Michael Jackson is planning a return to the public entertainment arena to stave off foreclosure of his property and bad debts he has accumulated.

He may re-launch his career as a Las Vegas act, thanks to Colony Capital, the private equity group that recently bought the loan on his Neverland Ranch in California to help the pop star avert foreclosure.

According to a source, the investment firm Colony Capital is discussing with Jackson various repayment options for the $23 million debt, including a possible long-term engagement as the resident performer of a Vegas casino or nightclub.

Colony Capital, based in Los Angeles, owns the Las Vegas Hilton and is a major shareholder in the Station Casinos chain.

The talks with Jackson were first reported by the Wall Street Journal, which quoted Colony Capital CEO Tom Barrack as saying, “we’ve been having discussions with Mr. Jackson about a recapitalization and refinancing of Neverland in addition to various other business opportunities and mutual interests.”

Colony also is urging the singer to sell off Neverland as quickly as possible and to emerge from seclusion in Nevada to launch a career comeback in Vegas, the Journal said.

One idea under discussion, the newspaper reported, was for Colony to install Jackson as a regular performer at one of its hotel-casinos, playing 180 nights a year. Another would be to create a musical extravaganza in which Jackson would appear 20 or 30 times a year, possibly with his brothers.

A Colony Capital spokesman told Reuters the company was not commenting further on the matter. Jackson’s personal spokeswoman was not immediately available for comment.