According to an article on reviewjournal.com, casino and racetrack operator Harrah's yesterday stated that it lost in excess of $1.6 billion in the third quarter of 2009
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The article states that the company posted a $1.33 billion charge against earnings to write down the value of certain assets around the country. The overall third-quarter net loss from continuing operations after taxes was $1.62 billion.
Harrah's owns Chester Racetrack in Pennsylvania.
“The third quarter was challenging from an operations standpoint, as lower spending by consumers affected by the global recession continued to impact revenues,” Harrah’s chairman and CEO Gary Loveman said in a statement. “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.”
To read the reviewjournal.com article in its entirety, click here.
(With files from reviewjournal.com)