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Harrah's Entertainment misses Q1 profit estimates

The casino and gambling company Harrah's Entertainment Inc. (NYSE:HET) reported first-quarter profits, which were below the Wall Street's estimates.

Harrah's Entertainment misses Q1 profit estimatesThe report stated that the lower than estimated 2007 Q1 profits were due to advertising over-spending in the Northeast. The posted net income was $185.3 million, compared to $182.4 million for Q1 of 2006, or 98 cents a share in both instances. Adjusted, the earnings were 88 cents a share, a 12 cents lower than the Wall Street expected. Harrah's Entertainment revenue, however, rose 13% to $2.66 billion, beating the predicted $2.49 billion.

Harrah's Entertainment agreed in December last year to be acquired (see link on bottom) by the private equity firms Apollo Management and Texas Pacific Group for about $17 billion overall ($90 a share), and the deal was approved by the shareholders last month and is expected to be finalized by the end of the year.

Harrah's stock closed at $85.21 yesterday and is currently trading at $85.42 or 0.25% higher (9:53am EST).

Harrah's operates over 40 casinos world wide, some of the most famous casinos are Harrah's, Caesars, Horseshoe, Flamingo and Bally's. Harrah's Entertainment was established 68 years ago in Reno, Nevada and currently employs over 80,000 people.


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