Photo by Jim Laurie . Photo by Jeff Scheid . The bankruptcies of National Airlines and Harrah's New Orleans casino along with a winter cold snap and the continuing financial woes of the Rio, saw Harrah's Entertainment report a fourth-quarter loss.
Cash flow is defined as earnings before interest, taxes, depreciation and amortization.
Harrah's owns about 43 percent of the casino. A plan to reduce the tax bill is working its way through the Louisiana political process in an effort to prevent a possible March 31 closure of the casino. Gov. Mike Foster, R-La., is expected to call a March 5 special session of the state Legislature to deal with the issue. Harrah's owns about 48 percent of the airlines. Meanwhile, winter snowstorms cut into business at the company's Atlantic City and Midwest casinos.