FORM 10-Q
(Mark one)
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended March 31, 2005 |
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OR |
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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)
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Delaware |
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88-0400631 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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3930 Howard Hughes Parkway |
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Las Vegas, Nevada |
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89109 |
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(Address of principal executive offices) |
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(Zip code) |
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(702) 699-5000 |
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(Registrant’s telephone number, including area code) |
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N/A |
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(Former name, former address, and former fiscal year, if changed since last report) |
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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:
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Title of Each Class |
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Outstanding at May 2, 2005 |
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Common Stock, par value $0.01 per share |
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314,823,331 |
CAESARS ENTERTAINMENT, INC.
INDEX
2
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CAESARS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value)
(unaudited)
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March 31, |
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December 31, |
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2005 |
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2004 |
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Assets |
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Cash and cash equivalents |
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$ |
216 |
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$ |
299 |
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Accounts receivable, net |
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177 |
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183 |
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Inventory, prepaids, and other |
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147 |
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137 |
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Deferred income taxes, net |
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107 |
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117 |
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Total current assets |
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647 |
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736 |
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Assets held for sale |
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578 |
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626 |
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Investments |
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86 |
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35 |
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Property and equipment, net |
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7,185 |
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7,173 |
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Goodwill |
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707 |
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688 |
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Other assets |
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369 |
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338 |
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Total assets |
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$ |
9,572 |
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$ |
9,596 |
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Liabilities and Stockholders’ Equity |
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Accounts payable and accrued expenses |
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$ |
658 |
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$ |
699 |
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Current maturities of long-term debt |
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8 |
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8 |
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Income taxes payable |
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115 |
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108 |
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Liabilities related to assets held for sale |
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14 |
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14 |
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Total current liabilities |
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795 |
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829 |
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Long-term debt, net of current maturities |
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4,118 |
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4,143 |
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Deferred income taxes, net |
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989 |
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1,016 |
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Other liabilities |
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125 |
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126 |
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Total liabilities |
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6,027 |
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6,114 |
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Commitments and contingent liabilities |
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Stockholders’ Equity: |
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Common stock, $0.01 par value, 400.0 million shares authorized, 337.9 million and 336.9 million shares issued at March 31, 2005 and December 31, 2004, respectively |
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3 |
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3 |
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Preferred stock, $0.01 par value, 100.0 million shares authorized |
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— |
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— |
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Additional paid-in capital |
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3,960 |
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3,945 |
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Accumulated deficit |
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(176 |
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(226 |
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Accumulated other comprehensive income |
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20 |
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22 |
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Common stock in treasury at cost, 23.1 million shares at March 31, 2005 and December 31, 2004 |
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(262 |
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(262 |
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Total stockholders’ equity |
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3,545 |
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3,482 |
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Total liabilities and stockholders’ equity |
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$ |
9,572 |
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$ |
9,596 |
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See notes to condensed consolidated financial statements
3
CAESARS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
(unaudited)
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Three months ended |
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March 31, |
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2005 |
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2004 |
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Net Revenues |
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Casino |
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$ |
746 |
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$ |
736 |
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Rooms |
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152 |
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136 |
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Food and beverage |
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124 |
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120 |
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Other revenue |
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74 |
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83 |
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1,096 |
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1,075 |
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Expenses |
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Casino |
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361 |
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369 |
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Rooms |
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