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Consolidating Condensed Financial Information | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Consolidating Condensed Financial Information | CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED BALANCE SHEETS
| As of December 31,
(In millions) | 2021 |  | 2020
ASSETS |  |  |
Current assets | $ | 221 |  |  | $ | 3,038 |
Investment in and advances to unconsolidated affiliates | 60 |  |  | 128 |
Investment in subsidiaries | 10,311 |  |  | 6,798 |
Property and equipment, net | 8 |  |  | 18 |
Other assets, net | 333 |  |  | 513 |
Total assets | $ | 10,933 |  |  | $ | 10,495 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Current liabilities | $ | 228 |  |  | $ | 231 |
Long-term debt, less current portion | 6,190 |  |  | 5,084 |
Deferred income taxes | — |  |  | 4 |
Other long-term liabilities | 35 |  |  | 160 |
Total liabilities | 6,453 |  |  | 5,479 |
Total stockholders’ equity | 4,480 |  |  | 5,016 |
Total liabilities and stockholders’ equity | $ | 10,933 |  |  | $ | 10,495 |
See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF OPERATIONS
| Years Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Net revenues | $ | 4 |  |  | $ | 7 |  |  | $ | 7 |
Expenses: |  |  |  |  |
Corporate expense | 43 |  |  | 71 |  |  | 65 |
Management fee | — |  |  | (36) |  |  | (22) |
Depreciation and amortization | 6 |  |  | 6 |  |  | 5 |
Transaction costs and other operating costs | 60 |  |  | 113 |  |  | 57 |
Total operating expenses | 109 |  |  | 154 |  |  | 105 |
Operating loss | (105) |  |  | (147) |  |  | (98) |
Other expense: |  |  |  |  |
Interest expense | (395) |  |  | (257) |  |  | (141) |
Gain (loss) on interests in subsidiaries | (437) |  |  | (1,346) |  |  | 210 |
Loss on extinguishment of debt | (14) |  |  | (132) |  |  | (8) |
Other income (loss) | (72) |  |  | 197 |  |  | 9 |
Loss from operations before income taxes | (1,023) |  |  | (1,685) |  |  | (28) |
Income tax benefit (provision) | 4 |  |  | (72) |  |  | 109 |
Net income (loss) | $ | (1,019) |  |  | $ | (1,757) |  |  | $ | 81 |
See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Cash flows used in operating activities | $ | (448) |  |  | $ | (296) |  |  | $ | (64) |
Cash flows from investing activities |  |  |  |  |
Purchase of property and equipment, net | (1) |  |  | (8) |  |  | (5) |
Former Caesars acquisition | — |  |  | (8,470) |  |  | — |
William Hill Acquisition | (3,938) |  |  | — |  |  | — |
Investments in unconsolidated affiliates | — |  |  | — |  |  | (1) |
Proceeds from sale of businesses, property and equipment, net of cash sold | — |  |  | — |  |  | (209) |
Proceeds from the sale of investments | 89 |  |  | 24 |  |  | — |
Cash flows used in investing activities | (3,850) |  |  | (8,454) |  |  | (215) |
Cash flows from financing activities |  |  |  |  |
Proceeds from long-term debt and revolving credit facilities | 1,200 |  |  | 9,365 |  |  | 33 |
Debt issuance and extinguishment costs | (17) |  |  | (353) |  |  | (1) |
Repayments of long-term debt and revolving credit facilities | (100) |  |  | (3,339) |  |  | (736) |
Net proceeds from related parties | 705 |  |  | 1,320 |  |  | 1,022 |
Cash paid to settle convertible notes | (367) |  |  | (903) |  |  | — |
Proceeds from sale-leaseback financing arrangement | — |  |  | 3,219 |  |  | — |
Taxes paid related to net share settlement of equity awards | (45) |  |  | (16) |  |  | (8) |
Proceeds from issuance of common stock | 3 |  |  | 2,718 |  |  | — |
Cash flows provided by financing activities | 1,379 |  |  | 12,011 |  |  | 310 |
Effect of foreign currency exchange rates on cash | — |  |  | 129 |  |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (2,919) |  |  | 3,390 |  |  | 31 |
Cash, cash equivalents, and restricted cash, beginning of period | 3,434 |  |  | 44 |  |  | 13 |
Cash, cash equivalents, and restricted cash, end of period | $ | 515 |  |  | $ | 3,434 |  |  | $ | 44 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS |  |  |  |  |
Cash and cash equivalents in current assets | $ | 199 |  |  | $ | 1,114 |  |  | $ | 44 |
Restricted cash in current assets | — |  |  | 1,895 |  |  | — |
Restricted and escrow cash included in other assets, net | 316 |  |  | 425 |  |  | — |
Total cash, cash equivalents and restricted cash | $ | 515 |  |  | $ | 3,434 |  |  | $ | 44 |
See accompanying Notes to Condensed Financial Information. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY CAESARS ENTERTAINMENT, INC. NOTES TO CONDENSED FINANCIAL INFORMATION 1.Background and basis of presentation These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment, Inc. and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment, Inc. 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, 2021 was approximately $4.4 billion. Such restrictions are on net assets of Caesars Entertainment, Inc. 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 credit facilities, see Note 11 and Note 12 of the Company’s consolidated financial statements.

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