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Harrah's reported successful third-quarter

10/18/2001

Harrah's Entertainment reported successful third-quarter earnings that were strong in the face of recent events. Sept. 11 attacks had impact on travel and consumer spending, but several factors assist reduce the blow in Harrah's Entertainment.

During the last four months, Harrah's drag in $1.05 billion in revenue, its first time over the quarterly billion-dollar mark. That was up 11% from the same period last year, but was helped by the July 31 acquisition of Harveys Casino Resorts. Internet income fell 16% to $62 million, or $0.54 a share. Excluding extraordinary items, net income and earnings per share were slightly above last year's levels.

Harrah's competitors are going through a stiff time. MGM Mirage warned earlier this month that its third-quarter results would be significantly lower than expected, and along with Park Place Entertainment has fired thousands of employees. Harrah's has so far been able to avoid mass firing. The companies' stock prices reflect their troubles, as both MGM Mirage and Park Place are still down over 15% since the attacks. Harrah's is off less than 5%. The companies' is even more dramatic, showing Harrah's up nearly 15% and the other two down some 30%-40%.

The things that helped Harrah's strengths before the attacks are re also helping it after.
The company is far more geographically spread than other major operators, within 25 casinos spread over 12 states making it less susceptible to events that might impact just one region. In the other hand, MGM Mirage has heavy exposure to Las Vegas, which has been shake through Sept. 11 attacks. This geographic mixture keeps Harrah's close to her patron base. As most of her patrons arrive by automobiles, airlines bring in most of Park Place's and MGM's players, many of whom are international clients.

Harrah's is the only company in the gaming industry that have customer service programs for gamblers, and the only casino operator to win Darwin award for innovative customer relationship management (CRM). The company established its expertise in this area by reaching out to customers following the Sept. 11 attacks. CEO Phil Satre. Said "Our ability to contact individual customers with personalized offers that they value," and to "drove visitation that reinvigorated our revenue streams and occupancy rates."

These features are assisting the company during her hard time, but they are also strength in her good times as well. All told, they help Harrah's remain one of the best bets in the gaming industry.

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