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Harrah's May Launch Initial Public Offering in 2013

CEO Discusses Possibility of Harrah's Going Public in 2013


Apollo GroupChief Executive Officer (CEO) of Harrah’s Entertainment, Gary Loveman, spoke this week of a possible initial pubic offering (IPO) of the company in 2013.

Harrah’s Entertainment turned private in January 2008 when it was bought by the Texas Pacific Group (TPG) and Apollo Global Management LP for $90 a share in a deal worth $17.1 billion. Loveman has suggested an IPO could be launched five to seven years from this date. However, he says the likelihood of this would probably depend on the state of the economy and the legalisation of online poker in America.

Speaking at the Reuters Travel and Leisure Summit in New York, Loveman said that if the IPO went ahead, the company would not go public in one move, instead, he says, “What one might imagine is that the company would gradually make available some sort of public offering of its equity with a limited float and gradually work its way back to a more public position.”

It is worth nothing that the timeline of this IPO is only speculation on Loveman’s behalf, and the company has not been in talks with TPG and Apollo Management on such a subject as of yet.