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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caesars Entertainment Inc | NASDAQ:CZR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.19 | 0.54% | 35.33 | 32.30 | 37.00 | 36.81 | 35.11 | 36.09 | 3,719,936 | 05:00:05 |
Delaware | 001-10410 | 62-1411755 | ||
(State of Incorporation) | (Commission File Number) | (IRS Employer | ||
Identification Number) | ||||
One Caesars Palace Drive | ||||
Las Vegas, Nevada 89109 | ||||
(Address of principal executive offices) (Zip Code) |
CAESARS ENTERTAINMENT CORPORATION | ||||
Date: | November 9, 2015 | By: | /S/ KEITH A. CAUSEY | |
Keith A. Causey | ||||
Senior Vice President and Chief Accounting Officer |
Contact: | Media | Investors | ||
Stephen Cohen | Caesars Entertainment Corporation | |||
(347) 489-6602 | (800) 318-0047 |
• | Net revenues for Continuing CEC increased 12.4% year-over-year to $1.1 billion mainly due to a full quarter of Horseshoe Baltimore results, the expansion of resort fees, favorable hold, and continued strong performance at Caesars Interactive Entertainment (“CIE”). |
• | Adjusted EBITDA for Continuing CEC grew 51.0% year-over-year to $317 million primarily driven by marketing and operational efficiencies and hotel customer mix improvement resulting in strong flow through from top-line growth. |
• | CERP results reflect strong hotel performance with increased room revenues driven by cash ADR growth from resort fees and improved hotel customer mix, in addition to operating and marketing efficiencies. |
• | CGP performance attributable to a full quarter of Horseshoe Baltimore, strong results in CIE’s social and mobile games business, resort fees, and the renovation of The LINQ Hotel & Casino. |
Three Months Ended September 30, | Continuing CEC Change % | |||||||||||||||||
2015 | 2014 | |||||||||||||||||
(Dollars in millions, except per share data) | Continuing/Reported CEC (4) | Continuing CEC (4) | CEOC (5) | Reported CEC | ||||||||||||||
Casino revenues (1) | $ | 535 | $ | 479 | $ | 910 | $ | 1,389 | 11.7 | % | ||||||||
Net revenues (1) | 1,141 | 1,015 | 1,197 | 2,212 | 12.4 | % | ||||||||||||
Income/(loss) from operations (1) | 139 | (37 | ) | (291 | ) | (328 | ) | * | ||||||||||
Deconsolidation and restructuring of CEOC and other | (935 | ) | 58 | (124 | ) | (66 | ) | * | ||||||||||
Loss from continuing operations, net of income taxes (1) | (756 | ) | (112 | ) | (820 | ) | (932 | ) | * | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 1 | (49 | ) | (48 | ) | (100.0 | )% | ||||||||||
Net loss attributable to Caesars | (791 | ) | (131 | ) | (777 | ) | (908 | ) | * | |||||||||
Basics earnings/(loss) per share | (5.44 | ) | — | — | (6.29 | ) | * | |||||||||||
Diluted earnings/(loss) per share | (5.44 | ) | — | — | (6.29 | ) | * | |||||||||||
Property EBITDA (2)(10) | 311 | 213 | 231 | 444 | 46.0 | % | ||||||||||||
Adjusted EBITDA (3) | 317 | 210 | 232 | 442 | 51.0 | % |
Nine Months Ended September 30, | Continuing CEC Change % | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
(Dollars in millions, except per share data) | Continuing CEC (4) | CEOC (5) | Reported CEC | Continuing CEC (4) | CEOC (5) | Reported CEC | ||||||||||||||||||||
Casino revenues (1) | $ | 1,620 | $ | 118 | $ | 1,738 | $ | 1,382 | $ | 2,646 | $ | 4,028 | 17.2 | % | ||||||||||||
Net revenues (1) | 3,377 | 158 | 3,535 | 2,892 | 3,493 | 6,385 | 16.8 | % | ||||||||||||||||||
Income/(loss) from operations (1) | 460 | 9 | 469 | 157 | (207 | ) | (50 | ) | 193.0 | % | ||||||||||||||||
Deconsolidation and restructuring of CEOC and other | 6,162 | — | 6,162 | 141 | (235 | ) | (94 | ) | * | |||||||||||||||||
Income/(loss) from continuing operations, net of income taxes (1) | 6,177 | (78 | ) | 6,099 | (87 | ) | (1,531 | ) | (1,618 | ) | * | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (7 | ) | (7 | ) | (16 | ) | (162 | ) | (178 | ) | 100.0 | % | |||||||||||||
Net income/(loss) attributable to Caesars | 6,083 | (85 | ) | 5,998 | (169 | ) | (1,592 | ) | (1,761 | ) | * | |||||||||||||||
Basics earnings/(loss) per share | — | — | 41.42 | — | — | (12.41 | ) | — | ||||||||||||||||||
Diluted earnings/(loss) per share | — | — | 40.88 | — | — | (12.41 | ) | — | ||||||||||||||||||
Property EBITDA (2)(10) | 971 | 31 | 1,002 | 683 | 647 | 1,330 | 42.2 | % | ||||||||||||||||||
Adjusted EBITDA (3) | 964 | 34 | 998 | 666 | 655 | 1,321 | 44.7 | % |
Three Months Ended September 30, | Percent Favorable/ (Unfavorable) | Nine Months Ended September 30, | Percent Favorable/ (Unfavorable) | ||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
CERP | $ | 542 | $ | 536 | 1.1 | % | $ | 1,637 | $ | 1,566 | 4.5 | % | |||||||||
CGP Casinos (6) | 407 | 324 | 25.6 | % | 1,186 | 910 | 30.4 | % | |||||||||||||
CIE (7) | 195 | 162 | 20.4 | % | 557 | 431 | 29.5 | % | |||||||||||||
Other (8) | (3 | ) | (7 | ) | 57.1 | % | (3 | ) | (15 | ) | 80.0 | % | |||||||||
Total Continuing CEC | 1,141 | 1,015 | 12.4 | % | 3,377 | 2,892 | 16.8 | % | |||||||||||||
CEOC (9) | — | 1,253 | * | $ | 164 | $ | 3,663 | * | |||||||||||||
Other (8) | — | (56 | ) | * | (6 | ) | (170 | ) | * | ||||||||||||
Total CEOC | — | 1,197 | * | 158 | 3,493 | * | |||||||||||||||
Total Reported CEC | $ | 1,141 | $ | 2,212 | * | $ | 3,535 | $ | 6,385 | * |
Three Months Ended September 30, | Percent Favorable/ (Unfavorable) | Nine Months Ended September 30, | Percent Favorable/ (Unfavorable) | ||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
CERP | $ | 99 | $ | (49 | ) | * | $ | 333 | $ | 79 | * | ||||||||||
CGP Casinos (6) | 44 | 60 | (26.7 | )% | 251 | 68 | * | ||||||||||||||
CIE (7) | 43 | 21 | 104.8 | % | 136 | 22 | * | ||||||||||||||
Other (8) | (47 | ) | (69 | ) | 31.9 | % | (260 | ) | (12 | ) | * | ||||||||||
Total Continuing CEC | 139 | (37 | ) | * | 460 | 157 | 193.0 | % | |||||||||||||
CEOC (9) | — | (305 | ) | * | $ | 9 | $ | (198 | ) | * | |||||||||||
Other (8) | — | 14 | * | — | (9 | ) | * | ||||||||||||||
Total CEOC | — | (291 | ) | * | 9 | (207 | ) | * | |||||||||||||
Total Reported CEC | $ | 139 | $ | (328 | ) | * | $ | 469 | $ | (50 | ) | * |
Three Months Ended September 30, | Percent Favorable/ (Unfavorable) | Nine Months Ended September 30, | Percent Favorable/ (Unfavorable) | ||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
CERP | $ | 157 | $ | 123 | 27.6 | % | $ | 503 | $ | 364 | 38.2 | % | |||||||||
CGP Casinos (6) | 96 | 52 | 84.6 | % | 272 | 185 | 47.0 | % | |||||||||||||
CIE (7) | 74 | 53 | 39.6 | % | 205 | 128 | 60.2 | % | |||||||||||||
Other (8) | (10 | ) | (18 | ) | 44.4 | % | (16 | ) | (11 | ) | * | ||||||||||
Total Continuing CEC | 317 | 210 | 51.0 | % | 964 | 666 | 44.7 | % | |||||||||||||
CEOC (9) | — | 232 | * | 34 | 648 | * | |||||||||||||||
Other (8) | — | — | * | — | 7 | * | |||||||||||||||
Total CEOC | — | 232 | * | 34 | 655 | * | |||||||||||||||
Total Reported CEC | $ | 317 | $ | 442 | * | $ | 998 | $ | 1,321 | * |
September 30, 2015 | |||||||||||||||
(In millions) | CERP | CES | CGP | Parent | |||||||||||
Cash and cash equivalents | $ | 218 | $ | 141 | $ | 901 | $ | 349 | |||||||
Revolver capacity | 270 | — | 160 | — | |||||||||||
Revolver capacity drawn or committed to letters of credit | (81 | ) | — | (45 | ) | — | |||||||||
Total Liquidity | $ | 407 | $ | 141 | $ | 1,016 | $ | 349 |
* | Not meaningful |
(1) | Casino revenues, net revenues, income from operations, and income/(loss) from continuing operations, net of income taxes for all periods presented in the table above exclude the results of CIE RMG BEL (closed in August 2014) and Showboat Atlantic City casino (closed in August 2014) because these are presented as discontinued operations. |
(2) | Property EBITDA is a non-GAAP financial measure that is defined and reconciled to its most comparable GAAP measure later in this release. Property EBITDA is included because the Company’s management uses Property EBITDA to measure performance and allocate resources, and believes that Property EBITDA provides investors with additional information consistent with that used by management. |
(3) | Adjusted EBITDA is a non-GAAP financial measure that is defined and reconciled to its most comparable GAAP measure later in this release. Adjusted EBITDA is included because management believes that Adjusted EBITDA provides investors with additional information that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the Company. |
(4) | Includes CERP, CGP Casinos, CIE, and associated parent company and elimination adjustments that represent the CEC structure as of September 30, 2015, and for subsequent periods. |
(5) | Includes eliminations of intercompany transactions and other consolidating adjustments. |
(6) | CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. Percentage calculations are based on unrounded dollars. |
(7) | CIE is comprised of the subsidiaries that operate its social and mobile games business and WSOP. Percentage calculations are based on unrounded dollars. |
(8) | Other includes parent, consolidating, and other adjustments to reconcile to consolidated CEC results. |
(9) | CEOC results present the sales of The Cromwell, Bally’s Las Vegas, The LINQ Hotel & Casino, and Harrah’s New Orleans to CGP in May 2014 as if they had occurred as of the earliest period presented, consistent with internal management presentation. |
(10) | Property EBITDA presented for Continuing CEC includes associated parent company and elimination adjustments of $1 million and $19 million for the three and nine months ended September 30, 2014, respectively. Property EBITDA presented for CEOC includes associated parent company and elimination adjustments of negative $1 million and $64 million for the three and nine months ended September 30, 2014, respectively. |
• | the outcome of currently pending or threatened litigation and demands for payment by certain creditors against CEC; |
• | the effects of CEOC’s bankruptcy filing on CEOC and its subsidiaries and affiliates, including Caesars Entertainment, and the interest of various creditors, equity holders, and other constituents; |
• | the ability to retain key employees during the restructuring of CEOC; |
• | the event that the Restructuring Support and Forbearance Agreements (“RSAs”) may not be consummated in accordance with its terms, or persons not party to the RSAs may successfully challenge the implementation thereof; |
• | the length of time CEOC will operate in the Chapter 11 cases or CEOC’s ability to comply with the milestones provided by the RSAs; |
• | risks associated with third party motions in the Chapter 11 cases, which may hinder or delay CEOC’s ability to consummate the restructuring as contemplated by the RSAs; |
• | the potential adverse effects of Chapter 11 proceedings on Caesars Entertainment’s liquidity or results of operations; |
• | the effects of local and national economic, credit, and capital market conditions on the economy, in general, and on the gaming industry, in particular; |
• | the ability to realize the expense reductions from our cost savings programs; |
• | the financial results of CGP’s business; |
• | the impact of our substantial indebtedness and the restrictions in our debt agreements; |
• | access to available and reasonable financing on a timely basis, including the ability of the company to refinance its indebtedness on acceptable terms; |
• | the ability of our customer tracking, customer loyalty, and yield management programs to continue to increase customer loyalty and same-store or hotel sales; |
• | changes in laws, including increased tax rates, smoking bans, regulations or accounting standards, third-party relations and approvals, and decisions, disciplines and fines of courts, regulators and governmental bodies; |
• | our ability to recoup costs of capital investments through higher revenues; |
• | abnormal gaming holds (“gaming hold” is the amount of money that is retained by the casino from wagers by customers); |
• | the effects of competition, including locations of competitors, competition for new licenses, and operating and market competition; |
• | the ability to timely and cost-effectively integrate companies that we acquire into our operations; |
• | the potential difficulties in employee retention and recruitment as a result of our substantial indebtedness or any other factor; |
• | construction factors, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters, and building permit issues; |
• | litigation outcomes and judicial and governmental body actions, including gaming legislative action, referenda, federal and state regulatory disciplinary actions, the outcome of the National Retirement Fund dispute, and fines and taxation; |
• | acts of war or terrorist incidents, severe weather conditions, uprisings or natural disasters, including losses therefrom, losses in revenues and damage to property, and the impact of severe weather conditions on our ability to attract customers to certain of our facilities; |
• | the effects of environmental and structural building conditions relating to our properties; |
• | access to insurance on reasonable terms for our assets; and |
• | the impact, if any, of unfunded pension benefits under multi-employer pension plans. |
(In millions, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | |||||||||||||||
Casino | $ | 535 | $ | 1,389 | $ | 1,738 | $ | 4,028 | |||||||
Food and beverage | 211 | 395 | 639 | 1,144 | |||||||||||
Rooms | 220 | 301 | 663 | 915 | |||||||||||
Interactive entertainment | 192 | 162 | 555 | 431 | |||||||||||
Management fees | — | 16 | 2 | 45 | |||||||||||
Other | 117 | 183 | 351 | 486 | |||||||||||
Reimbursed management costs | — | 61 | 10 | 190 | |||||||||||
Less: casino promotional allowances | (134 | ) | (295 | ) | (423 | ) | (854 | ) | |||||||
Net revenues | 1,141 | 2,212 | 3,535 | 6,385 | |||||||||||
Operating expenses | |||||||||||||||
Direct | |||||||||||||||
Casino | 279 | 834 | 913 | 2,413 | |||||||||||
Food and beverage | 102 | 183 | 303 | 516 | |||||||||||
Rooms | 59 | 82 | 171 | 242 | |||||||||||
Platform fees | 54 | 46 | 154 | 122 | |||||||||||
Property, general, administrative, and other | 336 | 562 | 982 | 1,565 | |||||||||||
Reimbursable management costs | — | 61 | 10 | 190 | |||||||||||
Depreciation and amortization | 98 | 165 | 296 | 471 | |||||||||||
Impairment of goodwill | — | 289 | — | 289 | |||||||||||
Impairment of tangible and other intangible assets | — | 210 | — | 260 | |||||||||||
Corporate expense | 40 | 74 | 131 | 192 | |||||||||||
Other operating costs (1) | 34 | 34 | 106 | 175 | |||||||||||
Total operating expenses | 1,002 | 2,540 | 3,066 | 6,435 | |||||||||||
Income/(loss) from operations | 139 | (328 | ) | 469 | (50 | ) | |||||||||
Interest expense | (147 | ) | (708 | ) | (531 | ) | (1,954 | ) | |||||||
Deconsolidation and restructuring of CEOC and other | (935 | ) | (66 | ) | 6,162 | (94 | ) | ||||||||
Income/(loss) from continuing operations before income taxes | (943 | ) | (1,102 | ) | 6,100 | (2,098 | ) | ||||||||
Income tax benefit/(provision) | 187 | 170 | (1 | ) | 480 | ||||||||||
Income/(loss) from continuing operations, net of income taxes | (756 | ) | (932 | ) | 6,099 | (1,618 | ) | ||||||||
Discontinued operations | |||||||||||||||
Loss from discontinued operations | — | (46 | ) | (7 | ) | (189 | ) | ||||||||
Income tax benefit/(provision) | — | (2 | ) | — | 11 | ||||||||||
Loss from discontinued operations, net of income taxes | — | (48 | ) | (7 | ) | (178 | ) | ||||||||
Net income/(loss) | (756 | ) | (980 | ) | 6,092 | (1,796 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests | (35 | ) | 72 | (94 | ) | 35 | |||||||||
Net income/(loss) attributable to Caesars | $ | (791 | ) | $ | (908 | ) | $ | 5,998 | $ | (1,761 | ) | ||||
Earnings/(loss) per share - basic and diluted | |||||||||||||||
Basic earnings/(loss) per share from continuing operations | $ | (5.44 | ) | $ | (5.96 | ) | $ | 41.46 | $ | (11.16 | ) | ||||
Basic loss per share from discontinued operations | — | (0.33 | ) | (0.04 | ) | (1.25 | ) | ||||||||
Basic earnings/(loss) per share | $ | (5.44 | ) | $ | (6.29 | ) | $ | 41.42 | $ | (12.41 | ) | ||||
Diluted earnings/(loss) per share from continuing operations | $ | (5.44 | ) | $ | (5.96 | ) | $ | 40.92 | $ | (11.16 | ) | ||||
Diluted loss per share from discontinued operations | — | (0.33 | ) | (0.04 | ) | (1.25 | ) | ||||||||
Diluted earnings/(loss) per share | $ | (5.44 | ) | $ | (6.29 | ) | $ | 40.88 | $ | (12.41 | ) |
(1) | Other operating costs primarily consists of write-downs, reserves and project opening costs, net of recoveries, and acquisition and integration costs. |
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,609 | $ | 2,806 | |||
Restricted cash | 56 | 76 | |||||
Other current assets | 554 | 791 | |||||
Total current assets | 2,219 | 3,673 | |||||
Property and equipment, net | 7,630 | 13,456 | |||||
Goodwill and other intangible assets | 2,261 | 5,516 | |||||
Restricted cash | 66 | 109 | |||||
Other long-term assets | 476 | 577 | |||||
Total assets | $ | 12,652 | $ | 23,331 | |||
Liabilities and Stockholders’ Equity/(Deficit) | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 189 | $ | 15,779 | |||
Other current liabilities | 2,029 | 2,501 | |||||
Total current liabilities | 2,218 | 18,280 | |||||
Long-term debt | 6,788 | 7,230 | |||||
Other long-term liabilities | 1,387 | 2,563 | |||||
Total liabilities | 10,393 | 28,073 | |||||
Total Caesars stockholders’ equity/(deficit) | 1,052 | (4,997 | ) | ||||
Noncontrolling interests | 1,207 | 255 | |||||
Total stockholders’ equity/(deficit) | 2,259 | (4,742 | ) | ||||
Total liabilities and stockholders’ equity | $ | 12,652 | $ | 23,331 |
Property EBITDA (Legal Entity) | |||||||||||||||||||||
Three Months Ended September 30, | Percent Favorable/ (Unfavorable) | Nine Months Ended September 30, | Percent Favorable/ (Unfavorable) | ||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
CEOC | $ | — | $ | 232 | * | $ | 31 | $ | 711 | * | |||||||||||
CERP | 161 | 131 | 22.9 | % | 518 | 403 | 28.5 | % | |||||||||||||
CGP Casinos | 100 | 51 | 96.1 | % | 291 | 184 | 58.2 | % | |||||||||||||
CIE | 50 | 30 | 66.7 | % | 160 | 77 | 107.8 | % | |||||||||||||
Other | — | — | * | 2 | (45 | ) | * | ||||||||||||||
Total | $ | 311 | $ | 444 | * | $ | 1,002 | $ | 1,330 | * |
* | Not meaningful |
Adjusted EBITDA (Legal Entity) | |||||||||||||||||||||
Three Months Ended September 30, | Percent Favorable/ (Unfavorable) | Nine Months Ended September 30, | Percent Favorable/ (Unfavorable) | ||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
CEOC | $ | — | $ | 232 | * | $ | 34 | $ | 717 | * | |||||||||||
CERP | 157 | 123 | 27.6 | % | 503 | 364 | 38.2 | % | |||||||||||||
CGP Casinos | 96 | 52 | 84.6 | % | 272 | 185 | 47.0 | % | |||||||||||||
CIE | 74 | 53 | 39.6 | % | 205 | 128 | 60.2 | % | |||||||||||||
Other | (10 | ) | (18 | ) | * | (16 | ) | (73 | ) | 78.1 | % | ||||||||||
Total | $ | 317 | $ | 442 | * | $ | 998 | $ | 1,321 | * |
* | Not meaningful |
Three Months Ended September 30, 2015 | Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | CEOC (g) | CERP (h) | CGP Casinos (i) | CIE | Other (j) | CEC | CEOC (g) | CERP (h) | CGP Casinos (i) | CIE | Other (j) | CEC | ||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to company | $ | — | $ | — | $ | (3 | ) | $ | 22 | $ | (810 | ) | $ | (791 | ) | $ | (875 | ) | $ | (149 | ) | $ | 77 | $ | (16 | ) | $ | 55 | $ | (908 | ) | |||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | — | — | (2 | ) | 4 | 33 | 35 | — | — | (3 | ) | (2 | ) | (67 | ) | (72 | ) | |||||||||||||||||||||||||||||||
Net income/(loss) | — | — | (5 | ) | 26 | (777 | ) | (756 | ) | (875 | ) | (149 | ) | 74 | (18 | ) | (12 | ) | (980 | ) | ||||||||||||||||||||||||||||
Net (income)/loss from discontinued operations | — | — | — | — | — | 48 | — | — | 15 | (15 | ) | 48 | ||||||||||||||||||||||||||||||||||||
Net income/(loss) from continuing operations | — | — | (5 | ) | 26 | (777 | ) | (756 | ) | (827 | ) | (149 | ) | 74 | (3 | ) | (27 | ) | (932 | ) | ||||||||||||||||||||||||||||
Income tax (benefit)/provision | — | — | — | 21 | (208 | ) | (187 | ) | (169 | ) | 1 | 1 | 21 | (24 | ) | (170 | ) | |||||||||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes | — | — | (5 | ) | 47 | (985 | ) | (943 | ) | (996 | ) | (148 | ) | 75 | 18 | (51 | ) | (1,102 | ) | |||||||||||||||||||||||||||||
Deconsolidation and restructuring of CEOC and other (a) | — | — | (1 | ) | (5 | ) | 941 | 935 | 101 | — | (19 | ) | — | (16 | ) | 66 | ||||||||||||||||||||||||||||||||
Interest expense | — | 98 | 50 | 1 | (2 | ) | 147 | 583 | 99 | 42 | 2 | (18 | ) | 708 | ||||||||||||||||||||||||||||||||||
Income/(loss) from operations | — | 98 | 44 | 43 | (46 | ) | 139 | (312 | ) | (49 | ) | 98 | 20 | (85 | ) | (328 | ) | |||||||||||||||||||||||||||||||
Depreciation and amortization | — | 52 | 39 | 7 | — | 98 | 88 | 48 | 31 | 7 | (9 | ) | 165 | |||||||||||||||||||||||||||||||||||
Impairment of intangible and tangible assets (b) | — | — | — | — | — | — | 388 | 118 | 63 | — | (70 | ) | 499 | |||||||||||||||||||||||||||||||||||
Other operating costs (c) | — | 1 | 9 | — | 24 | 34 | 13 | 5 | (42 | ) | 3 | 55 | 34 | |||||||||||||||||||||||||||||||||||
Corporate expense | — | 10 | 8 | — | 22 | 40 | 55 | 9 | — | — | 10 | 74 | ||||||||||||||||||||||||||||||||||||
Gain on sale of bonds | — | — | — | — | — | — | — | — | (99 | ) | — | 99 | — | |||||||||||||||||||||||||||||||||||
EBITDA attributable to discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Property EBITDA | — | 161 | 100 | 50 | — | 311 | 232 | 131 | 51 | 30 | — | 444 | ||||||||||||||||||||||||||||||||||||
Corporate expense | — | (10 | ) | (8 | ) | — | (22 | ) | (40 | ) | (55 | ) | (9 | ) | — | — | (10 | ) | (74 | ) | ||||||||||||||||||||||||||||
Stock-based compensation expense (d) | — | 3 | 1 | 23 | 9 | 36 | 11 | — | 1 | 22 | (1 | ) | 33 | |||||||||||||||||||||||||||||||||||
Adjustments to include 100% of Baluma S.A.’s adjusted EBITDA (e) | — | — | — | — | — | — | (2 | ) | — | — | — | — | (2 | ) | ||||||||||||||||||||||||||||||||||
Depreciation in corporate expense | — | — | — | — | — | — | 17 | — | — | — | — | 17 | ||||||||||||||||||||||||||||||||||||
Other items (f) | — | 3 | 3 | 1 | 3 | 10 | 29 | 1 | — | 1 | (7 | ) | 24 | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA, Legal Entity | — | 157 | 96 | 74 | (10 | ) | 317 | 232 | 123 | 52 | 53 | (18 | ) | 442 | ||||||||||||||||||||||||||||||||||
Impact of property transactions | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA, Reportable Segments | $ | — | $ | 157 | $ | 96 | $ | 74 | $ | (10 | ) | $ | 317 | $ | 232 | $ | 123 | $ | 52 | $ | 53 | $ | (18 | ) | $ | 442 |
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | CEOC (g) | CERP (h) | CGP Casinos (i) | CIE | Other (j) | CEC | CEOC (g) | CERP (h) | CGP Casinos (i) | CIE | Other (j) | CEC | |||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to company | $ | (85 | ) | $ | 20 | $ | 120 | $ | 75 | $ | 5,868 | $ | 5,998 | $ | (1,654 | ) | $ | (188 | ) | $ | 83 | $ | (15 | ) | $ | 13 | $ | (1,761 | ) | ||||||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | — | — | (11 | ) | 15 | 90 | 94 | 3 | — | (13 | ) | (2 | ) | (23 | ) | (35 | ) | ||||||||||||||||||||||||||||||||
Net income/(loss) | (85 | ) | 20 | 109 | 90 | 5,958 | 6,092 | (1,651 | ) | (188 | ) | 70 | (17 | ) | (10 | ) | (1,796 | ) | |||||||||||||||||||||||||||||||
Net (income)/loss from discontinued operations | 7 | — | — | — | — | 7 | 149 | — | — | 16 | 13 | 178 | |||||||||||||||||||||||||||||||||||||
Net income/(loss) from continuing operations | (78 | ) | 20 | 109 | 90 | 5,958 | 6,099 | (1,502 | ) | (188 | ) | 70 | (1 | ) | 3 | (1,618 | ) | ||||||||||||||||||||||||||||||||
Income tax (benefit)/provision | — | 13 | — | 48 | (60 | ) | 1 | (424 | ) | (21 | ) | 13 | 19 | (67 | ) | (480 | ) | ||||||||||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes | (78 | ) | 33 | 109 | 138 | 5,898 | 6,100 | (1,926 | ) | (209 | ) | 83 | 18 | (64 | ) | (2,098 | ) | ||||||||||||||||||||||||||||||||
Deconsolidation and restructuring of CEOC and other (k) | — | — | (1 | ) | (5 | ) | (6,156 | ) | (6,162 | ) | 98 | — | (96 | ) | — | 92 | 94 | ||||||||||||||||||||||||||||||||
Interest expense | 87 | 299 | 144 | 4 | (3 | ) | 531 | 1,667 | 288 | 120 | 4 | (125 | ) | 1,954 | |||||||||||||||||||||||||||||||||||
Income/(loss) from operations | 9 | 332 | 252 | 137 | (261 | ) | 469 | (161 | ) | 79 | 107 | 22 | (97 | ) | (50 | ) | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 11 | 151 | 110 | 23 | 1 | 296 | 271 | 153 | 78 | 21 | (52 | ) | 471 | ||||||||||||||||||||||||||||||||||||
Impairment of intangible and tangible assets (b) | — | — | — | — | — | — | 418 | 118 | 63 | — | (50 | ) | 549 | ||||||||||||||||||||||||||||||||||||
Other operating costs (c) | 4 | 3 | (98 | ) | — | 197 | 106 | 89 | 10 | 35 | 35 | 6 | 175 | ||||||||||||||||||||||||||||||||||||
Corporate expense | 7 | 32 | 27 | — | 65 | 131 | 133 | 43 | — | — | 16 | 192 | |||||||||||||||||||||||||||||||||||||
Impact of consolidating The LINQ and Octavius Tower (l) | — | — | — | — | — | — | (33 | ) | — | — | — | 33 | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of bonds | — | — | — | — | — | — | — | — | (99 | ) | — | 99 | |||||||||||||||||||||||||||||||||||||
EBITDA attributable to discontinued operations | — | — | — | — | — | — | (6 | ) | — | — | (1 | ) | — | (7 | ) | ||||||||||||||||||||||||||||||||||
Property EBITDA | 31 | 518 | 291 | 160 | 2 | 1,002 | 711 | 403 | 184 | 77 | (45 | ) | 1,330 | ||||||||||||||||||||||||||||||||||||
Corporate expense | (7 | ) | (32 | ) | (27 | ) | — | (65 | ) | (131 | ) | (133 | ) | (43 | ) | — | — | (16 | ) | (192 | ) | ||||||||||||||||||||||||||||
Stock-based compensation expense (d) | 1 | 10 | 3 | 42 | 37 | 93 | 33 | 1 | 1 | 48 | — | 83 | |||||||||||||||||||||||||||||||||||||
Adjustments to include 100% of Baluma S.A.’s adjusted EBITDA (e) | 3 | — | — | — | — | 3 | 21 | — | — | — | — | 21 | |||||||||||||||||||||||||||||||||||||
Depreciation in corporate expense | 2 | — | — | — | — | 2 | 39 | — | — | — | — | 39 | |||||||||||||||||||||||||||||||||||||
Other items (f) | 4 | 7 | 5 | 3 | 10 | 29 | 46 | 3 | — | 3 | (12 | ) | 40 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA, Legal Entity | 34 | 503 | 272 | 205 | (16 | ) | 998 | 717 | 364 | 185 | 128 | (73 | ) | 1,321 | |||||||||||||||||||||||||||||||||||
Impact of property transactions | — | — | — | — | — | — | (69 | ) | — | — | — | 69 | — | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA, Reportable Segments | $ | 34 | $ | 503 | $ | 272 | $ | 205 | $ | (16 | ) | $ | 998 | $ | 648 | $ | 364 | $ | 185 | $ | 128 | $ | (4 | ) | $ | 1,321 |
(a) | Amounts primarily represent CEC’s estimated costs in connection with the restructuring of CEOC. |
(b) | Amounts represent non-cash charges to impair intangible and tangible assets primarily resulting from changes in the business outlook in light of competitive conditions. |
(c) | Amounts primarily represent pre-opening costs incurred in connection with property openings and expansion projects at existing properties and costs associated with the acquisition and development activities and reorganization activities. |
(d) | Amounts represent stock-based compensation expense related to shares, stock options, and restricted stock granted to the Company’s employees. |
(e) | Amounts represent adjustments to include 100% of Baluma S.A. (Conrad Punta del Este) adjusted EBITDA as permitted under the indentures governing CEOC’s existing notes and the credit agreement governing CEOC’s senior secured credit facilities. |
(f) | Amounts represent add-backs and deductions from EBITDA, permitted under certain indentures. Such add-backs and deductions include litigation awards and settlements, costs associated with CEOC’s restructuring and related litigation, severance and relocation costs, sign-on and retention bonuses, permit remediation costs, and business optimization expenses. |
(g) | Amounts include the results and adjustments of CEOC on a consolidated basis without the exclusion of CEOC’s unrestricted subsidiaries, and therefore, are different than the calculations used to determine compliance with debt covenants under the credit facility. |
(h) | Amounts include the results and adjustments of CERP on a stand-alone basis. |
(i) | Amounts include the results and adjustments attributable to CGP on a stand-alone basis. |
(j) | Amounts include consolidating adjustments, eliminating adjustments and other adjustments to reconcile to consolidated CEC Property EBITDA and Adjusted EBITDA. |
(k) | Amounts primarily represent CEC’s gain recognized upon the deconsolidation of CEOC and estimated costs in connection with the restructuring of CEOC. |
(l) | Amounts represent the EBITDA of The LINQ and Octavius Tower as consolidated in CEOC. Because The LINQ and Octavius Tower are not legally owned by CEOC the related EBITDA impact is removed from Property EBITDA and Adjusted EBITDA measures. |
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