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It time to roll the dice on an initial public offering by Harrah's Entertainment, the world's largest casino operator, which has been struggling with reduced revenue and hefty debt since it went private via a leveraged buyout in early 2008?
There are compelling reasons to suggest an IPO - or more likely a spinoff of some casino properties - might make sense. To buy into this idea, look at the recent trends in casino financing, evolving strategies among private-equity companies, and improved market receptiveness to IPOs.
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Yes, a Harrah's deal would be complex, and the US casino market remains a source of anxiety for operators, equity investors, and bondholders. A spinoff could give the company extra cash to ease its debt burden and make it more nimble.
Of course, a spinoff won't alter Harrah's acquisition ambitions. The company recently told Nevada casino regulators that it wants to buy the troubled Planet Hollywood Resort & Casino on the Las Vegas Strip. |
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