Caesars Entertainment Still Intends to Go Public
Gary Loveman, the CEO of Caesars Entertainment, has announced that the company can set up an online poker website in just 12 – 14 months. Loveman made the remark at a conference held to discuss the company’s third-quarter revenue.
According to Loveman the company has enough relationships in place to be able to expand into the online market without signing any more deals. One such relationship is their partnership with 888 Holdings. Thanks to this brand Caesars has online casinos running in Italy, France and the UK.
All that Loveman requires is for Congress to pass a bill which legalises and provides legislation for online poker. Most analysts consider the US online poker industry to be worth $5 billion a year; however, Loveman says he considers this to be “a conservative figure.”
Caesars has also announced that they are restarting their plans to go public. This comes one year after they cancelled their first public offering. Caesars is hoping to raise up to $50 million, this is a significant drop from last year’s figure of $532 million which was dropped due to market conditions.
However, the figure could change as the managers of the IPO monitor investor interest. In 2008 the company was bought by private equity firms Apollo Management Group and Texas Pacific Group in a $30.7 billion deal. The company later changed its name from Harrah’s Entertainment Inc after it cancelled its IPO.
Currently there is no information on how many shares Caesars will sell, their price or when it will happen. However, they will be listed on the Nasdaq exchange using the “CZT” ticker symbol. At present Caesars operates a total of 52 casinos in the U.S and abroad.