Harrah’s Entertainment Inc announced they were filing an IPO (Initial Public Offering) with which they hope to raise up to $575 Million. The filing did not specify the number of shares that would be listed.
It was only three years ago that Harrah’s went from public to private after two private equity firms, TPG Capital LP and Apollo Global Management LLC purchased them for $30.7 Billion. However they have fallen deeper into debt every year since going private. The two equity firms will still retain their controlling stake. Harrahs’s is the world largest casino operator and owns brands such as Caesars Palace and World Series of Poker. They have 52 casinos in seven different countries.
With $500M of that Harrah’s also announced intentions to complete the building of the 660-room Octavius hotel tower at the Las Vegas Caesars Palace, which was halted in late 2009. Also a new property in Ohio as a joint venture with Rock Gaming LLC, will be developed and built. The final build planned in the SEC filing is a restaurant, shopping and entertainment area that will connect the Flamingo and Imperial Palace.
The full filing with the SEC can be found on their website.
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