Caesars prices IPO at $8 to $10 per share

Caesars Entertainment Corp. said Thursday it will list more than 1.8 million shares of common stock on the Nasdaq Global Select Market under the symbol CZR with an initial asking price of between $8 and $10 per share.

In a filing with the Securities and Exchange Commission, Caesars didn't give a time frame for the initial public offering, but the announcement was "the start of its public share listing process."

Caesars has granted underwriters a 30-day option to purchase up to 271,697 additional shares of its common stock at the initial price, less underwriting discounts and commissions.

In the statement, the casino company said that in addition to the shares to be sold, "shares held by certain existing investors" representing almost 28 percent would be listed.

Caesars Entertainment, formerly known as Harrah's Entertainment, operates 10 resorts on or near the Strip including Caesars Palace, Harrah's, Paris Las Vegas, Bally's, Flamingo, Planet Hollywood Resort and the Rio.

A year ago, Caesars planned to raise as much as $532 million before it pulled its IPO, citing market conditions.

Harrah's, then a publicly traded company, acquired Caesars Corp. in a $9 billion buyout in June 2005. Last year, the company changed its name to Caesars Entertainment Corp. when its IPO was announced.

Caesars is one of few casino operators expanding as the gaming industry recovers from the recession.

The company, which has 52 casinos in 12 U.S. states and seven countries, is building casinos in Cincinnati and Cleveland through a joint venture with an Ohio company.

In Las Vegas, Caesars is proceeding with Project Linq, a $550 million nongaming retail, dining and entertainment development on the Strip, anchored by a 550-foot London Eye-style observation wheel.

Caesars officials said they already have raised the money to build Project Linq.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.