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Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable 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 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)

			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.

Schedule of Capital Expenditures, Net for Reportable Segments

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.

Schedule of Balance Sheet Information for Reportable Segments

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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