U.S. Land Giant's First Quarter Results Up
Published: Wednesday, May 09, 2007 Online-Casinos.com
U.S. LAND GIANT'S FIRST QUARTER RESULTS UP
US business is strong
The world's largest gambling group, Harrah's Entertainment Inc in Las Vegas has reported continued prosperity in its first quarter 2007 results released this week.
Revenues of US$2.6 billion (US$2.3 billion in 2006) were achieved, and profit for the period was US$185.3 million, a slight rise on US$182.4m in 2006.
Wall Street analysts were expecting adjusted earnings from continuing operations to come in at US$1 a share, rather than the 88 cents a share Harrah's recorded. The group said this was due to a rise in marketing and operations costs needed to attract visitors to the group's resorts.
Harrah's also announced that it would be holding World Series of Poker-branded events at London Clubs International properties (see earlier Online-Casinos.com/InfoPowa reports) in the UK in September, the first time a WSOP event will be held outside Nevada. The events are expected to generate the largest prize pool yet seen in Europe.
The competition - casino operator Wynn Resorts - also published first quarter results, showing net revenues for the period up significantly at US$635 million (US$277million in same period 2006). The company attributed the impressive rise to the inclusion of figures from the Wynn Macau which opened in September last year as well as strong Wynn Las Vegas results.
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