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Harrah’s Entertainment and MGM Mirage are the world’s largest and second largest casino operators. They are also not resting on their laurels and are pursuing ambitious expansions both in the United State and internationally.

Harrah’s announced yesterday that their first-quarter earnings nearly doubled after its $9bn purchase of Caesars Entertainment. Their future plans include rebuilding in the Gulf Coast region. They will re-open their Grand Casino Biloxi in Mississippi this summer and in September they hope to open a 450-room luxury hotel next to its re-opened casino in downtown New Orleans. Also in the United States, Harrah’s will spend $485m to renovate and its Horseshoe Casino in Hammond, Indiana.

Internationally Harrah’s is expanding in Europe and the Caribbean. The Bahamas, Slovenia and Spain are all sites that Harrah’s is aggressively pursuing. In addition Harrah’s as well as MGM, has submitted a bid for the lucrative Singapore property, which would be that nation’s first casino.

Just as Harrah’s was bolstered by their purchase of Caesars Entertainment, MGM’s purchase of Mandalay Resort Group last year lifted first-quarter earnings. The total revenues did suffer a little due to pre-opening expenses for the MGM Grand Macao and construction charges on the Project CityCenter. MGM Mirage first-quarter net income rose to $144m, or 49 cents a share, up from $111.1m, or 38 cents a share, a year earlier.

Aside from the major Macao venture and the billion dollar CityCenter, MGM has also formed a partnership with Foxwoods Resort Casino. It is unclear the exact nature of the partnership, but it is believed that the MGM brand will be prominently featured at a new hotel at the popular Connecticut Native American casino.

Both companies are performing very well as is the gaming industry in general. These two actually are getting so large it would be better to think of it in terms of who they will they take over next because the revenues will continue grow.

Article by Angela Ford

This entry was posted on Friday, April 28th, 2006 at 3:42 pm and is filed under US Gaming. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.