MEMPHIS, Tenn., June 11 /PRNewswire/ -- Harrah's Entertainment, Inc.
(NYSE: HET) today announced the successful completion of the tender offers and
consent solicitations for Showboat's (NYSE: SBO) $275,000,000 aggregate
principal amount of 9-1/4% First Mortgage Bonds due 2008 and $120,000,000
aggregate principal amount of 13% Senior Subordinated Notes due 2009.
Harrah's accepted all notes validly tendered for payment pursuant to the Offer
to Purchase and Consent Solicitation Statement dated May 13, 1998.
    As of 5 p.m. EDT, on June 10, 1998, the expiration date of the tender
offers, holders had tendered $218,555,000 aggregate principal amount of First
Mortgage Bonds and $117,900,000 aggregate principal amount of Senior
Subordinated Notes.  The company expects that payments in settlement of the
tender offers will be made on June 15, 1998.  As a result of the receipt of
the requisite consents, Harrah's has eliminated or modified substantially all
of the negative covenants, certain events of default, and made other changes
to the indentures governing each of the notes.
    Morgan Stanley & Co. Incorporated acted as dealer manager and consent
solicitation agent.  MacKenzie Partners, Inc. was the information agent for
the tender offers and consent solicitations.

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http://www.prnewswire.com or
fax, 800-758-5804, ext. 417238
CONTACT:
Media: Ralph Berry, 901-762-8629, or
Investors: Charles Atwood, 901-762-8852, both of Harrah's
Entertainment

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