SOURCE: Harrah's Entertainment

Harrah's Entertainment

February 18, 2010 18:20 ET

Nevada Regulators Grant Final Approval for Harrah's Entertainment to Acquire Planet Hollywood Resort & Casino

LAS VEGAS, NV--(Marketwire - February 18, 2010) - The Nevada Gaming Commission today approved the license applications submitted by subsidiaries of Harrah's Entertainment, Inc. to own and manage the Planet Hollywood Resort & Casino. Subject to receipt of all required licenses, permits and other conditions, Harrah's expects to consummate the restructuring transaction and assume ownership and operation of the Las Vegas Planet Hollywood on February 19th, 2010.

Planet Hollywood is directly south of Paris Las Vegas Hotel & Casino and gives Harrah's seven contiguous resorts on the Las Vegas Strip. The Planet Hollywood Casino & Resort is expected to be integrated into Harrah's customer-loyalty program, Total Rewards, during the second quarter of 2010.

"Planet Hollywood Las Vegas is a wonderful addition to our portfolio of resorts. It will enable our Total Rewards guests to earn rewards at another Las Vegas property, and enable us to reach a new customer segment," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment. "We look forward to welcoming Planet Hollywood's employees into the Harrah's Entertainment family."

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. Harrah's is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.harrahs.com.

This release includes two "forward-looking statements" relating to when we expect to complete the acquisition of the Planet Hollywood Casino and Resort and integrate it into our customer loyalty program. These statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 and are based on current expectations and projections about future events. Such risks and uncertainties include the following factors:

--  the receipt of all required approvals related to assuming ownership of
    Planet Hollywood Resort & Casino;
--  the occurrence of all conditions to closing; and
--  the integration of our information technology systems at Planet
    Hollywood Resort & Casino which enable customers to use our Total
    Rewards customer-loyalty program.

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.

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.

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