Extensive Renovation to Include a New Paula Deen Buffet, Rebrand of Grand
Casino to Harrah's Casino and Remodel of 1168 Hotel Rooms
TUNICA, Miss., Oct. 2 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc., (NYSE: HET) today announced through its subsidiary, Harrah's
Operating Company, a strategic alliance with Food Network star, Paula Deen,
and an approximately $45 Million renovation of Grand Casino Resort Tunica.
The 560 seat, Paula Deen's Buffet is expected to open in May 2008. In
conjunction with the renovation, the Grand Casino Resort Tunica's name will
change to Harrah's Casino Tunica. The unveiling of the newly re-branded
Harrah's Casino Tunica is scheduled for May 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
"This $45 million investment at our largest property in Tunica, the
third largest gaming market in the United States, is further proof that
Harrah's Entertainment is committed to continue to enhance our network of
branded properties around the world," said John Payne, central division
president, Harrah's Entertainment.
The installation of Paula Deen's buffet at the newly named Harrah's
Casino Tunica will be the beginning of the transformation of the entire
second floor into an entertainment promenade consisting of three retail
outlets, three food outlets including Paula Deen's Buffet, Replays Sports
Bar and Grill, and Murano's Italian Restaurant. Additional vendors and
outlets are still in negotiations.
Bill Wright, General Manager for the Grand Casino noted, "We are
pleased to work with Paula Deen at Harrah's Casino Tunica. We believe this
will be a tremendous draw to our property and to the market since this
restaurant will be second only to the Lady and Son's in Savannah, Georgia."
"I am so excited to be able to work with Harrah's on this project and
be able to bring my vision and food to the all my fans and the new Harrah's
Casino in Tunica, Mississippi," said Paula Deen.
The complete overhaul will include a refurbishment of the rooms, new
beds, carpet and furniture. Rooms will be refurbished by floor with the
first hotel tower to be completed by May of 2008 and the second tower to be
completed by September of 2008.
Harrah's Casino Tunica also will undergo a complete first floor
reconfiguration including a new entertainment bar, new carpet, lighting,
high limit salon and poker room. As an industry leader in gaming and gaming
technology, this reconfiguration will represent the innovation and quality
gaming experience associated with Harrah's.
This expansion and name change is another project in the extensive
growth portfolio announced in the past 24 months by Harrah's Entertainment,
including:, $1 billion expansion to Caesar's Palace(R) Las Vegas, a new
world-class sports and entertainment arena with AEG on the Las Vegas Strip,
London Clubs International, Margaritaville Casino & Resort in Biloxi,
Miss., a new hotel tower at Harrah's Atlantic City, and a substantial
expansion to the Horseshoe Casino in Hammond, Ind.
NOTE
Multimedia content from this news conference will be available on/after
3pm EDT October 3, 2007 at: http://www.prnewswire.com/mnr/harrahs/29923/.
About Harrah's Entertainment
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(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 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; 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
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 acquisition 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:
Alberto Lopez, +1-702-407-6344, or Valerie
Morris, +1-662-357-3089, both of Harrah's Entertainment
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