Harrah's IPO Cancelled - Linq Dead?

Within the past month or so, Harrah's announced that they were issuing an IPO, and would then use the proceeds to finish the stalled Octavius tower at Caesars Palace, and to build the Project LINQ stretch of restaurants and retail shops between Flamingo and O'Sheas.

Now Harrah's has announced that they are "not pursuing its initial public offering of common stock at this time due to market conditions."

With the IPO off the table for now, it appears that Octavius will remain unfinished for a while longer, and Project LINQ might be dead altogether. While I'm in favor of doing something with that street between Flamingo and O'Sheas, a lot of people have made fun of Ferris Wheel project. It wouldn't be surprising at all to see Harrah's kill the idea altogether.

UPDATE: August 3, 2011.
Although the IPO fell though, Caesars Entertainment (formerly Harrah's Entertainment) was able to secure financing and Project Linq will be built. Clark County has approved the project and new renderings have been revealed. See them here.