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Harrah's, Caesars announce merger closing date

June 3, 2005

Harrah's Entertainment Inc. and Caesars Entertainment Inc. said Friday that Harrah's expects to close its acquisition of Caesars on June 13.

Harrah's announced in July 2004 that it was acquiring Caesars in a cash and stock transaction worth $5.2 billion, the largest in gaming-industry history.

Harrah's and Caesars expect that the Nevada Gaming Control Board and the Nevada Gaming Commission each will consider the transaction on June 10.

With final approval, Harrah's will own five casinos in Mississippi with more than 9,500 employees, making it the state's second largest private employer.

Only Northrop Grumman Ship Systems has more employees. Originally, the company would have had seven state casinos with the merger, but two properties -- Harrah's Tunica and Bally's Tunica -- were sold.

Caesars stockholders wishing to make an election to receive 0.3247 shares of Harrah's common stock for each share of Caesars common stock have until June 10 to make the request.

It is anticipated that Caesars common stock will not be traded on the New York Stock Exchange after June 13, 2005.

Founded 67 years ago, Harrah's Entertainment Inc. (NYSE: HET) owns or manages 25 casinos in the U.S., primarily under the Harrah's and Horseshoe brand names.

Caesars Entertainment, Inc. (NYSE: CZR) currently owns 22 properties on three continents, more than 25,000 hotel rooms, two million square feet of casino space and employs 50,000.

Harrah's operates a service center in Memphis.

Source: Memphis Business Journal