Our network

Harrah's Entertainment Loses $274M in 2nd Quarter

LAS VEGAS (AP) -- Casino operator Harrah's Entertainment Inc. says it lost $274 million during the second quarter as customers gambled less.

The loss reported Wednesday by the private Las Vegas-based company compared with profits of just under $2.3 billion during second quarter last year. That quarter included almost $4.3 billion in gains for paying debt early at less than face value.

The company's revenue slipped 2.2 percent, to about $2.2 billion, compared with almost $2.3 billion during April-June 2009.

Harrah's CEO Gary Loveman says the company increased marketing and labor costs because it anticipates more demand at its more than 50 properties.

Loveman says the company increased cash to about $3 billion and reduced debt. But the company didn't report how much debt it has now.

(Copyright 2010 by The Associated Press. All Rights Reserved.)