Glitch delays Caesars IPO; company will try again today

A technical glitch delayed by a day the initial public stock offering for Caesars Entertainment Corp., but the company said late Tuesday it expects to raise $16 million through the sale.

Caesars Entertainment said more than 1.8 million shares were approved for listing on the Nasdaq Global Select Market with a common price of $9. The stock will trade under the symbol CZR.

The company was to price the deal Monday night, but a technical glitch forced underwriters to wait until Tuesday to finish the offering. Shares are to begin trading today.

Analysts said the small stock offering is being done to establish a market for Caesars stock and future financing by the company. According to a prospectus filed with the Securities and Exchange Commission, Caesars registered to sell as much $500 million in shares following the IPO. The IPO covers just 1.4 percent of the company.