Fidelity reports stake in gaming operator

Thursday, Nov. 16, 2000 | 10:46 a.m.

FMR Corp., the parent company of Fidelity Management & Research Co. of Boston, has reported a 10.5 percent stake in Harrah's Entertainment Inc. of Las Vegas.

The reported holdings of 12.2 million shares as of Oct. 31 is the first such filing by Fidelity, one of the nation's largest mutual fund operators. Under federal regulations, such filings are necessary only when a shareholder acquires more than 5 percent of a company's stock.

The Monday filing did not state when Fidelity acquired the shares, or at what price. A Harrah's spokesman said Fidelity had previously held shares in the company, but was unable to disclose details.

With its reported holdings, Fidelity becomes the second-largest shareholder in Harrah's. In September Amvescap Plc, operator of the Invesco family of mutual funds, reported holdings of 17.4 million shares, or 14.3 percent of Harrah's.

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