Harrah’s Entertainment plans to raise $610.9 million through its initial public offering this month and will rename the company Caesars Entertainment

In a filing with the U.S. Securities and Exchange Commission on Friday, the casino operator said it would offer 31.3 million shares of common stock on the Nasdaq National Market between $15 and $17 per share under the CZR symbol. The Las Vegas-based company said it will provide an additional 4.7 million people to its acquisition team. Harrah’s was acquired by a $29 billion private equity buyout in January 2008. 파워볼실시간

Four months later, the company announced plans to rename it Caesars Entertainment, but it did not fulfill that effort. In June 2005, it bought Harra’s rival Caesars Entertainment for $9 billion, the largest ever acquisition in the casino industry at the time. Harrah’s is considered the world’s largest casino operator, with 53 properties in six countries. The company also owns the World Series of Poker. In Las Vegas, Haras operates 10 casinos in Streep, including Caesars Palace, Bali, Paris Las Vegas, Planet Hollywood Resort, Haras and Offstrip Rio.

The name change comes after rival MGM Resorts International changed the company’s name from MGM Mirage in June. Las Vegas Sands executives discussed changing the company’s name to Sands International or Sands Resorts International. Haras said in a filing with the SEC last month that he would retain a controlling stake in the company if two private equity owners, Leon Black’s Apollo Management LP and David Vonderman’s TPG Inc, go public again.

In addition to its shares, Harrer also registered $710.3 million in shares to be sold by hedge fund billionaire John Paulson through the New York-based company Paulson. In June, the company acquired nearly 10% of Harrer’s shares by exchanging bonds it bought at a discounted price. Harra’s said last month it plans to raise $575 million to build two planned casinos in Cleveland and Cincinnati and complete a 660-room hotel tower at Caesars Palace.

Separately, last month, Harrer became involved in an effort to save a troubled casino project in Philadelphia. “We are focused on potential growth opportunities,” Harra Chief Executive Officer Gary Loveman said in a statement. In a separate announcement on Friday, Harra’s said it cut its third-quarter loss. Net loss for the quarter ended Sept. 30 was $164.8 million, down from a loss of $1.62 billion a year earlier. Total revenue for the quarter was $2.29 billion, which was relatively flat compared to a year ago. Harra’s said the company’s overall cash flow fell 10% to $55.6 million during the quarter. Loveman said the company continues to cut costs and is aiming for $129 million in cost savings in the fourth quarter.

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