Attached files
file | filename |
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EX-99.1 - EX-99.1 - CAESARS HOLDINGS, INC. | d934662dex991.htm |
8-K - 8-K - CAESARS HOLDINGS, INC. | d934662d8k.htm |
Exhibit 99.2
CEOC, LLC
Unaudited Consolidated Condensed Balance Sheets as of
March 31, 2020 and December 31, 2019 and the Unaudited
Consolidated Condensed Statements of Operations, Members Equity,
and Cash Flows for the Three Months Ended March 31, 2020 and 2019
CEOC, LLC
INDEX
Page | ||||
Unaudited Financial Statements |
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Consolidated Condensed Balance Sheets |
2 | |||
Consolidated Condensed Statements of Operations |
3 | |||
Consolidated Condensed Statements of Members Equity |
4 | |||
Consolidated Condensed Statements of Cash Flows |
5 |
CEOC, LLC
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(In millions) |
March 31, 2020 | December 31, 2019 | ||||||
Assets |
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Current assets |
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Cash and cash equivalents |
$ | 592 | $ | 434 | ||||
Restricted cash |
| 6 | ||||||
Receivables, net |
235 | 271 | ||||||
Due from affiliates, net |
41 | 122 | ||||||
Prepayments and other current assets |
44 | 41 | ||||||
Inventories |
22 | 22 | ||||||
Assets held for sale |
29 | 50 | ||||||
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Total current assets |
963 | 946 | ||||||
Property and equipment, net |
8,141 | 8,268 | ||||||
Goodwill |
2,076 | 2,115 | ||||||
Intangible assets other than goodwill |
1,093 | 1,137 | ||||||
Investments in and advances to non-consolidated affiliates |
| 4 | ||||||
Restricted cash |
10 | 12 | ||||||
Deferred income taxes |
1 | 1 | ||||||
Deferred charges and other assets |
400 | 409 | ||||||
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Total assets |
$ | 12,684 | $ | 12,892 | ||||
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Liabilities and Members Equity |
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Current liabilities |
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Accounts payable |
$ | 83 | $ | 112 | ||||
Due to affiliates, net |
4 | 4 | ||||||
Accrued expenses and other current liabilities |
452 | 497 | ||||||
Interest payable |
60 | | ||||||
Contract liabilities |
30 | 45 | ||||||
Current portion of financing obligations |
5 | 5 | ||||||
Current portion of long-term debt |
107 | 21 | ||||||
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Total current liabilities |
741 | 684 | ||||||
Financing obligations |
8,511 | 8,481 | ||||||
Long-term debt |
1,805 | 1,735 | ||||||
Deferred income taxes |
256 | 280 | ||||||
Deferred credits and other liabilities |
716 | 731 | ||||||
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Total liabilities |
12,029 | 11,911 | ||||||
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Members equity |
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CEOC, LLC members equity |
644 | 967 | ||||||
Noncontrolling interests |
11 | 14 | ||||||
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Total members equity |
655 | 981 | ||||||
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Total liabilities and members equity |
$ | 12,684 | $ | 12,892 | ||||
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2
CEOC, LLC
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31, | ||||||||
(In millions) |
2020 | 2019 | ||||||
Revenues |
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Casino |
$ | 563 | $ | 633 | ||||
Food and beverage |
165 | 192 | ||||||
Rooms |
107 | 136 | ||||||
Management fees |
17 | 25 | ||||||
Other revenue |
65 | 66 | ||||||
Reimbursed management costs |
65 | 66 | ||||||
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Net revenues |
982 | 1,118 | ||||||
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Operating expenses |
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Direct |
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Casino |
351 | 374 | ||||||
Food and beverage |
133 | 135 | ||||||
Rooms |
39 | 40 | ||||||
Property, general, administrative, and other |
241 | 224 | ||||||
Reimbursable management costs |
65 | 66 | ||||||
Depreciation and amortization |
145 | 141 | ||||||
Impairment of goodwill |
38 | | ||||||
Impairment of tangible and other intangible assets |
72 | | ||||||
Corporate expense |
27 | 48 | ||||||
Other operating costs |
3 | 16 | ||||||
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Total operating expenses |
1,114 | 1,044 | ||||||
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Income/(loss) from operations |
(132 | ) | 74 | |||||
Interest expense |
(220 | ) | (226 | ) | ||||
Other income/(loss) |
15 | (2 | ) | |||||
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Loss before income taxes |
(337 | ) | (154 | ) | ||||
Income tax benefit |
23 | 24 | ||||||
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Net loss |
(314 | ) | (130 | ) | ||||
Net loss attributable to noncontrolling interests |
1 | 1 | ||||||
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Net loss attributable to CEOC, LLC |
$ | (313 | ) | $ | (129 | ) | ||
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3
CEOC, LLC
CONSOLIDATED CONDENSED STATEMENTS OF MEMBERS EQUITY
(UNAUDITED)
CEOC, LLC Members Equity | ||||||||||||||||||||||||
(In millions) |
Additional Paid-in- Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total CEOC, LLC Members Equity |
Noncontrolling Interests |
Total Members Equity |
||||||||||||||||||
Balance as of December 31, 2019 |
$ | 1,989 | $ | (1,020 | ) | $ | (2 | ) | $ | 967 | $ | 14 | $ | 981 | ||||||||||
Net loss |
| (313 | ) | | (313 | ) | (1 | ) | (314 | ) | ||||||||||||||
Stock-based compensation |
6 | | | 6 | | 6 | ||||||||||||||||||
Transactions with parent |
(3 | ) | | | (3 | ) | | (3 | ) | |||||||||||||||
Other comprehensive loss, net of tax |
| | (11 | ) | (11 | ) | (2 | ) | (13 | ) | ||||||||||||||
Other |
| (2 | ) | | (2 | ) | | (2 | ) | |||||||||||||||
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Balance as of March 31, 2020 |
$ | 1,992 | $ | (1,335 | ) | $ | (13 | ) | $ | 644 | $ | 11 | $ | 655 | ||||||||||
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Balance as of December 31, 2018 |
$ | 1,742 | $ | (489 | ) | $ | (7 | ) | $ | 1,246 | $ | 15 | $ | 1,261 | ||||||||||
Net loss |
| (129 | ) | | (129 | ) | (1 | ) | (130 | ) | ||||||||||||||
Stock-based compensation |
14 | | | 14 | | 14 | ||||||||||||||||||
Transactions with parent |
2 | | | 2 | | 2 | ||||||||||||||||||
Other comprehensive income, net of tax |
| | 3 | 3 | | 3 | ||||||||||||||||||
Distributions to noncontrolling interests |
| | | | (1 | ) | (1 | ) | ||||||||||||||||
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Balance as of March 31, 2019 |
$ | 1,758 | $ | (618 | ) | $ | (4 | ) | $ | 1,136 | $ | 13 | $ | 1,149 | ||||||||||
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4
CEOC, LLC
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31, | ||||||||
(In millions) |
2020 | 2019 | ||||||
Cash flows provided by/(used in) operating activities |
$ | 36 | $ | (88 | ) | |||
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Cash flows from investing activities |
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Acquisitions of property and equipment, net of change in related payables |
(39 | ) | (28 | ) | ||||
Insurance proceeds for property damage |
| 2 | ||||||
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Cash flows used in investing activities |
(39 | ) | (26 | ) | ||||
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Cash flows from financing activities |
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Proceeds from long-term debt and revolving credit facility |
161 | | ||||||
Repayments of long-term debt |
(4 | ) | (4 | ) | ||||
Transactions with parent |
(3 | ) | 2 | |||||
Distributions to noncontrolling interest owners |
| (1 | ) | |||||
Financing obligation payments |
(1 | ) | (1 | ) | ||||
Other |
| (1 | ) | |||||
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Cash flows provided by/(used in) financing activities |
153 | (5 | ) | |||||
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Net increase/(decrease) in cash, cash equivalents, and restricted cash |
150 | (119 | ) | |||||
Cash, cash equivalents, and restricted cash, beginning of period |
452 | 563 | ||||||
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Cash, cash equivalents, and restricted cash, end of period |
$ | 602 | $ | 444 | ||||
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Supplemental Cash Flow Information: |
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Cash paid for interest |
$ | 129 | $ | 149 | ||||
Non-cash investing and financing activities: |
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Change in accrued capital expenditures |
3 | (2 | ) |
5