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by Michael J. Shapiro | November 24, 2010

Gaming giant Harrah's officially became Caesars Entertainment Corp. yesterday, trading in the company's 70-year-old-name for the recognition and status attributed to its Caesars brand of gaming properties. The name change was to occur in conjunction with last Friday's planned initial public offering, which the company decided not to pursue "due to market conditions," according to a company statement. According to the IPO plan, announced by Harrah's in early November, shares were to be priced at $15 to $17 each, with the proceeds going to fund near-term growth for the company. Despite the IPO withdrawal, the company has followed through with the name change, which reflects the company's evolution, according to CEO Gary Loveman, and "can open exciting new opportunities" for the company in the future. Harrah's-branded properties will retain the Harrah's name.