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Caesars OpCo Statement of Operations (Projected)
Year Ending December 31
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2017201820192020
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(Amounts in Millions)
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Revenues:
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Gaming
 $ 3,463 $ 3,530 $ 3,611 $ 3,696
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Food
499512525539
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Beverage
269275282289
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Lodging
515533567584
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Other
215220225231
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Managed / Corporate revenues
303306309313
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Less: Total promo allowance
-557-569-582-596
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Net revenue
 $ 4,708 $ 4,806 $ 4,938 $ 5,055
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Operating expenses:
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Direct expenses
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Gaming
 1,671 1,700 1,736 1,774
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Food
 433 441 451 460
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Beverage
 133 135 138 141
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Lodging
 176 180 187 191
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Rent payment to REIT
 640 643 647 650
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Other
 103 105 108 110
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Total direct expenses
 $ 3,155 $ 3,205 $ 3,267 $ 3,327
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G&A, facilities and other costs
 832 846 863 880
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Managed / Corporate expenses
 241 241 242 244
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Depreciation and amortization
 206 206 206 206
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Other expense
 50 49 49 49
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Income from operations
 $ 225 $ 247 $ 289 $ 315
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Interest expense
 157 155 151 144
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Reorganization items
 45 - - -
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Provision for income tax expense (benefit)
 (109) 40 56 73
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Net income
 $ 132 $ 52 $ 82 $ 99
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Adjustments
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Interest expense
 157 155 151 144
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Provision for income tax expense (benefit)
 (109) 40 56 73
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Depreciation and amortization
 206 217 228 240
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Reorganization items
 45 - - -
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Stock-based compensation expense
 21 22 22 23
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Other items
 29 28 27 27
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Adjustment for Baluma Holdings
 30 31 32 32
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Rent payment to REIT
 640 643 647 650
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Adjusted EBITDA (Before Rent Payment to REIT)
 $ 1,151 $ 1,188 $ 1,244 $ 1,287
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Adjusted EBITDA After Rent Payment to REIT)
 $ 511 $ 545 $ 597 $ 637
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Simple EBITDA
 $ 431 $ 453 $ 495 $ 521
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Source: Exhibit E, Financial Projections
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Disclosure Statement for the Debtor's Second Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code
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In re: CAESARS ENTERTAINMENT OPERATING COMPANY, INC., et al., Debtors
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