Harrah's CEO: Las Vegas still weak
Citywide gambling revenue in Las Vegas has begun to stabilize, but room rates are still heavily discounted as casino operators compete to attract visitors.
"We are the cheapest date in the world ... that generates lots and lots of visitors," said Gary Loveman, CEO of Harrah's, the world's largest gambling company, this week. "Las Vegas remains weak and will remain weak for the foreseeable future."
He also said Las Vegas group business bookings for 2011 are "encouraging," but 2010 remain weak.
Harrah's, which was acquired by private equity firms Apollo Management and TPG Capita TPG.UL in 2008, relies on Las Vegas and Atlantic City for about 40 percent of its earnings.
Loveman said Harrah's remains interested in a presence in China's Macau - the world's largest gambling center - but is not actively discussing such a deal. "We do have an interest in Macau. We think Caesars is the best brand for that market," Loveman said.
The Chinese government has issued six gambling licenses in Macau and US companies MGM Mirage, Las Vegas Sands Corp. and Wynn Resorts Ltd are operating there.
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