Harrah's Entertainment Inc said in a regulatory filing on Monday that it plans to sell as much as $575 million of stock in an initial public offering in addition to the expected sale of shares held by hedge-fund manager Paulson & Co.
In August, Harrah's, which operates about 50 casinos primarily in the United States and UK, filed a prospectus with the U.S. Securities and Exchange Commission, saying it intended to go public on a U.S. exchange.
Paulson injected cash into Harrah's in June in exchange for taking a stake in the casino operator, and then registered with the SEC in August to sell up to $710.3 million in shares. Harrah's will get none of the proceeds of the sale of those shares.
Harrah's plans to use the IPO's net proceeds to fund a number of projects and general corporate purposes. These projects include a retail, dining and entertainment area located between the Imperial Palace and the Flamingo in Las Vegas, Harrah's said in a filing on Monday with the SEC.
Harrah's was taken private by TPG and Apollo Management in 2008 for $31 billion in a leveraged buyout that doubled the casino operator's debt.