Harrah’s Pulls $531 Million Private Equity-Backed IPO

Harrah’s Entertainment Inc., the world’s biggest casino operator, terminated its $531 million initial public offering, the first private equity-backed company to pull its U.S. IPO in six months.

Harrah’s, taken private by Apollo Global Management LLC and TPG Capital in a leveraged buyout in 2008, canceled its sale because of “market conditions,” according to the Las Vegas- based company’s statement today. The postponement was the first from a private equity-backed company since Americold Realty Trust, owned by billionaire Ron Burkle’s Yucaipa Cos., shelved its offering in May, data compiled by Bloomberg and Greenwich, Connecticut-based Renaissance Capital LLC showed.