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U.s. Land Giant's First Quarter Results Up
US business is strong
The world's largest gambling group, Harrah's Entertainment Inc
in Las Vegas has reported continued prosperity in its first quarter
2007 results released this week.
Revenues of US$2.6 billion (US$2.3 billion in 2006) were achieved,
and profit for the period was US$185.3 million, a slight rise on
US$182.4m in 2006.
Wall Street analysts were expecting adjusted earnings from continuing
operations to come in at US$1 a share, rather than the 88 cents
a share Harrah’s recorded. The group said this was due to
a rise in marketing and operations costs needed to attract visitors
to the group’s resorts.
Harrah’s also announced that it would be holding World Series
of Poker-branded events at London Clubs International properties
(see earlier InfoPowa reports) in the UK in September, the first
time a WSOP event will be held outside Nevada. The events are expected
to generate the largest prize pool yet seen in Europe.
The competition - casino operaot Wynn Resorts - also published
first quarter results, showing net revenues for the period up significantly
at US$635 million (US$277million in same period 2006). The company
attributed the impressive rise to the inclusion of figures from
the Wynn Macau which opened in September last year as well as strong
Wynn Las Vegas results.
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