LAS VEGAS, Oct. 18 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc. (NYSE: HET) today announced it received approval from the Mississippi
Gaming Commission for the proposed acquisition of Harrah's by affiliates of
Apollo Management, L.P. and TPG Capital. The transaction remains subject to
approval by other jurisdictions in which Harrah's subsidiaries operate and
other conditions to closing set forth in the agreement and plan of merger
entered into on December 19, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
"We're pleased by the review and approval of the Mississippi Gaming
Commission for the proposed acquisition of Harrah's Entertainment," said
Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc.
"Mississippi continues to be a key market for Harrah's as we are an
integral part of the state's community. Our announced +$700 million
development plan for the Margaritaville Casino Resort in Biloxi is a
representative example of our commitment. This transaction with Apollo
Management and TPG Capital allows Harrah's to continue its emphasis on
growth and in providing the best guest experience throughout our network of
gaming destinations."
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
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:http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Alberto Lopez of Harrah's Entertainment,
+1-702-407-6344
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