A subsidiary of US casino firm Caesars has filed for bankruptcy protection with debts of $18.4bn (£12.1bn).
Caesars Entertainment Operating Company, which owns and operates most of Caesars' properties worldwide, said it intended to keep the casino-hotels running, despite the bankruptcy filing in Chicago.
It was reportedly made to stop three creditors trying to push the firm into involuntary bankruptcy.
The division of Caesars Entertainment Corporation employs 36,000 people at 38 casino-hotels, including the flagship Caesars Palace on the Las Vegas Strip.
It had been negotiating with creditors and lenders on a reorganisation plan that would turn the division into a real estate investment trust - one to own properties and the other to lease properties - promising creditors cash or new debt.
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