Park Place Posts Profit, Cuts Forecast
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Park Place Entertainment Corp., the world’s biggest casino company, recorded a profit of $41 million in the first quarter, helped by a new 4,000-seat theater featuring singer Celine Dion. The company said profit would fall in the second quarter and 2003.
The owner of Caesars and Bally’s casinos had net income of 14 cents a share, contrasted with a net loss of $939 million, or $3.09, a year earlier. Revenue was unchanged at $1.14 billion, Chief Financial Officer Harry Hagerty said. Results for the year-ago quarter include the write-down of the value of purchases by $979 million.
Las Vegas-based Park Place, which owns, manages or has a stake in 27 casinos operating under the Caesars, Bally’s, Flamingo, Grand Casinos and Hilton names, said it would earn 7 cents to 11 cents a share in the second quarter.
Park Place shares fell 29 cents to $7.15 on the New York Stock Exchange.
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