SOURCE: Harrah's Entertainment, Inc.

Harrah's Entertainment, Inc.

October 19, 2009 16:00 ET

Harrah's Entertainment Hires Former Disney Executive as President-Strategy and Development

LAS VEGAS, CA--(Marketwire - October 19, 2009) - Harrah's Entertainment, Inc. announced today that Peter E. Murphy will join Harrah's as president-strategy and development and as a member of the company's senior management team upon receipt of all required regulatory approvals.

Murphy formerly served with The Walt Disney Company until 2007. At Disney, he filled a variety of executive roles, including chief strategic officer and senior advisor to the chief executive officer. From 1998 to 2005, he was Disney's senior executive vice president, chief strategic officer and a member of the company's executive management committee. During his tenure, Disney acquired Capital Cities/ABC, Fox Family Worldwide, 40 percent of E! Entertainment Television, the Miramax Film Corporation, Baby Einstein and The Muppets, among others. He was responsible for strategy and new business development, mergers and acquisitions, technology, brand management and long-term planning for the growth of Disney's global business.

Murphy is also the founder of Wentworth Capital Management, a private investment and venture capital firm focused on media, technology and branded consumer businesses, and has served as a senior advisor to Apollo Management.

"Peter is an accomplished, thoughtful and rigorous executive who will help us significantly as we continue to identify areas for future growth and to explore opportunities created by current economic conditions," said Gary Loveman, Harrah's Entertainment's chairman, president and chief executive officer.

"In this newly created position, Peter will help us envision and execute our plans for the future growth and development of the company," Loveman said. "His work will include new domestic and international development, mergers and acquisitions and expansion of our third-party relationships with the entertainment, retail, airline, hospitality and other industries."

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada, more than 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now operates casinos on four continents. The company's properties operate primarily under the Harrah's®, Caesars® and Horseshoe® brand names; Harrah's also owns the World Series of Poker® and a majority interest in the London Clubs International family of casinos. 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 information, please visit 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. 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 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 Securities and Exchange Commission (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein): the outcome of any legal proceedings that have been, or will be, instituted against the company related to the acquisition of the company by affiliates of TPG Capital and Apollo Management; the impact of the company's significant indebtedness; 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; changes in laws, including increased tax rates, smoking bans, 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; the potential difficulties in employee retention as a result of the sale of the company to affiliates of TPG Capital and Apollo Management; 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 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.

Contact Information

  • Contact:

    Gary Thompson
    Media
    Harrah's Entertainment, Inc.
    (702) 407-6529

    Jonathan Halkyard
    Investors
    Harrah's Entertainment, Inc.
    (702) 407-6080