Harrah's Entertainment files for IPO

[The Buzz]

Casino giant Harrah's Entertainment filed documents Monday for a return to the public markets to raise more than $500 million to pay for several development projects.

Harrah's owns 10 casinos on the Las Vegas Strip, including Caesars Palace, Bally's, Paris, Planet Hollywood, Harrah's and the off-Strip Rio. The company has 53 casinos in six countries and owns the World Series of Poker. It also moved into the online market last year by opening three Internet casinos based in the UK.

From the Casino City Times:

In documents filed with U.S. Securities and Exchange Commission, Harrah's said it would sell an unspecified number of shares "to fund a near-term pipeline of growth projects and for general corporate purposes."

It was unclear how many shares of stock Harrah's would be sold and on which market the company would be listed, but the company said it would sell shares "as soon as practicable after this registration statement becomes effective."

Company officials said they could not comment on the filing because of SEC regulations.

One observer thought the initial public offering could raise between $500 million and $1 billion for Harrah's.

[Anthony]

I am sure they will raise millions of dollars. Does anyone know how profitable they have been recently?

[davenewgates]

I am sure they will raise millions of dollars. Does anyone know how profitable they have been recently?

The New York Times reported:

On Thursday, Harrah’s reported income from continuing operations of $298.3 million, compared with a loss of $4.78 billion in the fourth quarter of 2008. The year-ago results included $5.5 billion in charges related to the declining value of its intangible assets.

Edit:
Here are also some resources of the report:
Article from The Las Vegas Sun »
Press Release from Harrah’s Entertainment »