Harrah's Entertainment reported a 1.3% increase in Q1 net income to $185.3 million, or $0.98 per share, but EPS from continuing operations (and adjusted EPS from continuing operations) of $0.88 was lower y/y and missed analysts' average estimate of $0.99. Revenues increased 13% to $2.66b, beating the Street's average estimate of $2.51b. Harrah's agreed in December to be acquired by two private equity firms: Apollo Management LP and TPG Inc. Sales in Las Vegas rose 9% to $898.6m, while sales in Atlantic City increased 11% to $546m. Shares of Harrah's lost 0.55% to $85.21 in normal trading Monday, and last traded down 1% to $84.35 in pre-market activity on thin volume of 1,900 shares.
Sources: Associated Press, Bloomberg, MarketWatch
Commentary: Harrah's Entertainment CIO on Attracting Customers • Harrah's Accepts Private Equity Offer of $90 Per Share • A Quick Guide to the Major Gambling Stocks
Stocks/ETFs to watch: Harrah's Entertainment, Inc. (HET). Competitors: Penn National Gaming Inc. (PENN), Wynn Resorts (WYNN), Boyd Gaming Corporation (BYD), MGM MIRAGE (MGM), Las Vegas Sands Corp. (LVS), Trump Entertainment Resorts (TRMP)
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