Harrah’s cancels IPO over market concerns

Posted by Steve Ruddock on Nov 21, 2010 Posted in Poker Industry News | No Comments »

Less than a month ago the Wall Street Journal ran a story regarding Harrah’s plans to take part of its vast gaming empire public with an Initial Public Offering (IPO). Yesterday word came down that Harrah’s was cancelling their IPO “at this time due to market conditions.” according to HedgeFund.net.

There is no word yet on whether Harrah’s will go ahead with the IPO in the future, or if the plans will be scrapped permanently. The initial IPO was to see Harrah’s offer 31.25 million shares of the company at an initial price of $15-$17. The capital raised –estimated to be in the neighborhood of $550 million—was going to be used to complete a number of projects around the world. According to HedgeFund.net, Harrah’s said it planned to use the cash infusion for “emerging domestic and international growth opportunities.”

Amongst the projects that will be stalled due to the cancellation of the IPO was an addition at Caesar’s Palace –one of Harrah’s most recognizable Casinos—that would add a 660-room tower the Las Vegas landmark. Other projects slated to be helped by the IPO were casinos in Ohio as well as upgrades to the Flamingo and Imperial Palace Hotel and Casinos in Las Vegas.

We’ll keep you posted on any future developments with this story.

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