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Harrah’s to purchase mortgage-backed securities

Arnold M. Knightly
October 30, 2009 - 11:24 am
 

Harrah’s Entertainment has entered into agreements to use $250 million in cash to purchase some of its commercial mortgage-backed securities for between 25 and 30 cents on the dollar, a morning filing with the Securities and Exchange Commission shows.

Harrah’s has $6.5 billion in securities that matures in 2013 leveraged against several of the company’s operating assets including the Rio, Flamingo and Harrah’s Las Vegas.

The gaming giant posted a 13.7 percent revenue decline to $2.28 billion in the third quarter ended Sept. 30. The company posted a $1 billion loss in the quarter driven by a $1.33 billion writedown on the value of a majority of its assets in Las Vegas, Atlantic City, Illinois and Indiana.

The company reported $19.3 billion in long-term debt through June 30, but has not adjusted the number for the third quarter.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.

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