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Segment Information | 3 Months Ended
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Mar. 31, 2024
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. 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 3 and Note 4 for a discussion of any impairment of intangible assets or long-lived assets related to certain segments, when applicable. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of March 31, 2024:
Las Vegas |  | Regional |  | Managed and Branded
Caesars Palace Las Vegas |  | Caesars Atlantic City |  | Harveys Lake Tahoe |  | Managed
The Cromwell |  | Caesars Virginia (a) |  | Horseshoe Baltimore |  | Harrah’s Ak-Chin
Flamingo Las Vegas |  | Circus Circus Reno |  | Horseshoe Black Hawk |  | Harrah’s Cherokee
Harrah’s Las Vegas |  | Eldorado Gaming Scioto Downs |  | Horseshoe Bossier City |  | Harrah’s Cherokee Valley River
Horseshoe Las Vegas |  | Eldorado Resort Casino Reno |  | Horseshoe Council Bluffs |  | Harrah’s Resort Southern California
The LINQ Hotel & Casino |  | Grand Victoria Casino |  | Horseshoe Hammond |  | Caesars Windsor
Paris Las Vegas |  | Harrah’s Atlantic City |  | Horseshoe Indianapolis |  | Branded
Planet Hollywood Resort & Casino |  | Harrah’s Columbus Nebraska (b) |  | Horseshoe Lake Charles |  | Caesars Republic Scottsdale
|  | Harrah’s Council Bluffs |  | Horseshoe St. Louis |  | Caesars Southern Indiana
Caesars Digital |  | Harrah’s Gulf Coast |  | Horseshoe Tunica |  | Harrah’s Northern California
Caesars Digital |  | Harrah’s Hoosier Park Racing & Casino |  | Isle Casino Bettendorf |  |
|  | Harrah’s Joliet |  | Isle of Capri Casino Boonville |  |
|  | Harrah’s Lake Tahoe |  | Isle of Capri Casino Lula |  |
|  | Harrah’s Laughlin |  | Isle Casino Waterloo |  |
|  | Harrah’s Metropolis |  | Lady Luck Casino - Black Hawk |  |
|  | Harrah’s New Orleans |  | Silver Legacy Resort Casino |  |
|  | Harrah’s North Kansas City |  | Trop Casino Greenville |  |
|  | Harrah’s Philadelphia |  | Tropicana Atlantic City |  |
|  | Harrah’s Pompano Beach |  | Tropicana Laughlin Hotel & Casino |  |
____________________ (a)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in December 2024. (b)Temporary gaming facility opened on June 12, 2023 and closed on March 20, 2024 in anticipation of the permanent facility opening in May 2024. 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 Horseshoe Indianapolis, which operates Winner’s Circle Clarksville. The LINQ Promenade 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 convention 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:
| Three Months Ended March 31, |  |
(In millions) | 2024 |  | 2023 |  |  |  |
Las Vegas: |  |  |  |  |  |  |
Net revenues | $ | 1,028 |  |  | $ | 1,131 |  |  |  |  |
Adjusted EBITDA | 440 |  |  | 533 |  |  |  |  |
Regional: |  |  |  |  |  |  |
Net revenues | 1,365 |  |  | 1,389 |  |  |  |  |
Adjusted EBITDA | 433 |  |  | 448 |  |  |  |  |
Caesars Digital: |  |  |  |  |  |  |
Net revenues | 282 |  |  | 238 |  |  |  |  |
Adjusted EBITDA | 5 |  |  | (4) |  |  |  |  |
Managed and Branded: |  |  |  |  |  |  |
Net revenues | 68 |  |  | 69 |  |  |  |  |
Adjusted EBITDA | 18 |  |  | 19 |  |  |  |  |
Corporate and Other: |  |  |  |  |  |  |
Net revenues | (1) |  |  | 3 |  |  |  |  |
Adjusted EBITDA | (43) |  |  | (38) |  |  |  |  |
Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (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.
| Three Months Ended March 31, |  |
(In millions) | 2024 |  | 2023 |  |  |  |
Net loss attributable to Caesars | $ | (158) |  |  | $ | (136) |  |  |  |  |
Net income attributable to noncontrolling interests | 16 |  |  | — |  |  |  |  |
(Benefit) provision for income taxes | 15 |  |  | (49) |  |  |  |  |
Other income (a) | (26) |  |  | (3) |  |  |  |  |
Loss on extinguishment of debt | 48 |  |  | 197 |  |  |  |  |
Interest expense, net | 590 |  |  | 594 |  |  |  |  |
Depreciation and amortization | 327 |  |  | 300 |  |  |  |  |
Transaction costs and other, net (b) | 16 |  |  | 28 |  |  |  |  |
Stock-based compensation expense | 25 |  |  | 27 |  |  |  |  |
Adjusted EBITDA | $ | 853 |  |  | $ | 958 |  |  |  |  |
Adjusted EBITDA by Segment: |  |  |  |  |  |  |
Las Vegas | $ | 440 |  |  | $ | 533 |  |  |  |  |
Regional | 433 |  |  | 448 |  |  |  |  |
Caesars Digital | 5 |  |  | (4) |  |  |  |  |
Managed and Branded | 18 |  |  | 19 |  |  |  |  |
Corporate and Other | (43) |  |  | (38) |  |  |  |  |
____________________ (a)Other income for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability. (b)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our temporary facility openings, and non-cash changes in equity method investments.
Total Assets - By Segment |  |  |
(In millions) | March 31, 2024 |  | December 31, 2023
Las Vegas | $ | 24,425 |  |  | $ | 24,230 |
Regional | 15,423 |  |  | 15,291 |
Caesars Digital | 999 |  |  | 1,095 |
Managed and Branded | 240 |  |  | 224 |
Corporate and Other (a) | (8,028) |  |  | (7,474) |
Total | $ | 33,059 |  |  | $ | 33,366 |
____________________ (a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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