LAS VEGAS, Jan. 18 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc. (NYSE: HET) today announced that it notified the New York Stock
Exchange, the Philadelphia Stock Exchange and the Chicago Stock Exchange
(collectively, the "Exchanges") of its intent to delist its common stock,
par value $0.10 per share, from the Exchanges immediately following the
consummation of the transactions contemplated by the agreement and plan of
merger dated as of December 19, 2006 by and among Harrah's Entertainment,
Hamlet Holdings LLC and Hamlet Merger Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
At the effective time of the merger, each issued and outstanding share
of Harrah's common stock (other than shares of Harrah's common stock owned
by Hamlet Holdings LLC, Hamlet Merger Inc. or any subsidiary of Hamlet
Holdings LLC or Harrah's or held in the treasury of Harrah's) shall be
canceled and converted into the right to receive $90.00 in cash, without
interest.
As a result of the merger, Harrah's will cease to be a publicly-traded
company. Subject to customary closing conditions, Harrah's expects to close
the transaction on January 28, 2008.
About Harrah's Entertainment
Harrah's Entertainment, Inc. is the world's largest provider of branded
casino entertainment. Since its beginning in Reno, Nevada 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(R), Caesars(R)
and Horseshoe(R) 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 such words 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 Apollo and TPG; 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
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; 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:http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Investors, Jonathan Halkyard,
+1-702-407-6346, or Media, Jacqueline Peterson, +1-702-494-4829,
both of Harrah's Entertainment, Inc.
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