Harrah float shelved in tough market

Harrah's Entertainment, the world's largest casino operator, has ditched its planned share issue saying market conditions are not right.

The Caesar's Palace owner had hoped the initial public offering would have raised up to $531m (£322m).

Harrah's was bought by private equity groups Apollo and TPG in early 2008 for $31bn. It has debts of $20bn.

The company had hoped to use money raised from the share sale to both lower its debts and expand the business.

Harrah owns casinos across the US in its own name as well as in the UK.