Harrah's Announces $500 Million Note Exchange Offer

17 May 2004

LAS VEGAS – (PRESS RELEASE) -- Harrah's Operating Company, Inc., a subsidiary of Harrah's Entertainment, Inc. (NYSE: HET), announced an offer to exchange any and all of its outstanding $500 million of unsecured 5.375% Senior Notes due 2013 (the "old notes") issued in a private-placement sale in December 2003.

The exchange offer expires at 5 p.m. New York City time on June 7, 2004, unless extended. The exchange notes will be registered under the Securities Act of 1933 and will not be subject to transfer restrictions, registration rights and provisions providing for an increase in the interest rate applicable to the private notes.

The exchange notes, which mature December 15, 2013, are unsecured senior obligations of Harrah's Operating Company and are unconditionally guaranteed by Harrah's Entertainment.

This announcement is not an offer to exchange or a solicitation of an offer to exchange with respect to the old notes. The exchange offer is being made solely by the prospectus dated May 10, 2004, and is subject to the terms and conditions stated therein.

Founded 66 years ago, Harrah's Entertainment, Inc. owns or manages through various subsidiaries 26 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its valued customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

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	Harrah's Announces $500 Million Note Exchange Offer 17 May 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS – (PRESS RELEASE) -- Harrah's Operating Company, Inc., a subsidiary of Harrah's Entertainment, Inc. (NYSE: HET), announced an offer to exchange any and all of its outstanding $500 million of unsecured 5.375% Senior Notes due 2013 (the "old notes") issued in a private-placement sale in December 2003. The exchange offer expires at 5 p.m. New York City time on June 7, 2004, unless extended. The exchange notes will be registered under the Securities Act of 1933 and will not be subject to transfer restrictions, registration rights and provisions providing for an increase in the interest rate applicable to the private notes. The exchange notes, which mature December 15, 2013, are unsecured senior obligations of Harrah's Operating Company and are unconditionally guaranteed by Harrah's Entertainment. This announcement is not an offer to exchange or a solicitation of an offer to exchange with respect to the old notes. The exchange offer is being made solely by the prospectus dated May 10, 2004, and is subject to the terms and conditions stated therein. Founded 66 years ago, Harrah's Entertainment, Inc. owns or manages through various subsidiaries 26 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its valued customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.