FORM 10-Q
(Mark one)
|
ý |
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
|
|
For the quarterly period ended September 30, 2004 |
||
|
|
|
|
OR |
||
|
|
|
|
|
o |
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
|
|
For the transition period from to |
||
(Exact name of registrant as specified in its charter)
|
Delaware |
|
88-0400631 |
|
(State or other
jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
3930
Howard Hughes Parkway |
|
89109 |
|
(Address of principal executive offices) |
|
(Zip code) |
|
|
|
|
|
(702) 699-5000 |
||
|
(Registrant’s telephone number, including area code) |
||
|
|
||
|
N/A |
||
|
(Former name, former address, and former fiscal year, if changed since last report) |
||
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 twelve 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 ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
|
Title of Each Class |
|
Outstanding at November 1, 2004 |
|
Common Stock, par value $0.01 per share |
|
313,036,525 |
CAESARS ENTERTAINMENT, INC.
INDEX
2
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CAESARS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value)
(unaudited)
|
|
|
September 30, |
|
December 31, |
|
||
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
Cash and equivalents |
|
$ |
318 |
|
$ |
298 |
|
|
Accounts receivable, net |
|
148 |
|
161 |
|
||
|
Inventory, prepaids, and other |
|
154 |
|
124 |
|
||
|
Income taxes receivable |
|
— |
|
16 |
|
||
|
Deferred income taxes, net |
|
108 |
|
103 |
|
||
|
Total current assets |
|
728 |
|
702 |
|
||
|
|
|
|
|
|
|
||
|
Assets held for sale |
|
493 |
|
686 |
|
||
|
Investments |
|
77 |
|
181 |
|
||
|
Property and equipment, net |
|
7,152 |
|
6,961 |
|
||
|
Goodwill |
|
700 |
|
700 |
|
||
|
Other assets |
|
339 |
|
284 |
|
||
|
Total assets |
|
$ |
9,489 |
|
$ |
9,514 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
||
|
Accounts payable and accrued expenses |
|
$ |
618 |
|
$ |
622 |
|
|
Current maturities of long-term debt |
|
8 |
|
1 |
|
||
|
Income taxes payable |
|
55 |
|
— |
|
||
|
Liabilities related to assets held for sale |
|
61 |
|
74 |
|
||
|
Total current liabilities |
|
742 |
|
697 |
|
||
|
|
|
|
|
|
|
||
|
Long-term debt, net of current maturities |
|
4,171 |
|
4,618 |
|
||
|
Deferred income taxes, net |
|
954 |
|
957 |
|
||
|
Other liabilities |
|
206 |
|
184 |
|
||
|
Total liabilities |
|
6,073 |
|
6,456 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingent liabilities |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders' Equity: |
|
|
|
|
|
||
|
Common stock, $0.01 par value, 400.0 million shares authorized, 334.0 million and 326.9 million shares issued at September 30, 2004 and December 31, 2003, respectively |
|
3 |
|
3 |
|
||
|
Additional paid-in capital |
|
3,906 |
|
3,828 |
|
||
|
Accumulated deficit |
|
(246 |
) |
(523 |
) |
||
|
Accumulated other comprehensive income |
|
15 |
|
12 |
|
||
|
Common stock in treasury at cost, 23.1 million shares at September 30, 2004 and December 31, 2003 |
|
(262 |
) |
(262 |
) |
||
|
Total stockholders' equity |
|
3,416 |
|
3,058 |
|
||
|
Total liabilities and stockholders' equity |
|
$ |
9,489 |
|
$ |
9,514 |
|
See notes to condensed consolidated financial statements
3
CAESARS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
(unaudited)
|
|
|
Three months ended |
|
Nine months ended |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
Revenues |
|
|
|
|
|
|
|
|
|
||||
|
Casino |
|
$ |
765 |
|
$ |
758 |
|
$ |
2,254 |
|
$ |
2,201 |
|
|
Rooms |
|
144 |
|
129 |
|
425 |
|
382 |
|
||||
|
Food and beverage |
|
124 |
|
116 |
|
374 |
|
330 |
|
||||
|
Other revenue |
|
86 |
|
70 |
|
252 |
|
202 |
|
||||
|
|
|
1,119 |
|
1,073 |
|
3,305 |
|
3,115 |
|
||||
|
Expenses |
|
|
|
|
|
|
|
|
|
||||
|
Casino |
|
||||||||||||