The operator of 53 casinos, taken private early last year, has $24.5 billion face value of outstanding debt. Pro Forma interest expense for 2008 was $1.7 billion (adjusted to reflect Merger as if it had occurred on January 1, 2008).

On Friday, the owner of Caesars Palace, Flamingo, Bally's, Paris and the Rio among others said that revenues fell 6.5% last year to $10.1 billion, resulting in a loss of $4.3 billion, which compares to a profit of $1.7 billion in 2007. Last month, Harrah's submitted requests to tap the remaining $740 million of its $2 billion senior secured revolving credit line and suspended matching contributions to employee retirement programs.In January, it delayed the completion and opening of its 660-room addition to Caesars Palace indefinitely.

If Harrah's cash flows and capital resources are insufficient to meet its debt obligations the company "may be forced to reduce or delay capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness," the company states in the filing.

Harrah's is not alone. Vegas has been pummeled by a lack of visitation and a lack of gambling by those who do come, prompting project delays and cancellations, asset sales and heavy discounts on room rates.

Wynn Resorts, which like Harrah's has cut employee salaries and suspended retirement contributions in lieu of layoffs, today priced its second share offering in four months in order to remain as liquid as possible. MGM Mirage later today will file its annual report, which is expected to contain a statement from its independent accountant questioning the company's ability to continue indefinitely as a going concern despite its $775-million sale of Treasure Island, which is expected to close in the next couple of weeks. The report is also expected to detail how MGM plans to reduce its debt load and complete its massive Citycenter development on the Las Vegas Strip. Trump Entertainment Resorts (Atlantic City) and Tropicana Entertainment LLC have already filed for protection from creditors under Ch. 11 of the US bankruptcy Code.