n 2006, Harrah’s and its affiliates paid out an average of us$ 1.5 million weekly to various organizations, or 9.2 percent of the company’s pre-tax profits, the magazine says. The figure includes required donations or payments to charitable or governmental entities that are part of the company’s operating agreements in certain jurisdictions.
The company’s us$ 76.8 million in 2006 contributions also ranked 14th on the S&P index’s "largest cash givers" list, BusinessWeek says. Harrah’s is the only gaming company on this list, joining other companies such as Wal-Mart Stores, Bank of America, Target, Altria Group and Citigroup that are cited for their charitable donations.
"Harrah’s is guided by a Code of Commitment, a public pledge to our employees, guests and communities that we will be a responsible corporate citizen," said Charles Atwood, vice chairman of the board of Harrah’s Entertainment and chairman of the Harrah’s Foundation. "We are proud to be able to provide much-needed support to organizations that enhance the quality of life in our communities."
As part of its commitment to communities, Harrah’s created the Harrah’s Foundation, a in 2002, which supports social reinvestment programs by funding eligible nonprofit organizations dedicated to seniors, education and civic programs.
Nationally, Harrah’s and its Foundation are the largest corporate sponsors of the Meals on Wheels Association of America, and are one of the top two corporate sponsors of the Alzheimer’s Association. Additionally, in September of 2007 Harrah’s became the single largest corporate donor to the University of Nevada, Las Vegas, with a us$ 30 million commitment to INNovation Village, a state-of-the-art hospitality education and research centre to be constructed on the campus.