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CZR Caesars Entertainment

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Entity Registrant NameCAESARS ENTERTAINMENT, INC.
Entity Central Index Key0001590895
Document Type10-Q
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding (in shares)208,698,623
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Trading SymbolCZR
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Shell Companyfalse
Entity File Number001-36629
Entity Tax Identification Number46-3657681
Entity Address, Address Line One100 West Liberty Street
Entity Address, Address Line Two12th Floor
Entity Address, City or TownReno
Entity Address, State or ProvinceNV
Entity Address, Postal Zip Code89501
City Area Code775
Local Phone Number328-0100
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse
Title of 12(b) SecurityCommon Stock, $.00001 par value
Security Exchange NameNASDAQ

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents $ 1,794 $ 1,758
Restricted cash and investments2,073 2,021
Accounts receivable, net324 338
Due from affiliates48 44
Inventories41 44
Prepayments and other current assets236 250
Assets held for sale2,046 2,212
Total current assets6,562 6,667
Investment in and advances to unconsolidated affiliates263 173
Property and equipment, net14,083 14,333
Gaming rights and other intangibles, net4,235 4,253
Goodwill9,729 9,723
Other assets, net1,147 1,236
Total assets36,019 36,385
CURRENT LIABILITIES:
Accounts payable148 165
Accrued interest238 229
Accrued other liabilities1,307 1,239
Current portion of long-term debt67 67
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)744 885
Total current liabilities2,504 2,585
Long-term financing obligation12,334 12,295
Long-term debt14,103 14,073
Deferred income taxes1,091 1,166
Other long-term liabilities1,357 1,232
Total liabilities31,389 31,351
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY:
Caesars stockholders’ equity4,613 5,016
Noncontrolling interests17 18
Total stockholders’ equity4,630 5,034
Total liabilities and stockholders’ equity $ 36,019 $ 36,385

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets held for sale $ 2,046 $ 2,212
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)744 885
VIEs
Assets held for sale0 130
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs) $ 0 $ 130

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
REVENUES:
Net revenues $ 1,699 $ 473
EXPENSES:
Other68 9
General and administrative366 98
Corporate66 16
Impairment charges0 161
Depreciation and amortization265 50
Transaction costs and other operating costs20 8
Total operating expenses1,513 596
Operating income (loss)186 (123)
OTHER EXPENSE:
Interest expense, net(563)(67)
Other loss(133)(23)
Total other expense(696)(90)
Loss from continuing operations before income taxes(510)(213)
Benefit for income taxes79 37
Net loss from continuing operations, net of income taxes(431)(176)
Discontinued operations, net of income taxes7 0
Net loss(424)(176)
Net loss attributable to noncontrolling interests1 0
Net loss attributable to Caesars $ (423) $ (176)
Net (Loss) Income per Share - Basic
Basic (loss) income per share from continuing operations (in dollars per share) $ (2.06) $ (2.25)
Basic loss per share from discontinued operations (in dollars per share)0.030
Basic (loss) income per share (in dollars per share)(2.03)(2.25)
Net (Loss) Income per Share - Diluted
Diluted (loss) income per share from continuing operations (in dollars per share)(2.06)(2.25)
Diluted loss per share from discontinued operations (in dollars per share)0.030
Diluted (loss) income per share (in dollars per share) $ (2.03) $ (2.25)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)208,000,000 78,000,000
Weighted average diluted shares outstanding (in shares)208,000,000 78,000,000
Casino and pari-mutuel commissions
REVENUES:
Net revenues $ 1,140 $ 340
EXPENSES:
Cost of goods and services541 179
Food and beverage
REVENUES:
Net revenues166 56
EXPENSES:
Cost of goods and services106 53
Hotel
REVENUES:
Net revenues215 48
EXPENSES:
Cost of goods and services81 22
Other
REVENUES:
Net revenues $ 178 $ 29

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss $ (424) $ (176)
Change in fair market value of interest rate swaps, net of tax12 0
Other(1)0
Other comprehensive income, net of tax11 0
Comprehensive loss(413)(176)
Comprehensive loss attributable to noncontrolling interests1 0
Comprehensive loss $ (412) $ (176)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in MillionsTotalCommon StockPaid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeTreasury StockNon controlling Interests
Beginning balance (in shares) at Dec. 31, 201978
Beginning balance at Dec. 31, 2019 $ 1,117 $ 0 $ 760 $ 366 $ 0 $ (9) $ 0
Issuance of restricted stock units6 6
Net loss(176)(176)
Shares withheld related to net share settlement of stock awards(7)(7)
Ending balance (in shares) at Mar. 31, 202078
Ending balance at Mar. 31, 2020940 $ 0 759 190 0 (9)0
Beginning balance (in shares) at Dec. 31, 2020208
Beginning balance at Dec. 31, 20205,034 $ 0 6,382 (1,391)34 (9)18
Issuance of restricted stock units23 23
Net loss(424)(423)(1)
Other comprehensive income, net of tax11 11
Shares withheld related to net share settlement of stock awards(14)(14)
Ending balance (in shares) at Mar. 31, 2021208
Ending balance at Mar. 31, 2021 $ 4,630 $ 0 $ 6,391 $ (1,814) $ 45 $ (9) $ 17

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities $ 45 $ 30
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(65)(23)
Acquisition of gaming rights(2)0
Proceeds from sale of businesses, property and equipment, net of cash sold4 10
Proceeds from the sale of investments42 0
Proceeds from insurance related to property damage26 0
Investments in unconsolidated affiliates(30)0
Net cash used in investing activities(25)(13)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities0 465
Repayments of long-term debt and revolving credit facilities(16)(10)
Taxes paid related to net share settlement of equity awards(14)(7)
Net cash provided by (used in) financing activities(30)448
Cash flows from operating activities27 0
Net cash from discontinued operations27 0
Effect of foreign currency exchange rates on cash21 0
Increase in cash, cash equivalents and restricted cash38 465
Cash, cash equivalents and restricted cash, beginning of period4,216 217
Cash, cash equivalents and restricted cash, end of period4,254 682
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Total cash, cash equivalents and restricted cash4,254 682
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid490 64
Income taxes refunded, net(1)(16)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures33 16
Land contributed to joint venture $ 61 $ 0

Organization and Basis of Prese

Organization and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of PresentationOrganization and Basis of Presentation Organization The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. The Company partnered with MGM Resorts International to build Silver Legacy Resort Casino in Reno, Nevada in 1993 and, beginning in 2005, grew through a series of acquisitions, including the acquisition of Eldorado Resort Casino Shreveport (“Eldorado Shreveport”) in 2005, MTR Gaming Group, Inc. in 2014, Circus Circus Reno and the 50% membership interest in the Silver Legacy that was owned by MGM Resorts International in 2015, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Grand Victoria Casino (“Elgin”) and Tropicana Entertainment, Inc. (“Tropicana”) in 2018. On July 20, 2020, the Company completed the merger with Caesars Entertainment Corporation (“Former Caesars”) pursuant to which Former Caesars became a wholly-owned subsidiary of the Company (the “Merger”). The Company owns, leases or manages an aggregate of 54 domestic properties in 16 states with approximately 54,600 slot machines, video lottery terminals (“VLTs”) and e-tables, approximately 3,200 table games and approximately 47,700 hotel rooms as of March 31, 2021. We also have international operations in five countries outside of the U.S. In addition, we have other domestic and international properties that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. Upon completion of our previously announced sales, or expected sales, of certain gaming properties, we expect to continue to own, lease or manage 48 properties. See Note 15 for segment information. The Company’s primary source of revenue is generated by gaming operations, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, sportsbook offerings, retail shops and other services to attract customers to its properties. The Company has entered into several agreements to divest of certain properties and initiated plans to divest of other assets, including non-core properties or divestitures required by regulatory agencies. See Note 2 for further discussion of the Merger and other transactions and Note 3 for a discussion of properties recently sold or currently held for sale. Certain properties, including Harrah’s Louisiana Downs, Caesars Southern Indiana, Horseshoe Hammond, and Caesars UK group, including Emerald Resort & Casino, met held for sale criteria as of the date of the closing of the Merger. The sales of these properties are expected to close within one year and the properties are classified as discontinued operations. Acquisition of William Hill On September 30, 2020, the Company announced that it had reached an agreement with William Hill PLC on the terms of a recommended cash acquisition pursuant to which the Company would acquire the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill PLC, in an all-cash transaction of approximately £2.9 billion . In order to manage the risk of appreciation of the GBP denominated purchase price the Company entered into foreign exchange forward contracts, which were settled as of March 31, 2021. See Note 7 . On September 29, 2020, the Company entered into a debt financing commitment letter pursuant to which the lenders party thereto committed to arrange and provide a newly formed subsidiary of the Company with (a) a £1.0 billion senior secured 540-day bridge loan facility, (b) a £116 million senior secured 540-day revolving credit facility and (c) a £503 million senior secured 60-day bridge loan facility (collectively, the “Debt Financing”), which was amended and restated on December 11, 2020 in order to join additional lenders as parties thereto. Pending negotiation of the definitive loan agreement for the Debt Financing, on October 6, 2020, a newly formed subsidiary of the Company entered into a £1.5 billion Interim Facilities Agreement (the “Interim Facilities Agreement”) with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A. to provide: (a) a 90-day £1.0 billion interim asset sale bridge facility and (b) a 90-day £503 million interim cash confirmation bridge facility, which Interim Facilities Agreement was amended and restated on December 11, 2020 in order to join additional lenders as parties thereto. On April 20, 2021, a UK Court sanctioned the proposed acquisition and on April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $4.0 billion (the “William Hill Acquisition”). See Note 2 . In addition to the financing transactions described above, certain net assets of Caesars and William Hill will be assessed in determining the consideration transferred and the allocation of the purchase price. In connection with the William Hill Acquisition, on April 22, 2021, a newly formed subsidiary of the Company entered into a Credit Agreement (the “Bridge Credit Agreement”) with certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, pursuant to which the lenders party thereto provided the Debt Financing. The Bridge Credit Agreement provides for (a) a 540-day £1.0 billion asset sale bridge facility, (b) a 60-day £503 million cash confirmation bridge facility and (c) a 540-day £116 million revolving credit facility. The proceeds of the bridge loan facilities provided under the Bridge Credit Agreement were used (i) to pay a portion of the cash consideration for the acquisition and (ii) to pay fees and expenses related to the acquisition and related transactions. The proceeds of the revolving credit facility under the Bridge Credit Agreement will be used for working capital and general corporate purposes. The Interim Facilities Agreement was terminated upon the execution of the Bridge Credit Agreement for the Debt Financing. The Bridge Credit Agreement is included within William Hill’s non-U.S. operations which is expected to be divested. Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Marketing and promotions expense previously disclosed for the three months ended March 31, 2020 has been reclassified to Casino and pari-mutuel commissions expense and General and administrative expense based on the nature of the expense. Basis of Presentation The accompanying unaudited consolidated condensed financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. See Note 15 for a listing of properties included in each segment and the determination of our segments. The presentation of financial information herein for the period after the Company’s acquisition of Former Caesars on July 20, 2020 is not fully comparable to the periods prior to the acquisition. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties are not fully comparable to the periods prior to their respective sale dates. See Note 2 for further discussion of the Merger and related transactions and Note 3 for properties recently sold or currently held for sale. Consolidation of Subsidiaries and Variable Interest Entities Our consolidated condensed financial statements include the accounts of Caesars and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, there may be a material effect to our financial statements. Consolidation of Korea Joint Venture The Company had a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV was a VIE and the Company was the primary beneficiary, and therefore, we had consolidated the Korea JV into our financial statements. As of December 31, 2020, the assets and liabilities of the Korea JV were classified as held for sale and consisted of $130 million of Property and equipment and other assets and $130 million of current and other long-term liabilities. We sold our interest in the Korea JV on January 21, 2021 and derecognized its assets and liabilities from our Balance Sheets. There was no gain or loss associated with the sale. Recent Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and has since spread throughout much of the world, including the U.S. All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of the COVID-19 public health emergency. The Company has resumed certain operations at substantially all of our properties as of March 31, 2021, with the exception of Lake Charles which was severely damaged by Hurricane Laura (See Note 8), and many of our international properties. During the three months ended March 31, 2021, most of our properties have experienced positive trends as restrictions on maximum capacities and amenities available are eased. The Company continued to pay its full-time employees through April 10, 2020, including tips and tokens. Effective April 11, 2020, the Company furloughed approximately 90% of its employees, implemented salary reductions and committed to continue to provide benefits to its employees through their furloughed period. A portion of the Company’s workforce has returned to service as the properties have resumed operations with limited capacities and in compliance with operating restrictions imposed by governmental or tribal orders, directives, and guidelines. Due to a triggering event resulting from the COVID-19 public health emergency, the Company recognized impairment charges of $116 million related to goodwill and trade names during the three months ended March 31, 2020. The COVID-19 public health emergency has had, and continues to have, a material adverse effect on the Company’s business, financial condition and results of operations for the three months ended March 31, 2021 and 2020. As a result, the terms of our debt arrangements provide that the financial covenant measurement period is not effective through September 30, 2021, so long as we comply with a minimum liquidity requirement. See Note 9. In addition, on March 19, 2021, the Company filed a lawsuit against its insurance carriers for losses attributed to COVID-19 public health emergency. See Note 8. Although the Company is experiencing positive operating trends thus far in 2021, the extent of the ongoing and future effects of the COVID-19 public health emergency on the Company’s business and the casino resort industry generally is uncertain. The extent and duration of the negative impact of COVID-19 public health emergency will ultimately depend on future developments, including but not limited to, the duration and severity of the outbreak, restrictions on operations imposed by governmental authorities, the potential for authorities reimposing stay at home orders or additional restrictions in response to continued developments with the COVID-19 public health emergency, the Company’s ability to adapt to evolving operating procedures, the impact on consumer demand and discretionary spending, the length of time it takes for demand to return, the efficacy and availability of vaccines, and the Company’s ability to adjust its cost structures for the duration of the outbreak’s effect on its operations. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”). Effective January 1, 2021, we adopted the following Accounting Standards Updates (“ASU”) which did not have a material effect on our financial statements: • ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General The following ASUs were not implemented as of March 31, 2021: Previously Disclosed In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The amendments in this update are intended to provide relief to the companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 and companies may elect to apply the amendments prospectively through December 31, 2022. The Company has not yet adopted this new guidance and is evaluating the qualitative and quantitative effect the new guidance will have on its Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging. This update amends guidance on convertible instruments and the guidance on derivative scope exception for contracts in an entity’s own equity. The amendments for convertible instruments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, the amendments provide guidance on instruments that will continue to be subject to separation models and improves disclosure for convertible instruments and guidance for earnings per share. Furthermore, the update amends guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. These amendments should be applied on either a modified retrospective basis or a fully retrospective basis. The Company is currently assessing the effect the adoption of this standard will have on its Financial Statements.

Acquisitions and Purchase Price

Acquisitions and Purchase Price Accounting3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and Purchase Price AccountingNote 2. Acquisitions and Purchase Price Accounting Merger with Caesars Entertainment Corporation On July 20, 2020, the Merger was consummated and Former Caesars became a wholly-owned subsidiary of the Company. The strategic rationale for the Merger includes, but is not limited to, the following: • Creation of the largest owner, operator and manager of domestic gaming assets • Diversification of the Company’s domestic footprint • Access to iconic brands, rewards programs and new gaming opportunities expected to enhance customer experience • Realization of significant identified synergies The total purchase consideration for Former Caesars was $10.9 billion. The estimated purchase consideration in the acquisition was determined with reference to its acquisition date fair value. (In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of Company Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of Company Common Stock for the ten trading days ending on July 16, 2020). Preliminary Purchase Price Allocation The fair values are based on management’s analysis including preliminary work performed by third party valuation specialists, which are subject to finalization over the one-year measurement period. The purchase price accounting for Former Caesars is preliminary as it relates to determining the fair value of certain assets and liabilities, including goodwill, and is subject to change. The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of March 31, 2021: (In millions) Fair Value Current and other assets $ 4,149 Property and equipment 12,691 Goodwill 8,928 Intangible assets (a) 3,364 Other noncurrent assets 676 Total assets $ 29,808 Current liabilities $ 1,844 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,331 Total liabilities 18,915 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $388 million, trade names valued at $2.1 billion, Caesars Rewards programs valued at $523 million and customer relationships valued at $403 million. As noted above, the preliminary purchase price allocation is subject to a measurement period and our estimates as of December 31, 2020 have been revised as of March 31, 2021. The net impact of these changes in our preliminary valuations was a $6 million increase to goodwill, $8 million increase to current liabilities and $2 million decrease to noncurrent liabilities. The effect of these revisions during the quarter did not have any impact on our Statements of Operations. The fair values of the assets acquired and liabilities assumed were determined using the market, income, and cost approaches, or a combination. Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Former Caesars acquisition make use of Level 3 inputs, such as expected cash flows and projected financial results. The market approach indicates value for a subject asset based on available market pricing for comparable assets. Trade receivables and payables and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Former Caesars acquisition date. Assets and liabilities held for sale are recorded at fair value, less costs to sell, based on the agreements reached as of the acquisition date, or an income approach. Certain financial assets acquired were determined to have experienced more than insignificant deterioration of credit quality since origination. A reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount (premium) attributable to other factors 2 Face value of financial assets $ 186 The fair value of land was determined using the sales comparable approach. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. The value of building and site improvements was estimated via the income approach. Other personal property assets such as furniture, gaming and computer equipment, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based on replacement or reproduction costs of the asset. The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence. Non-amortizing intangible assets acquired primarily include trademarks, Caesars Rewards and gaming rights. The fair value for these intangible assets was determined using either the relief from royalty method and excess earnings method under the income approach or a replacement cost market approach. Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program. The acquired trademarks, including Caesars Rewards are indefinite lived intangible assets. Customer relationships are valued using an income approach, comparing the prospective cash flows with and without the customer relationships in place to estimate the fair value of the customer relationships, with the fair value assumed to be equal to the discounted cash flows of the business that would be lost if the customer relationships were not in place and needed to be replaced. We estimate the useful life of these customer relationships to be approximately seven years from the Merger date. Gaming rights include our gaming licenses in various jurisdictions and may have indefinite lives or an estimated useful life. The fair value of the gaming rights was determined using the excess earnings or replacement cost methodology, based on whether the license resides in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. The replacement cost of the gaming license was used as an indicator of fair value. The acquired gaming rights have indefinite lives, with the exception of one jurisdiction in which we estimate the useful life of the license to be approximately 34 years. Goodwill is the result of expected synergies from the operations of the combined company and the assembled workforce of Former Caesars. The final assignment of goodwill to our reporting units has not been completed. The goodwill acquired will not generate amortization deductions for income tax purposes. The fair value of long-term debt has been calculated based on market quotes. The fair value of the financing obligations were calculated as the net present value of both the fixed base rent payments and the forecasted variable payments plus the expected residual value of the land and building returned at the end of the expected usage period. The Company recognized acquisition-related transaction costs in connection with the Merger of $12 million and $9 million for the three months ended March 31, 2021 and 2020, respectively. These costs were associated with legal, IT costs, internal labor and professional services and were recorded in Transaction costs and other operating costs in our Statements of Operations. For the period of January 1, 2021 through March 31, 2021, the properties of Former Caesars generated net revenues of $1.3 billion, excluding discontinued operations, and net loss of $482 million. Acquisition of William Hill On April 22, 2021, we completed the previously announced acquisition of William Hill PLC for cash consideration of approximately £2.9 billion, or approximately $4.0 billion, based on the GBP:USD exchange rate on the closing date . Currently, William Hill PLC’s U.S. subsidiary, William Hill U.S. Holdco (“William Hill US” and together with William Hill PLC, “William Hill”) operates 37 sportsbooks at our properties in eight states (see Note 4) and, following the William Hill Acquisition, Caesars and William Hill will conduct sports wagering across 17 states across the U.S. plus the District of Columbia. Additionally, we will operate regulated online real money gaming businesses in four states — Nevada, Pennsylvania, New Jersey, and Michigan — and continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services. Extensive usage of digital platforms and growing bettor demand are driving the market for online sports betting platforms in the U.S. and the William Hill Acquisition positions us to address this growing market. The Company intends to divest the non-U.S. operations including the UK and international online divisions and the retail betting shops. The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 4). Accordingly, the acquisition will be accounted for as a business combination achieved in stages, or a “step acquisition.” The major classes of assets acquired include cash and cash equivalents, trade and other accounts receivable, property and equipment, intangible assets, and other assets. The major classes of liabilities assumed include trade and other accounts payable, accrued expenses, long-term debt and other liabilities. Certain of the net assets of William Hill are the result of transactions with Caesars. Such net assets will be assessed and may be eliminated in connection with the William Hill Acquisition. Given the short period of time from the acquisition completion date and the date of these consolidated condensed financial statements, and the size and complexity of the transaction, the initial accounting for the business combination is incomplete at this time. The Company is not able to provide the valuation of certain components of consideration transferred or provide the allocation of consideration paid to the assets acquired or liabilities assumed. Supplemental pro forma revenue and earnings of the combined company are predicated on the completion of the business combination accounting and allocation of consideration. The Company recognized acquisition-related transaction costs of $5 million for the three months ended March 31, 2021.

Assets Held for Sale

Assets Held for Sale3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for SaleAssets Held for Sale The Company periodically divests assets that it does not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of the net assets held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs, unless the assets represent a discontinued operation. Held for sale - Continuing operations MontBleu, Evansville and Baton Rouge On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu Casino Resort & Spa (“MontBleu”) to Bally’s Corporation (formerly Twin River Worldwide Holdings, Inc.) for $15 million, subject to a customary working capital adjustment, resulting in a loss of approximately $2 million. The purchase price for MontBleu is due no later than the first anniversary of the consummation of the transaction. MontBleu’s assets and liabilities were held for sale as of March 31, 2021, and the results of operations are included in income from continuing operations in the periods presented. As a result of the execution of the agreement to sell MontBleu, an impairment charge totaling $45 million was recorded during the three months ended March 31, 2020 due to the carrying value exceeding the estimated net sales proceeds. The impairment charges resulted in a reduction to the carrying amounts of the right-of-use assets, property and equipment, and goodwill and other intangibles totaling $18 million, $23 million and $4 million, respectively. MontBleu was within the Regional segment. On July 16, 2020, in connection with its review of the Merger, the Indiana Gaming Commission determined as a condition to their approval of the Merger that the Company will be required to divest three properties within the state of Indiana in order to avoid undue economic concentration. On October 27, 2020, the Company entered into an agreement to sell the equity interests of Tropicana Evansville (“Evansville”) to Gaming and Leisure Properties, Inc. (“GLPI”) and Bally’s Corporation for $480 million, subject to a customary working capital adjustment. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in mid-2021. On December 24, 2020, the Company entered into an agreement to sell the equity interests of Caesars Southern Indiana. In addition, the Company plans to enter into an agreement to sell Horseshoe Hammond prior to December 31, 2021. Evansville met the requirements for presentation as assets held for sale as of March 31, 2021, while Caesars Southern Indiana and Horseshoe Hammond met the requirements for presentation as discontinued operations (see discussion below). On December 1, 2020, the Company entered into a definitive agreement with CQ Holding Company, Inc. to sell the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”). The definitive agreement provides that the consummation of the sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in the third quarter of 2021. Baton Rouge met the requirements for presentation as assets held for sale as of March 31, 2021. The assets and liabilities held for sale of continuing operations, accounted for at carrying value unless fair value is lower, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) MontBleu Evansville Baton Rouge Assets: Cash $ 2 $ 8 $ 2 Property and equipment, net 37 302 2 Goodwill — 9 — Gaming licenses and other intangibles, net — 138 — Other assets, net 33 33 1 Assets held for sale $ 72 $ 490 $ 5 Current liabilities $ 8 $ 11 $ 3 Other long-term liabilities 63 13 1 Liabilities related to assets held for sale $ 71 $ 24 $ 4 December 31, 2020 (In millions) MontBleu Evansville Baton Rouge Assets: Cash $ 3 $ 7 $ 2 Property and equipment, net 37 302 2 Goodwill — 9 — Gaming licenses and other intangibles, net — 138 — Other assets, net 32 49 1 Assets held for sale $ 72 $ 505 $ 5 Current liabilities $ 8 $ 12 $ 2 Other long-term liabilities 63 24 1 Liabilities related to assets held for sale $ 71 $ 36 $ 3 The following information presents the net revenues and net income (loss) for the Company’s properties considered continuing operations, that are held for sale: Three Months Ended March 31, 2021 (In millions) MontBleu Evansville Baton Rouge Net revenues $ 11 $ 31 $ 4 Net income (loss) 4 13 (1) Three Months Ended March 31, 2020 (In millions) MontBleu Evansville Baton Rouge Net revenues $ 9 $ 33 $ 6 Net income (loss) (42) 1 (10) Held for sale - Sold Eldorado Shreveport, Kansas City and Vicksburg Divestitures Prior to their respective closing dates, Eldorado Shreveport, Isle of Capri Casino Kansas City (“Kansas City”), and Lady Luck Casino Vicksburg (“Vicksburg”) met the requirements for presentation as assets held for sale under GAAP. However, they did not meet the requirements for presentation as discontinued operations. All properties were previously reported in the Regional segment. The following information presents the net revenues and net income of held for sale properties, which were recently sold, for the three months ended March 31, 2020: Three Months Ended March 31, 2020 (In millions) Eldorado Shreveport Kansas City Vicksburg Net revenues $ 23 $ 14 $ 5 Net income 2 3 — Held for sale - Discontinued operations As result of the Merger, certain Former Caesars properties, including Harrah’s Louisiana Downs, Caesars Southern Indiana, Horseshoe Hammond, and Caesars UK group, including Emerald Resorts & Casino met held for sale criteria as of the date of the closing of the Merger. The sales of these properties have or are expected to close within one year and the properties are classified as discontinued operations. Caesars UK group, including Emerald Resorts & Casino, is within the Managed, International, CIE segment while all other discontinued operations are in the Regional segment. On September 3, 2020, the Company and VICI Properties L.P., a Delaware limited partnership (“VICI”) entered into an agreement to sell the equity interests of Harrah’s Louisiana Downs to Rubico Acquisition Corp. for $22 million, subject to a customary working capital adjustment, which proceeds will be split between the Company and VICI. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals and is expected to close in the third quarter of 2021. On December 24, 2020, the Company entered into an agreement to sell the equity interests of Caesars Southern Indiana to the Eastern Band of Cherokee Indians (“EBCI”) for $250 million, subject to customary purchase price adjustments. The sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals, and is expected to close in the third quarter of 2021. The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Net revenues $ 13 $ 93 $ 10 $ 49 Net income (loss) 4 14 (7) — The assets and liabilities held for sale as discontinued operations, accounted for at carrying value unless fair value was lower, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Assets: Cash $ 7 $ 16 $ 18 $ 8 Property and equipment, net 10 405 75 415 Goodwill 3 141 3 136 Gaming licenses and other intangibles, net 5 30 29 23 Other assets, net — 37 114 4 Assets held for sale $ 25 $ 629 $ 239 $ 586 Current liabilities $ 8 $ 28 $ 65 $ 17 Other long-term liabilities (a) 5 72 116 334 Liabilities related to assets held for sale $ 13 $ 100 $ 181 $ 351 December 31, 2020 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Assets: Cash $ 6 $ 18 $ 32 $ 8 Property and equipment, net 11 402 75 418 Goodwill 3 141 3 136 Gaming licenses and other intangibles, net 5 30 28 23 Other assets, net — 38 117 4 Assets held for sale $ 25 $ 629 $ 255 $ 589 Current liabilities $ 6 $ 26 $ 73 $ 13 Other long-term liabilities (a) 6 72 120 332 Liabilities related to assets held for sale $ 12 $ 98 $ 193 $ 345 ____________________

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates. Investments in and Advances to Unconsolidated Affiliates William Hill The Company entered into a 25-year agreement, which became effective January 29, 2019, with William Hill which granted to William Hill the right to conduct betting activities, including operating our sportsbooks, in retail channels under certain skins for online channels with respect to the Company’s current and future properties, and conduct certain real money online gaming activities. The Company received a 20% ownership interest in William Hill US as well as 13 million ordinary shares of William Hill PLC, which shares initially received were subject to restrictions on transfer. The time restrictions on approximately 6 million shares expire within the next twelve months and are classified as current. Additionally, the Company receives a profit share from the operations of sports betting and other gaming activities associated with the Company’s properties. “Skin” in the context of this agreement refers to the Company’s ability to grant to William Hill an online channel that allows William Hill to operate online casino and sports gaming activities in reliance on, and utilizing the benefit of, any licenses granted to the Company or its subsidiaries. As of March 31, 2021 and December 31, 2020, the Company’s receivable from William Hill totaled $13 million and $7 million, respectively, and is reflected in Due from affiliates on the Balance Sheets. The Company is accounting for its investment in William Hill US under the equity method. The fair value of the Company’s initial investment in William Hill US of $129 million at January 29, 2019 was determined using Level 3 inputs. As of March 31, 2021 and December 31, 2020, the carrying value of the Company’s interest in William Hill US totaled $126 million and $128 million, respectively, and is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets. The Company is accounting for its investment in William Hill PLC as an investment in equity securities. As of March 31, 2021 and December 31, 2020, the fair value of the William Hill PLC shares totaled $45 million and $44 million, respectively, net of cumulative unrealized gains of $18 million and $17 million, respectively, and is included in Other assets, net on the Balance Sheets. The Company recorded an unrealized gain of $1 million and an unrealized loss of $19 million during the three months ended March 31, 2021 and 2020, respectively. As described above, the Company granted William Hill the right to the use of certain skins to operate online sports betting operations through our market access in each state and operate retail sports betting in our current and future properties for an equity method investment. The fair value of the William Hill US and William Hill PLC shares received have been deferred and are recognized as revenue on a straight-line basis over the 25-year agreement term. The Company recognized revenue of $2 million for the three months ended March 31, 2021 and 2020, and is recorded in Other revenue in the Statements of Operations. As of March 31, 2021 and December 31, 2020, the balance of the William Hill deferred revenue totaled $132 million and $134 million, respectively, and is recorded in other long-term liabilities on the Balance Sheets. On April 22, 2021, the Company consummated its previously announced acquisition of William Hill PLC in an all-cash transaction. See Note 1. The investments and transactions among Caesars and William Hill described above will be assessed as part of the consideration transferred and the allocation of the purchase price. See Note 2. Pompano Joint Venture In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. The Company has made cash contributions totaling $1 million and has contributed land. On February 12, 2021, the Company contributed an additional 186 acres to the joint venture for a fair value of $61 million. Total contributions of approximately 206 acres of land have been made with a fair value of approximately $69 million, and the Company has no further obligation to contribute additional real estate or cash as of March 31, 2021. We entered into a short-term lease agreement in February 2021, which we can cancel at anytime, to lease back a portion of the land from the joint venture. While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such the investment in the joint venture is accounted for using the equity method. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction costs and other operating costs on the Statements of Operations. As of March 31, 2021 and December 31, 2020, the Company’s investment in the joint venture is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets.

Property and Equipment

Property and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and EquipmentProperty and Equipment (In millions) March 31, 2021 December 31, 2020 Land $ 2,113 $ 2,174 Buildings, riverboats, and leasehold and land improvements 11,702 11,686 Furniture, fixtures, and equipment 1,426 1,404 Construction in progress 134 118 Total property and equipment 15,375 15,382 Less: accumulated depreciation (1,292) (1,049) Total property and equipment, net $ 14,083 $ 14,333 Our property and equipment is subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases. Depreciation Expense Three Months Ended March 31, (In millions) 2021 2020 Depreciation expense $ 245 $ 43 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, netGoodwill and Intangible Assets, netThe purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2020 $ 479 $ 9,723 $ 3,774 Amortization (20) — — Acquisition of gaming rights — — 2 Other — 6 — March 31, 2021 $ 459 $ 9,729 $ 3,776 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill March 31, 2021 December 31, 2020 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (111) $ 377 $ 488 $ (92) $ 396 Gaming rights and other 34 years 84 (2) 82 84 (1) 83 $ 572 $ (113) 459 $ 572 $ (93) 479 Non-amortizing intangible assets Trademarks 2,161 2,161 Gaming rights 1,092 1,090 Caesars Rewards 523 523 3,776 3,774 Total amortizing and non-amortizing intangible assets, net $ 4,235 $ 4,253 Amortization expense with respect to intangible assets for the three months ended March 31, 2021 and 2020 totaled $20 million and $7 million, respectively, which is included in depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Remaining 2021 Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Estimated annual amortization expense $ 61 $ 64 $ 60 $ 60 $ 60 $ 60

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFair Value Measurements Items Measured at Fair Value on a Recurring Basis : The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets at March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash and investments $ 1 $ 1 $ 45 $ 47 Marketable securities 20 11 — 31 Total assets at fair value $ 21 $ 12 $ 45 $ 78 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 477 $ — $ 477 Derivative instruments - interest rate swaps — 75 — 75 Total liabilities at fair value $ — $ 552 $ — $ 552 December 31, 2020 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash and investments $ 1 $ 3 $ 44 $ 48 Marketable securities 23 10 — 33 Derivative instruments - FX forward — 40 — 40 Total assets at fair value $ 24 $ 53 $ 44 $ 121 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 326 $ — $ 326 Derivative instruments - interest rate swaps — 90 — 90 Total liabilities at fair value $ — $ 416 $ — $ 416 The change in restricted cash and investments valued using Level 3 inputs for the three months ended March 31, 2021 is as follows: (In millions) Level 3 Investments Fair value of investment at December 31, 2020 $ 44 Unrealized gain 1 Fair value at March 31, 2021 $ 45 There were no transfers in or out of Level 3 investments during the three months ended March 31, 2021. Restricted Cash and Investments The estimated fair values of the Company’s restricted cash and investments are based upon quoted prices available in active markets (Level 1), or quoted prices for similar assets in active and inactive markets (Level 2), or quoted prices available in active markets adjusted for time restrictions related to the sale of the investment (Level 3) and represent the amounts the Company would expect to receive if the Company sold the restricted cash and investments. Restricted cash classified as Level 1 includes cash held in short-term certificate of deposit accounts or money market type funds. Restricted investments include shares acquired in conjunction with the Company’s sports betting agreements that contain restrictions related to the ability to liquidate shares within a specified timeframe. Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s captive insurance subsidiary and unrestricted shares acquired in conjunction with the Company’s sports betting agreements. These investments also include collateral for several escrow and trust agreements with third-party beneficiaries. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts the Company would expect to receive if the Company sold these marketable securities. In November 2018, the Company entered into a 20-year agreement with The Stars Group Inc., which was subsequently acquired by Flutter Entertainment PLC (“Flutter”) to provide options to obtain access to a second skin for online sports wagering and third skin for real money online gaming and poker with respect to the Company’s properties in the U.S. Under the terms of the agreement, the Company received common shares, as a revenue share from certain operations of Flutter under the Company’s licenses. The fair value of the shares received has been deferred and is recognized as revenue on a straight-line basis over the 20-year agreement term. All shares initially received were subject to a one year restriction on transfer from the date they are received. All shares held are unrestricted as of March 31, 2021. As of March 31, 2021 and December 31, 2020, the fair value of shares held was $10 million, and is included in Prepayments and other current assets on the Balance Sheets. The Company recorded an unrealized gain of less than a million during the three months ended March 31, 2021, and an unrealized loss of $3 million during the three months ended March 31, 2020, which were included in Other income (loss) on the Statements of Operations. Derivative Instruments The Company does not purchase or hold any derivative financial instruments for trading purposes. 5% Convertible Notes - Derivative Liability On October 6, 2017, Former Caesars issued $1.1 billion aggregate principal amount of 5% Convertible Notes. The 5% Convertible Notes are convertible into approximately 0.014 shares of Company Common Stock and $1.17 of cash per $1.00 principal amount of 5% Convertible Notes. The 5% Convertible Notes are convertible at any time at the option of the holders thereof or the Company. We do not intend to exercise our option to convert these notes prior to maturity. Conversion of the remaining $325 million in aggregate principal amount of outstanding 5% Convertible Notes, of which $10 million was held in trust as of March 31, 2021, would result in the issuance of an aggregate of 4.5 million shares of Company Common Stock and payment of $379 million. The 5% Convertible Notes mature in October 2024 and have a remaining life of approximately 3.5 years. Management analyzed the conversion features for derivative accounting consideration under ASC Topic 815, Derivatives and Hedging , (“ASC 815”) and determined that the 5% Convertible Notes contain bifurcated derivative features and qualify for derivative accounting. In accordance with ASC 815, the Company has bifurcated the conversion features of the 5% Convertible Notes and recorded a derivative liability. The 5% Convertible Notes derivative features are not designated as hedging instruments. The derivative features of the 5% Convertible Notes are carried on the Company’s Balance Sheets at fair value in Other long-term liabilities. The derivative liability is marked-to-market each period and the change in fair value, which is primarily due to fluctuations in the share price of our common stock, is recorded as a component of Other income (loss) in the Statements of Operations. For the three months ended March 31, 2021, the change in fair value resulted in a loss of $151 million. The derivative liability associated with the 5% Convertible Notes will remain in effect until such time as the underlying convertible notes are exercised or terminated and the resulting derivative liability will be reclassified from a liability to equity as of such date. Valuation Methodology The 5% Convertible Notes had an initial face value of $1.1 billion, an initial term of seven years, and a coupon rate of 5%. As of March 31, 2021 we estimated the fair value of the 5% Convertible Notes using a market-based approach that incorporated the value of both the straight debt and conversion features of the 5% Convertible Notes. The valuation model incorporated actively traded prices of the 5% Convertible Notes as of the reporting date, and assumptions regarding the incremental cost of borrowing for CEI. The key assumption used in the valuation model is the actively traded price of the 5% Convertible Notes and the incremental cost of borrowing is an indirectly observable input. The fair value for the conversion features of the 5% Convertible Notes is classified as Level 2 measurement. Key Assumptions as of March 31, 2021: • Actively traded price of 5% Convertible Notes - $254.05 • Incremental cost of borrowing - 4.3% Forward contracts In relation to the William Hill Acquisition, on September 28, 2020, the Company entered into a foreign exchange forward contract to hedge the risk of appreciation of the GBP denominated purchase price. On October 9, 2020, the Company entered into a foreign exchange forward contract to purchase £536 million at a contracted exchange rate. On March 25, 2021, the forward contract was settled, for which the Company received $41 million in proceeds. The Company recorded a gain of approximately $1 million during the three months ended March 31, 2021, which was recorded in the Other income (loss) on the Statements of Operations. Interest Rate Swap Derivatives We assumed Former Caesars interest rate swaps to manage the mix of assumed debt between fixed and variable rate instruments. As of March 31, 2021, we have seven interest rate swap agreements to fix the interest rate on $2.3 billion of variable rate debt related to the Caesars Resort Collection (“CRC”) Credit Agreement. The interest rate swaps are designated as cash flow hedging instruments. The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense at settlement. Changes in the variable interest rates to be received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows. The major terms of the interest rate swap agreements as of March 31, 2021 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.196% 0.1145% 12/31/2021 12/31//2018 250 2.274% 0.1145% 12/31/2022 1/1/2019 400 2.788% 0.1145% 12/31/2021 12/31//2018 200 2.828% 0.1145% 12/31/2022 1/1/2019 200 2.828% 0.1145% 12/31/2022 12/31//2018 600 2.739% 0.1145% 12/31/2022 1/2/2019 400 2.707% 0.1145% 12/31/2021 Valuation Methodology The estimated fair values of our interest rate swap derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. The interest rate swap derivative instruments are included in either Other assets, net or Other long-term liabilities on our Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. None of our derivative instruments are offset and all were classified as Level 2. Financial Statement Effect The effect of derivative instruments designated as hedging instruments on the Balance Sheets for amounts transferred into Accumulated other comprehensive income (loss) (“AOCI”) before tax was a gain of $15 million during the three months ended March 31, 2021. AOCI reclassified to Interest expense on the Statements of Operations was $14 million for the three months ended March 31, 2021. As of March 31, 2021, the interest rate swaps derivative liability of $75 million was recorded in Other long-term liabilities. Net settlement of these interest rate swaps results in the reclassification of deferred gains and losses within AOCI to be reclassified to the income statement as a component of interest expense as settlements occur. The estimated amount of existing gains or losses that are reported in AOCI at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $52 million. Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the period through March 31, 2021 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (2) — (1) (3) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Total other comprehensive income, net of tax 12 — (1) 11 Balances as of March 31, 2021 $ 38 $ 8 $ (1) $ 45

Litigation, Commitments and Con

Litigation, Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies. Litigation, Commitments and Contingencies Litigation We are a party to various legal proceedings. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. On July 14, 2020, the Company filed a lawsuit for damages and declaratory relief in state court in New York relating to a transfer fee of $50 million that was assessed by the Indiana Gaming Commission upon the Company’s purchase of Hoosier Park Racino and Casino in 2017 from Centaur Holdings, LLC. Contemporaneous with the filing of the lawsuit, the Company notified the sellers that it was withholding payment of $50 million from amounts that were otherwise due to the sellers as a portion of a deferred payment for the purchase from the sellers. In the lawsuit, the Company seeks a declaration from the Court that the Sellers are required to indemnify Caesars for its losses arising out of or relating to payment of the transfer fee and that the Company is entitled to offset the $50 million transfer fee against payments otherwise due to the sellers. The Defendants in that suit have filed Motions to Dismiss the Company’s claims. Briefing on the Motion has been concluded and the parties await a decision from the Court. COVID-19 Insurance Claims The COVID-19 public health emergency has had a significant impact on the Company’s business and employees, as well as the communities where the Company operates and serves. The Company purchased broad property insurance coverage to protect against “all risk of physical loss or damage” and resulting business interruption, unless specifically excluded by policies. The Company submitted claims for losses incurred as a result of the COVID-19 public health emergency which are expected to exceed $2 billion. The insurance carriers under the Company’s insurance policies have asserted that the policies do not cover losses incurred by the Company as a result of the COVID-19 public health emergency and have refused to make payments under the applicable policies. Therefore, on March 19, 2021, the Company filed a lawsuit against its insurance carriers in the state court in Clark County, Nevada. There can be no assurance as to the outcome of the litigation. General In addition, we are a party to various legal and administrative proceedings, which have arisen in the normal course of our business. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. Contractual Commitments The following contractual commitments were assumed by the Company associated with Former Caesars as result of the consummation of the Merger. Capital Commitments Harrah’s New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board (the “LGCB”), entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation (“NOBC”) and the City (collectively, the “Ground Lease Parties”) entered into a Second Amended and Restated Lease Agreement (the “Ground Lease”). Based on these amendments related to Harrah’s New Orleans, the Company is required to make certain payments and to make a capital investment of $325 million on or around Harrah’s New Orleans by July 15, 2024. In connection with the capital investment in Harrah’s New Orleans, we expect to rebrand the property as Caesars New Orleans. Atlantic City As required by the New Jersey Gaming Control Board in connection with its approval of the Merger, we have funded $400 million in escrow to provide funds for a three year capital expenditure plan in the state of New Jersey. This amount is currently included in restricted cash. As of March 31, 2021, our restricted cash balance in the escrow account is $376 million for future capital expenditures in New Jersey. Sports Sponsorship/Partnership Obligations We have agreements with certain professional sports leagues and teams, sporting event facilities and sports television networks for tickets, suites, and advertising, marketing, promotional and sponsorship opportunities. As of March 31, 2021, obligations related to these agreements were $289 million with contracts extending through 2035, which include leasing of event suites that are generally considered short term leases for which we do not record a right of use asset or lease liability. We recognize expenses in the period services are rendered in accordance with the various agreements. In addition, assets or liabilities may be recorded related to the timing of payments as required by the respective agreement. Self-Insurance We are self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. Our total estimated self-insurance liability was $227 million and $223 million as of March 31, 2021 and December 31, 2020, respectively, recorded in Accrued other liabilities in our Balance Sheets. Due to the novel nature of the disruption resulting from the COVID-19 public health emergency, actuarial data is limited for determining its effect. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future. Alternatively, as a result of the recent work stoppages and reductions in workforce, a reduction of claims in future periods could be beneficial to our financial condition and results of operations. Contingencies Uncertainties Since 2009, Harrah’s New Orleans has undergone audits by state and local departments of revenue related to sales taxes on hotel rooms, parking and entertainment complimentaries. The periods that have been or are currently being audited are 2004 through 2016. In connection with these audits, certain periods have been paid under protest or are currently in various stages of litigation. On July 2, 2019, the judge denied Harrah’s New Orleans’ motion for partial summary judgment and granted the Department of Revenue’s (the “Department”) partial motion for summary judgment, finding that Harrah’s New Orleans owes state sales taxes, as well as district and New Orleans occupancy taxes to the Department on all discounted or complimentary rooms furnished by Harrah’s New Orleans to patrons or guests at Harrah’s New Orleans hotel and certain third party hotels. Caesars appealed the trial Court’s decision to the Louisiana Court of Appeal, which Appeal was rejected. Caesars has since petitioned to the Louisiana Supreme Court for review of the Appeals Court’s decision. On January 9, 2021, the Louisiana Supreme Court issued a ruling granting in part and denying in part the Company’s Petition for Appeal. In its decision, the Supreme Court upheld the lower Courts’ decisions that the Company must pay taxes for complimentaries at Harrah’s New Orleans, but overturned the lower Courts’ rulings that the Company must pay such taxes for third party hotels. This matter will now proceed to trial for a determination of the amount of taxes due pursuant to the Louisiana Supreme Court’s ruling. Former Caesars paid $9 million under protest and is being held in escrow by the Department. Harrah’s New Orleans had accrued contingent liabilities of $44 million as of March 31, 2021. Weather disruption - Lake Charles On August 27, 2020, Hurricane Laura made landfall on Lake Charles as a Category 4 storm severely damaging the Isle of Capri Casino Lake Charles. During the three months ended as of March 31, 2021, t he Company received insurance proceeds of approximately $26 million related to damaged fixed assets and remediation costs. The Company also recorded a gain of approximately $8 million as proceeds received were in excess of the losses incurred and the net book value of the damaged property. The property will remain closed until 2022 when construction of a new land-based casino is expected to be complete.

Long-Term Debt

Long-Term Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term DebtLong-Term Debt Long-term debt consisted of the following: March 31, 2021 December 31, (Dollars in millions) Final Rates Face Value Book Value Book Value Secured Debt CRC Revolving Credit Facility 2022 variable (a) $ — $ — $ — CRC Term Loan 2024 variable (b) 4,547 4,146 4,133 CEI Revolving Credit Facility 2025 variable (a) — — — CRC Incremental Term Loan 2025 variable (c) 1,791 1,707 1,707 CRC Senior Secured Notes 2025 5.75% 1,000 981 981 CEI Senior Secured Notes 2025 6.25% 3,400 3,336 3,333 Convention Center Mortgage Loan 2025 7.70% 400 398 397 Unsecured Debt 5% Convertible Notes 2024 5.00% 315 291 288 CRC Notes 2025 5.25% 1,700 1,507 1,499 CEI Senior Notes 2027 8.125% 1,800 1,769 1,768 Special Improvement District Bonds 2037 4.30% 51 51 51 Long-term notes and other payables 2 2 2 Total debt 15,006 14,188 14,159 Current portion of long-term debt (67) (67) (67) Deferred finance charges associated with the CEI Revolving Credit Facility — (18) (19) Long-term debt $ 14,939 $ 14,103 $ 14,073 Unamortized premiums, discounts and deferred finance charges $ 836 $ 883 Fair value $ 15,435 ____________________ (a) Borrowing rates for our revolving credit facilities vary based on the election made at the time of draw down. (b) LIBOR plus 2.75%. (c) LIBOR plus 4.50%. Annual Estimated Debt Service Requirements as of March 31, 2021 Remaining Years Ended December 31, (In millions) 2021 2022 2023 2024 2025 Thereafter Total Annual maturities of long-term debt $ 50 $ 67 $ 67 $ 4,753 $ 8,226 $ 1,843 $ 15,006 Estimated interest payments 560 820 810 850 600 300 3,940 Total debt service obligation (a) $ 610 $ 887 $ 877 $ 5,603 $ 8,826 $ 2,143 $ 18,946 ____________________ (a) Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve and include the estimated impact of the seven interest rate swap agreements related to our CRC Credit Facility (see Note 7). Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of March 31, 2021 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are contractually due within 12 months. Debt Discounts or Premiums and Deferred Finance Charges Debt discounts or premiums and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to its original maturity date. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of March 31, 2021 and based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy. Terms of Outstanding Debt Debt Covenant Compliance The CRC Credit Agreement, the CEI Revolving Credit Facility, and the indentures governing the CEI Senior Secured Notes, the CEI Senior Notes, the CRC Senior Secured Notes and the CRC Notes contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The indenture for the 5% Convertible Notes contains limited covenants as a result of amendments that became effective in connection with the consummation of the Merger. The CRC Revolving Credit Facility and CEI Revolving Credit Facility include a maximum first-priority net senior secured leverage ratio financial covenant of 6.35:1, which is applicable solely to the extent that certain testing conditions are satisfied. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. The Company’s results of operations have been materially adversely affected by the impacts of the COVID-19 public health emergency. As a result, the current terms of the CEI Revolving Credit Facility, the CRC Credit Agreement provide that the financial covenant measurement period is not effective through September 30, 2021 so long as the Company and CRC, respectively, comply with a minimum liquidity requirement, which includes any such availability under the applicable revolving credit facilities. As of March 31, 2021, the Company was in compliance with all of the applicable financial covenants described above. Guarantees The CEI Revolving Credit Facility and the CEI Senior Secured Notes are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CEI (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CEI and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes are guaranteed on a senior unsecured basis by such subsidiaries. The CRC Credit Agreement and the CRC Senior Secured Notes are guarantees on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of CRC (subject to certain exceptions) and are secured by substantially all of the existing and future property and assets of CRC and its subsidiary guarantors (subject to certain exceptions). The CRC Notes are guaranteed on a senior unsecured basis by such subsidiaries.

Revenue Recognition

Revenue Recognition3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition. Revenue Recognition The Company’s Statements of Operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources following the Merger. Refer to Note 15 for additional information on the Company’s reportable segments. Three Months Ended March 31, 2021 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 226 $ 890 $ 24 $ — $ 1,140 Food and beverage 84 81 1 — 166 Hotel 115 100 — — 215 Other 72 37 65 4 178 Net revenues $ 497 $ 1,108 $ 90 $ 4 $ 1,699 Three Months Ended March 31, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 340 $ — $ — $ 340 Food and beverage — 56 — — 56 Hotel — 48 — — 48 Other — 27 — 2 29 Net revenues $ — $ 471 $ — $ 2 $ 473 Accounts receivable, net include the following amounts: (In millions) March 31, 2021 December 31, 2020 Casino and pari-mutuel commissions $ 123 $ 135 Food and beverage and hotel 28 25 Other 173 178 Accounts receivable, net $ 324 $ 338 Contract and Contract Related Liabilities The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) player loyalty program obligations, subsequently combined as Caesars Rewards, which represents the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on on-property spending, including gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which is primarily funds deposited by customers related to gaming play, advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space or for unpaid wagers), and deferred revenues associated with the Company’s existing interests in William Hill (see Note 4). Except for deferred revenues related to William Hill, these liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within accrued other liabilities on the Company’s Balance Sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2021 2020 2021 2020 2021 2020 Balance at January 1 $ 32 $ 10 $ 94 $ 13 $ 278 $ 172 Balance at March 31 28 7 93 12 298 172 Increase / (decrease) $ (4) $ (3) $ (1) $ (1) $ 20 $ — The March 31, 2021 balances exclude liabilities related to assets held for sale recorded in 2021 and 2020 (see Note 3). Lease Revenue Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended March 31, 2021 and 2020, we recognized approximately $215 million and $48 million, respectively, in lease revenue related to lodging arrangements, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Other revenue in the Statements of Operations, and during the three months ended March 31, 2021, lease revenue related to conventions was not material. During the three months ended March 31, 2020, lease revenue related to conventions was $1 million. Real Estate Operating Leases During the three months ended March 31, 2021 and 2020, we recognized approximately $21 million and $2 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statements of Operations. Real estate lease revenue includes $7 million of variable rental income for the three months ended March 31, 2021, and less than a million for the three months ended March 31, 2020.

Earnings per Share

Earnings per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per Share. Earnings per Share The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net loss per share computations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In millions, except per share data) 2021 2020 Net loss from continuing operations attributable to Caesars, net of income taxes $ (430) $ (176) Discontinued operations, net of income taxes 7 — Net loss attributable to Caesars $ (423) $ (176) Shares outstanding: Weighted average shares outstanding – basic 208 78 Weighted average shares outstanding – diluted 208 78 Basic loss per share from continuing operations $ (2.06) $ (2.25) Basic income per share from discontinued operations 0.03 — Net loss per common share attributable to common stockholders – basic: $ (2.03) $ (2.25) Diluted loss per share from continuing operations $ (2.06) $ (2.25) Diluted income per share from discontinued operations 0.03 — Net loss per common share attributable to common stockholders – diluted: $ (2.03) $ (2.25) For a period in which the Company generated a net loss, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS Three Months Ended March 31, (In millions) 2021 2020 Stock-based compensation awards 4 1 5% Convertible Notes 4 — Total anti-dilutive common stock 8 1

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation and Stockholders’ Equity. Stock-Based Compensation and Stockholders’ Equity Stock-Based Awards The Company maintains long-term incentive plans which allow for granting stock-based compensation awards for directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, based on Company Common Stock, including performance-based and incentive stock options, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur. Total stock-based compensation expense in the accompanying Statements of Operations totaled $23 million and $6 million during the three months ended March 31, 2021 and 2020, respectively. These amounts are included in corporate expenses and, in the case of certain property positions, general and administrative expenses in the Company’s Statements of Operations. 2015 Equity Incentive Plan (“2015 Plan”) During the three months ended March 31, 2021, as part of the annual incentive program, the Company granted 568 thousand RSUs to employees of the Company with an aggregate fair value of $39 million and a ratable vesting period of three years. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock. During the three months ended March 31, 2021, the Company also granted 79 thousand PSUs that are scheduled to vest in three years. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of CEI common stock, based on the achievement of specified performance and service conditions. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached. The aggregate value of PSUs granted during the three months ended March 31, 2021 was $7 million. In addition, during the three months ended March 31, 2021, the Company granted 146 thousand MSUs that are scheduled to cliff vest in three years. On the vesting date, recipients will receive between 0% and 200% of the target number of MSUs granted, in the form of Company Common Stock, based on the achievement of specified market and service conditions. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance. The aggregate value of MSUs granted during the three months ended March 31, 2021 was $15 million. During the three months ended March 31, 2021, there were no grants of stock options and 13 thousand stock options were exercised. In addition, 407 thousand, 143 thousand and 100 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 plan. Outstanding at End of Period March 31, 2021 December 31, 2020 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options 147,481 $ 22.97 176,724 $ 22.57 Restricted stock units 2,565,751 46.11 2,414,111 42.55 Performance stock units (b) 436,089 62.12 500,482 48.32 Market-based stock units 491,224 66.10 446,087 49.37 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the fair value of the MSUs determined using the Monte-Carlo simulation model. (b) PSUs were presented with RSUs as of December 31, 2020 in the 2020 Annual Report. Share Repurchase Program In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of March 31, 2021, the Company has acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the three months ended March 31, 2021 and 2020.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes. Income Taxes Income Tax Allocation Three Months Ended March 31, (In millions) 2021 2020 Loss from continuing operations before income taxes $ (510) $ (213) Benefit for income taxes 79 37 Effective tax rate 15.5 % 17.4 % We classify accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets separate from any related income tax payable which is reported within Accrued other liabilities. The accrual amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. We have provided a valuation allowance on certain federal, state and foreign deferred tax assets that were not deemed realizable based upon estimates of future taxable income. As a result of the Merger, the Company acquired $770 million of additional net deferred tax liabilities net of necessary valuation allowances, plus $24 million in additional accruals for uncertain tax positions. The income tax expense for the three months ended March 31, 2021 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to nondeductible expenses related to the convertible notes liability. The income tax expense for the three months ended March 31, 2020 differed from the expected income tax expense based on the federal tax rate of 21% primarily due to goodwill impairments and changes in the valuation allowance, offset by the true-up of certain state tax benefits and state and local income taxes. The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to examinations by tax authorities for years before 2017, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

Related Affiliates

Related Affiliates3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related AffiliatesRelated Affiliates REI As of March 31, 2021, Recreational Enterprises, Inc. (“REI”) owned approximately 4.1% of outstanding common stock of the Company. The directors of REI are the Company’s Executive Chairman of the Board, Gary L. Carano, its Chief Executive Officer and Board member, Thomas R. Reeg, and its former Senior Vice President of Regional Operations, Gene Carano. In addition, Gary L. Carano also serves as the Vice President of REI and Gene Carano also serves as the Secretary and Treasurer of REI. Members of the Carano family, including Gary L. Carano and Gene Carano, own the equity interests in REI. During the three months ended March 31, 2021 and 2020, there were no related party transactions between the Company and the Carano family other than compensation, including salary and equity incentives, and the CSY Lease listed below. C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) which is an entity partially owned by REI (the “CSY Lease”). The CSY Lease expires on June 30, 2057. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid quarterly. Annual rent is subject to periodic rent escalations through the term of the lease. As of March 31, 2021 and December 31, 2020, there were no amounts due to or from CSY. Transactions with Horseshoe Baltimore The Company holds an interest in Horseshoe Baltimore of approximately 44.3% which is accounted for as an equity method investment and is considered to be a related party. These related party transactions include items such as casino management fees, reimbursement of various costs incurred on behalf of Horseshoe Baltimore, and the allocation of other general corporate expenses. A summary of the transactions with Horseshoe Baltimore is provided in the table below. (In millions) Three Months Ended Transactions with Horseshoe Baltimore Management fees $ 2 Due from/to Affiliates Amounts due from or to affiliates for each counterparty represent the net receivable or payable as of the end of the reporting period primarily resulting from the transactions described above and settled on a net basis by each counterparty in accordance with the legal and contractual restrictions governing transactions by and among the Company’s consolidated entities. As of March 31, 2021 and December 31, 2020, Due from affiliates, net was $48 million and $44 million, respectively, and represented transactions with Horseshoe Baltimore and William Hill.

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information. Segment InformationThe 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 Merger, our principal operating activities occurred in five geographic regions and reportable segments: West, Midwest, South, East and Central, in addition to Corporate and Other. Following the Merger, the Company’s principal operating activities occur in three regionally-focused 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, and (3) Managed, International, CIE, in addition to Corporate and Other. See table below for a summary of these segments. Also, see Note 3 and Note 6 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 March 31, 2021: Las Vegas Regional Managed, International, CIE Bally’s Las Vegas (a) Eldorado Resort Casino Reno Harrah’s Atlantic City (a) Managed Caesars Palace Las Vegas (a) Silver Legacy Resort Casino Harrah’s Laughlin (a) Harrah’s Ak-Chin (a) The Cromwell (a) Circus Circus Reno Harrah’s New Orleans (a) Harrah’s Cherokee (a) Flamingo Las Vegas (a) MontBleu Casino Resort & Spa (c) Hoosier Park (a) Harrah’s Cherokee Valley River (a) Harrah’s Las Vegas (a) Tropicana Laughlin Hotel & Casino Indiana Grand (a) Harrah’s Resort Southern California (a) The LINQ Hotel & Casino (a) Isle Casino Hotel - Black Hawk Caesars Atlantic City (a) Horseshoe Baltimore (a)(h) Paris Las Vegas (a) Lady Luck Casino - Black Hawk Caesars Southern Indiana (a)(b)(e) Caesars Windsor (a) Planet Hollywood Resort & Casino (a) Isle Casino Waterloo Harrah’s Council Bluffs (a) Kings & Queens Casino (a) Rio All-Suite Hotel & Casino (a) Isle Casino Bettendorf Harrah’s Gulf Coast (a) Caesars Dubai (a) Isle of Capri Casino Boonville Harrah’s Joliet (a) International Isle Casino Racing Pompano Park Harrah’s Lake Tahoe (a) Caesars Cairo (a)(b) Isle of Capri Casino Hotel Lake Charles Harrah’s Louisiana Downs (a)(b)(g) Ramses Casino (a)(b) Belle of Baton Rouge Casino & Hotel (i) Harrah’s Metropolis (a) Emerald Casino Resort (a)(b) Isle of Capri Casino Lula Harrah’s North Kansas City (a) Alea Glasgow (a)(b) Trop Casino Greenville Harrah’s Philadelphia (a) Alea Nottingham (a)(b) Eldorado Gaming Scioto Downs Harveys Lake Tahoe (a) The Empire Casino (a)(b) Tropicana Casino and Resort, Atlantic City Horseshoe Bossier City (a) Manchester235 (a)(b) Grand Victoria Casino Horseshoe Council Bluffs (a) Playboy Club London (a)(b) Lumière Place Casino Horseshoe Hammond (a)(b)(f) Rendezvous Brighton (a)(b) Tropicana Evansville (d) Horseshoe Tunica (a) The Sportsman (a)(b) CIE Caesars Interactive Entertainment (a) ___________________ (a) These properties were acquired from the Merger on July 20, 2020. (b) As a result of the Merger, the sales of these properties met the requirements for presentation as discontinued operations as of March 31, 2021. (c) In April 2020, the Company entered into an agreement to sell MontBleu. The sale of MontBleu closed on April 6, 2021. (d) On October 27, 2020, the Company entered into an agreement to sell Evansville, which is expected to close mid-2021. (e) On December 24, 2020, the Company entered into an agreement to sell Caesars Southern Indiana, which is expected to close in the third quarter of 2021. (f) The Company plans to enter into an agreement to sell Horseshoe Hammond prior to December 31, 2021. (g) On September 3, 2020, the Company entered into an agreement to sell Harrah’s Louisiana Downs, which is expected to close in the third quarter of 2021. (h) As of March 31, 2021, Horseshoe Baltimore was 44.3% owned by us and held as an equity-method investment. (i) On December 1, 2020, the Company entered into an agreement to sell Belle of Baton Rouge, which is expected to close in the third quarter of 2021. In addition to our properties listed above, other domestic and international properties, including Harrah’s Northern California, are authorized to use the brands and marks of Caesars Entertainment, Inc. Additionally, certain of our properties operate off-track betting locations, including Hoosier Park, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven, and Indiana Grand, 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 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 three reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended March 31, (In millions) 2021 2020 Las Vegas: Net revenues $ 497 $ — Adjusted EBITDA 162 — Regional: Net revenues 1,108 471 Adjusted EBITDA 367 111 Managed, International, CIE: Net revenues 90 — Adjusted EBITDA 15 — Corporate and Other: Net revenues 4 2 Adjusted EBITDA (39) (8) 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. Three Months Ended March 31, (In millions) 2021 2020 Adjusted EBITDA by Segment: Las Vegas $ 162 $ — Regional 367 111 Managed, International, CIE 15 — Corporate and Other (39) (8) 505 103 Reconciliation to net income (loss) attributable to Caesars: Net loss attributable to noncontrolling interests 1 — Net income from discontinued operations 7 — Benefit for income taxes 79 37 Other loss (a) (133) (23) Interest expense, net (563) (67) Depreciation and amortization (265) (50) Impairment charges — (161) Transaction costs and other operating costs (b) (20) (8) Stock-based compensation (23) (6) Other items (c) (11) (1) Net loss attributable to Caesars $ (423) $ (176) ____________________ (a) Other loss for the three months ended March 31, 2021 primarily represents a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes slightly offset by a gain on foreign currency exchange and investments held. Other (income) loss for the three months ended March 31, 2020 primarily represents change in fair value of the Company’s investments in William Hill PLC. (b) Transaction costs and other operating costs for the three months ended March 31, 2021 and 2020 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, and business optimization expenses. Three Months Ended March 31, (In millions) 2021 2020 Capital Expenditures, Net Las Vegas $ 15 $ — Regional 46 22 Managed, International, CIE — — Corporate and Other 4 1 Total $ 65 $ 23 (In millions) March 31, 2021 December 31, 2020 Total Assets Las Vegas $ 21,454 $ 21,464 Regional 13,918 13,732 Managed, International, CIE 443 548 Corporate and Other 204 641 Total $ 36,019 $ 36,385

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ReclassificationsReclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Marketing and promotions expense previously disclosed for the three months ended March 31, 2020 has been reclassified to Casino and pari-mutuel commissions expense and General and administrative expense based on the nature of the expense.
Basis of PresentationBasis of Presentation The accompanying unaudited consolidated condensed financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. See Note 15 for a listing of properties included in each segment and the determination of our segments. The presentation of financial information herein for the period after the Company’s acquisition of Former Caesars on July 20, 2020 is not fully comparable to the periods prior to the acquisition. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties are not fully comparable to the periods prior to their respective sale dates. See Note 2 for further discussion of the Merger and related transactions and Note 3 for properties recently sold or currently held for sale. Consolidation of Subsidiaries and Variable Interest Entities Our consolidated condensed financial statements include the accounts of Caesars and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, there may be a material effect to our financial statements. Consolidation of Korea Joint Venture The Company had a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the “Korea JV”). We determined that the Korea JV was a VIE and the Company was the primary beneficiary, and therefore, we had consolidated the Korea JV into our financial statements. As of December 31, 2020, the assets and liabilities of the Korea JV were classified as held for sale and consisted of $130 million of Property and equipment and other assets and $130 million of current and other long-term liabilities. We sold our interest in the Korea JV on January 21, 2021 and derecognized its assets and liabilities from our Balance Sheets. There was no gain or loss associated with the sale.
Recent Developments Related to COVID-19Recent Developments Related to COVID-19 In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and has since spread throughout much of the world, including the U.S. All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of the COVID-19 public health emergency. The Company has resumed certain operations at substantially all of our properties as of March 31, 2021, with the exception of Lake Charles which was severely damaged by Hurricane Laura (See Note 8), and many of our international properties. During the three months ended March 31, 2021, most of our properties have experienced positive trends as restrictions on maximum capacities and amenities available are eased. The Company continued to pay its full-time employees through April 10, 2020, including tips and tokens. Effective April 11, 2020, the Company furloughed approximately 90% of its employees, implemented salary reductions and committed to continue to provide benefits to its employees through their furloughed period. A portion of the Company’s workforce has returned to service as the properties have resumed operations with limited capacities and in compliance with operating restrictions imposed by governmental or tribal orders, directives, and guidelines. Due to a triggering event resulting from the COVID-19 public health emergency, the Company recognized impairment charges of $116 million related to goodwill and trade names during the three months ended March 31, 2020. The COVID-19 public health emergency has had, and continues to have, a material adverse effect on the Company’s business, financial condition and results of operations for the three months ended March 31, 2021 and 2020. As a result, the terms of our debt arrangements provide that the financial covenant measurement period is not effective through September 30, 2021, so long as we comply with a minimum liquidity requirement. See Note 9. In addition, on March 19, 2021, the Company filed a lawsuit against its insurance carriers for losses attributed to COVID-19 public health emergency. See Note 8.
Recently Issued Accounting PronouncementsRecently Issued Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”). Effective January 1, 2021, we adopted the following Accounting Standards Updates (“ASU”) which did not have a material effect on our financial statements: • ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General The following ASUs were not implemented as of March 31, 2021: Previously Disclosed In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The amendments in this update are intended to provide relief to the companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 and companies may elect to apply the amendments prospectively through December 31, 2022. The Company has not yet adopted this new guidance and is evaluating the qualitative and quantitative effect the new guidance will have on its Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging. This update amends guidance on convertible instruments and the guidance on derivative scope exception for contracts in an entity’s own equity. The amendments for convertible instruments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, the amendments provide guidance on instruments that will continue to be subject to separation models and improves disclosure for convertible instruments and guidance for earnings per share. Furthermore, the update amends guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. These amendments should be applied on either a modified retrospective basis or a fully retrospective basis. The Company is currently assessing the effect the adoption of this standard will have on its Financial Statements.

Acquisitions and Purchase Pri_2

Acquisitions and Purchase Price Accounting (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition(In millions) Consideration Cash consideration paid $ 6,090 Shares issued to Former Caesars shareholders (a) 2,381 Cash paid to retire Former Caesars debt 2,356 Other consideration paid 48 Total purchase consideration $ 10,875 (a) Former Caesars common stock was converted into the right to receive approximately 0.3085 shares of Company Common Stock, with a value equal to approximately $12.41 in cash (based on the volume weighted average price per share of Company Common Stock for the ten trading days ending on July 16, 2020).
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Former Caesars, with the excess recorded as goodwill as of March 31, 2021: (In millions) Fair Value Current and other assets $ 4,149 Property and equipment 12,691 Goodwill 8,928 Intangible assets (a) 3,364 Other noncurrent assets 676 Total assets $ 29,808 Current liabilities $ 1,844 Financing obligation 8,149 Long-term debt 6,591 Noncurrent liabilities 2,331 Total liabilities 18,915 Noncontrolling interests 18 Net assets acquired $ 10,875 ____________________ (a) Intangible assets consist of gaming rights valued at $388 million, trade names valued at $2.1 billion, Caesars Rewards programs valued at $523 million and customer relationships valued at $403 million.
Financing Receivable, Allowance for Credit LossA reconciliation of the difference between the purchase price of financial assets, including acquired markers, and the face value of the assets is as follows: (In millions) Purchase price of financial assets $ 95 Allowance for credit losses at the acquisition date based on the acquirer’s assessment 89 Discount (premium) attributable to other factors 2 Face value of financial assets $ 186

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)The assets and liabilities held for sale of continuing operations, accounted for at carrying value unless fair value is lower, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) MontBleu Evansville Baton Rouge Assets: Cash $ 2 $ 8 $ 2 Property and equipment, net 37 302 2 Goodwill — 9 — Gaming licenses and other intangibles, net — 138 — Other assets, net 33 33 1 Assets held for sale $ 72 $ 490 $ 5 Current liabilities $ 8 $ 11 $ 3 Other long-term liabilities 63 13 1 Liabilities related to assets held for sale $ 71 $ 24 $ 4 December 31, 2020 (In millions) MontBleu Evansville Baton Rouge Assets: Cash $ 3 $ 7 $ 2 Property and equipment, net 37 302 2 Goodwill — 9 — Gaming licenses and other intangibles, net — 138 — Other assets, net 32 49 1 Assets held for sale $ 72 $ 505 $ 5 Current liabilities $ 8 $ 12 $ 2 Other long-term liabilities 63 24 1 Liabilities related to assets held for sale $ 71 $ 36 $ 3 The following information presents the net revenues and net income (loss) for the Company’s properties considered continuing operations, that are held for sale: Three Months Ended March 31, 2021 (In millions) MontBleu Evansville Baton Rouge Net revenues $ 11 $ 31 $ 4 Net income (loss) 4 13 (1) Three Months Ended March 31, 2020 (In millions) MontBleu Evansville Baton Rouge Net revenues $ 9 $ 33 $ 6 Net income (loss) (42) 1 (10) The following information presents the net revenues and net income of held for sale properties, which were recently sold, for the three months ended March 31, 2020: Three Months Ended March 31, 2020 (In millions) Eldorado Shreveport Kansas City Vicksburg Net revenues $ 23 $ 14 $ 5 Net income 2 3 — The following information presents the net revenues and net income (loss) for the Company’s properties that are part of discontinued operations for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Net revenues $ 13 $ 93 $ 10 $ 49 Net income (loss) 4 14 (7) — The assets and liabilities held for sale as discontinued operations, accounted for at carrying value unless fair value was lower, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Assets: Cash $ 7 $ 16 $ 18 $ 8 Property and equipment, net 10 405 75 415 Goodwill 3 141 3 136 Gaming licenses and other intangibles, net 5 30 29 23 Other assets, net — 37 114 4 Assets held for sale $ 25 $ 629 $ 239 $ 586 Current liabilities $ 8 $ 28 $ 65 $ 17 Other long-term liabilities (a) 5 72 116 334 Liabilities related to assets held for sale $ 13 $ 100 $ 181 $ 351 December 31, 2020 (In millions) Harrah’s Louisiana Downs Horseshoe Hammond Caesars UK Caesars Southern Indiana Assets: Cash $ 6 $ 18 $ 32 $ 8 Property and equipment, net 11 402 75 418 Goodwill 3 141 3 136 Gaming licenses and other intangibles, net 5 30 28 23 Other assets, net — 38 117 4 Assets held for sale $ 25 $ 629 $ 255 $ 589 Current liabilities $ 6 $ 26 $ 73 $ 13 Other long-term liabilities (a) 6 72 120 332 Liabilities related to assets held for sale $ 12 $ 98 $ 193 $ 345 ____________________

Property and Equipment (Tables)

Property and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment(In millions) March 31, 2021 December 31, 2020 Land $ 2,113 $ 2,174 Buildings, riverboats, and leasehold and land improvements 11,702 11,686 Furniture, fixtures, and equipment 1,426 1,404 Construction in progress 134 118 Total property and equipment 15,375 15,382 Less: accumulated depreciation (1,292) (1,049) Total property and equipment, net $ 14,083 $ 14,333 Depreciation Expense Three Months Ended March 31, (In millions) 2021 2020 Depreciation expense $ 245 $ 43

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets, NetNon-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other December 31, 2020 $ 479 $ 9,723 $ 3,774 Amortization (20) — — Acquisition of gaming rights — — 2 Other — 6 — March 31, 2021 $ 459 $ 9,729 $ 3,776
Schedule of Finite-Lived Intangible AssetsMarch 31, 2021 December 31, 2020 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (111) $ 377 $ 488 $ (92) $ 396 Gaming rights and other 34 years 84 (2) 82 84 (1) 83 $ 572 $ (113) 459 $ 572 $ (93) 479 Non-amortizing intangible assets Trademarks 2,161 2,161 Gaming rights 1,092 1,090 Caesars Rewards 523 523 3,776 3,774 Total amortizing and non-amortizing intangible assets, net $ 4,235 $ 4,253
Schedule of Indefinite-Lived Intangible AssetsMarch 31, 2021 December 31, 2020 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 488 $ (111) $ 377 $ 488 $ (92) $ 396 Gaming rights and other 34 years 84 (2) 82 84 (1) 83 $ 572 $ (113) 459 $ 572 $ (93) 479 Non-amortizing intangible assets Trademarks 2,161 2,161 Gaming rights 1,092 1,090 Caesars Rewards 523 523 3,776 3,774 Total amortizing and non-amortizing intangible assets, net $ 4,235 $ 4,253
Schedule of Finite-Lived Intangible Assets, Future Amortization ExpenseEstimated Five-Year Amortization Remaining 2021 Years Ended December 31, (In millions) 2022 2023 2024 2025 2026 Estimated annual amortization expense $ 61 $ 64 $ 60 $ 60 $ 60 $ 60

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and NonrecurringThe following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets at March 31, 2021 and December 31, 2020: March 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash and investments $ 1 $ 1 $ 45 $ 47 Marketable securities 20 11 — 31 Total assets at fair value $ 21 $ 12 $ 45 $ 78 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 477 $ — $ 477 Derivative instruments - interest rate swaps — 75 — 75 Total liabilities at fair value $ — $ 552 $ — $ 552 December 31, 2020 (In millions) Level 1 Level 2 Level 3 Total Assets: Restricted cash and investments $ 1 $ 3 $ 44 $ 48 Marketable securities 23 10 — 33 Derivative instruments - FX forward — 40 — 40 Total assets at fair value $ 24 $ 53 $ 44 $ 121 Liabilities: Derivative instruments - 5% Convertible Notes $ — $ 326 $ — $ 326 Derivative instruments - interest rate swaps — 90 — 90 Total liabilities at fair value $ — $ 416 $ — $ 416
Schedule of Change in Restricted Investments Valued Using Level 3 InputsThe change in restricted cash and investments valued using Level 3 inputs for the three months ended March 31, 2021 is as follows: (In millions) Level 3 Investments Fair value of investment at December 31, 2020 $ 44 Unrealized gain 1 Fair value at March 31, 2021 $ 45
Schedule of Derivative InstrumentsThe major terms of the interest rate swap agreements as of March 31, 2021 are as follows: Effective Date Notional Amount (In millions) Fixed Rate Paid Variable Rate Received as of Maturity Date 1/1/2019 250 2.196% 0.1145% 12/31/2021 12/31//2018 250 2.274% 0.1145% 12/31/2022 1/1/2019 400 2.788% 0.1145% 12/31/2021 12/31//2018 200 2.828% 0.1145% 12/31/2022 1/1/2019 200 2.828% 0.1145% 12/31/2022 12/31//2018 600 2.739% 0.1145% 12/31/2022 1/2/2019 400 2.707% 0.1145% 12/31/2021
Schedule of Accumulated Other Comprehensive Income (Loss)The changes in AOCI by component, net of tax, for the period through March 31, 2021 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2020 $ 26 $ 8 $ — $ 34 Other comprehensive loss before reclassifications (2) — (1) (3) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Total other comprehensive income, net of tax 12 — (1) 11 Balances as of March 31, 2021 $ 38 $ 8 $ (1) $ 45

Long-Term Debt (Tables)

Long-Term Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-term DebtLong-term debt consisted of the following: March 31, 2021 December 31, (Dollars in millions) Final Rates Face Value Book Value Book Value Secured Debt CRC Revolving Credit Facility 2022 variable (a) $ — $ — $ — CRC Term Loan 2024 variable (b) 4,547 4,146 4,133 CEI Revolving Credit Facility 2025 variable (a) — — — CRC Incremental Term Loan 2025 variable (c) 1,791 1,707 1,707 CRC Senior Secured Notes 2025 5.75% 1,000 981 981 CEI Senior Secured Notes 2025 6.25% 3,400 3,336 3,333 Convention Center Mortgage Loan 2025 7.70% 400 398 397 Unsecured Debt 5% Convertible Notes 2024 5.00% 315 291 288 CRC Notes 2025 5.25% 1,700 1,507 1,499 CEI Senior Notes 2027 8.125% 1,800 1,769 1,768 Special Improvement District Bonds 2037 4.30% 51 51 51 Long-term notes and other payables 2 2 2 Total debt 15,006 14,188 14,159 Current portion of long-term debt (67) (67) (67) Deferred finance charges associated with the CEI Revolving Credit Facility — (18) (19) Long-term debt $ 14,939 $ 14,103 $ 14,073 Unamortized premiums, discounts and deferred finance charges $ 836 $ 883 Fair value $ 15,435 ____________________ (a) Borrowing rates for our revolving credit facilities vary based on the election made at the time of draw down. (b) LIBOR plus 2.75%. (c) LIBOR plus 4.50%.
Schedule of Maturities of Long-term DebtAnnual Estimated Debt Service Requirements as of March 31, 2021 Remaining Years Ended December 31, (In millions) 2021 2022 2023 2024 2025 Thereafter Total Annual maturities of long-term debt $ 50 $ 67 $ 67 $ 4,753 $ 8,226 $ 1,843 $ 15,006 Estimated interest payments 560 820 810 850 600 300 3,940 Total debt service obligation (a) $ 610 $ 887 $ 877 $ 5,603 $ 8,826 $ 2,143 $ 18,946 ____________________ (a) Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facilities. Interest payments are estimated based on the forward-looking LIBOR curve and include the estimated impact of the seven interest rate swap agreements related to our CRC Credit Facility (see Note 7). Actual payments may differ from these estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Net Revenues Disaggregated Type of Revenue and Reportable SegmentThe Company’s Statements of Operations presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources following the Merger. Refer to Note 15 for additional information on the Company’s reportable segments. Three Months Ended March 31, 2021 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ 226 $ 890 $ 24 $ — $ 1,140 Food and beverage 84 81 1 — 166 Hotel 115 100 — — 215 Other 72 37 65 4 178 Net revenues $ 497 $ 1,108 $ 90 $ 4 $ 1,699 Three Months Ended March 31, 2020 (In millions) Las Vegas Regional Managed, International & CIE Corporate Total Casino and pari-mutuel commissions $ — $ 340 $ — $ — $ 340 Food and beverage — 56 — — 56 Hotel — 48 — — 48 Other — 27 — 2 29 Net revenues $ — $ 471 $ — $ 2 $ 473 Accounts receivable, net include the following amounts: (In millions) March 31, 2021 December 31, 2020 Casino and pari-mutuel commissions $ 123 $ 135 Food and beverage and hotel 28 25 Other 173 178 Accounts receivable, net $ 324 $ 338
Summary of Activity Related to Contract and Contract Related LiabilitiesThe following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other (In millions) 2021 2020 2021 2020 2021 2020 Balance at January 1 $ 32 $ 10 $ 94 $ 13 $ 278 $ 172 Balance at March 31 28 7 93 12 298 172 Increase / (decrease) $ (4) $ (3) $ (1) $ (1) $ 20 $ —

Earnings per Share (Tables)

Earnings per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share ComputationsThe following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net loss per share computations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In millions, except per share data) 2021 2020 Net loss from continuing operations attributable to Caesars, net of income taxes $ (430) $ (176) Discontinued operations, net of income taxes 7 — Net loss attributable to Caesars $ (423) $ (176) Shares outstanding: Weighted average shares outstanding – basic 208 78 Weighted average shares outstanding – diluted 208 78 Basic loss per share from continuing operations $ (2.06) $ (2.25) Basic income per share from discontinued operations 0.03 — Net loss per common share attributable to common stockholders – basic: $ (2.03) $ (2.25) Diluted loss per share from continuing operations $ (2.06) $ (2.25) Diluted income per share from discontinued operations 0.03 — Net loss per common share attributable to common stockholders – diluted: $ (2.03) $ (2.25)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per ShareThree Months Ended March 31, (In millions) 2021 2020 Stock-based compensation awards 4 1 5% Convertible Notes 4 — Total anti-dilutive common stock 8 1

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-based Payment Arrangement, ActivityMarch 31, 2021 December 31, 2020 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Stock options 147,481 $ 22.97 176,724 $ 22.57 Restricted stock units 2,565,751 46.11 2,414,111 42.55 Performance stock units (b) 436,089 62.12 500,482 48.32 Market-based stock units 491,224 66.10 446,087 49.37 ____________________ (a) Represents the weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the fair value of the MSUs determined using the Monte-Carlo simulation model.

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate ReconciliationThree Months Ended March 31, (In millions) 2021 2020 Loss from continuing operations before income taxes $ (510) $ (213) Benefit for income taxes 79 37 Effective tax rate 15.5 % 17.4 %

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party TransactionsA summary of the transactions with Horseshoe Baltimore is provided in the table below. (In millions) Three Months Ended Transactions with Horseshoe Baltimore Management fees $ 2

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Operating Data for Reportable SegmentsThe following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of March 31, 2021: Las Vegas Regional Managed, International, CIE Bally’s Las Vegas (a) Eldorado Resort Casino Reno Harrah’s Atlantic City (a) Managed Caesars Palace Las Vegas (a) Silver Legacy Resort Casino Harrah’s Laughlin (a) Harrah’s Ak-Chin (a) The Cromwell (a) Circus Circus Reno Harrah’s New Orleans (a) Harrah’s Cherokee (a) Flamingo Las Vegas (a) MontBleu Casino Resort & Spa (c) Hoosier Park (a) Harrah’s Cherokee Valley River (a) Harrah’s Las Vegas (a) Tropicana Laughlin Hotel & Casino Indiana Grand (a) Harrah’s Resort Southern California (a) The LINQ Hotel & Casino (a) Isle Casino Hotel - Black Hawk Caesars Atlantic City (a) Horseshoe Baltimore (a)(h) Paris Las Vegas (a) Lady Luck Casino - Black Hawk Caesars Southern Indiana (a)(b)(e) Caesars Windsor (a) Planet Hollywood Resort & Casino (a) Isle Casino Waterloo Harrah’s Council Bluffs (a) Kings & Queens Casino (a) Rio All-Suite Hotel & Casino (a) Isle Casino Bettendorf Harrah’s Gulf Coast (a) Caesars Dubai (a) Isle of Capri Casino Boonville Harrah’s Joliet (a) International Isle Casino Racing Pompano Park Harrah’s Lake Tahoe (a) Caesars Cairo (a)(b) Isle of Capri Casino Hotel Lake Charles Harrah’s Louisiana Downs (a)(b)(g) Ramses Casino (a)(b) Belle of Baton Rouge Casino & Hotel (i) Harrah’s Metropolis (a) Emerald Casino Resort (a)(b) Isle of Capri Casino Lula Harrah’s North Kansas City (a) Alea Glasgow (a)(b) Trop Casino Greenville Harrah’s Philadelphia (a) Alea Nottingham (a)(b) Eldorado Gaming Scioto Downs Harveys Lake Tahoe (a) The Empire Casino (a)(b) Tropicana Casino and Resort, Atlantic City Horseshoe Bossier City (a) Manchester235 (a)(b) Grand Victoria Casino Horseshoe Council Bluffs (a) Playboy Club London (a)(b) Lumière Place Casino Horseshoe Hammond (a)(b)(f) Rendezvous Brighton (a)(b) Tropicana Evansville (d) Horseshoe Tunica (a) The Sportsman (a)(b) CIE Caesars Interactive Entertainment (a) ___________________ (a) These properties were acquired from the Merger on July 20, 2020. (b) As a result of the Merger, the sales of these properties met the requirements for presentation as discontinued operations as of March 31, 2021. (c) In April 2020, the Company entered into an agreement to sell MontBleu. The sale of MontBleu closed on April 6, 2021. (d) On October 27, 2020, the Company entered into an agreement to sell Evansville, which is expected to close mid-2021. (e) On December 24, 2020, the Company entered into an agreement to sell Caesars Southern Indiana, which is expected to close in the third quarter of 2021. (f) The Company plans to enter into an agreement to sell Horseshoe Hammond prior to December 31, 2021. (g) On September 3, 2020, the Company entered into an agreement to sell Harrah’s Louisiana Downs, which is expected to close in the third quarter of 2021. (h) As of March 31, 2021, Horseshoe Baltimore was 44.3% owned by us and held as an equity-method investment. (i) On December 1, 2020, the Company entered into an agreement to sell Belle of Baton Rouge, which is expected to close in the third quarter of 2021. The following table sets forth, for the periods indicated, certain operating data for the Company’s three reportable segments. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. Three Months Ended March 31, (In millions) 2021 2020 Las Vegas: Net revenues $ 497 $ — Adjusted EBITDA 162 — Regional: Net revenues 1,108 471 Adjusted EBITDA 367 111 Managed, International, CIE: Net revenues 90 — Adjusted EBITDA 15 — Corporate and Other: Net revenues 4 2 Adjusted EBITDA (39) (8) Three Months Ended March 31, (In millions) 2021 2020 Adjusted EBITDA by Segment: Las Vegas $ 162 $ — Regional 367 111 Managed, International, CIE 15 — Corporate and Other (39) (8) 505 103 Reconciliation to net income (loss) attributable to Caesars: Net loss attributable to noncontrolling interests 1 — Net income from discontinued operations 7 — Benefit for income taxes 79 37 Other loss (a) (133) (23) Interest expense, net (563) (67) Depreciation and amortization (265) (50) Impairment charges — (161) Transaction costs and other operating costs (b) (20) (8) Stock-based compensation (23) (6) Other items (c) (11) (1) Net loss attributable to Caesars $ (423) $ (176) ____________________ (a) Other loss for the three months ended March 31, 2021 primarily represents a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes slightly offset by a gain on foreign currency exchange and investments held. Other (income) loss for the three months ended March 31, 2020 primarily represents change in fair value of the Company’s investments in William Hill PLC. (b) Transaction costs and other operating costs for the three months ended March 31, 2021 and 2020 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, and business optimization expenses.
Schedule of Capital Expenditures by SegmentThree Months Ended March 31, (In millions) 2021 2020 Capital Expenditures, Net Las Vegas $ 15 $ — Regional 46 22 Managed, International, CIE — — Corporate and Other 4 1 Total $ 65 $ 23
Schedule of Balance Sheet Information for Reportable Segments(In millions) March 31, 2021 December 31, 2020 Total Assets Las Vegas $ 21,454 $ 21,464 Regional 13,918 13,732 Managed, International, CIE 443 548 Corporate and Other 204 641 Total $ 36,019 $ 36,385

Organization and Basis of Pre_3

Organization and Basis of Presentation - Organization (Details)3 Months Ended
Mar. 31, 2021gamestatehotelpropertycountrymachineDec. 31, 2015
Organization and Basis of Presentation
Total number of properties48
Number of states gaming facilities are located | state16
Number of slot machines and video lottery terminals | machine54,600
Number of table games | game3,200
Number of room in hotel | hotel47,700
Number of countries | country5
Discontinued operations, period for close1 year
Caesars Entertainment Corporation
Organization and Basis of Presentation
Total number of properties54
Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest50.00%

Organization and Basis of Pre_4

Organization and Basis of Presentation - Acquisition of William Hill (Details) £ in Millions, € in Billions, $ in BillionsApr. 22, 2021GBP (£)Apr. 22, 2021USD ($)Apr. 22, 2021EUR (€)Oct. 06, 2020GBP (£)Sep. 30, 2020GBP (£)Sep. 29, 2020GBP (£)
Senior Secured 540-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Credit facility £ 1,000
Senior Secured Revolving Credit Facility | Line of Credit
Organization and Basis of Presentation
Credit facility116
Senior Secured 60-day Bridge Loan Facility | Line of Credit
Organization and Basis of Presentation
Credit facility £ 503
William Hill | Subsequent Event
Organization and Basis of Presentation
Purchase consideration $ 4 € 2.9
William Hill | Senior Secured 540-day Bridge Loan Facility | Line of Credit | Subsequent Event
Organization and Basis of Presentation
Credit facility £ 1,000
William Hill | Senior Secured Revolving Credit Facility | Line of Credit | Subsequent Event
Organization and Basis of Presentation
Credit facility116
William Hill | Senior Secured 60-day Bridge Loan Facility | Line of Credit | Subsequent Event
Organization and Basis of Presentation
Credit facility503
William Hill PLC
Organization and Basis of Presentation
Cash consideration paid £ 2,900
William Hill PLC | Subsequent Event
Organization and Basis of Presentation
Cash consideration paid £ 2,900 $ 4
Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | William Hill
Organization and Basis of Presentation
Purchase consideration £ 1,500
Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | Asset Sale Bridge Facility
Organization and Basis of Presentation
Amount outstanding1,000
Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A | Cash Confirmation Bridge Facility
Organization and Basis of Presentation
Amount outstanding £ 503

Organization and Basis of Pre_5

Organization and Basis of Presentation - Additional Information (Details) - USD ($)Jan. 21, 2021Mar. 31, 2020Mar. 31, 2021Dec. 31, 2020Apr. 11, 2020
Variable Interest Entity [Line Items]
Property and equipment, net $ 14,083,000,000 $ 14,333,000,000
Liabilities $ 31,389,000,000 31,351,000,000
Percentage of furloughed employees90.00%
Goodwill impairment $ 116,000,000
VIEs
Variable Interest Entity [Line Items]
Property and equipment, net130,000,000
Liabilities $ 130,000,000
Gain on sale of joint venture $ 0

Acquisitions and Purchase Pri_3

Acquisitions and Purchase Price Accounting - Merger with Caesars Entertainment Corporation (Details) $ in MillionsJul. 20, 2020USD ($)
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Purchase consideration $ 10,875

Acquisitions and Purchase Pri_4

Acquisitions and Purchase Price Accounting - Schedule of Business Acquisition by Acquisition (Details) - Caesars Entertainment Corporation $ / shares in Units, $ in MillionsJul. 20, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Cash consideration paid $ 6,090
Shares issued to Former Caesars shareholders (a)2,381
Cash paid to retire Former Caesars debt2,356
Other consideration paid48
Total purchase consideration $ 10,875
Common stock conversion ratio0.3085
Right to receive per share (in dollars per share) | $ / shares $ 12.41

Acquisitions and Purchase Pri_5

Acquisitions and Purchase Price Accounting - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Jul. 20, 2020
Business Acquisition [Line Items]
Goodwill $ 9,729 $ 9,723
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Current and other assets $ 4,149
Property and equipment12,691
Goodwill8,928
Intangible assets3,364
Other noncurrent assets676
Total assets29,808
Current liabilities1,844
Financing obligation8,149
Long-term debt6,591
Noncurrent liabilities2,331
Total liabilities18,915
Noncontrolling interests18
Net assets acquired10,875
Caesars Entertainment Corporation | Gaming Licenses
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles388
Caesars Entertainment Corporation | Trade Names
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles2,100
Caesars Entertainment Corporation | Caesars Rewards
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles523
Caesars Entertainment Corporation | Customer Relationships
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles $ 403

Acquisitions and Purchase Pri_6

Acquisitions and Purchase Price Accounting - Financing Receivable, Allowance for Credit Loss (Details) - Caesars Entertainment Corporation $ in MillionsJul. 20, 2020USD ($)
Business Acquisition [Line Items]
Purchase price of financial assets $ 95
Allowance for credit losses at the acquisition date based on the acquirer’s assessment89
Discount (premium) attributable to other factors2
Face value of financial assets $ 186

Acquisitions and Purchase Pri_7

Acquisitions and Purchase Price Accounting - Preliminary Purchase Price Allocation Narrative (Details) (Details) $ in Millions, € in BillionsApr. 22, 2021USD ($)stateApr. 22, 2021EUR (€)stateJul. 20, 2020USD ($)Mar. 31, 2021USD ($)sportsbooksstateMar. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of states gaming facilities are located | state16
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life7 years
Gaming rights and other
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life34 years
Maximum | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life7 years
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Increase to goodwill $ 6
Business combination, acquisition related costs12 $ 9
Revenue since transaction1,300
Loss since transaction482
Purchase consideration $ 10,875
Caesars Entertainment Corporation | Current Liabilities
Business Acquisition [Line Items]
Increase to current liabilities8
Caesars Entertainment Corporation | Noncurrent Liability
Business Acquisition [Line Items]
Increase to current liabilities(2)
William Hill
Business Acquisition [Line Items]
Business combination, acquisition related costs $ 5
Number of sportsbooks | sportsbooks37
Number of states gaming facilities are located | state8
William Hill | Subsequent Event
Business Acquisition [Line Items]
Purchase consideration $ 4,000 € 2.9
Number of states gaming facilities are located | state17 17
Number of states regulated online real money gaming business | state4 4

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Details) $ in MillionsApr. 06, 2021USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2020USD ($)Dec. 24, 2020USD ($)Oct. 27, 2020USD ($)Sep. 03, 2020USD ($)Jul. 16, 2020property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges $ 0 $ 161
Property and equipment, net $ 14,083 $ 14,333
MontBleu
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges45
Right-of-use asset18
Property and equipment, net23
Goodwill and other intangibles $ 4
MontBleu | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration subject to working capital adjustments $ 15
Loss from equity method investment $ 2
Evansville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties divested | property3
Disposal group, including discontinued operation, consideration $ 480
Harrah’s Louisiana Downs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration $ 22
Caesars Southern Indiana | Eastern Band of Cherokee Indians (“EBCI”)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration $ 250

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets:
Assets held for sale $ 2,046 $ 2,212
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)744 885
Deferred finance obligation339 336
MontBleu | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash2 3
Property and equipment, net37 37
Goodwill0 0
Gaming licenses and other intangibles, net0 0
Other assets, net33 32
Assets held for sale72 72
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)8 8
Other long-term liabilities63 63
Disposal Group, Including Discontinued Operation, Liabilities, Total71 71
Evansville | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash8 7
Property and equipment, net302 302
Goodwill9 9
Gaming licenses and other intangibles, net138 138
Other assets, net33 49
Assets held for sale490 505
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)11 12
Other long-term liabilities13 24
Disposal Group, Including Discontinued Operation, Liabilities, Total24 36
Baton Rouge | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash2 2
Property and equipment, net2 2
Goodwill0 0
Gaming licenses and other intangibles, net0 0
Other assets, net1 1
Assets held for sale5 5
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)3 2
Other long-term liabilities1 1
Disposal Group, Including Discontinued Operation, Liabilities, Total4 3
Harrah’s Louisiana Downs | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash7 6
Property and equipment, net10 11
Goodwill3 3
Gaming licenses and other intangibles, net5 5
Other assets, net0 0
Assets held for sale25 25
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)8 6
Other long-term liabilities5 6
Disposal Group, Including Discontinued Operation, Liabilities, Total13 12
Horseshoe Hammond | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash16 18
Property and equipment, net405 402
Goodwill141 141
Gaming licenses and other intangibles, net30 30
Other assets, net37 38
Assets held for sale629 629
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)28 26
Other long-term liabilities72 72
Disposal Group, Including Discontinued Operation, Liabilities, Total100 98
Caesars UK | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash18 32
Property and equipment, net75 75
Goodwill3 3
Gaming licenses and other intangibles, net29 28
Other assets, net114 117
Assets held for sale239 255
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)65 73
Other long-term liabilities116 120
Disposal Group, Including Discontinued Operation, Liabilities, Total181 193
Caesars Southern Indiana | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Cash8 8
Property and equipment, net415 418
Goodwill136 136
Gaming licenses and other intangibles, net23 23
Other assets, net4 4
Assets held for sale586 589
Liabilities
Liabilities related to assets held for sale ($0 and $130 attributable to our VIEs)17 13
Other long-term liabilities334 332
Disposal Group, Including Discontinued Operation, Liabilities, Total $ 351 $ 345

Assets Held for Sale - Schedu_2

Assets Held for Sale - Schedule of Information of Net Revenues and Net Income (Loss) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
MontBleu
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues $ 11 $ 9
Net income (loss)4 (42)
Evansville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues31 33
Net income (loss)13 1
Baton Rouge
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues4 6
Net income (loss)(1)(10)
Eldorado Shreveport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues23
Net income (loss)2
Kansas City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues14
Net income (loss)3
Vicksburg
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues5
Net income (loss) $ 0
Harrah’s Louisiana Downs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues13
Net income (loss)4
Horseshoe Hammond
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues93
Net income (loss)14
Caesars UK
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues10
Net income (loss)(7)
Caesars Southern Indiana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues49
Net income (loss) $ 0

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) shares in Millions, $ in MillionsFeb. 12, 2021USD ($)aJan. 29, 2019USD ($)sharesApr. 30, 2018USD ($)Mar. 31, 2021USD ($)aMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Investment in Unconsolidated Affiliates
Receivable from partnership $ 48 $ 44
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures263 173
Payments to acquire equity method investments30 $ 0
Land contributed to joint venture $ 61 0
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Percentage of equity stake50.00%
Payments to acquire equity method investments $ 1
Land | a186 206
Land contributed to joint venture $ 61
Fair value of land $ 69
William Hill
Investment in Unconsolidated Affiliates
Agreement period25 years
Percentage of equity stake20.00%
Equity stake value in ordinary shares (in shares) | shares13
Equity stake value in ordinary shares, current (in shares) | shares6
Receivable from partnership $ 13 7
Recognizing revenue on straight-line basis over a period25 years
Recognized revenue $ 2 2
William Hill | Other Long Term Liabilities
Investment in Unconsolidated Affiliates
Deferred revenue132 134
William Hill US
Investment in Unconsolidated Affiliates
Fair value of initial investment $ 129
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures126 128
William Hill PLC
Investment in Unconsolidated Affiliates
Fair value of restricted investments45 44
Cumulative unrealized gain18 $ 17
Unrealized loss on investments $ 1 $ (19)

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment $ 15,375 $ 15,382
Less: accumulated depreciation(1,292)(1,049)
Total property and equipment, net14,083 14,333
Depreciation expense265 $ 50
Financing Leases
Property, Plant and Equipment [Line Items]
Depreciation expense245 $ 43
Land
Property, Plant and Equipment [Line Items]
Total property and equipment2,113 2,174
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment11,702 11,686
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment1,426 1,404
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment $ 134 $ 118

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill and Other Intangible Assets, Net (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance $ 479
Amortization(20)
Acquisition of gaming rights0
Finite-lived intangible assets, net, ending balance459
Goodwill
Goodwill, gross, beginning balance9,723
Goodwill, acquired0
Goodwill, other6
Goodwill, gross, ending balance9,729
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance3,774
Acquired2
Indefinite-lived intangible assets (excluding goodwill), ending balance $ 3,776

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross $ 572 $ 572
Finite-lived intangible assets, accumulated amortization(113)(93)
Finite-Lived Intangible Assets, Net, Total459 479
Indefinite-lived intangible assets (excluding goodwill)3,776 3,774
Total amortizing and non-amortizing intangible assets, net4,235 4,253
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)2,161 2,161
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)1,092 1,090
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill) $ 523 523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life7 years
Finite-lived intangible assets, gross $ 488 488
Finite-lived intangible assets, accumulated amortization(111)(92)
Finite-Lived Intangible Assets, Net, Total $ 377 396
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, useful life34 years
Finite-lived intangible assets, gross $ 84 84
Finite-lived intangible assets, accumulated amortization(2)(1)
Finite-Lived Intangible Assets, Net, Total $ 82 $ 83

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization $ 265 $ 50
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization $ 20 $ 7

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Customer relationships $ in MillionsMar. 31, 2021USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Remaining 2021 $ 61
202264
202360
202460
202560
2026 $ 60

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Recurring Basis - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets:
Restricted cash and investments $ 47 $ 48
Marketable securities31 33
Total assets at fair value78 121
Liabilities:
Total liabilities at fair value552 416
Level 1
Assets:
Restricted cash and investments1 1
Marketable securities20 23
Total assets at fair value21 24
Liabilities:
Total liabilities at fair value0 0
Level 2
Assets:
Restricted cash and investments1 3
Marketable securities11 10
Total assets at fair value12 53
Liabilities:
Total liabilities at fair value552 416
Level 3
Assets:
Restricted cash and investments45 44
Marketable securities0 0
Total assets at fair value45 44
Liabilities:
Total liabilities at fair value0 0
Foreign Exchange Contract
Assets:
Derivative instruments - FX forward40
Foreign Exchange Contract | Level 1
Assets:
Derivative instruments - FX forward0
Foreign Exchange Contract | Level 2
Assets:
Derivative instruments - FX forward40
Foreign Exchange Contract | Level 3
Assets:
Derivative instruments - FX forward0
5% Convertible Notes
Liabilities:
Derivative instruments477 326
5% Convertible Notes | Level 1
Liabilities:
Derivative instruments0 0
5% Convertible Notes | Level 2
Liabilities:
Derivative instruments477 326
5% Convertible Notes | Level 3
Liabilities:
Derivative instruments0 0
Interest Rate Swap
Liabilities:
Derivative instruments75 90
Interest Rate Swap | Level 1
Liabilities:
Derivative instruments0 0
Interest Rate Swap | Level 2
Liabilities:
Derivative instruments75 90
Interest Rate Swap | Level 3
Liabilities:
Derivative instruments $ 0 $ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) - Fair Value Recurring Basis $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Fair Value, Assets
Investments, beginning balance $ 48
Investments, ending balance47
Level 3
Fair Value, Assets
Investments, beginning balance44
Investments, ending balance45
Restricted Cash and Investments | Level 3
Fair Value, Assets
Investments, beginning balance44
Unrealized gain1
Investments, ending balance $ 45

Fair Value Measurements - Marke

Fair Value Measurements - Marketable Securities (Details) - TSG - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Agreement period20 years
Common shares, sales restriction period, upon exercise of first option1 year
Cumulative unrealized gains (losses) $ 3
Marketable Securities
Debt and Equity Securities, FV-NI [Line Items]
Fair value, total $ 10 $ 10

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instruments (Details) $ / shares in Units, £ in Millions, $ in MillionsMar. 25, 2021USD ($)Oct. 06, 2017USD ($)$ / sharessharesMar. 31, 2021USD ($)sportsbooks$ / sharessharesOct. 31, 2020Oct. 09, 2020GBP (£)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)4.30%
Common stock issued (in shares) | shares4,500,000
Conversion of stock, amount converted $ 379
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax15
Cash flow hedge gain (loss) to be reclassified within twelve months52
Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts reclassified from accumulated other comprehensive income14
Foreign Exchange Contract | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount | £ £ 536
Derivative, gain (loss) on derivative, net1
Proceeds from derivative settlement $ 41
CRC Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 2,300
Number of interest rate derivatives held | sportsbooks7
Interest Rate Swap | Other Long Term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability $ 75
Former Caesars 5% Convertible Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)5.00%5.00%5.00%
Debt instrument, face amount $ 1,100
Common stock issued (in shares) | shares0.014
Common stock, par value (in dollars per share) | $ / shares $ 1.17
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares $ 1 $ 254.05
Convertible debt $ 325
Common stock held in trust $ 10
Debt instrument, term7 years3 years 6 months
Other loss $ 151
Debt instrument, interest rate, increase (decrease)4.30%

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Derivative Instruments (Details) - Interest Rate SwapMar. 31, 2021USD ($)
Interest Rate Swap, Effective 1/1/2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 250,000,000
Fixed Rate Paid2.196%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 12/31/2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 250,000,000
Fixed Rate Paid2.274%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 1/1/2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 400,000,000
Fixed Rate Paid2.788%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 12/31/2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 200,000,000
Fixed Rate Paid2.828%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 1/1/2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 200,000,000
Fixed Rate Paid2.828%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 12/31/2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 600,000,000
Fixed Rate Paid2.739%
Derivative, variable interest rate0.1145%
Interest Rate Swap, Effective 1/2/2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount $ 400,000,000
Fixed Rate Paid2.707%
Derivative, variable interest rate0.1145%

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance $ 5,034 $ 1,117
Other comprehensive income, net of tax11 0
Ending balance4,630 $ 940
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance26
Other comprehensive loss before reclassifications(2)
Amounts reclassified from accumulated other comprehensive income14
Other comprehensive income, net of tax12
Ending balance38
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance8
Other comprehensive loss before reclassifications0
Amounts reclassified from accumulated other comprehensive income0
Other comprehensive income, net of tax0
Ending balance8
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance0
Other comprehensive loss before reclassifications(1)
Amounts reclassified from accumulated other comprehensive income0
Other comprehensive income, net of tax(1)
Ending balance(1)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance34
Other comprehensive loss before reclassifications(3)
Amounts reclassified from accumulated other comprehensive income14
Other comprehensive income, net of tax11
Ending balance $ 45

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) - USD ($) $ in MillionsJul. 14, 2020Mar. 31, 2021Dec. 31, 2020Apr. 01, 2020Jul. 02, 2019
Loss Contingencies [Line Items]
Escrow deposit $ 9
Self insurance reserve $ 227 $ 223
Proceeds from insurance claims26
Insured event, gain8
Atlantic City
Loss Contingencies [Line Items]
Escrow deposit $ 400
Capital expenditure term3 years
Restricted cash $ 376
Harrah’s New Orleans
Loss Contingencies [Line Items]
Accrued contingent liabilities44
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease $ 325
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements289
Declaratory Relief from Centaur Holdings, LLC
Loss Contingencies [Line Items]
Loss contingency, damages sought, value $ 50
Insurance Carrier
Loss Contingencies [Line Items]
Loss contingency, damages sought, value $ 2,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Long-term debt
Total debt $ 15,006
Current portion of long-term debt(67) $ (67)
Long-term debt $ 14,103 14,073
Interest rate (as a percent)4.30%
Estimate of Fair Value Measurement
Long-term debt
Special Improvement District Bonds $ 51
Long-term notes and other payables2
Total debt15,006
Current portion of long-term debt(67)
Deferred finance charges associated with the CEI Revolving Credit Facility0
Long-term debt14,939
Unamortized premiums, discounts and deferred finance charges15,435
Reported Value Measurement
Long-term debt
Special Improvement District Bonds51 51
Long-term notes and other payables2 2
Total debt14,188 14,159
Current portion of long-term debt(67)(67)
Deferred finance charges associated with the CEI Revolving Credit Facility(18)(19)
Long-term debt14,103 14,073
Unamortized premiums, discounts and deferred finance charges836 883
CRC Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross0
CRC Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross0 0
CEI Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross4,547
CEI Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 4,146 4,133
CEI Revolving Credit Facility | Senior Notes | LIBOR | Estimate of Fair Value Measurement
Long-term debt
Spread on variable rate (as a percent)2.75%
CEI Revolving Credit Facility | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term line of credit $ 0
CEI Revolving Credit Facility | Senior Notes | Reported Value Measurement
Long-term debt
Long-term line of credit0 0
CRC Incremental Term Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross1,791
CRC Incremental Term Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 1,707 1,707
CRC Incremental Term Loan | Senior Notes | LIBOR | Estimate of Fair Value Measurement
Long-term debt
Spread on variable rate (as a percent)450.00%
CRC Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)5.75%
CRC Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 1,000
CRC Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 981 981
CEI Senior Secured Notes | Senior Notes
Long-term debt
Interest rate (as a percent)6.25%
CEI Senior Secured Notes | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 3,400
CEI Senior Secured Notes | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 3,336 3,333
Convention Center Mortgage Loan | Senior Notes
Long-term debt
Interest rate (as a percent)7.70%
Convention Center Mortgage Loan | Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 400
Convention Center Mortgage Loan | Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 398 397
5% Convertible Notes
Long-term debt
Interest rate (as a percent)5.00%
5% Convertible Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 315
5% Convertible Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 291 288
5% Convertible Notes | Senior Notes
Long-term debt
Interest rate (as a percent)5.00%
CRC Notes
Long-term debt
Interest rate (as a percent)5.25%
CRC Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 1,700
CRC Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 1,507 1,499
CEI Senior Notes
Long-term debt
Interest rate (as a percent)8.125%
CEI Senior Notes | Estimate of Fair Value Measurement
Long-term debt
Long-term debt, gross $ 1,800
CEI Senior Notes | Reported Value Measurement
Long-term debt
Long-term debt, gross $ 1,769 $ 1,768

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) $ in MillionsMar. 31, 2021USD ($)sportsbooks
Debt Disclosure [Abstract]
Scheduled maturities of long-term debt for remainder of 2021 $ 50
Scheduled maturities of long-term debt in 202267
Scheduled maturities of long-term debt in 202367
Scheduled maturities of long-term debt in 20244,753
Scheduled maturities of long-term debt in 20258,226
Scheduled maturities of long-term debt thereafter1,843
Total debt15,006
Debt estimate interest payment, due remainder of 2021560
Debt estimate interest payment, due 2022820
Debt estimate interest payment, due 2023810
Debt estimate interest payment, due 2024850
Debt estimate interest payment, due 2025600
Debt estimate interest payment, due thereafter300
Debt estimate interest payment, due3,940
Debt service obligation due remainder of 2021610
Debt service obligation due 2022887
Debt service obligation due 2023877
Debt service obligation due 20245,603
Debt service obligation due 20258,826
Debt service obligation due thereafter2,143
Debt service obligation $ 18,946
CRC Credit Agreement
Long-term debt
Number of interest rate derivatives held | sportsbooks7

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)Mar. 31, 2021
Long-term debt
Interest rate (as a percent)4.30%
CRC Revolving Credit Facility
Long-term debt
Debt instrument, covenant, leverage ratio, maximum6.35
5% Convertible Notes
Long-term debt
Interest rate (as a percent)5.00%
5% Convertible Notes | Senior Notes
Long-term debt
Interest rate (as a percent)5.00%

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues $ 1,699 $ 473
Accounts receivable, net324 $ 338
Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues1,140 340
Contract receivable123 135
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues166 56
Hotel
Disaggregation of Revenue [Line Items]
Net revenues215 48
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Contract receivable28 25
Other
Disaggregation of Revenue [Line Items]
Net revenues178 29
Contract receivable173 $ 178
Corporate and other
Disaggregation of Revenue [Line Items]
Net revenues4 2
Corporate and other | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues0 0
Corporate and other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues0 0
Corporate and other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues0 0
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Net revenues4 2
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues497 0
Las Vegas | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues226 0
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues84 0
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues115 0
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues72 0
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues1,108 471
Regional | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues890 340
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues81 56
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues100 48
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues37 27
Managed, International & CIE | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues90 0
Managed, International & CIE | Operating Segment | Casino and pari-mutuel commissions
Disaggregation of Revenue [Line Items]
Net revenues24 0
Managed, International & CIE | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues1 0
Managed, International & CIE | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues0 0
Managed, International & CIE | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues $ 65 $ 0

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Balance at January 1 $ 32 $ 10
March 3128 7
Increase / (decrease)(4)(3)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Balance at January 194 13
March 3193 12
Increase / (decrease)(1)(1)
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Balance at January 1278 172
March 31298 172
Increase / (decrease) $ 20 $ 0

Revenue Recognition - Lease Rev

Revenue Recognition - Lease Revenue (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lessor, Lease, Description [Line Items]
Net revenues $ 1,699 $ 473
Variable lease income7 1
Hotel
Lessor, Lease, Description [Line Items]
Net revenues215 48
Other
Lessor, Lease, Description [Line Items]
Net revenues178 29
Other | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues1
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues $ 21 $ 2

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net loss from continuing operations, net of income taxes $ (430) $ (176)
Discontinued operations, net of income taxes7 0
Net loss attributable to Caesars $ (423) $ (176)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)208,000,000 78,000,000
Weighted average diluted shares outstanding (in shares)208,000,000 78,000,000
Net (Loss) Income per Share - Basic
Basic (loss) income per share from continuing operations (in dollars per share) $ (2.06) $ (2.25)
Basic loss per share from discontinued operations (in dollars per share)0.030
Basic (loss) income per share (in dollars per share)(2.03)(2.25)
Net (Loss) Income per Share - Diluted
Diluted (loss) income per share from continuing operations (in dollars per share)(2.06)(2.25)
Diluted loss per share from discontinued operations (in dollars per share)0.030
Diluted (loss) income per share (in dollars per share) $ (2.03) $ (2.25)

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)8 1
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)4 1
5% Convertible Notes
Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted (in shares)4 0

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock compensation expense $ 23 $ 6

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)0
Exercise of stock options (in shares)13,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)568,000
Share conversion (in shares)1
Equity instruments other than options, fair value | $ $ 39
Vested (shares)407,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)79,000
Award vesting period3 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ $ 7
Vested (shares)143,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range200.00%
Market-based Stock Units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)146,000
Award vesting period3 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ $ 15
Vested (shares)100,000
Market-based Stock Units (MSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range0.00%
Market-based Stock Units (MSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range200.00%

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholders' Equity - Outstanding at End of Period (Details) - $ / sharesMar. 31, 2021Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)147,481,000,000 176,724,000,000
Options weighted average exercise price (in USD per share) $ 22,970,000 $ 22,570,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)2,565,751,000,000 2,414,111,000,000
Weighted average exercise price (in USD per share) $ 46,110,000 $ 42,550,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)436,089,000,000 500,482,000,000
Weighted average exercise price (in USD per share) $ 62,120,000 $ 48,320,000
Market-based Stock Units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)491,224,000,000 446,087,000,000
Weighted average exercise price (in USD per share) $ 66,100,000 $ 49,370,000

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Details) - Common Stock - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Nov. 30, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount $ 150,000,000
Treasury stock (in shares)223,823
Common stock acquired value $ 9,000,000
Common stock acquired average price per share (in dollars per share) $ 40.80
Common stock shares acquired (in shares)0 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes $ (510) $ (213)
Benefit for income taxes $ 79 $ 37
Effective tax rate15.50%17.40%
Deferred tax liabilities, net $ 770
Unrecognized tax benefits $ 24

Related Affiliates - Additional

Related Affiliates - Additional Information (Details) ft² in Thousands3 Months Ended
Mar. 31, 2021USD ($)ft²Mar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Related affiliates
Due from affiliates $ 48,000,000 $ 44,000,000
Gary Carano Family
Related affiliates
Related party transactions $ 0 $ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased | ft²30
Annual rent payable $ 600,000
Due from related parties0 0
Due to related parties $ 0 $ 0
REI
Related affiliates
Percentage of outstanding shares owned4.10%
Caesars Entertainment Corporation | Affiliated Entity | Horseshoe Baltimore
Related affiliates
Percentage of outstanding shares owned44.30%

Related Affiliates - Schedule o

Related Affiliates - Schedule of Related Party Transactions (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Management fees | Horseshoe Baltimore | Affiliated Entity
Related affiliates
Related party transaction, expenses from transactions with related party $ 2

Segment Information - Additiona

Segment Information - Additional Information (Details)3 Months Ended
Mar. 31, 2021ft²segmentregionorSegmentballroom
Segment Reporting Information [Line Items]
Total number of geographic regions | regionorSegment5
Total number of reportable segments | regionorSegment5
Number of geographic regions | segment3
Number of reportable segments | segment3
Area of room | ft²300,000
Number of ballrooms | ballroom2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased | ft²550,000

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Net revenues $ 1,699 $ 473
Adjusted EBITDA505 103
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues497 0
Adjusted EBITDA162 0
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues1,108 471
Adjusted EBITDA367 111
Operating Segment | Managed, International & CIE
Segment Reporting Information [Line Items]
Net revenues90 0
Adjusted EBITDA15 0
Corporate and other
Segment Reporting Information [Line Items]
Net revenues4 2
Adjusted EBITDA $ (39) $ (8)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA $ 505 $ 103
Net loss attributable to noncontrolling interests1 0
Discontinued operations, net of income taxes7 0
Benefit for income taxes79 37
Other loss(133)(23)
Interest expense, net(563)(67)
Depreciation and amortization(265)(50)
Impairment charges0 (161)
Transaction costs and other operating costs (b)(20)(8)
Stock-based compensation(23)(6)
Other items (c)(11)(1)
Net loss from continuing operations, net of income taxes $ (423)(176)
Interest rate (as a percent)4.30%
5% Convertible Notes
Segment Reporting Information [Line Items]
Interest rate (as a percent)5.00%
5% Convertible Notes | Senior Notes
Segment Reporting Information [Line Items]
Interest rate (as a percent)5.00%
Corporate and other
Segment Reporting Information [Line Items]
Adjusted EBITDA $ (39)(8)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA162 0
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA367 111
Managed, International & CIE | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA $ 15 $ 0

Segment Information - Schedul_3

Segment Information - Schedule Of Capital Expenditures By Segment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures, net $ 65 $ 23
Assets36,019 $ 36,385
Corporate and other
Segment Reporting Information [Line Items]
Capital expenditures, net4 1
Assets204 641
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net15 0
Assets21,454 21,464
Regional | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net46 22
Assets13,918 13,732
Managed, International & CIE | Operating Segment
Segment Reporting Information [Line Items]
Capital expenditures, net0 $ 0
Assets $ 443 $ 548

Uncategorized Items - czr-20210

LabelElementValue
Restricted Cash and Cash Equivalents, Currentus-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue $ 2,050,000,000
Restricted Cash and Cash Equivalents, Currentus-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue4,000,000
Restricted And Escrow Cash Included In Other Noncurrentczr_RestrictedAndEscrowCashIncludedInOtherNoncurrent410,000,000
Restricted And Escrow Cash Included In Other Noncurrentczr_RestrictedAndEscrowCashIncludedInOtherNoncurrent $ 6,000,000