All bets are off on Harrah's IPO
Saturday 20 November 2010
The US casino company Harrah's Entertainment has scrapped its $500m (£313m) initial public offering (IPO), citing market conditions, a day after General Motors made a triumphant return to Wall Street.
Harrah's, controlled by Apollo and TPG Capital, filed for the IPO in August. The two private equity firms bought the company in a $31bn leveraged buyout in early 2008, shortly before the global financial crisis erupted. The company still has nearly $20bn of debt, analysts said.
Harrah's, which is changing its name to Caesars Entertainment, has since seen its financial position erode as spending by consumers and businesses slumped. Harrah's posted a net loss of $165m in the third quarter.
Paulson & Co, a hedge fund manager that injected cash into Harrah's in June in exchange for equity, planned to sell its stake of 30 million shares.
Harrah's operates about 50 casinos, primarily in the US and Britain, mostly under the Caesars, Harrah's and Horseshoe brands. It also owns and operates the World Series of Poker tournament and brand.
Presents unwrapped, turkey gobbled... it's time to relax
- 1 Exodus Gods and Kings casting controversy: Ridley Scott would never cast 'Mohammad so-and-so from such-and-such' in lead role
- 2 This letter from a reader explains why women can’t play football
- 3 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
- 4 Scientists predict green energy revolution after incredible new graphene discoveries
- 5 Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Black Friday 2014: Opening times for Asda, John Lewis, GAME, PC World and Argos
Sean Abbott: Messages of support flood in for bowler after death of Phil Hughes
Plebgate: Andrew Mitchell’s reputation in tatters as judge rules he used the word ‘pleb’
Dr Lam Hoe Yeoh: Voyeur doctor jailed for eight years after using network of hidden cameras to film patients, colleagues and friends on the toilet
'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
Obama: The only people with the right to object to immigration are Native Americans
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ukip mocked after mistaking Westminster Cathedral – for a mosque
Sarah Vine criticises lesbian mother Jack Monroe: 'If she was unsure about her sexuality, she should have taken greater precautions'
iJobs Money & Business
£90000 - £140000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...
£25000 - £37000 per annum + benefits: h2 Recruit Ltd: Are you seeking to furth...
£50000 - £120000 per annum + benefits: h2 Recruit Ltd: Are you a highly succes...
£35000 - £70000 per annum + car + benefits: h2 Recruit Ltd: Are you a Business...