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Harrah's Reports $165 Million Expansion

20 Nov 2003

LAS VEGAS – (Press Release) -- Harrah's Entertainment, Inc. (NYSE: HET) today announced plans for a $165 million expansion of the Harrah's Rincon hotel-casino owned by the Rincon San Luiseno Band of Mission Indians.

The expansion of the property, located near San Diego, California, will more than triple the size of the hotel and includes a spa, a parking garage, expansion of the casino floor and other facility enhancements. The expansion, designed to transform the facility into a full-service destination resort, is scheduled to be completed by the end of 2004.

The National Indian Gaming Commission has also approved the Tribe's extension of its agreement for HCAL Corporation, a Harrah's subsidiary, to manage the hotel-casino through November 14, 2010.

"This expansion marks another milestone for the Rincon tribe," said John Currier, Rincon Tribal Chairman. "We knew from the outset that Harrah's was the absolute best partner for us.

Their expertise in casino management has benefited us in many ways, including better education, health care, and basic infrastructure services for our people. We look forward to what this new chapter will bring."

"We are deeply grateful to the Rincon Tribe for this expression of confidence in our company," said Gary Loveman, President and Chief Executive Officer of Harrah's. "In just over a year, the tribe and Harrah's have built a thriving, successful business in Southern California, supported by a relationship of mutual trust and respect. We are proud of our latest success in Indian Country, and determined to build on the Harrah's Rincon success story for years to come."

Harrah's Entertainment has approved an additional $165 million loan guaranty to finance the expansion project.

 
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