Company Quick10K Filing
Caesars Entertainment
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 673 $7,820
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
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
CZR 2019-09-30
Part I-Financial Information
Item 1. Unaudited Financial Statements
Note 1 - Description of Business
Note 2 - Basis of Presentation and Principles of Consolidation
Note 3 - Recently Issued Accounting Pronouncements
Note 4 - Property and Equipment
Note 5 - Goodwill and Other Intangible Assets
Note 6 - Fair Value Measurements
Note 7 - Leases
Note 8 - Litigation, Contractual Commitments, and Contingent Liabilities
Note 9 - Debt
Note 10 - Stockholders' Equity
Note 11 - Earnings per Share
Note 12 - Revenue Recognition
Note 13 - Stock-Based Compensation
Note 14 - Income Taxes
Note 15 - Related Party Transactions
Note 16 - Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
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

Caesars Entertainment Earnings 2019-09-30

CZR 10Q Quarterly Report

Balance SheetIncome StatementCash 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
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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, 2019
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. 001-10410
 _________________________
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
 
 
 
 
 
 
 
 
 
 
 



2


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.

3



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.

4



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.



5



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.


6



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
)