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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Schedule of Operating Data for Reportable Segments | The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2020:
Las Vegas |  | Regional |  | Managed, International, CIE
(a) | Bally’s Las Vegas |  | Eldorado Resort Casino Reno |  | (a) | Harrah’s Atlantic City |  |  | International
(a) | The Cromwell |  | Silver Legacy Resort Casino |  | (a) | Harrah’s Laughlin |  | (a) | Caesars Cairo
(a) | Flamingo Las Vegas |  | Circus Circus Reno |  | (a) | Harrah’s New Orleans |  | (a) | Ramses Casino
(a) | The LINQ Hotel & Casino |  | MontBleu Casino Resort & Spa (c) |  | (a) | Hoosier Park (f) |  | (a) | Emerald Casino Resort (b)
(a) | Paris Las Vegas |  | Tropicana Laughlin Hotel & Casino |  | (a) | Indiana Grand (g) |  | (a) | Alea Glasgow (b)
(a) | Planet Hollywood Resort & Casino |  | Isle Casino Hotel - Blackhawk |  | (a) | Bally’s Atlantic City (b) |  | (a) | Alea Nottingham (b)
(a) | Caesars Palace Las Vegas |  | Lady Luck Casino - Black Hawk |  | (a) | Caesars Atlantic City |  | (a) | The Empire Casino (b)
(a) | Harrah’s Las Vegas |  | Isle Casino Waterloo |  | (a) | Caesars Southern Indiana (e)(b) |  | (a) | Manchester235 (b)
(a) | Rio All-Suite Hotel & Casino |  | Isle Casino Bettendorf |  | (a) | Harrah’s Council Bluffs |  | (a) | Playboy Club London (b)
|  |  | Isle of Capri Casino Boonville |  | (a) | Harrah’s Gulf Coast |  | (a) | Rendezvous Brighton (b)
|  |  | Isle of Capri Casino Kansas City (d) |  | (a) | Harrah’s Joliet |  | (a) | Rendezvous Southend-on-Sea (j)(b)
|  |  | Isle Casino Racing Pompano Park |  | (a) | Harrah’s Lake Tahoe |  | (a) | The Sportsman (b)
|  |  | Eldorado Resort Casino Shreveport (c) |  | (a) | Harrah’s Louisiana Downs (h)(b) |  |  | Managed
|  |  | Isle of Capri Casino Hotel Lake Charles |  | (a) | Harrah’s Metropolis |  | (a) | Harrah’s Ak-Chin
|  |  | Belle of Baton Rouge Casino & Hotel |  | (a) | Harrah’s North Kansas City |  | (a) | Harrah’s Cherokee
|  |  | Isle of Capri Casino Lula |  | (a) | Harrah’s Philadelphia |  | (a) | Harrah’s Cherokee Valley River
|  |  | Lady Luck Casino Vicksburg (d) |  | (a) | Harrah’s Reno (i)(b) |  | (a) | Harrah’s Resort Southern California
|  |  | Trop Casino Greenville |  | (a) | Harveys Lake Tahoe |  | (a) | Horseshoe Baltimore (k)
|  |  | Eldorado Gaming Scioto Downs |  | (a) | Horseshoe Bossier City |  | (a) | Caesars Windsor
|  |  | Tropicana Casino and Resort, Atlantic City |  | (a) | Horseshoe Council Bluffs |  | (a) | Kings & Queens Casino
|  |  | Grand Victoria Casino |  | (a) | Horseshoe Hammond (e)(b) |  | (a) | Caesars Dubai
|  |  | Lumière Place Casino |  | (a) | Horseshoe Tunica |  |  | CIE
|  |  | Tropicana Evansville (e) |  |  |  |  | (a) | Caesars Interactive Entertainment
___________________ (a)These properties were acquired from the Merger with Former Caesars on July 20, 2020. (b)As a result of the Merger, the sales of these properties met the requirements for presentation as discontinued operations as of September 30, 2020. (c)In April 2020, the Company entered into an agreement to sell Eldorado Shreveport and MontBleu, which are expected to close in the first quarter of 2021. As of September 30, 2020, the properties’ assets and liabilities were classified as held for sale. (d)Kansas City and Vicksburg were sold on July 1, 2020. (e)On October 27, 2020, the Company entered into an agreement to sell Evansville, which is expected to close mid-2021. In addition, the Company plans to enter into an agreement to divest of Caesars Southern Indiana and Horseshoe Hammond prior to December 31, 2020. As of September 30, 2020, Evansville’s assets and liabilities were classified as held for sale. (f)Hoosier Park includes operations of our off-track betting locations, Winner’s Circle Indianapolis and Winner’s Circle New Haven. (g)Indiana Grand includes operations of our off-track betting location, Winner’s Circle Clarksville. (h)On September 3, 2020, the Company entered into an agreement to sell Harrah’s Louisiana Downs, which is expected to close in the first half of 2021. (i)Harrah’s Reno was sold on September 30, 2020. (j)Rendezvous Southend-on-Sea permanently closed in June 2020 following the recent closure due to the COVID-19 public health emergency. (k)As of September 30, 2020, Horseshoe Baltimore was 44.3% owned and held as an equity-method investment. The following table sets forth, for the periods indicated, certain operating data for the Company’s three reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Revenues and expenses |  |  |  |  |  |  |
Las Vegas: |  |  |  |  |  |  |
Net revenues | $ | 304 |  |  | $ | — |  |  | $ | 304 |  |  | $ | — |
Net loss attributable to Caesars | (162) |  |  | — |  |  | (162) |  |  | — |
Adjusted EBITDA | 43 |  |  | — |  |  | 43 |  |  | — |
Regional: |  |  |  |  |  |  |
Net revenues | 1,000 |  |  | 661 |  |  | 1,596 |  |  | 1,930 |
Net (loss) income attributable to Caesars | 47 |  |  | 117 |  |  | (175) |  |  | 300 |
Adjusted EBITDA | 331 |  |  | 205 |  |  | 439 |  |  | 569 |
Managed, International, CIE: |  |  |  |  |  |  |
Net revenues | 69 |  |  | — |  |  | 69 |  |  | — |
Net income attributable to Caesars | 3 |  |  | — |  |  | 3 |  |  | — |
Adjusted EBITDA | 18 |  |  | — |  |  | 18 |  |  | — |
Corporate and Other: |  |  |  |  |  |  |
Net revenues | 4 |  |  | 2 |  |  | 8 |  |  | 6 |
Net loss attributable to Caesars | (814) |  |  | (80) |  |  | (868) |  |  | (206) |
Adjusted EBITDA | (41) |  |  | (8) |  |  | (59) |  |  | (27) |
Total |  |  |  |  |  |  |
Net revenues | $ | 1,377 |  |  | $ | 663 |  |  | $ | 1,977 |  |  | $ | 1,936 |
Net (loss) income attributable to Caesars | $ | (926) |  |  | $ | 37 |  |  | $ | (1,202) |  |  | $ | 94 |
Adjusted EBITDA | $ | 351 |  |  | $ | 197 |  |  | $ | 441 |  |  | $ | 542 |
| Three Months Ended September 30, 2020
(In millions) | Las Vegas |  | Regional |  | Managed, International, CIE |  | Corporate and Other |  | Total
Net (loss) income attributable to Caesars | $ | (162) |  |  | $ | 47 |  |  | $ | 3 |  |  | $ | (814) |  |  | $ | (926) |
Net income attributable to noncontrolling interests | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net (income) loss from discontinued operations | — |  |  | (9) |  |  | 10 |  |  | — |  |  | 1 |
Interest expense, net | 92 |  |  | 157 |  |  | — |  |  | 224 |  |  | 473 |
Provision for income taxes (a) | — |  |  | — |  |  | — |  |  | 135 |  |  | 135 |
Other loss (b) | — |  |  | — |  |  | — |  |  | 164 |  |  | 164 |
Depreciation and amortization | 91 |  |  | 117 |  |  | — |  |  | 15 |  |  | 223 |
Stock-based compensation | 3 |  |  | 4 |  |  | — |  |  | 38 |  |  | 45 |
Transaction costs and other operating costs (c) | 19 |  |  | 7 |  |  | 5 |  |  | 188 |  |  | 219 |
Other items (d) | — |  |  | 7 |  |  | — |  |  | 9 |  |  | 16 |
Adjusted EBITDA | $ | 43 |  |  | $ | 331 |  |  | $ | 18 |  |  | $ | (41) |  |  | $ | 351 |
| Three Months Ended September 30, 2019
(In millions) | Las Vegas |  | Regional |  | Managed, International, CIE |  | Corporate and Other |  | Total
Net (loss) income attributable to Caesars | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | (80) |  |  | $ | 37 |
Provision for income taxes (a) | — |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Other income | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Interest expense, net | — |  |  | 35 |  |  | — |  |  | 37 |  |  | 72 |
Depreciation and amortization | — |  |  | 51 |  |  | — |  |  | 2 |  |  | 53 |
Transaction costs and other operating costs | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Stock-based compensation expense | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Other items (d) | — |  |  | 2 |  |  | — |  |  | (1) |  |  | 1 |
Adjusted EBITDA | $ | — |  |  | $ | 205 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 197 |
| Nine Months Ended September 30, 2020
(In millions) | Las Vegas |  | Regional |  | Managed, International, CIE |  | Corporate and Other |  | Total
Net (loss) income attributable to Caesars | $ | (162) |  |  | $ | (175) |  |  | $ | 3 |  |  | $ | (868) |  |  | $ | (1,202) |
Net income attributable to noncontrolling interests | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net (income) loss from discontinued operations | — |  |  | (9) |  |  | 10 |  |  | — |  |  | 1 |
Provision for income taxes (a) | — |  |  | — |  |  | — |  |  | 64 |  |  | 64 |
Other loss (b) | — |  |  | — |  |  | — |  |  | 174 |  |  | 174 |
Interest expense, net | 92 |  |  | 229 |  |  | — |  |  | 287 |  |  | 608 |
Depreciation and amortization | 91 |  |  | 213 |  |  | — |  |  | 18 |  |  | 322 |
Impairment charges | — |  |  | 161 |  |  | — |  |  | — |  |  | 161 |
Transaction costs and other operating costs (c) | 19 |  |  | 8 |  |  | 5 |  |  | 210 |  |  | 242 |
Stock-based compensation expense | 3 |  |  | 4 |  |  | — |  |  | 48 |  |  | 55 |
Other items (d) | — |  |  | 7 |  |  | — |  |  | 8 |  |  | 15 |
Adjusted EBITDA | $ | 43 |  |  | $ | 439 |  |  | $ | 18 |  |  | $ | (59) |  |  | $ | 441 |
| Nine Months Ended September 30, 2019
(In millions) | Las Vegas |  | Regional |  | Managed, International, CIE |  | Corporate and Other |  | Total
Net (loss) income attributable to Caesars | $ | — |  |  | $ | 300 |  |  | $ | — |  |  | $ | (206) |  |  | $ | 94 |
Provision for income taxes (a) | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Other loss | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Interest expense, net | — |  |  | 103 |  |  | — |  |  | 114 |  |  | 217 |
Depreciation and amortization | — |  |  | 162 |  |  | — |  |  | 5 |  |  | 167 |
Impairment charges | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Transaction costs and other operating costs | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |
Stock-based compensation expense | — |  |  | — |  |  | — |  |  | 16 |  |  | 16 |
Other items (d) | — |  |  | 3 |  |  | — |  |  | 2 |  |  | 5 |
Adjusted EBITDA | $ | — |  |  | $ | 569 |  |  | $ | — |  |  | $ | (27) |  |  | $ | 542 |
____________________ (a)Taxes are recorded at the consolidated level and not estimated or recorded to our Las Vegas, Regional, and Managed, International, CIE segments. (b)Other loss for three and nine months ended September 30, 2020 primarily represents loss on early repayment of debt in connection with the consummation of the Merger and unrealized loss on the change in fair value of the derivative liability related to the 5% Convertible Notes, slightly offset by a gain on William Hill UK and Flutter stock and a realized gain on conversion of the 5% Convertible Notes. (c)Transaction costs and other operating costs for the three and nine months ended September 30, 2020 primarily represent costs related to the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (d)Other items represent internal labor charges related to certain departed executives, retention bonuses, business optimization expenses and contract labor.
Schedule Of Capital Expenditures By Segment |
| Nine Months Ended September 30,
(In millions) | 2020 |  | 2019
Capital Expenditures, Net |  |  |
Las Vegas | $ | 16 |  |  | $ | — |
Regional (a) | 62 |  |  | 131 |
Managed, International, CIE (a) | 1 |  |  | — |
Corporate and Other | 19 |  |  | 4 |
Total | $ | 98 |  |  | $ | 135 |
___________________ (a)Includes $4 million of capital expenditures related to properties classified as discontinued operations.
Schedule of Balance Sheet Information for Reportable Segments |
| Balance Sheet as of
(In millions) | September 30, 2020 |  | December 31, 2019
Total Assets |  |  |
Las Vegas | $ | 21,552 |  |  | $ | — |
Regional | 14,096 |  |  | 6,787 |
Managed, International, CIE | 604 |  |  | — |
Corporate and Other | (13) |  |  | (1,146) |
Total | $ | 36,239 |  |  | $ | 5,641 |

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