Caesars Prices IPO at $9/Sh

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The Caesars Entertainment Corporation, owners of Caesars Palaceand other casino and resort properties,this evening said the company’s initial public offering has priced at $9 a share, and will trade under the ticker CZR, netting $16 million in proceeds to the company for its offering of 1.81 million shares.

The $9 price is the middle of the $8 to $10 range that had been mentioned by Barron’s Andrew Bary in his Monday piece laying out the background to the offering. As Andrew pointed out, a large chunk of the appeal has to do with the company’s World Series of Poker franchise, which could be attractive if online gambling is legalized nationwide.

The company, formed out of casino operations dating back to 1937, owns a slew of properties in Las Vegas, including Harrah’s Las Vegas, Rio All-Suite Hotel & Casino, Caesars Palace, Bally’s Las Vegas, Flamingo Las Vegas, Paris Las Vegas, Imperial Palace Hotel & Casino, Bill’s Gamblin’ Hall & Saloon and the Hot Spot Oasis, as well as several properties in Atlantic City.



Original Article Source by Barrons.com