LAS VEGAS
The New York hedge fund run by billionaire John Paulson is looking to sell its entire stake in casino company Harrah's Entertainment Inc.
The stock sale had been expected, as the plans were announced in August. The stock sale comes three days after Harrah's canceled
Harrah's said in a regulatory filing on Monday that Paulson & Co. Inc. may sell up to 7.1 million shares, its entire 9.9 percent stake.
Harrah's said in the filing that it will not receive any proceeds from the sale.
Paulson & Co. Inc. got its stake in Harrah's in exchange for taking on $710.3 million in debt. Paulson bought most of that debt, $532 million, for $354.9 million -- nearly two-thirds its face value.
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