Harrah's Q3 Net Up 38%, But Misses By a Penny

Harrah's Entertainment posted a 38% jump in third-quarter earnings to $244.4 million, or $1.28/share, but adjusted EPS from continuing operations of $1.00 fell a penny short of analysts' average estimate. Revenues rose 13% to $2.84B, beating analyst expectations of $2.69B. Among Harrah's key operating regions, revenues and operating income both increased 10.8% at its Las Vegas properties, revenues climbed 20% in the Atlantic City region, but operating income only grew 3.5% and in the Louisiana/Mississippi region revenues were up 4%, while operating improved 68%. Shares of Harrah's Entertainment lost 0.4% to $87.38 on Tuesday and were last trading at $88.00 (+0.7%) in thin pre-market activity.

Sources: Press release, MarketWatch
Commentary: Stocks with Highest, Lowest Short Interest • Goldman Sachs Bets On Wynn, MGM and Las Vegas Sands • Does A Drop In Las Vegas Sands' Game Margins Represent Something Meaningful?
Stocks to watch: HET. Competitors: MGM, BYD, LVS

Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.