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Feb 10 (Reuters) – U.S. casino operator Caesars
Entertainment Corp is working with investment
bank Lazard Ltd on a financial restructuring, a person familiar
with the matter said.
Bankruptcy is not an option on the table, the source told
Reuters.
Caesars, which operates the Caesars Palace and Flamingo
casinos on the Las Vegas Strip, is saddled with more than $16
billion in debt, according to Thomson Reuters data.
Caesars was taken private in 2008 by Apollo Global
Management and TPG Capital in a leveraged buyout.
TPG declined to comment when contacted while Apollo could
not be immediately reached for comment.
The two firms, along with hedge fund billionaire John
Paulson, together own about 80 percent of Caesars.
Debtwire first reported the news on Friday.
