Harrah's cancels plans for IPO

LAS VEGAS — Harrah's Entertainment is canceling its initial public offering, citing market conditions.

The casino operator was expected to price the offering on Thursday and begin trading on the Nasdaq this week. Harrah's had said it would raise as much as $531 million for casino projects and to help with its heavy debt burden.

Apollo Management Group and Texas Pacific Group took the company private three years ago, and planned to keep majority control of it after the IPO.

Harrah's is shelving its offering a day after General Motors returned to Wall Street with its IPO.