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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                 
Commission File No. 001-36629
CAESARS ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware46-3657681
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
100 West Liberty Street, 12th Floor, Reno, Nevada 89501
(Address and zip code of principal executive offices)
(775) 328-0100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.00001 par valueCZRNASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the Registrant’s Common Stock, $0.00001 par value per share, outstanding as of October 27, 2022 was 214,566,105.


CAESARS ENTERTAINMENT, INC.
TABLE OF CONTENTS
Page
 
 
 
 
 





PART I - FINANCIAL INFORMATION
Item 1.  Unaudited Financial Statements
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(In millions)September 30, 2022December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$944 $1,070 
Restricted cash and investments136 319 
Accounts receivable, net506 472 
Inventories46 42 
Prepayments and other current assets304 290 
Assets held for sale— 3,771 
Total current assets1,936 5,964 
Investment in and advances to unconsolidated affiliates96 158 
Property and equipment, net 14,592 14,601 
Gaming rights and other intangibles, net4,779 4,920 
Goodwill11,082 11,076 
Other assets, net1,109 1,312 
Total assets$33,594 $38,031 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$300 $254 
Accrued interest229 320 
Accrued other liabilities1,827 1,973 
Current portion of long-term debt70 70 
Liabilities related to assets held for sale— 2,680 
Total current liabilities2,426 5,297 
Long-term financing obligation12,565 12,424 
Long-term debt12,857 13,722 
Deferred income taxes982 1,111 
Other long-term liabilities872 936 
Total liabilities29,702 33,490 
Commitments and contingencies (Note 8)


STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity3,838 4,480 
Noncontrolling interests54 61 
Total stockholders’ equity3,892 4,541 
Total liabilities and stockholders’ equity$33,594 $38,031 
The accompanying notes are an integral part of these consolidated condensed financial statements.

CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2022202120222021
REVENUES:
Casino and pari-mutuel commissions$1,605 $1,510 $4,446 $4,308 
Food and beverage411 347 1,172 797 
Hotel544 511 1,446 1,122 
Other327 317 936 752 
Net revenues2,887 2,685 8,000 6,979 
EXPENSES:
Casino and pari-mutuel commissions838 830 2,727 2,111 
Food and beverage240 210 684 484 
Hotel142 130 391 317 
Other105 114 298 262 
General and administrative529 486 1,545 1,284 
Corporate63 86 208 228 
Depreciation and amortization304 276 910 842 
Transaction and other operating costs, net7 21 (14)113 
Total operating expenses2,228 2,153 6,749 5,641 
Operating income659 532 1,251 1,338 
OTHER EXPENSE:
Interest expense, net(569)(579)(1,680)(1,734)
Loss on extinguishment of debt(33)(117)(33)(140)
Other income (loss)4 (153)53 (176)
Total other expense(598)(849)(1,660)(2,050)
Income (loss) from continuing operations before income taxes61 (317)(409)(712)
Benefit (provision) for income taxes(8)90 47 167 
Net income (loss) from continuing operations, net of income taxes53 (227)(362)(545)
Discontinued operations, net of income taxes— (4)(386)(38)
Net income (loss)53 (231)(748)(583)
Net income attributable to noncontrolling interests(1)(2)(3)(2)
Net income (loss) attributable to Caesars$52 $(233)$(751)$(585)
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations$0.24 $(1.08)$(1.70)$(2.60)
Basic loss per share from discontinued operations— (0.02)(1.80)(0.18)
Basic income (loss) per share$0.24 $(1.10)$(3.50)$(2.78)
Diluted income (loss) per share from continuing operations$0.24 $(1.08)$(1.70)$(2.60)
Diluted loss per share from discontinued operations— (0.02)(1.80)(0.18)
Diluted income (loss) per share$0.24 $(1.10)$(3.50)$(2.78)
Weighted average basic shares outstanding214 214 214 211 
Weighted average diluted shares outstanding215 214 214 211 
The accompanying notes are an integral part of these consolidated condensed financial statements.

CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2022202120222021
Net income (loss)$53 $(231)$(748)$(583)
Foreign currency translation adjustments110 (33)33 (44)
Change in fair market value of interest rate swaps, net of tax3 11 23 33 
Other— (3)1 (1)
Other comprehensive income (loss), net of tax113 (25)57 (12)
Comprehensive income (loss)166 (256)(691)(595)
Comprehensive income attributable to noncontrolling interests(1)(2)(3)(2)
Comprehensive income (loss) attributable to Caesars$165 $(258)$(694)$(597)
The accompanying notes are an integral part of these consolidated condensed financial statements.

CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital		Retained
Earnings (Accumulated Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 2020208 $— $6,382 $(1,391)$34 $(9)$18 $5,034 
Issuance of restricted stock units— — 23 — — — — 23 
Net loss— — — (423)— — (1)(424)
Other comprehensive income, net of tax— — — — 11 — — 11 
Shares withheld related to net share settlement of stock awards— — (14)— — — — (14)
Balance, March 31, 2021208 — 6,391 (1,814)45 (9)17 4,630 
Issuance of restricted stock units— — 21 — — — — 21 
Issuance of common stock, net5 — 454 — — (14)— 440 
Net income— — — 71 — — 1 72 
Other comprehensive income, net of tax— — — — 2 — — 2 
Shares withheld related to net share settlement of stock awards— — (13)— — — — (13)
Acquired noncontrolling interest— — — — — — 10 10 
Balance, June 30, 2021213 — 6,853 (1,743)47 (23)28 5,162 
Issuance of restricted stock units
1 — 20 — — — — 20 
Net income (loss)— — — (233)— — 2 (231)
Other comprehensive loss, net of tax— — — — (25)— — (25)
Shares withheld related to net share settlement of stock awards
— — (6)— — — — (6)
Acquired noncontrolling interests— — — — — — 33 33 
Balance, September 30, 2021214 $— $6,867 $(1,976)$22 $(23)$63 $4,953 

Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital		Retained
Earnings (Accumulated Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 2021214 $— $6,877 $(2,410)$36 $(23)$61 $4,541 
Issuance of restricted stock units— — 25 — — — — 25 
Net loss— — — (680)— — — (680)
Other comprehensive loss, net of tax— — — — (20)— — (20)
Shares withheld related to net share settlement of stock awards — — (20)— — — — (20)
Balance, March 31, 2022214 — 6,882 (3,090)16 (23)61 3,846 
Issuance of restricted stock units— — 26 — — — — 26 
Net income (loss)— — — (123)— — 2 (121)
Other comprehensive loss, net of tax— — — — (36)— — (36)
Shares withheld related to net share settlement of stock awards— — (3)— — — — (3)
Transactions with noncontrolling interests— — — — — — (1)(1)
Balance, June 30, 2022214 — 6,905 (3,213)(20)(23)62 3,711 
Issuance of restricted stock units1 — 27 — — — — 27 
Net income— — — 52 — — 1 53 
Other comprehensive income, net of tax— — — — 113 — — 113 
Shares withheld related to net share settlement of stock awards— — (3)— — — — (3)
Transactions with noncontrolling interests— — — — — — (9)(9)
Balance, September 30, 2022215 $— $6,929 $(3,161)$93 $(23)$54 $3,892 
The accompanying notes are an integral part of these consolidated condensed financial statements.

CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
(In millions)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities$469 $974 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(717)(313)
Acquisition of William Hill, net of cash acquired— (1,551)
Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated— (5)
Acquisition of gaming rights and trademarks(11)(282)
Proceeds from sale of businesses, property and equipment, net of cash sold21 709 
Proceeds from the sale of investments121 206 
Proceeds from insurance related to property damage36 44 
Investments in unconsolidated affiliates— (39)
Net cash used in investing activities(550)(1,231)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities750 1,308 
Repayments of long-term debt and revolving credit facilities(1,761)(1,125)
Cash paid to settle convertible notes— (367)
Financing obligation payments(1)— 
Debt issuance and extinguishment costs— (42)
Taxes paid related to net share settlement of equity awards(26)(33)
Net cash used in financing activities(1,038)(259)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities(18)(55)
Cash flows from investing activities386 (1,453)
Cash flows from financing activities— 591 
Net cash from discontinued operations368 (917)
Change in cash, cash equivalents and restricted cash classified as assets held for sale— 10 
Effect of foreign currency exchange rates on cash(29)31 
Decrease in cash, cash equivalents and restricted cash(780)(1,392)
Cash, cash equivalents and restricted cash, beginning of period2,021 4,280 
Cash, cash equivalents and restricted cash, end of period$1,241 $2,888 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents$944 $1,072 
Restricted cash included in restricted cash and investments136 302 
Restricted and escrow cash included in other assets, net161 1,166 
Cash and cash equivalents and restricted cash held for sale - discontinued operations— 348 
Total cash, cash equivalents and restricted cash$1,241 $2,888 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid$1,571 $1,528 
Income taxes (refunded) paid, net18 (6)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures118 72 
Convertible notes settled with shares
— 440 
Land contributed to joint venture— 61 
The accompanying notes are an integral part of these consolidated condensed financial statements.
CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
The accompanying consolidated condensed financial statements include the accounts of Caesars Entertainment, Inc., a Delaware corporation, and its consolidated subsidiaries which may be referred to as the “Company,” “CEI,” “Caesars,” “we,” “our,” or “us” within these financial statements.
This Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). Capitalized terms used but not defined in this Form 10-Q have the same meanings as in the 2021 Annual Report.
We also refer to (i) our Consolidated Condensed Financial Statements as our “Financial Statements,” (ii) our Consolidated Condensed Balance Sheets as our “Balance Sheets,” (iii) our Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Loss) as our “Statements of Operations,” and (iv) our Consolidated Condensed Statements of Cash Flows as our “Statements of Cash Flows.”
Note 1. Organization 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. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) in 2017 and Tropicana Entertainment, Inc. in 2018. On July 20, 2020, the Company completed a merger with Caesars Entertainment Corporation (“Former Caesars”) pursuant to which Former Caesars became a wholly-owned subsidiary of the Company (the “Merger”) and the Company changed the Company’s ticker symbol on the NASDAQ Stock Market from “ERI” to “CZR.” In addition, on April 22, 2021, the Company completed the acquisition of William Hill PLC (the “William Hill Acquisition”). See below for further discussion of the William Hill Acquisition.
The Company owns, leases, brands or manages an aggregate of 51 domestic properties in 16 states with approximately 52,800 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 47,500 hotel rooms as of September 30, 2022. The Company operates and conducts sports wagering across 26 jurisdictions in North America, 19 of which are mobile for sports betting, and operates regulated online real money gaming businesses in six jurisdictions in North America. 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. The Company’s primary source of revenue is generated by its casino properties’ gaming operations, retail and online sports betting, as well as online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.
The Company’s operations for retail and mobile sports betting, online horse racing wagering, online casino, and online poker are included within the Caesars Digital segment. The Company has made significant investments into the interactive business with the completion of the Merger and the William Hill Acquisition. In addition, in connection with the launch and rebranding of the Caesars Sportsbook app, our Caesars Digital segment initiated a significant marketing campaign with distinguished actors, former athletes and other media personalities. As new states and jurisdictions have legalized sports betting, we have made significant upfront investments which have been executed through marketing campaigns and promotional incentives to acquire new customers and establish ourselves as an industry leader. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook app, the Company intends to be strategic and apply discretion to determine the duration and the level of investment for a particular jurisdiction. The Caesars Sportsbook app offers numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. Caesars Sportsbook has partnerships with the NFL, NBA, NHL and MLB and is the exclusive odds provider for ESPN and CBS Sports. The Company entered into an exclusive naming-rights partnership to rebrand the Superdome in New Orleans as the Caesars Superdome and intends to continue to create new partnerships among collegiate and professional sports teams. In addition to the Caesars Sportsbook app, the Company and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., launched the Caesars Racebook app. The Caesars Racebook app provides access for wagers at over 300 racetracks around the world. Wagers placed can earn credits towards the Caesars Rewards program or points which can be redeemed for free wagering credits. The Company expects to continue to expand its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and online horse racing wagering.
The Company has divested certain properties and other assets, including non-core properties and divestitures required by regulatory agencies. See Note 3 for a discussion of properties recently sold and Note 15 for segment information.
CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
William Hill Acquisition
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. On the acquisition date, the Company’s intent was to divest of William Hill PLC’s non-U.S. operations, which included the UK and international online divisions and the retail betting shops (collectively, “William Hill International”) was held for sale as of the date of the closing of the William Hill Acquisition with operations reflected within discontinued operations. See Note 3. On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion. See Note 2.
In connection with the William Hill Acquisition, on April 22, 2021, a newly formed subsidiary of the Company (the “Bridge Facility Borrower”) 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 (as defined below). The Bridge Credit Agreement provided 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 (collectively, the “Debt Financing”). 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 £1.5 billion Interim Facilities Agreement (the “Interim Facilities Agreement”) entered into on October 6, 2020 with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A., and amended on December 11, 2020, was terminated upon the execution of the Bridge Credit Agreement. On May 12, 2021, the Company repaid the £503 million cash confirmation bridge facility. On June 14, 2021, the Company drew down the full £116 million from the revolving credit facility and the proceeds, in addition to excess Company cash, were used to make a partial repayment of the asset sale bridge facility in the amount of £700 million.
On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company entered into foreign exchange forward contracts. See Note 7. On April 7, 2022, the Company amended the agreement to sell William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. The amended agreement reflected a £250 million reduction in consideration payable at closing and up to £100 million as deferred consideration to be paid to the Company, subject to 888 Holdings Plc meeting certain 2023 financial targets. During the nine months ended September 30, 2022, the Company recorded impairments to assets held for sale of $503 million within discontinued operations based on the revised and final sales prices.
On July 1, 2022, the Company completed the sale of William Hill International to 888 Holdings Plc. and outstanding borrowings under the Bridge Credit Agreement were immediately repaid. After the repayment of the Bridge Credit Agreement, other permitted leakage, and the settlement of related forward contracts, Caesars received net proceeds of $730 million. Including open market repurchases and repayments, the Company utilized all $730 million to reduce the Company’s outstanding debt. See Note 9.
Basis of Presentation
The accompanying unaudited 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 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.
The presentation of financial information herein for the periods after the Company’s acquisition of William Hill on April 22, 2021 and the acquisition of an additional interest in Horseshoe Baltimore on August 26, 2021 is not fully comparable to the periods prior to the respective acquisitions. In addition, the presentation of financial information herein for the periods after the Company’s sales of various properties is not fully comparable to the periods prior to their respective sale dates. See Note 2 for further discussion of the acquisitions and related transactions and Note 3 for properties recently sold. Additionally, certain reclassifications of prior year presentations have been made to conform to the current period presentation.
CAESARS ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
Consolidation of Subsidiaries and Variable Interest Entities
Our Financial Statements include the accounts of Caesars Entertainment, Inc. 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 investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Developments Related to COVID-19
Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the nine months ended September 30, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes. The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021. Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could have a significant impact on our future operations.
Recently Issued Accounting Pronouncements
Pronouncements Implemented in 2022
Effective January 1, 2022, we adopted Accounting Standards Update 2020-04 (amended through January 2021), Reference Rate Reform. We will apply this guidance to applicable contracts and instruments if, and when, they are modified. Such application is not expected to have a material effect on our Financial Statements.
Note 2. Acquisitions and Purchase Price Accounting
Acquisition of William Hill
On April 22, 2021, we completed the acquisition of William Hill PLC for cash consideration of approximately £2.9 billion, or approximately $3.9 billion, based on the GBP to USD exchange rate on the closing date.
We acquired William Hill PLC and its U.S. subsidiary, William Hill U.S. Holdco (“William Hill US” and together with William Hill PLC, “William Hill”) to better position the Company to address the extensive usage of digital platforms, continued legalization in additional states and jurisdictions, and growing bettor demand, which are driving the market for online sports betting platforms in the U.S. In addition, we continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services across these digital platforms. At the time that the William Hill Acquisition was consummated, the Company’s intent was to divest William Hill International.
On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion. On April 7, 2022, the Company amended the agreement to sell William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. During the nine months ended September 30, 2022, the Company recorded impairments to assets held for sale of $503 million within discontinued operations based on the revised and final sales prices. On July 1, 2022, the Company completed the sale of William Hill International to 888 Holdings Plc.
The Company previously held an equity interest in William Hill PLC and William Hill US (see Note 4). Accordingly, the acquisition was accounted for as a business combination achieved in stages, or a “step acquisition.”
As mentioned above, the total purchase consideration for William Hill was approximately $