LAS VEGAS Harrah’s Entertainment has filed with the U.S. Securities and Exchange Commission to make an initial public offering that would raise at least US$500 million.
According to the filing, Harrah’s would use the funds to finance several development projects, most notably the completion of the 660-key Octavius Tower at Caesars Palace Las Vegas. Harrah’s also plans to use the funds to construct an entertainment and retail space in the area between two of its Las Vegas Strip properties, Imperial Palace Casino Hotel and Flamingo Las Vegas Hotel & Casino. The gaming giant is also planning to build a hotel-casino in Cincinnati, Ohio.
Harrah’s has not disclosed how many shares it intends to sell. The Nevada Gaming Commission has already approved Harrah’s stock sale.
Today’s filing is separate from Harrah’s August announcement that investor John Paulson is selling his 9.9% stake in the company on the public markets.