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Harrah’s Entertainment continues to struggle with falling revenue and widening losses, but hopes that the U.S. government will legalize online poker, which could bring in billions casino operator.
Chief Executive Officer Gary Loveman believes the legislation has a good chance of success, given that it would raise significant tax revenue, regulate a business that is currently unregulated and create jobs.
He added that the company’s online gaming unit, Harrah’s Interactive Entertainment that currently operates in the United Kingdom will be launching into Italy and France in the future.
For the first quarter the company posted a wider loss of $195.6 million from $132.7 million a year earlier as revenue fell nearly 3%.
Harrah’s, which was bought by private-equity firms TPG Capital LP and Apollo Management LP in a 2008 $31 billion leveraged buyout, operates more than 50 casinos in six countries and came close to defaulting on its debt during the peak of the financial crisis last year.
Loveman said Harrah’s would consider selling assets that it does not consider central to operations, but declined to comment on which properties fall into that category and has no plans at this time to restart work on a stalled hotel tower at Caesars Palace.
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