Caesars Entertainment, Inc.

May 20, 2005 17:32 ET

Canadian Gaming Veteran John MacFarlane Named Interim GM of Caesars' Two Nova Scotia Casinos

LAS VEGAS--(CCNMatthews - May 20, 2005) -

Canadian gaming veteran John A. MacFarlane, currently vice president of finance for Casino Nova Scotia Halifax, today was named interim general manager of that property and Casino Nova Scotia Sydney.

The announcement by Metropolitan Gaming Group, in which Caesars Entertainment, Inc. (NYSE: CZR) has a controlling interest, follows the departure of Barry Robertson, who had served as general manager of both Nova Scotia casinos for the past five years. Robertson resigned earlier this week to pursue other professional opportunities after Caesars Entertainment announced that it is selling its interest in the two Nova Scotia casinos to Great Canadian Gaming Corporation of Richmond, British Columbia.

A 1984 graduate of St. Xavier University in Antigonish, Nova Scotia, MacFarlane has spent the past 11 years working in the Nova Scotia gaming industry in positions of increasing responsibility. Before assuming the finance vice presidency at Casino Nova Scotia Halifax, MacFarlane was controller of Casino Nova Scotia Sydney; controller of Casino Nova Scotia Halifax Hotel; controller of the Sheraton Grand Hotel in Nassau, Bahamas; and controller of the Sheraton Fredericton Hotel in New Brunswick.

MacFarlane will lead the Nova Scotia casinos until their sale to Great Canadian Gaming closes in the next few weeks.

Casino Nova Scotia Halifax is a full-service gaming facility featuring 750 slot machines and 40 table games, along with three restaurants, a bar and conference facilities. The casino facility is adjacent to the Casino Nova Scotia Hotel, a 352-room hotel which is owned and operated by a Caesars subsidiary. Casino Nova Scotia Sydney is a full-service gaming facility within walking distance of all major downtown Sydney hotels. The facility features 387 slot machines and 11 table games, a restaurant and a bar.

About Caesars Entertainment

Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With annual revenue of $4.2 billion, 24 properties on three continents, more than 25,000 hotel rooms, two million square feet of casino space and 50,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.

The company's Board of Directors in July 2004 accepted an offer from Harrah's Entertainment, Inc. to acquire the company for approximately $1.9 billion in cash and 67.9 million shares of Harrah's common stock. Shareholders of both companies approved the merger in separate meetings on March 11, 2005. The transaction is contingent on approval by federal and state regulatory agencies and is expected to close in the second quarter of 2005.

Additional information on Caesars Entertainment can be accessed through the company's web site at

Safe Harbor

This document 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, strategies, future performance, and future financial results of Caesars and Harrah's anticipated acquisition of Caesars. These forward-looking statements are based on current expectations and projections about future events.

Readers 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 or results of Caesars 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 with the SEC, including Caesars Annual Report on Form 10-K for the year ended December 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein): financial community and rating agency perceptions of Caesars, the effects of economic, credit and capital market conditions on the economy in general, and on gaming and hotel companies in particular; construction factors, including delays, 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; the ability to timely and cost-effectively consummate Harrah's acquisition of Caesars and integrate Caesars properties into Harrah's operations; the loss of Caesars personnel in connection with Harrah's acquisition of Caesars; access to available and feasible financing, including financing for Harrah's acquisition of Caesars, 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 of our customer-tracking, customer loyalty and yield-management programs to continue to increase customer loyalty and revenue; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist incidents; 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. Caesars disclaims 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.

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