It was bought by Apollo Global Management and TPG Capital on January
Harrah's posts quarterly loss on charges
(US).- Harrah’;s Entertainment Inc, the world’;s largest casino company, posted this week a fourth-quarter net loss, burdened by impairment charges.
2008-02-28
Reading time 26 seg
The company, which was bought by private equity firms Apollo Global Management LLC and TPG Capital LP TPG.UL on January 28, posted a net loss of us$ 47.8 million, compared with a profit of us$ 47.6 million in the same quarter the previous year.
Harrah’s said it took a pre-tax charge of us$ 169.6 million to write off certain intangible assets. Revenue rose 8.1 percent to us$ 2.63 billion, paced by growth at its casinos in Las Vegas and Atlantic City, New Jersey.
Growth was sluggish at Harrah’s other US casinos. In Louisiana and Mississippi, revenue rose just 0.7 percent, while revenue at its properties in Iowa and Missouri fell 2.6 percent.
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