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Firm reports big position in gaming concern

Monday, Feb. 21, 2000 | 11:23 a.m.

Putnam Investments Inc., the Boston-based manager of a family of mutual funds, reported nearly 10 percent control of Harrah's Entertainment Inc. in a recent federal filing.

The company reported holdings of 12.56 million shares, or 9.8 percent of Harrah's outstanding stock. It was the first filing by Putnam.

Such a stake would make Putnam the company's largest institutional shareholder.

Of its holdings, 10.7 million shares are held by various Putnam mutual funds, the report stated. The remaining 1.85 million shares are held on behalf of institutional clients of Putnam.

Separately, Putnam reported holdings of 392,628 shares in Fitzgeralds Gaming Corp. of Las Vegas. Its 9.8 percent stake is a slight increase from the 384,561 shares Putnam reported one year ago.

And Oppenheimer Capital, a New York investment advisory firm, significantly decreased its stake in Harrah's Entertainment.

Oppenheimer, based in New York, reported holdings of 4.9 million shares in the company. One year ago, Oppenheimer held 8.36 million shares of Harrah's stock, giving it 8.3 percent control of the company.

The filing with the Securities and Exchange Commission did not indicate when Oppenheimer sold its shares.

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