Park Place Loss Widens on Purchase
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Park Place Entertainment Corp., the biggest casino company, said its fourth-quarter loss widened on costs of the purchase of a partner’s stake in a New Orleans riverboat casino.
The Las Vegas-based owner of Caesars and Bally’s casinos reported a net loss of $18 million, or 6 cents a share, compared with $16 million, or 5 cents, a year earlier. Results included a $43-million charge for the casino purchase and a $9-million expense to end the contract of former Chief Executive Thomas Gallagher.
Excluding the one-time items, Park Place’s earnings swung to a profit of 5 cents a share from a year earlier through cost cutting.
Revenue was unchanged at $1.1 billion.
Park Place shares fell 10 cents to $6.73 on the NYSE.
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