Just weeks after unveiling its $500 million plan to go public, casino giant Harrah’s Entertainment has retracted the offer, citing unfavorable market conditions.
In a very short statement, the world’s largest provider of branded casino entertainment said on Friday it would not be pursuing its initial public offering, at least for the time being.
Earlier this month Harrah’s said it applied to have its shares listed on the Nasdaq Global Select Market under the symbol CZR, or the Caesars Entertainment Corporation, estimating at the time an offering price in the range of $15 to $17 a share.
The casino and resort owner, operating primarily under the names Harrah’s, Caesars and Horseshoe, had planned to use the proceeds to fund certain growth projects in Las Vegas.
The earlier announcement came the same day as its earnings release, where Harrah’s reported a narrowed third-quarter loss to $164.8 million from $1.62 billion in the year-earlier period.
Harrah’s, which also owns the World Series of Poker, has said the lingering recession has continued to weigh down its earnings.
According to a report by Reuters, the stock listing was delayed over concerns it would have been priced too high.