By market open, shares had taken off 6.5% to $19.72.
The Las Vegas-based company said it intends to also grant the underwriter, Citigroup, an option to purchase up to 1.05 million in additional shares.
On Thursday, Caesars announced it will close Harrah's Tunica, a casino resort in Mississippi. The property, which will cease operations June 2, had seen "persistent declines in business and increased competition," the company said in a statement.
"The decision to close Harrah's Tunica is another step in Caesars' ongoing efforts to increase free cash flow and improve performance," the company said.
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TheStreet Ratings team rates CAESARS ENTERTAINMENT CORP as a Sell with a ratings score of D. The team has this to say about their recommendation:
"We rate CAESARS ENTERTAINMENT CORP (CZR) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: