Harrah's Entertainment has announced that it is to make a U-turn on plans to raise around $500m by selling stock.
Citing "market conditions," the casino operator said it would not be pursuing an initial public offering at this time.
The company said on November 5 that it would offering 31.25 million shares of common stock to be listed under the name Caesars Entertainment Corporation.
The proceeds of the IPO were earmarked for use to fund growth projects and for general corporate purposes.
According to a report in the Financial Times, some investors felt the stock was being priced to highly, particularly when so much financial uncertainty hangs over the market.
