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 Harrah's Entertainment Inc. filed an initial public offering (IPO) with the Securities and Exchange Commission on Monday. The company hopes to raise as much as $575 million in stock to finish planned projects in Las Vegas and Ohio including the 660-room Octavius Tower at Caesars Las Vegas and the LINQ retail and entertainment area next to the Flamingo on the Las Vegas Strip.
Harrah's has been suffering through an economic downturn since the recession hit in 2008, and has been doing what it can to off load some of that debt. In August they sold Paulson & Co Inc. a 9.9% stake in the company in exchange for Paulson & Go taking on $710.3 million of their debt. Harrah's which owns 52 casinos in seven countries has a long term debt of $23.3 billion, which is mostly due in 2015 or later.
Despite the company's current hardships, there appears to be a bright light at the end of the tunnel. In the filings to the Nevada Gaming Control Board, Harrah's alluded to recent upswings in Las Vegas tourism numbers. In August, gaming revenue on the Strip soared 21% which may attract new investors and some industry experts are anticipating close to $1 billion in IPO sales.
"Our industry is heavily dependent upon both the leisure and business traveler," Harrah's said in the filing. "The trends in both of these areas have turned positive over the past few quarters, as evidenced by increasing hotel occupancy, visitor counts and convention space booking."
Harrah's announcement comes less than a week after rival company MGM Resorts International unveiled similar plans to raise more than $517 million through stock offerings. Like Harrah's MGM has faced mounting debt over the last few years. MGM plans to use the proceeds from the sales as to help repay some of their debt.
As always stay tuned to Casinofan for more news and updates.
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