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Las Vegas-based Harrah's, which is privately held, said its net loss from operations was $1.05 billion for the quarter that ended Sept. 30, compared to net income of $349.6 in the same quarter a year ago.
Companywide revenues were $2.28 billion, a decline of 13.7 percent compared with $2.64 billion in the same quarter a year ago.
"The third quarter was challenging from an operations standpoint, as lower spending by consumers affected by the global recession continued to impact revenues," said Harrah's Chairman and Chief Executive Officer Gary Loveman. "During the third quarter, we continued our focus on aligning expenses with revenues and addressing our capital structure to cope with the protracted economic slump."
At the company's Las Vegas properties, Harrah's said reported a net loss of $778.8 million in the quarter, compared with net income of $155.4 million in the same quarter a year ago. Revenues in Las Vegas were $657.2 million, a decline of 17.5 percent compared with $796.8 million in the 2008 third quarter.
Harrah's said the net loss was due to lower spending by visitors and impairment charges of $875.8 million in the third quarter surrounding several of the company's Strip properties.
"We conducted another round of financing activities to shore up our balance sheet and enhance our financial flexibility, which has enabled us to take advantage of some exciting growth opportunities," Loveman said.
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