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Segment Information
 12 Months Ended
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 VegasRegionalManaged and Branded
Bally’s Las Vegas
Belle of Baton Rouge Casino & Hotel (a)
Horseshoe Bossier CityManaged
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
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(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)202120202019
Las Vegas:
Net revenues$3,409 $751 $— 
Adjusted EBITDA1,568 133 — 
Regional:
Net revenues5,537 2,660 2,494 
Adjusted EBITDA1,979 711 719 
Caesars Digital:
Net revenues337 95 26 
Adjusted EBITDA(476)26 13 
Managed and Branded:
Net revenues278 107 — 
Adjusted EBITDA87 25 — 
Corporate and Other:
Net revenues9 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)202120202019
Adjusted EBITDA by Segment:
Las Vegas$1,568 $133 $— 
Regional1,979 711 719 
Caesars Digital(476)26 13 
Managed and Branded87 25 — 
Corporate and Other(168)(101)(35)
2,990 794 697 
Reconciliation to net income (loss) attributable to Caesars:
Net (income) loss attributable to noncontrolling interests(3)1 — 
Net loss from discontinued operations(30)(20)— 
Benefit (provision) for income taxes283 (132)(44)
Other income (loss) (a)
(198)176 9 
Loss on extinguishment of debt(236)(197)(8)
Interest expense, net(2,295)(1,202)(286)
Depreciation and amortization(1,126)(583)(222)
Impairment charges(102)(215)(1)
Transaction costs and other operating costs (b)
(144)(270)(37)
Stock-based compensation expense(82)(79)(20)
Other items (c)
(76)(30)(7)
Net income (loss) attributable to Caesars$(1,019)$(1,757)$81 
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(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)202120202019
Las Vegas$85 $32 $— 
Regional (a)
327 104 166 
Caesars Digital67 — — 
Managed and Branded— — — 
Corporate and Other39 33 5 
Total$518 $169 $171 
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(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)20212020
Las Vegas$22,374 $21,464 
Regional14,419 13,732 
Caesars Digital1,878 323 
Managed and Branded3,527 225 
Corporate and Other(4,167)641 
Total$38,031 $36,385