An aggressive push by Harrah's Entertainment to reduce it's debt and improve it's balance sheet has seen the company announce that is will be offering investors new notes. Currently standing with about $19.3 billion in debt, the company hopes that by issuing $720 million in new senior secure notes due in 2017, will help sell out a portion of Harrah's existing term loan and revolving credit facility.

The company has promised that the eight year notes will yield 11.25 percent. Many industry analysts feel that this is a necessary move by the gambling giant in order to restructure its debt and to avoid bankruptcy.

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