Harrah's operates more than 50 casinos around the world and seven on the Las Vegas Strip. In addition to a huge debt load--$19 billion as of June--related to its being taken private, the operator is suffering through the general economic recession, which has reduced travel and related spending, and, specifically in Las Vegas, an oversupply of hotel rooms and casino floor area.

Compared to the same year-earlier period, Harrah's in the third quarter generated lower revenues in every market in which it operates. Combined revenue was $2.28 billion, down 13.7% from $2.65 billion. CEO Gary Loveman offered up only "lower spending by consumers" as an explanation for the lower revenues.

Excluding the $1.33 billion of lost value in its assets, Harrah's income from operations would have been $278.4 million, a 20.3% decline from $349.6 million in the same year-earlier period.