Harrah's Entertainment, the world's largest casino operator, said it is no longer "pursuing its initial public offering of common stock at this time due to market conditions."
The casino giant, which had been planning a $532 million IPO, according to The Wall Street Journal, surprised Wall Street when it didn't price the IPO Thursday night as expected. Just two weeks ago, Harrah's said it planned to sell 9.3% of the company for $15 to $17 a share.
Private equity companies Apollo Management and TPG bought Harrah's for $27.8 billion and took it private in 2007. The deal came at the height of the buyout boom.
Harrah's, like its competitors, has struggled in recent years as consumers pull back on gambling due to economic concerns.
Basics Of The Stock Market
Stock Market 101 - everything you need to know but were afraid to ask!View Course »