(Reuters) - U.S. casino operator Caesars Entertainment Corp (CZR.O) 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.
Reporting by Aditi Shrivastava in Bangalore; Editing by Sriraj Kalluvila