LAS VEGAS, Dec. 6 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc. (NYSE: HET) ranks among the country's top corporate donors, according
to BusinessWeek magazine.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
BusinessWeek's November 26 issue says Harrah's is the "most generous
cash giver as a percent of pre-tax profits" among the 500 companies that
comprise the Standard & Poor's stock index. In 2006, Harrah's and its
affiliates paid out an average of $1.5 million weekly to various
organizations, or 9.2 percent of the company's pre-tax profits, the
magazine says. The figure includes required donations or payments to
charitable or governmental entities that are part of the company's
operating agreements in certain jurisdictions.
The company's $76.8 million in 2006 contributions also ranked 14th on
the S&P index's "largest cash givers" list, BusinessWeek says.
Harrah's is the only gaming company on this list, joining other
companies such as Wal-Mart Stores, Bank of America, Target, Altria Group
and Citigroup that are cited for their charitable donations.
"Harrah's is guided by a Code of Commitment, a public pledge to our
employees, guests and communities that we will be a responsible corporate
citizen," said Charles Atwood, vice chairman of the board of Harrah's
Entertainment and chairman of the Harrah's Foundation. "We are proud to be
able to provide much-needed support to organizations that enhance the
quality of life in our communities."
As part of its commitment to communities, Harrah's created the Harrah's
Foundation, a private, 501(c)(3) foundation, in 2002. The Harrah's
Foundation is funded by Harrah's properties and supports social
reinvestment programs by funding eligible nonprofit organizations dedicated
to seniors, education and civic programs.
Nationally, Harrah's and its Foundation are the largest corporate
sponsors of the Meals on Wheels Association of America, and are one of the
top two corporate sponsors of the Alzheimer's Association. Additionally, in
September of 2007 Harrah's became the single largest corporate donor to the
University of Nevada, Las Vegas, with a $30 million commitment to
INNovation Village, a state-of-the-art hospitality education and research
center to be constructed on the campus.
Harrah's Entertainment 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, Caesars and
Horseshoe brand names; Harrah's also owns the London Clubs International
family of casinos and the World Series of Poker. 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 Harrah's information, please visit: http://www.harrahs.com.
For more information on Harrah's corporate philanthropy programs,
please go to http://www.harrahscommunityrelations.com.
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:
Debi Puccinelli of Harrah's Entertainment,
Inc., +1-702-407-6532, dpuccinelli@harrahs.com
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