Harrah's files for us$ 500 million IPO and changes name
It also said it would change its name to Caesars Entertainment and trade on the Nasdaq under the symbol "CZR." Separate from the IPO, Paulson & Co, a hedge fund manger that injected cash into the casino operator in June in exchange for equity, is planning to sell its 30.24 million-share stake in Harrah's.
Harrah's operates about 50 casinos, primarily in the United States and Britain. Most of the casinos operate under the Caesars, Harrah's and Horseshoe brands. It also owns and operates the World Series of Poker tournament and brand.
Harrah's, controlled by private equity firms Apollo APOLO.UL and TPG Capital TPG.UL, filed for an IPO in August.
Caesars has said previously it plans to use proceeds from the offering to fund retail, dining and entertainment developments between the Imperial Palace and the Flamingo in Las Vegas, among other projects. After the IPO and Paulson's share sale, the company expects to have total debt of about us$ 18.95 billion compared and equity of us$ 2.3 billion.
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