Harrah's Entertainment Delivers Surprising Fourth Quarter Reports

Casino News - February 25th, 2010 - Written By Bonnie

With revenue at most casinos continuing to fail, Harrah's Entertainment, Inc. made a step in right direction as they were able to report a profit in the fourth quarter reports. Economic struggles over the past few years have put casinos in a crunch, financially speaking, and although the decreasing revenue numbers continue, Harrah's Entertainment was able to show and increase from the fourth quarter in 2008 by nearly $4.78 billion.

Apollo Global Management, LLC and TPG Capital LP operate more than 50 casinos globally and is most commonly recognized by names such as Harrah's and Caesar's. The are also one of the largest casino operator by revenue. While disappointing numbers are no surprise to the casino industry these days, the company's revenue has been on a steady downfall and has actually been decreasing for the past 7 quarters. This past quarter saw a fall from $2.28 billion, to $2.1 billion, a whopping 8%.

Las Vegas, where Harrah's is based, revenue was down 10% from $721.4 million, to $649.2. It seems as if the company's revenue fell in each U.S. region in which the company operates and is expected to continue to do so. Since consumers have cut discretionary spending during this recession, the quarterly reports are expected to remain low. While the revenue at land casinos continues to fall, USA online casinos continue to grow strong and can only be expected to remain so, with the financial troubles that lie within the wallets of consumers, as well as land casinos.