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Consolidating Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Consolidating Condensed Balance Sheet |
| 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 |
Consolidating 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 |
Consolidating Condensed Statement 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 |

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