Company Quick10K Filing
Eldorado Resorts
Price38.56 EPS1
Shares79 P/E32
MCap3,030 P/FCF12
Net Debt-219 EBIT379
TEV2,811 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-22

ERI 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Acquisition of Former Caesars
Note 3. Revenue Recognition
Note 4. Assets Held for Sale
Note 5. Stock - Based Compensation and Stockholders' Equity
Note 6. Investments in and Advances To Unconsolidated Affiliates
Note 7. Goodwill and Intangible Assets, Net
Note 8. Income Taxes
Note 9. Leases
Note 10. Long - Term Debt
Note 11. Fair Value Measurements
Note 12. Earnings per Share
Note 13. Litigation, Commitments and Contingencies
Note 14. Related Affiliates
Note 15. Segment Information
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
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-10.2 lasvegaslease-thirdame.htm
EX-10.5 regionallease-sixthame.htm
EX-10.8 jolietlease-thirdamend.htm
EX-10.46 ceiindemnificationagre.htm
EX-10.47 amendedandrestatedomni.htm
EX-31.1 a2020q3cei-ex311.htm
EX-31.2 a2020q3cei-ex312.htm
EX-32.1 a2020q3cei-ex321.htm
EX-32.2 a2020q3cei-ex322.htm
EX-99.1 exhibit991financialinf.htm

Eldorado Resorts Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02014201620182020
Assets, Equity
0.70.50.40.20.1-0.12014201620182020
Rev, G Profit, Net Income
1.10.70.3-0.2-0.6-1.02014201620182020
Ops, Inv, Fin

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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, 2020
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)
(775328-0100
(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 30, 2020 was 208,277,138.



CAESARS ENTERTAINMENT, INC.
QUARTERLY REPORT FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2020
TABLE OF CONTENTS
Page
 
 
 
 
 
 

1





PART I-FINANCIAL INFORMATION
Item 1.  Financial Statements
2


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
September 30,
2020
December 31,
2019
(Dollars in millions)(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($8 and $0 attributable to our VIEs)
$1,037 $206 
Restricted cash and investments2,259 4 
Accounts receivable, net385 54 
Due from affiliates37 4 
Inventories49 18 
Prepayments and other current assets ($5 and $0 attributable to our VIEs)
265 66 
Assets held for sale2,266 253 
Total current assets6,298 605 
Investment in and advances to unconsolidated affiliates170 136 
Property and equipment, net ($84 and $0 attributable to our VIEs)
14,630 2,615 
Gaming licenses and other intangibles, net4,466 1,111 
Goodwill9,450 910 
Other assets, net ($25 and $0 attributable to our VIEs)
1,224 264 
Deferred income taxes1  
Total assets$36,239 $5,641 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt$67 $246 
Accounts payable ($98 and $0 attributable to our VIEs)
274 62 
Accrued interest241 36 
Accrued other liabilities ($2 and $0 attributable to our VIEs)
1,371 307 
Liabilities related to assets held for sale517 37 
Total current liabilities2,470 688 
Long-term financing obligation12,547 971 
Long-term debt, less current portion15,203 2,325 
Deferred income taxes1,081 197 
Other long-term liabilities ($19 and $0 attributable to our VIEs)
1,549 343 
Total liabilities32,850 4,524 
Commitments and contingencies (Note 13)


STOCKHOLDERS' EQUITY:
Caesars stockholders’ equity3,370 1,117 
Noncontrolling interests19  
Total stockholders’ equity3,389 1,117 
Total liabilities and stockholders’ equity$36,239 $5,641 
The accompanying notes are an integral part of these consolidated condensed financial statements.
3


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)2020201920202019
REVENUES:
Casino and pari-mutuel commissions$919 $458 $1,360 $1,386 
Food and beverage125 78 188 229 
Hotel200 94 257 237 
Other133 33 172 84 
Net revenues1,377 663 1,977 1,936 
EXPENSES:
Casino and pari-mutuel commissions461 229 685 693 
Food and beverage91 60 153 180 
Hotel63 27 91 76 
Other52 12 62 34 
General and administrative330 130 495 381 
Corporate90 13 120 51 
Impairment charges  161 1 
Depreciation and amortization223 53 322 167 
Transaction costs and other operating costs219 14 242 2 
Total operating expenses1,529 538 2,331 1,585 
Operating (loss) income(152)125 (354)351 
OTHER EXPENSE:
Interest expense, net(473)(72)(608)(217)
Loss on extinguishment of debt(173)(1)(173)(1)
Other (loss) income9 3 (1) 
Total other expense(637)(70)(782)(218)
(Loss) income from continuing operations before income taxes(789)55 (1,136)133 
Provision for income taxes(135)(18)(64)(39)
Net (loss) income from continuing operations, net of income taxes(924)37 (1,200)94 
Discontinued operations, net of income taxes(1) (1) 
Net (loss) income(925)37 (1,201)94 
Net income attributable to noncontrolling interests(1) (1) 
Net (loss) income attributable to Caesars$(926)$37 $(1,202)$94 
Net (loss) income per share - basic and diluted:
Basic (loss) income per share from continuing operations$(6.09)$0.48 $(11.55)$1.21 
Basic loss per share from discontinued operations  (0.01) 
Basic (loss) income per share$(6.09)$0.48 $(11.56)$1.21 
Diluted (loss) income per share from continuing operations$(6.09)$0.47 $(11.55)$1.20 
Diluted loss per share from discontinued operations  (0.01) 
Diluted (loss) income per share$(6.09)$0.47 $(11.56)$1.20 
Weighted average basic shares outstanding152 78 104 78 
Weighted average diluted shares outstanding152 79 104 79 
The accompanying notes are an integral part of these consolidated condensed financial statements.
4


CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2020201920202019
Net (loss) income$(925)$37 $(1,201)$94 
Foreign currency translation adjustments1  1  
Change in fair market value of interest rate swaps, net of tax14  14  
Other comprehensive income, net of tax15  15  
Comprehensive (loss) income(910)37 (1,186)94 
Comprehensive income attributable to noncontrolling interests(1) (1) 
Comprehensive (loss) income attributable to Caesars$(911)$37 $(1,187)$94 
The accompanying notes are an integral part of these consolidated condensed financial statements.
5


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
AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 201978 $ $760 $366 $ $(9)$ $1,117 
Issuance of restricted stock units
 — 6 — — — — 6 
Net loss— — — (176)— — — (176)
Shares withheld related to net share settlement of stock awards
 — (7)— — — — (7)
Balance, March 31, 202078  759 190  (9) 940 
Issuance of restricted stock units
 — 4 — — — — 4 
Issuance of common stock, net21 — 772 — — — — 772 
Net loss— — — (100)— — — (100)
Balance, June 30, 202099  1,535 90  (9) 1,616 
Issuance of restricted stock units
1 — 37 — — — — 37 
Issuance of common stock, net7 — 235 — — — — 235 
Net (loss) income— — — (926)— — 1 (925)
Shares issued to Former Caesars shareholders62 — 2,381 — — — — 2,381 
Former Caesars replacement awards— — 24 — — — — 24 
Other comprehensive income, net of tax— — — — 15 — — 15 
Shares withheld related to net share settlement of stock awards
 — 1 — — — — 1 
Acquired noncontrolling interests— — (18)— — — 18  
Other— — 5 — — — — 5 
Balance, September 30, 2020169 $ $4,200 $(836)$15 $(9)$19 $3,389 
6


Caesars Stockholders’ Equity
Common StockTreasury Stock
(In millions)SharesAmountPaid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Income
AmountNon controlling InterestsTotal Stockholders’ Equity
Balance, December 31, 201877 $ $748 $290 $ $(9)$ $1,029 
Cumulative change in accounting principle, net of tax— — — (5)— — — (5)
Issuance of restricted stock units — 5 — — — — 5 
Net income— — — 38 — — — 38 
Shares withheld related to net share settlement of stock awards — (4)— — — — (4)
Balance, March 31, 201977  749 323  (9) 1,063 
Issuance of restricted stock units — 6 — — — — 6 
Net income— — — 19 — — — 19 
Shares withheld related to net share settlement of stock awards — (3)— — — — (3)
Balance, June 30, 201977  752 342  (9) 1,085