Licensing agreement, term

CAESARS ENTERTAINMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)Prior to their respective closing dates, Presque, Nemacolin, Mountaineer, Caruthersville, Cape Girardeau, Kansas City, Vicksburg, Shreveport, MontBleu, and Evansville met the requirements for presentation as assets held for sale. However, they did not meet the requirements for presentation as discontinued operations. All properties were previously reported in the Regional segment.The following information presents the net revenues and net income (loss) of previously held for sale properties, which were recently sold:

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|  |  |  |  |  |  |  | Year Ended December 31, 2021 |
| (In millions) |  |  |  |  |  |  | Evansville |  | MontBleu |
| Net revenues |  |  |  |  |  |  | $ | 58  |  |  | $ | 11  |  |
| Net income |  |  |  |  |  |  | 26  |  |  | 4  |  |



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|  |  |  |  |  | Year Ended December 31, 2020 |
| (In millions) |  |  |  |  | Kansas City |  | Vicksburg |  | Shreveport |  | Evansville |  | MontBleu |
| Net revenues |  |  |  |  | $ | 18  |  |  | $ | 7  |  |  | $ | 68  |  |  | $ | 98  |  |  | $ | 31  |  |
| Net income (loss) |  |  |  |  | 3  |  |  | (1) |  |  | 12  |  |  | (5) |  |  | (42) |  |



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|  | Year Ended December 31, 2019 |
| (In millions) | Presque |  | Nemacolin |  | Mountaineer |  | Cape Girardeau |  | Caruthersville |  | Kansas City |  | Vicksburg |
| Net revenues | $ | 3  |  |  | $ | 5  |  |  | $ | 118  |  |  | $ | 54  |  |  | $ | 33  |  |  | $ | 63  |  |  | $ | 21  |  |
| Net income (loss) | —  |  |  | (1) |  |  | 11  |  |  | 8  |  |  | 5  |  |  | 11  |  |  | (1) |  |

The assets and liabilities held for sale were as follows as of December 31, 2020:

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|  |
|  | December 31, 2020 |
| (In millions) | Evansville |  | MontBleu |  |  |
| Assets: |  |  |  |  |  |
| Cash | $ | 7  |  |  | $ | 3  |  |  |  |
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| Property and equipment, net | 302  |  |  | 37  |  |  |  |
| Goodwill | 9  |  |  | —  |  |  |  |
| Gaming licenses and other intangibles, net | 138  |  |  | —  |  |  |  |
| Other assets, net | 49  |  |  | 32  |  |  |  |
| Assets held for sale | $ | 505  |  |  | $ | 72  |  |  |  |
| Liabilities: |  |  |  |  |  |
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| Other liabilities | $ | 12  |  |  | $ | 8  |  |  |  |
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| Long-term lease obligation | 24  |  |  | 63  |  |  |  |
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| Liabilities related to assets held for sale | $ | 36  |  |  | $ | 71  |  |  |  |

Held for sale - Discontinued operationsOn the closing date of the Merger, Harrah’s Louisiana Downs, Caesars UK group, which includes Emerald Resorts & Casino, and Caesars Southern Indiana met held for sale criteria. The operations of these properties are presented within discontinued operations. On September 3, 2020, the Company and VICI Properties L.P., a Delaware limited partnership (“VICI”) entered into an agreement to sell the equity interests of Harrah’s Louisiana Downs to Rubico Acquisition Corp. for $22 million, subject to a customary working capital adjustment. On November 1, 2021, the sale of Harrah’s Louisiana Downs was completed and the proceeds were split between the Company and VICI. The annual base rent payments under the Regional lease between Caesars and VICI remain unchanged.On December 24, 2020, the Company entered into an agreement to sell the equity interests of Caesars Southern Indiana to the Eastern Band of Cherokee Indians (“EBCI”) for $250 million, subject to customary purchase price adjustments. On September 3, 2021, the Company completed the sale of Caesars Southern Indiana, resulting in a gain of $12 million. In connection with this transaction, the Company’s annual base rent payments to VICI Properties under the Regional Master Lease were reduced by $33 million. Additionally, the Company and EBCI extended their existing relationship by entering into a 10-year brand license agreement, with cancellation rights in exchange for a termination fee at the buyer’s discretion following the fifth [Table of Contents](#i37dfc5eabc12461dbfc5ef573d80947e_7)82
