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NEW YORK, Oct 25 (Reuters) - Harrah's Entertainment Inc. (HET.N: Quote, Profile, Research), the world's biggest casino operator, on Wednesday reported higher quarterly profit helped by strong Las Vegas results, but missed expectations.
Harrah's, the subject of a $15.5 billion private-equity buyout offer, said net income rose 4.8 percent to $177.2 million, or 95 cents a share, from $169 million, or 91 cents a share, a year earlier.
Adjusted earnings from continuing operations were 94 cents a share, compared with analysts' average estimate of 99 cents, according to Reuters Estimates.
Las Vegas-based Harrah's, which last year acquired Caesars Entertainment, said revenue rose 11 percent to $2.5 billion, helped by Caesars properties and increased business from its customer loyalty program.
Sales at Harrah's properties open for a year or longer -- excluding those affected by last year's U.S. Gulf Coast hurricanes but including Caesars properties -- increased 8 percent.
Income from operations in Las Vegas jumped 31.3 percent to $192.1 million, helped by increased visitation and spending by members of its customer-loyalty program.
But in Atlantic City, income from operations fell 9.5 percent to $136.2 million, hurt by a three-day shutdown of casinos due to a state budget impasse and insufficient marketing after an expansion at a rival casino.
The company, which owns or manages around 40 casinos, said on Oct. 2 that a committee of directors was reviewing an $81-per-share takeover offer from private equity firms Apollo Management and Texas Pacific Group.
The offer price has since risen to $83.50 per share, according to sources, but shares of Harrah's are still trading around $74.
Before Wednesday, the stock was up 3.7 percent year to date, compared with a gain of nearly 25 percent for the Dow Jones U.S. Gambling Index
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