Harrah’s Becomes Caesars Entertainment and Files for $500 Million IPO
Harrah's Entertainment
It’s been a big week at Harrah’s as they confirmed that their corporate name would be changing from Harrah’s Entertainment to Caesars Entertainment. In addition to this, Harrah's finalised terms regarding an initial public offering that will raise the company about $500 million (£310,000,000).
The gaming company, which was founded in 1937 by William F. Harrah will change its name after 73 years of being known as Harrah’s Entertainment. The company operates over 50 casino resorts across North America, Europe, Asia and Africa and is planning to use funds raised from the IPO to fund retail, dining and entertainment developments at a number of their resorts.
A statement was released on Friday in which it was confirmed that 31.25 million shared would be sold, which amounts to around 9.3% of the company. The shares are expected to sell for $15 to $17 each, which would raise somewhere in the region of $500 million for the gaming company.
However, the shares won’t be available from Harrah’s, as they will soon officially become Caesars Entertainment Corporation and will appear on the Nasdaq as the symbol ‘CZR’. This change of name comes just five years after Harrah’s acquired Caesars Entertainment for $9.5bn (£5.9bn).
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