Money Matters - Simplified

Harrah's Entertainment cancels IPO

Las Vegas -- Las Vegas casino operator Harrah's Entertainment Friday said the time was not right for the initial public offering it had announced in October.

The company blamed "market conditions" and said it had canceled its IPO, The New York Times reported.

Harrah's had set the initial price between $15 and $17 per share, but that would not have raised as much as the company originally sought.

At the initial asking price, the company would have raised $531 million by selling 31 million shares, the Times said.

Had it followed through, Harrah's would have been listed as Caesars Entertainment Corp. on the Nasdaq index.

Copyright 2010 United Press International, Inc. (UPI).

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