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Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022:

Las Vegas

Regional

Managed and Branded

Bally’s Las Vegas

Caesars Atlantic City

Horseshoe Bossier City

Managed

Caesars Palace Las Vegas

Circus Circus Reno

Horseshoe Council Bluffs

Harrah’s Ak-Chin

The Cromwell

Eldorado Gaming Scioto Downs

Horseshoe Hammond

Harrah’s Cherokee

Flamingo Las Vegas

Eldorado Resort Casino Reno

Horseshoe Indianapolis

Harrah’s Cherokee Valley River

Harrah’s Las Vegas

Grand Victoria Casino

Horseshoe St. Louis

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Harrah’s Atlantic City

Horseshoe Tunica

Caesars Windsor

Paris Las Vegas

Harrah’s Council Bluffs

Isle Casino Bettendorf

Caesars Dubai

Planet Hollywood Resort & Casino

Harrah’s Gulf Coast

Isle of Capri Casino Boonville

Branded

Rio All-Suite Hotel & Casino

Harrah’s Hoosier Park Racing & Casino

Horseshoe Lake Charles (b)

Caesars Southern Indiana (c)

Harrah’s Joliet

Isle of Capri Casino Lula

Harrah’s Northern California

Caesars Digital

Harrah’s Lake Tahoe

Horseshoe Black Hawk

Caesars Digital

Harrah’s Laughlin

Isle Casino Pompano Park

Harrah’s Metropolis

Isle Casino Waterloo

Harrah’s New Orleans

Lady Luck Casino - Black Hawk

Harrah’s North Kansas City

Silver Legacy Resort Casino

Harrah’s Philadelphia

Trop Casino Greenville

Harveys Lake Tahoe

Tropicana Atlantic City

Horseshoe Baltimore (a)

Tropicana Laughlin Hotel & Casino

___________________

(a)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.

(b)Isle of Capri Casino Hotel Lake Charles has been temporarily closed since the end of August 2020 due to damage from Hurricane Laura and the new land-based casino, Horseshoe Lake Charles, will open on December 12, 2022.

(c)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. Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement, is reported within the Managed and Branded segment.

The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments.

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2022						2021						2022						2021
Las Vegas:
Net revenues			$	1,077					$	1,017					$	3,133					$	2,369
Adjusted EBITDA			480						500						1,427						1,085
Regional:
Net revenues			1,530						1,492						4,348						4,173
Adjusted EBITDA			570						554						1,542						1,549
Caesars Digital:
Net revenues			212						96						311						221
Adjusted EBITDA			(38)						(164)						(661)						(171)
Managed and Branded:
Net revenues			70						79						210						206
Adjusted EBITDA			22						22						64						69
Corporate and Other:
Net revenues			(2)						1						(2)						10
Adjusted EBITDA			(22)						(42)						(86)						(123)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2022						2021						2022						2021
Adjusted EBITDA by Segment:
Las Vegas			$	480					$	500					$	1,427					$	1,085
Regional			570						554						1,542						1,549
Caesars Digital			(38)						(164)						(661)						(171)
Managed and Branded			22						22						64						69
Corporate and Other			(22)						(42)						(86)						(123)
			1,012						870						2,286						2,409
Reconciliation to net income (loss) attributable to Caesars:
Net income attributable to noncontrolling interests			(1)						(2)						(3)						(2)
Net loss from discontinued operations			—						(4)						(386)						(38)
Benefit (provision) for income taxes			(8)						90						47						167
Other income (loss) (a)			4						(153)						53						(176)
Loss on extinguishment of debt			(33)						(117)						(33)						(140)
Interest expense, net			(569)						(579)						(1,680)						(1,734)
Depreciation and amortization			(304)						(276)						(910)						(842)
Transaction and other operating costs, net (b)			(7)						(21)						14						(113)
Stock-based compensation expense			(26)						(21)						(77)						(64)
Other items (c)			(16)						(20)						(62)						(52)
Net income (loss) attributable to Caesars			$	52					$	(233)					$	(751)					$	(585)

____________________

(a)Other income (loss) for the three and nine months ended September 30, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and the changes in the disputed claims liability related to Former Caesars’ bankruptcy prior to the Merger. Other income (loss) for the three and nine months ended September 30, 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 and other operating costs, net for the three and nine months ended September 30, 2022 primarily represents a gain resulting from insurance proceeds received in excess of the respective carrying value of the assets damaged at Lake Charles by Hurricane Laura partially offset by various contract or lease termination exit costs. Transaction and other operating costs, net for the three and nine months ended September 30, 2021 primarily represents 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 Balance Sheet Information for Reportable Segments

Total Assets - By Segment
(In millions)			September 30, 2022						December 31, 2021
Las Vegas			$	23,164					$	22,374
Regional			14,912						14,419
Caesars Digital			1,236						1,878
Managed and Branded (a)			119						3,527
Corporate and Other (b)			(5,837)						(4,167)
Total			$	33,594					$	38,031

____________________

(a)Assets held for sale associated with William Hill International were divested on July 1, 2022.

(b)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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