Caesars IPO Hits Jackpot
Caesars Entertainment stock popped 82 percent on the first day of its public offering, trading at $16.39 a share. The Las Vegas company sold only 1.8 million shares, at a price of $9 each. Caesars, known for its casinos, is also betting on new online initiatives, such as social and real-money gaming. The IPO will provide an exit for some of its investors, who paid $28 billion to take it private four months ago. Because of its debt balance of $22 billion, some analysts view the deal as unattractive.