LAS VEGAS, and WELLINGTON, Kan., Nov. 28 /PRNewswire-FirstCall/
--Harrah's Entertainment, Inc. (NYSE: HET) and Sumner Gaming and Resorts
announced today their proposal for a destination resort to be located in
Sumner County, Kansas, which was submitted to the Sumner County Commission
today for its consideration. Subject to certain customary conditions and
receipt of corporate approvals, the proposal was also submitted earlier
this month to the Kansas State Lottery for their review. The proposed site
is approximately 500 acres and is conveniently located off of I-35 at
Highway 53 in an unincorporated area of Belle Plaine Township in Sumner
County.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
"Our plan calls for an exciting, high-quality destination where guests
can immerse themselves from dawn to dark without ever exhausting the
resort's near-limitless range of offerings," said Charles Atwood, vice
chairman of the board. "With our extensive network into the world's most
powerful brands -- Country Music Television (CMT), Toby Keith, Paula Deen,
Butch Harmon, Bobby Weed and many more -- only Harrah's can deliver this
unique destination resort for Kansas."
The Harrah's Kansas plan calls for a wide variety of world-class
amenities that will aid in driving tourism to Sumner County, Kansas. The
anticipated amenities will include:
o A Las Vegas-style gaming floor, including a World Series of Poker
Room.
o A wide variety of restaurants to suit every taste and budget; from a
premium steakhouse to a fine-dining restaurant helmed by TV personality
and restaurateur, Paula Deen, to a Toby Keith-branded bar and grill to
a casual cafe and multiple fast food outlets.
o A 1,600 seat amphitheater for outdoor concerts.
o A championship golf course, contemplated to be designed by Bobby Weed,
in collaboration with Butch Harmon, complete with a Butch Harmon School
of Golf.
o A 30,000-square-foot, state-of-the-art conference facility.
o High-energy nightclubs and lounges.
o 275 beautifully appointed hotel rooms, including 30 luxury suites and
five private pool villas.
"Harrah's is a world premier destination resort developer and operator,
which is precisely why we chose them as our partner for this casino
development," said Nancy Seitz of Sumner Gaming. "Harrah's is the most
successful company in the industry and they have a solid track record of
being a good neighbor in the communities where they conduct business."
Harrah's Entertainment, Inc. is the world's largest provider of branded
casino entertainment through operating subsidiaries. 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 about Harrah's, 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.
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,
actual performance 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: the occurrence of any event,
change or other circumstances that could give rise to the termination of
the merger agreement between Harrah's and TPG Capital and Apollo
Management; 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 merger disrupts current plans and
operations and the potential difficulties in employee retention as a result
of the merger by Harrah's; the impact of the substantial indebtedness to be
incurred to finance the consummation of the merger by Harrah's; 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; access to available and
reasonable financing on a timely basis; 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 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. Sumner and Harrah's each disclaim 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 news 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:
Jacqueline Peterson of Harrah's
Entertainment, +1-702-494-4829, japeterson@harrahs.com; or Nancy
Seitz of Sumner Gaming & Resorts, +1-785-272-1398 ext. 130,
NSeitz@mrvcompanies.com
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