LAS VEGAS Harrah’s Entertainment Inc. has canceled its US$500 million initial public offering “due to market conditions.” The company did not elaborate, nor has it announced if and when the IPO will take place.
Harrah’s had planned to offer 31.25 million common shares for US$15 to US$17 per share. The company was to concurrently change its name to Caesars Entertainment Corp., trading on the Nasdaq exchange under the symbol CZR. The Harrah’s name will remain for the time being.
Proceeds of the share sale were to be used to pay down debt. None of the funds were slated to go toward operational expenses. Some analysts believe that made it a relatively unattractive stock, since it meant the company would not necessarily be in growth mode.
Harrah’s has been a private company since being taken over in 2008 by private equity firms Apollo Management and TPG.