Park Place Says Iraq War Hurt Net Income

Park Place Entertainment Corp., the world’s largest casino company, said second-quarter profit slumped 57% because the war in Iraq hurt bookings.

Net income fell to $41 million, or 14 cents a share, from $96 million, or 31 cents, a year earlier. Revenue fell less than 1% to $1.19 billion, the Las Vegas-based company said.

Shares of Park Place, which owns, manages or has a stake in 27 casinos under the Caesars, Bally’s, Flamingo and Hilton names, fell 1 cent to $8.96 on the NYSE.