Harrah’s Posts Loss on Hurricane-Related Costs
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Casino operator Harrah’s Entertainment Inc. posted a fourth-quarter loss, citing hurricane-related expenses and costs from writing off a Mississippi property it plans to sell.
But Wall Street had expected the Las Vegas company to report an even steeper loss from damage to its Gulf Coast properties, and analysts pointed to success of customer loyalty programs and plans for new casinos in Las Vegas, Spain, Slovenia and the Bahamas.
The loss for the quarter ended Dec. 31 was $142.2 million, or 78 cents a share. A year earlier, profit was $76.9 million, or 68 cents.
Without the items and charges, adjusted earnings of 66 cents a share topped the average 56-cent estimate from analysts polled by Thomson Financial.
Quarterly revenue of $2.09 billion was 76% higher. Harrah’s shares rose 36 cents to $72.72.
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