8°c Overcast
2°c Variable cloudiness
The Canadian Press - ONLINE EDITION
Caesars prices shares at $9; Wednesday's offering would value company at $1.14 billion
LAS VEGAS, Nev. - Casino operator Caesars Entertainment Corp. has priced its initial public offering of 1.8 million shares at $9 apiece.
The company expects to raise about $16 million before deducting costs.
The offering values Caesars at about $1.14 billion overall because it includes just 1.4 per cent of the company's outstanding stock.
The shares go on sale Wednesday and will trade on the Nasdaq under the symbol "CZR," the company said.
In 2007, when Caesars was known as Harrah's, Apollo Management Group and Texas Pacific Group paid $17.1 billion and assumed $12.4 billion in debt to take the company private.
When it first filed to go public in October 2010 as Harrah's Entertainment Inc., the company planned to raise as much as $575 million. It scaled that back to $530 million, then cancelled the proposal entirely, blaming market conditions.
The company restarted its IPO plans in November as the IPO market heated up again with several attention-getting tech offerings. At that point, it expected to raise about $50 million.
Caesars has said it would end up with net proceeds of $13.1 million selling the 1.8 million shares for $9, after deducting bank fees and other expenses. It plans to use the funds for general purposes including development.
Caesars still had $19.62 billion in debt as of Sept. 30.
Most of its casinos are in the U.S. and the U.K., while casino revenues are growing fastest in the major Asian markets.
Adds details and background.
More Business
- Back to Top
- Return to Business
Poll
Proudly brought to you by:
Most Popular Business
- Forest fire forces closure of gold mine in Timmins area
- Jets boost TSN Radio, CJOB takes hit
- RIM stock falls as BlackBerry maker's global sales head quits
- Proud to be a tortoise: Great-West takes it slow and steady
- City seen as ideal rail hub for Canada, Mexico trade
- Astral sale OK'd, CEO pay nixed
- 50 highest-paid CEOs in AP survey
- Touch of Paris in crepe eatery on Esplanade
- Compensation due in shaky Facebook IPO, source says
- Canadian dollar moves lower for eighth session, commodity prices advance
- Manitoba gets first female land surveyor
- Big week for Facebook's Zuckerberg: From IPO opening bells to wedding bells
- Tempers flare on CP picket line on McPhillips Street
- Committee pitches 9-6 Sunday shopping
- Investment fraudster gets 10 years
- Forest fire forces closure of gold mine in Timmins area
- Canadian Pacific workers give 72 hour strike notice as negotiations continue
- Jets boost TSN Radio, CJOB takes hit
- New crepe eatery to be unveiled for Esplanade
- Manitoba Movers
- Boston Pizza franchise mushrooming locally
- Hecla resort finally gets offer
- Manitoba gets first female land surveyor
- Major CWB layoffs underway
- Big week for Facebook's Zuckerberg: From IPO opening bells to wedding bells
- WestJet eyes new routes, seat plans
- No such thing as a bad job, Flaherty tells picky unemployed workers
- Canadian credit card system of fees 'perverse,' raises prices: Competition Bureau
- What happens if Greece leaves the euro zone?
- Ford's outbursts tarnishing Toronto's image, experts warn in wake of latest feud
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- CRTC awards licence for new Calgary FM radio station, The PEAK
- Catalyst Paper says it did not get enough approval for restructuring plan
- Royal Caribbean sending 2 cruise liners to China, says they will be Asia's largest
- Proud to be a tortoise: Great-West takes it slow and steady
- Rush of ageism to beat new law
- Cost of federal payouts hits $2B
- New EI rules take aim at frequent users, force workers to accept lower pay
- Jets boost TSN Radio, CJOB takes hit
- Dorel foresees juvenile sales growth opportunities from Target arrival in Canada
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- Avoid merger mess Include HR professionals in preparing for change
- Manitoba gets first female land surveyor
- Catalyst Paper says it did not get enough approval for restructuring plan
- Women honoured at awards dinner
- Long haul 'family' Every employee is a spoke in the wheel at Bison Transport
- Snowbirds, Americans living in Canada read on...
- Walmart Canada to slash prices further to take on discount competition
- Manitoba Movers
- Toronto investment company buys three blocks for $100M
- Loss is New Flyer's gain
- Empty inside
- Major CWB layoffs underway
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- Snowbirds, Americans living in Canada read on...
- James E. Marker, inventor of Cheezies, dies in Belleville, Ont., at age 90
- Pershing Square gaining ground in Canadian Pacific proxy battle, poll suggests
- Hecla resort finally gets offer
- Avoid merger mess Include HR professionals in preparing for change
- Manitoba gets first female land surveyor
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010; View the changes. New to commenting? Check out our Frequently Asked Questions.