Loading...
Online Bonus
-
Exclusive $15,000 Sunday Million satellite at PokerStars
Read More
Tuesday, May 8, 2007
Harrah's profits up in 2007 first quarter
By Erin Warner
First-quarter profits for Harrah's Entertainment saw revenues increase 12.7% to $2.66 billion but earnings per share from continuing operations decline 13.7%.
The results were released today from the company, which owns all Harrah's brand casinos as well as the World Series of Poker.
The 2007 first-quarter income from operations was $451.2 million, down 0.4% from last year. Continuing operations income was $167.2 million, down by $10 million from the 2006 first quarter.
Diluted earnings per share from continuing operations were 88¢, down from 95¢ last year.
Harrah's property operational cash flow, before interest, taxes, depreciation and amortization but after all sales and overhead, took a slight upturn of 1.2%. Same-store sales also increased, jumping 3.6%.
Other highlights include the acquisition of the Barbary Coast, which gave the company control of three of the four corners of Las Vegas Boulevard and Flamingo Road.
Harrah's brass Gary Loveman was also hailed as the best CEO in the gambling industry for the fourth consecutive year, based on the votes of more than 1,000 analysts and portfolio managers.
The company also announced plans for the World Series of Poker Europe in London, a three-event tournament that is expected to generate the largest-ever European poker prize pool.
Related Articles:
Comment(s) on this article
Leave a comment