U.S. News

Harrah's Entertainment Second-Quarter Profit Rises


Harrah's Entertainment , which is being taken private in a $17.1 billion deal, said Tuesday its second-quarter profit surged 85% on strong results in Las Vegas and Atlantic City, but adjusted results from continuing operations missed estimates.

Earnings climbed to $237.5 million, or $1.25 per share, versus $128.6 million, or 69 cents per share, in the prior-year period.

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.

Adjusted earnings from continuing operations were 96 cents per share versus 95 cents per share in the year-ago period.

Analysts surveyed by Thomson Financial forecast net income of 98 cents per share.

The casino operator reported revenue grew 14% to $2.7 billion from $2.37 billion in the previous year.

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 company also posted revenue increases in the Illinois/Indiana region, the Iowa/Missouri region and the Louisiana/Mississippi region.

Consensus estimates put sales at $2.59 billion. The stock fell 14 cents, to $83.86 a share.