Market Updates
Harrah's Entertainment Profit Jumps 85%
Elena
07 Aug, 2007
New York City
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Harrah''s Entertainment posted 85% earnings jump in Q2 to $237.5 million, or $1.25 per share, vs. $128.6 million, or 69 cents per share a year ago, boosted by strong results in Las Vegas and Atlantic City. Quarterly results beat analyst estimates of 98 cents per share. The casino operator posted revenue increase of 14% to $2.7 billion from $2.37 billion last year.
[R]8:00AM Harrah’s Entertainment Q2 profit jumped 85%.[/R]
Harrah''s Entertainment Inc. ((HET)) posted 85% earnings jump in Q2 to $237.5 million, or $1.25 per share, vs. $128.6 million, or 69 cents per share a year ago, boosted by strong results in Las Vegas and Atlantic City. Quarterly results beat analyst estimates of 98 cents per share.
Las Vegas revenue climbed to $922.5 million from $803.3 million, while Atlantic City revenue increased to $592.6 million from $521 million. The casino operator posted revenue increase of 14% to $2.7 billion from $2.37 billion last year.
However, adjusted results from continuing operations came in below expectations. Income from continuing operations rose to $195.5 million, or $1.03 per share, compared with $128.7 million, or 69 cents per share, a year earlier.
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