Caesars prices shares at $9; IPO set for Wed.

Casino operator Caesars Entertainment Corp. has priced its initial public offering of 1.8 million shares at $9 apiece.

It expects to raise about $16 million before deducting costs.

The offering values Caesars at about $1.14 billion overall because it includes just 1.4 percent of the company's outstanding stock.

The shares go on sale Wednesday and will trade on the Nasdaq.

In 2007, when Caesars was known as Harrah's, Apollo Management Group and Texas Pacific Group paid $17.1 billion and assumed $12.4 billion in debt to take the company private.

Caesars canceled a more ambitious plan to resume being publicly traded in 2010 when it found it couldn't get the price it wanted for its shares.

SEARCH