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.
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Sunday, November 21, 2010
Pay-to-play infects Chicago beer market
The Wit Hotel in the Loop is a trendy hangout for the after-work and weekend crowd. Clubbers dressed to the nines party year-round on its 7,000-square-foot rooftop and, 27 stories below, in the State & Lake bar off the lobby.
The boutique hotel also is on the front line of Chicago's brutal—and at times illicit—battle over beer.
When the Wit opened in 2009, bar managers stocked State & Lake's 16 taps with an impressive selection of microbrews, including Stone, Anderson Valley, Two Brothers and Metropolitan, a new hometown brand.
Then, in June, most of the craft beers from smaller distributors disappeared,, replaced by 11 specialty brands carried by Chicago Beverage Systems LLC, a powerhouse distributor of Miller, Coors and other labels.
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The boutique hotel also is on the front line of Chicago's brutal—and at times illicit—battle over beer.
When the Wit opened in 2009, bar managers stocked State & Lake's 16 taps with an impressive selection of microbrews, including Stone, Anderson Valley, Two Brothers and Metropolitan, a new hometown brand.
Then, in June, most of the craft beers from smaller distributors disappeared,, replaced by 11 specialty brands carried by Chicago Beverage Systems LLC, a powerhouse distributor of Miller, Coors and other labels.
Read More:
