| T O P I C R E V I E W |
| PartyT |
Posted - 04/30/2010 : 03:55:46 AM
INTERVIEW - Harrah's CEO turns focus to online poker, Asia
BEVERLY HILLS (Reuters) - Gary Loveman, chief executive officer at Harrah's Entertainment Inc, sees few signs of a recovery in Las Vegas, but believes U.S. legalization of online poker could bring in billions more to the world's largest casino operator by revenue.
The company reported on Tuesday that its first-quarter loss widened to $195.6 million from $132.7 million a year earlier as revenue fell nearly 3 percent to $2.19 billion.
Hit by the economic downturn, consumers have cut back on discretionary spending like gambling trips at the same time businesses have reduced spending on meetings in Las Vegas.
Harrah's, which was bought by private-equity firms TPG Capital LP and Apollo Management LP in a 2008 $31 billion leveraged buyout, operates more than 50 casinos in six countries, including Las Vegas resorts like Caesars Palace and Paris.
http://in.reuters.com/article/businessNews/idINIndia-48046920100427
By Deena Beasley |
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| Robert15 |
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