Harrah’s Entertainment Inc., one of the biggest casino operators across the globe is looking forward to the day when online poker will finally become a legal gambling game in the United States.

Harrah’s CEO Gary Loveman admits that the economic crisis plaguing the rest of the world has resulted in fewer patrons in their casinos, resulting in lower revenues. The company’s casino revenues have been suffering from losses since last year and financial reports for the 1st quarter of this year has left no indication that the slump will soon be overcome.

As a matter of fact, the company has incurred more losses during the 1st quarter of this year as compared to last year’s 1st quarter revenues, falling down almost three percent which roughly translates to almost two hundred million dollars in losses.

LEGALIZING ONLINE POKER

With the company’s slump in revenues, they are looking at minimal improvements in their profits this year, but next year, they are hoping that things will look brighter. The opening of new casinos in Las Vegas didn’t help in improving the company’s profits but with the passing of a law legalizing online poker in the United States, casino operators could enjoy respite from their financial strains.

Harrah’s is behind the World Series of Poker tournaments and with the passing of a bill legalizing online poker, they are looking at greatly benefiting from this.

Loveman is positive that the bill will soon get approval since it will ultimately mean more revenues for the US as well; and it could provide more jobs for a lot of people in the country.

HARRAH’S FORWARD VISION

While the company is waiting in the wings for the legalization of online poker, they are also looking for other opportunities to cut down their losses and increase revenues.

Among the things being considered is the sale of non-performing assets which Loveman did not disclose but talks of letting go of the Rio All-Suite Hotel and Casino in Las Vegas have been heard through the grapevine.

The company is also considering venturing into casino operations in Asia, particularly in China, which is deemed as the biggest revenue earner worldwide; although there are no current plans as of yet about this venture. Other parts of the United States are also being considered for their expansion plans.

Harrah’s Entertainment Inc. currently runs over fifty casinos in different parts of the globe and they also have their online counterpart, the Harrah’s Interactive Unit.

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