Las Vegas casinos help Harrah's 3Q profits
Published on 11/07/2007
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 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.
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