CASINO

Harrah’s drops out of IPO bid

TAGs: Harrah's Entertainment

Harrahs

All that glitters aint necessarily gold, it would seem

While the online gambling industry has found some success in Europe, in the U.S., even well established companies are struggling to keep their heads above water in light of the recent economic recession and a wacko conservative power swell that spells troubles for both brick and mortar and online gambling establishments. As a result, even industry giants like Harrah’s are facing troubles, as the gaming company and owner of the World Series of Poker brand has recently announced that it will be pulling its initial public offering (IPO) due to weak investor interest.

Indeed, the world’s largest gambling organization has paced an indefinite delay on its IPO, allegedly valued at $531 million, after interest in the company was less than stellar. The casino operator, which recently opened its first online gambling establishment overseas, had intended to begin trading on the Nasdaq this week, with the goal of using funds raised for new building projects and eliminating its heavy debt burden, according to the Associated press.

While the company is remaining tight-lipped as to why they took their ball and went home, analysts are blaming the unsteady economies in the U.S. and China and the mounting debt in Ireland as possible reasons.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com