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Caesars Entertainment  (CZR) is on pace to reemerge from bankruptcy later this year, the Wall Street Journal reported, as the iconic casino operator edges closer to wiping out its $10 billion debt. 

The Journal points out that the gambling world has changed since the company's 2008 private equity buyout, with Macau becoming the world's gambling hub in China. Rivals Las Vegas Sands  (LVS) and MGM Resorts  (MGM) both have footholds in Macau. Caesars does not.

Caesars shares have climbed more than 30% year to date. 

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