It’s been a busy period for Harrah’s Entertainment, owners of the World Series of Poker brand. The WSOP Europe was a big success in September and the much anticipated WSOP Main Event final table just wrapped up with a spectacular finish by Canadian Jonathan Duhamel clinching the title.
Now, gaming giant Harrah’s Entertainment is all set for its initial public offering on NASDAQ and in the process they are dropping the Harrah’s brand as its corporate name. The company’s shares will be listed under the stock symbol CZR, reflecting the new corporate name Caesars Entertainment Corp., after its flagship brand Caesars which was acquired in 2005.
Harrah’s owns more than 50 casinos and hotels primarily in the USA, including Harrah’s, Rio, Planet Hollywood, and Flamingo. The company’s new corporate name change is designed to leverage the strength of that brand which is seen as more prestigious, particularly in international markets where the company hopes to achieve a substantial part of its future growth.
Harrah’s is set to list 31.25m shares on the Nasdaq Global Select Market at an estimated price range of $15.00 to $17.00 per share, bringing in estimated proceeds of between $469m and $531m which the company said will be used for general corporate purposes and to fund a near-term pipeline of growth projects.
Harrah’s has identified a number of opportunities which could help drive future growth including the liberalisations and legalisation of casino gambling both abroad and in the United States, and the continuing legalisation of online gambling.
The company is already present online in the UK under the Caesars and WSOP brands and also in the US with a free-play WSOP poker site which are under the leadership of Harrah’s Interactive Division CEO Mitch Garber with Headquarters in Montreal.