LAS VEGAS, Jan. 2 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc. (NYSE: HET) announced today it has extended the existing employment
agreement with Gary Loveman, the company's chairman, chief executive
officer and president.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
Loveman is expected to remain in those positions following completion
of the merger of Harrah's with affiliates of TPG and Apollo Management,
L.P., which is expected to occur in early 2008.
Harrah's Entertainment, Inc. is the world's largest provider of branded
casino entertainment. Since its beginning in Reno, Nevada, nearly 70 years
ago, Harrah's has grown through development of new properties, expansions
and acquisitions, and now owns or manages casinos on four continents. The
Company's properties operate primarily under the Harrah's, Caesars and
Horseshoe brand names; Harrah's also owns the London Clubs International
family of casinos. Harrah's Entertainment is focused on building loyalty
and value with its customers through a unique combination of great service,
excellent products, unsurpassed distribution, operational excellence and
technology leadership. For more information, please visit
http://www.harrahs.com.
This release includes "forward-looking statements" intended to qualify
for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. You can identify these statements by the
fact that they do not relate strictly to historical or current facts. These
statements contain words such as "may," "will," "project," "might,"
"expect," "believe," "anticipate," "intend," "could," "would," "estimate,"
"continue" or "pursue," or the negative or other variations thereof or
comparable terminology. In particular, they include statements relating to,
among other things, future actions, new projects, strategies, future
performance, the outcomes of contingencies and future financial results of
Harrah's. These forward-looking statements are based on current
expectations and projections about future events.
Investors are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and, consequently, the
actual performance of Harrah's may differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties
include, but are not limited to, the following factors, as well as other
factors described from time to time in our reports filed with the
Securities and Exchange Commission (including the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" contained therein): the occurrence of any event,
change or other circumstances that could give rise to the termination of
the merger agreement with TPG and Apollo Management; the outcome of any
legal proceedings that have been, or will be, instituted against the
Company related to the merger agreement; the inability to complete the
merger due to the failure to satisfy conditions to completion of the
merger, including the receipt of all regulatory approvals related to the
merger; the failure to obtain the necessary financing arrangements set
forth in the debt and equity commitment letters delivered pursuant to the
merger agreement; risks that the proposed transaction disrupts current
plans and operations and the potential difficulties in employee retention
as a result of the merger; the impact of the substantial indebtedness to be
incurred to finance the consummation of the merger; the effects of local
and national economic, credit and capital market conditions on the economy
in general, and on the gaming and hotel industries in particular;
construction factors, including delays, increased costs for labor and
materials, availability of labor and materials, zoning issues,
environmental restrictions, soil and water conditions, weather and other
hazards, site access matters and building permit issues; the effects of
environmental and structural building conditions relating to our
properties; access to available and reasonable financing on a timely basis;
the ability to timely and cost-effectively integrate acquisitions into our
operations, including London Clubs; changes in laws, including increased
tax rates, regulations or accounting standards, third-party relations and
approvals, and decisions of courts, regulators and governmental bodies;
litigation outcomes and judicial actions, including gaming legislative
action, referenda and taxation; the ability of our customer-tracking,
customer loyalty and yield-management programs to continue to increase
customer loyalty and same store sales or hotel sales; our ability to recoup
costs of capital investments through higher revenues; acts of war or
terrorist incidents or natural disasters; abnormal gaming holds; and the
effects of competition, including locations of competitors and operating
and market competition.
Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of the
date made. Harrah's disclaims any obligation to update the forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date stated, or if no
date is stated, as of the date of this press release.
SOURCE Harrah's Entertainment, Inc.
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Related links:
http://www.harrahs.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
media, Jacqueline Peterson, +1-702-494-4829,
or investors, Jonathan Halkyard, +1-702-407-6346, both for
Harrah's Entertainment, Inc.
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