With Harrah’s Entertainment dominating headlines in the previous weeks with their continual aggressive acquisitions, their latest headline making move is to report that they have actually made a loss of $1.05 billion in the latest quarter. The same time last year, they managed to post a $349.6 million profit. Much of the loss has been directed at an across the board write down of assets around the country. Without the change in accounting reporting, the actual figure would be a $278.4 million profit.

The company’s case was also further pulled down by the economic recession and reduced spending by gamblers. Revenue itself was down by 13.7 percent when compared to last year’s quarter. The most disappointing performances were the casinos in Las Vegas and Harrah’s casinos in Atlantic City. Harrah’s has over $500 million in maturing debt next year. How the company plans on meeting it’s debt obligations is being constantly monitored by many industry analysts.

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