EX-99.2

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, Member’s Equity,

and Cash Flows for the Three Months Ended March 31, 2020 and 2019

CEOC, LLC

INDEX


	Page
Unaudited Financial Statements
Consolidated Condensed Balance Sheets		2
Consolidated Condensed Statements of Operations		3
Consolidated Condensed Statements of Member’s 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*
Current assets
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

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

Total assets	$	12,684	$	12,892

*Liabilities and Member’s Equity*
Current liabilities
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

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

Total liabilities		12,029		11,911

Member’s equity
CEOC, LLC member’s equity		644		967
Noncontrolling interests		11		14

Total member’s equity		655		981

Total liabilities and member’s equity	$	12,684	$	12,892

CEOC, LLC

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended March 31,
*(In millions)*	2020			2019
*Revenues*
Casino	$	563		$	633
Food and beverage		165			192
Rooms		107			136
Management fees		17			25
Other revenue		65			66
Reimbursed management costs		65			66

Net revenues		982			1,118

*Operating expenses*
Direct
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

Total operating expenses		1,114			1,044

Income/(loss) from operations		(132	)		74
Interest expense		(220	)		(226	)
Other income/(loss)		15			(2	)

Loss before income taxes		(337	)		(154	)
Income tax benefit		23			24

Net loss		(314	)		(130	)
Net loss attributable to noncontrolling interests		1			1

Net loss attributable to CEOC, LLC	$	(313	)	$	(129	)

CEOC, LLC

CONSOLIDATED CONDENSED STATEMENTS OF MEMBER’S EQUITY

(UNAUDITED)


	CEOC, LLC Member’s Equity
*(In millions)*	Additional Paid-in- Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Total CEOC, LLC Member’s Equity			Noncontrolling Interests			Total Member’s 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	)

Balance as of March 31, 2020	$	1,992		$	(1,335	)	$	(13	)	$	644		$	11		$	655

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	)

Balance as of March 31, 2019	$	1,758		$	(618	)	$	(4	)	$	1,136		$	13		$	1,149

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	)

Cash flows from investing activities
Acquisitions of property and equipment, net of change in related payables		(39	)		(28	)
Insurance proceeds for property damage		—			2

Cash flows used in investing activities		(39	)		(26	)

Cash flows from financing activities
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	)

Cash flows provided by/(used in) financing activities		153			(5	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash		150			(119	)
Cash, cash equivalents, and restricted cash, beginning of period		452			563

Cash, cash equivalents, and restricted cash, end of period	$	602		$	444

Supplemental Cash Flow Information:
Cash paid for interest	$	129		$	149
Non-cash investing and financing activities:
Change in accrued capital expenditures		3			(2	)