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.
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
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.