BUSINESS

Harrah’s postpones IPO plans

TAGs: Harrah's, IPO

harrahs-cancel-ipoThis past half year IPO has been one of the words on the lips of many a gambling company who are looking at becoming a public company to raise more money in finance. It looks as though Harrah’s plans for an IPO have had their last hurrah if today’s news is anything to go by.

A statement given by the company earlier today read: “Harrah’s Entertainment, Inc. today announced that it is not pursuing its initial public offering of common stock at this time due to market conditions.”

The IPO was expected to raise around $500million for the world’s largest casino operator and sources understand that the company thought they had valued themselves too highly and wouldn’t have seen enough of a return.

Only two days ago CEO Gary Loveman gave a keynote at the G2E conference in Vegas, seeming to suggest his support for the regulation of online gambling in the USA. Whether this has anything to do with the failure of the IPO is unclear but for a group who are reportedly debt-ridden, online gambling regulation would make investment in the firm an altogether more attractive proposition.

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