Today Caesars Entertainment set it’s IPO price range in an effort to go public to raise funds.
NEW YORK (MarketWatch) — Casino operator Caesars Entertainment Corp. on Thursday said it plans to offer 1.8 million shares at an estimated price range of $8 to $10 a share in its upcoming initial public offering. Based on the midpoint of its estimated price range, Caesars will raise $16 million in its IPO. Caesars plans to trade on the Nasdaq under the symbol CZR.
Of course, this isn’t the first time Caesars has discussed going public.
Caesars previously filed for an IPO in October 2010, under Harrah’s Entertainment. That deal, estimated at $500 million, was delayed partly because of investor concerns about its debt.
That’s a huge difference in what Caesars is looking for by going public. $16 million for Caesars won’t cover many substantial costs or debt. I’m not sure what their plan is for this, but I don’t see any reason someone would invest in a company with so much debt and no plan.