Caesars Entertainment, one of the world's largest casino entertainment providers, announced terms for its IPO on Thursday. The Las Vegas, NV-based company plans to raise $16 million by offering 1.8 million shares at a price range of $8.00 to $10.00. At the mid-point of the proposed range, Caesars Entertainment would command a market value of $1.1 billion. Caesars Entertainment, which was founded in 1989 and booked $8.8 billion in sales for the 12 months ended September 30, 2011, plans to list on the NASDAQ under the symbol CZR. Financial backers include private equity firms Apollo Management, TPG Capital and Paulson Investors. Credit Suisse, Citi, BofA Merrill Lynch and Deutsche Bank Securities are the lead underwriters on the deal.
Caesars previously filed for an IPO in October 2010, under Harrah's Entertainment. That deal, estimated at $500 million, was delayed partly because of investor concerns about its debt. A press release states that today's smaller proposal is mostly structured to establish liquidity.
