Caesars taps Lazard for financial restructuring-source

Mon Feb 10, 2014 5:19pm EST

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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article