Harrah’s Entertainment, the biggest casino operator in the world, disclosed on Monday that it planned to sell some $575 million worth of shares in an initial public
The share sale would be in addition to a sale planned by the hedge fund Paulson & Company of $710 million worth of shares. In June, the fund, led by John Paulson, agreed to take a 9.9 percent stake in Harrah’s in exchange for debt the fund had bought at a discount.
Harrah’s initially filed for a public offering in August to sell the Paulson shares. Its latest filing says it plans to use the proceeds from the sale of its own shares:
to fund a near-term pipeline of growth projects and for general corporate purposes. These projects include the previously announced LINQ, a retail, dining and entertainment area located between the Imperial Palace and the Flamingo in Las Vegas; the completion of the Octavius tower fit out, a 660 room tower at our flagship Caesars Las Vegas property which requires an additional approximately $85 million to reach completion; our potential joint venture development in Ohio with Rock Gaming, LLC; and a potential management and partial ownership opportunity in casino development.
The filing said that its private-equity owners, Apollo Global Management and TPG, would not be selling shares in the offering. The firms took Harrah’s private in a $27 billion buyout in 2006.
Go to Harrah’s Entertainment’s amended S-1 filing »
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