Harrah's revenues set record

Harrah's Entertainment Inc.

last week reported record third quarter revenues of $1.14 billion, up 2.2 percent from revenues of $1.11 billion in the third quarter 2002.

Property earnings before interest, taxes, depreciation and amortization declined 3.4 percent to $316.5 million from property EBITDA of $327.7 million in the year-earlier quarter.

Third-quarter adjusted earnings per share was a record 93 cents, up 2.2 percent from 2002's third-quarter adjusted EPS of 91 cents.

Property EBITDA and adjusted EPS are not generally accepted accounting principles measurements but are commonly used in the gaming industry as measures of performance and as a basis for valuation of gaming companies.

Third-quarter income from operations declined 4.3 percent to $217.8 million from $227.7 million in the 2002 third quarter.

Third-quarter net income was $99.5 million, down 1.5 percent from $101.0 million in the year-ago period.

Cross-market play - gaming by customers at Harrah's properties other than their "home" casinos - rose 15 percent in the 2003 third quarter from the year-earlier period.

Tracked play - gaming by customers using the company's Total Rewards player cards - increased 5.6 percent from the 2002 third quarter.