Harrah’s posts loss for quarter
Gaming giant Harrah’s Entertainment posted a net loss from continuing operations of $127.4 million for the first quarter ended March 31, company officials said late tonight.
The loss trims the $275 million loss posted in the first quarter of 2008.
The loss was driven by a 13.3 percent decrease in revenues of $2.5 billion last year to $2.25 billion this year.
Adjusted cash flow slipped 12.6 percent to $547.3 million from $626 million last year.
The company’s Las Vegas revenues dropped 20.5 percent to $686.4 million through march from $863 million last year.
Area cash flow, which includes Harrah’s, Bally’s, Paris, Flamingo, Caesars Palace, Imperial Palace and Bill’s on the Strip along with the Rio, fell 27.9 percent to $198.6 million from $275.3 million.
The company owns or operates nearly 50 casinos around the world.