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Breaking: Harrah's Files for IPO

By Chuckmonster on Thursday, 12th August 2010 3:15pm
  » filed under Las Vegas  comments: 4


MarketWatch and Wall Street Journal are reporting that Harrah's Entertainment has filed the required paperwork to take a portion of the company public via IPO.


Oskar Garcia's AP piece reveals that the shares going public are the 9.9% purchased a few months ago by hedge fund swashbuckler John Paulson NOT the 89% owned by Apollo / Texas Pacific org.

Perhaps this whole Paulson thing was a set up just to get the public to establish valuation and trade away Harrah's debt? Only the Swami knows.... pipe up Fey.

More details as this develops. Thanks to VT reader Paolo for the tweet tip.

Tagged: harrah's   loveman   stocks   


Comments & Discussion:

I can't think of a worse time to do a IPO, in the United States at least. But it sure will be interesting to see what type of valuation the market gives them. It has the potential to raise the value of other like stocks. These guys are way smarter than I am, but I'm not sure why'd they want to do this. However, just because they filed, doesn't mean they have to do it right away. Its possible they just want all the paperwork in place and ready so that when they want to pull the trigger, everything is good to go.

Now Playing at a Theater Near You: "Harrahs Part 2: The Search for More Suckers"

At least with only having 9% go public, they aren't opening themselves up to a quick takeover. On second thought, maybe its not such a good thing since Harrahs is doing everything it can to ruin Las Vegas.

After Harrah's saw what the Fertitta's just did with Stations, its no surprise they would want to copy it- let investors pay for any mistakes in management, file bankruptcy, and still keep all your toys.

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