Harrah’s Reports Q3 Loss

Harrah’s Entertainment reported Nov. 7 a loss in the third quarter compared to a profit one year earlier.

The privately held hotel and casino company lost $129.7 million in the quarter compared to a profit of $244.4 million in Q3 2007. The loss reflects reduced spending by consumers in the company’s Las Vegas casinos and closing of several Gulf Coast properties during Hurricane Ike.

 Harrah’s, which operates under the Harrah’s, Caesars and Horseshoe brands, said income from operations plunged 39 percent to $349.6 million. Revenue fell 7 percent to $2.65 billion.

 In Atlantic City, N.J., Harrah’s said revenue fell 2.4 percent to $655.1 million while operating income declined 12 percent to $123.5 million.

Harrah’s was taken private in January.