Harrah's Offers to Purchase London Clubs International

31 Aug 2006

LAS VEGAS -- (PRESS RELEASE) -- A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced the terms of a cash offer to acquire all of the outstanding ordinary shares of London Clubs International plc for GBP1.25 per share, or approximately $530 million in the aggregate. The board of directors of London Clubs International has unanimously recommended that its shareholders accept the offer. If the offer is successful, Harrah's expects the transaction to close in the fourth quarter of 2006.

London Clubs International currently operates six casinos in the United Kingdom and has an additional five under development. London Clubs also operates two casinos in Egypt, one in South Africa and has a consulting relationship with a casino in Lebanon.

"London Clubs has a strong collection of properties that are well positioned in the United Kingdom's evolving regulatory framework. Under Harrah's ownership, these international properties will even be stronger in the future," said Gary Loveman, chairman, chief executive officer and president of Harrah's. "The multi-national operational experience of LCI's management strengthens Harrah's existing team, allowing for continued international expansion."

In connection with the transaction, Banc of America Securities LLC is acting as sole financial advisor to Harrah's Entertainment.

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	Harrah's Offers to Purchase London Clubs International 31 Aug 2006 LAS VEGAS -- (PRESS RELEASE) -- A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced the terms of a cash offer to acquire all of the outstanding ordinary shares of London Clubs International plc for GBP1.25 per share, or approximately $530 million in the aggregate. The board of directors of London Clubs International has unanimously recommended that its shareholders accept the offer. If the offer is successful, Harrah's expects the transaction to close in the fourth quarter of 2006. London Clubs International currently operates six casinos in the United Kingdom and has an additional five under development. London Clubs also operates two casinos in Egypt, one in South Africa and has a consulting relationship with a casino in Lebanon. "London Clubs has a strong collection of properties that are well positioned in the United Kingdom's evolving regulatory framework. Under Harrah's ownership, these international properties will even be stronger in the future," said Gary Loveman, chairman, chief executive officer and president of Harrah's. "The multi-national operational experience of LCI's management strengthens Harrah's existing team, allowing for continued international expansion." In connection with the transaction, Banc of America Securities LLC is acting as sole financial advisor to Harrah's Entertainment.