NEW YORK (AP) — Casino operator Caesars Entertainment said Friday that it is prepared to start formal discussions with some of its bank lenders as it works to reduce its debt.
The company said it entered non-disclosure agreements with some banks that have loaned it money. Caesars is working to reduce leverage and revamp its capital structure. In September the Las Vegas company started negotiations with other creditors.
Its shares climbed $1.05, or 10.1 percent, to $11.44 in afternoon trading.
Caesars Entertainment had $26.55 billion in long-term debt at the end of the second quarter and is trying to reduce that figure. Earlier this year the company sold the Claridge hotel tower of its Bally’s Atlantic City property and sold the Atlantic City Country Club to a private buyer. It also closed the Harrah’s Tunica casino in Mississippi in June and shut down the Showboat Atlantic City casino in September.
Caesars Entertainment Corp. runs 50 casinos in 13 U.S. states and five other countries.
