On Wednesday, Caesars Entertainment Corp. went public once again by offering 1.8 million shares or 1.4% of the company to the investment community. The IPO of what was once the world’s largest gambling company will allow for dozens of investors to sell their shares in the market. The amount of shares released to the public is a far cry from the $575 million IPO that was planned for last October but was pulled.
The shares of Caesars nearly doubled by the middle of the first trading, starting off at $9 a share, jumping to $17.90 by midday and closed up 71% at $15.39. The shares dropped to $14.65 after the 2nd day of trading valuing the company at a little more than $1.8 billion.
Caesars operates casinos across the United States, Canada and in the UK and owns the World Series of Poker brand. Their most famous property of course is Caesars Palace. The company stands to benefit with the regulation of online poker in the United States which would see it launch their WSOP online poker room for real money to Americans. WSOP.com which currently only offers online poker to UK residents and part of the 888 poker network is headed by Montreal lawyer Mitch Garber, CEO of the company’s interactive entertainment division who has managed to ink several international deals for the brand.
Of the large US based casino groups, they are the only one who has not stepped foot in the booming Asian casino market in Macau which is where most of the other companies are realizing the bulk of their revenue growth and profits.
Caesars Entertainment was known as Harrah’s Entertainment before changing its name last year.