EX-99.1 7 a2022q2cei-ex991financiali.htm EX-99.1 Document
Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Exhibit. Supplemental Consolidating Financial Information
The following tables present the consolidating condensed balance sheets as of June 30, 2022 and December 31, 2021, consolidating condensed statements of operations for the three and six months ended June 30, 2022 and 2021, cash flows for the six months ended June 30, 2022 and 2021, and Adjusted EBITDA for the three and six months ended June 30, 2022 of Caesars Resort Collection, LLC (“CRC”), as it consolidates into CEI as a wholly-owned subsidiary. “Other Operations, Eliminations” presents the operations of CEI’s other subsidiaries, including eliminations of intercompany transactions.
The consolidating condensed balance sheets as of June 30, 2022 and December 31, 2021 are as follows:
June 30, 2022December 31, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$500 $497 $997 $508 $562 $1,070 
Restricted cash and investments26 119 145 13 306 319 
Accounts receivable, net383 111 494 369 103 472 
Inventories34 13 47 30 12 42 
Prepayments and other current assets202 89 291 189 101 290 
Assets held for sale— 2,926 2,926 — 3,771 3,771 
Total current assets1,145 3,755 4,900 1,109 4,855 5,964 
Investments in and advances to unconsolidated affiliates— 96 96 — 158 158 
Property and equipment, net11,615 2,991 14,606 11,688 2,913 14,601 
Gaming rights and other intangibles, net3,211 1,601 4,812 3,255 1,665 4,920 
Goodwill9,014 2,068 11,082 9,014 2,062 11,076 
Other assets, net1,524 (350)1,174 1,500 (188)1,312 
Total assets$26,509 $10,161 $36,670 $26,566 $11,465 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$177 $146 $323 $175 $79 $254 
Accrued interest118 196 314 118 202 320 
Accrued other liabilities1,039 779 1,818 1,053 920 1,973 
Due to affiliates231 (231)— 601 (601)— 
Current portion of long-term debt67 3 70 67 3 70 
Liabilities related to assets held for sale— 2,372 2,372 — 2,680 2,680 
Total current liabilities1,632 3,265 4,897 2,014 3,283 5,297 
Long-term financing obligation11,283 1,240 12,523 11,191 1,233 12,424 
Long-term debt6,876 6,792 13,668 6,861 6,861 13,722 
Long-term debt to related party 15 (15)— 15 (15)— 
Deferred income taxes1,563 (583)980 1,555 (444)1,111 
Other long-term liabilities474 417 891 524 412 936 
Total liabilities21,843 11,116 32,959 22,160 11,330 33,490 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity4,654 (1,005)3,649 4,395 85 4,480 
Noncontrolling interests12 50 62 11 50 61 
Total stockholders’ equity4,666 (955)3,711 4,406 135 4,541 
Total liabilities and stockholders’ equity$26,509 $10,161 $36,670 $26,566 $11,465 $38,031 




Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the three months ended June 30, 2022 and 2021 are as follows:
Three Months Ended June 30, 2022Three Months Ended June 30, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$1,011 $538 $1,549 $1,091 $480 $1,571 
Food and beverage347 75 422 242 39 281 
Hotel449 70 519 332 64 396 
Other294 37 331 227 27 254 
Net revenues2,101 720 2,821 1,892 610 2,502 
EXPENSES:
Casino and pari-mutuel commissions473 352 825 469 225 694 
Food and beverage197 45 242 139 27 166 
Hotel109 25 134 86 20 106 
Other96 9 105 75 4 79 
General and administrative346 171 517 291 127 418 
Corporate75 1 76 53 23 76 
Depreciation and amortization227 79 306 241 60 301 
Transaction costs and other operating costs5 9 14 27 45 72 
Total operating expenses1,528 691 2,219 1,381 531 1,912 
Operating income573 29 602 511 79 590 
OTHER EXPENSE:
Interest expense, net(402)(157)(559)(417)(159)(576)
Loss on extinguishment of debt— — — — (23)(23)
Other income (loss)2 43 45 — 110 110 
Total other expense(400)(114)(514)(417)(72)(489)
Income (loss) from continuing operations before income taxes173 (85)88 94 7 101 
Benefit (provision) for income taxes(31)(21)(52)7 (6)1 
Net income (loss) from continuing operations, net of income taxes142 (106)36 101 1 102 
Discontinued operations, net of income taxes(1)(156)(157)(28)(2)(30)
Net income (loss)141 (262)(121)73 (1)72 
Net loss attributable to noncontrolling interests(1)(1)(2)(1)— (1)
Net income (loss) attributable to Caesars$140 $(263)$(123)$72 $(1)$71 












Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for the six months ended June 30, 2022 and 2021 are as follows:
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$1,983 $858 $2,841 $1,937 $861 $2,798 
Food and beverage636 125 761 382 68 450 
Hotel784 118 902 507 104 611 
Other536 73 609 386 49 435 
Net revenues3,939 1,174 5,113 3,212 1,082 4,294 
EXPENSES:
Casino and pari-mutuel commissions927 962 1,889 875 406 1,281 
Food and beverage364 80 444 226 48 274 
Hotel205 44 249 152 35 187 
Other179 14 193 141 7 148 
General and administrative671 345 1,016 570 228 798 
Corporate142 3 145 101 41 142 
Depreciation and amortization445 161 606 458 108 566 
Transaction costs and other operating costs9 (30)(21)37 55 92 
Total operating expenses2,942 1,579 4,521 2,560 928 3,488 
Operating income997 (405)592 652 154 806 
OTHER EXPENSE:
Interest expense, net(782)(329)(1,111)(834)(321)(1,155)
Loss on extinguishment of debt— — — — (23)(23)
Other income (loss)24 25 49 (4)(19)(23)
Total other expense(758)(304)(1,062)(838)(363)(1,201)
Income (loss) from continuing operations before income taxes239 (709)(470)(186)(209)(395)
Benefit (provision) for income taxes(41)96 55 72 5 77 
Net income (loss) from continuing operations, net of income taxes198 (613)(415)(114)(204)(318)
Discontinued operations, net of income taxes(2)(384)(386)(32)(2)(34)
Net income (loss)196 (997)(801)(146)(206)(352)
Net loss attributable to noncontrolling interests(1)(1)(2)(1)1 — 
Net income (loss) attributable to Caesars$195 $(998)$(803)$(147)$(205)$(352)














Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for the six months ended June 30, 2022 and 2021 are as follows:
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRC Other Operations,
Eliminations		CEI Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$354 $(238)$116 $711 $(39)$672 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(309)(162)(471)(105)(72)(177)
Acquisition of William Hill, net of cash acquired— — — — (2,042)(2,042)
Acquisition of gaming rights and trademarks— — — (252)(20)(272)
Proceeds from sale of businesses, property and equipment, net of cash sold3 1 4 3 457 460 
Proceeds from the sale of investments— 121 121 — 44 44 
Proceeds from insurance related to property damage— 33 33 — 40 40 
Investments in unconsolidated affiliates— — — — (33)(33)
Net cash used in investing activities(306)(7)(313)(354)(1,626)(1,980)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities750 — 750 — — — 
Repayments of long-term debt and revolving credit facilities(796)(82)(878)(34)(1)(35)
Cash paid to settle convertible notes— — — — (367)(367)
Transactions with parent— — — (117)117 — 
Taxes paid related to net share settlement of equity awards— (23)(23)— (27)(27)
Net cash used in financing activities(46)(105)(151)(151)(278)(429)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by (used in) discontinued operations— (100)(100)11 (403)(392)
Effect of foreign currency exchange rates on cash— (29)(29)— 19 19 
Increase (decrease) in cash, cash equivalents and restricted cash2 (479)(477)217 (2,327)(2,110)
Cash, cash equivalents and restricted cash, beginning of period527 1,494 2,021 411 3,869 4,280 
Cash, cash equivalents and restricted cash, end of period$529 $1,015 $1,544 $628 $1,542 $2,170 


Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for the three and six months ended June 30, 2022 are as follows:
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
(In millions)CRCOther Operations,
Eliminations		CEI ConsolidatedCRCOther Operations,
Eliminations		CEI Consolidated
Net income (loss) attributable to Caesars$140 $(263)$(123)$195 $(998)$(803)
Net income attributable to noncontrolling interests1 1 2 1 1 2 
Discontinued operations, net of income taxes1 156 157 2 384 386 
Provision (benefit) for income tax31 21 52 41 (96)(55)
Other (income) loss(2)(43)(45)(24)(25)(49)
Interest expense402 157 559 782 329 1,111 
Depreciation and amortization227 79 306 445 161 606 
Transaction costs and other operating costs5 9 14 9 (30)(21)
Stock-based compensation expense 26 — 26 51 — 51 
Other items11 19 30 21 25 46 
Adjusted EBITDA$842 $136 $978 $1,523 $(249)$1,274