2021 Q4 Form 10-K Financial Statement

#000159089522000061 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.591B $9.570B $1.497B
YoY Change 73.08% 163.78% 152.82%
Cost Of Revenue $1.554B $4.956B $852.0M
YoY Change 82.39% 152.47% 189.01%
Gross Profit $1.037B $4.614B $645.0M
YoY Change 60.78% 205.36% 116.88%
Gross Profit Margin 40.02% 48.21% 43.09%
Selling, General & Admin $498.0M $1.782B $387.0M
YoY Change 28.68% 102.04% 160.78%
% of Gross Profit 48.02% 38.62% 60.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $284.0M $1.126B $261.0M
YoY Change 8.81% 93.14% 378.02%
% of Gross Profit 27.39% 24.4% 40.47%
Operating Expenses $782.0M $2.908B $648.0M
YoY Change 20.68% 98.5% 219.21%
Operating Profit $255.0M $1.460B -$3.000M
YoY Change -8600.0% -481.2% -105.09%
Interest Expense -$561.0M $2.295B -$566.0M
YoY Change -0.88% 90.93% 827.87%
% of Operating Profit -220.0% 157.19%
Other Income/Expense, Net -$22.00M -$2.729B $177.0M
YoY Change -112.43% 123.14%
Pretax Income -$557.0M -$1.269B -$496.0M
YoY Change 12.3% -20.98% 6023.46%
Income Tax -$116.0M -$283.0M $62.00M
% Of Pretax Income
Net Earnings -$434.0M -$1.019B -$555.0M
YoY Change -21.8% -42.0% 4098.5%
Net Earnings / Revenue -16.75% -10.65% -37.07%
Basic Earnings Per Share -$4.83
Diluted Earnings Per Share -$2.057M -$4.83 -$2.668M
COMMON SHARES
Basic Shares Outstanding 213.8M shares 211.0M shares 208.3M shares
Diluted Shares Outstanding 211.0M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.070B $1.070B $1.758B
YoY Change -39.14% -39.14% 629.46%
Cash & Equivalents $1.070B $1.070B $1.776B
Short-Term Investments
Other Short-Term Assets $4.380B $4.380B $4.483B
YoY Change -2.3% -2.3% 1456.6%
Inventory $42.00M $42.00M $44.00M
Prepaid Expenses $290.0M $253.0M
Receivables $472.0M $472.0M $342.0M
Other Receivables $0.00 $0.00 $44.00M
Total Short-Term Assets $5.964B $5.964B $6.063B
YoY Change -1.63% -10.54% 902.15%
LONG-TERM ASSETS
Property, Plant & Equipment $14.60B $14.60B $14.74B
YoY Change -0.91% 1.87% 463.48%
Goodwill $11.08B $9.864B
YoY Change 12.29% 983.96%
Intangibles $4.920B $4.283B
YoY Change 14.87% 285.51%
Long-Term Investments $158.0M $158.0M $173.0M
YoY Change -8.67% -8.67% 27.21%
Other Assets $1.312B $1.312B $1.267B
YoY Change 3.55% 6.15% 379.92%
Total Long-Term Assets $32.07B $32.07B $30.32B
YoY Change 5.75% 7.9% 502.1%
TOTAL ASSETS
Total Short-Term Assets $5.964B $5.964B $6.063B
Total Long-Term Assets $32.07B $32.07B $30.32B
Total Assets $38.03B $38.03B $36.39B
YoY Change 4.52% 4.52% 545.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $254.0M $254.0M $167.0M
YoY Change 52.1% 53.94% 169.35%
Accrued Expenses $2.293B $2.293B $1.468B
YoY Change 56.2% 56.2% 360.19%
Deferred Revenue $614.0M $251.0M
YoY Change 144.62% 684.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $70.00M $70.00M $67.00M
YoY Change 4.48% 4.48% -72.76%
Total Short-Term Liabilities $5.297B $5.297B $2.513B
YoY Change 110.78% 104.91% 265.26%
LONG-TERM LIABILITIES
Long-Term Debt $13.72B $26.15B $14.07B
YoY Change -2.49% -0.84% 505.29%
Other Long-Term Liabilities $936.0M $936.0M $1.304B
YoY Change -28.22% -24.03% 280.17%
Total Long-Term Liabilities $14.66B $27.08B $15.38B
YoY Change -4.68% -1.88% 476.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.297B $5.297B $2.513B
Total Long-Term Liabilities $14.66B $27.08B $15.38B
Total Liabilities $33.49B $33.55B $31.35B
YoY Change 6.82% 6.96% 592.99%
SHAREHOLDERS EQUITY
Retained Earnings -$2.410B -$1.391B
YoY Change 73.26% -480.05%
Common Stock $6.877B $6.382B
YoY Change 7.76% 739.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.00M $9.000M
YoY Change 155.56% 0.0%
Treasury Stock Shares 363.0K shares 223.8K shares
Shareholders Equity $4.480B $4.480B $5.016B
YoY Change
Total Liabilities & Shareholders Equity $38.03B $38.03B $36.39B
YoY Change 4.52% 4.52% 545.01%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$434.0M -$1.019B -$555.0M
YoY Change -21.8% -42.0% 4098.5%
Depreciation, Depletion And Amortization $284.0M $1.126B $261.0M
YoY Change 8.81% 93.14% 378.02%
Cash From Operating Activities $253.0M $1.182B -$389.0M
YoY Change -165.04% -301.71% -842.37%
INVESTING ACTIVITIES
Capital Expenditures -$237.0M $520.0M -$69.00M
YoY Change 243.48% 217.07% 92.74%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00 $146.0M
YoY Change -101.37% -100.0% -60.2%
Cash From Investing Activities -$239.0M -$2.923B $77.00M
YoY Change -410.39% -52.74% -76.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000M
YoY Change -100.11%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -882.0M -550.0M 698.0M
YoY Change -226.36% -105.17% -279.53%
NET CHANGE
Cash From Operating Activities 253.0M 1.182B -389.0M
Cash From Investing Activities -239.0M -2.923B 77.00M
Cash From Financing Activities -882.0M -550.0M 698.0M
Net Change In Cash -868.0M -$2.259B 386.0M
YoY Change -324.87% -155.6% -7248.15%
FREE CASH FLOW
Cash From Operating Activities $253.0M $1.182B -$389.0M
Capital Expenditures -$237.0M $520.0M -$69.00M
Free Cash Flow $490.0M $662.0M -$320.0M
YoY Change -253.13% -188.27% -462.81%

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CY2021 czr Change In Cash Classified As Assets Held For Sale
ChangeInCashClassifiedAsAssetsHeldForSale
10000000 USD
CY2020 czr Change In Cash Classified As Assets Held For Sale
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-20000000 USD
CY2019 czr Change In Cash Classified As Assets Held For Sale
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0 USD
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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129000000 USD
CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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0 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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4063000000 USD
CY2020 czr Exchange For Sale Leaseback Financing Obligation
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246000000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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4280000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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217000000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1070000000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1776000000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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206000000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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319000000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
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309000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
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0 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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217000000 USD
CY2021 us-gaap Interest Paid Net
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1923000000 USD
CY2020 us-gaap Interest Paid Net
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892000000 USD
CY2019 us-gaap Interest Paid Net
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277000000 USD
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9000000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
51000000 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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100000000 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
40000000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
11000000 USD
CY2021 czr Exchange For Sale Leaseback Financing Obligation
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0 USD
CY2019 czr Exchange For Sale Leaseback Financing Obligation
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0 USD
CY2021 us-gaap Debt Conversion Converted Instrument Amount1
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440000000 USD
CY2020 us-gaap Debt Conversion Converted Instrument Amount1
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454000000 USD
CY2019 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2021 us-gaap Contribution Of Property
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61000000 USD
CY2020 us-gaap Contribution Of Property
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0 USD
CY2019 us-gaap Contribution Of Property
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0 USD
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CY2020 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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2381000000 USD
CY2019 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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0 USD
CY2021Q4 czr Total Number Of Properties
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52 property
CY2021Q4 us-gaap Number Of States In Which Entity Operates
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16 state
CY2021Q4 czr Number Of Slot Machines And Video Lottery Terminals
NumberOfSlotMachinesAndVideoLotteryTerminals
55700 machine
CY2021Q4 czr Number Of Table Games
NumberOfTableGames
2900 game
CY2021Q4 czr Number Of Rooms In Hotel
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47700 hotel
CY2021 us-gaap Advertising Expense
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518000000 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
64000000 USD
CY2019 us-gaap Advertising Expense
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29000000 USD
CY2021 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications of prior year presentations have been made to conform to the current period presentation. In June 2021, the Indiana Gaming Commission amended its order that previously required the Company to sell a third casino asset in the state. As a result, Horseshoe Hammond no longer meets the held for sale criteria. The assets and liabilities held for sale have been reclassified as held and used for all periods presented measured at the lower of the carrying amount, adjusted for depreciation and amortization that would have been recognized had the assets been continuously classified as held and used, and the fair value at the date of the amended ruling. Additionally, amounts previously presented in discontinued operations have been reclassified into continuing operations for all relevant periods presented.</span></div>
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2002000000 USD
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1048000000 USD
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14601000000 USD
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14735000000 USD
CY2021 us-gaap Depreciation
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CY2019 us-gaap Depreciation
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922000000 USD
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53000000 USD
CY2020 czr Goodwill Impaired Accumulated Impairment Loss Assets Held For Sale
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8000000 USD
CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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104000000 USD
CY2020 czr Goodwill Assets Held For Sale
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18000000 USD
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1000000 USD
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104000000 USD
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104000000 USD
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501000000 USD
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1058000000 USD
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4283000000 USD
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1111000000 USD
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0 USD
CY2020 us-gaap Impairment Of Intangible Assets Finitelived
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0 USD
CY2021 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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102000000 USD
CY2020 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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22000000 USD
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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102000000 USD
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CY2021 us-gaap Amortization Of Intangible Assets
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139000000 USD
CY2020 us-gaap Amortization Of Intangible Assets
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56000000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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139000000 USD
CY2020 us-gaap Amortization Of Intangible Assets
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56000000 USD
CY2021 czr Amortizing Intangible Assets Held For Sale
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0 USD
CY2020 czr Amortizing Intangible Assets Held For Sale
AmortizingIntangibleAssetsHeldForSale
5000000 USD
CY2021 czr Indefinite Lived Excluding Goodwill Assets Held For Sale
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CY2020 czr Indefinite Lived Excluding Goodwill Assets Held For Sale
IndefiniteLivedExcludingGoodwillAssetsHeldForSale
174000000 USD
CY2021 czr Indefinite Lived Intangible Assets Other Charges
IndefiniteLivedIntangibleAssetsOtherCharges
0 USD
CY2020 czr Indefinite Lived Intangible Assets Other Charges
IndefiniteLivedIntangibleAssetsOtherCharges
179000000 USD
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CY2020 us-gaap Finitelived Intangible Assets Acquired1
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489000000 USD
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43000000 USD
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CY2021 czr Intangible Assets Acquired
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CY2020 czr Intangible Assets Acquired
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3394000000 USD
CY2021 czr Finite Lived Gaming Rights And Trademarks Acquired
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253000000 USD
CY2020 czr Finite Lived Gaming Rights And Trademarks Acquired
FiniteLivedGamingRightsAndTrademarksAcquired
20000000 USD
CY2021 czr Indefinite Lived Gaming Rights And Trademarks Acquired
IndefiniteLivedGamingRightsAndTrademarksAcquired
50000000 USD
CY2020 czr Indefinite Lived Gaming Rights And Trademarks Acquired
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CY2021 czr Gaming Rights And Trademarks Acquired
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303000000 USD
CY2020 czr Gaming Rights And Trademarks Acquired
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35000000 USD
CY2021 czr Other Change In Finite Lived Intangible Assets
OtherChangeInFiniteLivedIntangibleAssets
19000000 USD
CY2020 czr Other Change In Finite Lived Intangible Assets
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0 USD
CY2021 czr Other Change In Indefinite Lived Intangible Assets
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CY2020 czr Other Change In Indefinite Lived Intangible Assets
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0 USD
CY2021 czr Other Change In Intangible Assets
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CY2020 czr Other Change In Intangible Assets
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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501000000 USD
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3711000000 USD
CY2020Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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3782000000 USD
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
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4920000000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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4283000000 USD
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1443000000 USD
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234000000 USD
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1209000000 USD
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594000000 USD
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93000000 USD
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501000000 USD
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3711000000 USD
CY2020Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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3782000000 USD
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4920000000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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4283000000 USD
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62000000 USD
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34000000 USD
CY2021 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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28000000 USD
CY2021Q4 us-gaap Contract With Customer Liability Current
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CY2020Q4 us-gaap Contract With Customer Liability Current
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251000000 USD
CY2021Q4 czr Accrued Payroll And Other Related Current
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377000000 USD
CY2020Q4 czr Accrued Payroll And Other Related Current
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180000000 USD
CY2021Q4 us-gaap Self Insurance Reserve Current
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221000000 USD
CY2020Q4 us-gaap Self Insurance Reserve Current
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223000000 USD
CY2021Q4 us-gaap Accrued Income Taxes Current
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183000000 USD
CY2020Q4 us-gaap Accrued Income Taxes Current
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172000000 USD
CY2021Q4 us-gaap Accrued Marketing Costs Current
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159000000 USD
CY2020Q4 us-gaap Accrued Marketing Costs Current
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16000000 USD
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50000000 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
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51000000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
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49000000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
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53000000 USD
CY2021Q4 us-gaap Restructuring Reserve Current
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12000000 USD
CY2020Q4 us-gaap Restructuring Reserve Current
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28000000 USD
CY2021Q4 us-gaap Other Liabilities Current
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308000000 USD
CY2020Q4 us-gaap Other Liabilities Current
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289000000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
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1973000000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
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1263000000 USD
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13000000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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38000000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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662000000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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457000000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
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49000000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
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53000000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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726000000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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516000000 USD
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P28Y9M18D
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P25Y7M6D
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0.081
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.084
CY2021 us-gaap Lease Cost
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232000000 USD
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775000000 USD
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FinanceLeaseWeightedAverageRemainingLeaseTerm1
P37Y
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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40000000 USD
CY2021 us-gaap Operating Lease Payments
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CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
49000000 USD
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108000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
104000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
69000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
65000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
64000000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2011000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2421000000 USD
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1646000000 USD
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
43000000 USD
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
64000000 USD
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
64000000 USD
CY2021Q4 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.1101
CY2021 czr Failed Sale Leaseback Transaction Lease Term
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CY2021Q4 czr Debt Estimate Interest Payment Due
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CY2021Q4 czr Debt Service Obligation Maturities Repayments Of Principal Due Year Two
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CY2021Q4 czr Debt Service Obligation Maturities Repayments Of Principal Due
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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125000000 USD
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CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2019 czr Effective Income Tax Rate Reconciliation Transaction Expenses
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