Harrah’s reports nearly $200 million quarterly loss
By Steve Green, Las Vegas Sun
Harrah’s Entertainment Inc. today reported a first quarter loss on lower revenue as the recession continued to reduce spending at its big Las Vegas Strip resorts.
The company said it lost $195.6 million vs. a loss in the year-ago first quarter of $132.7 million as revenue fell 2.9 percent to $2.188 billion.
“Revenue fell due primarily to the continuing impact of the recession on customers’ discretionary spending and reduced aggregate demand, which continued to pressure average daily room rates,” Harrah’s said in today’s earnings report.
