Harrah’s reports record 2Q income

Harrah’s Entertainment Inc., the Las Vegas-based gaming company partnered with the Narragansett Indian Tribe to put a casino in West Warwick, reported record earnings for the second quarter of 2006, according to a statement.
The corporation said that revenue for the quarter was $2.37 billion, up 67 percent from the same period a year ago.
The jump in revenue was attributed to improved profit margins in most of the regions in which the company operates casinos, the statement said. Also, additional revenue was realized due to the company’s recent acquisition of Caesars Entertainment.
Harrah’s is currently engaged in a campaign with the Narragansetts to persuade Rhode Island voters to pass an amendment to the state constitution in the November election which would permit the tribe and a partner to operate a casino in West Warwick.
The tribe has advertised that the casino would create thousands of jobs and provide the state with $144 million in additional tax revenue for property tax relief.
Meanwhile, casino opponents say the facility would hurt the state’s tourism industry and overall economy.