LAS VEGAS, Dec. 27 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc. (NYSE: HET) ("Harrah's Entertainment"), announced today that the
reference security previously reported in the tender offer statement and
press release with respect to the cash tender offer for the 7.5% Notes due
2009 (CUSIP No. 700690AN0; ISIN No. US700690AN03) commenced by Harrah's
Operating Company, Inc. ("Harrah's Operating"), a subsidiary of Harrah's
Entertainment, on December 21, 2009, is hereby amended to be the 4.000% UST
due August 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO)
Harrah's Operating and Harrah's Entertainment have retained Citi to act
as lead dealer manager in connection with the tender offers and consent
solicitations. Questions about the tender offers and consent solicitations
may be directed to Citi at (800) 558-3745 (toll free) or (212) 723-6106
(collect). Copies of the Offer Documents and other related documents may be
obtained from Global Bondholder Services Corporation, the information agent
for the tender offers and consent solicitations, at (866) 924-2200 (toll
free) or (212) 430-3774 (for banks and brokers only).
The tender offers and consent solicitations are being made solely
pursuant to the applicable Offer to Purchase and Consent Solicitation
Statement and the related Letter of Transmittal and Consent, which set
forth the complete terms of the tender offers and consent solicitations.
Holders of the Convertible Securities should also read the Schedule TO that
Harrah's Entertainment and Harrah's Operating filed today with the U.S.
Securities and Exchange Commission (the "SEC"). Under no circumstances
shall this press release constitute an offer to purchase or the
solicitation of an offer to sell the Debt Securities or Convertible Debt
Securities or any other securities of Harrah's Operating or Harrah's
Entertainment. It also is not a solicitation of consents to the proposed
amendments to the indentures. No recommendation is made as to whether
holders of the securities should tender their securities or give their
consent.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering, solicitation or sale would be unlawful.
About Harrah's Entertainment
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 Entertainment has grown through development of new
properties, expansions and acquisitions, and now owns or manages casinos on
four continents. Its properties operate primarily under the Harrah's(R),
Caesars(R) and Horseshoe(R) brand names; it also owns the London Clubs
International family of casinos. Harrah's Entertainment is focused on
building loyalty and value with its customers through an unique combination
of great service, excellent products, unsurpassed distribution, operational
excellence and technology leadership.
More information about Harrah's Entertainment is available at its Web
site -- 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 Entertainment and Harrah's Operating. 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 Entertainment and Harrah's Operating 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 by Harrah's Entertainment with the SEC (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 Entertainment and Harrah's Operating 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
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:
Media, Jacqueline Peterson, +1-702-494-4829,
or Investors, Jonathan Halkyard, +1-702-407-6346, both of
Harrah's Entertainment, Inc.
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