Close

Caesars Entertainment (CZR) Issues Monthly Operating Report for July 2015

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 4/25/2024

1. TSLA
2. META
3. ENPH
4. TXN
5. BA
6. SPOT
7. IBM
8. HCP
9. V
10. CMG


September 1, 2015 6:05 AM EDT

Caesars Entertainment (NASDAQ: CZR) disclosed the following on Tuesday:

Excerpts from Monthly Operating Report for the Period from
July 1, 2015 to July 31, 2015


General Notes

Description of These Chapter 11 Cases

On January 15, 2015 (the “Petition Date”), each of the Debtors filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Illinois (the “Bankruptcy Court”). The Debtors’ chapter 11 cases are jointly administered for procedural purposes only under In re Caesars Entertainment Operating Company, Inc., No. 15-01145 (ABG) (Bankr. N.D. Ill.) pursuant to an order entered by the Bankruptcy Court on January 16, 2015 [Docket No. 43]. On February 5, 2015, the United States Trustee for the Northern District of Illinois (the “U.S. Trustee”) appointed a statutory committee of unsecured creditors and a statutory committee of second priority noteholders, in each case pursuant to section 1102(a)(1) of the Bankruptcy Code [Docket Nos. 264, 266, 317]. On March 12, 2015, the Bankruptcy Court entered an order granting in part and denying in part the motions to appoint an examiner pursuant to section 1104 of the Bankruptcy Code [Docket No. 675]. The Debtors continue to operate their business and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. Additional information about these chapter 11 cases, court filings, and claims information is available at the Debtors’ restructuring website: https://cases.primeclerk.com/ceoc/.

Notes to MOR-2 and MOR-3:

This Monthly Operating Report (“MOR”) has been prepared on a consolidated basis for the Debtors. For the basis of presentation, “affiliates” reflect investments made by CEOC or other enterprise wide non-CEOC entities. Non-debtor CEOC subsidiaries are accounted for using the equity method. The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases.

As noted above, this MOR is not prepared in accordance with GAAP and does not include all of the information and footnotes required thereby. Additionally certain transactions that would be required to be included in GAAP financial statements are not reflected in this MOR. There can be no assurance that the consolidated financial information presented herein is complete, and readers are strongly cautioned not to place reliance on this MOR, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Debtors.

The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this MOR includes certain normal recurring adjustments, but may not include all the adjustments that would typically be made for the quarterly and annual consolidated financial statements in accordance with GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of their quarterly and annual consolidated financial information in accordance with GAAP. Upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.

The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment (which may be material) and reconciliation. However, the Debtors are not required to publicly update this MOR to reflect more current facts or estimates, or upon the occurrence of future events, including if the facts, estimates, or assumptions upon which this MOR is based change.

The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position, and cash flows of the Debtors in the future. The Debtors have not made and do not make any representation to any person regarding the Debtors’ future results.

Statement of Operations (Unaudited) - Month Ended July 31, 2015 (in millions)
Month Ended
July 31, 2015
Revenues
Casino
$
249.4
Food and beverage
60.9
Rooms
43.0
Management fees
8.3
Other
22.2
Reimbursed management costs
6.8
Less: casino promotional allowances
(47.6
)
Net revenues
343.0
Operating expenses
Direct
Casino
140.5
Food and beverage
25.8
Rooms
8.2
Property, general, administrative, and other
66.4
Reimbursable management costs
6.8
Depreciation and amortization
18.2
Write-downs and reserves, net of recoveries
0.9
Loss on interests in CEOC non-debtor subsidiaries and non-consolidated affiliates
2.1
Corporate expense
6.6
Acquisition and integration costs
0.2
Amortization of intangible assets
3.1
Total operating expenses
278.8
Income from operations
64.2
Interest expense
(2.0
)
Other income, including interest income
1.2
Reorganization items
(32.1
)
Income from continuing operations, before income taxes
31.3
Income tax expense
(0.4
)
Net income from continuing operations, net of income taxes
30.9
Discontinued operations
Loss from discontinued operations
(1.1
)
Income tax expense
—
Loss from discontinued operations, net of income taxes
(1.1
)
Net income
29.8
Less: net income attributable to noncontrolling interests
(0.7
)
Net income attributable to CEOC Debtors
$
29.1

UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
In re: CAESARS ENTERTAINMENT OPERATING Case No.: 15-01145 (ABG)
COMPANY, INC., et al. Debtors. Reporting Period: 7/1/2015 - 7/31/2015

MOR - 3
Balance Sheet (Unaudited) - As of July 31, 2015 (in millions)
As of July 31, 2015
Assets
Current assets
Cash and cash equivalents
$
1,164.2
Restricted cash
0.2
Receivables, net
272.5
Prepayments and other current assets
60.5
Inventories
27.5
Due from non-debtor subsidiaries and affiliates
214.1
Total current assets
1,739.0
Property and equipment, net
5,511.7
Goodwill
673.9
Intangible assets other than goodwill
2,354.3
Investments in and advances to non-consolidated affiliates
11.2
Restricted cash
10.5
Deferred charges and other
292.9
Note receivable from non-debtor subsidiaries
806.9
Assets held for sale
21.2
Total assets
$
11,421.6
Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable
$
108.8
Due to non-debtor subsidiaries and affiliates
0.8
Accrued expenses
488.6
Interest payable
4.4
Deferred income taxes
97.7
Total current liabilities
700.3
Accumulated losses in excess of investment in non-debtor subsidiaries
917.1
Deferred income taxes
1,277.3
Deferred credits and other
234.9
Liabilities subject to compromise
18,910.4
Total liabilities
22,040.0
Stockholders' deficit
(10,642.8
)
Noncontrolling interests
24.4
Total stockholders' deficit
(10,618.4
)
Total liabilities and stockholders' deficit
$
11,421.6

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Guidance, Hot Corp. News, Litigation

Related Entities

Bankruptcy