Ceasar’s Entertainment, Backed by Apollo and TPG, To Go Public Late Next Week: UPDATED

Harrah’s Entertainment, which is now known as Ceasar’s Entertainment, will go public late next week, sources say.

Ceasar’s is expected to price its deal on Thursday, Nov. 18 and trade the next day, a person says.

Ceasar’s is selling 31.25 million shares at $15 to $17 each. The company will trade on the Nasdaq under the symbol “CZR.” Citi and Credit Suisse are joint bookrunners on the deal. Other underwriters include BofA Merrill Lynch, Deutsche Bank and Goldman Sachs.

Las Vegas-based Ceasar’s operates about 50 casinos, mainly in the U.S. Apollo and TPG acquired Ceasar’s in 2007 in a $30.7 billion deal, which includes $12.4 billion in debt. The PE firms own most of Ceasar’s but I’m not sure exactly how much of it (still waiting for clarification). However, neither Apollo nor TPG is selling shares in the offering. (UPDATE: After the IPO, entities controlled by TPG and Apollo will own about 272.8 million shares, or 81%, of Ceasar’s while Paulsen will have 9%. About 10% is being sold to the public, according to a regulatory filing. )

Caesar’s has said previously it plans to use proceeds from the offering to pay for retail, dining and entertainment developments between the Imperial Palace and the Flamingo in Las Vegas, among other projects, my compadres at Thomson Reuters have reported.

Paulsen & Co., a hedge fund manager, owns 30.2 million shares, or 9.9%. Separate from the IPO, Paulsen plans to sell its stake in Ceasar’s, Reuters says.

According to a Nov. 5 regulatory filing, Harrah’s has about $19.7 billion in long-term debt.