Harrah’s Entertainment celebrates upward trend in 1st quarter results
Wednesday 9th May 2007
Harrah's Entertainment Inc, the world’s largest casino group with products including the World Series of Poker, announced that its first-quarter earnings had increased by 2 percent.
The Group’s net income saw a marked increase from $185.4 million from $182.4 million in the same period last year. In contrast the company’s profits, excluding one-time items, from continuing operations leveled at 88 cents per share, dipping 14 percent from $1.02 per share a year ago.
Revenue soared to $2.66 billion, a healthy 13 percent higher than the $2.36 billion reported last year.
Harrah's Entertainment is currently in the midst of a $17.1 billion takeover deal by private equity firms Apollo Management and Texas Pacific Group set to be completed by the year-end.
