Harrah's Earnings Report: Bad But Could Be Worse
August 13, 2021
Revenues for Harrah's Entertainment second quarter, according to their most recent earnings report, were certainly down but were no where near as bad as expected given the current state of the casino industry and Harrah's sizable debt load. The second quarter report showed revenues down 3.7% for the quarter and down 2.9% since the start of the year. Overall, Harrah's Entertainment posted a loss of $97.6 million for the quarter.

Harrah's is currently holding a significant amount of debt as a result of last year's leveraged buy out, the interest of which has and will continue to eat into Harrah's bottom line. To address this problem and prevent future unfavorable earning reports, Harrah's will most likely have to liquidate properties (according to analysts) to avoid getting swallowed up in billion dollar interest payments. Unfortunately, given the current sluggish real estate market, this is easier said then done.

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