Casino News

Harrah's reports soaring income ahead of sale

2007-08-08 11:11:30

Harrah's Entertainment, the world's biggest casino operator, has announced that its second-quarter net income jumped by 85 per cent thanks to strong growth in its Las Vegas and London operations.

Net income climbed to $237.5 million or $1.25 a share, up from $128.6 million or 69 cents a share this time last year.

On an adjusted basis, earnings from continuing operations grew to 96 cents a share from 95 cents, while revenue was up 14 per cent to $2.7 billion. Analysts surveyed by Thomson Financial have forecast net income of 98 cents per share.

In Las Vegas, where Harrah's owns casinos such as Caesars Palace, revenue totalled $922.5 million, 14.8 per cent higher than in the same quarter last year.

Earlier this year, Harrah's announced that it is being bought by private equity firms in a $17.1 billion deal, which is expected to close late this year or in early 2008.