Percentage of ownership on outstanding shares

CAESARS ENTERTAINMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)Unaudited Pro Forma InformationThe following unaudited pro forma financial information is presented to illustrate the estimated effects of the William Hill Acquisition as if it had occurred on January 1, 2020. The pro forma amounts include the historical operating results of the Company and William Hill prior to the acquisition, with adjustments directly attributable to the acquisition. The pro forma results include adjustments and consequential tax effects to reflect incremental amortization expense to be incurred based on preliminary fair values of the identifiable intangible assets acquired, eliminate gains and losses related to certain investments and adjustments to the timing of acquisition related costs and expenses incurred during the year ended December 31, 2021. The unaudited pro forma financial information is not necessarily indicative of the financial results that would have occurred had the William Hill Acquisition been consummated as of the dates indicated, nor is it indicative of any future results. The unaudited pro forma financial information does not include the operations of William Hill International as such operations were expected to be divested upon the acquisition date.

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|  | Years Ended December 31, |
| (In millions) | 2021 |  | 2020 |
| Net revenues | $ | 9,696  |  |  | $ | 3,834  |  |
| Net loss | (893) |  |  | (1,991) |  |
| Net loss attributable to Caesars | (896) |  |  | (1,989) |  |

Consolidation of Horseshoe BaltimoreOn August 26, 2021, the Company increased its ownership interest in Horseshoe Baltimore, a property which it also manages, to approximately 75.8% for cash consideration of $55 million. Subsequent to the change in ownership, the Company was determined to have a controlling financial interest and has begun to consolidate the operations of Horseshoe Baltimore. Prior to the purchase, the Company held an interest in Horseshoe Baltimore of approximately 44.3% which was accounted for as an equity method investment. Our previously held investment was remeasured as of the date of our change in ownership and the Company recorded a gain of approximately $40 million, which was recorded in Other income (loss) on our Statements of Operations.

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| (In millions) | Consideration |
| Cash for additional ownership interest | $ | 55  |  |
| Preexisting relationships (net of receivable/payable) | 18  |  |
| Preexisting relationships (net of previously held equity investment) | 81  |  |
| Total purchase consideration | $ | 154  |  |

Preliminary Purchase Price AllocationThe purchase price allocation for Horseshoe Baltimore is preliminary as it relates to determining the fair value of certain assets and liabilities, including potential goodwill, and is subject to change. The estimated fair values are based on management’s analysis, including preliminary work performed by a third-party valuation specialist, which is subject to finalization over the one-year measurement period. The following table summarizes the preliminary allocation of the purchase consideration to the [Table of Contents](#i37dfc5eabc12461dbfc5ef573d80947e_7)76
