Basis of Presentation and Principles of Consolidation Basis of Presentation and Use of Estimates The accompanying unaudited consolidated condensed financial statements of Caesars have been prepared under the rules and regulations of the Securities and Exchange Commission (the SEC) applicable for interim periods, and therefore, do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (GAAP). The results for the interim periods reflect all adjustments (consisting primarily of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations, and cash flows. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2019 fiscal year. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could differ from those estimates. In order to conform to the current years presentation, for the three and six months ended June 30, 2018 , $5 million and $10 million , respectively, were reclassified from Direct operating expenses to Property, general, administrative, and other on our Statements of Operations with no effect on Net income/(loss) . Reportable Segments We view each property as an operating segment and aggregate all such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S., and (iii) All Other, which is consistent with how we manage the business. See Note 16 . Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Balance Sheets that sum to amounts reported on the Statements of Cash Flows. (In millions) June 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,520 $ 1,491 Restricted cash, current 120 115 Restricted cash, non-current 61 51 Total cash, cash equivalents, and restricted cash $ 1,701 $ 1,657 Consolidation of Subsidiaries and Variable Interest Entities Our consolidated financial statements include the accounts of Caesars Entertainment and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (VIEs) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for using the cost method. We review our investments for VIE consideration if a reconsideration event occurs to determine if the investment continues to qualify as a VIE. If we determine an investment no longer qualifies as a VIE, a gain or loss may be recognized upon deconsolidation. Consolidation of Korea Joint Venture CEC has a joint venture to acquire, develop, own, and operate a casino resort project in Incheon, South Korea (the Korea JV). We determined that the Korea JV is a VIE and CEC is the primary beneficiary, and therefore, we consolidate the Korea JV into our financial statements. Emerald Resort &amp; Casino, South Africa Disposition In May 2019, we entered into an agreement to sell Emerald Resort &amp; Casino located in South Africa for total proceeds of approximately $49 million . We own 70% of this property while the remaining 30% is owned by local minority partners. Total cash proceeds for our 70% ownership and other adjustments total approximately $39 million . The transaction is expected to close in the third quarter of 2019, subject to regulatory approvals and other customary closing conditions, at which time any gain would be recognized. Emerald Resort &amp; Casino is included in our All Other segment. The following table summarizes assets and liabilities classified as held for sale. (In millions) June 30, 2019 Cash and cash equivalents $ 4 Property and equipment, net 26 Goodwill 5 Intangible assets other than goodwill 11 Other 2 Assets held for sale included in Prepayments and other current assets $ 48 Current liabilities $ 3 Deferred credits and other liabilities 4 Liabilities held for sale included in Accrued expenses and other current liabilities $ 7