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Harrah's Entertainment Inc. today reported record fourth-quarter revenues of $2.1 billion, up 76 percent from $1.2 billion in the 2004 fourth quarter. But Harrah's took a beating from Hurricane Katrina as evidenced by $2922.5 million in tax writeoffs related to the storm.The company was forced to close three Gulf Coast casinos due to Hurricane Katrina. Grand Casino Gulfport and Grand Casino Biloxi were destroyed by the storm; Harrah's New Orleans, which also sustained damage, did not reopen until Friday. In September 2005, Harrah's Lake Charles suffered extensive damage from Hurricane Rita. The property's 263-room hotel reopened in February 2006, but the gaming facilities, which were severely damaged, are not expected to reopen in the foreseeable future. The company may exit from the Lake Charles market.Harrah's was forced to write off $88.7 million of intangible assets at its Biloxi, Miss., property, after Hurricane Katrina. Harrah's also wrote off $56.1 million (pre-tax) of goodwill and recorded a $19.2 million recovery due to the termination of a contractual liability at its Lake Charles property.Harrah's also wrote off $49.9 million of goodwill related to its Louisiana Downs property $78.6 million, after tax, of intangible assets related to its Gulfport, Miss., property. Harrah's is selling its Gulfport property. The company continues to work closely with its insurance carriers and claims adjusters to ascertain the full amount of the insurance proceeds due to Harrah's as a result of the damages to fixed assets and covered losses. As a result of these charges, 2005 fourth-quarter income from operations was $111.5 million compared with $165 million in the year-earlier period. The fourth-quarter net loss was $142.2 million compared with net income of $76.9 million in the 2004 fourth quarter. The loss per share for the 2005 fourth quarter was 78 cents compared with diluted earnings per share of 68 cents in the year-ago quarter.Gary Loveman, chairman, president and CEO of Harrah's Entertainment, reported revenues rose 56.3 percent to $7.1 billion from $4.5 billion in 2004. Full-year income from operations was $979.7 million, up 23.8 percent from $791.1 million in 2004. Net income in 2005 was $236.4 million compared with $367.7 million in 2004, while 2005 diluted earnings per share were $1.57 compared with $3.26 a year earlier. Results for 2005 include the contribution of the Caesars business since the acquisition date of June 13, 2005. Harrah's signed a definitive agreement in December to sell the remaining assets of Grand Casino Gulfport. The transaction is expected to close by the end of the first quarter of 2006, subject to receipt of regulatory approvals. Harrah's intends to develop a resort casino at the former location of the Grand Casino Biloxi.Harrah's Entertainment completed its $9.3 billion acquisition of Caesars Entertainment, Inc. in June, cementing the company's position as the largest provider of casino entertainment in the world.Harrah's sold Harrah's Tunica and Harrah's East Chicago to an affiliate of Colony Capital LLC, in April 2005. Colony also acquired the Atlantic City Hilton and Bally's Tunica from Caesars as part of the transaction.