Las Vegas casinos help Harrah's 3Q profits

The world's biggest casino operator, Harrah's Entertainment Inc., shows rise in profits thanks to casinos in Las Vegas.

Las Vegas casinos help Harrah's 3Q profits Good news from Harrah's Entertainment Inc. (NYSE:HET), showing a rise in the 3Q profits, thanks to the Las Vegas and Atlantic City casinos. Harrah's posted third-quarter net income 38% higher to $ 244.4 million, or $1.28 a share, from $177.2 million (95 cents per share) for the same period last year. Revenue is up 13% to $2.84 billion. Revenue from the Las Vegas casinos rose 11% to $900.4 million. the casinos in Atlantic City brought revenue 20% higher to $671.5 million. Harrah's casino properties in Illinois and Indiana grew 4.5%, and on the Gulf Coast 4%. Casinos in Nevada, outside of Las Vegas, showed 4% decline in revenues and the revenue at the casinos in Iowa and Missouri were flat. International revenue was up 177% to $165.1 million.

Developments by Harrah's Entertainment Inc., which agreed to $90-share buyout by Texas Pacific Group and Apollo Management Group last December, continues with renovations at the Grand Casino Tunica in Mississippi and Caesars Palace Casino in Las Vegas.

Published on 11/07/2007