Harrah’s records $274M net loss as revenue falls 2% in Q2

TAGs: Gary Loveman, Harrah's Entertainment

Harrahs-Revenue-FallsDespite boosting its marketing budget in an attempt to woo recession-weary punters into its casinos, Harrah’s Entertainment lost a bundle o’ cash in the second quarter of 2010. Its Las Vegas properties actually recorded a modest 1.1% revenue gain, but that number would have been an 8.2% loss if the company hadn’t added Planet Hollywood Las Vegas to its stable in February. Company execs are putting on a brave face, but it’s clear where they believe their salvation lies. As Harrah’s honcho Gary Loveman puts it, the company “is more capable of capitalizing on additional growth opportunities than at any time in the past two years.” For the unitiated, ‘additional growth opportunities’ means ‘legal online gambling’. Read more.


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