LAS VEGAS -- The world's largest casino company said Tuesday that it lost $1.6 billion during the third quarter as fewer people gambled, fewer groups visited and the value of its assets fell.
The loss at privately held Harrah's Entertainment Inc. for July through September reflected a $1.33 billion drop in the value of its assets.
The company -- which operates more than 50 casinos around the world under the Harrah's, Caesar's and other brands -- lost $129.7 million during the same quarter a year earlier.
Harrah's operates Harrah's Laughlin resort and Harrah's Ak Chin casino near Casa Grande.
CEO Gary Loveman said in a statement that falling consumer spending was to blame.
The Las Vegas-based company's revenue fell abroad and in every U.S. market where it operates.
Overall, it dropped 13.7 percent to $2.28 billion from $2.65 billion a year earlier. Harrah's lost nearly $779 million in its home market, its largest, where there were fewer visitors and each spent less than a year earlier.
Its occupancy rate was 90 percent, but the struggle to fill the rooms -- especially on weekdays with conventioneers and other business travelers -- led to rate cuts.
Loveman said the company was still working to cut its expenses and debt.
