Exhibit 99.1
HARRAH’S ENTERTAINMENT, INC.
CONSOLIDATING SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED)
| | 2005 (a) | |
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
Revenues | | | | | | | | | | | |
Las Vegas | | $ | 248.8 | | $ | 316.1 | | $ | 670.1 | | $ | 715.0 | | $ | 1,950.0 | |
Atlantic City | | 183.2 | | 259.0 | | 562.1 | | 481.4 | | 1,485.7 | |
Louisiana/Mississippi | | 237.7 | | 266.7 | | 326.5 | | 236.4 | | 1,067.3 | |
Iowa/Missouri | | 183.2 | | 181.5 | | 184.2 | | 186.1 | | 734.9 | |
Illinois/Indiana | | 205.5 | | 224.4 | | 292.9 | | 276.7 | | 999.5 | |
Other Nevada | | 138.7 | | 146.7 | | 186.2 | | 144.2 | | 615.7 | |
Managed/International/Other | | 22.1 | | 29.0 | | 50.4 | | 55.3 | | 156.9 | |
Total Revenues | | $ | 1,219.2 | | $ | 1,423.4 | | $ | 2,272.4 | | $ | 2,095.1 | | $ | 7,010.0 | |
| | | | | | | | | | | |
Income From Operations | | | | | | | | | | | |
Las Vegas | | $ | 69.8 | | $ | 79.5 | | $ | 146.3 | | $ | 145.6 | | $ | 441.1 | |
Atlantic City | | 42.7 | | 63.8 | | 150.5 | | 96.6 | | 353.6 | |
Louisiana/Mississippi | | 41.3 | | 40.9 | | 46.4 | | (107.4 | ) | 21.1 | |
Iowa/Missouri | | 33.7 | | 28.8 | | 30.1 | | 26.5 | | 119.1 | |
Illinois/Indiana | | 41.2 | | 44.8 | | 52.3 | | 38.8 | | 177.1 | |
Other Nevada | | 15.6 | | 21.3 | | 50.4 | | 16.0 | | 103.3 | |
Managed/International/Other | | 3.3 | | (16.9 | ) | (5.9 | ) | (14.2 | ) | (33.6 | ) |
Corporate Expense | | (16.4 | ) | (21.9 | ) | (32.4 | ) | (27.0 | ) | (97.7 | ) |
Caesars acquisition costs | | (4.0 | ) | (16.7 | ) | (15.2 | ) | (19.1 | ) | (55.0 | ) |
Total Income from operations | | $ | 227.2 | | $ | 223.6 | | $ | 422.5 | | $ | 155.8 | | $ | 1,029.0 | |
| | | | | | | | | | | |
Property EBITDA | | | | | | | | | | | |
Las Vegas | | $ | 85.4 | | $ | 102.0 | | $ | 193.9 | | $ | 205.7 | | $ | 586.9 | |
Atlantic City | | 63.0 | | 92.0 | | 199.7 | | 138.5 | | 493.2 | |
Louisiana/Mississippi | | 56.0 | | 58.9 | | 77.6 | | 59.6 | | 252.2 | |
Iowa/Missouri | | 51.4 | | 48.7 | | 49.0 | | 47.8 | | 196.9 | |
Illinois/Indiana | | 49.1 | | 54.3 | | 65.4 | | 55.0 | | 223.9 | |
Other Nevada | | 28.6 | | 33.9 | | 60.5 | | 29.5 | | 152.4 | |
Managed/International/Other | | 9.7 | | 5.7 | | 9.3 | | (3.0 | ) | 21.7 | |
Total Property EBITDA | | $ | 343.2 | | $ | 395.5 | | $ | 655.4 | | $ | 533.1 | | $ | 1,927.2 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
(a) The historical results presented have been revised to reflect the reclassification of the operating results of Harrah’s Lake Charles to discontinued operations.
HARRAH’S ENTERTAINMENT, INC.
CONSOLIDATING SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED)
| | 2004 (a) | |
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
Revenues | | | | | | | | | | | |
Las Vegas | | $ | 225.2 | | $ | 235.8 | | $ | 226.1 | | $ | 231.7 | | $ | 918.9 | |
Atlantic City | | 181.8 | | 193.9 | | 227.2 | | 178.0 | | 780.9 | |
Louisiana/Mississippi | | 141.1 | | 128.5 | | 235.7 | | 219.1 | | 724.4 | |
Iowa/Missouri | | 169.1 | | 173.7 | | 185.0 | | 184.3 | | 712.1 | |
Illinois/Indiana | | 99.0 | | 99.3 | | 202.3 | | 187.2 | | 587.8 | |
Other Nevada | | 138.9 | | 148.6 | | 174.9 | | 133.6 | | 596.0 | |
Managed/International/Other | | 17.7 | | 18.9 | | 20.2 | | 20.1 | | 76.7 | |
Total Revenues | | $ | 972.8 | | $ | 998.7 | | $ | 1,271.4 | | $ | 1,154.0 | | $ | 4,396.8 | |
| | | | | | | | | | | |
Income From Operations | | | | | | | | | | | |
Las Vegas | | $ | 58.9 | | $ | 58.4 | | $ | 47.3 | | $ | 52.3 | | $ | 217.0 | |
Atlantic City | | 44.6 | | 52.1 | | 69.4 | | 33.4 | | 199.5 | |
Louisiana/Mississippi | | 21.8 | | 14.6 | | 38.6 | | 29.8 | | 104.8 | |
Iowa/Missouri | | 26.5 | | 51.1 | | 34.2 | | 34.5 | | 146.3 | |
Illinois/Indiana | | 15.7 | | 15.6 | | 38.7 | | 33.0 | | 103.0 | |
Other Nevada | | 15.2 | | 22.5 | | 41.9 | | 9.5 | | 89.0 | |
Managed/International/Other | | 2.8 | | (11.7 | ) | 0.3 | | (9.1 | ) | (17.7 | ) |
Corporate Expense | | (14.7 | ) | (15.8 | ) | (17.4 | ) | (18.8 | ) | (66.8 | ) |
Caesars acquisition costs | | — | | — | | — | | (2.3 | ) | (2.3 | ) |
Total Income from operations | | $ | 170.8 | | $ | 186.8 | | $ | 253.0 | | $ | 162.3 | | $ | 772.8 | |
| | | | | | | | | | | |
Property EBITDA | | | | | | | | | | | |
Las Vegas | | $ | 73.3 | | $ | 72.4 | | $ | 64.2 | | $ | 67.1 | | $ | 276.9 | |
Atlantic City | | 61.2 | | 69.8 | | 88.3 | | 52.2 | | 271.5 | |
Louisiana/Mississippi | | 28.3 | | 23.8 | | 53.0 | | 44.5 | | 149.6 | |
Iowa/Missouri | | 41.4 | | 51.3 | | 52.2 | | 53.8 | | 198.8 | |
Illinois/Indiana | | 19.8 | | 19.9 | | 46.6 | | 40.0 | | 126.2 | |
Other Nevada | | 27.4 | | 36.0 | | 55.1 | | 23.6 | | 142.2 | |
Managed/International/Other | | 9.2 | | 2.5 | | 6.4 | | 1.2 | | 19.2 | |
Total Property EBITDA | | $ | 260.6 | | $ | 275.7 | | $ | 365.8 | | $ | 282.4 | | $ | 1,184.4 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
(a) The historical results presented have been revised to reflect the reclassification of the operating results of Harrah’s Lake Charles to discontinued operations.
HARRAH’S ENTERTAINMENT, INC.
CONSOLIDATING SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED)
| | 2003 (a) | |
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
Revenues | | | | | | | | | | | |
Las Vegas | | $ | 196.9 | | $ | 188.2 | | $ | 189.3 | | $ | 196.5 | | $ | 770.9 | |
Atlantic City | | 178.4 | | 206.0 | | 214.6 | | 182.3 | | 781.3 | |
Louisiana/Mississippi | | 125.0 | | 124.2 | | 140.7 | | 129.5 | | 519.4 | |
Iowa/Missouri | | 168.2 | | 168.6 | | 174.3 | | 168.6 | | 679.7 | |
Illinois/Indiana | | 104.8 | | 105.7 | | 92.9 | | 87.2 | | 390.6 | |
Other Nevada | | 135.5 | | 139.5 | | 172.3 | | 128.6 | | 575.9 | |
Managed/International/Other | | 21.3 | | 22.9 | | 24.9 | | 21.5 | | 90.6 | |
Total Revenues | | $ | 930.1 | | $ | 955.1 | | $ | 1,009.0 | | $ | 914.2 | | $ | 3,808.4 | |
| | | | | | | | | | | |
Income From Operations | | | | | | | | | | | |
Las Vegas | | $ | 39.9 | | $ | 37.0 | | $ | 32.3 | | $ | 35.7 | | $ | 144.9 | |
Atlantic City | | 43.6 | | 63.0 | | 67.8 | | 42.9 | | 217.3 | |
Louisiana/Mississippi | | 23.1 | | 15.3 | | 20.5 | | 18.3 | | 77.2 | |
Iowa/Missouri | | 30.2 | | 31.9 | | 29.4 | | 23.6 | | 115.1 | |
Illinois/Indiana | | 22.6 | | 17.2 | | 18.6 | | 16.1 | | 74.5 | |
Other Nevada | | 16.9 | | 18.3 | | 39.4 | | 1.3 | | 75.9 | |
Managed/International/Other | | 6.8 | | 5.5 | | 3.8 | | (4.7 | ) | 11.4 | |
Corporate Expense | | (12.1 | ) | (15.7 | ) | (11.5 | ) | (13.3 | ) | (52.6 | ) |
Caesars acquisition costs | | — | | — | | — | | — | | — | |
Total Income from operations | | $ | 171.0 | | $ | 172.5 | | $ | 200.3 | | $ | 119.9 | | $ | 663.7 | |
| | | | | | | | | | | |
Property EBITDA | | | | | | | | | | | |
Las Vegas | | $ | 56.6 | | $ | 53.1 | | $ | 48.6 | | $ | 51.9 | | $ | 210.2 | |
Atlantic City | | 58.4 | | 78.7 | | 82.9 | | 58.2 | | 278.2 | |
Louisiana/Mississippi | | 30.4 | | 25.0 | | 28.6 | | 23.5 | | 107.5 | |
Iowa/Missouri | | 43.1 | | 45.5 | | 45.1 | | 39.6 | | 173.3 | |
Illinois/Indiana | | 27.0 | | 21.3 | | 22.6 | | 20.2 | | 91.1 | |
Other Nevada | | 28.4 | | 30.3 | | 51.7 | | 20.0 | | 130.4 | |
Managed/International/Other | | 10.4 | | 9.4 | | 10.7 | | (0.7 | ) | 29.8 | |
Total Property EBITDA | | $ | 254.3 | | $ | 263.3 | | $ | 290.2 | | $ | 212.7 | | $ | 1,020.5 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
(a) The historical results presented have been revised to reflect the reclassification of the operating results of Harrah’s Lake Charles to discontinued operations.
HARRAH’S ENTERTAINMENT, INC.
Las Vegas Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 248.8 | | $ | 316.1 | | $ | 670.1 | | $ | 715.0 | | $ | 1,950.0 | |
Property operating expenses | | (163.4 | ) | (214.1 | ) | (476.2 | ) | (509.3 | ) | (1,363.1 | ) |
Property EBITDA | | 85.4 | | 102.0 | | 193.9 | | 205.7 | | 586.9 | |
Depreciation and amortization | | (15.3 | ) | (21.3 | ) | (38.9 | ) | (50.9 | ) | (126.4 | ) |
Operating profit | | 70.1 | | 80.7 | | 155.0 | | 154.8 | | 460.5 | |
Amortization of intangible assets | | — | | — | | (7.0 | ) | 0.1 | | (6.9 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.3 | ) | (1.2 | ) | (1.7 | ) | (9.3 | ) | (12.5 | ) |
Income from operations | | $ | 69.8 | | $ | 79.5 | | $ | 146.3 | | $ | 145.6 | | $ | 441.1 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 225.2 | | $ | 235.8 | | $ | 226.1 | | $ | 231.7 | | $ | 918.9 | |
Property operating expenses | | (151.9 | ) | (163.4 | ) | (161.9 | ) | (164.6 | ) | (642.0 | ) |
Property EBITDA | | 73.3 | | 72.4 | | 64.2 | | 67.1 | | 276.9 | |
Depreciation and amortization | | (13.7 | ) | (13.5 | ) | (14.2 | ) | (13.9 | ) | (55.1 | ) |
Operating profit | | 59.6 | | 58.9 | | 50.0 | | 53.2 | | 221.8 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.7 | ) | (0.5 | ) | (2.7 | ) | (0.9 | ) | (4.8 | ) |
Income from operations | | $ | 58.9 | | $ | 58.4 | | $ | 47.3 | | $ | 52.3 | | $ | 217.0 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 196.9 | | $ | 188.2 | | $ | 189.3 | | $ | 196.5 | | $ | 770.9 | |
Property operating expenses | | (140.3 | ) | (135.1 | ) | (140.7 | ) | (144.6 | ) | (560.7 | ) |
Property EBITDA | | 56.6 | | 53.1 | | 48.6 | | 51.9 | | 210.2 | |
Depreciation and amortization | | (16.7 | ) | (16.1 | ) | (16.3 | ) | (16.2 | ) | (65.3 | ) |
Operating profit | | 39.9 | | 37.0 | | 32.3 | | 35.7 | | 144.9 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | — | | — | | — | | — | | — | |
Income from operations | | $ | 39.9 | | $ | 37.0 | | $ | 32.3 | | $ | 35.7 | | $ | 144.9 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
Atlantic City Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 183.2 | | $ | 259.0 | | $ | 562.1 | | $ | 481.4 | | $ | 1,485.7 | |
Property operating expenses | | (120.2 | ) | (167.0 | ) | (362.4 | ) | (342.9 | ) | (992.5 | ) |
Property EBITDA | | 63.0 | | 92.0 | | 199.7 | | 138.5 | | 493.2 | |
Depreciation and amortization | | (18.5 | ) | (22.2 | ) | (33.3 | ) | (35.1 | ) | (109.1 | ) |
Operating profit | | 44.5 | | 69.8 | | 166.4 | | 103.4 | | 384.1 | |
Amortization of intangible assets | | — | | — | | (11.6 | ) | (3.3 | ) | (14.9 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (1.8 | ) | (6.0 | ) | (4.3 | ) | (3.5 | ) | (15.6 | ) |
Income from operations | | $ | 42.7 | | $ | 63.8 | | $ | 150.5 | | $ | 96.6 | | $ | 353.6 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 181.8 | | $ | 193.9 | | $ | 227.2 | | $ | 178.0 | | $ | 780.9 | |
Property operating expenses | | (120.6 | ) | (124.1 | ) | (138.9 | ) | (125.8 | ) | (509.4 | ) |
Property EBITDA | | 61.2 | | 69.8 | | 88.3 | | 52.2 | | 271.5 | |
Depreciation and amortization | | (16.6 | ) | (17.5 | ) | (17.9 | ) | (18.0 | ) | (70.1 | ) |
Operating profit | | 44.6 | | 52.3 | | 70.4 | | 34.2 | | 201.4 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | — | | (0.2 | ) | (1.0 | ) | (0.8 | ) | (1.9 | ) |
Income from operations | | $ | 44.6 | | $ | 52.1 | | $ | 69.4 | | $ | 33.4 | | $ | 199.5 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 178.4 | | $ | 206.0 | | $ | 214.6 | | $ | 182.3 | | $ | 781.3 | |
Property operating expenses | | (120.0 | ) | (127.3 | ) | (131.7 | ) | (124.1 | ) | (503.1 | ) |
Property EBITDA | | 58.4 | | 78.7 | | 82.9 | | 58.2 | | 278.2 | |
Depreciation and amortization | | (14.7 | ) | (14.5 | ) | (15.0 | ) | (15.4 | ) | (59.6 | ) |
Operating profit | | 43.7 | | 64.2 | | 67.9 | | 42.8 | | 218.6 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.1 | ) | (1.2 | ) | (0.1 | ) | 0.1 | | (1.3 | ) |
Income from operations | | $ | 43.6 | | $ | 63.0 | | $ | 67.8 | | $ | 42.9 | | $ | 217.3 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
Louisiana/Mississippi Region (a)
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 237.7 | | $ | 266.7 | | $ | 326.5 | | $ | 236.4 | | $ | 1,067.3 | |
Property operating expenses | | (181.7 | ) | (207.8 | ) | (248.9 | ) | (176.8 | ) | (815.1 | ) |
Property EBITDA | | 56.0 | | 58.9 | | 77.6 | | 59.6 | | 252.2 | |
Depreciation and amortization | | (12.2 | ) | (15.7 | ) | (16.2 | ) | (17.3 | ) | (61.3 | ) |
Operating profit | | 43.8 | | 43.2 | | 61.4 | | 42.3 | | 190.9 | |
Amortization of intangible assets | | (1.3 | ) | (1.3 | ) | (4.3 | ) | (0.5 | ) | (7.6 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (1.2 | ) | (1.0 | ) | (10.7 | ) | (149.2 | ) | (162.2 | ) |
Income from operations | | $ | 41.3 | | $ | 40.9 | | $ | 46.4 | | $ | (107.4 | ) | $ | 21.1 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 141.1 | | $ | 128.5 | | $ | 235.7 | | $ | 219.1 | | $ | 724.4 | |
Property operating expenses | | (112.8 | ) | (104.7 | ) | (182.7 | ) | (174.6 | ) | (574.8 | ) |
Property EBITDA | | 28.3 | | 23.8 | | 53.0 | | 44.5 | | 149.6 | |
Depreciation and amortization | | (5.3 | ) | (6.5 | ) | (12.7 | ) | (12.1 | ) | (36.6 | ) |
Operating profit | | 23.0 | | 17.3 | | 40.3 | | 32.4 | | 113.0 | |
Amortization of intangible assets | | — | | — | | (1.0 | ) | (1.7 | ) | (2.7 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (1.2 | ) | (2.7 | ) | (0.7 | ) | (0.9 | ) | (5.5 | ) |
Income from operations | | $ | 21.8 | | $ | 14.6 | | $ | 38.6 | | $ | 29.8 | | $ | 104.8 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 125.0 | | $ | 124.2 | | $ | 140.7 | | $ | 129.5 | | $ | 519.4 | |
Property operating expenses | | (94.6 | ) | (99.2 | ) | (112.1 | ) | (106.0 | ) | (411.9 | ) |
Property EBITDA | | 30.4 | | 25.0 | | 28.6 | | 23.5 | | 107.5 | |
Depreciation and amortization | | (6.6 | ) | (7.4 | ) | (6.8 | ) | (5.5 | ) | (26.3 | ) |
Operating profit | | 23.8 | | 17.6 | | 21.8 | | 18.0 | | 81.2 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.7 | ) | (2.3 | ) | (1.3 | ) | 0.3 | | (4.0 | ) |
Income from operations | | $ | 23.1 | | $ | 15.3 | | $ | 20.5 | | $ | 18.3 | | $ | 77.2 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
(a) The historical results presented have been revised to reflect the reclassification of the operating results of Harrah’s Lake Charles to discontinued operations.
HARRAH’S ENTERTAINMENT, INC.
Iowa/Missouri Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 183.2 | | $ | 181.5 | | $ | 184.2 | | $ | 186.1 | | $ | 734.9 | |
Property operating expenses | | (131.8 | ) | (132.8 | ) | (135.2 | ) | (138.3 | ) | (538.0 | ) |
Property EBITDA | | 51.4 | | 48.7 | | 49.0 | | 47.8 | | 196.9 | |
Depreciation and amortization | | (16.4 | ) | (16.2 | ) | (17.2 | ) | (18.0 | ) | (67.8 | ) |
Operating profit | | 35.0 | | 32.5 | | 31.8 | | 29.8 | | 129.1 | |
Amortization of intangible assets | | (1.0 | ) | (1.0 | ) | (1.0 | ) | (1.0 | ) | (4.1 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.3 | ) | (2.7 | ) | (0.7 | ) | (2.3 | ) | (5.9 | ) |
Income from operations | | $ | 33.7 | | $ | 28.8 | | $ | 30.1 | | $ | 26.5 | | $ | 119.1 | |
| | | | | | | | | | | |
2004 | | | | | �� | | | | | | |
Revenues | | $ | 169.1 | | $ | 173.7 | | $ | 185.0 | | $ | 184.3 | | $ | 712.1 | |
Property operating expenses | | (127.7 | ) | (122.4 | ) | (132.8 | ) | (130.5 | ) | (513.3 | ) |
Property EBITDA | | 41.4 | | 51.3 | | 52.2 | | 53.8 | | 198.8 | |
Depreciation and amortization | | (13.8 | ) | (14.4 | ) | (15.8 | ) | (17.1 | ) | (61.1 | ) |
Operating profit | | 27.6 | | 36.9 | | 36.4 | | 36.7 | | 137.7 | |
Amortization of intangible assets | | (1.0 | ) | (1.0 | ) | (1.0 | ) | (1.0 | ) | (4.1 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.1 | ) | 15.2 | | (1.2 | ) | (1.2 | ) | 12.7 | |
Income from operations | | $ | 26.5 | | $ | 51.1 | | $ | 34.2 | | $ | 34.5 | | $ | 146.3 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 168.2 | | $ | 168.6 | | $ | 174.3 | | $ | 168.6 | | $ | 679.7 | |
Property operating expenses | | (125.1 | ) | (123.1 | ) | (129.2 | ) | (129.0 | ) | (506.4 | ) |
Property EBITDA | | 43.1 | | 45.5 | | 45.1 | | 39.6 | | 173.3 | |
Depreciation and amortization | | (11.9 | ) | (12.2 | ) | (13.4 | ) | (13.7 | ) | (51.2 | ) |
Operating profit | | 31.2 | | 33.3 | | 31.7 | | 25.9 | | 122.1 | |
Amortization of intangible assets | | (1.0 | ) | (1.0 | ) | (1.0 | ) | (1.0 | ) | (4.0 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | — | | (0.4 | ) | (1.3 | ) | (1.3 | ) | (3.0 | ) |
Income from operations | | $ | 30.2 | | $ | 31.9 | | $ | 29.4 | | $ | 23.6 | | $ | 115.1 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
Illinois/Indiana Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 205.5 | | $ | 224.4 | | $ | 292.9 | | $ | 276.7 | | $ | 999.5 | |
Property operating expenses | | (156.4 | ) | (170.1 | ) | (227.5 | ) | (221.7 | ) | (775.6 | ) |
Property EBITDA | | 49.1 | | 54.3 | | 65.4 | | 55.0 | | 223.9 | |
Depreciation and amortization | | (7.3 | ) | (8.6 | ) | (9.6 | ) | (13.1 | ) | (38.6 | ) |
Operating profit | | 41.8 | | 45.7 | | 55.8 | | 41.9 | | 185.3 | |
Amortization of intangible assets | | (0.3 | ) | (0.3 | ) | (2.8 | ) | (3.3 | ) | (6.8 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.3 | ) | (0.6 | ) | (0.7 | ) | 0.2 | | (1.4 | ) |
Income from operations | | $ | 41.2 | | $ | 44.8 | | $ | 52.3 | | $ | 38.8 | | $ | 177.1 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 99.0 | | $ | 99.3 | | $ | 202.3 | | $ | 187.2 | | $ | 587.8 | |
Property operating expenses | | (79.2 | ) | (79.4 | ) | (155.7 | ) | (147.2 | ) | (461.6 | ) |
Property EBITDA | | 19.8 | | 19.9 | | 46.6 | | 40.0 | | 126.2 | |
Depreciation and amortization | | (4.1 | ) | (4.2 | ) | (7.5 | ) | (6.3 | ) | (22.0 | ) |
Operating profit | | 15.7 | | 15.7 | | 39.1 | | 33.7 | | 104.2 | |
Amortization of intangible assets | | — | | — | | (0.4 | ) | (0.3 | ) | (0.7 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | — | | (0.1 | ) | — | | (0.4 | ) | (0.5 | ) |
Income from operations | | $ | 15.7 | | $ | 15.6 | | $ | 38.7 | | $ | 33.0 | | $ | 103.0 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 104.8 | | $ | 105.7 | | $ | 92.9 | | $ | 87.2 | | $ | 390.6 | |
Property operating expenses | | (77.8 | ) | (84.4 | ) | (70.3 | ) | (67.0 | ) | (299.5 | ) |
Property EBITDA | | 27.0 | | 21.3 | | 22.6 | | 20.2 | | 91.1 | |
Depreciation and amortization | | (4.1 | ) | (4.1 | ) | (4.1 | ) | (4.1 | ) | (16.4 | ) |
Operating profit | | 22.9 | | 17.2 | | 18.5 | | 16.1 | | 74.7 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.3 | ) | — | | 0.1 | | — | | (0.2 | ) |
Income from operations | | $ | 22.6 | | $ | 17.2 | | $ | 18.6 | | $ | 16.1 | | $ | 74.5 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
Other Nevada Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 138.7 | | $ | 146.7 | | $ | 186.2 | | $ | 144.2 | | $ | 615.7 | |
Property operating expenses | | (110.1 | ) | (112.8 | ) | (125.7 | ) | (114.7 | ) | (463.3 | ) |
Property EBITDA | | 28.6 | | 33.9 | | 60.5 | | 29.5 | | 152.4 | |
Depreciation and amortization | | (12.8 | ) | (12.7 | ) | (12.7 | ) | (12.9 | ) | (51.1 | ) |
Operating profit | | 15.8 | | 21.2 | | 47.8 | | 16.6 | | 101.3 | |
Amortization of intangible assets | | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.7 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | — | | 0.3 | | 2.8 | | (0.4 | ) | 2.7 | |
Income from operations | | $ | 15.6 | | $ | 21.3 | | $ | 50.4 | | $ | 16.0 | | $ | 103.3 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 138.9 | | $ | 148.6 | | $ | 174.9 | | $ | 133.6 | | $ | 596.0 | |
Property operating expenses | | (111.5 | ) | (112.6 | ) | (119.8 | ) | (110.0 | ) | (453.8 | ) |
Property EBITDA | | 27.4 | | 36.0 | | 55.1 | | 23.6 | | 142.2 | |
Depreciation and amortization | | (11.9 | ) | (12.7 | ) | (12.8 | ) | (13.2 | ) | (50.8 | ) |
Operating profit | | 15.5 | | 23.3 | | 42.3 | | 10.4 | | 91.4 | |
Amortization of intangible assets | | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.7 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | (0.1 | ) | (0.6 | ) | (0.2 | ) | (0.7 | ) | (1.7 | ) |
Income from operations | | $ | 15.2 | | $ | 22.5 | | $ | 41.9 | | $ | 9.5 | | $ | 89.0 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 135.5 | | $ | 139.5 | | $ | 172.3 | | $ | 128.6 | | $ | 575.9 | |
Property operating expenses | | (107.1 | ) | (109.2 | ) | (120.6 | ) | (108.6 | ) | (445.5 | ) |
Property EBITDA | | 28.4 | | 30.3 | | 51.7 | | 20.0 | | 130.4 | |
Depreciation and amortization | | (11.4 | ) | (11.5 | ) | (12.0 | ) | (11.9 | ) | (46.8 | ) |
Operating profit | | 17.0 | | 18.8 | | 39.7 | | 8.1 | | 83.6 | |
Amortization of intangible assets | | (0.2 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.7 | ) |
Income on interests in nonconsolidated affiliates | | — | | — | | — | | — | | — | |
Write-downs, reserves and recoveries and project opening costs | | 0.1 | | (0.4 | ) | (0.1 | ) | (6.6 | ) | (7.0 | ) |
Income from operations | | $ | 16.9 | | $ | 18.3 | | $ | 39.4 | | $ | 1.3 | | $ | 75.9 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
Managed/International/Other Region
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 22.1 | | $ | 29.0 | | $ | 50.4 | | $ | 55.3 | | $ | 156.9 | |
Property operating expenses | | (12.4 | ) | (23.3 | ) | (41.1 | ) | (58.3 | ) | (135.2 | ) |
Property EBITDA | | 9.7 | | 5.7 | | 9.3 | | (3.0 | ) | 21.7 | |
Depreciation and amortization | | (4.9 | ) | (7.2 | ) | (9.9 | ) | (9.5 | ) | (31.4 | ) |
Operating profit | | 4.8 | | (1.5 | ) | (0.6 | ) | (12.5 | ) | (9.7 | ) |
Amortization of intangible assets | | (0.7 | ) | (0.6 | ) | (5.6 | ) | (2.1 | ) | (8.9 | ) |
Income on interests in nonconsolidated affiliates | | (0.2 | ) | — | | 0.8 | | 0.6 | | 1.2 | |
Write-downs, reserves and recoveries and project opening costs | | (0.6 | ) | (14.8 | ) | (0.5 | ) | (0.2 | ) | (16.2 | ) |
Income from operations | | $ | 3.3 | | $ | (16.9 | ) | $ | (5.9 | ) | $ | (14.2 | ) | $ | (33.6 | ) |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 17.7 | | $ | 18.9 | | $ | 20.2 | | $ | 20.1 | | $ | 76.7 | |
Property operating expenses | | (8.5 | ) | (16.4 | ) | (13.8 | ) | (18.9 | ) | (57.5 | ) |
Property EBITDA | | 9.2 | | 2.5 | | 6.4 | | 1.2 | | 19.2 | |
Depreciation and amortization | | (3.8 | ) | (4.1 | ) | (4.8 | ) | (4.8 | ) | (17.4 | ) |
Operating profit | | 5.4 | | (1.6 | ) | 1.6 | | (3.6 | ) | 1.8 | |
Amortization of intangible assets | | — | | — | | (0.6 | ) | (0.6 | ) | (1.3 | ) |
Income on interests in nonconsolidated affiliates | | 0.5 | | (0.2 | ) | (0.7 | ) | (0.6 | ) | (0.9 | ) |
Write-downs, reserves and recoveries and project opening costs | | (3.1 | ) | (9.9 | ) | — | | (4.3 | ) | (17.3 | ) |
Income from operations | | $ | 2.8 | | $ | (11.7 | ) | $ | 0.3 | | $ | (9.1 | ) | $ | (17.7 | ) |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 21.3 | | $ | 22.9 | | $ | 24.9 | | $ | 21.5 | | $ | 90.6 | |
Property operating expenses | | (10.9 | ) | (13.5 | ) | (14.2 | ) | (22.2 | ) | (60.8 | ) |
Property EBITDA | | 10.4 | | 9.4 | | 10.7 | | (0.7 | ) | 29.8 | |
Depreciation and amortization | | (3.7 | ) | (3.8 | ) | (3.9 | ) | (3.8 | ) | (15.2 | ) |
Operating profit | | 6.7 | | 5.6 | | 6.8 | | (4.5 | ) | 14.6 | |
Amortization of intangible assets | | — | | — | | — | | — | | — | |
Income on interests in nonconsolidated affiliates | | 0.1 | | (0.1 | ) | (0.5 | ) | (0.4 | ) | (0.9 | ) |
Write-downs, reserves and recoveries and project opening costs | | — | | — | | (2.5 | ) | 0.2 | | (2.3 | ) |
Income from operations | | $ | 6.8 | | $ | 5.5 | | $ | 3.8 | | $ | (4.7 | ) | $ | 11.4 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
HARRAH’S ENTERTAINMENT, INC.
TOTAL ALL REGIONS
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF PROPERTY EBITDA TO INCOME FROM OPERATIONS
(UNAUDITED)
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Year | |
| | (In millions) | |
2005 | | | | | | | | | | | |
Revenues | | $ | 1,219.2 | | $ | 1,423.4 | | $ | 2,272.4 | | $ | 2,095.1 | | $ | 7,010.0 | |
Property operating expenses | | (876.0 | ) | (1,027.9 | ) | (1,617.0 | ) | (1,562.0 | ) | (5,082.8 | ) |
Property EBITDA | | 343.2 | | 395.5 | | 655.4 | | 533.1 | | 1,927.2 | |
Depreciation and amortization | | (87.4 | ) | (103.9 | ) | (137.8 | ) | (156.8 | ) | (485.7 | ) |
Operating profit | | 255.8 | | 291.6 | | 517.6 | | 376.3 | | 1,441.5 | |
Amortization of intangible assets | | (3.5 | ) | (3.4 | ) | (32.5 | ) | (10.3 | ) | (49.9 | ) |
Income on interests in nonconsolidated affiliates | | (0.2 | ) | — | | 0.8 | | 0.6 | | 1.2 | |
Write-downs, reserves and recoveries and project opening costs | | (4.5 | ) | (26.0 | ) | (15.8 | ) | (164.7 | ) | (211.1 | ) |
Corporate expense | | (16.4 | ) | (21.9 | ) | (32.4 | ) | (27.0 | ) | (97.7 | ) |
Caesars acquisition costs | | (4.0 | ) | (16.7 | ) | (15.2 | ) | (19.1 | ) | (55.0 | ) |
Income from operations | | $ | 227.2 | | $ | 223.6 | | $ | 422.5 | | $ | 155.8 | | $ | 1,029.0 | |
| | | | | | | | | | | |
2004 | | | | | | | | | | | |
Revenues | | $ | 972.8 | | $ | 998.7 | | $ | 1,271.4 | | $ | 1,154.0 | | $ | 4,396.8 | |
Property operating expenses | | (712.2 | ) | (723.0 | ) | (905.6 | ) | (871.6 | ) | (3,212.4 | ) |
Property EBITDA | | 260.6 | | 275.7 | | 365.8 | | 282.4 | | 1,184.4 | |
Depreciation and amortization | | (69.2 | ) | (72.9 | ) | (85.7 | ) | (85.4 | ) | (313.1 | ) |
Operating profit | | 191.4 | | 202.8 | | 280.1 | | 197.0 | | 871.3 | |
Amortization of intangible assets | | (1.2 | ) | (1.2 | ) | (3.2 | ) | (3.8 | ) | (9.5 | ) |
Income on interests in nonconsolidated affiliates | | 0.5 | | (0.2 | ) | (0.7 | ) | (0.6 | ) | (0.9 | ) |
Write-downs, reserves and recoveries and project opening costs | | (5.2 | ) | 1.2 | | (5.8 | ) | (9.2 | ) | (19.0 | ) |
Corporate expense | | (14.7 | ) | (15.8 | ) | (17.4 | ) | (18.8 | ) | (66.8 | ) |
Caesars acquisition costs | | — | | — | | — | | (2.3 | ) | (2.3 | ) |
Income from operations | | $ | 170.8 | | $ | 186.8 | | $ | 253.0 | | $ | 162.3 | | $ | 772.8 | |
| | | | | | | | | | | |
2003 | | | | | | | | | | | |
Revenues | | $ | 930.1 | | $ | 955.1 | | $ | 1,009.0 | | $ | 914.2 | | $ | 3,808.4 | |
Property operating expenses | | (675.8 | ) | (691.8 | ) | (718.8 | ) | (701.5 | ) | (2,787.9 | ) |
Property EBITDA | | 254.3 | | 263.3 | | 290.2 | | 212.7 | | 1,020.5 | |
Depreciation and amortization | | (69.0 | ) | (69.7 | ) | (71.5 | ) | (70.6 | ) | (280.6 | ) |
Operating profit | | 185.3 | | 193.6 | | 218.7 | | 142.1 | | 739.9 | |
Amortization of intangible assets | | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | (4.8 | ) |
Income on interests in nonconsolidated affiliates | | 0.1 | | — | | (0.5 | ) | (0.4 | ) | (0.9 | ) |
Write-downs, reserves and recoveries and project opening costs | | (1.1 | ) | (4.2 | ) | (5.2 | ) | (7.3 | ) | (17.9 | ) |
Corporate expense | | (12.1 | ) | (15.7 | ) | (11.5 | ) | (13.3 | ) | (52.6 | ) |
Income from operations | | $ | 171.0 | | $ | 172.5 | | $ | 200.3 | | $ | 119.9 | | $ | 663.7 | |
The sum of the quarterly amounts may not equal the annual amounts reported due to rounding.
