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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the William Hill Acquisition, our principal operating activities occurred in three regionally-focused reportable segments: Las Vegas, Regional, and Managed, International, CIE, in addition to Corporate and Other. Following the William Hill Acquisition, the Company’s principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 4, Note 6 and Note 7 for a discussion of the impairment of intangibles and long-lived assets related to certain segments. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2021:
Las Vegas |  | Regional |  | Managed and Branded
Bally’s Las Vegas |  | Belle of Baton Rouge Casino & Hotel (a) |  | Horseshoe Bossier City |  | Managed
Caesars Palace Las Vegas |  | Caesars Atlantic City |  | Horseshoe Council Bluffs |  | Harrah’s Ak-Chin
The Cromwell |  | Circus Circus Reno |  | Horseshoe Hammond |  | Harrah’s Cherokee
Flamingo Las Vegas |  | Eldorado Gaming Scioto Downs |  | Horseshoe Tunica |  | Harrah’s Cherokee Valley River
Harrah’s Las Vegas |  | Eldorado Resort Casino Reno |  | Indiana Grand |  | Harrah’s Resort Southern California
The LINQ Hotel & Casino |  | Grand Victoria Casino |  | Isle Casino Bettendorf |  | Caesars Windsor
Paris Las Vegas |  | Harrah’s Atlantic City |  | Isle of Capri Casino Boonville |  | Caesars Dubai
Planet Hollywood Resort & Casino |  | Harrah’s Council Bluffs |  | Isle of Capri Casino Hotel Lake Charles (c) |  | Branded
Rio All-Suite Hotel & Casino |  | Harrah’s Gulf Coast |  | Isle of Capri Casino Lula |  | Caesars Southern Indiana (d)
|  | Harrah’s Joliet |  | Isle Casino Hotel - Blackhawk |  | Harrah’s Northern California
Caesars Digital |  | Harrah’s Lake Tahoe |  | Isle Casino Racing Pompano Park |  |
Caesars Digital |  | Harrah’s Laughlin |  | Isle Casino Waterloo |  |
|  | Harrah’s Louisiana Downs (a) |  | Lady Luck Casino - Black Hawk |  |
|  | Harrah’s Metropolis |  | Lumière Place Casino |  |
|  | Harrah’s New Orleans |  | MontBleu Casino Resort & Spa (a) |  |
|  | Harrah’s North Kansas City |  | Silver Legacy Resort Casino |  |
|  | Harrah’s Philadelphia |  | Trop Casino Greenville |  |
|  | Harveys Lake Tahoe |  | Tropicana Atlantic City |  |
|  | Harrah’s Hoosier Park Racing & Casino |  | Tropicana Evansville (a) |  |
|  | Horseshoe Baltimore (c) |  | Tropicana Laughlin Hotel & Casino |  |
___________________ (a)During the year ended December 31, 2021, these properties were sold or held for sale. See Note 4 for additional details. (b)On August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore to 75.8% and began to consolidate the property in our Regional segment following the change in ownership. Management fees prior to the consolidation of Horseshoe Baltimore have been reflected in the Managed and Branded segment. (c)Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and will remain closed until the second half of 2022 when construction of a new land-based casino is expected to be complete. (d)The sale of Caesars Southern Indiana closed on September 3, 2021 and the Company entered into a license agreement with the Eastern Band of Cherokee Indians for the continued use of the Caesars brand and the Caesars Rewards loyalty program at Caesars Southern Indiana. The properties listed above exclude the discontinued operations, including previous international properties which have been sold, or we have entered into agreements to sell. The sale of Caesars UK Group closed on July 16, 2021, in which the buyer assumed all liabilities associated with the Caesars UK Group. Additionally, on September 8, 2021, the Company entered into an agreement to sell William Hill International, which is expected to close in the second quarter of 2022. Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven; and Indiana Grand, which operates Winner’s Circle Clarksville. The LINQ Promenade, listed above in our Las Vegas segment, is an open-air dining, entertainment, and retail promenade located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”) that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM conference center, which is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ. “Corporate and Other” includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year.
| Years Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Las Vegas: |  |  |  |  |
Net revenues | $ | 3,409 |  |  | $ | 751 |  |  | $ | — |
Adjusted EBITDA | 1,568 |  |  | 133 |  |  | — |
Regional: |  |  |  |  |
Net revenues | 5,537 |  |  | 2,660 |  |  | 2,494 |
Adjusted EBITDA | 1,979 |  |  | 711 |  |  | 719 |
Caesars Digital: |  |  |  |  |
Net revenues | 337 |  |  | 95 |  |  | 26 |
Adjusted EBITDA | (476) |  |  | 26 |  |  | 13 |
Managed and Branded: |  |  |  |  |
Net revenues | 278 |  |  | 107 |  |  | — |
Adjusted EBITDA | 87 |  |  | 25 |  |  | — |
Corporate and Other: |  |  |  |  |
Net revenues | 9 |  |  | 15 |  |  | 8 |
Adjusted EBITDA | (168) |  |  | (101) |  |  | (35) |
Reconciliation of Adjusted EBITDA - By Segment to Net Income (Loss) Attributable to Caesars 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, and (iv) certain items that we do not consider indicative of our 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 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.
| Years Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Adjusted EBITDA by Segment: |  |  |  |  |
Las Vegas | $ | 1,568 |  |  | $ | 133 |  |  | $ | — |
Regional | 1,979 |  |  | 711 |  |  | 719 |
Caesars Digital | (476) |  |  | 26 |  |  | 13 |
Managed and Branded | 87 |  |  | 25 |  |  | — |
Corporate and Other | (168) |  |  | (101) |  |  | (35) |
| 2,990 |  |  | 794 |  |  | 697 |
Reconciliation to net income (loss) attributable to Caesars: |  |  |  |  |
Net (income) loss attributable to noncontrolling interests | (3) |  |  | 1 |  |  | — |
Net loss from discontinued operations | (30) |  |  | (20) |  |  | — |
Benefit (provision) for income taxes | 283 |  |  | (132) |  |  | (44) |
Other income (loss) (a) | (198) |  |  | 176 |  |  | 9 |
Loss on extinguishment of debt | (236) |  |  | (197) |  |  | (8) |
Interest expense, net | (2,295) |  |  | (1,202) |  |  | (286) |
Depreciation and amortization | (1,126) |  |  | (583) |  |  | (222) |
Impairment charges | (102) |  |  | (215) |  |  | (1) |
Transaction costs and other operating costs (b) | (144) |  |  | (270) |  |  | (37) |
Stock-based compensation expense | (82) |  |  | (79) |  |  | (20) |
Other items (c) | (76) |  |  | (30) |  |  | (7) |
Net income (loss) attributable to Caesars | $ | (1,019) |  |  | $ | (1,757) |  |  | $ | 81 |
____________________ (a)Other income (loss) for the year ended December 31, 2021 primarily represents a loss on the change in fair value of investments held by the Company and a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. (b)Transaction costs and other operating costs for the year ended December 31, 2021 primarily represent costs related to the William Hill Acquisition and the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs. (c)Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, retention bonuses, and business optimization expenses.
Capital Expenditures, Net - By Segment |  |  |  |  |
| Years Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Las Vegas | $ | 85 |  |  | $ | 32 |  |  | $ | — |
Regional (a) | 327 |  |  | 104 |  |  | 166 |
Caesars Digital | 67 |  |  | — |  |  | — |
Managed and Branded | — |  |  | — |  |  | — |
Corporate and Other | 39 |  |  | 33 |  |  | 5 |
Total | $ | 518 |  |  | $ | 169 |  |  | $ | 171 |
___________________ (a)Includes $2 million and $5 million of capital expenditures related to properties classified as discontinued operations for the years ended December 31, 2021 and 2020, respectively.
Total Assets - By Segment |  |  |
| December 31,
(In millions) | 2021 |  | 2020
Las Vegas | $ | 22,374 |  |  | $ | 21,464 |
Regional | 14,419 |  |  | 13,732 |
Caesars Digital | 1,878 |  |  | 323 |
Managed and Branded | 3,527 |  |  | 225 |
Corporate and Other | (4,167) |  |  | 641 |
Total | $ | 38,031 |  |  | $ | 36,385 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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