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.