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Harrahs, the Las Vegas casino operator and sponsor of the World Series of Poker, has cancelled its IPO on Friday, citing declining marketing conditions.
News of the Initial Public Offering being scrapped comes one day after General Motors returned to the stock market surrounded by plenty of hoopla. While the GM shares did not deliver a huge punch over the price of the initial public offering, there was still a 3.6 percent rise in the stock price.
Harrahs apparently is not convinced there has been a market turnaround. They did not elaborate further on Friday’s decision.
The company priced the offering this month at $15 to $17 dollars per share and would have raised around $531 million.
More than 31 million shares were to be sold. The company was going to list on the Nasdaq as Caesars Entertainment Corporation.
- Aaron Goldstein, Gambling911.com
