Harrah's Plans to Continue Poker Series

LAS VEGAS – (Press Release) -- More than $20 million in official prize money is expected to be up for grabs at the 2004 World Series of Poker at Binion's Horseshoe, according to Gary Loveman, president and chief executive officer of Harrah's Entertainment, Inc. (NYSE: HET).

Loveman said at a press conference today that the legendary gathering that annually draws thousands of poker enthusiasts from dozens of countries to the downtown Las Vegas casino will continue this year as it has since the late casino legend Benny Binion started the tournament in 1970.

The World Series of Poker, widely regarded as the most prestigious competition of its kind, has been held at Binion's Horseshoe Hotel & Casino in downtown Las Vegas since its inception. Harrah's agreed to purchase the Horseshoe after it closed earlier this month.

"This tournament has a long and colorful history, and we look forward to preserving the traditions that have made it the world-renowned phenomenon it is today," Loveman said.

Harrah's has established a toll-free phone number -- 1-877-FOR-WSOP (1-800-367-9767) -- where those interested in the competition can obtain further information.

The month-long competition will begin April 22 with a $2,000 buy-in limit hold 'em event and culminate with the $10,000 buy-in no-limit hold 'em world championship that begins May 22. Between those dates, more than two dozen official tournament events and hundreds of satellite and live-action games will be conducted. The final event is expected to attract more than 1,000 entrants; last year's winner took home a first prize of $2.5 million.

purchase of the downtown casino is subject to receipt of regulatory and other approvals.

Benny Binion hatched the idea for the World Series of Poker in the 1950s, when he hosted a high-stakes poker game between Nicholas "Nick the Greek" Dandolos -- regarded by many as the best poker player of the day -- and Johnny Moss, a Binion friend from Dallas. Crowds gathered to watch the competition, and Binion immediately saw the value of the publicity the game generated.

In 1970, Binion recaptured the excitement of the original game when he launched the first World Series of Poker to crown a "World Champion." Poker greats from around the country descended on Binion's Horseshoe Hotel & Casino for a chance at the title. The tournament's first winner was determined by popular vote. Later the competition evolved into its current format, a "freeze out" event, in which players are systematically eliminated until one player wins all the chips.

Founded 66 years ago, Harrah's Entertainment, Inc. owns or manages through various subsidiaries 25 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its target customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.