EX-99.2 18 exhibit992-2021q4ceixfinan.htm EX-99.2 Document
Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
Exhibit. Supplemental Consolidating Financial Information
The following tables present the balance sheets as of December 31, 2021 and 2020, statements of operations for years ended December 31, 2021 and 2020, cash flows for years ended December 31, 2021 and 2020, and Adjusted EBITDA for the quarter and year ended December 31, 2021 of Caesars Resort Collection, LLC (“CRC”), as it consolidates into CEI as a wholly-owned subsidiary. “Other Operations, Eliminations” presents the operations of CEI’s other subsidiaries, including eliminations of intercompany transactions. CEI consolidated balance does not include CRC until the period starting from July 20, 2020.
The consolidating condensed balance sheets as of December 31, 2021 and 2020 are as follows:
December 31, 2021December 31, 2020
(In millions)
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$508 $562 $1,070 $392 $1,384 $1,776 
Restricted cash and investments13 306 319 9 2,012 2,021 
Accounts receivable, net369 103 472 267 75 342 
Due from affiliates— — — 613 (569)44 
Inventories30 12 42 30 14 44 
Prepayments and other current assets189 101 290 159 94 253 
Assets held for sale— 3,771 3,771 871 712 1,583 
Total current assets1,109 4,855 5,964 2,341 3,722 6,063 
Investments in and advances to unconsolidated affiliates— 158 158 — 173 173 
Property and equipment, net11,688 2,913 14,601 12,165 2,570 14,735 
Gaming rights and other intangibles, net3,255 1,665 4,920 3,181 1,102 4,283 
Goodwill9,014 2,062 11,076 9,013 851 9,864 
Other assets, net1,500 (188)1,312 1,443 (176)1,267 
Total assets$26,566 $11,465 $38,031 $28,143 $8,242 $36,385 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable175 79 254 112 55 167 
Accrued interest118 202 320 46 183 229 
Accrued other liabilities1,053 920 1,973 851 412 1,263 
Due to affiliates601 (601)— 12 (12)— 
Current portion of long-term debt$67 $3 $70 $67 $— $67 
Liabilities related to assets held for sale— 2,680 2,680 548 239 787 
Total current liabilities2,014 3,283 5,297 1,636 877 2,513 
Long-term financing obligation11,191 1,233 12,424 11,064 1,231 12,295 
Long-term debt6,861 6,861 13,722 8,304 5,769 14,073 
Long-term debt to related party 15 (15)— 15 (15)— 
Deferred income taxes1,555 (444)1,111 1,223 (57)1,166 
Other long-term liabilities524 412 936 682 622 1,304 
Total liabilities22,160 11,330 33,490 22,924 8,427 31,351 
STOCKHOLDERS' EQUITY:


Caesars stockholders’ equity4,395 85 4,480 5,202 (186)5,016 
Noncontrolling interests11 50 61 17 1 18 
Total stockholders’ equity4,406 135 4,541 5,219 (185)5,034 
Total liabilities and stockholders’ equity$26,566 $11,465 $38,031 $28,143 $8,242 $36,385 
____________________
(1)In connection with the Merger, CEOC, LLC has been contributed to CRC and the results for the periods presented have been recast as the contribution was between entities under common control.

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of operations for years ended December 31, 2021 and 2020 are as follows:
Year Ended December 31, 2021Year Ended December 31, 2020
(In millions)
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
REVENUES:
Casino and pari-mutuel commissions$4,010 $1,817 $5,827 $2,719 $(237)$2,482 
Food and beverage970 170 1,140 596 (254)342 
Hotel1,309 242 1,551 686 (236)450 
Other933 119 1,052 614 (260)354 
Net revenues7,222 2,348 9,570 4,615 (987)3,628 
EXPENSES:
Casino and pari-mutuel commissions1,830 1,299 3,129 1,603 (332)1,271 
Food and beverage587 120 707 476 (211)265 
Hotel357 81 438 263 (93)170 
Other353 20 373 310 (170)140 
General and administrative1,214 568 1,782 1,165 (263)902 
Corporate249 60 309 224 (29)195 
Impairment charges102 — 102 68 147 215 
Depreciation and amortization891 235 1,126 938 (355)583 
Transaction costs and other operating costs56 88 144 170 100 270 
Total operating expenses5,639 2,471 8,110 5,217 (1,206)4,011 
Operating income (loss)1,583 (123)1,460 (602)219 (383)
OTHER EXPENSE:
Interest expense, net(1,648)(647)(2,295)(1,465)263 (1,202)
Loss on extinguishment of debt(200)(36)(236)— (197)(197)
Other income (loss)(2)(196)(198)(13)189 176 
Total other expense(1,850)(879)(2,729)(1,478)255 (1,223)
Income (loss) from continuing operations before income taxes(267)(1,002)(1,269)(2,080)474 (1,606)
Benefit (provision) for income taxes60 223 283 (171)39 (132)
Net income (loss) from continuing operations, net of income taxes(207)(779)(986)(2,251)513 (1,738)
Discontinued operations, net of income taxes(22)(8)(30)(20)— (20)
Net income (loss)(229)(787)(1,016)(2,271)513 (1,758)
Net (income) loss attributable to noncontrolling interests(3)— (3)6 (5)1 
Net income (loss) attributable to Caesars$(232)$(787)$(1,019)$(2,265)$508 $(1,757)
____________________
(1)In connection with the Merger, CEOC, LLC has been contributed to CRC and the results for the periods presented have been recast as the contribution was between entities under common control.







Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The consolidating condensed statements of cash flows for years ended December 31, 2021 and 2020 are as follows:
Year Ended December 31, 2021Year Ended December 31, 2020
(In millions)
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$2,304 $(1,105)$1,199 $(759)$198 $(561)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net(327)(193)(520)(294)130 (164)
Former Caesars acquisition, net of cash acquired— — — — (6,314)(6,314)
William Hill acquisition, net of cash acquired— (1,581)(1,581)— — — 
Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated— (5)(5)— — — 
Acquisition of gaming rights and trademarks(262)(50)(312)(80)45 (35)
Proceeds from sale of businesses, property and equipment, net of cash sold261 465 726 14 352 366 
Proceeds from the sale of investments— 239 239 — 25 25 
Proceeds from insurance related to property damage— 44 44 — 17 17 
Investments in unconsolidated affiliates— (39)(39)— (1)(1)
Other— — — — 6 6 
Net cash provided used in investing activities(328)(1,120)(1,448)(360)(5,740)(6,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities108 1,200 1,308 3,938 5,827 9,765 
Repayments of long-term debt and revolving credit facilities(1,875)(102)(1,977)(2,412)(1,330)(3,742)
Proceeds from sale-leaseback financing arrangement— — — 3,219 5 3,224 
Financing obligation payments— (5)(5)(58)9 (49)
Transactions with parent(117)117 — (4,384)4,384 — 
Debt issuance and extinguishment costs— (56)(56)(124)(232)(356)
Proceeds from issuance of common stock— 3 3 — 2,718 2,718 
Cash paid to settle convertible notes— (367)(367)— (903)(903)
Taxes paid related to net share settlement of equity awards— (45)(45)— (16)(16)
Distributions to noncontrolling interest— (2)(2)— — — 
Net cash provided by (used in) financing activities(1,884)743 (1,141)179 10,462 10,641 
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities26 (53)(27)7 (28)(21)
Cash flows from investing activities(2)(1,473)(1,475)(6)1 (5)
Cash flows from financing activities— 591 591 — — — 
Net cash from discontinued operations24 (935)(911)1 (27)(26)
Change in cash, cash equivalents, and restricted cash classified as assets held for sale— 10 10 (72)52 (20)
Effect of foreign currency exchange rates on cash— 32 32 — 129 129 
Increase (decrease) in cash, cash equivalents and restricted cash116 (2,375)(2,259)(1,011)5,074 4,063 
Cash, cash equivalents and restricted cash, beginning of period411 3,869 4,280 1,422 (1,205)217 
Cash, cash equivalents and restricted cash, end of period$527 $1,494 $2,021 $411 $3,869 $4,280 
____________________
(1)In connection with the Merger, CEOC, LLC has been contributed to CRC and the results for the periods presented have been recast as the contribution was between entities under common control.

Supplemental Consolidating Financial Information
Caesars Resort Collection, LLC
(Unaudited)
The reconciliations of net income (loss) attributable to Caesars to Adjusted EBITDA for quarter and year ended December 31, 2021 are as follows:
Three Months Ended December 31, 2021Year Ended December 31, 2021
(In millions)
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
CRC (1)
Other Operations,
Eliminations		CEI Consolidated
Net loss attributable to Caesars$(127)$(307)$(434)$(232)$(787)$(1,019)
Net income attributable to noncontrolling interests1 — 1 3 — 3 
Net income (loss) from discontinued operations— (8)(8)22 8 30 
Income tax (benefit)/provision11 (127)(116)(60)(223)(283)
Other (income)/loss (3)25 22 2 196 198 
Loss on extinguishment of debt93 3 96 200 36 236 
Interest expense393 168 561 1,648 647 2,295 
Depreciation and amortization215 69 284 891 235 1,126 
Impairment charges102 — 102 102 — 102 
Transaction costs and other operating costs5 26 31 56 88 144 
Stock-based compensation expense 18 — 18 55 27 82 
Other items13 11 24 45 31 76 
Adjusted EBITDA$721 $(140)$581 $2,732 $258 $2,990 
____________________
(1)In connection with the Merger, CEOC, LLC has been contributed to CRC and the results for the periods presented have been recast as the contribution was between entities under common control.