Caesars Entertainment Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Item 16. Form 10-K Summary
None.
CONDENSED BALANCE SHEETS
| As of December 31, | ||
|---|---|---|
| (In millions) | 2023 | 2022 |
| ASSETS | ||
| Current assets | $135 | $188 |
| Investment in and advances to unconsolidated affiliates | — | 3 |
| Investment in subsidiaries | 11,523 | 10,465 |
| Property and equipment, net | 2 | 4 |
| Long-term intercompany notes | 4,401 | — |
| Other long-term assets, net | 25 | 146 |
| Total assets | $16,086 | $10,806 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | $306 | $236 |
| Long-term debt | 11,199 | 6,826 |
| Other long-term liabilities | 29 | 31 |
| Total liabilities | 11,534 | 7,093 |
| Total stockholders’ equity | 4,552 | 3,713 |
| Total liabilities and stockholders’ equity | $16,086 | $10,806 |
CONDENSED STATEMENTS OF OPERATIONS
| Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Net revenues | $— | $— | $4 |
| Expenses: | |||
| Corporate expense | 2 | 4 | 43 |
| Depreciation and amortization | 2 | 4 | 6 |
| Transaction and other costs, net | (26) | 11 | 60 |
| Total operating expenses | (22) | 19 | 109 |
| Operating income (loss) | 22 | (19) | (105) |
| Other expense: | |||
| Interest expense | (507) | (428) | (395) |
| Income (loss) on interests in subsidiaries | 1,268 | (492) | (437) |
| Loss on extinguishment of debt | — | — | (14) |
| Other income (loss) | 3 | 40 | (72) |
| Income (loss) from operations before income taxes | 786 | (899) | (1,023) |
| Benefit for income taxes | — | — | 4 |
| Net income (loss) | $786 | $(899) | $(1,019) |
CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Cash flows used in operating activities | $(296) | $(329) | $(448) |
| Cash flows from investing activities | |||
| Issuance of long-term intercompany notes | (4,420) | — | — |
| Collections from long-term intercompany notes | 19 | — | — |
| Purchase of property and equipment, net | — | — | (1) |
| William Hill Acquisition | — | — | (3,938) |
| Proceeds from sale of businesses, property and equipment, net of cash sold | — | 15 | — |
| Proceeds from the sale of investments | — | 84 | 89 |
| Cash flows provided by (used in) investing activities | (4,401) | 99 | (3,850) |
| Cash flows from financing activities | |||
| Proceeds from long-term debt and revolving credit facilities | 5,460 | 750 | 1,200 |
| Debt issuance and extinguishment costs | (79) | (12) | (17) |
| Repayments of long-term debt and revolving credit facilities | (1,017) | (89) | (100) |
| Net proceeds (repayments) with related parties | 189 | (592) | 705 |
| Cash paid to settle convertible notes | — | — | (367) |
| Taxes paid related to net share settlement of equity awards | (27) | (27) | (45) |
| Proceeds from issuance of common stock | — | 1 | 3 |
| Cash flows provided by financing activities | 4,526 | 31 | 1,379 |
| Decrease in cash, cash equivalents, and restricted cash | (171) | (199) | (2,919) |
| Cash, cash equivalents, and restricted cash, beginning of period | 316 | 515 | 3,434 |
| Cash, cash equivalents, and restricted cash, end of period | $145 | $316 | $515 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED BALANCE SHEETS | |||
| Cash and cash equivalents in current assets | $134 | $185 | $199 |
| Restricted and escrow cash included in other long-term assets, net | 11 | 131 | 316 |
| Total cash, cash equivalents and restricted cash | $145 | $316 | $515 |
NOTES TO CONDENSED FINANCIAL INFORMATION
- Background and basis of presentation
These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Caesars Entertainment, Inc. and its subsidiaries exceed 25% of the consolidated net assets of Caesars Entertainment, Inc. and its subsidiaries (the “Company”). This information should be read in conjunction with the Company’s consolidated financial statements included elsewhere in this filing.
- Restricted net assets of subsidiaries
Certain of the Company’s subsidiaries have restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements and regulatory restrictions. The amount of restricted net assets the Company’s consolidated subsidiaries held as of December 31, 2023 was approximately $4.5 billion. Such restrictions are on net assets of Caesars Entertainment, Inc. and its subsidiaries. The amount of restricted net assets in the Company’s unconsolidated subsidiaries was not material to the financial statements.
- Commitments, contingencies, and long-term obligations
For a discussion of the Company’s commitments, contingencies, and long-term obligations under its credit facilities, see Note 11 and Note 12 of the Company’s consolidated financial statements.
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