Harrah's Entertainment to raise $610 million and Become Caesars Entertainment

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Posted on Nov 5th 2010  -  Subject: Harrah's Entertainment to raise $610 million and Become Caes

Following rival MGM's June fundraising and corporate name change, Harrah's Entertainment is planning to raise as much as $610.9 million in an initial public offering (IPO) this month and will change its corporate name to Caesar's Entertainment.

In a Friday filing with the U.S. Securities and Exchange Commission, the casino operator said it would offer 31.3 million shares of common stock priced between $15 and $17 a share on the Nasdaq National Market under the symbol CZR. An additional 4.7 million to underwriters to cover overallotments, the Las Vegas-based company said.

Harrah's was taken private in a $29 billion private equity buyout in January 2008. Four months later, the company announced plans to change its name to Caesars Entertainment, but never followed through on the effort. Harrah's acquired rival Caesars Entertainment in June 2005 for $9 billion, which, at the time, was the casino industry's largest-ever buyout.

Harrah's is considered the world's largest casino operator with 53 properties in six countries. The company also owns the World Series of Poker.

In Las Vegas, Harrah's operates 10 casinos on the Strip, including Caesars Palace, Bally's, Paris, Planet Hollywood, Harrah's and the off-Strip Rio.

Funds are to be used to restructure debt, as well as help build two casinos planne for Cleveland and Cincinnati and for completion of a 660-room tower at Caesars Palace.

Source: LVRJ

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