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Acquisition of Former Caesars (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition |
(In millions) | Consideration
Cash consideration paid | $ | 6,090 |
Shares issued to Former Caesars shareholders | 2,381 |
Cash paid to retire Former Caesars debt | 2,356 |
Other consideration paid | 48 |
Total purchase consideration | $ | 10,875 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of September 30, 2020:
(In millions) | Fair Value |  |
Current and other assets | $ | 4,264 |  |  |
Property and equipment | 12,730 |  |  |
Goodwill | 8,649 |  |  |
Intangible assets (a) | 3,549 |  |  |
Other noncurrent assets | 684 |  |  |
Total assets | $ | 29,876 |  |  |
Current liabilities | $ | 1,896 |  |  |
Financing obligation | 8,134 |  |  |
Long-term debt | 6,591 |  |  |
Noncurrent liabilities | 2,362 |  |  |
Total liabilities | 18,983 |  |  |
Noncontrolling interests | 18 |  |  |
Net assets acquired | $ | 10,875 |  |  |
____________________ (a)Intangible assets consist of gaming licenses valued at $537 million, trade names valued at $2.1 billion and Caesars Rewards programs valued at $540 million and customer relationships of $404 million.
Financing Receivable, Allowance for Credit Loss | A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows:
(In millions) |  |
Purchase price of financial assets |  | $ | 95 |
Allowance for credit losses at the acquisition date based on the acquirer’s assessment |  | 89 |
Discount / (premium) attributable to other factors |  | 2 |
Face value of financial assets |  | $ | 186 |
Business Acquisition, Pro Forma Information |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net revenues |  | $ | 1,639 |  |  | $ | 2,607 |  |  | $ | 4,145 |  |  | $ | 7,652 |
Net loss |  | (989) |  |  | (363) |  |  | (2,266) |  |  | (894) |
Net loss attributable to Caesars |  | (927) |  |  | (362) |  |  | (2,200) |  |  | (892) |

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