Harrah's Entertainment, Inc., a privately held branded casino entertainment company, reported a loss in its second quarter, hurt by a revenue decline resulting from lower customer visits.
The Las Vegas, Nevada-based company's second-quarter Successor net loss was $97.6 million, compared to Predecessor net income of $237.5 million in the year-ago quarter.
Successor net loss, on GAAP basis, from January 28 through June 30 was $184.5 million, compared to GAAP Predecessor net loss from January 1 through January 27 of $100.9 million.
The company, however, noted that second-quarter results were favorably affected by a credit of $61 million due to an increase in the fair value of the company's derivative instruments.
Second-quarter Successor total revenue declined 3.7% to $2.602 billion from Predecessor revenue of $2.702 billion in the comparable quarter of last year.
Successor revenue, on GAAP basis, from January 28 through June 30 was $4.443 billion, compared to GAAP Predecessor revenue from January 1 through January 27 of $760.1 million.
According to the company, it reduced certain costs during the quarter in response to lower demand, but continued to fund for the future.
The company also announced the opening of its $485 million expansion at Horseshoe Hammond in Northern Indiana.
For the six-months ended June 30, Harrah's posted Combined Successor net loss of $285.4 million, versus Combined Predecessor net income of $422.8 million in the year-ago period.
Year-to-date Combined Successor revenue declined 2.9% to $5.203 billion from Combined Predecessor revenue of $5.357 billion in the comparable period of last year.
Commenting on the results, Harrah's Chairman, President and Chief Executive Officer Gary Loveman said, "The first half of the year presented us with the most turbulent economic conditions the casino-entertainment industry has faced in years. Customer visitation fell in the second quarter as consumers coped with higher fuel costs, declining asset values, the impact of widespread flooding in the Midwest and other financial challenges."
The casino operator was acquired by affiliates of Apollo Global Management, LLC and TPG Capital, LP on January 28, 2008 in a transaction valued at $30.7 billion, including assumption of $12.4 billion of debt and approximately $1 billion of acquisition costs.
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