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.
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