LAS VEGAS, April 9 /PRNewswire/ -- Harrah's Entertainment, Inc. said
today its board of directors has approved a plan to change the company's
name to Caesars Entertainment Corporation, pending regulatory approvals.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
The name change is designed to capitalize on the high international
name recognition enjoyed by the Caesars brand and to appeal to customers
attracted by its connotation of luxury, opulence and world-renowned
entertainment, dining and shopping options.
"Adoption of the name Caesars Entertainment Corporation will provide
our company with greater prestige and help attract strategic business
partners as we pursue expansion opportunities in new jurisdictions," said
Gary Loveman, Harrah's chairman, president and chief executive officer.
"The change also reflects our evolution into a full-service entertainment
company that offers a rich range of gaming and non-gaming amenities to our
guests."
The Harrah's name will continue to be one of the company's three
primary casino brands, along with Caesars and Horseshoe. Loveman said the
name change will not alter the company's culture or its adherence to a Code
of Commitment that governs its relationships with employees, customers and
communities.
"Our employees will remain dedicated to the innovation,
customer-service excellence and corporate citizenship that have been
hallmarks of our company for decades," Loveman said. "But this re-branding
of the corporate name can open exciting new opportunities for us in the
future."
Harrah's Entertainment, Inc. is the world's largest provider of branded
casino entertainment. Since its beginning in Reno, Nevada, more than 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 and the World Series of
Poker(R). 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 outcome of any legal
proceedings that have been, or will be, instituted against the Company
related to the acquisition of the Company by affiliates of TPG Capital and
Apollo Management; the impact of the substantial indebtedness incurred to
finance the consummation of the acquisition of the Company by affiliates of
TPG Capital and Apollo Management; 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 acquisition into our operations; changes in
laws, including increased tax rates, smoking bans, 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; the potential difficulties in
employee retention as a result of the sale of the Company to affiliates of
TPG Capital and Apollo Management; 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.
 back to top
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:
media, Gary Thompson, +1-702-407-6529, or
Jacqueline Peterson, +1-702-494-4829, both of Harrah's
Entertainment, Inc.
|
