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Harrah's posts first-quarter loss

Harrah's Entertainment Inc., the casino company taken private in January for $17.1 billion, today posted a first-quarter loss as gambling in Las Vegas declined, Bloomberg News reported. The $187.8 million loss compares with a $185.3 million profit a year earlier, the Las Vegas-based company said. Revenue fell 2.1 percent to $2.6 billion.

Harrah's, the world's largest casino company, was purchased by Apollo Management Group LP and TPG Inc. on Jan. 28 after agreeing to the purchase in 2006.

Harrah's Las Vegas revenue, which accounted for 34 percent of its sales in 2007, fell 4 percent as U.S. gamblers confronted declining home values and higher costs for food and fuel.


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    poseidon wrote on May 09, 2008 10:52 PM: Within the past year, a few employees within a particular department were laid-off from one of Harrahs properties due to some supposed property-wide "cuts" made by the company. A handful of the older employees in the department, some who had much experience with the property were let go. There may have been no widespread property-wide personnel "cuts". Don't know if this was motivated by the recent hard times. Could attitudes within a company contribute to hard times?


    denro wrote on May 09, 2008 08:25 PM: This is the very reason I would not play at any indian casinos, if they are too tight I am not interested in simply making a contribution to them. At least make it what it is supposed to be, a gamble.


    slot poor wrote on May 09, 2008 06:22 PM: Exactly right Lisa & TimeRanger...people don't PLAY if they don't WIN...this short sighted strategy will be their doom if they don't see the light soon.


    Lisa wrote on May 09, 2008 04:43 PM: I agree. They need to get back to "Old School Vegas". Last time I tried to call my host at the Rio to ask for a free night, she was so rude and had no people skills. I even spoke with her boss, but got no where. If they throw comps your way, you are more attractive to their resort and will spend the cash you saved on gambling. Tables are way too expensive to play, they need to lower their limits. And I have noticed that the slot machines are not paying off. I never hear anyone sreaming with excitement. I'd rather stay home and save my cash!


    Thomas David wrote on May 09, 2008 04:24 PM: Gee, maybe now they won't continue to crap all over the locals. Stevie W. and all the big J's may have to actually court their residents. Nah, they'll blame the economy and such-Gee, Steve, can I have a players card without putting points on it first? Luckily, Steve's idol, Sheldon A is in a motorized wheelchair, and Steve A is feeling his way around, so soon we'll have the mob back in charge. Bye, bye, guys. Nice....


    mike d wrote on May 09, 2008 03:57 PM: Do you really need write this garbage imposter? Get a life.


    Donald Trump wrote on May 09, 2008 02:51 PM: How can it be that this Fat Face Gary Loveman can lose money with a casino? Maybe it is because he has an ugly wife? It might be because Harrah's is always nickel and diming it's customers?

    I believe they bought Imperial Palace, as well. I could tell you a story about how they treated one of their best players. DO you know that they cheated the player out of all his points used for comps?

    The bottom line is that Fat Face Loveman is just a scamming numbers guy...always looking to pinch pennies. He has no class and he will bankrupt this company.

    As many of you know, I like beautiful women. Maybe, if Fat Face Loveman would start chasing around some young ladies instead of hogging it up he might get a little bounce in his step and finally turn a profit.

    What a pig. What a shame.


    Regards,

    Donald

    P.S. Did you know that Celebrity Apprentice was number one in its time slot?


    TimeRanger wrote on May 09, 2008 01:54 PM: Maybe the gaming companies would do a bit (LOT) better if they returned to the "old-school" Vegas - Offering games and services that give the visitor something to brag about when they get back home.... $2 Single-Deck 21, buffet prices that don't equal a tank of gas, reasonably priced show tickets, liberal comps, etc etc etc


    Joe wrote on May 09, 2008 01:50 PM: Harrahs post first loss and Riviera story says no cash offer to buy -

    Casinos will be seeing more NO CASH statements in the near future as the locals are taking a hit. BOYD's latest quarterly report was wayyy down from previous years in Las Vegas. They are sighting problems with local economy etc, but even from the other areas they are in it is wayy off.

    It is a nationwide slowdown and with gas and oil now at records and climbing it is going to get worse, much worse, before it gets better. Locally Boyd is a good mirror as they have all the places like SunCoast etc that locals g0 - they are just getting hammered and so far down with the local player that they sighted membership sign ups to try and paint a rose out of a turd.

    Facts are Facts and we arestrugling and seeing layoffs all over town. It is going to turn down much further before it gets better, and unions allowing hiring part time extra only shifts for years on end , and Plumbers Union starting at $8 apprentice levels less than 20 years ago, is just making it worse.

    Here's the great ideal our county commissioners came up with - raise the rates for sewer service by some 35 % , and soon the PUC will shove another 30 % power rate increase down our throat.


    Free Nevada wrote on May 09, 2008 01:25 PM: Give you an idea of how far behind we are and why you should get used to Vegas drowning in RED until this get fixed:

    First, here's our technology: (don't fall asleep now)

    http://youtube.com/watch?v=bPO_hClo6yY

    Next, here's where the rest of the world is at:

    (starting with poorest countries just to rub it in)

    India: http://youtube.com/watch?v=ZCEbGOvZfmk

    Taiwan: http://youtube.com/watch?v=fvEprAL5jAg

    Spain: http://youtube.com/watch?v=W4fPxkU0Fv0

    Russia: http://youtube.com/watch?v=THNWfwVwbWE&

    China: a bit boring: http://youtube.com/watch?v=7_QdYNWvcqc or the rock-n-roll version: http://youtube.com/watch?v=8e4xtIJAFn0

    Germany: http://youtube.com/watch?v=hjdxC11lrds

    France: http://youtube.com/watch?v=NGlIMJ7PlTY

    Japan Now: http://youtube.com/watch?v=qzX3AdYnFPE

    Japan Soon: http://youtube.com/watch?v=rUVD1rSFpEA


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