Harrah's IPO Killed

Harrah's Entertainment killed its $500 million initial public offering, with sources saying that the casino operator delayed the offering over concerns that it was over-priced.

Harrah's, controlled by private equity firms Apollo and TPG Capital, filed for the IPO in August. The two firms bought Harrah's in a $31 billion leveraged buyout in early 2008.

According to a Reuters report, "Harrah's, which is changing its name to Caesars Entertainment Corp, has since seen its financial position erode as spending by consumers and businesses slumped. Harrah's posted a net loss of $165 million in the third quarter."

Harrah's operates about 50 casinos, primarily in the United States and Britain. The company could not be reached for comment.