Casino giant to pay a dividend

Friday, July 25, 2003 | 11:14 a.m.

Harrah's Entertainment Inc. said Thursday it will issue a quarterly dividend of 30 cents per share, payable Aug. 27 to shareholders of record on Aug. 13.

"This announcement reflects the tremendous financial flexibility our company possesses both to return significant amounts of money to our shareholders and to invest for growth in existing markets, new jurisdictions and through acquisitions," Harrah's Chief Executive Gary Loveman said.

In recent weeks, a few gaming companies -- Mandalay Resort Group, International Game Technology and Station Casinos Inc. -- have announced dividends since Congress cut taxes on payments.

Analysts have generally applauded the move, saying dividends can attract a new class of income-conscious investors as well as give investors renewed confidence about company performance.

But one big gaming company, MGM MIRAGE, has decided not to pay a dividend.

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