Quick10K

Caesars Entertainment

Market

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	673	$7,820

Financial Filings

10-Q	2019-11-05	Quarter: 2019-09-30
10-Q	2019-08-06	Quarter: 2019-06-30
10-Q	2019-05-02	Quarter: 2019-03-31
10-K	2019-02-22	Annual: 2018-12-31
10-Q	2018-11-02	Quarter: 2018-09-30
10-Q	2018-08-01	Quarter: 2018-06-30
10-Q	2018-05-02	Quarter: 2018-03-31
10-K	2018-03-08	Annual: 2017-12-31
10-Q	2017-11-02	Quarter: 2017-09-30
10-Q	2017-08-03	Quarter: 2017-06-30
10-Q	2017-05-02	Quarter: 2017-03-31
10-K	2017-02-15	Annual: 2016-12-31
10-Q	2016-11-07	Quarter: 2016-09-30
10-Q	2016-08-02	Quarter: 2016-06-30
10-Q	2016-05-05	Quarter: 2016-03-31
10-K	2016-02-29	Annual: 2015-12-31
10-Q	2015-11-09	Quarter: 2015-09-30
10-Q	2015-08-06	Quarter: 2015-06-30
10-Q	2015-05-11	Quarter: 2015-03-31
10-K	2015-03-16	Annual: 2014-12-31
10-Q	2014-11-14	Quarter: 2014-09-30
10-Q	2014-08-11	Quarter: 2014-06-30
10-Q	2014-05-09	Quarter: 2014-03-31
10-K	2014-03-17	Annual: 2013-12-31
10-Q	2013-11-08	Quarter: 2013-09-30
10-Q	2013-08-09	Quarter: 2013-06-30
10-Q	2013-05-09	Quarter: 2013-03-31
10-K	2013-03-15	Annual: 2012-12-31
10-Q	2012-11-08	Quarter: 2012-09-30
10-Q	2012-08-08	Quarter: 2012-06-30
10-Q	2012-05-09	Quarter: 2012-03-31
10-K	2012-03-15	Annual: 2011-12-31
10-Q	2011-11-10	Quarter: 2011-09-30
10-Q	2011-08-11	Quarter: 2011-06-30
10-Q	2011-05-12	Quarter: 2011-03-31
10-K	2011-03-04	Annual: 2010-12-31
10-Q	2010-11-05	Quarter: 2010-09-30
10-Q	2010-08-16	Quarter: 2010-06-30
10-Q	2010-05-10	Quarter: 2010-03-31
10-K	2010-03-09	Annual: 2009-12-31

Current Reports

8-K	2019-12-05	Other Events, Exhibits
8-K	2019-11-27	Enter Agreement, Other Events, Exhibits
8-K	2019-11-18	Other Events, Exhibits
8-K	2019-11-15	Shareholder Vote, Other Events, Exhibits
8-K	2019-11-05	Earnings, Exhibits
8-K	2019-11-05	Regulation FD, Exhibits
8-K	2019-09-20	Enter Agreement, Impairments, Other Events, Exhibits
8-K	2019-09-03	Officers
8-K	2019-08-15	Enter Agreement, Exhibits
8-K	2019-08-06	Regulation FD, Exhibits
8-K	2019-08-05	Earnings, Exhibits
8-K	2019-07-02	Shareholder Vote, Other Events, Exhibits
8-K	2019-06-24	Enter Agreement, Other Events, Exhibits
8-K	2019-06-24	Regulation FD, Other Events, Exhibits
8-K	2019-05-07	Officers
8-K	2019-05-01	Regulation FD, Exhibits
8-K	2019-05-01	Earnings, Exhibits
8-K	2019-04-14	Officers, Regulation FD, Exhibits
8-K	2019-04-08	Officers
8-K	2019-03-28	Enter Agreement, Amend Bylaw, Exhibits
8-K	2019-02-28	Officers, Amend Bylaw, Other Events, Exhibits
8-K	2019-02-21	Earnings, Exhibits
8-K	2019-02-21	Regulation FD, Exhibits
8-K	2018-12-27	Officers
8-K	2018-12-26	Enter Agreement, Other Events, Exhibits
8-K	2018-12-21	Officers
8-K	2018-12-12	Officers
8-K	2018-12-12	Officers
8-K	2018-12-06	Officers
8-K	2018-11-26	Officers
8-K	2018-11-01	Regulation FD, Exhibits
8-K	2018-11-01	Earnings, Exhibits
8-K	2018-11-01	Officers
8-K	2018-10-18	Officers
8-K	2018-09-04	Regulation FD, Exhibits
8-K	2018-08-08	Officers, Exhibits
8-K	2018-08-01	Regulation FD, Exhibits
8-K	2018-08-01	Earnings, Exhibits
8-K	2018-07-16	Other Events, Exhibits
8-K	2018-07-11	Enter Agreement, Other Events, Exhibits
8-K	2018-05-31	Shareholder Vote
8-K	2018-05-31	Other Events, Exhibits
8-K	2018-05-08	Other Events, Exhibits
8-K	2018-05-02	Regulation FD, Exhibits
8-K	2018-05-02	Earnings, Exhibits
8-K	2018-05-02	Regulation FD, Exhibits
8-K	2018-04-16	Enter Agreement, Other Events, Exhibits
8-K	2018-04-02	Officers, Exhibits
8-K	2018-03-15	Regulation FD, Exhibits
8-K	2018-03-07	Earnings, Exhibits
8-K	2018-01-31	Officers, Other Events
8-K	2018-01-29	Officers, Exhibits

Caesars Entertainment Earnings 2019-09-30

CZR 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Comparables ($MM TTM)
Ticker	M Cap	Assets	Liab	Rev	G Profit	Net Inc	EBITDA	EV	G Margin	EV/EBITDA	ROA
IHG	10,223	3,753	4,830	0	0	0	0	10,021			0%
HTHT	9,184	23,993	17,674	0	0	0	0	13,112			0%
H	8,094	8,082	4,435	4,909	0	430	978	9,239	0%	9.4	5%
CZR	7,820	26,136	23,328	8,637	0	-223	2,182	15,063	0%	6.9	-1%
PK	5,525	9,431	3,855	2,707	0	291	704	8,003	0%	11.4	3%
WH	5,406	4,656	3,356	2,132	0	148	414	7,430	0%	17.9	3%
CHH	4,794	1,214	1,337	1,072	0	216	365	5,544	0%	15.2	18%
ERI	3,521	6,082	4,996	2,432	0	95	635	3,327	0%	5.2	2%
STAY	3,159	3,940	2,627	1,242	0	203	566	5,276	0%	9.3	5%
BYD	3,121	6,710	5,498	3,077	0	129	661	6,813	0%	10.3	2%

2019 Q3 CEC Form 10-Q

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, 2019



☐	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. 001-10410

_________________________

CAESARS ENTERTAINMENT CORPORATION

(Exact name of registrant as specified in its charter)

_________________________



Delaware		62-1411755
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Caesars Palace Drive

Las Vegas, Nevada 89109

(Address of principal executive offices, including zip code)

(702) 407-6000

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	CZR	NASDAQ Global Select 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, a 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 ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.



Class	Outstanding at November 1, 2019
Common stock, $0.01 par value	680,655,099

CAESARS ENTERTAINMENT CORPORATION

INDEX



		Page
PART I. FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	3
	Consolidated Condensed Balance Sheets	3
	Consolidated Condensed Statements of Operations and Comprehensive Income/(Loss)	4
	Consolidated Condensed Statements of Stockholders’ Equity	5
	Consolidated Condensed Statements of Cash Flows	7
	Notes to Consolidated Condensed Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	53

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	61
Item 6.	Exhibits	62

Signature		64

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

CAESARS ENTERTAINMENT CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(UNAUDITED)



(In millions)	September 30, 2019		December 31, 2018
Assets
Current assets
Cash and cash equivalents ($10 and $14 attributable to our VIEs)	$	1,313	$	1,491
Restricted cash	137		115
Receivables, net	446		457
Due from affiliates, net	22		6
Prepayments and other current assets ($6 and $6 attributable to our VIEs)	200		155
Inventories	38		41
Assets held for sale	556		—
Total current assets	2,712		2,265
Property and equipment, net ($177 and $137 attributable to our VIEs)	14,988		16,045
Goodwill	4,038		4,044
Intangible assets other than goodwill	2,850		2,977
Restricted cash	73		51
Deferred income taxes	9		10
Deferred charges and other assets ($30 and $35 attributable to our VIEs)	805		383
Total assets	$	25,475	$	25,775

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable ($81 and $41 attributable to our VIEs)	$	415	$	399
Accrued expenses and other current liabilities ($2 and $1 attributable to our VIEs)	1,300		1,217
Interest payable	134		56
Contract liabilities	192		144
Current portion of financing obligations	22		20
Current portion of long-term debt	64		164
Total current liabilities	2,127		2,000
Financing obligations	10,045		10,057
Long-term debt	8,514		8,801
Deferred income taxes	591		730
Deferred credits and other liabilities ($8 and $5 attributable to our VIEs)	1,731		849
Total liabilities	23,008		22,437
Commitments and contingencies (Note 8)
Stockholders’ equity
Caesars stockholders’ equity	2,388		3,250
Noncontrolling interests	79		88
Total stockholders’ equity	2,467		3,338
Total liabilities and stockholders’ equity	$	25,475	$	25,775

See accompanying Notes to Consolidated Condensed Financial Statements.

CAESARS ENTERTAINMENT CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

(UNAUDITED)



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share data)	2019			2018			2019			2018
Revenues
Casino	$	1,131		$	1,102		$	3,340		$	3,147
Food and beverage	411			408			1,216			1,182
Rooms	409			395			1,202			1,150
Other revenue	217			213			611			600
Management fees	15			16			45			46
Reimbursed management costs	53			51			159			151
Net revenues	2,236			2,185			6,573			6,276
Operating expenses
Direct
Casino	636			623			1,887			1,750
Food and beverage	283			281			833			816
Rooms	125			121			364			355
Property, general, administrative, and other	477			474			1,404			1,357
Reimbursable management costs	53			51			159			151
Depreciation and amortization	255			295			743			843
Impairment of tangible and other intangible assets	380			—			430			—
Corporate expense	62			79			226			237
Other operating costs	33			29			86			128
Total operating expenses	2,304			1,953			6,132			5,637
Income/(loss) from operations	(68		)	232			441			639
Interest expense	(341		)	(341		)	(1,033		)	(1,005		)
Other income/(loss)	27			109			(412		)	338
Loss before income taxes	(382		)	—			(1,004		)	(28		)
Income tax benefit	22			111			111			134
Net income/(loss)	(360		)	111			(893		)	106
Net (income)/loss attributable to noncontrolling interests	1			(1		)	2			(1		)
Net income/(loss) attributable to Caesars	$	(359	)	$	110		$	(891	)	$	105

Earnings/(loss) per share - basic and diluted
Basic earnings/(loss) per share	$	(0.53	)	$	0.16		$	(1.32	)	$	0.15
Diluted earnings/(loss) per share	$	(0.53	)	$	0.14		$	(1.32	)	$	0.15
Weighted-average common shares outstanding - basic	678			681			674			692
Weighted-average common shares outstanding - diluted	678			835			674			697

Comprehensive income/(loss)
Foreign currency translation adjustments	$	(10	)	$	2		$	(15	)	$	(17	)
Change in fair market value of interest rate swaps, net of tax	(3		)	11			(55		)	24
Other	—			—			2			1
Other comprehensive income/(loss), net of income taxes	(13		)	13			(68		)	8
Comprehensive income/(loss)	(373		)	124			(961		)	114

Amounts attributable to noncontrolling interests:
Foreign currency translation adjustments	4			1			6			4
Comprehensive loss attributable to noncontrolling interests	5			—			8			3
Comprehensive income/(loss) attributable to Caesars	$	(368	)	$	124		$	(953	)	$	117

See accompanying Notes to Consolidated Condensed Financial Statements.

CAESARS ENTERTAINMENT CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)



	Caesars Stockholders’ Equity
(In millions)	Common Stock		Treasury Stock			Additional Paid-in- Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Caesars Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance as of December 31, 2018	$	7	$	(485	)	$	14,124	$	(10,372	)	$	(24	)	$	3,250		$	88		$	3,338
Net loss	—		—			—		(217		)	—			(217		)	(1		)	(218		)
Stock-based compensation	—		(5		)	21		—			—			16			—			16
Other comprehensive loss, net of tax	—		—			—		—			(13		)	(13		)	(2		)	(15		)
Change in noncontrolling interest, net of distributions and contributions	—		—			—		—			—			—			(2		)	(2		)
Other	—		3			—		—			—			3			—			3
Balance as of March 31, 2019	7		(487		)	14,145		(10,589		)	(37		)	3,039			83			3,122
Net loss	—		—			—		(315		)	—			(315		)	—			(315		)
Stock-based compensation	—		(10		)	51		—			—			41			—			41
Other comprehensive loss, net of tax	—		—			—		—			(40		)	(40		)	—			(40		)
Balance as of June 30, 2019	7		(497		)	14,196		(10,904		)	(77		)	2,725			83			2,808
Net loss	—		—			—		(359		)	—			(359		)	(1		)	(360		)
Stock-based compensation	—		(2		)	33		—			—			31			—			31
Other comprehensive loss, net of tax	—		—			—		—			(9		)	(9		)	(4		)	(13		)
Change in noncontrolling interest, net of distributions and contributions	—		—			—		—			—			—			1			1
Balance as of September 30, 2019	$	7	$	(499	)	$	14,229	$	(11,263	)	$	(86	)	$	2,388		$	79		$	2,467

See accompanying Notes to Consolidated Condensed Financial Statements.

CAESARS ENTERTAINMENT CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)



	Caesars Stockholders’ Equity
(In millions)	Common Stock		Treasury Stock			Additional Paid-in- Capital		Accumulated Deficit			Accumulated Other Comprehensive Income/(Loss)			Total Caesars Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance as of December 31, 2017	$	7	$	(152	)	$	14,040	$	(10,675	)	$	6		$	3,226		$	71		$	3,297
Net loss	—		—			—		(34		)	—			(34		)	—			(34		)
Stock-based compensation	—		(12		)	22		—			—			10			—			10
Other comprehensive income, net of tax	—		—			—		—			9			9			—			9
Change in noncontrolling interest, net of distributions and contributions	—		—			—		—			—			—			21			21
Other	—		(1		)	—		—			—			(1		)	—			(1		)
Balance as of March 31, 2018	7		(165		)	14,062		(10,709		)	15			3,210			92			3,302
Net income	—		—			—		29			—			29			—			29
Stock-based compensation	—		—			21		—			—			21			—			21
Repurchase of common stock	—		(31		)	—		—			—			(31		)	—			(31		)
Other comprehensive loss, net of tax	—		—			—		—			(11		)	(11		)	(3		)	(14		)
Change in noncontrolling interest, net of distributions and contributions	—		—			—		—			—			—			(2		)	(2		)
Other	—		1			—		—			—			1			—			1
Balance as of June 30, 2018	7		(195		)	14,083		(10,680		)	4			3,219			87			3,306
Net income	—		—			—		110			—			110			1			111
Stock-based compensation	—		—			16		—			—			16			—			16
Repurchase of common stock	—		(280		)	—		—			—			(280		)	—			(280		)
Other comprehensive income/(loss), net of tax	—		—			—		—			14			14			(1		)	13
Change in noncontrolling interest, net of distributions and contributions	—		—			—		—			—			—			1			1
Balance as of September 30, 2018	$	7	$	(475	)	$	14,099	$	(10,570	)	$	18		$	3,079		$	88		$	3,167

See accompanying Notes to Consolidated Condensed Financial Statements.

CAESARS ENTERTAINMENT CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)



	Nine Months Ended September 30,
(In millions)	2019			2018
Cash flows provided by operating activities	$	865		$	692
Cash flows from investing activities
Acquisition of Centaur, net of cash and restricted cash acquired	—			(1,578		)
Acquisitions of property and equipment, net of change in related payables	(618		)	(342		)
Payments to acquire certain gaming rights	—			(10		)
Proceeds from the sale and maturity of investments	11			30
Payments to acquire investments	(13		)	(19		)
Other	16			—
Cash flows used in investing activities	(604		)	(1,919		)
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facilities	—			1,167
Debt issuance costs and fees	—			(5		)
Repayments of long-term debt and revolving credit facilities	(398		)	(1,116		)
Proceeds from sale-leaseback financing arrangement	—			508
Proceeds from the issuance of common stock	41			4
Repurchase of common stock	—			(311		)
Taxes paid related to net share settlement of equity awards	(17		)	(12		)
Financing obligation payments	(15		)	(11		)
Contributions from noncontrolling interest owners	—			20
Distributions to noncontrolling interest owners	(1		)	—
Cash flows provided by/(used in) financing activities	(390		)	244

Change in cash, cash equivalents, and restricted cash classified as held for sale	(5		)	—

EX-10.1	a2019q3cecex101rangerp.htm
EX-10.2	a2019q3cecex102rangerf.htm
EX-10.3	a2019q3cecex103rangers.htm
EX-31.1	a2019q3cecex311ceosect.htm
EX-31.2	a2019q3cecex312cfosect.htm
EX-32.1	a2019q3cecex321ceosect.htm
EX-32.2	a2019q3cecex322cfosect.htm