Harrah’s Earnings to Miss Estimates
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Harrah’s Entertainment Inc., operator of the Harrah’s and Showboat casinos, said its second-quarter earnings would miss analysts’ estimates because of fewer visitors to its casinos and bad luck at the Rio in Las Vegas.
Las Vegas-based Harrah’s said it earned 46 cents to 50 cents a share, below the 55-cent estimate of analysts polled by First Call/Thomson Financial. The company will report earnings July 18.
Harrah’s blamed the slowing economy for less visitation to its casinos in several markets, especially Reno and Lake Tahoe.
Harrah’s won less than usual in table games at its Rio casino in Las Vegas. Poor performance at the Rio dragged down Harrah’s results last year, before cash flow rose in the first quarter.
Before the announcement, Harrah’s shares rose 61 cents to close at $35.79 on the NYSE.
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