No plans yet for Harrahs in Biloxi
Harrah’s reveals little of earnings
BILOXI - Executives with Harrah’s Entertainment ran through the numbers and gave a presentation about the company’s business without taking questions from analysts during an earnings conference call Tuesday morning.
They revealed no details about expansion plans for the Biloxi Grand Casino or any other properties. The company’s earnings report for the fourth quarter did note it has experienced “higher development costs and master-plan expenses related to Las Vegas, Atlantic City and Biloxi.”
One reason for being tight-lipped is the April 5 shareholder vote on the company’s $17.1 billion buyout by a private-equity partnership formed by Texas Pacific Group and Apollo Management.
The company posted net income of $47.6 million for the quarter compared with a $142.2 million loss a year ago because of hurricane-related costs and write-offs.
Harrah’s does not report earnings by specific properties. Revenues for the Louisiana/Mississippi Region increased 54.4 percent compared with a year ago. The increase was due to the reopening of Harrah’s New Orleans and the Grand Casino, the company said.
Insurance paid to the company since Hurricane Katrina has totaled $571 million.
For the year, the company had net income of $535.8 million compared with $236.4 million during 2005.
Source: Sun Herald