | 9 | 0 | |
Current portion of long-term debt | 64 | 89 | |
Total current liabilities | 1,888 | 7,731 | |
Financing obligations | 9,429 | 0 | |
Long-term debt | 8,849 | 6,749 | |
Deferred income taxes | 577 | 1,865 | |
Deferred credits and other liabilities ($0 and $1 attributable to our VIEs) | 1,473 | 187 | |
Total liabilities | 22,216 | 16,532 | |
Commitments and contingencies (See Note 11) | |||
Stockholders’ equity/(deficit) | |||
Common stock: voting, $0.01 par value, 696 and 150 shares issued, respectively | 7 | 1 | |
Treasury stock: 12 and 3 shares, respectively | (152) | (29) | |
Additional paid-in capital | 14,048 | 8,676 | |
Accumulated deficit | (10,684) | (10,309) | |
Accumulated other comprehensive income/(loss) | 6 | (1) | |
Total Caesars stockholders’ equity/(deficit) | 3,225 | (1,662) | |
Noncontrolling interests | 71 | 53 | |
Total stockholders’ equity/(deficit) | 3,296 | (1,609) | |
Total liabilities and stockholders’ equity/(deficit) | $ 25,512 | $ 14,923 | |
[1] | $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock, Shares, Outstanding | 696 | 150 |
Treasury Stock | 12 | 3 |
Common stock, par value | $ 0.01 | |
Cash and cash equivalents | $ 2,558 | $ 1,540 |
Receivables, net | 496 | 160 |
Due from affiliates | 11 | 64 |
Prepayments and other current assets | 239 | 120 |
Property and equipment, net | 16,228 | 7,446 |
Deferred charges and other | 364 | 414 |
Accounts payable | 318 | 215 |
Accrued expenses and other current liabilities | 1,459 | 693 |
Deferred credits and other | 1,473 | 187 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 58 | 107 |
Receivables, net | 0 | 3 |
Due from affiliates | 0 | 62 |
Prepayments and other current assets | 2 | 34 |
Property and equipment, net | 57 | 55 |
Deferred charges and other | 0 | 2 |
Accounts payable | 3 | 100 |
Accrued expenses and other current liabilities | 0 | 91 |
Deferred credits and other | $ 0 | $ 1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues | ||||
Casino | $ 2,865 | $ 2,177 | $ 2,286 | |
Food and beverage | 938 | 788 | 823 | |
Rooms | 1,054 | 923 | 878 | |
Other revenue | 626 | 527 | 495 | |
Reimbursed management costs | 48 | 0 | 10 | |
Less: casino promotional allowances | (679) | (538) | (563) | |
Net revenues | 4,852 | 3,877 | 3,929 | |
Direct | ||||
Casino | 1,521 | 1,128 | 1,194 | |
Food and beverage | 446 | 383 | 399 | |
Rooms | 276 | 249 | 227 | |
Property, general, administrative, and other | 1,133 | 1,166 | 1,053 | |
Reimbursable management costs | 48 | 0 | 10 | |
Depreciation and amortization | 628 | 439 | 374 | |
Corporate expense | 204 | 194 | 196 | |
Other operating costs | [1] | 64 | 91 | 161 |
Total operating expenses | 4,320 | 3,650 | 3,614 | |
Income from operations | 532 | 227 | 315 | |
Interest expense | (774) | (599) | (683) | |
Gain on deconsolidation of subsidiaries | 30 | 0 | 7,125 | |
Restructuring and support expenses | (2,028) | (5,729) | (1,017) | |
Loss on extinguishment of debt | (232) | 0 | 0 | |
Other income/(loss) | 95 | (29) | 7 | |
Income/(loss) from continuing operations before income taxes | (2,377) | (6,130) | 5,747 | |
Income tax benefit/(provision) | 1,995 | (327) | 106 | |
Income/(loss) from continuing operations, net of income taxes | (382) | (6,457) | 5,853 | |
Discontinued operations, net of income taxes | 0 | 3,380 | 155 | |
Net income/(loss) | (382) | (3,077) | 6,008 | |
Net loss attributable to noncontrolling interests | 7 | 29 | 1 | |
Net income/(loss) attributable to Caesars | $ (375) | $ (3,048) | $ 6,009 | |
Earnings/(loss) per share - basic and diluted | ||||
Basic earnings/(loss) per share from continuing operations | $ (1.35) | $ (43.96) | $ 40.42 | |
Basic earnings per share from discontinued operations | 0 | 23.11 | 1.07 | |
Basic earnings/(loss) per share | (1.35) | (20.85) | 41.49 | |
Diluted earnings/(loss) per share from continuing operations | (1.35) | (43.96) | 39.81 | |
Diluted earnings per share from discontinued operations | 0 | 23.11 | 1.06 | |
Diluted earnings/(loss) per share | $ (1.35) | $ (20.85) | $ 40.87 | |
Weighted-average common shares outstanding - basic | 279 | 146 | 145 | |
Weighted-average common shares outstanding - diluted | 279 | 146 | 147 | |
Comprehensive income/(loss): | ||||
Other comprehensive income/(loss), net of income taxes | $ 6 | $ (2) | $ 0 | |
Comprehensive income/(loss) | (376) | (3,079) | 6,008 | |
Comprehensive loss attributable to noncontrolling interests | 7 | 29 | 1 | |
Comprehensive income/(loss) attributable to Caesars | $ (369) | $ (3,050) | $ 6,009 | |
[1] | Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. |
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 | Other Restructuring [Member] | CEOC LLC [Member]Other Restructuring [Member]Common Stock | CEOC LLC [Member]Other Restructuring [Member]Treasury Stock | CEOC LLC [Member]Other Restructuring [Member]Additional Paid-in-Capital | CEOC LLC [Member]Other Restructuring [Member]Accumulated Deficit | CEOC LLC [Member]Other Restructuring [Member]Accumulated Other Comprehensive Income/(Loss) | CEOC LLC [Member]Other Restructuring [Member]Total Caesars Stockholders' Equity | CEOC LLC [Member]Other Restructuring [Member]Noncontrolling Interest | Caesars Acquisition Company [Member] | Caesars Acquisition Company [Member]Common Stock | Caesars Acquisition Company [Member]Treasury Stock | Caesars Acquisition Company [Member]Additional Paid-in-Capital | Caesars Acquisition Company [Member]Accumulated Deficit | Caesars Acquisition Company [Member]Accumulated Other Comprehensive Income/(Loss) | Caesars Acquisition Company [Member]Total Caesars Stockholders' Equity | Caesars Acquisition Company [Member]Noncontrolling Interest | |
Beginning balance at Dec. 31, 2014 | $ (4,948) | $ 1 | $ (19) | $ 9,163 | $ (13,269) | $ (15) | $ (4,139) | $ (809) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net loss attributable to Caesars | 6,009 | 0 | 0 | 0 | 6,009 | 0 | 6,009 | ||||||||||||||||||
Net loss attributable to noncontrolling interests | 1 | (1) | |||||||||||||||||||||||
Net income/(loss) | 6,008 | ||||||||||||||||||||||||
Stock-based compensation | 60 | 0 | (3) | 63 | 0 | 0 | 60 | 0 | |||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | [1] | 870 | 0 | 0 | 0 | 0 | 16 | 16 | 854 | ||||||||||||||||
Other comprehensive income/(loss), net of income taxes | 0 | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | |||||||||||||||||
Other | 25 | 0 | 0 | 13 | 0 | 0 | 13 | 12 | |||||||||||||||||
Ending balance at Dec. 31, 2015 | 2,039 | 1 | (22) | 9,239 | (7,260) | 1 | 1,959 | 80 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net loss attributable to Caesars | (3,048) | 0 | 0 | 0 | (3,048) | 0 | (3,048) | ||||||||||||||||||
Net loss attributable to noncontrolling interests | 29 | (29) | |||||||||||||||||||||||
Net income/(loss) | (3,077) | ||||||||||||||||||||||||
Stock-based compensation | 53 | 0 | 0 | 53 | 0 | 0 | 53 | 0 | |||||||||||||||||
Stock-based compensation | Adjustments for New Accounting Pronouncement [Member] | [2] | 0 | 0 | 0 | 1 | (1) | 0 | 0 | 0 | ||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | (629) | 0 | 0 | (626) | 0 | 0 | (626) | (3) | |||||||||||||||||
Other comprehensive income/(loss), net of income taxes | (2) | 0 | 0 | 0 | 0 | (2) | (2) | 0 | |||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | |||||||||||||||||
Other | 2 | 0 | (7) | 9 | 0 | 0 | 2 | 0 | |||||||||||||||||
Ending balance at Dec. 31, 2016 | (1,609) | 1 | (29) | 8,676 | (10,309) | (1) | (1,662) | 53 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net loss attributable to Caesars | (375) | 0 | 0 | 0 | (375) | 0 | (375) | ||||||||||||||||||
Net loss attributable to noncontrolling interests | 7 | (7) | |||||||||||||||||||||||
Net income/(loss) | (382) | ||||||||||||||||||||||||
Stock-based compensation | 44 | 0 | (9) | 53 | 0 | 0 | 44 | 0 | |||||||||||||||||
Other comprehensive income/(loss), net of income taxes | 6 | 0 | 0 | 0 | 0 | 6 | 6 | 0 | |||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | |||||||||||||||||
Stock Issued During Period, Value, Acquisitions | [3] | $ 5,176 | $ 4 | $ (114) | $ 5,321 | $ 0 | $ 0 | $ 5,211 | $ (35) | ||||||||||||||||
Stock Issued During Period, Value, Acquisitions | [3] | $ 0 | $ 2 | $ 0 | $ (2) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | [1] | 58 | 0 | 0 | 0 | 0 | 1 | 1 | 57 | ||||||||||||||||
Ending balance at Dec. 31, 2017 | $ 3,296 | $ 7 | $ (152) | $ 14,048 | $ (10,684) | $ 6 | $ 3,225 | $ 71 | |||||||||||||||||
[1] | _ | ||||||||||||||||||||||||
[2] | Adoption of Accounting Standards Update No. 2016-09, Compensation-Stock Compensation. | ||||||||||||||||||||||||
[3] | See Note 1. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income/(loss) | $ (382) | $ (3,077) | $ 6,008 |
Adjustments to reconcile net income/(loss) to cash flows from operating activities: | |||
Discontinued operations, net of income taxes | 0 | (3,380) | (155) |
Non-cash change in restructuring accrual | 2,065 | 3,667 | 0 |
Interest accrued on financing obligations | 27 | 0 | 0 |
Deferred income taxes | (1,858) | (90) | (112) |
Gain on deconsolidation of subsidiaries | (30) | 0 | (7,125) |
Depreciation and amortization | 628 | 439 | 374 |
Loss on extinguishment of debt | 232 | 0 | 0 |
Change in fair value of derivative liability | (64) | 0 | 0 |
Stock-based compensation expense | 43 | 232 | 102 |
Amortization of deferred finance costs and debt discount/premium | 26 | 24 | 38 |
Provision for doubtful accounts | 8 | 11 | 11 |
Other Noncash Income (Expense) | 30 | 24 | 14 |
Net changes in: | |||
Accounts receivable | (85) | (21) | (51) |
Due to/due from affiliates, net | (53) | 19 | (28) |
Inventories, prepayments and other current assets | 64 | 9 | 0 |
Deferred charges and other | (26) | 0 | (17) |
Accounts payable | (4) | 39 | (47) |
Interest payable | (35) | (64) | (41) |
Accrued expenses | 33 | 77 | 44 |
Restructuring accruals | (2,880) | 2,029 | 905 |
Deferred credits and other | (63) | 104 | (5) |
Other | 1 | 0 | 3 |
Net Cash Provided by (Used in) Operating Activities | (2,323) | 42 | (82) |
Cash flows from investing activities | |||
Acquisitions of property and equipment, net of change in related payables | (598) | (220) | (341) |
Acquisition of OpCo, net of cash and restricted cash acquired | 561 | 0 | 0 |
Deconsolidation of subsidiary cash | (57) | 0 | (985) |
Consolidation of Korea Joint Venture | 19 | 0 | 0 |
Payments to acquire investments | (12) | (23) | (27) |
Proceeds from the sale and maturity of investments | 33 | 46 | 29 |
Return of investment from discontinued operations | 0 | 132 | 142 |
Contributions to discontinued operations | 0 | (56) | (15) |
Other | (1) | 0 | (3) |
Cash flows provided by/(used in) investing activities | (55) | (121) | (1,200) |
Cash flows from financing activities | |||
Proceeds from long-term debt and revolving credit facilities | 7,550 | 120 | 310 |
Debt issuance and extension costs and fees | (288) | 0 | 0 |
Repayments of long-term debt and revolving credit facilities | (7,846) | (268) | (450) |
Proceeds from sale-leaseback financing arrangement | 1,136 | 0 | 0 |
Repurchase of CIE shares and distribution of sale proceeds | (63) | (1,126) | (65) |
Financing obligation payments | (54) | 0 | 0 |
Other | (6) | 14 | 24 |
Cash flows used in financing activities | 429 | (1,260) | (181) |
Cash flows from discontinued operations | |||
Cash flows from operating activities | 0 | 168 | 159 |
Cash flows from investing activities | 0 | 4,379 | (12) |
Cash flows from financing activities | 0 | (76) | (158) |
Net Cash Provided by (Used in) Discontinued Operations | 0 | 4,471 | (11) |
Change in cash, cash equivalents, and restricted cash classified as assets held for sale | 0 | 112 | (8) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,949) | 3,244 | (1,482) |
Cash, cash equivalents, and restricted cash, beginning of period | 4,658 | 1,414 | 2,896 |
Cash, cash equivalents, and restricted cash, end of period | 2,709 | 4,658 | 1,414 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 749 | 634 | 696 |
Cash paid for income taxes | 7 | 305 | 80 |
Issuance of convertible notes and call right | 2,349 | 0 | 0 |
Issuance of CEC common stock | 0 | 0 | |
Change in accrued capital expenditures | $ (6) | $ 14 | $ (35) |
Description of Business (Notes)
Description of Business (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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. CEC operates the business primarily through its wholly owned subsidiaries CEOC, LLC (“CEOC LLC”) and Caesars Resort Collection, LLC (“CRC”). Through its consolidated subsidiaries, CEC operates a total of 47 casino properties in 13 U.S. states and four countries outside of the U.S. Of the 47 casinos, nine are in Las Vegas, which represented 60% of consolidated net revenues for the year ended December 31, 2017 . Merger with Caesars Acquisition Company Caesars Acquisition Company (“CAC”) was formed in February 2013 to make an equity investment in Caesars Growth Partners, LLC (“CGP”), a joint venture between CAC and CEC, and CAC directly owned 100% of the voting membership units of CGP and served as CGP’s managing member. CEC held 100% of the non-voting membership units of CGP. In 2014, CEC and CAC entered into a merger agreement, which was amended and restated in July 2016 and February, 2017 (as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, on October 6, 2017 (the “Effective Date”), CAC merged with and into CEC, with CEC as the surviving company (the “CAC Merger”). Subject to the terms and conditions of the Merger Agreement, each share of CAC common stock issued and outstanding immediately prior to the Effective Date of the CAC Merger was converted into, and became exchangeable for, 1.625 (the “Exchange Ratio”) shares of CEC common stock on the Effective Date, which resulted in the issuance of 226 million shares of CEC common stock to the stockholders of CAC. The CAC Merger was accounted for as a reorganization of entities under common control, which resulted in CAC being consolidated into Caesars at book value as an equity transaction for all periods presented (see Note 2 ). CEOC’s Emergence from Bankruptcy and Acquisition of OpCo Caesars Entertainment Operating Company, Inc. (“CEOC”) and certain of its United States subsidiaries (collectively, the “Debtors”) voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) on January 15, 2015 , at which time CEC deconsolidated CEOC due to loss of control. On January 17, 2017 , the Bankruptcy Court entered an order approving and confirming the Debtors’ third amended joint plan of reorganization (the “Plan”), and the Debtors emerged from bankruptcy and consummated their reorganization pursuant to the Plan on the Effective Date. The Plan provided for, among other things, (i) a global settlement of all claims the Debtors may have against CEC and its affiliates, (ii) comprehensive releases for CEC and its affiliates and CAC and its affiliates; (iii) the reorganization of CEOC into an operating company (“OpCo”) and PropCo; and (iv) OpCo established an escrow trust that will be used to fund the resolution of unsecured claims that were unresolved at the time of CEOC’s emergence from bankruptcy (see Note 11 ). PropCo holds certain real property assets formerly held by CEOC and leases those assets to OpCo. PropCo is a separate entity that is not consolidated by Caesars and, on the Effective Date, was sold to VICI Properties Inc., the real estate investment trust that was initially owned by certain former creditors of CEOC and is independent from CEC. OpCo was acquired by CEC on the Effective Date for total consideration of $2.5 billion , which included a combination of cash and CEC common stock. OpCo operates the properties and facilities formerly held by CEOC and leases the properties and facilities from VICI. Upon acquisition, OpCo was immediately merged with and into CEOC LLC, with CEOC LLC as the surviving entity. See Note 4 for additional information. The following table summarizes the assets acquired and liabilities assumed. (In millions) Total Value Assets acquired $ 12,164 Liabilities assumed (1) (11,686 ) Noncontrolling interest 41 Net identifiable assets acquired 519 Goodwill 2,207 Total OpCo equity value $ 2,726 ____________________ (1) As part of the OpCo acquisition, we assumed $8.4 billion in financing obligations and $1.6 billion in long-term debt. See Note 10 and Note 12 for additional information. Failed Sale-Leaseback Financing Obligation As mentioned above and further described in Note 10 , in conjunction with CEOC’s emergence from bankruptcy, OpCo entered into leases with VICI on the Effective Date related to certain real property assets formerly held by CEOC: (i) for Caesars Palace, (ii) for a portfolio of casino properties at various locations throughout the United States, and (iii) for the Harrah’s Joliet Hotel & Casino (collectively, the “CEOC LLC Leases”). For the CEOC LLC Leases transaction, the real estate assets that were sold to VICI and leased back by OpCo were first adjusted to fair value upon CEOC’s emergence from bankruptcy and the failed sale-leaseback financing obligation was recognized at an amount equal to this fair value. The real estate assets continue to be depreciated over their remaining useful lives. See Note 10 for further information. Accrued Restructuring and Support Expenses CEC made material financial commitments to support the reorganization of CEOC as described in the Plan. Our estimate of restructuring and support expenses was determined based on the total value of the consideration that was required by CEC to resolve claims and potential claims related to the reorganization. The total value of the consideration that was provided by CEC as of the Effective Date was $8.6 billion and included a combination of cash, shares of CEC common stock, and the issuance value of the VICI Call Right Agreement described below. The cash consideration includes approximately $1.0 billion of cash provided to certain CEOC creditors that elected to receive cash in lieu of 146 million shares of CEC common stock at a pre-negotiated price of $6.86 per share. The restructuring and support expenses exclude consideration related to the acquisition of OpCo and establishing the escrow trust. Restructuring and support expenses for the years ended December 31, 2017 , 2016 , and 2015 were $2.0 billion , $5.7 billion , and $1.0 billion , respectively, recorded in the Statements of Operations. Our related accrual balance decreased by $205 million as of the Effective Date as compared with the estimate we reported in our Interim Report on Form 10-Q for the quarter ended September 30, 2017 due to (i) a larger allocated amount of value to OpCo resulting from the final purchase price value through the Effective Date, which resulted in a decrease of approximately $193 million and (ii) an update to our estimated value of the VICI Call Right Agreement through the Effective Date, which resulted in a decrease of approximately $12 million . Accrued as of (In millions) December 31, 2016 September 30, 2017 October 6, 2017 Forbearance fees and other payments to creditors (1) $ 970 $ 893 $ 870 Bank Guaranty Settlement (1) 734 765 765 Issuance of CEC common stock 2,936 4,507 4,405 Issuance of CEC Convertible Notes 1,600 2,240 2,172 VICI call right agreement 131 189 177 Payment of creditor expenses, settlement charges, and other fees (1) 195 182 182 Payment to CEOC 35 — — Total accrued $ 6,601 $ 8,776 $ 8,571 ____________________ (1) Amounts settled in cash on the Effective Date. The amounts disclosed above are reported net of payments totaling $173 million and $34 million , respectively, during 2017 prior to the Effective Date and the year ended December 31, 2016 . Forbearance Fees and Other Payments to Creditors. On the Effective Date, CEC paid certain fees in exchange for CEOC’s major creditors prior agreement to forebear from exercising their rights and remedies under certain of CEOC’s credit agreements and to stay all pending litigation. Bank Guaranty Settlement. 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 required the creditors to exhaust all rights and remedies at law and in equity that the creditors or their agents may have had against CEOC or any of its subsidiaries and its and their respective property to collect, or obtain payment of, the guaranteed amounts. Pursuant to the Plan, on the Effective Date, claims related to the Bank Amendment and CEC Collection Guarantee were resolved. Issuance of CEC Common Stock. On the Effective Date, CEC issued shares of CEC common stock in resolution of claims, potential claims, and the acquisition of OpCo. Also on the Effective Date, CEC paid cash in the amount of approximately $1.0 billion to certain CEOC creditors that elected to receive cash in lieu of 146 million shares of CEC common stock at a pre-negotiated price of $6.86 per share (compared with the $12.80 price per share on the Effective Date). As of September 30, 2017, our accrual included the $1.0 billion related to this obligation plus the estimated fair value of $3.5 billion for the net shares that were issued after satisfying the obligation. CEC issued approximately 407 million shares to the creditors of CEOC on the Effective Date for both the acquisition of the preferred equity of OpCo and the resolution of claims and potential claims. The amount attributable to the resolution of claims was calculated after determining the fair value of OpCo equity, and a change in the estimated value of OpCo inversely affects our accrual allocated to restructuring and support expenses. See Note 8 for additional information on the fair value measurement related to the issuance of CEC common stock. Issuance of CEC Convertible Notes. On the Effective Date, CEC issued approximately $1.1 billion in aggregate principal amount of 5.00% convertible senior notes maturing in 2024 (the “CEC Convertible Notes”) to the CEOC creditors in resolution of claims and potential claims, and our accrual represents the estimated fair value of the notes at the time of issuance. The Company has determined that the CEC Convertible Notes contain derivative features that require bifurcation, which had a fair value of $1.1 billion upon issuance on the Effective Date. See Note 8 for fair value considerations of the derivative features and Note 12 for additional information on the debt portion of the CEC Convertible Notes. VICI Call Right Agreement. On the Effective Date, in accordance with the Plan, VICI, CEC, Caesars Entertainment Resort Properties, LLC (“CERP”) and Caesars Growth Properties Holdings, LLC (“CGPH”) entered into certain call right agreements (collectively, the “VICI Call Right Agreements”) with VICI. VICI received a call right (the “VICI Call Right”) for up to five years to purchase and leaseback the real property assets associated with Harrah’s Atlantic City, Harrah’s Laughlin, and Harrah’s New Orleans for a cash purchase price of 10 times the agreed upon annual rent for each property (subject to the terms of the CGPH and CERP credit agreements). Subsequent to the CRC Merger described below, the VICI Call Right is subject to the terms of the CRC Credit Agreement (defined in Note 12 ). Our accrual represents the estimated fair value of the call right as of the Effective Date. Payment of Creditor Expenses, Settlement Charges, and Other Fees. Pursuant to the Plan, CEC paid certain professional fees incurred by CEOC’s creditors and other ancillary fees and amounts on the Effective Date. As of September 30, 2017, this amount included $126 million that CEC expected to be paid from the proceeds from a directors’ and officers’ insurance claim. The proceeds from the claim were received in October 2017 and recognized as a reduction in restructuring and support expenses for the year ended December 31, 2017 . Payment to CEOC . In addition, and separate from the transactions and agreements described above, CEC paid CEOC $35 million under an agreement between CEC and CEOC because there was 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. During the first quarter of 2015, we accrued this liability in accrued restructuring and support expenses on the Balance Sheet, and it was paid during the second quarter of 2017 using a portion of the proceeds from the sale Caesars Interactive Entertainment’s (“CIE”) social and mobile games business (the “SMG Business”) (see Note 18 ). Hamlet Holdings The members of Hamlet Holdings LLC (“Hamlet Holdings”) are comprised of affiliates of Apollo Global Management, LLC (“Apollo”) and affiliates of TPG Global, LLC (“TPG”) (collectively, the “Sponsors”). Hamlet Holdings contributed to CEC the 88 million shares of CEC common stock it owned prior to the CAC Merger, which CEC immediately canceled and retired. The value of the shares contributed by Hamlet Holdings was included in our restructuring support expense accrual. Hamlet Holdings controlled CEC prior to the CAC Merger. Upon completion of the CAC Merger and CEOC’s emergence from bankruptcy, Hamlet Holdings beneficially owned approximately 20.8% of CEC common stock as a result of its former interest in CAC, and consequently, Hamlet Holdings no longer controls CEC. Summary of CAC Merger and CEOC Emergence Transactions (In millions) CAC Merger Restructuring Support Settlement OpCo Acquisition Total Cash $ — $ 2,787 $ 700 $ 3,487 CEC common stock (value) 2,894 3,435 1,774 8,103 CEC convertible notes (fair value) — 2,172 — 2,172 Other consideration — 177 — 177 Total consideration $ 2,894 $ 8,571 $ 2,474 $ 13,939 CEC common stock (shares) 226 268 139 633 CRC Merger and Related Debt Transactions On October 16, 2017, CRC Escrow Issuer, LLC (“Escrow Issuer”) and CRC Finco, Inc. (“Finance”), two wholly owned, indirect subsidiaries of CEC, issued $1.7 billion aggregate principal amount of 5.25% senior notes due 2025. CRC, a wholly owned subsidiary of CEC was created on December 22, 2017, with the merger of CERP into CGPH (the “CRC Merger”). In conjunction with the CRC Merger, Escrow Issuer merged with and into CRC, with CRC as the surviving entity and borrower. Additionally, on December 22, 2017 , CRC entered into new senior secured credit facilities, comprised of (i) a $1.0 billion senior secured revolving credit facility and (ii) a $4.7 billion senior secured term loan credit facility. T he net proceeds of the new CRC debt were used to repay the outstanding debt of CERP and CGPH. See Note 12 for additional information. Eastside Land Purchase On December 22, 2017 , we completed the acquisition from VICI of approximately 18 acres of land adjacent to the Harrah’s Las Vegas property (the “Eastside Land”) for $74 million . The Eastside Land, together with adjacent land owned by us, is currently intended for the development of a new convention center featuring approximately 300,000 square feet of flexible meeting space. Harrah’s Las Vegas Real Estate Sale and Leaseback On December 22, 2017 , we completed the sale to VICI of the real estate assets of Harrah’s Las Vegas for approximately $1.1 billion in cash proceeds. As part of the Harrah’s Las Vegas property sale and leaseback transaction, Harrah’s Las Vegas entered into a lease with VICI (the “HLV Lease”). The lease was evaluated as a sale-leaseback of real estate, and we determined that this transaction did not qualify for sale-leaseback accounting. The Harrah’s Las Vegas real estate assets remain on our consolidated balance sheet at their historical net book value and are being depreciated over their remaining useful lives, while a failed sale-leaseback financing obligation was recognized for the proceeds received. See Note 10 for further details. |
Basis of Presentation & Consoli
Basis of Presentation & Consolidation (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. Because the CAC Merger was accounted for as a reorganization of entities under common control, the financial information herein includes the financial results as if CAC were consolidated for all periods presented, derived from the historical accounting records and financial statements of CEC and CAC. In addition, as a result of the CAC Merger, CGP, which was consolidated as a variable interest entity (“VIE”) by CEC prior to the CAC Merger, is no longer a VIE and is now presented as a wholly owned subsidiary for all periods presented. CAC’s contractual claim on CGP’s accounting balance sheet, which was reflected as noncontrolling interest on our Balance Sheet and Income Statement, has been eliminated upon consolidation of CAC, and CGP’s results are no longer reflected as a VIE on our Balance Sheet. See Note 4 for additional information. When CEOC filed for reorganization, we concluded that CEOC was a VIE and that we were not the primary beneficiary; therefore, we no longer consolidated CEOC. Subsequent to the deconsolidation, we accounted for our investment in CEOC as a cost method investment of zero due to the negative equity associated with CEOC’s underlying financial position. In conjunction with the acquisition of OpCo on the Effective Date, we applied the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). See Note 4 . Upon acquisition, OpCo was immediately merged with and into CEOC LLC, with CEOC LLC as the surviving entity, and CEOC LLC’s results are consolidated with CEC. Certain prior year amounts have been reclassified to conform to the current year’s presentation. For the year ended December 31, 2016 , $3.7 billion was reclassified from Restructuring accruals to Non-cash change in restructuring accrual on our Statement of Cash Flows, with no effect on Cash flows provided by operating activities. Reportable Segments We view each casino property as an operating segment and aggregate all such casino properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S., and (iii) All Other, which is consistent with how we manage the business. See Note 20 . We revised our presentation from two reportable segments to the three listed above as of the Effective Date, in conjunction with the CAC Merger and CEOC’s emergence from bankruptcy, because the way in which CEC management assesses results and allocates resources is aligned in accordance with these segments. 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 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. 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. Consolidation of Korea JV During 2017, CEC and R&F Properties, a third-party property developer, formed a new joint venture referred to herein as the Korea JV. The purpose of the Korea JV is to acquire, develop, own, and operate a casino resort project in Incheon, South Korea. We determined that the Korea JV is a VIE. CEC has been determined to be the primary beneficiary of the Korea JV, and therefore, consolidates the Korea JV into its financial statements. CR Baltimore Holdings (“CRBH”) Caesars Baltimore Investment Company, LLC (“CBIC”) is wholly owned and consolidated by CEC. CBIC indirectly holds interests in CBAC Borrower, LLC (“CBAC”), owner of the Horseshoe Baltimore Casino (“Horseshoe Baltimore”), through its ownership interest in CRBH, a variable interest entity. The counterparty that owned the minority interest in CRBH was restricted from transferring its interest in CRBH without prior consent from CBIC. As a result, CBIC was determined to be the primary beneficiary of CRBH, and therefore, consolidated CRBH into its financial statements. Under the terms of the agreement, the transfer restrictions expired in August 2017, at which time CBIC was no longer considered the primary beneficiary and deconsolidated CRBH, or Horseshoe Baltimore. Horseshoe Baltimore generated year-to-date net revenues of $188 million and net loss attributable to Caesars of $6 million until its deconsolidation effective August 31, 2017 . Upon deconsolidation, we derecognized total assets and liabilities of $350 million and $354 million , respectively, including long-term debt totaling $294 million . CBIC recorded its interest in Horseshoe Baltimore at its estimated fair value of $28 million , recognizing a gain on deconsolidation of $30 million , and is accounting for Horseshoe Baltimore as an equity method investment subsequent to the deconsolidation. We estimated the fair value of the interest in Horseshoe Baltimore by weighting the results of the discounted cash flow method and the guideline public company method. Horseshoe Baltimore will continue to be a managed property of CEOC LLC subsequent to its deconsolidation, and transactions with Horseshoe Baltimore are not eliminated under the equity method of accounting. These related party transactions include but are not limited to items such as casino management fees paid to CEOC LLC, reimbursed management costs, and the allocation of other expenses. See Note 19 . Consolidation of Caesars Enterprise Services, LLC (“CES”) CES provides certain corporate, administrative and management services for CEOC LLC and CRC’s casino properties and casinos owned by unrelated third parties and manages certain enterprise assets and the other assets it owns, licenses or controls, and employs certain of the corresponding employees. Prior to the Effective Date, CES was a VIE for which CEC was determined to be the primary beneficiary and therefore was consolidated into CEC. Subsequent to the Effective Date, CES is no longer considered to be a VIE to CEC as it is now a wholly owned subsidiary and thus consolidates into CEC as such. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 Financial Statements. Cash, Cash Equivalents, and Restricted Cash 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, 2017 and 2016 , includes $58 million and $107 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, 2017 , includes cash pledged as collateral for certain operating and capital expenditures in the normal course of business and certain other cash deposits that are for a specific purpose, such as $54 million that is held in the escrow trust for distribution to holders of disputed claims whose claims may ultimately become allowed (see Note 11 ). The majority of the restricted cash as of December 31, 2016 , related to sale of the SMG Business (see Note 18 ) and was restricted under the terms of the CIE Proceeds Agreement until the Effective Date. After the CAC Merger, the restricted cash was used to fund the transactions related to CEOC’s emergence from bankruptcy (see Note 1 ). The classification of restricted cash between current and non-current is dependent upon the intended use of each particular reserve. Reconciliation to Statements of Cash Flows As of December 31, (In millions) 2017 2016 Cash and cash equivalents $ 2,558 $ 1,540 Restricted cash, current 116 3,113 Restricted cash, non-current 35 5 Total cash, cash equivalents, and restricted cash $ 2,709 $ 4,658 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 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. Markers acquired as part of the acquisition of OpCo were accounted for at fair value on the Effective Date, with no acquired reserve, and will be accreted to interest income up to their expected realizable value over the life of their expected collectability. The acquired markers are subject to adjustment if the actual cash collection differs from the expected collectibility. The fair value, which also represents the carrying amount of markers acquired as part of the acquisition of OpCo as of the Effective Date, was $139 million . As of December 31, 2017 , the carrying amount of the markers acquired was $69 million . Acquired Markers Accretable Yield (In millions) 2017 Balance as of October 6 $ 8 Accretion (2 ) Balance as of December 31 $ 6 Due from affiliates, net represents the net receivable for each counterparty relating to shared services performed on their behalf. 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) 2017 2016 2015 Balance as of January 1 $ 41 $ 48 $ 196 Provision for doubtful accounts 8 11 11 Write-offs less recoveries (18 ) (18 ) 3 CEOC deconsolidation — — (162 ) OpCo consolidation (1) 20 — — Balance as of December 31 $ 51 $ 41 $ 48 ____________________ (1) See Note 4 for further details relating to the acquisition of OpCo. 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. Jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. We accrue the incremental amount of progressive jackpots as the progressive machine is played and the progressive jackpot amount increases, with a corresponding reduction of casino revenue. Food and beverage and rooms 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. 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. See Note 14 . 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. 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 parking and revenue from our entertainment venues and The High Roller observation wheel. Prior to the Effective Date, other revenue included lease revenue from CEOC for Octavius Tower at Caesars Palace Las Vegas (“Caesars Palace”); following the Effective Date, it includes revenue earned from CEOC LLC’s casino management service fees charged to third parties. Reimbursed Management Costs Reimbursable management costs are presented on a gross basis as revenue and expense, thus resulting in no net impact on operating income. Advertising The Company expenses the production costs of advertising the first time the advertising takes place. Advertising expense was $61 million , $55 million , and $65 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 . Advertising expense is included in Property, general, administrative, and other within the Statements of Operations. Other Operating Costs Other operating costs primarily includes write-downs, reserves, and project opening costs, net of recoveries and acquisition and integration costs. During 2017 , CEC was reimbursed $19 million for amounts related to the joint venture development in Korea that were previously deemed uncollectible and written off in 2015. |
Business Combination (Notes)
Business Combination (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations CEC’s Acquisition of OpCo As described in Note 1 , the Debtors emerged from bankruptcy and consummated their reorganization pursuant to the Plan on the Effective Date. As part of its emergence from bankruptcy, CEOC reorganized into OpCo and PropCo, and CEC acquired OpCo on the Effective Date for the total consideration summarized below. The acquisition was accounted for in accordance with ASC 805 with CEC considered the acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized on the balance sheet at their fair values as of the acquisition date. The excess of the purchase price over the net fair value of the assets and liabilities was recorded as goodwill. Consideration transferred was composed of the following: (In millions) Cash $ 700 CEC common stock (1) 1,774 Total cash and stock consideration 2,474 Settlement of pre-existing relationships 252 Total OpCo equity value $ 2,726 ____________________ (1) Approximately 139 million shares of CEC common stock issued at the Effective Date closing stock price of $12.80 . Purchase Price Allocation The following table summarizes the assets acquired and liabilities assumed. The intangible assets subject to amortization are being amortized on a straight-line basis over their estimated useful lives as of the acquisition date. (In millions) Fair Value Weighted-Average Useful Life (years) Assets acquired: Cash and cash equivalents $ 1,239 Receivables, net 266 Other current assets 200 Property and equipment 9,018 35.0 Intangible assets other than goodwill Trade names and trademarks (1) 664 Gaming rights (1) 207 Total Rewards (1) 253 Customer relationships 137 14.8 Other non-current assets 180 Total assets 12,164 Liabilities assumed: Current liabilities (765 ) Long-term debt (1,607 ) Financing obligations (8,385 ) Deferred income taxes (568 ) Deferred credits and other liabilities (361 ) Total liabilities (11,686 ) Noncontrolling interest 41 Net identifiable assets acquired 519 Goodwill 2,207 Total OpCo equity value $ 2,726 ____________________ (1) Indefinite-lived intangible assets. The fair values of the assets acquired and liabilities assumed were determined using the market, income, and cost approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market, inputs included an expected range of market values, expected cash flows, recent comparable transactions and discounted cash flows. The market approach, which indicates value for a subject asset based on available market pricing for comparable assets, was utilized to estimate the fair value of primarily property plant and equipment operating leases. The market approach included prices and other relevant information generated by market transactions involving comparable assets, as well as pricing guides and other sources. The Company considered the current market for the properties and the expected proceeds from the sale of the assets, among other factors. The income approach was used to value certain intangible assets, including gaming rights and player relationships. The income approach was used to determine the failed sale real estate assets fair value, based on the estimated present value of the future lease payments over the lease term, including renewal options, using an imputed discount rate of approximately 8.5% . Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for certain assets for which the market and income approaches could not be applied due to the nature of the asset. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. As part of the Plan, certain real estate assets were sold to PropCo and leased back to OpCo. The leases were evaluated as a sale-leaseback of real estate. Under the expected terms of the lease agreements, we are required to contribute to a furniture, fixtures and equipment (“FF&E”) reserve account that PropCo may use as collateral in a future PropCo financing. We determined that this contingent-collateral arrangement represents a prohibited form of continuing involvement. Among other things, we estimated that the length of the leases, including optional renewal periods, would represent substantially all ( 90% or more) of the remaining economic lives of the properties and facilities subject to the leases, and the terms of the renewal options give the Company the ability to renew the lease at a rate that has the potential of being less than a fair market value rate as determined at the time of renewal. These, among certain other conditions, represent a prohibited form of continuing involvement. Therefore, we determined that these transactions did not qualify for sale-leaseback accounting, and we accounted for the transaction as a financing. The real estate assets that were sold to VICI and leased back by OpCo were first adjusted to fair value upon CEOC’s emergence from bankruptcy and the failed sale-leaseback financing obligation was recognized at an amount equal to this fair value. Payments associated with the lease agreements will be $640 million in the initial lease year. The payment is applied to the liability using the effective interest method described further in Note 10 . Additionally, as part of the Plan, certain golf course properties (the “Golf Course Properties”) were sold to VICI. CEOC LLC entered into a golf course use agreement (the “Golf Course Use Agreement”) with VICI over a 35 -year term, pursuant to which we incur (i) an annual membership fee of $10 million , subject to escalation, (ii) an annual use fee of $3 million , subject to escalation, and (iii) per-round fees. All of these payments are guaranteed by CEC. Title to these properties has been transferred, but management concluded that derecognition of the Golf Course Properties was not permitted under ASC Topic 360, Property, Plant and Equipment , due to CEC’s guarantee of VICI’s investment in the Golf Course Properties. Our obligation to make $10 million in annual payments under the Golf Course Use Agreement exceeds the fair value of services being received. Management recorded the obligation equal to the fair value of the Golf Course Properties in Financing obligations and the obligation related to the additional excess annual payments in Deferred credits and other liabilities. The obligations will be amortized using the effective interest method over the term of the Golf Course Use Agreement described further in Note 11 . Goodwill of $2.2 billion was recognized as a result of the transaction and relates to (i) the values of acquired assets that do not meet the definition of an identifiable intangible asset under ASC 805, but that do contribute to the value of the acquired business, including the assembled workforce and relationships with customers that are not tracked through our customer loyalty program Total Rewards; (ii) the going-concern value associated with expectations of forging relationships with future customers; and (iii) the assemblage value associated with acquiring an on-going business whose value is worth more than simply the sum of its parts. Goodwill has been assigned to our three reportable segments. None of the goodwill recognized is expected to be deductible for income tax purposes. The relief from royalty method, a form of the income approach, was used to estimate the fair value of trademarks as the present value of the after-tax royalty savings attributable to owning the trade names, trademarks, and Total Rewards trademark intangible assets. To estimate the fair value of the gaming rights, certain properties’ rights were valued using a cost-based approach using the pricing in recent similar gaming rights’ auctions or sales as a basis of value. Other properties’ gaming rights were valued using the multi-period excess earnings method, a form of the income approach. Under this income-based approach, the fair value of the gaming rights was estimated as the present value of the after-tax cash flows attributable to the gaming right intangible asset only. The resulting after-tax income was adjusted by contributory asset charges to reflect the use of other assets to sustain the gaming right intangible asset. Charges for the use of contributory assets represent the required return on the other assets employed to generate future income. The income approach comparing the prospective cash flows with and without the customer relationships in place was used to estimate the fair value of the customer relationships with the fair value assumed to be equal to the discounted cash flows of the business that would be lost if the customer relationships were not in place and needed to be replaced. The Company recognized certain deferred tax assets and liabilities resulting from (i) net operating loss (“NOL”) carryforwards available to CEC and reorganization of CEOC under the Plan and (ii) difference between the fair value of the assets and liabilities and their respective tax bases. Due to CEC’s recent history of losses, CEC will continue to record a valuation allowance against the excess deferred tax assets that are not offset by deferred tax liabilities. Deferred tax liabilities of $568 million were recognized in the purchase price allocation of OpCo. Included within liabilities are estimates related to obligations and future resolution of disputed claims pursuant to the Plan. These liabilities assumed were measured at their estimated fair value based on the bankruptcy proceedings and creditor’s proof of claim. Refer to Note 11 for additional information. In connection with the reorganization of CEOC, the income approach was used to estimate the fair value of the noncontrolling interest of $13 million . Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of OpCo as if it had occurred on January 1, 2016, and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of this date. The pro forma adjustments, with related tax impacts, are comprised primarily of the following: • Depreciation and interest expense recognized related to the failed sale-leaseback financing obligations associated with the real estate assets and the financing obligation associated with the Golf Course Properties that were sold to VICI and leased back by CEOC LLC; and • Interest expense related to the issuance of the CEOC LLC Term Loan, the CEOC LLC Revolving Credit Facility, and the CEC Convertible Notes (see Note 12 for additional information). (Unaudited) Years Ended December 31, (In millions, except per share data) 2017 2016 Net revenues $ 8,307 $ 8,514 Net income/(loss) 6,399 (2,586 ) Net income/(loss) attributable to Caesars 6,399 (2,566 ) Basic earnings/(loss) per share 22.96 (9.20 ) Diluted earnings/(loss) per share 14.87 (9.20 ) The results of operations for OpCo have been included in the Company’s Financial Statements since the acquisition date. The acquired business contributed $1 billion and $51 million , respectively, of net revenues and income from operations to CEC for the period from October 6, 2017 to December 31, 2017 . Merger with CAC As described in Note 1 , pursuant to the Merger Agreement, CAC merged with and into CEC, with CEC as the surviving company and each share of CAC common stock issued and outstanding immediately prior to the Effective Date was converted into, and became exchangeable for, 1.625 shares of CEC common stock on the Effective Date, which resulted in the issuance of 226 million shares of CEC common stock to stockholders of CAC. Hamlet Holdings beneficially owned a majority of both CEC’s and CAC’s common stock immediately prior to the CAC Merger. Therefore, the CAC Merger was accounted for as a reorganization of entities under common control, which resulted in CAC being consolidated into the Company at book value as an equity transaction for all periods presented after elimination of all intercompany accounts and transactions. The consolidated financial statements are not necessarily indicative of the results of operations that would have occurred if the Company had consolidated CAC prior to the Effective Date. In addition, as a result of the CAC Merger, CGP is no longer a VIE and is a wholly owned subsidiary of CEC. The following table summarizes the assets acquired, liabilities assumed and CEC’s noncontrolling interest in CGP and excludes CGP’s results, which were consolidated with CEC as a VIE prior to the Effective Date. Summary of Merger as of October 6, 2017 (In millions) Total Value Assets acquired $ 152 Liabilities assumed (96 ) Acquisition of noncontrolling interest in CGP from CAC 1,751 Net book value $ 1,807 The following table reconciles the previously-reported net revenues and net income of Caesars Entertainment to the amounts currently reported in the Statements of Operations after giving effect to the CAC Merger. Reconciliation of Net Revenues and Net Income Years Ended December 31, (In millions) 2016 2015 Net revenues Caesars Entertainment previously reported $ 3,877 $ 3,929 CAC previously reported — — Elimination and consolidation adjustments — — As currently reported $ 3,877 $ 3,929 Net income/(loss) Caesars Entertainment previously reported $ (2,747 ) $ 6,052 CAC previously reported 619 32 Elimination and consolidation adjustments (949 ) (76 ) As currently reported $ (3,077 ) $ 6,008 Announced Acquisition of Centaur Holdings, LLC On November 16, 2017, CEC announced it entered into a definitive agreement to acquire Centaur Holdings, LLC (“Centaur”) for $1.7 billion , including $1.6 billion in cash at closing and $75 million in deferred consideration. Centaur operates Hoosier Park Racing & Casino in Anderson, Indiana, and Indiana Grand Racing & Casino in Shelbyville, Indiana. The transaction is subject to receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2018. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements During 2017, we adopted Accounting Standards Update (“ASU”) 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (see Note 7 ) and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (see Note 8 ). The following amendments to the FASB ASC were not effective through our year ended December 31, 2017 . New Development Income Statement - Reporting Comprehensive Income - February 2018 : Amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings effectively eliminating the stranded tax effects resulting from the Tax Cuts and Jobs Act (the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018). Because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Amendments in this update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. We are currently assessing the effect the adoption of this standard will have on our financial statements. Previously Disclosed Compensation - Stock Compensation - May 2017 : Amendments in this update provide guidance regarding which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following are met: (i) the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as before the original award was modified. Amendments in this update are effective for all periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. Application of amended guidance should be applied prospectively to an award modified on or after the adoption date. We are adopting this standard as of January 1, 2018. Business Combinations - January 2017 : Updated amendments intend to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The amendments are effective to annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is allowed as follows: (1) transactions for which acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (2) transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. Application of amended guidance should be applied prospectively on or after the effective date and no disclosures are required at transition. We are adopting this standard as of January 1, 2018. Statement of Cash Flows - August 2016 : Amended guidance addresses eight specific cash flow issues with the objective of reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments should be applied retrospectively to each period presented. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. Income Taxes - October 2016 : Amended guidance addresses intra-entity transfers of assets other than inventory, which requires the recognition of any related income tax consequences when such transfers occur. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Amendments are effective for fiscal years beginning after December 15, 2017, and interim reporting periods within those years. Early adoption is permitted. We are adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. Revenue Recognition - May 2014 (amended September 2017) : 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 GAAP applicable to revenue transactions. Existing industry guidance will be eliminated, including revenue recognition guidance specific to the gaming industry. The FASB has recently issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. The guidance should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. We plan to adopt this standard effective January 1, 2018, on a full retrospective basis. As described below, we expect the most significant effect will be related to the accounting for Total Rewards and casino promotional allowances. Total Rewards affects revenue from our four core businesses: casino entertainment, food and beverage, rooms and hotel, and entertainment and other business operations. Currently, CEC accrues a liability based on the estimated cost of fulfilling the redemption of Reward Credits, after consideration of estimated forfeitures (referred to as “breakage”), based upon the cost of historical redemptions. Upon adoption of the new guidance, Reward Credits will no longer be recorded at cost, and a deferred revenue model will be used to account for the classification and timing of revenue recognized as well as the classification of related expenses when Reward Credits are redeemed. This will result in a portion of casino revenues being recorded as deferred revenue and being recognized as revenue in a future period when the Reward Credits are redeemed, and the revenue will be classified according to the good or service for which the Reward Credits are redeemed (e.g., a hotel room). Additionally, we currently record promotional allowances in a separate line item within net revenues. As part of adopting the new standard, promotional allowances will no longer be presented separately. Alternatively, revenue will be recognized based on relative standalone selling prices for transactions with more than one performance obligation. For example, when a casino customer is given a complimentary room, we will be required to allocate a portion of the casino revenues earned from the customer to rooms revenues based on the standalone selling price of the room. As a result of this change, we expect to report substantially lower casino revenues; however, we do not expect this to significantly affect total net revenues. In addition, we do not expect the adoption of the new standard to have a material effect on income from operations or net income. However, we are still evaluating certain assumptions used in our underlying calculations, particularly as it relates to our Total Rewards program. Recognition and Measurement of Financial Instruments - January 2016 (amended February 2018) : Amended 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 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 adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. Leases - February 2016 (amended January 2018) : The amended guidance requires most lease obligations to be recognized as a right-of-use (“ROU”) asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance should be implemented for the earliest period presented using a modified retrospective approach, which includes optional practical expedients primarily focused on leases that commenced before the effective date, including continuing to account for leases that commenced before the effective date in accordance with previous guidance, unless the lease is modified. Operating leases, including agreements relating to slot machines, will be recorded on the balance sheet as an ROU asset with a corresponding lease liability, which will be amortized using the effective interest rate method as payments are made. The ROU asset will be depreciated on a straight-line basis and recognized as lease expense. The qualitative and quantitative effects of adoption are still being analyzed. We are in the process of evaluating the full effect the guidance will have on our financial statements. Financial Instruments - Credit Losses - June 2016 (amended January 2017) : Amended guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of broader range of reasonable and supportable information to inform credit loss estimates. Amendments affect entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 $6 million , $2 million , and $12 million , respectively, for the years ended December 31, 2017 , 2016 , and 2015 . 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) 2017 2016 Land and land improvements $ 4,950 $ 3,584 Buildings, riverboats, and leasehold improvements 11,802 4,149 Furniture, fixtures, and equipment 1,280 1,346 Construction in progress 331 55 Total property and equipment 18,363 9,134 Less: accumulated depreciation (2,135 ) (1,688 ) Total property and equipment, net $ 16,228 $ 7,446 Capital lease assets, net book value (1) $ — $ 7 ____________________ (1) Included in furniture, fixtures, and equipment above. Depreciation Expense and Other Amortization Expense Years Ended December 31, (In millions) 2017 2016 2015 Depreciation expense (1) $ 557 $ 369 $ 301 Other amortization expense 4 5 8 ____________________ (1) Depreciation expense for 2017 includes accelerated depreciation of $80 million due to asset removal and replacement in connection with property renovations primarily at Flamingo Las Vegas, Bally’s Las Vegas, Harrah’s Las Vegas, Harrah’s Laughlin, Planet Hollywood and Harrah’s New Orleans compared with $55 million i n 2016 primarily at Planet Hollywood, Paris Las Vegas, Harrah’s Las Vegas and Flamingo Las Vegas and $6 million in 2015 primarily at Harrah’s Las Vegas. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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. Effective for the quarter ended December 31, 2017, we adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which amends the existing requirements by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, we performed our annual goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount. 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 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) Las Vegas Other U.S. All Other CEC Total Gross Goodwill Balance as of January 1, 2016 $ 4,410 $ 650 $ — $ 5,060 Balance as of December 31, 2016 4,410 650 — 5,060 Accumulated Impairment Balance as of January 1, 2016 (3,115 ) (337 ) — (3,452 ) Balance as of December 31, 2016 (3,115 ) (337 ) — (3,452 ) Net carrying value, as of December 31, 2016 $ 1,295 $ 313 $ — $ 1,608 Gross Goodwill Balance as of January 1, 2017 $ 4,410 $ 650 $ — $ 5,060 OpCo acquisition (1) 1,794 352 61 2,207 Balance as of December 31, 2017 6,204 1,002 61 7,267 Accumulated Impairment Balance as of January 1, 2017 and December 31, 2017 (3,115 ) (337 ) — (3,452 ) Net carrying value, as of December 31, 2017 (2) $ 3,089 $ 665 $ 61 $ 3,815 ____________________ (1) See Note 4 for further details relating to the acquisition of OpCo. (2) $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2017 2016 2017 2016 2017 2016 Balance as of January 1 $ 285 $ 350 $ 148 $ 148 $ 433 $ 498 Amortization expense (67 ) (65 ) — — (67 ) (65 ) Deconsolidation of Horseshoe Baltimore (1) — — (22 ) — (22 ) — OpCo acquisition (2) 137 — 1,124 — 1,261 — Other — — 4 — 4 — Balance as of December 31 $ 355 $ 285 $ 1,254 $ 148 $ 1,609 $ 433 ____________________ (1) See Note 2 or further details relating to the deconsolidation of Horseshoe Baltimore. (2) See Note 4 for further details relating to the acquisition of OpCo. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other than Goodwill December 31, 2017 December 31, 2016 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.0 $ 1,030 $ (693 ) $ 337 $ 893 $ (630 ) $ 263 Contract rights 7.0 3 (2 ) 1 3 (1 ) 2 Gaming rights and other 6.5 43 (26 ) 17 43 (23 ) 20 $ 1,076 $ (721 ) 355 $ 939 $ (654 ) 285 Non-amortizing intangible assets Trademarks 790 126 Gaming rights 211 22 Total Rewards 253 — 1,254 148 Total intangible assets other than goodwill $ 1,609 $ 433 The aggregate amortization expense for intangible assets that continue to be amortized was $67 million , $65 million , and $65 million , respectively, for the years ended December 31, 2017 , 2016 , and 2015 . Estimated Five-Year Amortization Years Ended December 31, (In millions) 2018 2019 2020 2021 2022 Estimated annual amortization expense $ 64 $ 63 $ 63 $ 57 $ 14 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 7 for more information on the application of the use of fair value methodology 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. Items Measured at Fair Value on a Recurring Basis The following table shows the fair value of our financial assets and financial liabilities that are required to be measured at fair value as of the date shown: (In millions) Balance Level 1 Level 2 Level 3 December 31, 2017 Assets: Equity securities $ 8 $ 8 $ — $ — Government bonds 25 — 25 — Total assets at fair value $ 33 $ 8 $ 25 $ — Liabilities: Derivative instruments $ 1,016 $ — $ — $ 1,016 December 31, 2016 Assets: Government bonds $ 47 $ — $ 47 $ — Liabilities: CEC Convertible Notes (1) $ 1,600 $ — $ — $ 1,600 CEC common stock (1) (2) 1,936 — 1,936 — VICI Call Right 131 — — 131 Total liabilities at fair value $ 3,667 $ — $ 1,936 $ 1,731 ____________________ (1) The CEC Convertible Notes and shares of CEC common stock underlying these liabilities were issued on the Effective Date. See Note 12 for further details on the CEC Convertible Notes. (2) Includes $23 million related to the $200 million equity buyback that was reclassified from Level 3 to Level 2 during 2016. Changes in Level 3 Fair Value Measurements Year Ended December 31, 2017 Year Ended December 31, 2016 (In millions) CEC Convertible Notes (1) VICI (2) Derivative Instruments (1) CEC Convertible Notes VICI Balance as of beginning of period $ 1,600 $ 131 $ — $ — $ — Restructuring of CEOC and other 640 46 — 1,600 131 Settlement of Restructuring Support and Forbearance Agreement Accrual (2,240 ) (177 ) 1,080 — — Change in fair value — — (64 ) — — Balance as of end of period $ — $ — $ 1,016 $ 1,600 $ 131 ____________________ (1) The CEC Convertible Notes were remeasured at fair value and issued on the Effective Date with a debt component and a derivative liability component. See Note 12 for further details on the debt portion of the CEC Convertible Notes. The derivative portion of the CEC Convertible Notes is a recurring fair value measurement, see below. (2) The VICI Call Right was remeasured at fair value and then transferred to Accrued expenses and other current liabilities on the Balance Sheet upon settlement on the Effective Date because it is an option related to real estate and therefore not a derivative. See Note 9 . Equity Securities Investments in equity securities are traded in active markets and have readily determined market values. These investments are in Prepayments and other current assets on our Balance Sheets. As of December 31, 2017 , gross unrealized gains and losses on marketable securities were not material. Government Bonds Investments primarily consist of 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. These investments primarily represent collateral for several escrow and trust agreements with third-party beneficiaries and are recorded in Deferred charges and other assets while a portion is included in Prepayments and other current assets in our Balance Sheets. CEC Common Stock The fair value of CEC’s common stock was estimated based on the number of shares CEC expected to issue and the share price on the Effective Date for the resolution of claims and potential claims. This fair value was estimated net of 146 million shares for which certain CEOC creditors elected to receive cash in lieu of shares of CEC common stock at a pre-negotiated price of $6.86 per share. The value of the purchase obligation was approximately $1.0 billion and was not subject to changes in fair value; therefore, the estimated fair value primarily represented the net shares expected to be issued after satisfying the repurchase obligation using the estimated fair value of CEC’s common stock. Effective in third quarter of 2017, the valuation models used do not require significant judgment, and inputs can be observed in a liquid market, such as the current trading price; therefore, this liability was classified as Level 1. VICI Call Right As described in Note 1 , the VICI Call Right Agreements provide VICI with an option, exercisable within five years following the Effective Date, to purchase and lease-back the real property assets associated with Harrah’s Atlantic City, Harrah’s Laughlin and Harrah’s New Orleans (each VICI Call Right Agreement relating to a different property). If VICI does not exercise its call right within the exercise period, the respective VICI Call Right Agreement will automatically terminate. If a call right is exercised, the purchase price will equal ten times the agreed annual rent for the property under the applicable lease, and the purchase will be on other customary terms and conditions, with the closing of such purchase(s) to occur following regulatory approvals. The rent under any such lease will be determined based on a rent-to-earnings before interest, taxes, depreciation, amortization, and rent (“EBITDAR”) coverage ratio and will be adjusted on terms consistent with the CEOC LLC Leases. If CEC is unable to timely deliver a property following the exercise of the call right due to limitations set forth in agreements governing CEC’s subsidiaries’ indebtedness, and if CEC is not able to provide replacement property providing equal or greater economic benefits to VICI, then CEC will be required to pay to VICI an amount in cash equal to the loss in value to VICI of $260 million , escalating at a fixed 8.5% interest rate, as specified in the applicable VICI Call Right Agreements, subject to certain conditions. Additionally, these call rights were subject: (1) in the case of Harrah’s Atlantic City and Harrah’s Laughlin, to the terms of the CERP credit agreement and (2) in the case of Harrah’s New Orleans, to the terms of the CGPH credit agreement. Subsequent to the CRC Merger, the call right is subject to the terms of the CRC Credit Agreement (defined in Note 12 ). Prior to the Effective Date, we accrued an estimate of the fair value of the VICI Call Right based on the expected terms as described in the Plan. The actual terms of the VICI Call Right was consistent with the expected terms on which our original estimates were based. The valuation model used to estimate the fair value of the VICI Call Right was a Monte Carlo simulation and utilized the following key assumptions: • Ratio of EBITDAR to Initial Rent under Property Lease - 1.67 to 1.00 • EBITDAR volatility - 25% • Enterprise value to revenue volatility - 12% • Ratio of initial purchase price to property lease rent - 12.00 to 1.00 • EBITDAR to multiple correlation - 0.0% • Composite projected revenue growth rate - 1.7% • Composite projected EBITDAR margin growth rate - 23.8% Since the key assumptions used in the valuation model were significant unobservable inputs, the fair value for the VICI Call Right was classified as Level 3. On the Effective Date, the VICI Call Right was transferred to Accrued expenses and other current liabilities on our Balance Sheet (see Note 9 ) at an amount equal to the fair value of the option on the Effective Date. Management does not believe that the liability should continue to be recognized at fair value after initial recognition until the execution or expiration of the option because it is an option related to real estate and therefore not a derivative and given the fair value option has not been elected. Additionally, provided the real estate property assets remain on the Balance Sheets, they will be evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. Derivative Instruments We do not purchase or hold any derivative financial instruments for trading purposes. CEC Convertible Notes - Derivative Liability On the Effective Date, CEC issued $1.1 billion aggregate principal amount of 5.00% convertible senior notes maturing in 2024, see Note 12 for further details. U.S. GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional. Management analyzed the conversion features for derivative accounting consideration under ASC Topic 815, Derivatives and Hedging , (“ASC 815”) and determined that the CEC Convertible Notes contains bifurcated derivative features and qualifies for derivative accounting. In accordance with ASC 815, CEC has bifurcated the conversion features of the note and recorded a derivative liability. The derivative features of the note are carried on CEC’s Balance Sheet at fair value in Deferred credits and other liabilities. The derivative liability is marked-to-market each measurement period, and any unrealized change in fair value is recorded as a component in the Statements of Operations in Other income/(loss). The derivative liability associated with the CEC Convertible Notes will remain in effect until such time as the underlying convertible notes are exercised or terminated and the resulting derivative liability will be transitioned from a liability to equity as of such date. Valuation Methodology We estimated the fair value of the CEC Convertible Notes using a binomial lattice valuation model that incorporated the value of both the straight debt and conversion features of the notes. The CEC Convertible Notes have a face value of $1.1 billion , a term of 7 years, a coupon rate of 5% , and are convertible into 156 million shares of CEC common stock. The valuation model incorporated assumptions regarding the incremental cost of borrowing for CEC, the value of CEC’s equity into which these notes could convert, the expected volatility of such equity, and the risk-free rate. Key Assumptions as of December 31, 2017 - • Incremental cost of borrowing - 4.75% • Expected volatility - 30% • Risk-free rate - 2.3% Since the key assumptions used in the valuation model, including CEC’s estimated incremental cost of borrowing and the expected volatility of CEC’s equity, were significant unobservable inputs, the fair value for the conversion features of the CEC Convertible Notes was classified as Level 3. Interest Rate Swap Derivatives We use interest rate swaps to manage the mix of our debt between fixed and variable rate instruments. As of December 31, 2017 , we have entered into four interest rate swap agreements for notional amounts totaling $1.0 billion . The interest rate swaps are designated as cash flow hedging instruments. The difference to be paid or received under the terms of the interest rate swap agreements will be accrued as interest rates change and recognized as an adjustment to interest expense for the related debt beginning on December 31, 2018. Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows. The major terms of the interest rate swap agreements as of December 31, 2017 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of December 31, 2017 (1) Maturity Date 1/1/2019 250 2.153% N/A 12/31/2020 1/1/2019 250 2.172% N/A 12/31/2020 1/1/2019 250 2.196% N/A 12/31/2021 12/31/2018 250 2.274% N/A 12/31/2022 ____________________ (1) Contract start dates are after December 31, 2017. Valuation Methodology The estimated fair values of our interest rate swap derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments are included in either Deferred charges and other assets or Deferred credits and other liabilities on our Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. None of our derivative instruments are offset and all were classified as Level 2. Derivatives Impact on Financial Statements During the quarter ended December 31, 2017, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , and applied the guidance to hedges entered into during the quarter. The amended guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged items. The following table represents the fair values of derivative instruments on the Balance Sheets as of December 31, 2017 : Derivative Liabilities (In millions) Balance Sheet Location Fair Value Derivatives not designated as hedging instruments CEC Convertible Notes - derivative features Deferred credits and other liabilities $ 1,016 The fair value of our interest rate swap derivatives was immaterial. The effect of derivative instruments designated as hedging instruments in the Statements of Operations for amounts transferred into accumulated other comprehensive income/(loss) was immaterial for the year ended December 31, 2017 . |
Detail of Accrued Expenses and
Detail of Accrued Expenses and Other Current Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Detail of Accrued Expenses [Abstract] | |
Detail of Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Total Rewards Loyalty Program Our customer loyalty program, Total Rewards, offers incentives to customers primarily based on their spending related to on-property entertainment expenses, including gaming, hotel, dining, and retail shopping at our casino entertainment facilities located in the United States and Canada. Under the program, customers are able to accumulate reward credits over time that they can redeem in exchange for a variety of goods and services under the terms of the program. A customer will forfeit their reward credit balance if they do not earn a reward credit over the prior six-month period. As a result of customers being able to accumulate reward credits and present those rewards for redemption at some point in the future, we estimate the cost of fulfilling the redemption of reward credits based upon the cost of historical redemptions, after considering the effect of estimated forfeitures (referred to as “breakage”). We accrue the estimated cost of reward credits as the reward credits are earned by customers. The liability is included in Accrued expenses and other current liabilities on the Balance Sheets, and the related expense is included in Direct casino expense in the Statements of Operations. Total Rewards members can also earn reward credits from Total Rewards VISA branded credit cards (the “Total Rewards VISA”) based on the dollar amount of transactions. Cardholders are provided extra benefits such as VIP access to resort outlets and upgraded Total Rewards tier status. Reward credits earned through the Total Rewards VISA can be accumulated until redeemed at the cardholders’ discretion within 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. The value of the reward credits is deferred when earned from cardholders’ transactions and recognized as revenue when redeemed and the related cost is incurred. Forfeitures are recognized as revenue as the reward credits expire. Self-Insurance Accruals We are self-insured for workers’ compensation and other risk products through our captive insurance subsidiaries. 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. We also utilize consultants to assist in the determination of certain estimated accruals. 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; however, changes in health care costs, accident frequency and severity, and other factors can materially affect the estimates for these liabilities. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. Detail of Accrued Expenses and Other Current Liabilities As of December 31, (In millions) 2017 2016 Payroll and other compensation $ 268 $ 155 Self-insurance claims and reserves 192 179 Advance deposits 189 87 VICI Call Right 177 — Accrued taxes 137 56 Disputed claims liability (See Note 11) 112 — Total Rewards 66 1 Chip and token liability 38 20 Payable to former minority investors and holders of CIE equity awards (See Note 18) — 63 Other accruals 280 132 Total accrued expenses and other current liabilities $ 1,459 $ 693 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Leases Operating Leases We lease both real estate and equipment used in our operations. As of December 31, 2017 , the remaining term of our operating leases ranged from 1 to 80 years with various automatic extensions. For the years ended December 31, 2017 , 2016 and 2015 , rent expense for operating leases was $84 million , $74 million , and $72 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. However, such amounts are not considered material. Failed Sale-Leaseback Financing Obligations As described in Note 1 and Note 4 , in conjunction with CEOC’s emergence from bankruptcy, OpCo, which was acquired by CEC and then immediately merged with and into CEOC LLC, with CEOC LLC as the surviving entity, entered into the CEOC LLC Leases with VICI on the Effective Date. Additionally, on December 22, 2017 , Harrah’s Las Vegas sold certain real estate assets to VICI and simultaneously entered into the HLV Lease. Each lease agreement provides for fixed rent (subject to escalation) during an initial term, then rent consisting of both base rent and variable percentage rent elements, and has a 15-year initial term and four five-year renewal options. The CEOC LLC Leases and the HLV Lease provide for annual fixed rent of $640 million and $87 million, respectively. Each of the leases includes escalation provisions beginning at various points in the initial term and continuing through the renewal terms equal to the greater of either: (i) 1% or 2% (varies by lease) or (ii) the Consumer Price Index. The leases also include provisions for contingent rental payments calculated based on a percentage of net revenue of the underlying lease properties commencing in year two of the Caesars Palace lease, in year six of the remaining CEOC LLC Leases, and year eight for the HLV Lease. The leases were evaluated as a sale-leaseback of real estate. Under the expected terms of the lease agreements, we are required to contribute to a FF&E reserve account that VICI may use as collateral in a future VICI financing. We determined that this contingent-collateral arrangement represents a prohibited form of continuing involvement. Among other things, we estimated that the length of the leases, including optional renewal periods, would represent substantially all ( 90% or more) of the remaining economic lives of the properties and facilities subject to the leases, and the terms of the renewal options give the Company the ability to renew the lease at a rate that has the potential of being less than a fair market value rate as determined at the time of renewal. These, among certain other conditions, represent a prohibited form of continuing involvement. Therefore, we determined that these transactions did not qualify for sale-leaseback accounting, and we accounted for the transaction as a financing. For a failed sale-leaseback transaction, the real estate assets generally remain on the consolidated balance sheet at their historical net book value and are depreciated over their remaining useful lives while a failed sale-leaseback financing obligation is recognized for the proceeds received. For the CEOC LLC Leases transaction, the real estate assets that were sold to VICI and leased back by OpCo were first adjusted to fair value upon CEOC’s emergence from bankruptcy and the failed sale-leaseback financing obligation was recognized at an amount equal to this fair value. CEC then recognized a failed sale-leaseback financing obligation equal to this fair value as part of the acquisition of OpCo (see Note 4 ). As described above, for failed sale-leaseback transactions, we continue to reflect the real estate assets on our Balance Sheets in Property and equipment, net as if we were the legal owner, and we continue to recognize depreciation expense over the estimated useful lives. We do not recognize rent expense related to the leases, but we have recorded a liability for the failed sale-leaseback obligations and the majority of the periodic lease payments are recognized as interest expense. In the initial periods, cash payments are less than the interest expense recognized in the Statements of Operations, which causes the related sale-leaseback liability to increase during the beginning of the lease term. Future Minimum Lease Commitments (In millions) Operating Leases Financing Obligation 2018 $ 67 $ 666 2019 55 730 2020 54 734 2021 53 739 2022 49 745 Thereafter 1,018 36,330 Total minimum rental commitments $ 1,296 $ 39,944 Guarantee for Failed Sale-Leaseback Subject to certain exceptions, the payment of all monetary obligations under the CEOC LLC Leases is guaranteed by CEC and the payment of all monetary obligations under the HLV Lease is guaranteed by CRC. |
Litigation, Contractual Commitm
Litigation, Contractual Commitments and Contingent Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation, Contractual Commitments and Contingent Liabilities Litigation Caesars is party to ordinary and routine litigation incidental to our business. We do not expect the outcome of any such litigation to have a material effect on our 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. Noteholder Disputes Beginning in 2014, CEC was party to a number of lawsuits (the “Noteholder Lawsuits”) relating to the enforceability of certain CEC financial guarantees of CEOC debt obligations. More specifically, seven lawsuits were filed by certain secured or unsecured creditors against CEC (originally also against others) in federal and state courts in New York and Delaware, and one lawsuit was initiated by CEC against certain creditors in New York state court, each seeking judicial determinations of CEC’s liability, if any, for its refusal to pay creditors under various parental guarantees that supported particular CEOC indebtedness. In October 2017, following the Effective Date, each of these Noteholder Lawsuits was dismissed, with prejudice. Report of Bankruptcy Examiner With the effectiveness of the CEOC reorganization plan, matters relating to the Report of Bankruptcy Examiner have now been resolved. Employee Benefit Obligations CEC and CEOC have been engaged in a number of actions and proceedings (the “Hilton Actions”) with Hilton Hotels Corporation (“Hilton”), the Plan Administrator of the Hilton Hotels Retirement Plan (the “Hilton Plan”), and a representative of the Plan Administrator (together with Hilton and the Plan Administrator, the “Hilton Parties”) relating to amounts to be paid to the Hilton Plan in connection with an Employee Benefits and Other Employment Allocation Agreement dated December 31, 1998 (the “Allocation Agreement”). On June 9, 2016, CEC, CEOC and the Hilton Parties entered into a settlement of the claims in the Hilton Actions (the “Settlement Agreement”), which was approved by the CEOC Bankruptcy Court on July 19, 2016. Under the Settlement Agreement, Hilton received a general unsecured claim in CEOC’s bankruptcy case for an amount equal to $51 million plus 31.75% of amounts paid by Hilton to the Hilton Plan due after July 16, 2016. In addition, for periods following the Effective Date of the Plan, CEC assumed certain of CEOC’s obligations under the Allocation Agreement and Hilton turned over to CEC the distributions on account of $25 million of Hilton’s claim in the CEOC bankruptcy, minus an amount for reimbursement of Hilton’s costs and expenses. The settlement amount was fully accrued in liabilities subject to compromise at CEOC, which was acquired by CEC on the Effective Date. Pursuant to the Settlement Agreement and the occurrence of the Effective Date, the Hilton Actions were dismissed with prejudice. In addition, with CEC’s consent, Hilton sold its claim in the CEOC bankruptcy and turned over to CEC the proceeds from the sale of CEC’s portion of Hilton’s claim minus the reimbursement of Hilton’s costs and expenses. CEC received these net sale proceeds, totaling approximately $12 million in the fourth quarter of 2017, of which $7 million was recorded in Deferred credits and other liabilities and $5 million was recorded in Accrued expenses and other current liabilities on the Balance Sheet at December 31, 2017 . National Retirement Fund Five indirect subsidiaries of CEC which were required to make contributions to the National Retirement Fund’s (“NRF’s”) legacy plan (the “Five Employers”) and the members of the Five Employers’ controlled group have been engaged in a number of actions, proceedings and appeals with the NRF, its fund manager, and its board of trustees (the “NRF Litigations”) arising out of the January 2015 vote of a majority of the NRF’s trustees to expel the Five Employers from the NRF’s legacy plan. On March 13, 2017, CEC, CERP, CEOC (on behalf of itself and each of the Debtors and its other direct and indirect subsidiaries), the Five Employers, the NRF, the NRF’s legacy plan, the NRF’s trustees, and others entered into a Settlement Agreement (the “NRF Settlement Agreement”). Under the NRF Settlement Agreement, on the Effective Date, CEC paid $45 million to the NRF (the “NRF Payments”) and mutual releases between the CEC-affiliated parties and the NRF-affiliated parties to the NRF Settlement Agreement became effective. Promptly after the Effective Date, each of the actions, proceedings and appeals relating to the NRF Litigations was dismissed with prejudice. As of December 31, 2016 , with respect to the NRF Payments, the Company had accrued $30 million related to the litigation settlement, the legal fee reimbursement, and the withdrawal liability in Accrued expenses and other current liabilities on the Balance Sheets. The portion of the NRF Payments related to contributions of $15 million was accounted for as a prepayment toward future pension contributions and recorded in Deferred charges and other assets at December 31, 2017 on the Balance Sheet. Contractual Commitments NV Energy In September 2017, we filed our final notice to proceed with our plan to exit the fully bundled sales system of NV Energy for our Nevada casino properties and purchase energy, capacity, and/or ancillary services from a provider other than NV Energy. The transition to unbundle electric service was completed in the first quarter of 2018 (the “Cease-Use Date”). As a result of our decision to exit, an order from the Public Utilities Commission of Nevada required that we pay an aggregate exit fee of $48 million . These fees are payable over three to six years at an aggregate present value of $38 million as of December 31, 2017 and are recorded in Accrued expenses and other current liabilities and Deferred credits and other liabilities on the Balance Sheets, with a corresponding expense recognized in Other operating costs in the Statements of Operations. For six years following the Cease-Use Date, we will also be required to make ongoing payments to NV Energy for non-bypassable rate charges, which primarily relate to each entity’s share of NV Energy’s portfolio of renewable energy contracts and the costs of decommissioning and remediation of coal-fired power plants. Total fees to be incurred are estimated to be $30 million , with an estimated present value of $26 million . The present value of the liability will be recorded during the first quarter of 2018 as of the effective date of the transition and will be adjusted in the future if actual fees incurred differ from our estimates. Golf Course Properties Concurrently with the execution of the CEOC LLC Leases with VICI described in Note 10 , certain Golf Course Properties were sold to VICI. CEOC LLC entered into a Golf Course Use Agreement with VICI over a 35 -year term, pursuant to which we incur (i) an annual payment of $10 million subject to escalation, (ii) an annual use fee of $3 million , subject to escalation beginning in the second year, and (iii) per-round fees. All of these payments are guaranteed by CEC. The Golf Course Use Agreement was determined not to be a lease. As of December 31, 2017 , we had a financing obligation of $74 million related to our continued recognition of the Golf Course Properties. Title to these properties has been transferred, but management concluded that derecognition of the Golf Course Properties was not permitted under ASC 360, Property, Plant and Equipment , due to CEC’s guarantee of VICI’s investment in the Golf Course Properties. The Golf Course Properties value of $74 million is reflected in Property, plant and equipment, net on our Balance Sheet. Our obligation to make $10 million in annual payments under the Golf Course Use Agreement exceeds the fair value of services being received. Management recorded an additional obligation equal to the fair value of these payments. As of December 31, 2017 , the obligation of $142 million is reflected in Deferred credits and other liabilities on our Balance Sheet. The obligations will be amortized using the effective interest method over the term of the Golf Course Use Agreement which continues through October 2052. The amortization on these obligations for the year ended December 31, 2017 was immaterial and reflected in Interest expense in our Statement of Operations. VICI Leases Under the CEOC LLC Leases, we are required to spend $100 million in capital expenditures annually and $495 million for every three-year period. Under the HLV Lease, we are required to spend $171 million in capital expenditures for the period from January 1, 2017 through December 31, 2021, and thereafter, spend an amount equal to at least 1% of Harrah’s Las Vegas net revenue for the prior lease year. Tribal Casino Management Contracts The agreements pursuant to which we manage casinos on Indian lands contain provisions required by law that provide a minimum monthly payment that must be made to the tribe. That obligation has priority over scheduled repayments of borrowings for development costs and over the management fee earned and paid to the manager. In the event that insufficient cash flow is generated by the operations to fund this payment, we must pay the shortfall to the tribe. Subject to certain limitations as to time, such advances, if any, would be repaid to us in future periods in which operations generate cash flow in excess of the required minimum payment. These commitments will terminate upon the occurrence of certain defined events, including termination of the management contract. Our aggregate monthly commitment for the minimum guaranteed payments, pursuant to contracts for the four managed, Indian-owned facilities is approximately $1 million . Each of these casinos currently generates sufficient cash flows to cover all of its obligations, including its debt service. Resolution of Disputed Claims Prior to the Effective Date, CEOC’s financial statements included amounts classified as liabilities subject to compromise, which represented estimates of pre-petition obligations impacted by the Chapter 11 reorganization process. These amounts represented the Debtors’ then-current estimate of known or potential pre-petition obligations to be resolved in connection with CEOC’s emergence from bankruptcy. Following the Effective Date, actions to enforce or otherwise affect repayment of liabilities preceding January 15, 2015 (the “Petition Date”), as well as pending litigation against the Debtors related to such liabilities, generally have been permanently enjoined. Any unresolved claims will continue to be subject to the claims reconciliation process under the supervision of the Bankruptcy Court. CEOC LLC will continue the process of reconciling such claims to the amounts listed by the Debtors in their schedules of assets and liabilities, as amended. Claims that remain unresolved total approximately $112 million , which is an estimate based upon management’s best estimate of the likely claim amounts that the Bankruptcy Court will ultimately allow and is less than the actual amount submitted by each claimant, an aggregate total of approximately $855 million as of December 31, 2017 . Pursuant to the Plan, CEC and CEOC deposited cash, CEC common stock, and CEC Convertible Notes into an escrow trust to be distributed to unsecured claims (excluding debt claims) as they become allowed. As claims are resolved, the claimants receive distributions of CEC common stock, cash or cash equivalents, and/or CEC Convertible Notes from the reserves on the same basis as if such distributions had been made on or about the Effective Date. To the extent that any of the reserved shares, cash, and convertible notes remain undistributed upon resolution of the remaining disputed claims, such amounts will be returned to CEC. As of December 31, 2017 , approximately $54 million in cash, 9 million shares of CEC common stock, and $35 million in principal value of CEC Convertible Notes remain in reserve for distribution to holders of disputed claims whose claims may ultimately become allowed in the escrow trust. The CEC common stock and CEC Convertible Notes held in the escrow trust are treated as not outstanding in CEC’s consolidated financial statements. We estimate that the number of shares, cash, and CEC Convertible Notes reserved is sufficient to satisfy the Debtors’ obligations under the Plan. |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, 2017 December 31, 2016 (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value Secured debt CRC Revolving Credit Facility 2022 variable (5) $ — $ — $ — CRC Term Loan 2024 variable (6) 4,700 4,616 — CEOC LLC Revolving Credit Facility (2) 2022 variable (7) — — — CEOC LLC Term Loan (2) 2024 variable (8) 1,500 1,499 — CERP Revolving Credit Facility (3) N/A N/A — — 40 CERP Senior Secured Loan (3) N/A N/A — — 2,387 CERP First Lien Notes (3) N/A N/A — — 993 CERP Second Lien Notes (3) N/A N/A — — 1,140 CGPH Term Loan (3) N/A N/A — — 1,119 CGPH Notes (3) N/A N/A — — 662 Horseshoe Baltimore Credit and FF&E Facilities (4) N/A N/A — — 309 Cromwell Credit Facility (3) N/A N/A — — 167 Other Financing Obligations N/A N/A — — 7 Unsecured debt CEC Convertible Notes 2024 5.00% 1,078 1,078 — CRC Notes 2025 5.25% 1,700 1,664 — Special Improvement District Bonds 2037 4.30% 56 56 14 Total debt 9,034 8,913 6,838 Current portion of long-term debt (64 ) (64 ) (89 ) Long-term debt $ 8,970 $ 8,849 $ 6,749 Unamortized premiums, discounts and deferred finance charges $ 121 $ 110 Fair value $ 9,100 ____________________ (1) Interest rate is fixed, except where noted. (2) As part of the acquisition of OpCo, we assumed $1.2 billion in debt that was issued in connection with CEOC’s emergence from bankruptcy and the $200 million revolving credit facility described below. See Note 1 and Note 4 for additional information. (3) All outstanding amounts were fully repaid during 2017. (4) As described in Note 2 , we deconsolidated Horseshoe Baltimore effective August 31, 2017. As a result, we derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. (5) London Interbank Offered Rate (“LIBOR”) plus 2.25% . (6) LIBOR plus 2.75% . (7) LIBOR plus 2.00% (8) LIBOR plus 2.50% . Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2018 2019 2020 2021 2022 Thereafter Total Annual maturities of long-term debt $ 64 $ 64 $ 64 $ 64 $ 64 $ 8,714 $ 9,034 Estimated interest payments 440 450 460 450 450 980 3,230 Total debt service obligation (1) $ 504 $ 514 $ 524 $ 514 $ 514 $ 9,694 $ 12,264 ___________________ (1) Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve. Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of December 31, 2017 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are expected to be paid within 12 months. Borrowings under the revolving credit facilities are each subject to the provisions of the applicable credit facility agreements. The applicable credit facility agreements each have a contractual maturity of greater than one year. Amounts borrowed under the revolving credit facilities are intended to satisfy short term liquidity needs and would be classified as current. We believe that our cash and cash equivalents balance, our cash flows from operations, and/or financing available under our revolving credit facilities will be sufficient to meet our normal operating requirements, to fund planned capital expenditures, and to fund debt service during the next 12 months and the foreseeable future. Debt Discounts or Premiums and Deferred Finance Charges Debt discounts or premiums 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. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of December 31, 2017 based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 3 in the fair value hierarchy. CRC Term Loan and Revolving Credit Facility At the time of the CRC Merger described in Note 1 , on December 22, 2017, CRC entered into a new $5.7 billion senior secured credit facility (the “CRC Senior Secured Credit Facilities”), including a $1.0 billion five-year revolving credit facility (the “CRC Revolving Credit Facility”) and a $4.7 billion seven-year first lien term loan (the “CRC Term Loan”). The CRC Senior Secured Credit Facilities were funded and closed pursuant to the Credit Agreement, dated as of December 22, 2017 (the “CRC Credit Agreement”). The CRC Term Loan matures in 2024. The CRC Revolving Credit Facility matures in 2022 and includes a letter of credit sub-facility. The CRC Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CRC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions. As of December 31, 2017 , no amounts were outstanding under the CRC Revolving Credit Facility and approximately $100,000 was committed to outstanding letters of credit. Borrowings under the CRC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CRC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CRC Term Loan, 2.75% per annum in the case of any LIBOR loan or 1.75% per annum in the case of any base rate loan and (b) in the case of the CRC Revolving Credit Facility, 2.25% per annum in the case of any LIBOR loan and 1.25% per annum in the case of any base rate loan, subject in the case of the CRC Revolving Credit Facility to two 0.125% step-downs based on CRC’s senior secured leverage ratio (“SSLR”), the ratio of first lien senior secured net debt to adjusted earnings before interest, taxes, depreciation and amortization. In addition, CRC is required to pay a commitment fee in respect of any commitments under the CRC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CRC’s SSLR. CRC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. CRC Notes On October 16, 2017, Escrow Issuer and Finance, then both wholly owned subsidiaries of CEC, issued $1.7 billion aggregate principal amount of 5.25% senior notes due 2025 (the “CRC Notes”). In conjunction with the CRC Merger, Escrow Issuer merged with and into CRC, with CRC as the surviving entity and borrower. CEOC LLC Term Loan and Revolving Credit Facility As part of the acquisition of OpCo on the Effective Date, we assumed debt that was issued in connection with CEOC’s emergence from bankruptcy including a $1.2 billion term loan (the “CEOC LLC Term Loan”) pursuant to a Credit Agreement (the “CEOC LLC Credit Agreement”). In addition, OpCo had a $200 million revolving credit facility (the “CEOC LLC Revolving Credit Facility”). The CEOC LLC Term Loan matures in 2024 and the CEOC LLC Revolving Credit Facility matures in 2022 and includes a letter of credit sub-facility. The CEOC LLC Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CEOC LLC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions. As of December 31, 2017 , no borrowings were outstanding under the CEOC LLC Revolving Credit Facility and approximately $50 million was committed to outstanding letters of credit. On December 18, 2017, CEOC LLC completed a $265 million incremental term loan facility (the “Incremental Term Loan”) under CEOC LLC Credit Agreement. The Incremental Term Loan is structured as an add-on to the existing CEOC LLC Term Loan and has the same terms as the existing CEOC LLC Term Loan, including the same applicable interest rate and the same maturity date. Borrowings under the CEOC LLC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CEOC LLC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CEOC LLC Term Loan, 2.50% per annum in the case of any LIBOR loan or 1.50% per annum in the case of any base rate loan and (b) in the case of the CEOC LLC Revolving Credit Facility, 2.00% per annum in the case of any LIBOR loan and 1.00% per annum in the case of any base rate loan, subject in the case of the CEOC LLC Revolving Credit Facility to two 0.125% step-downs based on CEOC LLC’s SSLR. In addition, CEOC LLC is required to pay a commitment fee in respect of any commitments under the CEOC LLC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CEOC LLC’s SSLR. CEOC LLC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. CEC Convertible Notes On the Effective Date, CEC issued $1.1 billion aggregate principal amount of 5.00% convertible senior notes maturing in 2024 to CEOC’s creditors pursuant to the terms of the Plan. The CEC Convertible Notes were issued pursuant to the Indenture, dated as of October 6, 2017. The CEC Convertible Notes are convertible at the option of holders into a number of shares of CEC common stock that is equal to approximately 0.139 shares of CEC common stock per $1.00 principal amount of CEC Convertible Notes, which is equal to an initial conversion price of $7.19 per share. If all the shares were issued on the Effective Date, they would have represented approximately 17.9% of the shares of CEC common stock outstanding on a fully diluted basis. The holders of the CEC Convertible Notes can convert them at any time after issuance. CEC can convert the CEC Convertible Notes beginning in October 2020 if the last reported sale price of CEC common stock equals or exceeds 140% of the conversion price for the CEC Convertible Notes in effect on each of at least 20 trading days during any 30 consecutive trading day period. CEC does not have any other redemption rights. As of December 31, 2017, an immaterial amount of the CEC Convertible Notes were converted into shares of CEC common stock. An aggregate of 156 million shares of CEC common stock were issuable upon conversion of the CEC Convertible Notes. As of December 31, 2017 , the remaining life of the CEC Convertible Notes is 6.75 years. The Company has determined that the CEC Convertible Notes contain derivative features that require bifurcation. We separately account for the liability component and equity conversion option of the CEC Convertible Notes. The portion of the overall fair value allocated to the liability was calculated by using a binomial lattice model without the conversion features included. The difference between the overall instrument value and the value of the liability component was assumed to be the value of the equity component. See Note 8 for more information on the CEC Convertible Notes’ fair value measurements. Debt Repayments and Refinancing in 2017 In connection with the CGPH Term Loan refinancing in April 2017, the property specific term loan encumbering The Cromwell was repaid in June 2017. Additionally, CEOC LLC used the net cash proceeds from the Incremental Term Loan together with cash on hand to redeem all of the outstanding $330 million aggregate principal amount of 9.25% senior secured notes due 2020 of CEOC LLC’s subsidiaries Chester Downs and Marina, LLC and Chester Downs Finance Corp. at a price equal to 102.313% of the principal amount thereof, plus accrued and unpaid interest, to, but not including, the date of redemption. Proceeds from the CRC Notes and the CRC Senior Secured Credit Facilities, together with cash on hand, were used to repay CERP and CGPH’s outstanding debt and applicable accrued interest, which included completing cash tender offers for CGPH’s Second-Priority Notes due 2022 (the “CGPH Notes”), CERP’s First-Priority Senior Secured Notes due 2020 (the “CERP First Lien Notes”) and CERP’s Second-Priority Senior Secured Notes due 2021 (the “CERP Second Lien Notes”). Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2017 (In millions) Proceeds Repayments Loss on Extinguishment of Debt CRC Revolving Credit Facility $ 300 $ (300 ) $ — CRC Term Loan 4,700 — — CEOC LLC Term Loan (1) 265 — — CRC Notes 1,700 — — CERP Revolving Credit Facility (2) — (40 ) (1 ) CERP Senior Secured Loan (2) 59 (2,484 ) (29 ) CERP First Lien Notes (2) — (1,000 ) (27 ) CERP Second Lien Notes (2) — (1,150 ) (75 ) CGPH Term Loan (2) 226 (1,372 ) (22 ) CGPH Notes (2) — (675 ) (60 ) CGPH Revolving Credit Facility (2) — — (1 ) Cromwell Credit Facility (2) — (171 ) (4 ) Horseshoe Baltimore Credit & FF&E Facilities (3) 300 (320 ) (12 ) Chester Downs Senior Secured Notes (2) — (330 ) (1 ) Other debt activity — (2 ) — Capital lease payments — (2 ) — Total $ 7,550 $ (7,846 ) $ (232 ) ____________________ (1) This amount does not include the debt assumed as part of the OpCo acquisition. See Note 1 and Note 4 for additional information. (2) All outstanding amounts were fully repaid during 2017. (3) The Horseshoe Baltimore Credit & FF&E Facilities were refinanced in July 2017. We deconsolidated Horseshoe Baltimore effective August 31, 2017 and derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. See Note 2 . Terms of Outstanding Debt Restrictive Covenants The CRC Credit Agreement, CEOC LLC Credit Agreement, and the indentures related to the CEC Convertible Notes and CRC Notes contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The CRC Revolving Credit Facility and CEOC LLC Revolving Credit Facility include maximum first-priority net SSLR financial covenants of 6.35 :1 and 3.50 :1, respectively, which are applicable beginning in the quarter ended March 31, 2018 and solely to the extent that the testing condition ( 25% and 30% utilization of the CRC Revolving Credit Facility and CEOC LLC Revolving Credit Facility, respectively, (excluding certain letters of credit) at the reporting date) is satisfied and excluding any period in which a covenant suspension period is occurring. Guarantees The borrowings under the CRC Credit Agreement and CEOC LLC Credit Agreement are guaranteed by the material, domestic, wholly owned subsidiaries of CRC and CEOC LLC, respectively, (subject to exceptions), and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of CRC and CEOC LLC and the guarantors (subject to exceptions), including a pledge of the capital stock of the domestic and 65% of the first-tier foreign subsidiaries held by CRC and CEOC LLC and the guarantors, in each case subject to exceptions. The CEC Convertible Notes are senior unsecured obligations of CEC and rank equally and ratably in right of payment with all existing and future senior unsecured obligations of CEC and senior to all future subordinated indebtedness of CEC. The CEC Convertible Notes are not guaranteed. The CRC Notes are guaranteed on a senior unsecured basis by each wholly owned, domestic subsidiary of CRC that is a subsidiary guarantor with respect to the CRC Senior Secured Credit Facilities. The CRC Notes are senior unsecured obligations of CRC and the subsidiary guarantors. 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 $3.2 billion and $4.0 billion as of December 31, 2017 and 2016 , respectively. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 shares 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 stock outstanding and dilutive potential common shares. For a period in which Caesars generated a net loss, the weighted-average basic shares outstanding was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Basic and Dilutive Net Earnings Per Share Reconciliation Years Ended December 31, (In millions, except per share data) 2017 2016 2015 Income/(loss) from continuing operations attributable to Caesars, net of income taxes $ (375 ) $ (6,428 ) $ 5,854 Income from discontinued operations attributable to Caesars, net of income taxes — 3,380 155 Net income/(loss) attributable to Caesars $ (375 ) $ (3,048 ) $ 6,009 Weighted average common share outstanding 279 146 145 Dilutive potential common shares: stock options — — 2 Weighted average common shares and dilutive potential common shares 279 146 147 Basic earnings/(loss) per share from continuing operations $ (1.35 ) $ (43.96 ) $ 40.42 Basic earnings per share from discontinued operations — 23.11 1.07 Basic earnings/(loss) per share $ (1.35 ) $ (20.85 ) $ 41.49 Diluted earnings/(loss) per share from continuing operations $ (1.35 ) $ (43.96 ) $ 39.81 Diluted earnings per share from discontinued operations — 23.11 1.06 Diluted earnings/(loss) per share $ (1.35 ) $ (20.85 ) $ 40.87 Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Years Ended December 31, (In millions) 2017 2016 2015 Stock options 12 10 4 Restricted stock units and awards 9 9 1 CEC Convertible Notes 36 — — Total anti-dilutive common stock 57 19 5 |
Casino Promotional Allowances (
Casino Promotional Allowances (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 Direct casino expenses. Estimated Retail Value of Casino Promotional Allowances Years Ended December 31, (In millions) 2017 2016 2015 Food and beverage $ 347 $ 277 $ 281 Rooms 285 234 234 Other 47 27 48 $ 679 $ 538 $ 563 Estimated Cost of Providing Casino Promotional Allowances Years Ended December 31, (In millions) 2017 2016 2015 Food and beverage $ 223 $ 170 $ 169 Rooms 100 82 83 Other 28 17 17 $ 351 $ 269 $ 269 |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation Caesars Entertainment Stock-Based Compensation Plans We have maintained 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 (“RSUs”), restricted stock awards, stock grants, or a combination of awards. Prior Performance Incentive Plans Upon the adoption of the Caesars Entertainment Corporation 2012 Performance Incentive Plan, as amended, (the “2012 Incentive Plan”) options may no longer be granted under the Harrah’s Entertainment, Inc. Management Equity Incentive Plan, as amended, (the “2008 Incentive Plan”). There was an immaterial number of options outstanding under the 2008 Incentive Plan at December 31, 2017 . The 2012 Incentive Plan allowed for the granting of equity based awards for directors, employees, officers and consultants or advisers who rendered services to Caesars Entertainment or its subsidiaries. The 2012 Incentive Plan provided for a one-time stock option exchange program 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”). All Replacement Options have vested as of December 31, 2017 except those subject to vesting if funds affiliated with the Sponsors achieve at least a 1.5X return, which will vest on the date that Caesars Entertainment’s 30-day trailing average closing common stock price equals or exceeds $35.00 per share. In July 2017, Caesars Entertainment Corporation adopted the Caesars Entertainment Corporation 2017 Performance Incentive Plan, (the “2017 Incentive Plan”) upon approval of the Company’s stockholders and, upon adoption, awards may no longer be granted under the 2012 Incentive Plan. As of December 31, 2017 , there were approximately 9 million options outstanding under the 2012 Incentive Plan, which will expire between years 2022 and 2025. As of December 31, 2017 , there were approximately 5 million RSUs outstanding under the 2012 Incentive Plan. 2017 Performance Incentive Plan We adopted the 2017 Incentive Plan in July 2017, which allows for the granting of equity based awards for directors, employees, officers and consultants or advisers who rendered services to Caesars Entertainment or its subsidiaries. Under the 2017 Incentive Plan, a total of 25 million shares of our common stock have been authorized for issuance. No options have been granted under the 2017 plan to date. RSUs granted under the 2017 Incentive Plan generally vest ratably over four years. The number of unissued common shares reserved for future grants under the plan is 13 million as of December 31, 2017 . On March 14, 2017, we modified certain vested and unvested stock options held by employees with exercise prices above the then-current market price of CEC’s common stock to have an exercise price of $9.45 resulting in incremental compensation cost of $1 million . Vesting terms of the unvested awards remained unchanged. 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, 2016 9,820,168 $ 11.69 6.2 $ 2 Assumed (1) 897,204 5.67 Exercised (1,249,640 ) 6.51 Forfeited (112,917 ) 9.47 Expired (126,925 ) 10.58 Outstanding as of December 31, 2017 9,227,890 10.36 3.9 35 Vested and expected to vest as of December 31, 2017 9,227,890 10.36 3.9 35 Exercisable as of December 31, 2017 7,698,080 8.97 3.7 31 ____________________ (1) CAC grants that were converted to CEC grants at the Exchange Ratio. Caesars Entertainment Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 Options Granted: Number of options granted — — 1,844,332 Weighted average grant-date fair value per share (1) $ — $ — $ 3.38 Weighted average exercise price per share (1) $ — $ — $ 10.04 Option Exercises: Number of options exercised 1,249,640 11,101 58,700 Cash received for options exercised (2) $ 8 $ — $ — Aggregate intrinsic value of options exercised (2) $ 7 $ — $ — ____________________ (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) 2016 and 2015 amounts are immaterial. Caesars Entertainment Assumptions Used to Estimate Option Values 2015 Expected volatility 42.0 % Expected dividend yield — % Expected term (in years) 5.7 Risk-free interest rate 1.6 % 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. Caesars Entertainment Restricted Stock Unit Activity During the year ended December 31, 2017 , we granted restricted stock units to employees of Caesars Entertainment with an aggregate fair value of $153 million . Each restricted stock unit represents the right to receive payment in respect of one share of the Caesars Entertainment’s common stock. The following table summarizes the activity of Caesars Entertainment’s RSUs during the year ended December 31, 2017 . Units Wtd Avg Fair Value Outstanding as of December 31, 2016 8,447,922 $ 7.95 Granted 11,955,390 12.78 Assumed (1) 379,109 11.50 Vested (2,898,737 ) 8.71 Forfeited (609,025 ) 8.71 Outstanding as of December 31, 2017 17,274,659 11.22 ____________________ (1) CAC grants that were converted to CEC grants at the Exchange Ratio. The fair value of RSUs vested during the years ended December 31, 2017 , 2016 , and 2015 , was $29 million , $23 million , and $8 million , respectively. Unrecognized Compensation Cost As of December 31, 2017 , there was $167 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 3.4 years. CIE Stock-Based Compensation Plan Historically, CIE granted 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. These awards were classified as liability-based instruments and were re-measured at their fair value at each reporting date. As described in Note 18 , in September 2016, CIE sold its SMG Business, which represented the majority of CIE’s operations, and the SMG Business has been presented as discontinued operations. Upon the closing of the SMG Business sale, all outstanding CIE stock-based compensation awards were deemed fully vested and were subsequently paid in cash in connection with the closing of the SMG Business sale. The portion of CIE’s stock-based compensation expense directly identifiable with employees of the SMG Business was reclassified to discontinued operations for all periods presented in the Statements of Operations (see Note 18 ). The portion of CIE’s stock-based compensation expense not directly identifiable with employees of the SMG Business was included in Property, general, administrative, and other in the Statements of Operations. CIE Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2016 2015 Options Granted: Number of options granted 377 10,350 Weighted average grant-date fair value per share (1) $ 5,404.93 $ 4,670.27 Weighted average exercise price per share $ 19,166.18 $ 15,352.49 Option Exercises: Number of options exercised 909 1,984 Cash received for options exercised $ 2 $ 5 Aggregate intrinsic value of options exercised $ 13 $ 21 ____________________ (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, 2016 2015 Expected range of volatility 40.5% - 44.6% 42.9% - 49.4% Expected dividend yield — % — % Expected range of term (in years) 0.8 - 4.2 1.5 - 4.7 Risk-free interest rate range 0.5% - 1.2% 0.7% - 1.7% CAC Equity-Based Compensation Plan In April 2014, the CAC Board of Directors approved the CAC Equity-Based Compensation Plan (the “CAC Equity Plan”) which allowed CEC to grant CAC stock-based instruments. In May 2014, CEC granted awards under the CAC Equity Plan which fully vested in October 2016. Stock-based compensation expense related to these awards totaled $2 million and $12 million , respectively, in 2016 and 2015. CAC Stock-Based Compensation Plans CAC Performance Incentive Plan Historically, CAC granted stock-based compensation awards to its officers, employees, directors, individual consultants and advisers of CAC and its subsidiaries in accordance with the Caesars Acquisition Company 2014 Performance Incentive Plan (the “CAC 2014 Incentive Plan”). As described Note 1 , in connection with the CAC Merger, all outstanding awards issued and outstanding under the CAC 2014 Incentive Plan were canceled and exchanged for an equivalent number of CEC awards based on the Exchange Ratio. Caesars Acquisition Company Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2016 1,002,500 $ 9.43 7.8 $ 4 Exercised (450,375 ) 9.68 Canceled concurrent with the CAC Merger (1) (552,125 ) 9.22 Outstanding as of December 31, 2017 — — — — ____________________ (1) CAC stock option grants were canceled and CEC assumed the stock option grants as a result of the CAC Merger. Caesars Acquisition Company Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 Options Granted: Number of options granted — — 20,000 Weighted average grant-date fair value per share $ — $ — $ 3.10 Weighted average exercise price per share $ — $ — $ 7.73 Option Exercises: Number of options exercised 450,375 417,500 — Cash received for options exercised $ 4 $ 4 $ — Aggregate intrinsic value of options exercised $ 2 $ 1 $ — There were no stock option valuations required during the years ended December 31, 2017 and 2016 . Valuation assumptions for CAC’s stock options used in the Black-Scholes model to estimate fair value were as follows: Caesars Acquisition Company Assumptions Used to Estimate Option Values Year Ended December 31, 2015 Expected volatility 39.9% - 45.7% Expected dividend yield — % Expected term (in years) 5.8 - 9.4 Risk-free interest rate 1.8% - 2.3% Caesars Acquisition Company Restricted Stock Unit Activity Units Wtd Avg Fair Value Outstanding as of December 31, 2016 493,061 $ 11.82 Vested (259,765 ) 12.62 Canceled concurrent with the CAC Merger (1) (233,296 ) 10.92 Outstanding as of December 31, 2017 — — ____________________ (1) CAC RSU grants were canceled and CEC assumed the RSU grants as a result of the CAC Merger. The fair value of RSUs vested during the years ended December 31, 2017 , 2016 and 2015 was $5 million , $4 million and $4 million , respectively. Composition of Stock-Based Compensation Expense (All Plans) Years Ended December 31, (In millions) 2017 2016 2015 Corporate expense $ 36 $ 37 $ 65 Property, general, administrative, and other 7 195 37 Total stock-based compensation expense $ 43 $ 232 $ 102 |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Deferred Compensation and Employee Benefit Plans Deferred Compensation Deferred Compensation Plans As of December 31, 2017 , certain current and former employees of Caesars, and our subsidiaries and affiliates, have balances under: (1) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan (“ESSP”), (2) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II (“ESSP II”), (3) the Park Place Entertainment Corporation Executive Deferred Compensation Plan (“CEDCP”), (4) the Harrah’s Entertainment, Inc. Deferred Compensation Plan (“DCP”), and (5) 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 and subsequent to the Effective Date. Caesars recorded in the accompanying financial statements $40 million in liabilities as of December 31, 2016 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 CEDCP and DCP that Caesars had not recorded as of December 31, 2016 was approximately $32 million , as we determined that this portion of the liability was attributable to CEOC pending the effectiveness of the settlement described below. Following the settlement, total plan obligations recognized by Caesars as of December 31, 2017 was approximately $63 million . Deferred Compensation Plans Trust Agreement CEC is a party to a trust agreement (the “Trust Agreement”) structured as a so-called “rabbi trust” arrangement, which holds assets that may be used to satisfy obligations under the deferred compensation plans above. Amounts held pursuant to the Trust Agreement were approximately $65 million and $62 million as of December 31, 2017 and 2016 , respectively, and have been reflected as long-term assets on the Balance Sheets. Settlement Agreement On September 14, 2016, CEC entered into a settlement agreement with CEOC related to the liabilities and assets associated with the above deferred compensation plans, which was approved by the Bankruptcy Court on October 17, 2016. Pursuant to the settlement agreement, contemporaneously with the Effective Date, CEC assumed all obligations to plan participants under or with respect to all five of the deferred compensation plans. At that time, CEOC and the other Debtors relinquished and released any claim or right that any of them may have had in respect of the assets held under either the Trust Agreement or the additional assets held pursuant to a separate escrow agreement (the “Escrow Agreement”). This settlement transaction was completed as part of the Plan on the Effective Date. See Note 1 . Assets held pursuant to the Escrow Agreement were $60 million as of December 31, 2017 and have been reflected as long-term assets on our Balance Sheets. Savings and Retirement Plan 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 Internal Revenue Service (“IRS”) rules and regulations) and are eligible to receive a company match of 50% up to 6% of eligible earnings that the individual elected to contribute with an individual cap of $600 . Participating employees become vested in matching contributions on a pro-rata basis over five years of credited service. Beginning January 1, 2018, the company will match 25% up to 6% of earnings that the individual elected to contribute with 0 cap or 50% up to 6% of eligible earnings that the individual elected to contribute with an individual cap of $600, whichever is greater. Beginning January 1, 2019, the match increases to 50% up to 6% of eligible earnings that the individual elected to contribute with no individual cap (subject to further limitations for certain higher-salaried employees) . Our contribution expense for this plan was $7 million , $6 million , and $6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Pension Commitments We have a defined benefit plan for employees of our London Clubs International subsidiary that provides benefits based on final pensionable salary. The assets of the plan are held in a separate trustee-administered fund, and death-in-service benefits, professional fees, and other expenses are paid by the pension plan. We account for this plan under the immediate recognition method, under which actuarial gains and losses are recognized in operating results in the year in which the gains and losses occur rather than deferring them into Other comprehensive income/(loss) and amortizing them over future periods. Any such amounts are recorded in the fourth quarter of each year, and during the fourth quarter of 2017, we recognized $1 million in losses. As of December 31, 2017 , total plan assets were $212 million with total projected benefit obligations totaling $278 million , resulting in a net pension liability of $66 million which we record within Deferred credits and other liabilities on our Balance Sheets. Our estimated long-term expected return on assets for this plan, which has been frozen, is 4.6% with a 2.5% discount rate. Multi-employer Pension Plans The Company contributes to a number of multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multi-employer plans are different from a single-employer plan in the following respects: a. Assets contributed to the multi-employer 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 multi-employer plans, the Company may be required to pay those plans an amount based on the underfunding of the plan, referred to as a “withdrawal liability.” Multi-employer Pension Plan Participation Pension Protection Act Zone Status (1) Contributions (In millions) (2) Pension Fund EIN/Pension Plan Number 2017 2016 FIP/RP Status (3) 2017 2016 2015 Surcharge Imposed Expiration Date of Collective-Bargaining Agreement (4) Southern Nevada Culinary and Bartenders Pension Plan (5) 88-6016617/001 Green Green No $ 19 $ 16 $ 16 No Various up to July 31, 2018 Pension Plan of the UNITE HERE National Retirement Fund (5)(6) 13-6130178/001 Red Red Yes 9 5 6 No Various up to February 29, 2020 Central Pension Fund of the IUOE & Participating Employers (7) 36-6052390/001 Green Green No 5 5 4 No Various up to August 31, 2018 Local 68 Engineers Union Pension Plan (5)(8) 51-0176618/001 Yellow Yellow No 1 — — No April 30, 2020 NJ Carpenters Pension Fund 22-6174423/001 Yellow Yellow Yes — — — No April 30, 2020 Painters IUPAT 52-6073909/001 Yellow Yellow Yes 1 1 1 No Various up to June 30, 2021 Other Funds 5 6 5 Total Contributions $ 40 $ 33 $ 32 ____________________ (1) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 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) Comparability to periods prior to the Effective Date are impacted by the consolidation of CEOC LLC. (3) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (4) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (5) Employer provided more than 5% of the total contributions for the plan years ended 2016 and 2015 . At the date the financial statements were issued, Forms 5500 were not available for the 2017 plan year ending. (6) See discussion of NRF Settlement Agreement in Note 11 . The HEREIU Intermediary Plan was established as the result of a spin-off from the Pension Plan of the UNITE HERE National Retirement Fund effective January 1, 2018. As of January 1, 2018, CEC no longer contributes to the NRF nor has any remaining liability owed to the NRF. (7) Plan years begin February 1. (8) Plan years begin July 1. Additionally, following the Effective Date, CEC assumed certain of CEOC’s obligations under the Allocation Agreement related to the Hilton Plan. See Employee Benefit Obligations in Note 11 for further information. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 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 the Company’s recent history of taxable losses. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affected our year ended December 31, 2017 , including, but not limited to (1) reducing the U.S. federal corporate tax rate, (2) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017 , (3) bonus depreciation that will allow for full expensing of qualified property, (4) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries, and (5) a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings accumulated post 1986 through 2017 that were previously deferred from U.S. income taxes. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance for the accounting of the effects of the Tax Act. SAB 118 provides a measurement period that should not be extended past a year from the enactment date for companies to complete the accounting of the Tax Act under ASC Topic 740, Income Taxes (“ASC 740”). Companies that do not complete the accounting under ASC 740 for the tax effects of the Tax Act, must record a provisional estimate of the tax effects of the Tax Act. If a provisional estimate cannot be determined a company should continue to apply ASC 740 based on the tax laws in effect immediately before the enactment of the Tax Act. At December 31, 2017 , the Company has not completed the accounting for the tax effects of the Tax Act; however, the Company has made a reasonable estimate of the effects on the existing deferred tax balances and accrued a provisional income tax benefit of approximately $1.2 billion in the period ended December 31, 2017 . The amount of the estimated income tax benefit is (i) $797 million related to the net deferred tax benefit of the corporate rate reduction and (ii) $442 million related to the net deferred tax benefit of deferred tax assets which are now realizable due to the changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017 . There is no tax expense related to the one-time transitional tax as the Company does not have a net positive post 1986 accumulated earnings and profits in its foreign subsidiaries. In order to complete the accounting requirements under ASC 740, the Company needs to (a) evaluate the impact of additional guidance, if any, from the FASB and external providers on its application of ASC 740 to the calculation; (b) evaluate the impact of further guidance from Treasury and/or the Internal Revenue Service on the technical application of the law with regard to our facts; (c) evaluate the impact of further guidance from the state tax authorities regarding their conformity to the provisions of the Tax Act; and (d) complete the analysis of the revaluation of deferred tax assets and liabilities as the Company is still analyzing certain aspects of the Tax Act. The accounting for the tax effects for the Tax Act will be completed in 2018. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”), which imposes taxes on foreign income in excess of a deemed return on tangible assets of foreign corporations. Because of the complexities of the new provisions, the Company is continuing to evaluate how the provisions will be accounted for under U.S. generally accepted accounting principles. Companies are allowed to make an accounting policy election of either (i) account for GILTI as a component of income tax expense in the period in which the Company is subject to the rules (the “period cost method”), or (ii) account for GILTI in the Company’s measurement of deferred taxes (the “deferred method”). The Company has not elected a method and will do so after completing its analysis of the GILTI provisions of the Tax Act depending on the analysis of the Company’s global income. The Company does not expect the impact of GILTI to be material to the Company’s tax rate in future periods. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are under regular and recurring audit by the 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) 2017 2016 2015 United States $ (2,381 ) $ (6,128 ) $ 5,749 Outside of the U.S. 4 (2 ) (2 ) $ (2,377 ) $ (6,130 ) $ 5,747 Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2017 2016 2015 United States Current Federal $ 148 $ (381 ) $ — State (7 ) (3 ) — Deferred Federal 1,835 46 115 State 23 10 (10 ) Outside of the U.S. Current (4 ) 1 1 Deferred — — — $ 1,995 $ (327 ) $ 106 Allocation of Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2017 2016 2015 Income tax benefit/(provision) applicable to: Income/(loss) from continuing operations $ 1,995 $ (327 ) $ 106 Discontinued operations — (730 ) (64 ) Deconsolidation and restructuring of CEOC and other — — 1,176 Effective Income Tax Rate Reconciliation Years Ended December 31, 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: State taxes, net of federal tax benefit 5.2 0.1 — Valuation allowance (17.1 ) (22.9 ) 3.1 Foreign income taxes (0.1 ) — — Deferred tax benefit from changes in federal tax law 52.1 — — Deconsolidation of CEOC — — (40.3 ) Stock-based compensation (0.2 ) (0.8 ) 0.2 Acquisition of CEOC 36.7 — — Reserves for uncertain tax positions (4.6 ) (0.1 ) — Current tax benefit from change in CGP operating agreement 2.4 — — Nondeductible restructuring expenses (25.0 ) (16.8 ) — Noncontrolling interests (0.1 ) — 0.1 Other (0.4 ) 0.2 0.1 Effective tax rate 83.9 % (5.3 )% (1.8 )% Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of December 31, (In millions) 2017 2016 Deferred tax assets: State net operating losses $ 426 $ 4 Federal net operating loss 553 51 Foreign net operating loss 17 — Compensation programs 97 49 Allowance for doubtful accounts 50 19 Self-insurance reserves 10 8 Accrued restructuring and support expenses — 1,278 Accrued expenses 79 28 Federal tax credits 58 17 Federal indirect tax benefits of uncertain state tax positions 4 5 Financing obligations 2,319 — Golf course properties’ obligation 30 — Intangibles — 39 Debt related items 78 — Deferred revenue 46 1 Other 10 12 Subtotal 3,777 1,511 Less: valuation allowance 1,513 1,356 Total deferred tax assets $ 2,264 $ 155 Deferred tax liabilities: Depreciation and other property-related items $ 2,576 $ 1,091 Deferred cancellation of debt income and other debt-related items — 4 Investment in non-consolidated affiliates — 910 Intangibles 221 — Prepaid expenses 24 15 Other 18 — Total deferred tax liabilities 2,839 2,020 Net deferred tax liability $ 575 $ 1,865 As of December 31, 2017 and 2016 , we had federal NOL carryforwards of $2.9 billion and $152 million , respectively. The federal net operating losses as of December 31, 2017 include the net operating losses from the acquisition of OpCo. These NOLs will begin to expire in 2030. In addition, we had federal general business tax credits and research tax credit carryforwards of $60 million , which will begin to expire in 2029. Due to the Company’s recent history of taxable losses, it is more likely than not that the benefit from federal NOL carryforwards and tax credits carryforwards will not be realized. Accordingly, a valuation allowance has been established for our federal NOL carryforwards and tax credits carryforwards deferred tax assets as of December 31, 2017 . NOL carryforwards for our domestic subsidiaries for state income taxes were $8.9 billion and $93 million as of December 31, 2017 and 2016 , respectively. The state net operating losses as of December 31, 2017 include the net operating losses from the acquisition of CEOC. Due to the Company’s recent history of taxable losses, it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. Accordingly, we have provided a 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 2019. NOL carryforwards for our foreign subsidiaries were $95 million as of December 31, 2017 . There were no NOL carryforwards for our foreign subsidiaries as of December 31, 2016 . The foreign net operating losses as of December 31, 2017 include the net operating losses from the acquisition of OpCo. Due to the Company’s recent history of taxable losses, it is more likely than not that the benefit from certain foreign NOL carryforwards will not be realized. Accordingly, we have provided a valuation allowance on the deferred tax assets relating to these NOL carryforwards which will not more likely than not be realized. These foreign NOLs do not expire. 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 $70 million as of December 31, 2017 . We have not provided for approximately $2 million of deferred tax related to foreign withholding taxes on these unremitted earnings as of December 31, 2017 . Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2017 2016 2015 Balance as of beginning of year $ 115 $ 3 $ 81 Additions based on tax positions related to the current year 113 113 — Additions for tax positions of prior years 1 — — Reductions for tax positions for prior years (92 ) (1 ) — Deconsolidation of CEOC — — (78 ) Acquisition of OpCo 67 — — Effect of changes in federal tax law (42 ) — — Balance as of end of year $ 162 $ 115 $ 3 We classify reserves for tax uncertainties within Accrued expenses and other current liabilities and Deferred credits and other liabilities 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. During 2017 , we increased our accrual by $2 million (including the interest from OpCo unrecognized tax benefits acquired in 2017 ). During 2016 , we increased our accrual by $3 million . There was no change to our accrual during 2015 . There was an accrual for the payment of interest and penalties of $5 million as of December 31, 2017 . There was a $3 million accrual for the payment of interest and penalties as of December 31, 2016 , and no accrual for payment of interest and penalties in 2015 . Included in the balances of unrecognized tax benefits as of December 31, 2017 and 2016 , was approximately $78 million and $17 million , respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate. There were no unrecognized tax benefits as of December 31, 2015 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, 2017 , the tax years prior to 2014 are not subject to examination for U.S. tax purposes. As of December 31, 2017 , the tax years prior to 2014 are no longer subject to examination for most of the foreign and state income tax jurisdictions as the statutes of limitations have lapsed. We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Discontinued Operations | Discontinued Operations Sale of SMG Business On September 23, 2016 , CIE sold its SMG Business to Alpha Frontier Limited (“Alpha Frontier”) for cash consideration of $4.4 billion , pursuant to the Stock Purchase Agreement dated as of July 30, 2016 (the “Purchase Agreement”), which resulted in a pre-tax gain of approximately $4.2 billion . In connection with the closing of the sale of the SMG Business, the total amount distributed to the minority investors and former holders of CIE equity awards was approximately $1.1 billion . Approximately $259 million was held as of December 31, 2016 in an escrow account to fund potential indemnity claims of Alpha Frontier under the Purchase Agreement. In the third quarter of 2017, the escrow funds were released to CIE and $63 million was distributed to the minority investors and former holders of CIE equity awards. The majority of the proceeds from the sale of the SMG Business was restricted under the terms of the Purchase Agreement and the CIE Proceeds Agreement and was therefore classified as restricted cash upon receipt until the Effective Date of the CAC Merger when the proceeds were no longer restricted and became available for use by CEC. As a result of the sale, the results of operations and cash flows related to the SMG Business were classified as discontinued operations for all periods presented effective beginning in the third quarter of 2016. CEOC The Statement of Operations for the year ended December 31, 2015 also includes discontinued operations related to certain properties owned by CEOC, which was deconsolidated effective January 15, 2015 (see Note 2 ). CEOC closed its Showboat Atlantic City casino permanently effective in 2014 and subsequently sold it in 2015 for $18 million . As a result of legislation passed in May 2014 in the State of Iowa, CEOC ceased its greyhound racing activities at Horseshoe Council Bluffs effective December 31, 2015. The legislation required payment of a total of $65 million to the Iowa greyhound pari-mutuel racing fund over a seven-year period beginning in January 2016. Subsequent to the acquisition of OpCo and merger into CEOC LLC, accrued exit costs for this property were $40 million as of December 31, 2017 . In 2012, CEOC abandoned a construction project for Harrah’s Gulf Coast near the Mississippi Gulf Coast. Subsequent to the acquisition of OpCo and merger into CEOC LLC, the exit cost accrual related to future obligations under land lease agreements associated with this property was $43 million as of December 31, 2017 . In addition, CEOC had other accruals related to non-cancellable contract costs, severance and other exit costs related to the permanent closure of three international properties, Alea Leeds, Golden Nugget and Southend. Subsequent to the acquisition of OpCo and merger into CEOC LLC, the exit cost accrual related to these properties was $18 million as of December 31, 2017 . As of December 31, 2017 , these exit cost accruals are included in Accrued expenses and other current liabilities and Deferred credits and other liabilities on the Balance Sheet. Effect on Statements of Operations of Discontinued Operations Years Ended December 31, (In millions) 2016 2015 Net revenues SMG Business $ 678 $ 725 Total net revenues 678 725 Operating expenses SMG Business (1) 748 499 Showboat Atlantic City — 6 Other — 1 Total operating expenses 748 506 Gain from discontinued operations SMG Business 4,180 — Pre-tax income/(loss) from operations SMG Business 4,110 226 Showboat Atlantic City — (6 ) Other — (1 ) Total pre-tax income from discontinued operations $ 4,110 $ 219 Income/(loss), net of income taxes SMG Business $ 3,380 $ 162 Showboat Atlantic City — (6 ) Other — (1 ) Total income from discontinued operations, net of income taxes $ 3,380 $ 155 ____________________ (1) Operating expenses primarily consist of platform fees and property, general, administrative, and other expenses, including stock-based compensation expense directly identifiable with employees of the SMG Business of $264 million and $29 million , respectively, for the years ended December 31, 2016 and 2015 . |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Years Ended December 31, (In millions) 2017 2016 2015 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 34 $ 6 $ 20 Expenses paid to Sponsors’ portfolio companies 3 2 3 Transactions with Horseshoe Baltimore Management fees 3 — — Reimbursements and allocated expenses 16 — — Transactions with CEOC Shared services allocated expenses to CEOC 312 368 355 Shared services allocated expenses from CEOC 71 148 117 Management fees incurred 33 45 40 Octavius Tower lease revenue 26 35 34 Other expenses incurred 9 14 12 Transactions with Sponsors and their Affiliates On the Effective Date, we entered into a “Termination Agreement” with the Sponsors and their affiliates, pursuant to which certain agreements terminated. Among the agreements that terminated was the services agreement relating to the provision of financial and strategic advisory services and consulting services. The Sponsors had granted an ongoing waiver of the monitoring fees for management services; however, we reimbursed the Sponsors for expenses they incurred related to these management services and certain legal expenses. The reimbursed expenses are included in Corporate expense in the Statements of Operations 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 former 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. (“NCL”) - 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. • Fleet Pride, Inc. - provides aftermarket heavy-duty truck and trailer parts. • Sutherland Global Services - technology and analytics enabled business process enterprise that provides end-to-end business process transformation. • Sbarro, LLC - pizzeria chain that specializes in New York style pizza by the slice and other Italian-American cuisine. • Protection One - full service security provider. • ADT Security Services, Inc. - provides electronic security, fire protection, and other related alarm monitoring services. • AGS, LLC - a full-service designer and manufacturer of gaming products for the casino floor. • Novitex - a comprehensive, end-to-end document management company. 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 the Sponsors may from time to time transact in and hold our debt securities, and participate in any modifications of such instruments on terms available to any other holder of our debt. Transactions with Horseshoe Baltimore As described in Note 2 , upon our deconsolidation of Horseshoe Baltimore effective August 31, 2017, Horseshoe Baltimore, which remains 41% owned by us, is now held as an equity method investment and considered to be a related party. These related party transactions include items such as casino management fees, reimbursement of various costs incurred by CEOC LLC on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. A summary of the transactions with Horseshoe Baltimore subsequent to the deconsolidation is provided in the table above. Transactions with CEOC As described in Note 1 and Note 2 , upon its filing for reorganization under Chapter 11 of the Bankruptcy Code and its subsequent deconsolidation, transactions with CEOC were no longer eliminated in consolidation and were considered related party transactions for Caesars. A summary of these transactions is provided in the table above. However, subsequent to CEOC’s emergence on the Effective Date, CEOC’s successor OpCo immediately merged with and into CEOC LLC, which is a wholly owned subsidiary of CEC, and therefore will no longer be treated as a related party going forward. The following activities, to the extent that they continued subsequent to the Effective Date, are eliminated in consolidation from that point forward. CEOC Shared Services Agreement Pursuant to a shared services agreement, CEOC provided Caesars with certain corporate and administrative services, and the costs of these services were allocated to Caesars. Certain services are now provided by CES (see Note 2 ). 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. Caesars Entertainment provided insurance coverage to CEOC and received insurance premiums on an installment basis, which were intended to cover claims processed on CEOC’s behalf. We prepaid CEOC for estimated employee medical insurance claims. Services Joint Venture CES provides certain corporate and administrative services to its members, and the costs of these services were allocated among the members. CES allocates costs included amounts for insurance coverage. 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 LLC leases the Octavius Tower at Caesars Palace for $35 million annually. CRC owns Octavius Tower. LINQ Access and Parking Easement Lease Agreement Under the LINQ Access and Parking Easement lease agreement, CEOC leased the parking lot behind The LINQ Promenade and The LINQ Hotel & Casino to CERP and CGP. Together, CERP and CGP paid approximately $2 million annually. Amounts are included within other expenses incurred in the table above. The parking lot was sold to VICI upon CEOC’s emergence from bankruptcy but was partially repurchased by CRC as part of the purchase of the Eastside Land described in Note 1 with the other portion still owned by VICI and subject to the CEOC LLC Leases. Service Provider Fee CEOC, CERP and CGP had a shared services agreement under which CERP and CGP paid for certain indirect 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. The agreement granted 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 customer loyalty program. CEOC also receives a revenue share from CIE for customer referrals. Amounts are included within other expenses incurred in the table above. CIE and Playtika, formerly a wholly owned subsidiary of CIE and now a wholly owned subsidiary of the buyer of the SMG Business, executed a separate sub-license agreement extending certain same rights and obligations of both parties beyond the sale through December 31, 2026. Equity Incentive Awards Caesars maintained an equity incentive awards plan under which CEC issued time-based and performance-based stock options, restricted stock units and restricted stock awards to CEOC employees. Although awards under the plan resulted in the issuance of shares of CEC common stock, because CEOC was no longer a consolidated subsidiary of CEC, we 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 specified CEC subsidiaries may participate. The plan provides for, among other things, pre-tax, Roth and after-tax contributions by employees. The plan also provides for employer matching contributions. Under the plan, participating employees may elect to contribute a percentage of their eligible earnings (subject to certain IRS and plan limits). See Note 16 for more information on the savings and retirement plan. In addition, employees subject to certain collective bargaining agreements receive benefits through the multi-employer retirement plans sponsored by the organization in which they are a member. The expenses related to contributions for a participant in the CEC plan or a multi-employer plan are allocated to the properties at which the participant is employed. Total Rewards Until the Effective Date, the total estimated cost for Total Rewards was accrued by CEOC, with the incremental charges related to CEC’s other casino properties included in Due to affiliates, net on the Balance Sheets. On the Effective Date, administration of Total Rewards was transferred from CEOC LLC to CES as an equity contribution. Due from/to Affiliates As of December 31, 2016 , amounts due to or from affiliates for each counterparty represented the net receivable or payable as of the end of the reporting period primarily resulting from the transactions described above and were 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 represented the maximum exposure to loss as a result of Caesars’ involvement with CEOC, and the amount was reported net of an allowance for doubtful accounts of $12 million as of December 31, 2016 . As of December 31, 2017 , Due from affiliates, net was $11 million , which represented transactions with Horseshoe Baltimore. As of December 31, 2016 , Due from affiliates, net was $64 million and represented a receivable due to CES from CEOC for shared services performed on behalf of CEOC. As of December 31, 2016 , Due to affiliates, net was $66 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting We view each casino property as an operating segment and aggregate such casino properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how we manage the business. These segments include the following properties: Las Vegas Other U.S. All Other Bally's Las Vegas Bally's Atlantic City (2) Management Companies (2) Other Caesars Palace Las Vegas (2) Caesars Atlantic City (2) Caesars Cairo Caesars Interactive Entertainment The Cromwell Harrah's Atlantic City Caesars Windsor Flamingo Las Vegas Harrah's Council Bluffs (2) Harrah's Ak-Chin Harrah's Las Vegas Harrah's Gulf Coast (2) Harrah's Cherokee The LINQ Hotel & Casino Harrah's Joliet (2) Harrah's Cherokee Valley River Paris Las Vegas Harrah's Lake Tahoe (2) Harrah's Resort Southern California Planet Hollywood Resort & Casino Harrah's Laughlin (2) Horseshoe Baltimore (1) Rio All-Suites Hotel & Casino Harrah's Louisiana Downs (2) The London Clubs Cairo-Ramses LINQ Promenade/High Roller Harrah's Metropolis (2) Harrah's New Orleans International (2) Harrah's North Kansas City (2) Alea Glasgow Harrah's Philadelphia (2) Alea Nottingham Harrah's Reno (2) The Casino at the Empire Harveys Lake Tahoe (2) Emerald Safari Horseshoe Baltimore (until Q3) (1) Manchester235 Horseshoe Bossier City (2) Playboy Club London Horseshoe Council Bluffs (2) Rendezvous Brighton Horseshoe Hammond (2) Rendezvous Southend-on-Sea Horseshoe Southern Indiana (2) The Sportsman Horseshoe Tunica (2) Tunica Roadhouse (2) ___________________ (1) Horseshoe Baltimore is 41% owned, and was deconsolidated and held as an equity-method investment effective August 31, 2017. (2) These properties were not consolidated with CEC prior to the Effective Date. We revised our presentation from two reportable segments to the three listed above as of the Effective Date, in conjunction with the CAC Merger and CEOC’s emergence from bankruptcy, because the way in which Caesars management assesses results and allocates resources is aligned in accordance with these segments. When CEOC filed for reorganization, we concluded that CEOC was a VIE and that we were not the primary beneficiary; therefore, we no longer consolidated CEOC. After the Effective Date, CEOC LLC’s results are consolidated with CEC. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars, as described below. “All Other” includes managed, international and other properties as well as parent, consolidating, and other adjustments to reconcile to consolidated Caesars results. Condensed Statements of Operations - By Segment Year Ended December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenue $ 492 $ 93 $ 48 $ (7 ) $ 626 Net revenues 2,897 1,756 206 (7 ) 4,852 Depreciation and amortization 420 186 22 — 628 Income/(loss) from operations 546 198 (212 ) — 532 Interest expense (65 ) (153 ) (556 ) — (774 ) Gain on deconsolidation of subsidiary — 30 — — 30 Restructuring and support expenses — (177 ) (1,851 ) — (2,028 ) Loss on extinguishment of debt (4 ) (13 ) (215 ) — (232 ) Other income 4 1 90 — 95 Income tax benefit — 2 1,993 — 1,995 Year Ended December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenues $ 447 $ 65 $ 15 $ — $ 527 Net revenues 2,625 1,205 47 — 3,877 Depreciation and amortization 344 90 5 — 439 Income/(loss) from operations 526 163 (462 ) — 227 Interest expense (21 ) (30 ) (548 ) — (599 ) Restructuring and support expenses — — (5,729 ) — (5,729 ) Other losses — — (29 ) — (29 ) Income tax benefit/(provision) 1 — (328 ) — (327 ) Year Ended December 31, 2015 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenues $ 399 $ 67 $ 29 $ — $ 495 Net revenues 2,543 1,308 78 — 3,929 Depreciation and amortization 278 80 16 — 374 Income/(loss) from operations 533 191 (409 ) — 315 Interest expense (16 ) (27 ) (640 ) — (683 ) Gain on deconsolidation of subsidiary — — 7,125 — 7,125 Restructuring and support expenses — — (1,017 ) — (1,017 ) Other income — — 7 — 7 Income tax benefit — — 106 — 106 Adjusted EBITDA - by Segment Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less operating expenses and is comprised of net income/(loss) before (i) interest expense, net of interest capitalized and interest income, (ii) income tax (benefit)/provision, (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 Adjusted 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 Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items. Adjusted 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). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management. Year Ended December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income/(loss) attributable to Caesars $ 481 $ (105 ) $ (751 ) $ — $ (375 ) Net loss attributable to noncontrolling interests — (7 ) — — (7 ) Income tax benefit — (2 ) (1,993 ) — (1,995 ) Gain on deconsolidation of subsidiary — (30 ) — — (30 ) Restructuring and support expenses — 177 1,851 — 2,028 Loss on extinguishment of debt 4 13 215 — 232 Other income (4 ) (1 ) (90 ) — (95 ) Interest expense 65 153 556 — 774 Depreciation and amortization 420 186 22 — 628 Other operating costs (1) 25 2 37 — 64 Stock-based compensation expense 4 3 36 — 43 Other items (2) 5 5 80 — 90 Adjusted EBITDA $ 1,000 $ 394 $ (37 ) $ — $ 1,357 Year Ended December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income/(loss) attributable to Caesars $ 506 $ 129 $ (3,683 ) $ — $ (3,048 ) Net income/(loss) attributable to noncontrolling interests — 4 (33 ) — (29 ) Discontinued operations, net of income taxes — — (3,380 ) — (3,380 ) Income tax (benefit)/provision (1 ) — 328 — 327 Restructuring and support expenses — — 5,729 — 5,729 Other losses — — 29 — 29 Interest expense 21 30 548 — 599 Depreciation and amortization 344 90 5 — 439 Other operating costs (1) 8 — 83 — 91 CIE stock-based compensation — — 189 — 189 Stock-based compensation expense 3 2 38 — 43 Other items (2) — 4 77 — 81 Adjusted EBITDA $ 881 $ 259 $ (70 ) $ — $ 1,070 Year Ended December 31, 2015 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income attributable to Caesars $ 517 $ 178 $ 5,314 $ — $ 6,009 Net income/(loss) attributable to noncontrolling interests — (14 ) 13 — (1 ) Discontinued operations, net of income taxes — — (155 ) — (155 ) Income tax benefit — — (106 ) — (106 ) Gain on deconsolidation of subsidiary — — (7,125 ) — (7,125 ) Restructuring and support expenses — — 1,017 — 1,017 Other income — — (7 ) — (7 ) Interest expense 16 27 640 — 683 Depreciation and amortization 278 80 16 — 374 Other operating costs (1) 11 7 143 — 161 CIE stock-based compensation — — 31 — 31 Stock-based compensation expense 3 2 66 — 71 Other items (2) 2 — 62 — 64 Adjusted EBITDA $ 827 $ 280 $ (91 ) $ — $ 1,016 ____________________ (1) Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. (2) Other items includes other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as litigation awards and settlements, costs associated with CEOC’s restructuring and related litigation, severance and relocation costs, sign-on and retention bonuses, permit remediation costs, and business optimization expenses. Condensed Balance Sheets - By Segment As of December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Total assets $ 14,145 $ 6,880 $ 7,519 $ (3,032 ) $ 25,512 Total liabilities 5,238 5,027 11,843 108 22,216 As of December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Total assets $ 8,583 $ 1,580 $ 7,896 $ (3,136 ) $ 14,923 Total liabilities 456 477 15,599 — 16,532 |
Quarterly Results of Operations
Quarterly Results of Operations - Unaudited (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) As described in Note 2 , because the CAC Merger was accounted for as a reorganization among entities under common control, the unaudited quarterly results of operations includes the financial results of CAC as if it were consolidated for all periods presented, derived from the historical accounting records and financial statements of CEC and CAC. The following table also presents a reconciliation to our previously reported unaudited quarterly results of operations. As recast for CAC Merger (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ 963 $ 1,002 $ 986 $ 1,901 $ 4,852 Income from operations 149 149 81 153 532 Net income/(loss) (508 ) (1,434 ) (441 ) 2,001 (382 ) Net income/(loss) attributable to Caesars (507 ) (1,434 ) (435 ) 2,001 (375 ) Basic earnings/(loss) per share (3.44 ) (9.63 ) (2.92 ) 3.01 (1.35 ) Diluted earnings/(loss) per share (3.44 ) (9.63 ) (2.92 ) 2.48 (1.35 ) 2016 Net revenues $ 950 $ 992 $ 986 $ 949 $ 3,877 Income/(loss) from operations 80 105 (53 ) 95 227 Net loss (283 ) (2,052 ) (276 ) (466 ) (3,077 ) Net loss attributable to Caesars (286 ) (2,055 ) (244 ) (463 ) (3,048 ) Basic loss per share (1.97 ) (14.10 ) (1.66 ) (3.15 ) (20.85 ) Diluted loss per share (1.97 ) (14.10 ) (1.66 ) (3.15 ) (20.85 ) As previously reported (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ 963 $ 1,002 $ 986 Income from operations 158 157 86 Net loss (524 ) (1,426 ) (460 ) Net loss attributable to Caesars (546 ) (1,442 ) (468 ) Basic loss per share (3.71 ) (9.68 ) (3.14 ) Diluted loss per share (3.71 ) (9.68 ) (3.14 ) 2016 Net revenues $ 950 $ 992 $ 986 $ 949 $ 3,877 Income/(loss) from operations 88 111 (44 ) 102 257 Net income/(loss) (274 ) (2,043 ) 5 (435 ) (2,747 ) Net loss attributable to Caesars (308 ) (2,077 ) (643 ) (541 ) (3,569 ) Basic loss per share (2.12 ) (14.25 ) (4.38 ) (3.68 ) (24.41 ) Diluted loss per share (2.12 ) (14.25 ) (4.38 ) (3.68 ) (24.41 ) Comparison to recast (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ — $ — $ — Income from operations (9 ) (8 ) (5 ) Net loss 16 (8 ) 19 Net loss attributable to Caesars 39 8 33 Basic loss per share 0.27 0.05 0.22 Diluted loss per share 0.27 0.05 0.22 2016 Net revenues $ — $ — $ — $ — $ — Income/(loss) from operations (8 ) (6 ) (9 ) (7 ) (30 ) Net income/(loss) (9 ) (9 ) (281 ) (31 ) (330 ) Net loss attributable to Caesars 22 22 399 78 521 Basic loss per share 0.15 0.15 2.72 0.53 3.56 Diluted loss per share 0.15 0.15 2.72 0.53 3.56 First Quarter of 2016 through the Fourth Quarter of 2017 : We significantly increased our accrual for restructuring commitments beginning in the first quarter of 2016, and our accrual was updated quarterly. These obligations were settled on the Effective Date. See Note 1 . Third Quarter of 2016 : As described in Note 18 , during the third quarter of 2016, CIE sold its SMG Business, which resulted in a pre-tax gain of approximately $4.2 billion . Fourth Quarter of 2017 : CEOC LLC’s results are consolidated with CEC subsequent to the Effective Date (see Note 2 ), interest expense was recognized for failed sale-leaseback transactions (see Note 10 ), an income tax benefit was recognized (see Note 17 ) and we updated our estimated value of OpCo and the VICI Call Right Agreement through the Effective Date which reduced our Restructuring and support expenses. Additionally, there were 36 million weighted average dilutive potential common shares related to the CEC Convertible Notes included in the Diluted earnings per share calculation. |
Schedule I (Notes)
Schedule I (Notes) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED BALANCE SHEETS As of December 31, (In millions) 2017 2016 Assets Current assets Cash and cash equivalents $ 926 $ 106 Restricted cash — 16 Receivables, net 33 — Prepayments and other current assets 5 5 Intercompany receivables 33 46 Total current assets 997 173 Deferred charges and other assets 147 89 Investment in subsidiary 4,434 5,553 Total assets $ 5,578 $ 5,815 Liabilities and Stockholders’ Equity/(Deficit) Current liabilities Accounts payable $ 5 $ 33 Accrued expenses 13 85 Interest payables 13 — Intercompany payables 65 20 Accrued restructuring and support expenses — 6,601 Total current liabilities 96 6,739 Long-term debt 1,121 — Deferred credits and other liabilities 1,136 146 Deferred income taxes — 592 Total liabilities 2,353 7,477 Total stockholders’ equity/(deficit) 3,225 (1,662 ) Total liabilities and stockholders’ equity/(deficit) $ 5,578 $ 5,815 CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) Years Ended December 31, (In millions) 2017 2016 2015 Net revenues $ 2 $ 2 $ 12 Operating expenses Corporate expense 88 123 117 Other operating costs 24 58 120 Total operating expenses 112 181 237 Loss from operations (110 ) (179 ) (225 ) Interest expense (18 ) (5 ) (4 ) Gain on interests in subsidiaries 769 2,934 278 Gain on deconsolidation of subsidiary — — 7,125 Restructuring and support expenses (1,842 ) (5,729 ) (1,017 ) Other income/(loss) 85 (30 ) 1 Income/(loss) from operations before income taxes (1,116 ) (3,009 ) 6,158 Income tax benefit/(provision) 741 (39 ) (149 ) Net income/(loss) (375 ) (3,048 ) 6,009 Other comprehensive income, net of income taxes — — — Comprehensive income/(loss) $ (375 ) $ (3,048 ) $ 6,009 CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT CORPORATION CONDENSED STATEMENT OF CASH FLOWS Years Ended December 31, (In millions) 2017 2016 2015 Cash flows provided by/(used in) operating activities $ 1,504 $ (37 ) $ (277 ) Cash flows from investing activities Payments to acquire investments (700 ) — — Proceeds from long term receivable — — 40 Cash flows provided by/(used in) investing activities (700 ) — 40 Cash flows from financing activities Repayments of long-term debt — — (68 ) Other financing — (8 ) (2 ) Cash flows used in financing activities — (8 ) (70 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash 804 (45 ) (307 ) Cash, cash equivalents, and restricted cash, beginning of period 122 167 474 Cash, cash equivalents, and restricted cash, end of period $ 926 $ 122 $ 167 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 as of December 31, 2017 and 2016 was approximately $3.2 billion and $4.0 billion , respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. 3. Commitments, contingencies, and long-term obligations For a discussion of the Company’s commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 12 of the Company’s consolidated financial statements. |
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 as of December 31, 2017 and 2016 was approximately $3.2 billion and $4.0 billion , respectively. Such restrictions are on net assets of Caesars Entertainment Corporation and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements. |
Commitments Contingencies and 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 12 of the Company’s consolidated financial statements |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | The acquisition was accounted for in accordance with ASC 805 with CEC considered the acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized on the balance sheet at their fair values as of the acquisition date. |
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. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. |
Consolidation, Policy [Policy Text Block] | 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 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. 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. |
Cash and Cash Equivalents | Cash, Cash Equivalents, and Restricted Cash Cash equivalents are highly liquid investments with original maturities of three months or less from the date of purchase and are stated at the lower of cost or market value. |
Restricted Cash | Restricted cash as of December 31, 2017 , includes cash pledged as collateral for certain operating and capital expenditures in the normal course of business and certain other cash deposits that are for a specific purpose, such as $54 million that is held in the escrow trust for distribution to holders of disputed claims whose claims may ultimately become allowed (see Note 11 ). |
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 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. Markers acquired as part of the acquisition of OpCo were accounted for at fair value on the Effective Date, with no acquired reserve, and will be accreted to interest income up to their expected realizable value over the life of their expected collectability. The acquired markers are subject to adjustment if the actual cash collection differs from the expected collectibility. The fair value, which also represents the carrying amount of markers acquired as part of the acquisition of OpCo as of the Effective Date, was $139 million . As of December 31, 2017 , the carrying amount of the markers acquired was $69 million . Acquired Markers Accretable Yield (In millions) 2017 Balance as of October 6 $ 8 Accretion (2 ) Balance as of December 31 $ 6 Due from affiliates, net represents the net receivable for each counterparty relating to shared services performed on their behalf. 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. |
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 parking and revenue from our entertainment venues and The High Roller observation wheel. Prior to the Effective Date, other revenue included lease revenue from CEOC for Octavius Tower at Caesars Palace Las Vegas (“Caesars Palace”); following the Effective Date, it includes revenue earned from CEOC LLC’s casino management service fees charged to third parties. 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. Jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. We accrue the incremental amount of progressive jackpots as the progressive machine is played and the progressive jackpot amount increases, with a corresponding reduction of casino revenue. Food and beverage and rooms 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. |
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 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 Direct casino expenses. |
Advertising | Advertising The Company expenses the production costs of advertising the first time the advertising takes place. |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 $6 million , $2 million , and $12 million , respectively, for the years ended December 31, 2017 , 2016 , and 2015 . 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. Effective for the quarter ended December 31, 2017, we adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which amends the existing requirements by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, we performed our annual goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount. 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 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 We are self-insured for workers’ compensation and other risk products through our captive insurance subsidiaries. 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. We also utilize consultants to assist in the determination of certain estimated accruals. 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; however, changes in health care costs, accident frequency and severity, and other factors can materially affect the estimates for these liabilities. We regularly monitor the potential for changes in estimates, evaluate our insurance accruals, and adjust our recorded provisions. |
Debt | Current Portion of Long-Term Debt The current portion of long-term debt as of December 31, 2017 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are expected to be paid within 12 months. Borrowings under the revolving credit facilities are each subject to the provisions of the applicable credit facility agreements. The applicable credit facility agreements each have a contractual maturity of greater than one year. Amounts borrowed under the revolving credit facilities are intended to satisfy short term liquidity needs and would be classified as current. We believe that our cash and cash equivalents balance, our cash flows from operations, and/or financing available under our revolving credit facilities will be sufficient to meet our normal operating requirements, to fund planned capital expenditures, and to fund debt service during the next 12 months and the foreseeable future. Debt Discounts or Premiums and Deferred Finance Charges Debt discounts or premiums 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. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of December 31, 2017 based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 3 in the fair value hierarchy. |
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 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 the Company’s recent history of taxable losses. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affected our year ended December 31, 2017 , including, but not limited to (1) reducing the U.S. federal corporate tax rate, (2) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017 , (3) bonus depreciation that will allow for full expensing of qualified property, (4) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries, and (5) a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings accumulated post 1986 through 2017 that were previously deferred from U.S. income taxes. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance for the accounting of the effects of the Tax Act. SAB 118 provides a measurement period that should not be extended past a year from the enactment date for companies to complete the accounting of the Tax Act under ASC Topic 740, Income Taxes (“ASC 740”). Companies that do not complete the accounting under ASC 740 for the tax effects of the Tax Act, must record a provisional estimate of the tax effects of the Tax Act. If a provisional estimate cannot be determined a company should continue to apply ASC 740 based on the tax laws in effect immediately before the enactment of the Tax Act. At December 31, 2017 , the Company has not completed the accounting for the tax effects of the Tax Act; however, the Company has made a reasonable estimate of the effects on the existing deferred tax balances and accrued a provisional income tax benefit of approximately $1.2 billion in the period ended December 31, 2017 . The amount of the estimated income tax benefit is (i) $797 million related to the net deferred tax benefit of the corporate rate reduction and (ii) $442 million related to the net deferred tax benefit of deferred tax assets which are now realizable due to the changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017 . There is no tax expense related to the one-time transitional tax as the Company does not have a net positive post 1986 accumulated earnings and profits in its foreign subsidiaries. In order to complete the accounting requirements under ASC 740, the Company needs to (a) evaluate the impact of additional guidance, if any, from the FASB and external providers on its application of ASC 740 to the calculation; (b) evaluate the impact of further guidance from Treasury and/or the Internal Revenue Service on the technical application of the law with regard to our facts; (c) evaluate the impact of further guidance from the state tax authorities regarding their conformity to the provisions of the Tax Act; and (d) complete the analysis of the revaluation of deferred tax assets and liabilities as the Company is still analyzing certain aspects of the Tax Act. The accounting for the tax effects for the Tax Act will be completed in 2018. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”), which imposes taxes on foreign income in excess of a deemed return on tangible assets of foreign corporations. Because of the complexities of the new provisions, the Company is continuing to evaluate how the provisions will be accounted for under U.S. generally accepted accounting principles. Companies are allowed to make an accounting policy election of either (i) account for GILTI as a component of income tax expense in the period in which the Company is subject to the rules (the “period cost method”), or (ii) account for GILTI in the Company’s measurement of deferred taxes (the “deferred method”). The Company has not elected a method and will do so after completing its analysis of the GILTI provisions of the Tax Act depending on the analysis of the Company’s global income. The Company does not expect the impact of GILTI to be material to the Company’s tax rate in future periods. We file income tax returns, including returns for our subsidiaries, with federal, state, and foreign jurisdictions. We are under regular and recurring audit by the 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 as an operating segment and aggregate such casino properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how we manage the business. These segments include the following properties: Las Vegas Other U.S. All Other Bally's Las Vegas Bally's Atlantic City (2) Management Companies (2) Other Caesars Palace Las Vegas (2) Caesars Atlantic City (2) Caesars Cairo Caesars Interactive Entertainment The Cromwell Harrah's Atlantic City Caesars Windsor Flamingo Las Vegas Harrah's Council Bluffs (2) Harrah's Ak-Chin Harrah's Las Vegas Harrah's Gulf Coast (2) Harrah's Cherokee The LINQ Hotel & Casino Harrah's Joliet (2) Harrah's Cherokee Valley River Paris Las Vegas Harrah's Lake Tahoe (2) Harrah's Resort Southern California Planet Hollywood Resort & Casino Harrah's Laughlin (2) Horseshoe Baltimore (1) Rio All-Suites Hotel & Casino Harrah's Louisiana Downs (2) The London Clubs Cairo-Ramses LINQ Promenade/High Roller Harrah's Metropolis (2) Harrah's New Orleans International (2) Harrah's North Kansas City (2) Alea Glasgow Harrah's Philadelphia (2) Alea Nottingham Harrah's Reno (2) The Casino at the Empire Harveys Lake Tahoe (2) Emerald Safari Horseshoe Baltimore (until Q3) (1) Manchester235 Horseshoe Bossier City (2) Playboy Club London Horseshoe Council Bluffs (2) Rendezvous Brighton Horseshoe Hammond (2) Rendezvous Southend-on-Sea Horseshoe Southern Indiana (2) The Sportsman Horseshoe Tunica (2) Tunica Roadhouse (2) ___________________ (1) Horseshoe Baltimore is 41% owned, and was deconsolidated and held as an equity-method investment effective August 31, 2017. (2) These properties were not consolidated with CEC prior to the Effective Date. We revised our presentation from two reportable segments to the three listed above as of the Effective Date, in conjunction with the CAC Merger and CEOC’s emergence from bankruptcy, because the way in which Caesars management assesses results and allocates resources is aligned in accordance with these segments. When CEOC filed for reorganization, we concluded that CEOC was a VIE and that we were not the primary beneficiary; therefore, we no longer consolidated CEOC. After the Effective Date, CEOC LLC’s results are consolidated with CEC. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars, as described below. |
Description of Business Descrip
Description of Business Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | (In millions) Total Value Assets acquired $ 12,164 Liabilities assumed (1) (11,686 ) Noncontrolling interest 41 Net identifiable assets acquired 519 Goodwill 2,207 Total OpCo equity value $ 2,726 ____________________ (1) As part of the OpCo acquisition, we assumed $8.4 billion in financing obligations and $1.6 billion in long-term debt. See Note 10 and Note 12 for additional information. |
Restructuring and Related Costs [Table Text Block] | Accrued as of (In millions) December 31, 2016 September 30, 2017 October 6, 2017 Forbearance fees and other payments to creditors (1) $ 970 $ 893 $ 870 Bank Guaranty Settlement (1) 734 765 765 Issuance of CEC common stock 2,936 4,507 4,405 Issuance of CEC Convertible Notes 1,600 2,240 2,172 VICI call right agreement 131 189 177 Payment of creditor expenses, settlement charges, and other fees (1) 195 182 182 Payment to CEOC 35 — — Total accrued $ 6,601 $ 8,776 $ 8,571 ____________________ (1) Amounts settled in cash on the Effective Date. |
Schedule of Business Acquisitions by Acquisition, Consideration [Table Text Block] | Summary of CAC Merger and CEOC Emergence Transactions (In millions) CAC Merger Restructuring Support Settlement OpCo Acquisition Total Cash $ — $ 2,787 $ 700 $ 3,487 CEC common stock (value) 2,894 3,435 1,774 8,103 CEC convertible notes (fair value) — 2,172 — 2,172 Other consideration — 177 — 177 Total consideration $ 2,894 $ 8,571 $ 2,474 $ 13,939 CEC common stock (shares) 226 268 139 633 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Reconciliation to Statements of Cash Flows As of December 31, (In millions) 2017 2016 Cash and cash equivalents $ 2,558 $ 1,540 Restricted cash, current 116 3,113 Restricted cash, non-current 35 5 Total cash, cash equivalents, and restricted cash $ 2,709 $ 4,658 |
Financing Receivables [Text Block] | Acquired Markers Accretable Yield (In millions) 2017 Balance as of October 6 $ 8 Accretion (2 ) Balance as of December 31 $ 6 |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Allowance for Doubtful Accounts (In millions) 2017 2016 2015 Balance as of January 1 $ 41 $ 48 $ 196 Provision for doubtful accounts 8 11 11 Write-offs less recoveries (18 ) (18 ) 3 CEOC deconsolidation — — (162 ) OpCo consolidation (1) 20 — — Balance as of December 31 $ 51 $ 41 $ 48 ____________________ (1) See Note 4 for further details relating to the acquisition of OpCo. |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | 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 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table summarizes the assets acquired and liabilities assumed. The intangible assets subject to amortization are being amortized on a straight-line basis over their estimated useful lives as of the acquisition date. (In millions) Fair Value Weighted-Average Useful Life (years) Assets acquired: Cash and cash equivalents $ 1,239 Receivables, net 266 Other current assets 200 Property and equipment 9,018 35.0 Intangible assets other than goodwill Trade names and trademarks (1) 664 Gaming rights (1) 207 Total Rewards (1) 253 Customer relationships 137 14.8 Other non-current assets 180 Total assets 12,164 Liabilities assumed: Current liabilities (765 ) Long-term debt (1,607 ) Financing obligations (8,385 ) Deferred income taxes (568 ) Deferred credits and other liabilities (361 ) Total liabilities (11,686 ) Noncontrolling interest 41 Net identifiable assets acquired 519 Goodwill 2,207 Total OpCo equity value $ 2,726 ____________________ (1) Indefinite-lived intangible assets. |
Pro Forma Information | (Unaudited) Years Ended December 31, (In millions, except per share data) 2017 2016 Net revenues $ 8,307 $ 8,514 Net income/(loss) 6,399 (2,586 ) Net income/(loss) attributable to Caesars 6,399 (2,566 ) Basic earnings/(loss) per share 22.96 (9.20 ) Diluted earnings/(loss) per share 14.87 (9.20 ) |
OpCo [Member] | |
Business Acquisition [Line Items] | |
Summary of Merger | Consideration transferred was composed of the following: (In millions) Cash $ 700 CEC common stock (1) 1,774 Total cash and stock consideration 2,474 Settlement of pre-existing relationships 252 Total OpCo equity value $ 2,726 ____________________ (1) Approximately 139 million shares of CEC common stock issued at the Effective Date closing stock price of $12.80 . |
Caesars Acquisition Company [Member] | |
Business Acquisition [Line Items] | |
Summary of Merger | The following table summarizes the assets acquired, liabilities assumed and CEC’s noncontrolling interest in CGP and excludes CGP’s results, which were consolidated with CEC as a VIE prior to the Effective Date. Summary of Merger as of October 6, 2017 (In millions) Total Value Assets acquired $ 152 Liabilities assumed (96 ) Acquisition of noncontrolling interest in CGP from CAC 1,751 Net book value $ 1,807 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net As of December 31, (In millions) 2017 2016 Land and land improvements $ 4,950 $ 3,584 Buildings, riverboats, and leasehold improvements 11,802 4,149 Furniture, fixtures, and equipment 1,280 1,346 Construction in progress 331 55 Total property and equipment 18,363 9,134 Less: accumulated depreciation (2,135 ) (1,688 ) Total property and equipment, net $ 16,228 $ 7,446 Capital lease assets, net book value (1) $ — $ 7 ____________________ (1) Included in furniture, fixtures, and equipment above. |
Depreciation Expense and Other Amortization Expense | Depreciation Expense and Other Amortization Expense Years Ended December 31, (In millions) 2017 2016 2015 Depreciation expense (1) $ 557 $ 369 $ 301 Other amortization expense 4 5 8 ____________________ (1) Depreciation expense for 2017 includes accelerated depreciation of $80 million due to asset removal and replacement in connection with property renovations primarily at Flamingo Las Vegas, Bally’s Las Vegas, Harrah’s Las Vegas, Harrah’s Laughlin, Planet Hollywood and Harrah’s New Orleans compared with $55 million i n 2016 primarily at Planet Hollywood, Paris Las Vegas, Harrah’s Las Vegas and Flamingo Las Vegas and $6 million in 2015 primarily at Harrah’s Las Vegas. |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in Carrying Value of Goodwill by Segment [Table Text Block] | Changes in Carrying Value of Goodwill by Segment (In millions) Las Vegas Other U.S. All Other CEC Total Gross Goodwill Balance as of January 1, 2016 $ 4,410 $ 650 $ — $ 5,060 Balance as of December 31, 2016 4,410 650 — 5,060 Accumulated Impairment Balance as of January 1, 2016 (3,115 ) (337 ) — (3,452 ) Balance as of December 31, 2016 (3,115 ) (337 ) — (3,452 ) Net carrying value, as of December 31, 2016 $ 1,295 $ 313 $ — $ 1,608 Gross Goodwill Balance as of January 1, 2017 $ 4,410 $ 650 $ — $ 5,060 OpCo acquisition (1) 1,794 352 61 2,207 Balance as of December 31, 2017 6,204 1,002 61 7,267 Accumulated Impairment Balance as of January 1, 2017 and December 31, 2017 (3,115 ) (337 ) — (3,452 ) Net carrying value, as of December 31, 2017 (2) $ 3,089 $ 665 $ 61 $ 3,815 ____________________ (1) See Note 4 for further details relating to the acquisition of OpCo. (2) $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. | Changes in Carrying Value of Goodwill by Segment xBRL Tagging Purposes Only Segment Date Las Vegas Other U.S. All Other CEC Total January 1, 2017 (3,115 ) (337 ) — (3,452 ) |
Changes in Carrying Value of Finite-Lived Intangible Assets Other Than Goodwill [Table Text Block] | Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2017 2016 2017 2016 2017 2016 Balance as of January 1 $ 285 $ 350 $ 148 $ 148 $ 433 $ 498 Amortization expense (67 ) (65 ) — — (67 ) (65 ) Deconsolidation of Horseshoe Baltimore (1) — — (22 ) — (22 ) — OpCo acquisition (2) 137 — 1,124 — 1,261 — Other — — 4 — 4 — Balance as of December 31 $ 355 $ 285 $ 1,254 $ 148 $ 1,609 $ 433 ____________________ (1) See Note 2 or further details relating to the deconsolidation of Horseshoe Baltimore. (2) See Note 4 for further details relating to the acquisition of OpCo. | |
Changes in Carrying Value of Indefinite-Lived Intangible Assets Other Than Goodwill [Table Text Block] | Changes in Carrying Value of Intangible Assets Other than Goodwill Amortizing Non-Amortizing Total (In millions) 2017 2016 2017 2016 2017 2016 Balance as of January 1 $ 285 $ 350 $ 148 $ 148 $ 433 $ 498 Amortization expense (67 ) (65 ) — — (67 ) (65 ) Deconsolidation of Horseshoe Baltimore (1) — — (22 ) — (22 ) — OpCo acquisition (2) 137 — 1,124 — 1,261 — Other — — 4 — 4 — Balance as of December 31 $ 355 $ 285 $ 1,254 $ 148 $ 1,609 $ 433 ____________________ (1) See Note 2 or further details relating to the deconsolidation of Horseshoe Baltimore. (2) See Note 4 for further details relating to the acquisition of OpCo. | |
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, 2017 December 31, 2016 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.0 $ 1,030 $ (693 ) $ 337 $ 893 $ (630 ) $ 263 Contract rights 7.0 3 (2 ) 1 3 (1 ) 2 Gaming rights and other 6.5 43 (26 ) 17 43 (23 ) 20 $ 1,076 $ (721 ) 355 $ 939 $ (654 ) 285 Non-amortizing intangible assets Trademarks 790 126 Gaming rights 211 22 Total Rewards 253 — 1,254 148 Total intangible assets other than goodwill $ 1,609 $ 433 | |
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, 2017 December 31, 2016 (Dollars in millions) Weighted Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets Customer relationships 5.0 $ 1,030 $ (693 ) $ 337 $ 893 $ (630 ) $ 263 Contract rights 7.0 3 (2 ) 1 3 (1 ) 2 Gaming rights and other 6.5 43 (26 ) 17 43 (23 ) 20 $ 1,076 $ (721 ) 355 $ 939 $ (654 ) 285 Non-amortizing intangible assets Trademarks 790 126 Gaming rights 211 22 Total Rewards 253 — 1,254 148 Total intangible assets other than goodwill $ 1,609 $ 433 | |
Estimated Five-Year Amortization [Table Text Block] | Estimated Five-Year Amortization Years Ended December 31, (In millions) 2018 2019 2020 2021 2022 Estimated annual amortization expense $ 64 $ 63 $ 63 $ 57 $ 14 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Items Measured at Fair Value on a Recurring Basis | (In millions) Balance Level 1 Level 2 Level 3 December 31, 2017 Assets: Equity securities $ 8 $ 8 $ — $ — Government bonds 25 — 25 — Total assets at fair value $ 33 $ 8 $ 25 $ — Liabilities: Derivative instruments $ 1,016 $ — $ — $ 1,016 December 31, 2016 Assets: Government bonds $ 47 $ — $ 47 $ — Liabilities: CEC Convertible Notes (1) $ 1,600 $ — $ — $ 1,600 CEC common stock (1) (2) 1,936 — 1,936 — VICI Call Right 131 — — 131 Total liabilities at fair value $ 3,667 $ — $ 1,936 $ 1,731 ____________________ (1) The CEC Convertible Notes and shares of CEC common stock underlying these liabilities were issued on the Effective Date. See Note 12 for further details on the CEC Convertible Notes. (2) Includes $23 million related to the $200 million equity buyback that was reclassified from Level 3 to Level 2 during 2016. |
Changes in Level 3 Fair Value Measurements | Changes in Level 3 Fair Value Measurements Year Ended December 31, 2017 Year Ended December 31, 2016 (In millions) CEC Convertible Notes (1) VICI (2) Derivative Instruments (1) CEC Convertible Notes VICI Balance as of beginning of period $ 1,600 $ 131 $ — $ — $ — Restructuring of CEOC and other 640 46 — 1,600 131 Settlement of Restructuring Support and Forbearance Agreement Accrual (2,240 ) (177 ) 1,080 — — Change in fair value — — (64 ) — — Balance as of end of period $ — $ — $ 1,016 $ 1,600 $ 131 ____________________ (1) The CEC Convertible Notes were remeasured at fair value and issued on the Effective Date with a debt component and a derivative liability component. See Note 12 for further details on the debt portion of the CEC Convertible Notes. The derivative portion of the CEC Convertible Notes is a recurring fair value measurement, see below. (2) The VICI Call Right was remeasured at fair value and then transferred to Accrued expenses and other current liabilities on the Balance Sheet upon settlement on the Effective Date because it is an option related to real estate and therefore not a derivative. See Note 9 . |
Designated as Hedging Instrument [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Interest Rate Swap Derivatives | Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of December 31, 2017 (1) Maturity Date 1/1/2019 250 2.153% N/A 12/31/2020 1/1/2019 250 2.172% N/A 12/31/2020 1/1/2019 250 2.196% N/A 12/31/2021 12/31/2018 250 2.274% N/A 12/31/2022 ____________________ (1) Contract start dates are after December 31, 2017. |
Not Designated as Hedging Instrument [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liabilities Not Designated as Hedging Instruments | Derivative Liabilities (In millions) Balance Sheet Location Fair Value Derivatives not designated as hedging instruments CEC Convertible Notes - derivative features Deferred credits and other liabilities $ 1,016 |
Detail of Accrued Expenses an36
Detail of Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Detail of Accrued Expenses [Abstract] | |
Accrued Expenses and Other Current Liabilities | Detail of Accrued Expenses and Other Current Liabilities As of December 31, (In millions) 2017 2016 Payroll and other compensation $ 268 $ 155 Self-insurance claims and reserves 192 179 Advance deposits 189 87 VICI Call Right 177 — Accrued taxes 137 56 Disputed claims liability (See Note 11) 112 — Total Rewards 66 1 Chip and token liability 38 20 Payable to former minority investors and holders of CIE equity awards (See Note 18) — 63 Other accruals 280 132 Total accrued expenses and other current liabilities $ 1,459 $ 693 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Rental Commitments | Future Minimum Lease Commitments (In millions) Operating Leases Financing Obligation 2018 $ 67 $ 666 2019 55 730 2020 54 734 2021 53 739 2022 49 745 Thereafter 1,018 36,330 Total minimum rental commitments $ 1,296 $ 39,944 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | December 31, 2017 December 31, 2016 (Dollars in millions) Final Rate(s) (1) Face Value Book Value Book Value Secured debt CRC Revolving Credit Facility 2022 variable (5) $ — $ — $ — CRC Term Loan 2024 variable (6) 4,700 4,616 — CEOC LLC Revolving Credit Facility (2) 2022 variable (7) — — — CEOC LLC Term Loan (2) 2024 variable (8) 1,500 1,499 — CERP Revolving Credit Facility (3) N/A N/A — — 40 CERP Senior Secured Loan (3) N/A N/A — — 2,387 CERP First Lien Notes (3) N/A N/A — — 993 CERP Second Lien Notes (3) N/A N/A — — 1,140 CGPH Term Loan (3) N/A N/A — — 1,119 CGPH Notes (3) N/A N/A — — 662 Horseshoe Baltimore Credit and FF&E Facilities (4) N/A N/A — — 309 Cromwell Credit Facility (3) N/A N/A — — 167 Other Financing Obligations N/A N/A — — 7 Unsecured debt CEC Convertible Notes 2024 5.00% 1,078 1,078 — CRC Notes 2025 5.25% 1,700 1,664 — Special Improvement District Bonds 2037 4.30% 56 56 14 Total debt 9,034 8,913 6,838 Current portion of long-term debt (64 ) (64 ) (89 ) Long-term debt $ 8,970 $ 8,849 $ 6,749 Unamortized premiums, discounts and deferred finance charges $ 121 $ 110 Fair value $ 9,100 ____________________ (1) Interest rate is fixed, except where noted. (2) As part of the acquisition of OpCo, we assumed $1.2 billion in debt that was issued in connection with CEOC’s emergence from bankruptcy and the $200 million revolving credit facility described below. See Note 1 and Note 4 for additional information. (3) All outstanding amounts were fully repaid during 2017. (4) As described in Note 2 , we deconsolidated Horseshoe Baltimore effective August 31, 2017. As a result, we derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. (5) London Interbank Offered Rate (“LIBOR”) plus 2.25% . (6) LIBOR plus 2.75% . (7) LIBOR plus 2.00% (8) LIBOR plus 2.50% . |
Annual Estimated Debt Service Requirements | Annual Estimated Debt Service Requirements Years Ended December 31, (In millions) 2018 2019 2020 2021 2022 Thereafter Total Annual maturities of long-term debt $ 64 $ 64 $ 64 $ 64 $ 64 $ 8,714 $ 9,034 Estimated interest payments 440 450 460 450 450 980 3,230 Total debt service obligation (1) $ 504 $ 514 $ 524 $ 514 $ 514 $ 9,694 $ 12,264 ___________________ (1) Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve. Actual payments may differ from these estimates. |
Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities | Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2017 (In millions) Proceeds Repayments Loss on Extinguishment of Debt CRC Revolving Credit Facility $ 300 $ (300 ) $ — CRC Term Loan 4,700 — — CEOC LLC Term Loan (1) 265 — — CRC Notes 1,700 — — CERP Revolving Credit Facility (2) — (40 ) (1 ) CERP Senior Secured Loan (2) 59 (2,484 ) (29 ) CERP First Lien Notes (2) — (1,000 ) (27 ) CERP Second Lien Notes (2) — (1,150 ) (75 ) CGPH Term Loan (2) 226 (1,372 ) (22 ) CGPH Notes (2) — (675 ) (60 ) CGPH Revolving Credit Facility (2) — — (1 ) Cromwell Credit Facility (2) — (171 ) (4 ) Horseshoe Baltimore Credit & FF&E Facilities (3) 300 (320 ) (12 ) Chester Downs Senior Secured Notes (2) — (330 ) (1 ) Other debt activity — (2 ) — Capital lease payments — (2 ) — Total $ 7,550 $ (7,846 ) $ (232 ) ____________________ (1) This amount does not include the debt assumed as part of the OpCo acquisition. See Note 1 and Note 4 for additional information. (2) All outstanding amounts were fully repaid during 2017. (3) The Horseshoe Baltimore Credit & FF&E Facilities were refinanced in July 2017. We deconsolidated Horseshoe Baltimore effective August 31, 2017 and derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. See Note 2 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Income/(loss) from continuing operations attributable to Caesars, net of income taxes $ (375 ) $ (6,428 ) $ 5,854 Income from discontinued operations attributable to Caesars, net of income taxes — 3,380 155 Net income/(loss) attributable to Caesars $ (375 ) $ (3,048 ) $ 6,009 Weighted average common share outstanding 279 146 145 Dilutive potential common shares: stock options — — 2 Weighted average common shares and dilutive potential common shares 279 146 147 Basic earnings/(loss) per share from continuing operations $ (1.35 ) $ (43.96 ) $ 40.42 Basic earnings per share from discontinued operations — 23.11 1.07 Basic earnings/(loss) per share $ (1.35 ) $ (20.85 ) $ 41.49 Diluted earnings/(loss) per share from continuing operations $ (1.35 ) $ (43.96 ) $ 39.81 Diluted earnings per share from discontinued operations — 23.11 1.06 Diluted earnings/(loss) per share $ (1.35 ) $ (20.85 ) $ 40.87 |
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) 2017 2016 2015 Stock options 12 10 4 Restricted stock units and awards 9 9 1 CEC Convertible Notes 36 — — Total anti-dilutive common stock 57 19 5 |
Casino Promotional Allowances40
Casino Promotional Allowances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Promotional Allowances [Abstract] | |
Promotional Allowances | Estimated Retail Value of Casino Promotional Allowances Years Ended December 31, (In millions) 2017 2016 2015 Food and beverage $ 347 $ 277 $ 281 Rooms 285 234 234 Other 47 27 48 $ 679 $ 538 $ 563 |
Cost of Providing Promotional Allowance | Estimated Cost of Providing Casino Promotional Allowances Years Ended December 31, (In millions) 2017 2016 2015 Food and beverage $ 223 $ 170 $ 169 Rooms 100 82 83 Other 28 17 17 $ 351 $ 269 $ 269 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Composition of Stock-Based Compensation | Composition of Stock-Based Compensation Expense (All Plans) Years Ended December 31, (In millions) 2017 2016 2015 Corporate expense $ 36 $ 37 $ 65 Property, general, administrative, and other 7 195 37 Total stock-based compensation expense $ 43 $ 232 $ 102 | |||
Caesars Interactive Entertainment [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Option Grants and Exercises | CIE Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2016 2015 Options Granted: Number of options granted 377 10,350 Weighted average grant-date fair value per share (1) $ 5,404.93 $ 4,670.27 Weighted average exercise price per share $ 19,166.18 $ 15,352.49 Option Exercises: Number of options exercised 909 1,984 Cash received for options exercised $ 2 $ 5 Aggregate intrinsic value of options exercised $ 13 $ 21 ____________________ (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 Value | Assumptions Used to Estimate CIE Option Value Years Ended December 31, 2016 2015 Expected range of volatility 40.5% - 44.6% 42.9% - 49.4% Expected dividend yield — % — % Expected range of term (in years) 0.8 - 4.2 1.5 - 4.7 Risk-free interest rate range 0.5% - 1.2% 0.7% - 1.7% | |||
Caesars Acquisition Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Option Activity | [1] | Caesars Acquisition Company Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2016 1,002,500 $ 9.43 7.8 $ 4 Exercised (450,375 ) 9.68 Canceled concurrent with the CAC Merger (1) (552,125 ) 9.22 Outstanding as of December 31, 2017 — — — — ____________________ (1) CAC stock option grants were canceled and CEC assumed the stock option grants as a result of the CAC Merger. | ||
Stock Option Grants and Exercises | Caesars Acquisition Company Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 Options Granted: Number of options granted — — 20,000 Weighted average grant-date fair value per share $ — $ — $ 3.10 Weighted average exercise price per share $ — $ — $ 7.73 Option Exercises: Number of options exercised 450,375 417,500 — Cash received for options exercised $ 4 $ 4 $ — Aggregate intrinsic value of options exercised $ 2 $ 1 $ — | |||
Restricted Stock Activity | Caesars Acquisition Company Restricted Stock Unit Activity Units Wtd Avg Fair Value Outstanding as of December 31, 2016 493,061 $ 11.82 Vested (259,765 ) 12.62 Canceled concurrent with the CAC Merger (1) (233,296 ) 10.92 Outstanding as of December 31, 2017 — — ____________________ (1) CAC RSU grants were canceled and CEC assumed the RSU grants as a result of the CAC Merger. | |||
Assumptions Used to Estimate Option Value | There were no stock option valuations required during the years ended December 31, 2017 and 2016 . Valuation assumptions for CAC’s stock options used in the Black-Scholes model to estimate fair value were as follows: Caesars Acquisition Company Assumptions Used to Estimate Option Values Year Ended December 31, 2015 Expected volatility 39.9% - 45.7% Expected dividend yield — % Expected term (in years) 5.8 - 9.4 Risk-free interest rate 1.8% - 2.3% | |||
Parent [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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, 2016 9,820,168 $ 11.69 6.2 $ 2 Assumed (1) 897,204 5.67 Exercised (1,249,640 ) 6.51 Forfeited (112,917 ) 9.47 Expired (126,925 ) 10.58 Outstanding as of December 31, 2017 9,227,890 10.36 3.9 35 Vested and expected to vest as of December 31, 2017 9,227,890 10.36 3.9 35 Exercisable as of December 31, 2017 7,698,080 8.97 3.7 31 ____________________ (1) CAC grants that were converted to CEC grants at the Exchange Ratio. | |||
Stock Option Grants and Exercises | Caesars Entertainment Stock Option Grants and Exercises Years Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 Options Granted: Number of options granted — — 1,844,332 Weighted average grant-date fair value per share (1) $ — $ — $ 3.38 Weighted average exercise price per share (1) $ — $ — $ 10.04 Option Exercises: Number of options exercised 1,249,640 11,101 58,700 Cash received for options exercised (2) $ 8 $ — $ — Aggregate intrinsic value of options exercised (2) $ 7 $ — $ — ____________________ (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) 2016 and 2015 amounts are immaterial. | |||
Restricted Stock Activity | The following table summarizes the activity of Caesars Entertainment’s RSUs during the year ended December 31, 2017 . Units Wtd Avg Fair Value Outstanding as of December 31, 2016 8,447,922 $ 7.95 Granted 11,955,390 12.78 Assumed (1) 379,109 11.50 Vested (2,898,737 ) 8.71 Forfeited (609,025 ) 8.71 Outstanding as of December 31, 2017 17,274,659 11.22 ____________________ (1) CAC grants that were converted to CEC grants at the Exchange Ratio. | |||
Assumptions Used to Estimate Option Value | Caesars Entertainment Assumptions Used to Estimate Option Values 2015 Expected volatility 42.0 % Expected dividend yield — % Expected term (in years) 5.7 Risk-free interest rate 1.6 % | |||
[1] | (1) CAC stock option grants were canceled and CEC assumed the stock option grants as a result of the CAC Merger. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plan Participation and Contribution Summary | Multi-employer Pension Plan Participation Pension Protection Act Zone Status (1) Contributions (In millions) (2) Pension Fund EIN/Pension Plan Number 2017 2016 FIP/RP Status (3) 2017 2016 2015 Surcharge Imposed Expiration Date of Collective-Bargaining Agreement (4) Southern Nevada Culinary and Bartenders Pension Plan (5) 88-6016617/001 Green Green No $ 19 $ 16 $ 16 No Various up to July 31, 2018 Pension Plan of the UNITE HERE National Retirement Fund (5)(6) 13-6130178/001 Red Red Yes 9 5 6 No Various up to February 29, 2020 Central Pension Fund of the IUOE & Participating Employers (7) 36-6052390/001 Green Green No 5 5 4 No Various up to August 31, 2018 Local 68 Engineers Union Pension Plan (5)(8) 51-0176618/001 Yellow Yellow No 1 — — No April 30, 2020 NJ Carpenters Pension Fund 22-6174423/001 Yellow Yellow Yes — — — No April 30, 2020 Painters IUPAT 52-6073909/001 Yellow Yellow Yes 1 1 1 No Various up to June 30, 2021 Other Funds 5 6 5 Total Contributions $ 40 $ 33 $ 32 ____________________ (1) Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 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) Comparability to periods prior to the Effective Date are impacted by the consolidation of CEOC LLC. (3) Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (4) The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (5) Employer provided more than 5% of the total contributions for the plan years ended 2016 and 2015 . At the date the financial statements were issued, Forms 5500 were not available for the 2017 plan year ending. (6) See discussion of NRF Settlement Agreement in Note 11 . The HEREIU Intermediary Plan was established as the result of a spin-off from the Pension Plan of the UNITE HERE National Retirement Fund effective January 1, 2018. As of January 1, 2018, CEC no longer contributes to the NRF nor has any remaining liability owed to the NRF. (7) Plan years begin February 1. (8) Plan years begin July 1. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 United States $ (2,381 ) $ (6,128 ) $ 5,749 Outside of the U.S. 4 (2 ) (2 ) $ (2,377 ) $ (6,130 ) $ 5,747 |
Income Tax Benefit/(Provision) | Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2017 2016 2015 United States Current Federal $ 148 $ (381 ) $ — State (7 ) (3 ) — Deferred Federal 1,835 46 115 State 23 10 (10 ) Outside of the U.S. Current (4 ) 1 1 Deferred — — — $ 1,995 $ (327 ) $ 106 |
Allocation of Income Tax Benefit/(Provision) | Allocation of Income Tax Benefit/(Provision) Years Ended December 31, (In millions) 2017 2016 2015 Income tax benefit/(provision) applicable to: Income/(loss) from continuing operations $ 1,995 $ (327 ) $ 106 Discontinued operations — (730 ) (64 ) Deconsolidation and restructuring of CEOC and other — — 1,176 |
Effective Income Tax Rate Reconciliation | Effective Income Tax Rate Reconciliation Years Ended December 31, 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases/(decreases) in tax resulting from: State taxes, net of federal tax benefit 5.2 0.1 — Valuation allowance (17.1 ) (22.9 ) 3.1 Foreign income taxes (0.1 ) — — Deferred tax benefit from changes in federal tax law 52.1 — — Deconsolidation of CEOC — — (40.3 ) Stock-based compensation (0.2 ) (0.8 ) 0.2 Acquisition of CEOC 36.7 — — Reserves for uncertain tax positions (4.6 ) (0.1 ) — Current tax benefit from change in CGP operating agreement 2.4 — — Nondeductible restructuring expenses (25.0 ) (16.8 ) — Noncontrolling interests (0.1 ) — 0.1 Other (0.4 ) 0.2 0.1 Effective tax rate 83.9 % (5.3 )% (1.8 )% |
Temporary Differences Resulting in Deferred Tax Assets and Liabilities | Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of December 31, (In millions) 2017 2016 Deferred tax assets: State net operating losses $ 426 $ 4 Federal net operating loss 553 51 Foreign net operating loss 17 — Compensation programs 97 49 Allowance for doubtful accounts 50 19 Self-insurance reserves 10 8 Accrued restructuring and support expenses — 1,278 Accrued expenses 79 28 Federal tax credits 58 17 Federal indirect tax benefits of uncertain state tax positions 4 5 Financing obligations 2,319 — Golf course properties’ obligation 30 — Intangibles — 39 Debt related items 78 — Deferred revenue 46 1 Other 10 12 Subtotal 3,777 1,511 Less: valuation allowance 1,513 1,356 Total deferred tax assets $ 2,264 $ 155 Deferred tax liabilities: Depreciation and other property-related items $ 2,576 $ 1,091 Deferred cancellation of debt income and other debt-related items — 4 Investment in non-consolidated affiliates — 910 Intangibles 221 — Prepaid expenses 24 15 Other 18 — Total deferred tax liabilities 2,839 2,020 Net deferred tax liability $ 575 $ 1,865 |
Reconciliation of Unrecognized Tax Benefits | Reconciliation of Unrecognized Tax Benefits Years Ended December 31, (In millions) 2017 2016 2015 Balance as of beginning of year $ 115 $ 3 $ 81 Additions based on tax positions related to the current year 113 113 — Additions for tax positions of prior years 1 — — Reductions for tax positions for prior years (92 ) (1 ) — Deconsolidation of CEOC — — (78 ) Acquisition of OpCo 67 — — Effect of changes in federal tax law (42 ) — — Balance as of end of year $ 162 $ 115 $ 3 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Effect on Statements of Operations of Discontinued Operations | Effect on Statements of Operations of Discontinued Operations Years Ended December 31, (In millions) 2016 2015 Net revenues SMG Business $ 678 $ 725 Total net revenues 678 725 Operating expenses SMG Business (1) 748 499 Showboat Atlantic City — 6 Other — 1 Total operating expenses 748 506 Gain from discontinued operations SMG Business 4,180 — Pre-tax income/(loss) from operations SMG Business 4,110 226 Showboat Atlantic City — (6 ) Other — (1 ) Total pre-tax income from discontinued operations $ 4,110 $ 219 Income/(loss), net of income taxes SMG Business $ 3,380 $ 162 Showboat Atlantic City — (6 ) Other — (1 ) Total income from discontinued operations, net of income taxes $ 3,380 $ 155 ____________________ (1) Operating expenses primarily consist of platform fees and property, general, administrative, and other expenses, including stock-based compensation expense directly identifiable with employees of the SMG Business of $264 million and $29 million , respectively, for the years ended December 31, 2016 and 2015 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Years Ended December 31, (In millions) 2017 2016 2015 Transactions with Sponsors and their affiliates Reimbursements and expenses $ 34 $ 6 $ 20 Expenses paid to Sponsors’ portfolio companies 3 2 3 Transactions with Horseshoe Baltimore Management fees 3 — — Reimbursements and allocated expenses 16 — — Transactions with CEOC Shared services allocated expenses to CEOC 312 368 355 Shared services allocated expenses from CEOC 71 148 117 Management fees incurred 33 45 40 Octavius Tower lease revenue 26 35 34 Other expenses incurred 9 14 12 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Condensed Statements of Operations - by Segment | Condensed Statements of Operations - By Segment Year Ended December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenue $ 492 $ 93 $ 48 $ (7 ) $ 626 Net revenues 2,897 1,756 206 (7 ) 4,852 Depreciation and amortization 420 186 22 — 628 Income/(loss) from operations 546 198 (212 ) — 532 Interest expense (65 ) (153 ) (556 ) — (774 ) Gain on deconsolidation of subsidiary — 30 — — 30 Restructuring and support expenses — (177 ) (1,851 ) — (2,028 ) Loss on extinguishment of debt (4 ) (13 ) (215 ) — (232 ) Other income 4 1 90 — 95 Income tax benefit — 2 1,993 — 1,995 Year Ended December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenues $ 447 $ 65 $ 15 $ — $ 527 Net revenues 2,625 1,205 47 — 3,877 Depreciation and amortization 344 90 5 — 439 Income/(loss) from operations 526 163 (462 ) — 227 Interest expense (21 ) (30 ) (548 ) — (599 ) Restructuring and support expenses — — (5,729 ) — (5,729 ) Other losses — — (29 ) — (29 ) Income tax benefit/(provision) 1 — (328 ) — (327 ) Year Ended December 31, 2015 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Other revenues $ 399 $ 67 $ 29 $ — $ 495 Net revenues 2,543 1,308 78 — 3,929 Depreciation and amortization 278 80 16 — 374 Income/(loss) from operations 533 191 (409 ) — 315 Interest expense (16 ) (27 ) (640 ) — (683 ) Gain on deconsolidation of subsidiary — — 7,125 — 7,125 Restructuring and support expenses — — (1,017 ) — (1,017 ) Other income — — 7 — 7 Income tax benefit — — 106 — 106 |
Adjusted EBITDA | Adjusted 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). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management. Year Ended December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income/(loss) attributable to Caesars $ 481 $ (105 ) $ (751 ) $ — $ (375 ) Net loss attributable to noncontrolling interests — (7 ) — — (7 ) Income tax benefit — (2 ) (1,993 ) — (1,995 ) Gain on deconsolidation of subsidiary — (30 ) — — (30 ) Restructuring and support expenses — 177 1,851 — 2,028 Loss on extinguishment of debt 4 13 215 — 232 Other income (4 ) (1 ) (90 ) — (95 ) Interest expense 65 153 556 — 774 Depreciation and amortization 420 186 22 — 628 Other operating costs (1) 25 2 37 — 64 Stock-based compensation expense 4 3 36 — 43 Other items (2) 5 5 80 — 90 Adjusted EBITDA $ 1,000 $ 394 $ (37 ) $ — $ 1,357 Year Ended December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income/(loss) attributable to Caesars $ 506 $ 129 $ (3,683 ) $ — $ (3,048 ) Net income/(loss) attributable to noncontrolling interests — 4 (33 ) — (29 ) Discontinued operations, net of income taxes — — (3,380 ) — (3,380 ) Income tax (benefit)/provision (1 ) — 328 — 327 Restructuring and support expenses — — 5,729 — 5,729 Other losses — — 29 — 29 Interest expense 21 30 548 — 599 Depreciation and amortization 344 90 5 — 439 Other operating costs (1) 8 — 83 — 91 CIE stock-based compensation — — 189 — 189 Stock-based compensation expense 3 2 38 — 43 Other items (2) — 4 77 — 81 Adjusted EBITDA $ 881 $ 259 $ (70 ) $ — $ 1,070 Year Ended December 31, 2015 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Net income attributable to Caesars $ 517 $ 178 $ 5,314 $ — $ 6,009 Net income/(loss) attributable to noncontrolling interests — (14 ) 13 — (1 ) Discontinued operations, net of income taxes — — (155 ) — (155 ) Income tax benefit — — (106 ) — (106 ) Gain on deconsolidation of subsidiary — — (7,125 ) — (7,125 ) Restructuring and support expenses — — 1,017 — 1,017 Other income — — (7 ) — (7 ) Interest expense 16 27 640 — 683 Depreciation and amortization 278 80 16 — 374 Other operating costs (1) 11 7 143 — 161 CIE stock-based compensation — — 31 — 31 Stock-based compensation expense 3 2 66 — 71 Other items (2) 2 — 62 — 64 Adjusted EBITDA $ 827 $ 280 $ (91 ) $ — $ 1,016 ____________________ (1) Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. (2) Other items includes other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as litigation awards and settlements, costs associated with CEOC’s restructuring and related litigation, severance and relocation costs, sign-on and retention bonuses, permit remediation costs, and business optimization expenses. |
Condensed Balance Sheets - By Segment | Condensed Balance Sheets - By Segment As of December 31, 2017 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Total assets $ 14,145 $ 6,880 $ 7,519 $ (3,032 ) $ 25,512 Total liabilities 5,238 5,027 11,843 108 22,216 As of December 31, 2016 (In millions) Las Vegas Other U.S. All Other Elimination Caesars Total assets $ 8,583 $ 1,580 $ 7,896 $ (3,136 ) $ 14,923 Total liabilities 456 477 15,599 — 16,532 |
Quarterly Results of Operatio47
Quarterly Results of Operations - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | As recast for CAC Merger (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ 963 $ 1,002 $ 986 $ 1,901 $ 4,852 Income from operations 149 149 81 153 532 Net income/(loss) (508 ) (1,434 ) (441 ) 2,001 (382 ) Net income/(loss) attributable to Caesars (507 ) (1,434 ) (435 ) 2,001 (375 ) Basic earnings/(loss) per share (3.44 ) (9.63 ) (2.92 ) 3.01 (1.35 ) Diluted earnings/(loss) per share (3.44 ) (9.63 ) (2.92 ) 2.48 (1.35 ) 2016 Net revenues $ 950 $ 992 $ 986 $ 949 $ 3,877 Income/(loss) from operations 80 105 (53 ) 95 227 Net loss (283 ) (2,052 ) (276 ) (466 ) (3,077 ) Net loss attributable to Caesars (286 ) (2,055 ) (244 ) (463 ) (3,048 ) Basic loss per share (1.97 ) (14.10 ) (1.66 ) (3.15 ) (20.85 ) Diluted loss per share (1.97 ) (14.10 ) (1.66 ) (3.15 ) (20.85 ) As previously reported (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ 963 $ 1,002 $ 986 Income from operations 158 157 86 Net loss (524 ) (1,426 ) (460 ) Net loss attributable to Caesars (546 ) (1,442 ) (468 ) Basic loss per share (3.71 ) (9.68 ) (3.14 ) Diluted loss per share (3.71 ) (9.68 ) (3.14 ) 2016 Net revenues $ 950 $ 992 $ 986 $ 949 $ 3,877 Income/(loss) from operations 88 111 (44 ) 102 257 Net income/(loss) (274 ) (2,043 ) 5 (435 ) (2,747 ) Net loss attributable to Caesars (308 ) (2,077 ) (643 ) (541 ) (3,569 ) Basic loss per share (2.12 ) (14.25 ) (4.38 ) (3.68 ) (24.41 ) Diluted loss per share (2.12 ) (14.25 ) (4.38 ) (3.68 ) (24.41 ) Comparison to recast (In millions, except per share amounts) First Second Third Fourth Total 2017 Net revenues $ — $ — $ — Income from operations (9 ) (8 ) (5 ) Net loss 16 (8 ) 19 Net loss attributable to Caesars 39 8 33 Basic loss per share 0.27 0.05 0.22 Diluted loss per share 0.27 0.05 0.22 2016 Net revenues $ — $ — $ — $ — $ — Income/(loss) from operations (8 ) (6 ) (9 ) (7 ) (30 ) Net income/(loss) (9 ) (9 ) (281 ) (31 ) (330 ) Net loss attributable to Caesars 22 22 399 78 521 Basic loss per share 0.15 0.15 2.72 0.53 3.56 Diluted loss per share 0.15 0.15 2.72 0.53 3.56 |
Description of Business Descr48
Description of Business Description of Business - Schedule of Business Acquisition (Details) - USD ($) $ in Millions | Dec. 31, 2017 | [1] | Oct. 06, 2017 | Dec. 31, 2016 | |
Goodwill | $ 3,815 | $ 1,608 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2,726 | ||||
OpCo [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 12,164 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | [2] | 11,686 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 41 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 519 | ||||
Goodwill | 2,207 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 2,726 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 8,385 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,607 | ||||
[1] | $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. | ||||
[2] | As part of the OpCo acquisition, we assumed $8.4 billion in financing obligations and $1.6 billion in long-term debt. See Note 10 and Note 12 for additional information. |
Description of Business Descr49
Description of Business Description of Business - Restructuring Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Oct. 06, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Payment of creditor expenses, settlement charges, and other fees | $ 38 | $ 20 | ||||
Caesars Entertainment Operating Company [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Current | $ 8,571 | $ 8,776 | 6,601 | |||
Payment of creditor expenses, settlement charges, and other fees | [1] | 182 | 182 | 195 | ||
Notes Payable, Related Parties, Current | 0 | 0 | $ 35 | 35 | ||
Caesars Entertainment Operating Company [Member] | Call Option [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other Commitment | 177 | 189 | 131 | |||
Caesars Entertainment Operating Company [Member] | Convertible Debt [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other Commitment | 2,172 | 2,240 | 1,600 | |||
Caesars Entertainment Operating Company [Member] | Fixed Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Current | [1] | 870 | 893 | 970 | ||
Caesars Entertainment Operating Company [Member] | Bank Guaranty Settlement [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Current | [1] | 765 | 765 | 734 | ||
Common Stock | Caesars Entertainment Operating Company [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Current | $ 4,405 | $ 4,507 | $ 2,936 | |||
[1] | Amounts settled in cash on the Effective Date. |
Description of Business Descr50
Description of Business Description of Business - Merger and Emergence Transaction (Details) - USD ($) shares in Millions, $ in Millions | Oct. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||
Payments for Restructuring | $ 3,487 | ||||
Stock Issued During Period for Merger and Emergence | 8,103 | ||||
Issuance of convertible notes | 2,172 | $ 2,349 | $ 0 | $ 0 | |
Other Consideration | 177 | ||||
Total Restructuring and Acquisition Consideration | $ 13,939 | ||||
Stock Issued During Period, Shares, Other | 633 | ||||
Caesars Acquisition Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Stock Issued During Period for Merger and Emergence | $ 2,894 | ||||
Total Restructuring and Acquisition Consideration | $ 2,894 | ||||
Stock Issued During Period, Shares, Other | 226 | ||||
OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Restructuring | $ 700 | ||||
Stock Issued During Period for Merger and Emergence | [1] | 1,774 | |||
Total Restructuring and Acquisition Consideration | $ 2,474 | ||||
Stock Issued During Period, Shares, Other | 139 | ||||
Caesars Entertainment Operating Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Restructuring | $ 2,787 | ||||
Stock Issued During Period for Merger and Emergence | 3,435 | ||||
Issuance of convertible notes | 2,172 | ||||
Other Consideration | 177 | ||||
Total Restructuring and Acquisition Consideration | $ 8,571 | ||||
Stock Issued During Period, Shares, Other | 268 | ||||
[1] | (1) Approximately 139 million shares of CEC common stock issued at the Effective Date closing stock price of $12.80. |
Description of Business - Addit
Description of Business - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions | Oct. 06, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)Casinos | Oct. 05, 2017USD ($) | Dec. 31, 2017USD ($)Casinos | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Variable Interest Entity [Line Items] | |||||||||
Total Restructuring and Acquisition Consideration | $ 13,939 | ||||||||
Conversion of Stock, Exchange Ratio | 1.625 | ||||||||
Stock Issued During Period, Shares, Other | shares | 633 | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 407 | ||||||||
Payments for Restructuring | $ 3,487 | ||||||||
Restructuring and support expenses | $ 2,028 | $ 5,729 | $ 1,017 | ||||||
Restructuring Reserve, Accrual Adjustment | $ 205 | ||||||||
Long-term Debt, Gross | $ 9,034 | 9,034 | |||||||
Shares Contributed and Retired | shares | 88 | ||||||||
Related Party, Ownership Percentage | 20.80% | ||||||||
Land Acquisition | 598 | 220 | 341 | ||||||
Proceeds from sale-leaseback financing arrangement | $ 1,136 | 0 | $ 0 | ||||||
UNITED STATES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Casinos Operated Or Managed | Casinos | 47 | 47 | |||||||
Geographic Concentration Risk [Member] | UNITED STATES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Casinos Operated Or Managed | Casinos | 13 | 13 | |||||||
Geographic Concentration Risk [Member] | International [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Casinos Operated Or Managed | Casinos | 4 | 4 | |||||||
NEVADA | Geographic Concentration Risk [Member] | UNITED STATES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Casinos Operated Or Managed | Casinos | 9 | 9 | |||||||
Sales Revenue, Net [Member] | NEVADA | Geographic Concentration Risk [Member] | UNITED STATES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Concentration Risk, Percentage | 60.00% | ||||||||
Caesars Growth Partners, LLC [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | ||||||||
Caesars Resort Collection [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Long-term Debt, Gross | $ 5,700 | $ 5,700 | |||||||
Nonvoting Common Stock [Member] | Caesars Growth Partners, LLC [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | ||||||||
Caesars Acquisition Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total Restructuring and Acquisition Consideration | $ 2,894 | ||||||||
Stock Issued During Period, Shares, Other | shares | 226 | ||||||||
OpCo [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total Restructuring and Acquisition Consideration | $ 2,474 | ||||||||
Stock Issued During Period, Shares, Other | shares | 139 | ||||||||
Business Combination, Consideration Transferred | $ 2,474 | ||||||||
Payments for Restructuring | $ 700 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.80 | ||||||||
Caesars Entertainment Operating Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total Restructuring and Acquisition Consideration | $ 8,571 | ||||||||
Stock Issued During Period, Shares, Other | shares | 268 | ||||||||
Payments for Restructuring | $ 2,787 | ||||||||
Payments for Restructuring Shares | shares | 146 | ||||||||
Payments for Restructuring Prenegotiated Price Per Share | $ / shares | $ 6.86 | ||||||||
Notes Payable, Related Parties, Current | $ 0 | 35 | $ 0 | $ 35 | |||||
Fixed Costs [Member] | Caesars Entertainment Operating Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Restructuring Reserve, Accrual Adjustment | (193) | ||||||||
Call Option [Member] | Caesars Entertainment Operating Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Restructuring Reserve, Accrual Adjustment | (12) | ||||||||
Other Restructuring [Member] | Caesars Entertainment Operating Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Payments for Restructuring | $ 173 | 34 | |||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | 3,500 | ||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | 1,936 | |||||||
Convertible Debt [Member] | Unsecured Debt [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,078 | $ 1,078 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.00% | 5.00% | ||||||
Term Loan [Member] | Unsecured Debt [Member] | Caesars Resort Collection [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,700 | $ 1,700 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.25% | 5.25% | ||||||
Term Loan [Member] | Secured Debt [Member] | Caesars Growth Partners, LLC [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Long-term Debt, Gross | [4] | $ 0 | $ 0 | ||||||
Term Loan [Member] | Secured Debt [Member] | Caesars Resort Collection [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Long-term Debt, Gross | [5] | 4,700 | 4,700 | ||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Caesars Resort Collection [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | 1,000 | |||||||
Long-term Debt, Gross | [6] | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Liability [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | [7] | 1,080 | |||||||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | $ 0 | |||||||
VICI Properties, Inc. [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Land Acquisition | 74 | ||||||||
Proceeds from sale-leaseback financing arrangement | $ 1,100 | ||||||||
Obligations [Member] | Caesars Entertainment Operating Company [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Payments for Restructuring | $ 1,000 | ||||||||
Directors and Officers Liability Insurance [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Restructuring and support expenses | $ 126 | ||||||||
[1] | Includes $23 million related to the $200 million equity buyback that was reclassified from Level 3 to Level 2 during 2016. | ||||||||
[2] | The CEC Convertible Notes and shares of CEC common stock underlying these liabilities were issued on the Effective Date. See Note 12 for further details on the CEC Convertible Notes. | ||||||||
[3] | (1) Interest rate is fixed, except where noted. | ||||||||
[4] | All outstanding amounts were fully repaid during 2017. | ||||||||
[5] | LIBOR plus2.75%. | ||||||||
[6] | London Interbank Offered Rate (“LIBOR”) plus 2.25%. | ||||||||
[7] | The CEC Convertible Notes were remeasured at fair value and issued on the Effective Date with a debt component and a derivative liability component. See Note 12 for further details on the debt portion of the CEC Convertible Notes. The derivative portion of the CEC Convertible Notes is a recurring fair value measurement, see below. |
Basis of Presentation & Conso52
Basis of Presentation & Consolidation - Additional Information (Details) $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($)reportable_segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||||||||||||
Prior Period Reclassification Adjustment | $ 3,700 | |||||||||||
Non-cash change in restructuring accrual | $ 2,065 | $ 3,667 | $ 0 | |||||||||
Number of Reportable Segments | reportable_segment | 3 | |||||||||||
Net revenues | $ 1,901 | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | $ 4,852 | 3,877 | 3,929 | |
Net income/(loss) attributable to Caesars | 2,001 | $ (435) | $ (1,434) | $ (507) | (463) | $ (244) | $ (2,055) | $ (286) | (375) | (3,048) | 6,009 | |
Total assets | 25,512 | 14,923 | 25,512 | 14,923 | ||||||||
Total liabilities | 22,216 | 16,532 | 22,216 | 16,532 | ||||||||
Long-term Debt | 8,913 | $ 6,838 | 8,913 | 6,838 | ||||||||
Gain on deconsolidation of subsidiaries | 30 | $ 0 | $ 7,125 | |||||||||
CBIC, LLC [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Equity Method Investments, Fair Value Disclosure | $ 28 | 28 | ||||||||||
Gain on deconsolidation of subsidiaries | $ 30 | |||||||||||
Horseshoe Casino Baltimore [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Net revenues | $ 188 | |||||||||||
Net income/(loss) attributable to Caesars | (6) | |||||||||||
Total assets | 350 | |||||||||||
Total liabilities | 354 | |||||||||||
Long-term Debt | $ 294 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Reconciliation of Cash (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 2,558 | $ 1,540 | ||
Restricted cash, current | 116 | 3,113 | ||
Restricted cash, noncurrent | 35 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2,709 | $ 4,658 | $ 1,414 | $ 2,896 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Acquired Markers Accretable Yield (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Oct. 06, 2017 | |
Receivables [Abstract] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ 6 | $ 8 |
Accretion Expense | $ (2) |
Summary of Significant Accoun55
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Valuation Allowance [Line Items] | ||||
Provision for doubtful accounts | $ (8) | $ (11) | $ (11) | |
Allowance for Doubtful Accounts, Current [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | 41 | 48 | 196 | |
Valuation Allowances and Reserves, Adjustments | 0 | 0 | (162) | |
Valuation Allowances and Reserves, Deductions | (18) | (18) | 3 | |
Balance at End of Period | 51 | 41 | 48 | |
OpCo [Member] | Allowance for Doubtful Accounts, Current [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Adjustments | [1] | $ 20 | $ 0 | $ 0 |
[1] | ____________________(1) See Note 4 for further details relating to the acquisition of OpCo. |
Summary of Significant Accoun56
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Riverboats and Barges [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years 6 months |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 06, 2017 | ||
Prior Period Reclassification Adjustment | $ 139 | ||||
Cash and Cash Equivalents, at Carrying Value | $ 2,558 | $ 1,540 | |||
Interest Costs Capitalized | 6 | 2 | $ 12 | ||
Advertising Expense | 61 | 55 | 65 | ||
Other operating costs | [1] | 64 | 91 | $ 161 | |
Receivables, net | 496 | 160 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Cash and Cash Equivalents, at Carrying Value | 58 | 107 | |||
Receivables, net | 0 | $ 3 | |||
Loans Receivable [Member] | |||||
Receivables, net | 69 | ||||
Discontinued Operations, Disposed of by Means Other than Sale [Member] | |||||
Other operating costs | $ (19) | ||||
[1] | Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. |
Business Combination - Composit
Business Combination - Composition of Consideration (Details) $ / shares in Units, shares in Millions, $ in Millions | Oct. 06, 2017USD ($)$ / sharesshares | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Payments for Restructuring | $ 3,487 | |
Stock Issued During Period for Merger and Emergence | 8,103 | |
Business Combination, Settlement of pre-existing relationship | 252 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 2,726 | |
Stock Issued During Period, Shares, Other | shares | 633 | |
OpCo [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Payments for Restructuring | $ 700 | |
Stock Issued During Period for Merger and Emergence | 1,774 | [1] |
Business Combination, Consideration Transferred | 2,474 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 2,726 | |
Stock Issued During Period, Shares, Other | shares | 139 | |
Shares Issued, Price Per Share | $ / shares | $ 12.80 | |
[1] | (1) Approximately 139 million shares of CEC common stock issued at the Effective Date closing stock price of $12.80. |
Business Combination - Purchase
Business Combination - Purchase Price Allocation (Details) - USD ($) $ in Millions | Oct. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | [1] | $ (1,261) | $ 0 | ||
Goodwill | $ 3,815 | [2] | $ 1,608 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2,726 | ||||
Acquired PPE, Weighted Average Useful Life | 35 years | ||||
Weighted Average Remaining Useful Life (in years) | 14 years 9 months 20 days | ||||
Caesars Acquisition Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 152 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 96 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 1,751 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,807 | ||||
OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,239 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 266 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 200 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,018 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 180 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 12,164 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (765) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,607) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | (8,385) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (568) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (361) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | [3] | 11,686 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 41 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 519 | ||||
Goodwill | 2,207 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 2,726 | ||||
Trademarks and Trade Names [Member] | OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [4] | 664 | |||
Licensing Agreements [Member] | OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [4] | 207 | |||
Trademarks - Total Rewards [Member] | OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [4] | 253 | |||
Customer relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted Average Remaining Useful Life (in years) | 5 years | ||||
Customer relationships [Member] | OpCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 137 | ||||
[1] | See Note 4 for further details relating to the acquisition of OpCo. | ||||
[2] | $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. | ||||
[3] | As part of the OpCo acquisition, we assumed $8.4 billion in financing obligations and $1.6 billion in long-term debt. See Note 10 and Note 12 for additional information. | ||||
[4] | Indefinite-lived intangible assets. |
Business Combination - Pro Form
Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | $ 8,307 | $ 8,514 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 6,399 | (2,586) | |||||||||
Net income/(loss) attributable to Caesars | $ 2,001 | $ (435) | $ (1,434) | $ (507) | $ (463) | $ (244) | $ (2,055) | $ (286) | $ (375) | $ (3,048) | $ 6,009 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 22.96 | $ (9.20) | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 14.87 | $ (9.20) | |||||||||
Pro Forma [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net income/(loss) attributable to Caesars | $ 6,399 | $ (2,566) |
Business Combination - Summary
Business Combination - Summary of Merger (Details) - Caesars Acquisition Company [Member] $ in Millions | Oct. 06, 2017USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 152 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 96 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (1,751) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,807 |
Business Combination Reconcilia
Business Combination Reconciliation of Net Revenues and Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recast financial information [Line Items] | |||||||||||
Net revenues | $ 1,901 | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | $ 4,852 | $ 3,877 | $ 3,929 |
Net income/(loss) | $ 2,001 | (441) | (1,434) | (508) | (466) | (276) | (2,052) | (283) | $ (382) | (3,077) | 6,008 |
Scenario, Previously Reported [Member] | |||||||||||
Recast financial information [Line Items] | |||||||||||
Net revenues | 986 | 1,002 | 963 | 949 | 986 | 992 | 950 | 3,877 | |||
Net income/(loss) | (460) | (1,426) | (524) | (435) | 5 | (2,043) | (274) | (2,747) | |||
Scenario, Previously Reported [Member] | Caesars Entertainment Corporation [Member] | |||||||||||
Recast financial information [Line Items] | |||||||||||
Net revenues | 3,877 | 3,929 | |||||||||
Net income/(loss) | (2,747) | 6,052 | |||||||||
Scenario, Previously Reported [Member] | Caesars Acquisition Company [Member] | |||||||||||
Recast financial information [Line Items] | |||||||||||
Net revenues | 0 | 0 | |||||||||
Net income/(loss) | 619 | 32 | |||||||||
Restatement Adjustment [Member] | |||||||||||
Recast financial information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income/(loss) | $ 19 | $ (8) | $ 16 | $ (31) | $ (281) | $ (9) | $ (9) | (330) | |||
Caesars Acquisition Company [Member] | Restatement Adjustment [Member] | |||||||||||
Recast financial information [Line Items] | |||||||||||
Net revenues | 0 | 0 | |||||||||
Net income/(loss) | $ (949) | $ (76) |
Business Combination - Addition
Business Combination - Additional Details (Details) shares in Millions, $ in Millions | Nov. 16, 2017USD ($) | Oct. 06, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)reportable_segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Business Acquisition [Line Items] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate | 8.50% | |||||||
Failed sale-leaseback, Rent payment for initial year | $ 666 | $ 666 | ||||||
Goodwill | 3,815 | [1] | $ 3,815 | [1] | $ 1,608 | |||
Number of Reportable Segments | reportable_segment | 3 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (3) | (5) | $ (24) | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,000 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 51 | |||||||
Conversion of Stock, Exchange Ratio | 1.625 | |||||||
Stock Issued During Period, Shares, Acquisitions | shares | 407 | |||||||
OpCo [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 2,207 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 568 | |||||||
Consideration Transferred | 2,474 | |||||||
Centaur Holdings, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration Transferred | $ 1,700 | |||||||
Payments to Acquire Businesses, Gross | 1,600 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 75 | |||||||
Noncontrolling Interest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (13) | (3) | $ (5) | $ (24) | ||||
CEOC LLC Leases [Member] | VICI Properties, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Failed sale-leaseback, Rent payment for initial year | $ 640 | $ 640 | ||||||
[1] | $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. |
Recently Issued Accounting Pr64
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings effectively eliminating the stranded tax effects resulting from the Tax Cuts and Jobs Act (the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018). Because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Amendments in this update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
Accounting Standards Update 2017-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amendments in this update provide guidance regarding which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following are met: (i) the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as before the original award was modified. Amendments in this update are effective for all periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. Application of amended guidance should be applied prospectively to an award modified on or after the adoption date. We are adopting this standard as of January 1, 2018. |
Accounting Standards Update 2017-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Updated amendments intend to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The amendments are effective to annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is allowed as follows: (1) transactions for which acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (2) transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. Application of amended guidance should be applied prospectively on or after the effective date and no disclosures are required at transition. We are adopting this standard as of January 1, 2018. |
Accounting Standards Update 2016-15 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amended guidance addresses eight specific cash flow issues with the objective of reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments should be applied retrospectively to each period presented. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. |
Accounting Standards Update 2016-16 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amended guidance addresses intra-entity transfers of assets other than inventory, which requires the recognition of any related income tax consequences when such transfers occur. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Amendments are effective for fiscal years beginning after December 15, 2017, and interim reporting periods within those years. Early adoption is permitted. We are adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. |
Accounting Standards Update 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | 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 GAAP applicable to revenue transactions. Existing industry guidance will be eliminated, including revenue recognition guidance specific to the gaming industry. The FASB has recently issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. The guidance should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. We are currently in the process of our analysis and anticipate this standard will have a material effect on our consolidated financial statements. As described below, we expect the most significant effect will be related to the accounting for the Total Rewards customer loyalty program and casino promotional allowances. However, due to the complexity and nature of the gaming industry, the quantitative effects of these changes have not yet been determined and are still being analyzed. The Total Rewards customer loyalty program affects revenue from our four core businesses: casino entertainment, food and beverage, rooms and hotel, and entertainment and other business operations. Currently, CEC 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. Upon adoption of the new guidance, Reward Credits will no longer be recorded at cost, and a deferred revenue model will be used to account for the classification and timing of revenue recognized as well as the classification of related expenses when Reward Credits are redeemed. This will result in a portion of casino revenues being recorded as deferred revenue and being recognized as revenue in a future period when the Reward Credits are redeemed, and the revenue will be classified according to the good or service for which the Reward Credits were redeemed (e.g., a hotel room). Additionally, we currently record promotional allowances in a separate line item within net revenues. As part of adopting the new standard, promotional allowances will no longer be presented separately. Alternatively, revenue will be recognized based on relative standalone selling prices for transactions with more than one performance obligation. For example, when a casino customer is given a complimentary room, we will be required to allocate a portion of the casino revenues earned from the customer to rooms revenues based on the standalone selling price of the room. As a result of this change, we expect to report substantially lower casino revenues; however, we do not expect this to significantly affect total net revenues. In addition, we do not expect the adoption of the new standard to have a material effect on income from operations or net income. However, we are still evaluating certain assumptions used in our underlying calculations, particularly as it relates to our Total Rewards program. |
New Accounting Pronouncement or Change in Accounting Principle, Description of Transition Method | As described below, we expect the most significant effect will be related to the accounting for Total Rewards and casino promotional allowances. Total Rewards affects revenue from our four core businesses: casino entertainment, food and beverage, rooms and hotel, and entertainment and other business operations. Currently, CEC accrues a liability based on the estimated cost of fulfilling the redemption of Reward Credits, after consideration of estimated forfeitures (referred to as “breakage”), based upon the cost of historical redemptions. Upon adoption of the new guidance, Reward Credits will no longer be recorded at cost, and a deferred revenue model will be used to account for the classification and timing of revenue recognized as well as the classification of related expenses when Reward Credits are redeemed. This will result in a portion of casino revenues being recorded as deferred revenue and being recognized as revenue in a future period when the Reward Credits are redeemed, and the revenue will be classified according to the good or service for which the Reward Credits are redeemed (e.g., a hotel room). We also expect to see a significant decrease in casino revenues. The presentation of goods and services provided to customers without charge in gross revenue with a corresponding reduction in promotional allowances will no longer be reported. Revenue will be recognized based on relative standalone selling prices for transactions with more than one performance obligation. For example, when a casino customer is given a complimentary room, we will be required to allocate a portion of the casino revenues earned from the customer to rooms revenues based on the standalone selling price of the room. |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | The amended guidance requires most lease obligations to be recognized as a right-of-use (“ROU”) asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance should be implemented for the earliest period presented using a modified retrospective approach, which includes optional practical expedients primarily focused on leases that commenced before the effective date, including continuing to account for leases that commenced before the effective date in accordance with previous guidance, unless the lease is modified. Operating leases, including agreements relating to slot machines, will be recorded on the balance sheet as an ROU asset with a corresponding lease liability, which will be amortized using the effective interest rate method as payments are made. The ROU asset will be depreciated on a straight-line basis and recognized as lease expense. The qualitative and quantitative effects of adoption are still being analyzed. We are in the process of evaluating the full effect the guidance will have on our financial statements. |
Accounting Standards Update 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amended 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 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 adopting this standard as of January 1, 2018, and are in the process of evaluating the effect it will have on our financial statements, if any. |
Accounting Standards Update 201613 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Amended guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of broader range of reasonable and supportable information to inform credit loss estimates. Amendments affect entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect the adoption of this standard will have on our financial statements. |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 18,363 | $ 9,134 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (2,135) | (1,688) | |
Property, Plant and Equipment, Net | 16,228 | 7,446 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | [1] | 0 | 7 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,950 | 3,584 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 11,802 | 4,149 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,280 | 1,346 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 331 | $ 55 | |
[1] | Included in furniture, fixtures, and equipment above. |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 80 | $ 55 | $ 6 | |
Property, Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | [1] | 557 | 369 | 301 |
Other Amortization Expense | $ 4 | $ 5 | $ 8 | |
[1] | Depreciation expense for 2017 includes accelerated depreciation of $80 million due to asset removal and replacement in connection with property renovations primarily at Flamingo Las Vegas, Bally’s Las Vegas, Harrah’s Las Vegas, Harrah’s Laughlin, Planet Hollywood and Harrah’s New Orleans compared with $55 million in 2016 primarily at Planet Hollywood, Paris Las Vegas, Harrah’s Las Vegas and Flamingo Las Vegas and $6 million in 2015 primarily at Harrah’s Las Vegas. |
Property and Equipment Property
Property and Equipment Property and Equipment Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Interest Costs Capitalized | $ 6 | $ 2 | $ 12 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Goodwill [Line Items] | ||||
Reporting Unit, Zero or Negative Carrying Amount, Amount of Allocated Goodwill | $ 405 | |||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 5,060 | |||
Goodwill, Acquired During Period | [1] | 2,207 | ||
Goodwill, Gross | 7,267 | |||
Goodwill, Impaired, Accumulated Impairment Loss, Beginning | (3,452) | |||
Goodwill, Impaired, Accumulated Impairment Loss | (3,452) | |||
Net Carrying Value of Goodwill | 3,815 | [2] | $ 1,608 | |
Las Vegas, NV [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 4,410 | |||
Goodwill, Acquired During Period | [1] | 1,794 | ||
Goodwill, Gross | 6,204 | |||
Goodwill, Impaired, Accumulated Impairment Loss, Beginning | (3,115) | |||
Goodwill, Impaired, Accumulated Impairment Loss | (3,115) | |||
Net Carrying Value of Goodwill | 3,089 | [2] | 1,295 | |
Other U.S. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 650 | |||
Goodwill, Acquired During Period | [1] | 352 | ||
Goodwill, Gross | 1,002 | |||
Goodwill, Impaired, Accumulated Impairment Loss, Beginning | (337) | |||
Goodwill, Impaired, Accumulated Impairment Loss | (337) | |||
Net Carrying Value of Goodwill | 665 | [2] | 313 | |
Corporate and Other [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 0 | |||
Goodwill, Acquired During Period | [1] | 61 | ||
Goodwill, Gross | 61 | |||
Goodwill, Impaired, Accumulated Impairment Loss, Beginning | 0 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Net Carrying Value of Goodwill | $ 61 | [2] | $ 0 | |
[1] | See Note 4 for further details relating to the acquisition of OpCo. | |||
[2] | $405 million of goodwill is associated with a reporting unit with zero or negative carrying value. As the reporting unit has a positive fair value and as a result of the revised one-step impairment test under ASU 2017-04 described above, there is no impairment associated with this reporting unit. |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets - Changes in Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Goodwill and Other Intangible Assets [Roll Forward] | |||
Amortizing Intangible Assets, Beginning Balance | $ 285 | $ 350 | |
Amortization of Intangible Assets | (67) | (65) | |
Finite-Lived Intangible Assets, Other Charges | [1] | 0 | 0 |
Finite-lived Intangible Assets Acquired | [2] | 137 | 0 |
Amortizing Intangible Assets, Other | 0 | 0 | |
Amortizing Intangible Assets, Ending Balance | 355 | 285 | |
Other Non-Amortizing Intangible Assets, Beginning Balance | 148 | 148 | |
Indefinite-lived Intangible Assets, Other Charges | [1] | (22) | 0 |
Indefinite-lived Intangible Assets Acquired | [2] | 1,124 | 0 |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | 4 | 0 | |
Other Non-Amortizing Intangible Assets, Ending Balance | 1,254 | 148 | |
Intangible assets other than goodwill, Beginning Balance | 433 | 498 | |
Amortization of Intangible Assets | (67) | (65) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | [2] | 1,261 | 0 |
Increase (Decrease) in Intangible Assets, Current | 4 | 0 | |
Intangible assets other than goodwill, Ending Balance | $ 1,609 | $ 433 | |
[1] | See Note 2 or further details relating to the deconsolidation of Horseshoe Baltimore. | ||
[2] | See Note 4 for further details relating to the acquisition of OpCo. |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets - Carrying Value and Accumulated Amortization for Each Major Class of Intangible Assets Other Than Goodwill (Detail) - USD ($) $ in Millions | Oct. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible Assets Excluding Goodwill [Line Items] | ||||
Weighted Average Remaining Useful Life (in years) | 14 years 9 months 20 days | |||
Gross Carrying Amount | $ 1,076 | $ 939 | ||
Accumulated Amortization | (721) | (654) | ||
Net Carrying Amount | 355 | 285 | $ 350 | |
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||||
Non amortizing intangible assets | 1,254 | 148 | 148 | |
Total intangible assets other than goodwill | 1,609 | 433 | $ 498 | |
Trademarks [Member] | ||||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||||
Non amortizing intangible assets | 790 | 126 | ||
Licensing Agreements [Member] | ||||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||||
Non amortizing intangible assets | 211 | 22 | ||
Trademarks - Total Rewards [Member] | ||||
Carrying value and accumulated amortization for each major class of intangible assets other than goodwill | ||||
Non amortizing intangible assets | $ 253 | 0 | ||
Customer relationships [Member] | ||||
Intangible Assets Excluding Goodwill [Line Items] | ||||
Weighted Average Remaining Useful Life (in years) | 5 years | |||
Gross Carrying Amount | $ 1,030 | 893 | ||
Accumulated Amortization | (693) | (630) | ||
Net Carrying Amount | $ 337 | 263 | ||
Contract rights [Member] | ||||
Intangible Assets Excluding Goodwill [Line Items] | ||||
Weighted Average Remaining Useful Life (in years) | 7 years | |||
Gross Carrying Amount | $ 3 | 3 | ||
Accumulated Amortization | (2) | (1) | ||
Net Carrying Amount | $ 1 | 2 | ||
Licensing Agreements [Member] | ||||
Intangible Assets Excluding Goodwill [Line Items] | ||||
Weighted Average Remaining Useful Life (in years) | 6 years 6 months | |||
Gross Carrying Amount | $ 43 | 43 | ||
Accumulated Amortization | (26) | (23) | ||
Net Carrying Amount | $ 17 | $ 20 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Estimated Five-Year Amortization (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 64 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 63 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 63 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 57 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 14 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 67 | $ 65 | |
Continuing Operations [Member] | |||
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 67 | $ 65 | $ 65 |
Fair Value Measurements - Items
Fair Value Measurements - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Oct. 06, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrecorded Unconditional Purchase Obligation | $ 23 | |||
Recorded Unconditional Purchase Obligation | 200 | |||
Estimate of Fair Value Measurement [Member] | Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | $ 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | $ 3,500 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 33 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 25 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | US Treasury and Government [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 25 | 47 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 25 | 47 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Assets [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 1,016 | |||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | 1,936 | ||
Nonfinancial Liabilities Fair Value Disclosure | 3,667 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 0 | |||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | 0 | ||
Nonfinancial Liabilities Fair Value Disclosure | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 0 | |||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | 1,936 | ||
Nonfinancial Liabilities Fair Value Disclosure | 1,936 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | $ 1,016 | |||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Fair Value of Shares | [1],[2] | 0 | ||
Nonfinancial Liabilities Fair Value Disclosure | 1,731 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Call Option [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Call Right, Fair Value Disclosure | 131 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Call Option [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Call Right, Fair Value Disclosure | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Call Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Call Right, Fair Value Disclosure | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Call Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Call Right, Fair Value Disclosure | 131 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Convertible Debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Convertible Notes, Fair Value Disclosure | [2] | 1,600 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Convertible Notes, Fair Value Disclosure | [2] | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Convertible Notes, Fair Value Disclosure | [2] | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Liability [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Settlement Issued in Convertible Notes, Fair Value Disclosure | [2] | $ 1,600 | ||
[1] | Includes $23 million related to the $200 million equity buyback that was reclassified from Level 3 to Level 2 during 2016. | |||
[2] | The CEC Convertible Notes and shares of CEC common stock underlying these liabilities were issued on the Effective Date. See Note 12 for further details on the CEC Convertible Notes. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Liability [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [1] | $ 0 | |||
Restructuring of CEOC and other | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | [1] | 1,080 | |||
Change in fair value | [1] | (64) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [1] | 1,016 | $ 0 | ||
Convertible Debt [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 1,600 | [1] | 0 | ||
Restructuring of CEOC and other | 640 | [1] | 1,600 | ||
Settlement of Restructuring Support and Forbearance Agreement Accrual | [1] | (2,240) | 0 | ||
Change in fair value | 0 | [1] | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [1] | 0 | 1,600 | ||
Call Option [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 131 | [2] | 0 | ||
Restructuring of CEOC and other | 46 | [2] | 131 | ||
Settlement of Restructuring Support and Forbearance Agreement Accrual | (177) | [2] | 0 | [1] | |
Change in fair value | 0 | [2] | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [2] | $ 0 | $ 131 | ||
[1] | The CEC Convertible Notes were remeasured at fair value and issued on the Effective Date with a debt component and a derivative liability component. See Note 12 for further details on the debt portion of the CEC Convertible Notes. The derivative portion of the CEC Convertible Notes is a recurring fair value measurement, see below. | ||||
[2] | The VICI Call Right was remeasured at fair value and then transferred to Accrued expenses and other current liabilities on the Balance Sheet upon settlement on the Effective Date because it is an option related to real estate and therefore not a derivative. See Note 9. |
Fair Value Measurements Interes
Fair Value Measurements Interest Rage Swap Derivatives (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,000 |
Interest Rate Swap at 2.153% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 250 |
Derivative, Fixed Interest Rate | 2.1529% |
Derivative, Maturity Date | Dec. 31, 2020 |
Interest Rate Swap at 2.172% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 250 |
Derivative, Fixed Interest Rate | 2.172% |
Derivative, Maturity Date | Dec. 31, 2020 |
Interest Rate Swap at 2.196% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 250 |
Derivative, Fixed Interest Rate | 2.1957% |
Derivative, Maturity Date | Dec. 31, 2021 |
Interest Rate Swap at 2.274% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 250 |
Derivative, Fixed Interest Rate | 2.274% |
Derivative, Maturity Date | Dec. 31, 2022 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Details (Details) $ / shares in Units, shares in Millions, $ in Millions | Oct. 06, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)sharesinterest_rate_swap_agreements | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Gross | $ 9,034 | ||
Derivative, Notional Amount | $ 1,000 | ||
Payments for Restructuring | $ 3,487 | ||
Number of Interest Rate Derivatives Held | interest_rate_swap_agreements | 4 | ||
Loss Contingency, Estimate of Possible Loss | $ 260 | ||
Value loss amount, interest rate | 8.50% | ||
Call Option [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Price Earnings Ratio Multiple | 167.00% | ||
Fair Value Assumption, Expected EBITDAR Volatility | 25.00% | ||
Fair Value Inputs, Revenue Multiple | 0.12 | ||
Fair Value Inputs, Cap Rate | 1200.00% | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | ||
Fair Value Inputs, Long-term Revenue Growth Rate | 1.70% | ||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 23.80% | ||
Convertible Debt [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Assumptions, Expected Term | 7 years | ||
Fair Value Inputs, Discount Rate | 5.00% | ||
CEC Convertible Notes, Convertible Number of Shares | shares | 156 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||
Fair Value Assumptions, Expected Volatility Rate | 30.00% | ||
Fair Value Assumptions, Risk Free Interest Rate | 2.30% | ||
Convertible Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
CEC Convertible Notes, Convertible Number of Shares | shares | 156 | ||
Convertible Debt [Member] | Unsecured Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 1,100 | ||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.00% | |
Long-term Debt, Gross | $ 1,078 | ||
Caesars Entertainment Operating Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments for Restructuring Shares | shares | 146 | ||
Payments for Restructuring Prenegotiated Price Per Share | $ / shares | $ 6.86 | ||
Payments for Restructuring | $ 2,787 | ||
Obligations [Member] | Caesars Entertainment Operating Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments for Restructuring | $ 1,000 | ||
[1] | (1) Interest rate is fixed, except where noted. |
Detail of Accrued Expenses an77
Detail of Accrued Expenses and Other Current Liabilities - Detail of Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Detail of Accrued Expenses [Abstract] | ||
Self-insurance claims and reserves | $ 268 | $ 155 |
Self-insurance claims and reserves | 192 | 179 |
Advance deposits | 189 | 87 |
VICI Call Right | 177 | 0 |
Accrued taxes | 137 | 56 |
Disputed claims liability (See Note 11) | 112 | 0 |
Total Rewards | 66 | 1 |
Chip and token liability | 38 | 20 |
Payable to former minority investors and holders of CIE equity awards (See Note 18) | 0 | 63 |
Other accruals | 280 | 132 |
Total accrued expenses and other current liabilities | $ 1,459 | $ 693 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Noncancelable Operating Leases, Due 2018 | $ 67 |
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 666 |
Noncancelable Operating Leases, Due 2019 | 55 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 730 |
Noncancelable Operating Leases, Due 2020 | 54 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 734 |
Noncancelable Operating Leases, Due 2021 | 53 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 739 |
Noncancelable Operating Leases, Due 2022 | 49 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 745 |
Noncancelable Operating Leases, Due 2023 and thereafter | 1,018 |
Minimum Lease Payments, Sale Leaseback Transactions, Thereafter | 36,330 |
Noncancelable Operating Leases, Total minimum rental commitments | 1,296 |
Minimum Lease Payments, Sale Leaseback Transactions | $ 39,944 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 84 | $ 74 | $ 72 |
Collaborative Arrangement, Rights and Obligations | Each lease agreement provides for fixed rent (subject to escalation) during an initial term, then rent consisting of both base rent and variable percentage rent elements, and has a 15-year initial term and four five-year renewal options. The CEOC LLC Leases and the HLV Lease provide for annual fixed rent of $640 million and $87 million, respectively. Each of the leases includes escalation provisions beginning at various points in the initial term and continuing through the renewal terms equal to the greater of either: (i) 1% or 2% (varies by lease) or (ii) the Consumer Price Index. The leases also include provisions for contingent rental payments calculated based on a percentage of net revenue of the underlying lease properties commencing in year two of the Caesars Palace lease, in year six of the remaining CEOC LLC Leases, and year eight for the HLV Lease. | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 80 years |
Litigation, Contractual Commi80
Litigation, Contractual Commitments and Contingent Liabilities Litigation, Contractual Commitments and Contingent Liabilities - Litigation (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Disputed claims liability (See Note 11) | $ 112 | $ 112 | $ 0 |
Deferred credits and other | 1,473 | 1,473 | 187 |
Accrued expenses and other current liabilities | 1,459 | 1,459 | 693 |
Deferred charges and other | 364 | 364 | $ 414 |
Bankruptcy Claims, Amount of Claims Filed | $ 855 | ||
Noteholder Disputes [Member] | Judicial Ruling [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Actions Taken by Court, Arbitrator or Mediator | Beginning in 2014, CEC was party to a number of lawsuits (the “Noteholder Lawsuits”) relating to the enforceability of certain CEC financial guarantees of CEOC debt obligations. More specifically, seven lawsuits were filed by certain secured or unsecured creditors against CEC (originally also against others) in federal and state courts in New York and Delaware, and one lawsuit was initiated by CEC against certain creditors in New York state court, each seeking judicial determinations of CEC’s liability, if any, for its refusal to pay creditors under various parental guarantees that supported particular CEOC indebtedness. In October 2017, following the Effective Date, each of these Noteholder Lawsuits was dismissed, with prejudice. | ||
Hilton Matter [Member] | Settled Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Actions Taken by Defendant | Under the Settlement Agreement, Hilton received a general unsecured claim in CEOC’s bankruptcy case for an amount equal to $51 million plus 31.75% of amounts paid by Hilton to the Hilton Plan due after July 16, 2016. In addition, for periods following the Effective Date of the Plan, CEC assumed certain of CEOC’s obligations under the Allocation Agreement and Hilton turned over to CEC the distributions on account of $25 million of Hilton’s claim in the CEOC bankruptcy, minus an amount for reimbursement of Hilton’s costs and expenses. The settlement amount was fully accrued in liabilities subject to compromise at CEOC, which was acquired by CEC on the Effective Date. | ||
Hilton Matter [Member] | Settled Litigation [Member] | Caesars Entertainment Operating Company [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Actions Taken by Defendant | On June 9, 2016, CEC, CEOC and the Hilton Parties entered into a settlement of the claims in the Hilton Actions (the “Settlement Agreement”). Under the Settlement Agreement, Hilton would receive a general unsecured claim in CEOC’s bankruptcy case for an amount equal to $51 million plus 31.75% of amounts paid by Hilton to the Hilton Plan due after July 16, 2016. In addition, for periods following the Effective Date of the Plan, CEC would assume certain of CEOC’s obligations under the Allocation Agreement and Hilton would turn over to CEC the distributions on account of $25 million of Hilton’s claim in the CEOC bankruptcy, minus an amount for reimbursement of Hilton’s costs and expenses. The CEOC Bankruptcy Court approved the Settlement Agreement on July 19, 2016. The settlement amount was fully accrued in liabilities subject to compromise at CEOC, which was acquired by CEC on the Effective Date. | ||
Loss Contingency, Receivable, Proceeds | 12 | ||
Deferred credits and other | 7 | $ 7 | |
Accrued expenses and other current liabilities | 5 | 5 | |
National Retirement Fund Lawsuit [Member] | Settled Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | 45 | ||
Loss Contingency Accrual | 30 | 30 | |
Deferred charges and other | 15 | $ 15 | |
Loss Contingency, Actions Taken by Court, Arbitrator or Mediator | On March 13, 2017, CEC, CERP, CEOC (on behalf of itself and each of the Debtors and its other direct and indirect subsidiaries), the Five Employers, the NRF, the NRF’s legacy plan, the NRF’s trustees, and others entered into a Settlement Agreement (the “NRF Settlement Agreement”). Under the NRF Settlement Agreement, on the Effective Date, CEC paid $45 million to the NRF (the “NRF Payments”) and mutual releases between the CEC-affiliated parties and the NRF-affiliated parties to the NRF Settlement Agreement became effective. Promptly after the Effective Date, each of the actions, proceedings and appeals relating to the NRF Litigations was dismissed with prejudice. The portion of the NRF Payments related to contributions of $15 million was accounted for as a prepayment toward future pension contributions and recorded in Deferred charges and other assets at December 31, 2017 on the Balance Sheet. | ||
Convertible Debt [Member] | |||
Loss Contingencies [Line Items] | |||
Restricted Cash and Cash Equivalents | $ 54 | $ 54 | |
Common Stock, Capital Shares Reserved for Future Issuance | 9 | 9 | |
Convertible notes issued to settle claims | $ 35 | $ 35 |
Litigation, Contractual Commi81
Litigation, Contractual Commitments and Contingent Liabilities Litigation, Contractual Commitments and Contingent Liabilities - Contractual Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | 72 Months Ended | |
Dec. 31, 2017 | Sep. 01, 2023 | Dec. 31, 2016 | |
Other Commitments [Line Items] | |||
VICI Call Right | $ 177 | $ 0 | |
Financing obligations | 9,429 | 0 | |
Property and equipment, net | 16,228 | 7,446 | |
Deferred credits and other | 1,473 | $ 187 | |
Contractual obligation, minimum guarantee | $ 1 | ||
VICI Properties, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Long-term Purchase Commitment, Description | Under the CEOC LLC Leases, we are required to spend $100 million in capital expenditures annually and $495 million for every three-year period. Under the HLV Lease, we are required to spend $171 million in capital expenditures for the period from January 1, 2017 through December 31, 2021, and thereafter, spend an amount equal to at least 1% of Harrah’s Las Vegas net revenue for the prior lease year. | ||
VICI Properties, Inc. [Member] | Golf Courses [Member] | |||
Other Commitments [Line Items] | |||
Long-term Purchase Commitment, Period | 35 years | ||
Annual Membership Fee | $ 10 | ||
Annual use fee | 3 | ||
Financing obligations | 74 | ||
Property and equipment, net | 74 | ||
Deferred credits and other | 142 | ||
Contract Termination [Member] | |||
Other Commitments [Line Items] | |||
Business Exit Costs | 48 | ||
VICI Call Right | 38 | ||
Business Exit Costs Fair Value | $ 26 | ||
Contract Termination [Member] | Scenario, Forecast [Member] | |||
Other Commitments [Line Items] | |||
Business Exit Costs | $ 30 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 18, 2017 | [4] | Oct. 06, 2017 | Dec. 31, 2016 | ||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 9,034 | |||||||
Long-term Debt | 8,913 | $ 6,838 | ||||||
Long-term Debt, Current Maturities | (64) | (89) | ||||||
Long Term Debt Non Current Face Value | 8,970 | |||||||
Long-term Debt, Excluding Current Maturities | 8,849 | 6,749 | ||||||
Unamortized discounts | 121 | 110 | ||||||
Long-term Debt, Fair Value | $ 9,100 | |||||||
Unsecured Debt [Member] | Convertible Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | 2,024 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.00% | ||||||
Long-term Debt, Gross | $ 1,078 | |||||||
Long-term Debt | 1,078 | 0 | ||||||
Caesars Resort Collection [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 5,700 | |||||||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | 2,022 | |||||||
Long-term Debt, Gross | [2] | $ 0 | ||||||
Long-term Debt | [2] | 0 | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |||||||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | 2,024 | |||||||
Long-term Debt, Gross | [3] | $ 4,700 | ||||||
Long-term Debt | [3] | $ 4,616 | 0 | |||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||
Caesars Resort Collection [Member] | Unsecured Debt [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | 2,025 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.25% | ||||||
Long-term Debt, Gross | $ 1,700 | |||||||
Long-term Debt | $ 1,664 | 0 | ||||||
CEOC LLC [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | [4] | 2,022 | ||||||
Long-term Debt, Gross | [4],[5] | $ 0 | ||||||
Long-term Debt | [4],[5] | 0 | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | |||||||
CEOC LLC [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | [4] | 2,024 | ||||||
Long-term Debt, Gross | [4],[6] | $ 1,500 | ||||||
Long-term Debt | $ 1,499 | [4],[6] | $ 265 | $ 1,200 | 0 | [4],[6] | ||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||
Caesars Entertainment Resort Properties [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | $ 0 | ||||||
Long-term Debt | [7] | 0 | 40 | |||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | 0 | ||||||
Long-term Debt | [7] | 0 | 2,387 | |||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | First Lien Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | 0 | ||||||
Long-term Debt | [7] | 0 | 993 | |||||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Second Lien Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | 0 | ||||||
Long-term Debt | [7] | 0 | 1,140 | |||||
Caesars Growth Partners, LLC [Member] | Line of Credit [Member] | Cromwell Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | 0 | ||||||
Long-term Debt | [7] | 0 | 167 | |||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [7] | 0 | ||||||
Long-term Debt | [7] | 0 | 1,119 | |||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | CGPH Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | [7] | 662 | ||||||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | Horseshoe Baltimore Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | [8] | 0 | ||||||
Long-term Debt | [8] | $ 0 | 309 | |||||
Caesars Growth Partners, LLC [Member] | Unsecured Debt [Member] | Special Improvement District Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | 2,037 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.30% | ||||||
Long-term Debt, Gross | $ 56 | |||||||
Long-term Debt | 56 | 14 | ||||||
Caesars Growth Partners, LLC [Member] | Capital Lease Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | |||||||
Long-term Debt | $ 0 | $ 7 | ||||||
[1] | (1) Interest rate is fixed, except where noted. | |||||||
[2] | London Interbank Offered Rate (“LIBOR”) plus 2.25%. | |||||||
[3] | LIBOR plus2.75%. | |||||||
[4] | As part of the acquisition of OpCo, we assumed $1.2 billion in debt that was issued in connection with CEOC’s emergence from bankruptcy and the $200 million revolving credit facility described below. See Note 1 and Note 4 for additional information | |||||||
[5] | LIBOR plus 2.00% | |||||||
[6] | LIBOR plus 2.50%. | |||||||
[7] | All outstanding amounts were fully repaid during 2017. | |||||||
[8] | As described in Note 2, we deconsolidated Horseshoe Baltimore effective August 31, 2017. As a result, we derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. |
Debt - Annual Estimated Debt Se
Debt - Annual Estimated Debt Service Requirements (Details) $ in Millions | Dec. 31, 2017USD ($) | |
Other Commitments [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 64 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 64 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 64 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 64 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 64 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 8,714 | |
Long-term debt, Maturities, Repayments of Principal, Total | 9,034 | |
Contractual Obligation, Due in Next Fiscal Year | 504 | [1] |
Contractual Obligation, Due in Second Year | 514 | [1] |
Contractual Obligation, Due in Third Year | 524 | [1] |
Contractual Obligation, Due in Fourth Year | 514 | [1] |
Contractual Obligation, Due in Fifth Year | 514 | [1] |
Contractual Obligation, Due after Fifth Year | 9,694 | [1] |
Contractual Obligation, Total | 12,264 | [1] |
Interest Expense [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment, Due in Next Twelve Months | 440 | |
Other Commitment, Due in Second Year | 450 | |
Other Commitment, Due in Third Year | 460 | |
Other Commitment, Due in Fourth Year | 450 | |
Other Commitment, Due in Fifth Year | 450 | |
Other Commitment, Due after Fifth Year | 980 | |
Other Commitment, Total | $ 3,230 | |
[1] | Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve. Actual payments may differ from these estimates. |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | $ 7,550 | |||
Repayments of long-term debt | (7,846) | $ (268) | $ (450) | |
Gain (Loss) on Extinguishment of Debt | (232) | $ 0 | $ 0 | |
Proceeds from Other Debt | 0 | |||
Repayments of Other Long-term Debt | (2) | |||
Proceeds from (Repayments of) Long-term Debt and Capital Securities | 0 | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 0 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt and Capital Lease Obligations | (2) | |||
Extinguishment of Debt, Amount | 0 | |||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | 300 | |||
Repayments of long-term debt | (300) | |||
Gain (Loss) on Extinguishment of Debt | 0 | |||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | 4,700 | |||
Repayments of long-term debt | 0 | |||
Gain (Loss) on Extinguishment of Debt | 0 | |||
Caesars Resort Collection [Member] | Unsecured Debt [Member] | CRC Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | 1,700 | |||
Repayments of long-term debt | 0 | |||
Gain (Loss) on Extinguishment of Debt | 0 | |||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [1] | 265 | ||
Repayments of long-term debt | [1] | 0 | ||
Gain (Loss) on Extinguishment of Debt | [1] | 0 | ||
CEOC LLC [Member] | Secured Debt [Member] | Chester Downs Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (330) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (1) | ||
Caesars Entertainment Resort Properties [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (40) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (1) | ||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 59 | ||
Repayments of long-term debt | [2] | (2,484) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (29) | ||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | First Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (1,000) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (27) | ||
Caesars Entertainment Resort Properties [Member] | Secured Debt [Member] | Second Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (1,150) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (75) | ||
Caesars Growth Partners, LLC [Member] | Line of Credit [Member] | Caesars Growth Properties Holdings Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | 0 | ||
Gain (Loss) on Extinguishment of Debt | [2] | (1) | ||
Caesars Growth Partners, LLC [Member] | Line of Credit [Member] | Cromwell Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (171) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (4) | ||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 226 | ||
Repayments of long-term debt | [2] | (1,372) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (22) | ||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | CGPH Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [2] | 0 | ||
Repayments of long-term debt | [2] | (675) | ||
Gain (Loss) on Extinguishment of Debt | [2] | (60) | ||
Caesars Growth Partners, LLC [Member] | Secured Debt [Member] | Horseshoe Baltimore Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | [3] | 300 | ||
Repayments of long-term debt | [3] | (320) | ||
Gain (Loss) on Extinguishment of Debt | [3] | $ (12) | ||
[1] | This amount does not include the debt assumed as part of the OpCo acquisition. See Note 1 and Note 4 for additional information. | |||
[2] | All outstanding amounts were fully repaid during 2017. | |||
[3] | The Horseshoe Baltimore Credit & FF&E Facilities were refinanced in July 2017. We deconsolidated Horseshoe Baltimore effective August 31, 2017 and derecognized the long-term debt outstanding under the Horseshoe Baltimore Credit Facility and the Horseshoe Baltimore FF&E Facility. See Note 2. |
Debt - Additional Information (
Debt - Additional Information (Details) $ / shares in Units, shares in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($)sharescount$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 18, 2017USD ($) | [3] | Oct. 06, 2017USD ($) | ||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 7,846,000,000 | $ 268,000,000 | $ 450,000,000 | ||||||
Long-term Debt | 8,913,000,000 | 6,838,000,000 | |||||||
Long-term Debt, Gross | $ 9,034,000,000 | ||||||||
Debt Instrument, Convertible, Threshold Trading Days | count | 20 | ||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | count | 30 | ||||||||
Debt Instrument, Convertible, Latest Date | Oct. 6, 2024 | ||||||||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 3,200,000,000 | 4,000,000,000 | |||||||
Convertible Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.139 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.19 | ||||||||
Stockholders' Equity Note, Impact of Conversion of Contingently Convertible Securities on Diluted Earnings Per Share | If all the shares were issued on the Effective Date, they would have represented approximately 17.9% of the shares of CEC common stock outstanding on a fully diluted basis. | ||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 140.00% | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 156 | ||||||||
Unsecured Debt [Member] | Convertible Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 1,078,000,000 | 0 | |||||||
Long-term Debt, Gross | $ 1,078,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.00% | |||||||
CEOC LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Maturities, Repayment Terms | The CEOC LLC Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CEOC LLC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions. | ||||||||
CEOC LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Leverage Ratio For Line Of Credit Facility | 3.50 | ||||||||
CEOC LLC [Member] | Secured Debt [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | [2] | $ 0 | |||||||
Long-term Debt | 1,499,000,000 | [3],[4] | 0 | [3],[4] | $ 265,000,000 | $ 1,200,000,000 | |||
Long-term Debt, Gross | [3],[4] | 1,500,000,000 | |||||||
CEOC LLC [Member] | Secured Debt [Member] | Chester Downs Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | [5] | $ 330,000,000 | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.313% | ||||||||
CEOC LLC [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | [3],[6] | $ 0 | 0 | ||||||
Letters of Credit Outstanding, Amount | $ 50,000,000 | ||||||||
Debt Instrument, Description of Variable Rate Basis | Borrowings under the CEOC LLC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CEOC LLC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CEOC LLC Term Loan, 2.50% per annum in the case of any LIBOR loan or 1.50% per annum in the case of any base rate loan and (b) in the case of the CEOC LLC Revolving Credit Facility, 2.00% per annum in the case of any LIBOR loan and 1.00% per annum in the case of any base rate loan, subject in the case of the CEOC LLC Revolving Credit Facility to two 0.125% step-downs based on CEOC LLC’s SSLR. | ||||||||
Line of Credit Facility, Commitment Fee Description | In addition, CEOC LLC is required to pay a commitment fee in respect of any commitments under the CEOC LLC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CEOC LLC’s SSLR. CEOC LLC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||
Long-term Debt, Gross | [3],[6] | $ 0 | |||||||
Caesars Resort Collection [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Maturities, Repayment Terms | The CRC Term Loan matures in 2024. The CRC Revolving Credit Facility matures in 2022 and includes a letter of credit sub-facility. The CRC Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount, with the balance due at maturity. The CRC Credit Agreement also includes customary voluntary and mandatory prepayment provisions, subject to certain exceptions. | ||||||||
Long-term Debt, Gross | $ 5,700,000,000 | ||||||||
Caesars Resort Collection [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Leverage Ratio For Line Of Credit Facility | 6.35 | ||||||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 0 | ||||||||
Long-term Debt | [7] | 4,616,000,000 | 0 | ||||||
Long-term Debt, Gross | [7] | 4,700,000,000 | |||||||
Caesars Resort Collection [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | 100,000 | ||||||||
Caesars Resort Collection [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 300,000,000 | ||||||||
Long-term Debt | [8] | $ 0 | 0 | ||||||
Debt Instrument, Description of Variable Rate Basis | Borrowings under the CRC Credit Agreement bear interest at a rate equal to either (a) LIBOR adjusted for certain additional costs, subject to a floor of 0% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by Credit Suisse AG, Cayman Islands Branch, as administrative agent under the CRC Credit Agreement and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin shall be (a) with respect to the CRC Term Loan, 2.75% per annum in the case of any LIBOR loan or 1.75% per annum in the case of any base rate loan and (b) in the case of the CRC Revolving Credit Facility, 2.25% per annum in the case of any LIBOR loan and 1.25% per annum in the case of any base rate loan, subject in the case of the CRC Revolving Credit Facility to two 0.125% step-downs based on CRC’s senior secured leverage ratio (“SSLR”), the ratio of first lien senior secured net debt to adjusted earnings before interest, taxes, depreciation and amortization. | ||||||||
Line of Credit Facility, Commitment Fee Description | In addition, CRC is required to pay a commitment fee in respect of any commitments under the CRC Revolving Credit Facility in the amount of 0.50% of the principal amount of the commitments, subject to step-downs to 0.375% and 0.25% based upon CRC’s SSLR. CRC is also required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for LIBOR borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the daily stated amount of such letter of credit. | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | ||||||||
Long-term Debt, Gross | [8] | 0 | |||||||
Caesars Resort Collection [Member] | Unsecured Debt [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | 1,664,000,000 | $ 0 | |||||||
Long-term Debt, Gross | $ 1,700,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.25% | |||||||
[1] | (1) Interest rate is fixed, except where noted. | ||||||||
[2] | This amount does not include the debt assumed as part of the OpCo acquisition. See Note 1 and Note 4 for additional information. | ||||||||
[3] | As part of the acquisition of OpCo, we assumed $1.2 billion in debt that was issued in connection with CEOC’s emergence from bankruptcy and the $200 million revolving credit facility described below. See Note 1 and Note 4 for additional information | ||||||||
[4] | LIBOR plus 2.50%. | ||||||||
[5] | All outstanding amounts were fully repaid during 2017. | ||||||||
[6] | LIBOR plus 2.00% | ||||||||
[7] | LIBOR plus2.75%. | ||||||||
[8] | London Interbank Offered Rate (“LIBOR”) plus 2.25%. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share - Basic and Dilutive Net Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Income/(loss) from continuing operations attributable to Caesars, net of income taxes | $ (375) | $ (6,428) | $ 5,854 | ||||||||
Income from discontinued operations attributable to Caesars, net of income taxes | 0 | 3,380 | 155 | ||||||||
Net income/(loss) attributable to Caesars | $ 2,001 | $ (435) | $ (1,434) | $ (507) | $ (463) | $ (244) | $ (2,055) | $ (286) | $ (375) | $ (3,048) | $ 6,009 |
Weighted-average common shares outstanding - basic | 279 | 146 | 145 | ||||||||
Dilutive potential common shares: stock options | 0 | 0 | 2 | ||||||||
Weighted average common shares and dilutive potential common shares | 279 | 146 | 147 | ||||||||
Basic earnings/(loss) per share from continuing operations | $ (1.35) | $ (43.96) | $ 40.42 | ||||||||
Basic earnings per share from discontinued operations | 0 | 23.11 | 1.07 | ||||||||
Basic earnings/(loss) per share | $ 3.01 | $ (2.92) | $ (9.63) | $ (3.44) | $ (3.15) | $ (1.66) | $ (14.10) | $ (1.97) | (1.35) | (20.85) | 41.49 |
Diluted earnings/(loss) per share from continuing operations | (1.35) | (43.96) | 39.81 | ||||||||
Diluted earnings per share from discontinued operations | 0 | 23.11 | 1.06 | ||||||||
Diluted earnings/(loss) per share | $ 2.48 | $ (2.92) | $ (9.63) | $ (3.44) | $ (3.15) | $ (1.66) | $ (14.10) | $ (1.97) | $ (1.35) | $ (20.85) | $ 40.87 |
Earnings Per Share Earnings P87
Earnings Per Share Earnings Per Share - Weighted Average Numbers of Anti-Dilutive Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock | 57 | 19 | 5 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock | 12 | 10 | 4 |
Restricted stock units and awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock | 9 | 9 | 1 |
CEC Convertible Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock | 36 | 0 | 0 |
Casino Promotional Allowances88
Casino Promotional Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Promotional Allowances | $ 679 | $ 538 | $ 563 |
Cost of Promotional Allowances | 351 | 269 | 269 |
Food and beverage | |||
Promotional Allowances | 347 | 277 | 281 |
Cost of Promotional Allowances | 223 | 170 | 169 |
Rooms | |||
Promotional Allowances | 285 | 234 | 234 |
Cost of Promotional Allowances | 100 | 82 | 83 |
Other | |||
Promotional Allowances | 47 | 27 | 48 |
Cost of Promotional Allowances | $ 28 | $ 17 | $ 17 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Caesars Acquisition Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | [1] | $ 9.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding as of December 31, 2016 | 1,002,500 | |||
Granted | 0 | 0 | 20,000 | |
Number of options exercised | (450,375) | (417,500) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | [1] | (552,125) | ||
Outstanding as of December 31, 2017 | 0 | 1,002,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 9.43 | |||
Weighted Average Exercise Price per Share (1) | 0 | $ 0 | $ 7.73 | |
Weighted Average Exercise Price Exercised | 9.68 | |||
Weighted Average Exercise Price Outstanding, End of Period | $ 0 | $ 9.43 | ||
Weighted Average Remaining Contractual Term [Abstract] | ||||
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 9 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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0 | $ 0 | ||
Parent [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding as of December 31, 2016 | 9,820,168 | |||
Granted | 0 | 0 | 1,844,332 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | [2] | 897,204 | ||
Number of options exercised | (1,249,640) | (11,101) | (58,700) | |
Forfeited | (112,917) | |||
Expired | (126,925) | |||
Outstanding as of December 31, 2017 | 9,227,890 | 9,820,168 | ||
Vested and expected to vest as of December 31, 2017 | 9,227,890 | |||
Exercisable as of December 31, 2017 | 7,698,080 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 11.69 | |||
Weighted Average Exercise Price per Share (1) | [3] | 0 | $ 0 | $ 10.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Weighted Average Exercise Price | [2] | 5.67 | ||
Weighted Average Exercise Price Exercised | 6.51 | |||
Weighted Average Exercise Price Forfeited | 9.47 | |||
Weighted Average Exercise Price Expired | 10.58 | |||
Weighted Average Exercise Price Outstanding, End of Period | 10.36 | $ 11.69 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 10.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 8.97 | |||
Weighted Average Remaining Contractual Term [Abstract] | ||||
Options Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months | 6 years 2 months | ||
Options Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 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 | $ 35,000,000 | $ 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 31,000,000 | |||
[1] | (1) CAC stock option grants were canceled and CEC assumed the stock option grants as a result of the CAC Merger. | |||
[2] | Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 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] | 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 - St90
Stock-Based Compensation - Stock Option Grants and Exercises (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Caesars Interactive Entertainment [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 377 | 10,350 | ||
Weighted Average Exercise Price per Share (1) | $ 19,166.18 | $ 15,352.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 5,404.93 | $ 4,670.27 | |
Number of options exercised | 909 | 1,984 | ||
Proceeds from Stock Options Exercised | $ 2,000,000 | $ 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 13,000,000 | $ 21,000,000 | ||
Caesars Acquisition Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 1,002,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0 | $ 9.43 | ||
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 9 months | |||
Granted | 0 | 0 | 20,000 | |
Weighted Average Exercise Price per Share (1) | $ 0 | $ 0 | $ 7.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 0 | $ 0 | $ 3.10 |
Number of options exercised | 450,375 | 417,500 | 0 | |
Weighted Average Exercise Price Exercised | $ 9.68 | |||
Proceeds from Stock Options Exercised | $ 4,000,000 | $ 4,000,000 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,000,000 | $ 1,000,000 | $ 0 | |
Parent [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,227,890 | 9,820,168 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 10.36 | $ 11.69 | ||
Options Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months | 6 years 2 months | ||
Granted | 0 | 0 | 1,844,332 | |
Weighted Average Exercise Price per Share (1) | [2] | $ 0 | $ 0 | $ 10.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | [2] | $ 0 | $ 0 | $ 3.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | [3] | 897,204 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Weighted Average Exercise Price | [3] | $ 5.67 | ||
Number of options exercised | 1,249,640 | 11,101 | 58,700 | |
Weighted Average Exercise Price Exercised | $ 6.51 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 112,917 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 9.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 126,925 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 10.58 | |||
Vested and expected to vest as of December 31, 2017 | 9,227,890 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 10.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 35,000,000 | $ 2 | ||
Exercisable as of December 31, 2017 | 7,698,080 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 8.97 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 31,000,000 | |||
Proceeds from Stock Options Exercised | [4] | 8,000,000 | 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | [4] | $ 7,000,000 | $ 0 | $ 0 |
[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. | |||
[2] | 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. | |||
[3] | Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 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. | |||
[4] | 2016 and 2015 amounts are immaterial. |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Option Values (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Caesars Acquisition Company [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 39.90% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 45.70% | |
Expected dividend yield | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.90% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.40% | |
Caesars Acquisition Company [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | |
Caesars Acquisition Company [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 10 years | |
Caesars Interactive Entertainment [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 40.50% | 42.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 44.60% | 49.40% |
Expected dividend yield | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.50% | 0.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.20% | 1.70% |
Caesars Interactive Entertainment [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 9 months | 1 year 6 months |
Caesars Interactive Entertainment [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 4 years 2 months | 4 years 8 months |
Parent [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Volatility | 42.00% | |
Expected dividend yield | 0.00% | |
Expected term | 5 years 8 months | |
Risk-free interest rate | 1.60% |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Activity (Details) - Restricted stock units and awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Caesars Acquisition Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 | 493,061 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 11.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (259,765) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | [1] | (233,296) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | [1] | $ 10.92 | |
Parent [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 17,274,659 | 8,447,922 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.22 | $ 7.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11,955,390 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Weighted Average Exercise Price | [2] | 379,109 | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Period Increase (Decrease) Weighted Average Date Fair Value | [2] | $ 11.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (2,898,737) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 8.71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (609,025) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 8.71 | ||
[1] | (1) CAC RSU grants were canceled and CEC assumed the RSU grants as a result of the CAC Merger. | ||
[2] | (1) CAC grants that were converted to CEC grants at the Exchange Ratio. |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Comp - Composition of Stock-Based Comp Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 43 | $ 43 | $ 71 |
Corporate Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 36 | 37 | 65 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7 | 195 | 37 |
Parent [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 43 | $ 232 | $ 102 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 43 | $ 43 | $ 71 |
2017 Incentive Plan [Member] | Restricted stock units and awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 13,000,000 | ||
Caesars Acquisition Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding Under Plan | 0 | 1,002,500 | |
Caesars Acquisition Company [Member] | Restricted stock units and awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding Under Plan | 0 | 493,061 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5 | $ 4 | 4 |
Caesars Acquisition Company [Member] | CAC Equity-Based Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 12 | |
Parent [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 43 | $ 232 | 102 |
Options Outstanding Under Plan | 9,227,890 | 9,820,168 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 167 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 5 months | ||
Parent [Member] | Restricted stock units and awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 29 | $ 23 | $ 8 |
Restricted Stock Units Outstanding Under Plan | 17,274,659 | 8,447,922 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 153 | ||
Parent [Member] | Two Thousands One Two Incentive Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock Closing Price Per Share | $ 35 | ||
Parent [Member] | Two Thousands One Two Incentive Plan [Member] | Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding Under Plan | 9,000,000 | ||
Parent [Member] | Two Thousands One Two Incentive Plan [Member] | Restricted stock units and awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding Under Plan | 5,000,000 | ||
Parent [Member] | 2017 Incentive Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1 | ||
Employee Stock Options Exercise Price | $ 9.45 | ||
Parent [Member] | 2017 Incentive Plan [Member] | Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 24,838,042 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plan Participation and Contribution Summary (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Multiemployer Plans [Line Items] | ||||
Contributions | [1] | $ 40 | $ 33 | $ 32 |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 886,016,617 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [2],[3] | Green | Green | |
FIP/RP Status Pending/Implemented | [2],[4] | No | ||
Contributions | [1],[2] | $ 19 | $ 16 | $ 16 |
Surcharge Imposed | No | |||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | true | true | ||
Pension Plan of the UNITE HERE National Retirement Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 136,130,178 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [2],[3],[5] | Red | Red | |
FIP/RP Status Pending/Implemented | [2],[4],[5] | Implemented | ||
Contributions | [1],[2],[5] | $ 9 | $ 5 | $ 6 |
Surcharge Imposed | No | |||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | true | true | ||
Central Pension Fund of the IUOE & Participating Employers1 [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 366,052,390 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [3],[6] | Green | Green | |
FIP/RP Status Pending/Implemented | [4],[6] | No | ||
Contributions | [1],[6] | $ 5 | $ 5 | $ 4 |
Surcharge Imposed | No | |||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | true | true | ||
Local 68 Engineers Union Pension Plan2 [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 510,176,618 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [2],[3],[7] | Yellow | Yellow | |
FIP/RP Status Pending/Implemented | [2],[4],[7] | No | ||
Contributions | [1],[2],[7] | $ 1 | $ 0 | $ 0 |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | [8] | Apr. 30, 2020 | ||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | 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 | [3] | Yellow | Yellow | |
FIP/RP Status Pending/Implemented | [1] | Implemented | ||
Contributions | [1] | $ 0 | $ 0 | $ 0 |
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | [8] | Apr. 30, 2020 | ||
Painters IUPAT [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity Tax Identification Number | 526,073,909 | |||
Pension Plan Number | 1 | |||
Pension Protection Act Zone Status | [3] | Yellow | Yellow | |
FIP/RP Status Pending/Implemented | [1] | Implemented | ||
Contributions | [1] | $ 1 | $ 1 | $ 1 |
Surcharge Imposed | No | |||
Multiemployer Plans, Period Contributions, Significance of Contributions [true/false] | true | true | ||
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions | [1] | $ 5 | $ 6 | $ 5 |
[1] | Comparability to periods prior to the Effective Date are impacted by the consolidation of CEOC LLC. | |||
[2] | Employer provided more than 5% of the total contributions for the plan years ended 2016 and 2015. At the date the financial statements were issued, Forms 5500 were not available for the 2017 plan year ending. | |||
[3] | Represents the Pension Protection Act zone status for applicable plan year beginning January 1, 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. | |||
[4] | Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||
[5] | See discussion of NRF Settlement Agreement in Note 11. The HEREIU Intermediary Plan was established as the result of a spin-off from the Pension Plan of the UNITE HERE National Retirement Fund effective January 1, 2018. As of January 1, 2018, CEC no longer contributes to the NRF nor has any remaining liability owed to the NRF. | |||
[6] | Plan years begin February 1. | |||
[7] | Plan years begin July 1. | |||
[8] | The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Classified, Noncurrent | $ 63,000,000 | $ 40,000,000 | |
Assets Held-in-trust, Noncurrent | $ 60,000,000 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | ||
Defined Contribution Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | Beginning January 1, 2018, the company will match 25% up to 6% of earnings that the individual elected to contribute with 0 cap or 50% up to 6% of eligible earnings that the individual elected to contribute with an individual cap of $600, whichever is greater. Beginning January 1, 2019, the match increases to 50% up to 6% of eligible earnings that the individual elected to contribute with no individual cap (subject to further limitations for certain higher-salaried employees) | ||
Trust for Benefit of Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets Held-in-trust | $ 65,000,000 | 62,000,000 | |
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [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 | $ 7,000,000 | 6,000,000 | $ 6,000,000 |
Caesars Entertainment Operating Company [Member] | Escrow for Benefit of Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Classified, Noncurrent | $ 32,000,000 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,000,000 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 212,000,000 | ||
Defined Benefit Plan, Benefit Obligation | 278,000,000 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 66,000,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.60% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% |
Income Taxes - Components of In
Income Taxes - Components of Income/(Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | $ (2,377) | $ (6,130) | $ 5,747 |
United States [Member] | |||
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | (2,381) | (6,128) | 5,749 |
Outside of the U.S. [Member] | |||
Components of Income/(Loss) Before Income Taxes [Line Items] | |||
Income/(loss) from continuing operations before income taxes | $ 4 | $ (2) | $ (2) |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit/(Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current - Federal | $ 148 | $ (381) | $ 0 |
Current - State | (7) | (3) | 0 |
Deferred - Federal | 1,835 | 46 | 115 |
Deferred - State | 23 | 10 | (10) |
Current - Ouside of the U.S. | (4) | 1 | 1 |
Deferred - Ouside of the U.S. | 0 | 0 | 0 |
Income Tax Expense (Benefit) | $ 1,995 | $ (327) | $ 106 |
Income Taxes - Allocation of In
Income Taxes - Allocation of Income Tax Benefit/(Provision) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax benefit/(provision) applicable to: | |||
Income/(loss) from continuing operations | $ 1,995,000,000 | $ (327,000,000) | $ 106,000,000 |
Discontinued operations | 0 | (730,000,000) | (64,000,000) |
Deconsolidation and restructuring of CEOC and other | $ 0 | $ 0 | $ 1,176,000,000 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 5.20% | 0.10% | 0.00% |
Valuation allowance | (17.10%) | (22.90%) | 3.10% |
Foreign income taxes | (0.10%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Deferred tax benefit from changes in tax law | 52.10% | 0.00% | 0.00% |
Deconsolidation of CEOC | 0.00% | 0.00% | (40.30%) |
Stock-based compensation | (0.20%) | (0.80%) | 0.20% |
Acquisition of CEOC | 36.70% | 0.00% | 0.00% |
Reserves for uncertain tax positions | (4.60%) | (0.10%) | 0.00% |
Effective Income Tax Rate Reconciliation, Current tax benefit, Percent | 2.40% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent | (25.00%) | (16.80%) | 0.00% |
Noncontrolling interests | (0.10%) | 0.00% | 0.10% |
Other | (0.40%) | 0.20% | 0.10% |
Effective tax rate | 83.90% | (5.30%) | (1.80%) |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences resulting in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
State net operating losses | $ 426 | $ 4 |
Federal net operating loss | 553 | 51 |
Foreign net operating loss | 17 | 0 |
Compensation programs | 97 | 49 |
Allowance for doubtful accounts | 50 | 19 |
Self-insurance reserves | 10 | 8 |
Accrued restructuring and support expenses | 0 | 1,278 |
Accrued expenses | 79 | 28 |
Federal tax credits | 58 | 17 |
Federal indirect tax benefits of uncertain state tax positions | 4 | 5 |
Financing obligations | 2,319 | 0 |
Golf course properties’ obligation | 30 | 0 |
Intangibles | 0 | 39 |
Debt related items | 78 | 0 |
Deferred revenue | 46 | 1 |
Other | 10 | 12 |
Subtotal | 3,777 | 1,511 |
Less: valuation allowance | 1,513 | 1,356 |
Total deferred tax assets | 2,264 | 155 |
Depreciation and other property-related items | 2,576 | 1,091 |
Deferred cancellation of debt income and other debt-related items | 0 | 4 |
Investment in non-consolidated affiliates | 0 | 910 |
Intangibles | 221 | 0 |
Prepaid expenses | 24 | 15 |
Other | 18 | 0 |
Total deferred tax liabilities | 2,839 | 2,020 |
Net deferred tax liability | $ 575 | $ 1,865 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning Balance | $ 115 | $ 3 | $ 81 |
Additions based on tax positions related to the current year | 113 | 113 | 0 |
Additions for tax positions of prior years | 1 | 0 | 0 |
Reductions for tax positions for prior years | (92) | (1) | 0 |
Deconsolidation of CEOC | 0 | 0 | (78) |
Acquisition of OpCo | 67 | 0 | 0 |
Effect pf changes in federal tax law | (42) | 0 | 0 |
Ending Balance | $ 162 | $ 115 | $ 3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax And Carryforwards [Line Items] | |||
Deferred Federal Income Tax Expense (Benefit) | $ 1,835,000,000 | $ 46,000,000 | $ 115,000,000 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (1,200,000,000) | ||
Deferred Other Tax Expense (Benefit) | (797,000,000) | ||
Other Tax Expense (Benefit) | 0 | 0 | (1,176,000,000) |
Excess over tax basis | 70,000,000 | ||
Deferred tax, foreign withholding, not provided for | 2,000,000 | ||
Interest and penalties accrued for unrecognized tax benefits, current period | 2,000,000 | 3,000,000 | 0 |
Interest and penalties accrued for unrecognized tax benefits, total | 5,000,000 | 3,000,000 | 0 |
Unrecognized tax benefits that would impact the effective tax rate | 78,000,000 | 17,000,000 | $ 0 |
General Business Tax Credit Carryforward [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward, amount to expire | 60,000,000 | ||
Federal [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (442,000,000) | ||
Operating loss carryforward | 2,900,000,000 | 152,000,000 | |
State [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | 8,900,000,000 | 93,000,000 | |
Foreign Tax Authority [Member] | |||
Income Tax And Carryforwards [Line Items] | |||
Operating loss carryforward | $ 95,000,000 | $ 0 |
Discontinued Operations - Effec
Discontinued Operations - Effect on Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Stock-based compensation expense | $ 43 | $ 43 | $ 71 | |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 678 | 725 | ||
Operating expenses | 748 | 506 | ||
Pre-tax income/(loss) from operations | 4,110 | 219 | ||
Income/(loss), net of income taxes | 3,380 | 155 | ||
Discontinued Operations [Member] | Social and Mobile Games [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Stock-based compensation expense | 264 | 29 | ||
Discontinued Operations, Disposed of by Sale [Member] | Social and Mobile Games [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain from discontinued operations | 4,180 | 0 | ||
Discontinued Operations, Disposed of by Sale [Member] | Discontinued Operations [Member] | Social and Mobile Games [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 678 | 725 | ||
Operating expenses | [1] | 748 | 499 | |
Pre-tax income/(loss) from operations | 4,110 | 226 | ||
Income/(loss), net of income taxes | 3,380 | 162 | ||
Discontinued Operations, Disposed of by Sale [Member] | Discontinued Operations [Member] | Showboat Atlantic City [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating expenses | 0 | 6 | ||
Pre-tax income/(loss) from operations | 0 | (6) | ||
Income/(loss), net of income taxes | 0 | (6) | ||
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] | ||||
Operating expenses | 0 | 1 | ||
Pre-tax income/(loss) from operations | 0 | (1) | ||
Income/(loss), net of income taxes | $ 0 | $ (1) | ||
[1] | Operating expenses primarily consist of platform fees and property, general, administrative, and other expenses, including stock-based compensation expense directly identifiable with employees of the SMG Business of $264 million and $29 million, respectively, for the years ended December 31, 2016 and 2015 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2014 | |
Discontinued Operations, Disposed of by Sale [Member] | Social and Mobile Games [Member] | ||||||
Line Items | ||||||
Gain from discontinued operations | $ 4,180 | $ 0 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Caesars Interactive Entertainment [Member] | Social and Mobile Games [Member] | ||||||
Line Items | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 4,400 | |||||
Gain from discontinued operations | 4,200 | |||||
Payments of Distributions to Affiliates | $ 63 | 1,100 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Caesars Acquisition Company [Member] | Social and Mobile Games [Member] | ||||||
Line Items | ||||||
Escrow Deposit | 259 | |||||
Discontinued Operations, Disposed of by Sale [Member] | Caesars Entertainment Operating Company [Member] | Showboat Atlantic City [Member] | ||||||
Line Items | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 18 | |||||
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Caesars Entertainment Operating Company [Member] | Horseshoe Council Bluffs [Member] | ||||||
Line Items | ||||||
Discontinued Operation, Other Liabilities | $ 65 | $ 40 | ||||
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Caesars Entertainment Operating Company [Member] | Harrah's Gulf Coast construction project [Member] | ||||||
Line Items | ||||||
Discontinued Operation, Other Liabilities | 43 | |||||
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Caesars Entertainment Operating Company [Member] | Disposal Group Other [Member] | ||||||
Line Items | ||||||
Discontinued Operation, Other Liabilities | $ 18 |
Related Party Transactions R106
Related Party Transactions Related Party Transactions Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 3 | $ 2 | $ 3 |
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 | 34 | 6 | 20 |
Horseshoe Casino Baltimore [Member] | Equity Method Investee [Member] | Reimbursement to Counterparty [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 16 | 0 | 0 |
Horseshoe Casino Baltimore [Member] | Equity Method Investee [Member] | Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 3 | 0 | 0 |
CEOC LLC [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 9 | 14 | 12 |
CEOC LLC [Member] | Affiliated Entity [Member] | Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 33 | 45 | 40 |
CEOC LLC [Member] | Affiliated Entity [Member] | Shared Services Allocation to Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 312 | 368 | 355 |
CEOC LLC [Member] | Affiliated Entity [Member] | Shared Services Allocation from Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 71 | 148 | 117 |
CEOC LLC [Member] | Affiliated Entity [Member] | Lease Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable, Current | 35 | ||
Revenue from Related Parties | $ 26 | $ 35 | $ 34 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 67 | |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | $ 12 | |
Due from affiliates | 11 | 64 |
Due to affiliates | 0 | $ 66 |
CEOC LLC [Member] | Affiliated Entity [Member] | Lease Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Operating Leases, Future Minimum Payments Receivable, Current | 35 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2 | |
Horseshoe Casino Baltimore [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investment, Ownership Percentage | 41.00% | |
Caesars Interactive Entertainment [Member] | CEOC LLC [Member] | Affiliated Entity [Member] | Cross Marketing and Trademark License Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Rate | 3.00% |
Segment Reporting - Condensed S
Segment Reporting - Condensed Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Other revenue | $ 626 | $ 527 | $ 495 | ||||||||
Net revenues | $ 1,901 | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | 4,852 | 3,877 | 3,929 |
Depreciation and amortization | 628 | 439 | 374 | ||||||||
Loss from operations | $ 153 | $ 81 | $ 149 | $ 149 | $ 95 | $ (53) | $ 105 | $ 80 | 532 | 227 | 315 |
Interest expense | (774) | (599) | (683) | ||||||||
Gain on deconsolidation of subsidiary | 30 | 0 | 7,125 | ||||||||
Restructuring and support expenses | (2,028) | (5,729) | (1,017) | ||||||||
Loss on extinguishment of debt | (232) | 0 | 0 | ||||||||
Other income/(losses) | 95 | (29) | 7 | ||||||||
Income tax benefit/(provision) | 1,995 | (327) | 106 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other revenue | 48 | 15 | 29 | ||||||||
Net revenues | 206 | 47 | 78 | ||||||||
Depreciation and amortization | 22 | 5 | 16 | ||||||||
Loss from operations | (212) | (462) | (409) | ||||||||
Interest expense | (556) | (548) | (640) | ||||||||
Gain on deconsolidation of subsidiary | 0 | 7,125 | |||||||||
Restructuring and support expenses | (1,851) | (5,729) | (1,017) | ||||||||
Loss on extinguishment of debt | (215) | ||||||||||
Other income/(losses) | 90 | (29) | 7 | ||||||||
Income tax benefit/(provision) | 1,993 | (328) | 106 | ||||||||
Operating Segments [Member] | Las Vegas, NV [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other revenue | 492 | 447 | 399 | ||||||||
Net revenues | 2,897 | 2,625 | 2,543 | ||||||||
Depreciation and amortization | 420 | 344 | 278 | ||||||||
Loss from operations | 546 | 526 | 533 | ||||||||
Interest expense | (65) | (21) | (16) | ||||||||
Gain on deconsolidation of subsidiary | 0 | 0 | |||||||||
Restructuring and support expenses | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | (4) | ||||||||||
Other income/(losses) | 4 | 0 | 0 | ||||||||
Income tax benefit/(provision) | 0 | 1 | 0 | ||||||||
Operating Segments [Member] | Other U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other revenue | 93 | 65 | 67 | ||||||||
Net revenues | 1,756 | 1,205 | 1,308 | ||||||||
Depreciation and amortization | 186 | 90 | 80 | ||||||||
Loss from operations | 198 | 163 | 191 | ||||||||
Interest expense | (153) | (30) | (27) | ||||||||
Gain on deconsolidation of subsidiary | 30 | 0 | |||||||||
Restructuring and support expenses | (177) | 0 | 0 | ||||||||
Loss on extinguishment of debt | (13) | ||||||||||
Other income/(losses) | 1 | 0 | 0 | ||||||||
Income tax benefit/(provision) | 2 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other revenue | (7) | 0 | 0 | ||||||||
Net revenues | (7) | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Loss from operations | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Gain on deconsolidation of subsidiary | 0 | 0 | |||||||||
Restructuring and support expenses | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Other income/(losses) | 0 | 0 | 0 | ||||||||
Income tax benefit/(provision) | $ 0 | $ 0 | $ 0 |
Segment Reporting - Adjusted EB
Segment Reporting - Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net income/(loss) attributable to Caesars | $ 2,001 | $ (435) | $ (1,434) | $ (507) | $ (463) | $ (244) | $ (2,055) | $ (286) | $ (375) | $ (3,048) | $ 6,009 | |
Net loss attributable to noncontrolling interests | (7) | (29) | (1) | |||||||||
Discontinued operations, net of income taxes | 0 | (3,380) | (155) | |||||||||
Income tax benefit/(provision) | (1,995) | 327 | (106) | |||||||||
Gain on deconsolidation of subsidiaries | (30) | 0 | (7,125) | |||||||||
Restructuring and support expenses | 2,028 | 5,729 | 1,017 | |||||||||
Loss on extinguishment of debt | 232 | 0 | 0 | |||||||||
Other income/(losses) | (95) | 29 | (7) | |||||||||
Interest expense | 774 | 599 | 683 | |||||||||
Depreciation and amortization | 628 | 439 | 374 | |||||||||
Other operating costs | [1] | 64 | 91 | 161 | ||||||||
Stock-based compensation expense | 43 | 43 | 71 | |||||||||
Other items (2) | [2] | 90 | 81 | 64 | ||||||||
Adjusted EBITDA | 1,357 | 1,070 | 1,016 | |||||||||
Caesars Interactive Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Stock-based compensation expense | 189 | 31 | ||||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income/(loss) attributable to Caesars | (751) | (3,683) | 5,314 | |||||||||
Net loss attributable to noncontrolling interests | 0 | (33) | 13 | |||||||||
Discontinued operations, net of income taxes | (3,380) | (155) | ||||||||||
Income tax benefit/(provision) | (1,993) | 328 | (106) | |||||||||
Gain on deconsolidation of subsidiaries | 0 | (7,125) | ||||||||||
Restructuring and support expenses | 1,851 | 5,729 | 1,017 | |||||||||
Loss on extinguishment of debt | 215 | |||||||||||
Other income/(losses) | (90) | 29 | (7) | |||||||||
Interest expense | 556 | 548 | 640 | |||||||||
Depreciation and amortization | 22 | 5 | 16 | |||||||||
Other operating costs | [1] | 37 | 83 | 143 | ||||||||
Stock-based compensation expense | 36 | 38 | 66 | |||||||||
Other items (2) | [2] | 80 | 77 | 62 | ||||||||
Adjusted EBITDA | (37) | (70) | (91) | |||||||||
Corporate and Other [Member] | Caesars Interactive Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Stock-based compensation expense | 189 | 31 | ||||||||||
Operating Segments [Member] | Las Vegas, NV [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income/(loss) attributable to Caesars | 481 | 506 | 517 | |||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Discontinued operations, net of income taxes | 0 | 0 | ||||||||||
Income tax benefit/(provision) | 0 | (1) | 0 | |||||||||
Gain on deconsolidation of subsidiaries | 0 | 0 | ||||||||||
Restructuring and support expenses | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 4 | |||||||||||
Other income/(losses) | (4) | 0 | 0 | |||||||||
Interest expense | 65 | 21 | 16 | |||||||||
Depreciation and amortization | 420 | 344 | 278 | |||||||||
Other operating costs | [1] | 25 | 8 | 11 | ||||||||
Stock-based compensation expense | 4 | 3 | 3 | |||||||||
Other items (2) | [2] | 5 | 0 | 2 | ||||||||
Adjusted EBITDA | 1,000 | 881 | 827 | |||||||||
Operating Segments [Member] | Las Vegas, NV [Member] | Caesars Interactive Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Stock-based compensation expense | 0 | 0 | ||||||||||
Operating Segments [Member] | Other U.S. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income/(loss) attributable to Caesars | (105) | 129 | 178 | |||||||||
Net loss attributable to noncontrolling interests | (7) | 4 | (14) | |||||||||
Discontinued operations, net of income taxes | 0 | 0 | ||||||||||
Income tax benefit/(provision) | (2) | 0 | 0 | |||||||||
Gain on deconsolidation of subsidiaries | (30) | 0 | ||||||||||
Restructuring and support expenses | 177 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 13 | |||||||||||
Other income/(losses) | (1) | 0 | 0 | |||||||||
Interest expense | 153 | 30 | 27 | |||||||||
Depreciation and amortization | 186 | 90 | 80 | |||||||||
Other operating costs | [1] | 2 | 0 | 7 | ||||||||
Stock-based compensation expense | 3 | 2 | 2 | |||||||||
Other items (2) | [2] | 5 | 4 | 0 | ||||||||
Adjusted EBITDA | 394 | 259 | 280 | |||||||||
Operating Segments [Member] | Other U.S. [Member] | Caesars Interactive Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Stock-based compensation expense | 0 | 0 | ||||||||||
Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income/(loss) attributable to Caesars | 0 | 0 | 0 | |||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Discontinued operations, net of income taxes | 0 | 0 | ||||||||||
Income tax benefit/(provision) | 0 | 0 | 0 | |||||||||
Gain on deconsolidation of subsidiaries | 0 | 0 | ||||||||||
Restructuring and support expenses | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Other income/(losses) | 0 | 0 | 0 | |||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Other operating costs | [1] | 0 | 0 | 0 | ||||||||
Stock-based compensation expense | 0 | 0 | 0 | |||||||||
Other items (2) | [2] | 0 | 0 | 0 | ||||||||
Adjusted EBITDA | $ 0 | 0 | 0 | |||||||||
Intersegment Eliminations [Member] | Caesars Interactive Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | ||||||||||
[1] | Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. | |||||||||||
[2] | Other items includes other add-backs and deductions to arrive at Adjusted EBITDA but not separately identified such as litigation awards and settlements, costs associated with CEOC’s restructuring and related litigation, severance and relocation costs, sign-on and retention bonuses, permit remediation costs, and business optimization expenses. |
Segment Reporting - Condensed B
Segment Reporting - Condensed Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 25,512 | $ 14,923 |
Total liabilities | 22,216 | 16,532 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 7,519 | 7,896 |
Total liabilities | 11,843 | 15,599 |
Operating Segments [Member] | Las Vegas, NV [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 14,145 | 8,583 |
Total liabilities | 5,238 | 456 |
Operating Segments [Member] | Other U.S. [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 6,880 | 1,580 |
Total liabilities | 5,027 | 477 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (3,032) | (3,136) |
Total liabilities | $ 108 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017reportable_segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments | We revised our presentation from two reportable segments to the three listed above as of the Effective Date, in conjunction with the CAC Merger and CEOC’s emergence from bankruptcy, because the way in which Caesars management assesses results and allocates resources is aligned in accordance with these segments. When CEOC filed for reorganization, we concluded that CEOC was a VIE and that we were not the primary beneficiary; therefore, we no longer consolidated CEOC. After the Effective Date, CEOC LLC’s results are consolidated with CEC. |
Quarterly Results of Operati112
Quarterly Results of Operations - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 1,901 | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | $ 4,852 | $ 3,877 | $ 3,929 |
Income from operations | 153 | 81 | 149 | 149 | 95 | (53) | 105 | 80 | 532 | 227 | 315 |
Net income/(loss) | 2,001 | (441) | (1,434) | (508) | (466) | (276) | (2,052) | (283) | (382) | (3,077) | 6,008 |
Net loss attributable to Caesars | $ 2,001 | $ (435) | $ (1,434) | $ (507) | $ (463) | $ (244) | $ (2,055) | $ (286) | $ (375) | $ (3,048) | $ 6,009 |
Basic loss per share | $ 3.01 | $ (2.92) | $ (9.63) | $ (3.44) | $ (3.15) | $ (1.66) | $ (14.10) | $ (1.97) | $ (1.35) | $ (20.85) | $ 41.49 |
Diluted loss per share | $ 2.48 | $ (2.92) | $ (9.63) | $ (3.44) | $ (3.15) | $ (1.66) | $ (14.10) | $ (1.97) | $ (1.35) | $ (20.85) | $ 40.87 |
Scenario, Previously Reported [Member] | |||||||||||
Net revenues | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | $ 3,877 | |||
Income from operations | 86 | 157 | 158 | 102 | (44) | 111 | 88 | 257 | |||
Net income/(loss) | (460) | (1,426) | (524) | (435) | 5 | (2,043) | (274) | (2,747) | |||
Net loss attributable to Caesars | $ (468) | $ (1,442) | $ (546) | $ (541) | $ (643) | $ (2,077) | $ (308) | $ (3,569) | |||
Basic loss per share | $ (3.14) | $ (9.68) | $ (3.71) | $ (3.68) | $ (4.38) | $ (14.25) | $ (2.12) | $ (24.41) | |||
Diluted loss per share | $ (3.14) | $ (9.68) | $ (3.71) | $ (3.68) | $ (4.38) | $ (14.25) | $ (2.12) | $ (24.41) | |||
Restatement Adjustment [Member] | |||||||||||
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Income from operations | (5) | (8) | (9) | (7) | (9) | (6) | (8) | (30) | |||
Net income/(loss) | 19 | (8) | 16 | (31) | (281) | (9) | (9) | (330) | |||
Net loss attributable to Caesars | $ 33 | $ 8 | $ 39 | $ 78 | $ 399 | $ 22 | $ 22 | $ 521 | |||
Basic loss per share | $ 0.22 | $ 0.05 | $ 0.27 | $ 0.53 | $ 2.72 | $ 0.15 | $ 0.15 | $ 3.56 | |||
Diluted loss per share | $ 0.22 | $ 0.05 | $ 0.27 | $ 0.53 | $ 2.72 | $ 0.15 | $ 0.15 | $ 3.56 |
Quarterly Results of Operati113
Quarterly Results of Operations - Unaudited Quarterly Results of Operations - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Anti-dilutive common stock | 57 | 19 | 5 |
Convertible Debt Securities | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Anti-dilutive common stock | 36 | 0 | 0 |
Social and Mobile Games [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain from discontinued operations | $ 4,180 | $ 0 | |
Caesars Interactive Entertainment [Member] | Social and Mobile Games [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain from discontinued operations | $ 4,200 |
Schedule I - CONDENSED BALANCE
Schedule I - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 2,558 | $ 1,540 |
Restricted cash | 116 | 3,113 |
Receivables, net | 496 | 160 |
Prepayments and other current assets | 239 | 120 |
Total current assets | 3,459 | 5,017 |
Total assets | 25,512 | 14,923 |
Liabilities and Stockholders’ Equity/(Deficit) | ||
Accounts payable | 318 | 215 |
Accrued expenses and other current liabilities | 1,459 | 693 |
Interest payable | 38 | 67 |
Current portion of long-term debt | 64 | 89 |
Total current liabilities | 1,888 | 7,731 |
Long-term debt | 8,849 | 6,749 |
Deferred credits and other | 1,473 | 187 |
Deferred income taxes | 577 | 1,865 |
Total liabilities | 22,216 | 16,532 |
Total stockholders’ equity/(deficit) | 3,225 | (1,662) |
Total liabilities and stockholders’ equity/(deficit) | 25,512 | 14,923 |
Parent Company [Member] | ||
Assets | ||
Cash and cash equivalents | 926 | 106 |
Restricted cash | 0 | 16 |
Receivables, net | 33 | 0 |
Prepayments and other current assets | 5 | 5 |
Intercompany receivables | 33 | 46 |
Total current assets | 997 | 173 |
Deferred charges and other assets | 147 | 89 |
Investment in subsidiary | 4,434 | 5,553 |
Total assets | 5,578 | 5,815 |
Liabilities and Stockholders’ Equity/(Deficit) | ||
Accounts payable | 5 | 33 |
Accrued expenses and other current liabilities | 13 | 85 |
Interest payable | 13 | 0 |
Intercompany payables | 65 | 20 |
Current portion of long-term debt | 0 | 6,601 |
Total current liabilities | 96 | 6,739 |
Long-term debt | 1,121 | 0 |
Deferred credits and other | 1,136 | 146 |
Deferred income taxes | 0 | 592 |
Total liabilities | 2,353 | 7,477 |
Total stockholders’ equity/(deficit) | 3,225 | (1,662) |
Total liabilities and stockholders’ equity/(deficit) | $ 5,578 | $ 5,815 |
Schedule I - CONDENSED STATEMEN
Schedule I - CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net revenues | $ 1,901 | $ 986 | $ 1,002 | $ 963 | $ 949 | $ 986 | $ 992 | $ 950 | $ 4,852 | $ 3,877 | $ 3,929 | |
Operating expenses | ||||||||||||
Corporate expense | 204 | 194 | 196 | |||||||||
Other operating costs | [1] | 64 | 91 | 161 | ||||||||
Total operating expenses | 4,320 | 3,650 | 3,614 | |||||||||
Loss from operations | $ 153 | $ 81 | $ 149 | $ 149 | $ 95 | $ (53) | $ 105 | $ 80 | 532 | 227 | 315 | |
Interest expense | (774) | (599) | (683) | |||||||||
Gain on deconsolidation of subsidiaries | 30 | 0 | 7,125 | |||||||||
Restructuring and support expenses | (2,028) | (5,729) | (1,017) | |||||||||
Other income/(loss) | 95 | (29) | 7 | |||||||||
Income/(loss) from operations before income taxes | (2,377) | (6,130) | 5,747 | |||||||||
Income tax benefit/(provision) | 1,995 | (327) | 106 | |||||||||
Net income/(loss) | (382) | (6,457) | 5,853 | |||||||||
Other comprehensive income, net of income taxes | 6 | (2) | 0 | |||||||||
Comprehensive income/(loss) | (369) | (3,050) | 6,009 | |||||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net revenues | 2 | 2 | 12 | |||||||||
Operating expenses | ||||||||||||
Corporate expense | 88 | 123 | 117 | |||||||||
Other operating costs | 24 | 58 | 120 | |||||||||
Total operating expenses | 112 | 181 | 237 | |||||||||
Loss from operations | (110) | (179) | (225) | |||||||||
Interest expense | (18) | (5) | (4) | |||||||||
Gain on interests in subsidiaries | 769 | 2,934 | 278 | |||||||||
Gain on deconsolidation of subsidiaries | 0 | 0 | 7,125 | |||||||||
Restructuring and support expenses | (1,842) | (5,729) | (1,017) | |||||||||
Other income/(loss) | 85 | (30) | 1 | |||||||||
Income/(loss) from operations before income taxes | (1,116) | (3,009) | 6,158 | |||||||||
Income tax benefit/(provision) | 741 | (39) | (149) | |||||||||
Net income/(loss) | (375) | (3,048) | 6,009 | |||||||||
Other comprehensive income, net of income taxes | 0 | 0 | 0 | |||||||||
Comprehensive income/(loss) | $ (375) | $ (3,048) | $ 6,009 | |||||||||
[1] | Amounts primarily represent costs incurred in connection with property openings and expansion projects at existing properties, costs associated with the development activities and reorganization activities, and/or recoveries associated with such items. |
Schedule I - CONDENSED STATE116
Schedule I - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash flows provided by/(used in) operating activities | $ (2,323) | $ 42 | $ (82) | |
Cash flows from investing activities | ||||
Payments to acquire investments | (12) | (23) | (27) | |
Proceeds from long term receivable | (1) | 0 | (3) | |
Cash flows provided by/(used in) investing activities | (55) | (121) | (1,200) | |
Cash flows from financing activities | ||||
Repayments of long-term debt | (7,846) | (268) | (450) | |
Other financing | (6) | 14 | 24 | |
Cash flows used in financing activities | 429 | (1,260) | (181) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,949) | 3,244 | (1,482) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 2,709 | 4,658 | 1,414 | $ 2,896 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash flows provided by/(used in) operating activities | 1,504 | (37) | (277) | |
Cash flows from investing activities | ||||
Payments to acquire investments | (700) | 0 | 0 | |
Proceeds from long term receivable | 0 | 0 | 40 | |
Cash flows provided by/(used in) investing activities | (700) | 0 | 40 | |
Cash flows from financing activities | ||||
Repayments of long-term debt | 0 | 0 | (68) | |
Other financing | 0 | (8) | (2) | |
Cash flows used in financing activities | 0 | (8) | (70) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 804 | (45) | (307) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 926 | $ 122 | $ 167 | $ 474 |
Schedule I - Additional Informa
Schedule I - Additional Information (Details) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 3.2 | $ 4 |
Uncategorized Items - czr-20171
Label | Element | Value |
Goodwill, Gross | us-gaap_GoodwillGross | $ 5,060,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | 3,452,000,000 |
Corporate and Other [Member] | ||
Goodwill, Gross | us-gaap_GoodwillGross | 0 |
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | 0 |
Las Vegas, NV [Member] | ||
Goodwill, Gross | us-gaap_GoodwillGross | 4,410,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | 3,115,000,000 |
Other U.S. [Member] | ||
Goodwill, Gross | us-gaap_GoodwillGross | 650,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | $ 337,000,000 |