Harrah's Entertainment Announces IPO of 31.25M Shares; Expected Price Ranging Between $15.00 to $17.00

Harrah's Entertainment, Inc. today announced that it has commenced an initial public offering of 31,250,000 shares of common stock. All shares included in the initial public offering are being sold by the Company to be listed under the name Caesars Entertainment Corporation. The estimated range for the initial public offering price is $15.00 to $17.00 per share. The Company has applied to have the shares listed on the Nasdaq Global Select Market under the symbol

. The Company has granted the underwriters a 30-day option to purchase up to an additional 4,687,500 shares of common stock on the same terms and conditions. The Company intends to use the net proceeds from the offering to fund a near-term pipeline of growth projects and for general corporate purposes.