post

Caesars Entertainment Finally (?) Going Public

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.

I don’t think the costs of Project Linq have lessened. Maybe the money raised will go towards the timeshare owners that are supposedly in the way of the supposed Project Linq.

post

Harrah’s Goes Public To Finish What They Started

Harrah’s announce that they are making up to $575 million in shares available to the public.  This is about 10% of the company.  The money is being raised in an effort to finish a few projects.

Harrah’s will use the proceeds to finish its 660-room Octavius Tower at Caesars Las Vegas, develop the LINQ retail and entertainment area next to the Flamingo on the Las Vegas Strip, and invest in the potential joint-venture development of two Ohio casinos with Rock Gaming LLC, the company said today in a U.S. regulatory filing.

I don’t think LINQ will actually be finished with this batch of funding.  I don’t think there’s enough money to get everything done.

Another 660 rooms in a market with too much room availability isn’t really needed but it will nice to see the Octavious Tower at Caesars Palace finally completed.

Copyright © 2017 Marc Meltzer & EDGe Vegas