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 Harrah's Entertainment has announced plans to change its corporate name to Caesars Entertainment. Harrah's which is considered to be the world's largest casino operator acquired rival company Caesars Entertainment in June of 2005 and now it appears that they feel the former company's name would be a better fit for the corporation.
The company's name change comes just months after rival company MGM Resorts International decided to change its name from MGM Mirage. The Las Vegas Sands Corp. has also discussed changing their name to either Sands International or Sands Resort International but they have yet to come to an agreement on the new title.
Harrah's is currently in the process of filing with the U.S. Securities and Exchange Commission to offer 31.3 million shares of common stock on the Nasdaq National Market. Should it gain approval, the company plans to price stock between $15 and $17 under the symbol CZR which will reflect the company's new title.
In its filing last month with the SEC, Harrah's stated that its two private equity owners, Leon Black's Apollo Management LP and David Bonderman's TPG Inc., would retain controlling interest should the company go public again and John Paulson who acquired nearly 10% interest in the company earlier this year will still retain a good percentage of the company.
As always stay tuned to Casinofan for more news and updates.
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