Caesars Entertainment Taps Restructuring Advisers

By Emily Glazer Caesars Entertainment Corp. recently tapped restructuring advisers as it contends with a hefty debt load, declining revenues and low liquidity, people familiar with the matter said. Caesars, with more than $20 billion in debt, has a complicated capital structure, and investment bank Lazard Ltd.'s role is to work on financial restructuring opportunities, one of these people said, adding that bankruptcy isnt imminent. Las Vegas-based Caesars, which operates casinos across the U.S. with hubs in Las Vegas and Atlantic City, N.J., was taken private by Apollo Global Management and TPG Capital in a 2008 leveraged buyout. It has struggled to recover fully from the recession and hasnt posted a profit since late 2009. The companys failure to acquire a gambling license in Macau has also hobbled its ability to compete in that fast-growing market. Analysts have long said that Caesarss debt load is unsustainable despite continuing efforts from the company to push off a reckoning.

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