Harrah’s Entertainment announced today it plans to offer $720 million in a private offering of new eight-year notes as the gaming company looks to decrease its debt load.

Second-quarter earnings announced earlier this year, Harrah’s said its Las Vegas revenue fell 19.2 percent compared to the second quarter of 2008, from $873.1 million to $705.2 million. That contributed to an overall 12.7 percent decline in quarterly revenue for the world’s largest casino operator, from $2.602 billion in 2008’s second quarter to $2.271 billion in the 2009 second quarter. 9 (Las Vegas Sun)

Hurt by the recession, its operating profit worldwide fell from $469.8 million in the 2008 quarter to $416.7 million in the 2009 quarter.

The Rooms at Harrah’s properties are at an all time low, but after looking over the room rates, why doesn’t it feel like it? I checked into a Room at Caesars Palace for a weekend and the rate was over $750.