Caesars Entertainment Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
CZR$29.30+0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $828 | $(910) | $(1,016) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Discontinued operations, net of income taxes | — | 386 | 30 |
| Depreciation and amortization | 1,261 | 1,205 | 1,126 |
| Amortization of deferred financing costs and discounts | 200 | 297 | 347 |
| Provision for doubtful accounts | 41 | 25 | 26 |
| Loss on extinguishment of debt | 200 | 85 | 236 |
| Non-cash lease amortization | 51 | 54 | 39 |
| (Gain) loss on investments | (5) | 54 | 107 |
| Stock-based compensation expense | 104 | 101 | 82 |
| Loss on sale of businesses and disposal of property and equipment | 22 | 5 | 11 |
| Impairment charges | 95 | 108 | 102 |
| Deferred income taxes | (888) | (41) | (283) |
| (Gain) loss on derivatives | — | (73) | 127 |
| Foreign currency transaction gain | — | — | (21) |
| Other non-cash adjustments to net (income) loss | (40) | (57) | (8) |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (82) | (143) | (135) |
| Prepaid expenses and other assets | 39 | (15) | (67) |
| Income taxes (receivable) payable | (27) | (7) | 13 |
| Accounts payable, accrued expenses and other liabilities | 10 | (82) | 482 |
| Other | — | 1 | 1 |
| Net cash provided by operating activities | 1,809 | 993 | 1,199 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchase of property and equipment | (1,264) | (952) | (520) |
| Acquisition of William Hill, net of cash acquired | — | — | (1,581) |
| Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated | — | — | (5) |
| Acquisition of gaming rights and trademarks | (30) | (11) | (312) |
| Proceeds from sale of businesses, property and equipment, net of cash sold | 1 | 39 | 726 |
| Proceeds from the sale of investments | 4 | 126 | 239 |
| Proceeds from insurance related to property damage | — | 36 | 44 |
| Investments in unconsolidated affiliates | (3) | — | (39) |
| Other | 36 | (6) | — |
| Net cash used in investing activities | (1,256) | (768) | (1,448) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from long-term debt and revolving credit facilities | 5,460 | 1,500 | 1,308 |
| Repayments of long-term debt and revolving credit facilities | (6,106) | (2,738) | (1,977) |
| Financing obligation payments | (8) | (3) | (5) |
| Debt issuance and extinguishment costs | (79) | (12) | (56) |
| Proceeds from issuance of common stock | — | 1 | 3 |
| Cash paid to settle convertible notes | — | — | (367) |
| Taxes paid related to net share settlement of equity awards | (27) | (27) | (45) |
| Payments to acquire ownership interest in subsidiary | (66) | — | — |
| Contributions from noncontrolling interest owners | 116 | — | — |
| Distributions to noncontrolling interest | (3) | (3) | (2) |
| Net cash used in financing activities | (713) | (1,282) | (1,141) |
| Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||
| Cash flows from operating activities | — | (18) | (27) |
| Cash flows from investing activities | — | 386 | (1,475) |
| Cash flows from financing activities | — | — | 591 |
| Net cash from discontinued operations | — | 368 | (911) |
| Change in cash, cash equivalents, and restricted cash classified as assets held for sale | — | — | 10 |
| Effect of foreign currency exchange rates on cash | — | (29) | 32 |
| Decrease in cash, cash equivalents and restricted cash | (160) | (718) | (2,259) |
| Cash, cash equivalents and restricted cash, beginning of period | 1,303 | 2,021 | 4,280 |
| Cash, cash equivalents and restricted cash, end of period | $1,143 | $1,303 | $2,021 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS: | |||
| Cash and cash equivalents | $1,005 | $1,038 | $1,070 |
| Restricted cash | 122 | 131 | 319 |
| Restricted and escrow cash included in other noncurrent assets | 16 | 134 | 323 |
| Cash and cash equivalents and restricted cash in discontinued operations | — | — | 309 |
| Total cash, cash equivalents and restricted cash | $1,143 | $1,303 | $2,021 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Cash interest paid for debt | $846 | $805 | $831 |
| Cash interest paid for rent related to financing obligations | 1,286 | 1,205 | 1,092 |
| Income taxes paid, net | 26 | 22 | 9 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Payables for capital expenditures | 169 | 145 | 100 |
| Convertible notes settled with shares | — | — | 440 |
| Land contributed to joint venture | — | — | 61 |
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