Harrah's reports extension offer

23 Jan 2008

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Harrah's Entertainment, Inc. (NYSE: HET - News; "Harrah's Entertainment"), announced today the extension of the Offer Expiration Date for the previously announced cash tender offers by Harrah's Operating Company, Inc. ("Harrah's Operating") for any and all of its outstanding (i) Senior Floating Rate Notes due 2008 (CUSIP No. 413627AR1; ISIN No. US413627AR15) (the "Floating Rate Notes"), (ii) 8.875% Senior Subordinated Notes due 2008 (CUSIP No. 700690AJ9; ISIN No. US700690AJ90) (the "8.875% Notes"), (iii) 7.5% Senior Notes due 2009 (CUSIP No. 413627AE0; ISIN No. US413627AE02) (the "7.5% Notes (1998)"), (iv) 7.5% Senior Notes Due 2009 (CUSIP No. 700690AN0; ISIN No. US700690AN03) (the "7.5% Notes (2001)"), and (v) 7% Senior Notes due 2013 (CUSIP No. 700690AS9; ISIN No. US700690AS99) (the "7% Notes"), as well as the extension of the Offer Expiration Date for the previously announced cash tender offer by Harrah's Entertainment and Harrah's Operating for Harrah's Operating's Floating Rate Contingent Convertible Senior Notes due 2024 (CUSIP No. 127687AA9; CUSIP No. 127687AB7; ISIN No. US127687AA90; ISIN No. US127687AB73) (the "Convertible Notes" and, collectively with the Floating Rate Notes, the 8.875% Notes, the 7.5% Notes (1998), the 7.5% Notes (2001) and the 7% Notes, the "Notes"). In each case, the Offer Expiration Date has been extended to 8:00 a.m., New York City time, on January 28, 2008, the date on which the previously announced merger of Harrah's Entertainment with Hamlet Merger Inc., a company controlled by Apollo Global Management, LLC and TPG Capital, L.P., is scheduled to close, unless further extended.

Except for the extension described above, all of the terms and conditions set forth in the applicable Offer to Purchase and Consent Solicitation Statement (collectively, the "Statements") with respect to the Notes remain unchanged. As of 9:00 a.m. New York City time, on January 23, 2008: (i) approximately $81,150,000 in aggregate principal amount at maturity of the Floating Rate Notes had been tendered, representing approximately 32.46% of the outstanding principal amount at maturity of the Floating Rate Notes; (ii) approximately $394,234,000 in aggregate principal amount at maturity of the 8.875% Notes had been tendered, representing approximately 98.56% of the outstanding principal amount at maturity of the 8.875% Notes; (iii) approximately $131,144,000 in aggregate principal amount at maturity of the 7.5% Notes (1998) had been tendered, representing approximately 96.22% of the outstanding principal amount at maturity of the 7.5% Notes (1998); (iv) approximately $424,166,000 in aggregate principal amount at maturity of the 7.5% Notes (2001) had been tendered, representing approximately 99.80% of the outstanding principal amount at maturity of the 7.5% Notes (2001); (v) approximately $299,396,000 in aggregate principal amount at maturity of the 7% Notes had been tendered, representing approximately 99.80% of the outstanding principal amount at maturity of the 7% Notes; and (vi) approximately $374,592,500 in aggregate principal amount at maturity of the Convertible Notes had been tendered, representing approximately 99.96% of the outstanding principal amount at maturity of the Convertible Notes.

Harrah's Operating's tender offer is subject to the conditions set forth in the Statements and the applicable Consent and Letter of Transmittal, including, among other things, that Harrah's Operating obtains the financing necessary to pay for the Notes and consents in accordance with the terms of the tender offers and consent solicitations.

Harrah's Operating and Harrah's Entertainment have retained Citi to act as lead dealer manager in connection with the tender offers and consent solicitations. Questions about the tender offers and consent solicitations may be directed to Citi at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies of the Offer Documents and other related documents may be obtained from Global Bondholder Services Corporation, the information agent for the tender offers and consent solicitations, at (866) 924-2200 (toll free) or (212) 430- 3774 (for banks and brokers only).

The tender offers and consent solicitations are being made solely pursuant to the applicable Offer to Purchase and Consent Solicitation Statement and the related Letter of Transmittal and Consent, which set forth the complete terms of the tender offers and consent solicitations. Holders of the Convertible Notes should also read the Schedule TO that Harrah's Entertainment and Harrah's Operating filed on December 21, 2007, and the amendment thereto filed today, with the U.S. Securities and Exchange Commission. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the Notes or any other securities of Harrah's Operating or Harrah's Entertainment. It also is not a solicitation of consents to the proposed amendments to the indentures. No recommendation is made as to whether holders of the securities should tender their securities or give their consent.

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	Harrah's reports extension offer 23 Jan 2008 LAS VEGAS, Nevada -- (PRESS RELEASE) -- Harrah's Entertainment, Inc. (NYSE: HET - News; "Harrah's Entertainment"), announced today the extension of the Offer Expiration Date for the previously announced cash tender offers by Harrah's Operating Company, Inc. ("Harrah's Operating") for any and all of its outstanding (i) Senior Floating Rate Notes due 2008 (CUSIP No. 413627AR1; ISIN No. US413627AR15) (the "Floating Rate Notes"), (ii) 8.875% Senior Subordinated Notes due 2008 (CUSIP No. 700690AJ9; ISIN No. US700690AJ90) (the "8.875% Notes"), (iii) 7.5% Senior Notes due 2009 (CUSIP No. 413627AE0; ISIN No. US413627AE02) (the "7.5% Notes (1998)"), (iv) 7.5% Senior Notes Due 2009 (CUSIP No. 700690AN0; ISIN No. US700690AN03) (the "7.5% Notes (2001)"), and (v) 7% Senior Notes due 2013 (CUSIP No. 700690AS9; ISIN No. US700690AS99) (the "7% Notes"), as well as the extension of the Offer Expiration Date for the previously announced cash tender offer by Harrah's Entertainment and Harrah's Operating for Harrah's Operating's Floating Rate Contingent Convertible Senior Notes due 2024 (CUSIP No. 127687AA9; CUSIP No. 127687AB7; ISIN No. US127687AA90; ISIN No. US127687AB73) (the "Convertible Notes" and, collectively with the Floating Rate Notes, the 8.875% Notes, the 7.5% Notes (1998), the 7.5% Notes (2001) and the 7% Notes, the "Notes"). In each case, the Offer Expiration Date has been extended to 8:00 a.m., New York City time, on January 28, 2008, the date on which the previously announced merger of Harrah's Entertainment with Hamlet Merger Inc., a company controlled by Apollo Global Management, LLC and TPG Capital, L.P., is scheduled to close, unless further extended. Except for the extension described above, all of the terms and conditions set forth in the applicable Offer to Purchase and Consent Solicitation Statement (collectively, the "Statements") with respect to the Notes remain unchanged. As of 9:00 a.m. New York City time, on January 23, 2008: (i) approximately $81,150,000 in aggregate principal amount at maturity of the Floating Rate Notes had been tendered, representing approximately 32.46% of the outstanding principal amount at maturity of the Floating Rate Notes; (ii) approximately $394,234,000 in aggregate principal amount at maturity of the 8.875% Notes had been tendered, representing approximately 98.56% of the outstanding principal amount at maturity of the 8.875% Notes; (iii) approximately $131,144,000 in aggregate principal amount at maturity of the 7.5% Notes (1998) had been tendered, representing approximately 96.22% of the outstanding principal amount at maturity of the 7.5% Notes (1998); (iv) approximately $424,166,000 in aggregate principal amount at maturity of the 7.5% Notes (2001) had been tendered, representing approximately 99.80% of the outstanding principal amount at maturity of the 7.5% Notes (2001); (v) approximately $299,396,000 in aggregate principal amount at maturity of the 7% Notes had been tendered, representing approximately 99.80% of the outstanding principal amount at maturity of the 7% Notes; and (vi) approximately $374,592,500 in aggregate principal amount at maturity of the Convertible Notes had been tendered, representing approximately 99.96% of the outstanding principal amount at maturity of the Convertible Notes. Harrah's Operating's tender offer is subject to the conditions set forth in the Statements and the applicable Consent and Letter of Transmittal, including, among other things, that Harrah's Operating obtains the financing necessary to pay for the Notes and consents in accordance with the terms of the tender offers and consent solicitations. Harrah's Operating and Harrah's Entertainment have retained Citi to act as lead dealer manager in connection with the tender offers and consent solicitations. Questions about the tender offers and consent solicitations may be directed to Citi at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies of the Offer Documents and other related documents may be obtained from Global Bondholder Services Corporation, the information agent for the tender offers and consent solicitations, at (866) 924-2200 (toll free) or (212) 430- 3774 (for banks and brokers only). The tender offers and consent solicitations are being made solely pursuant to the applicable Offer to Purchase and Consent Solicitation Statement and the related Letter of Transmittal and Consent, which set forth the complete terms of the tender offers and consent solicitations. Holders of the Convertible Notes should also read the Schedule TO that Harrah's Entertainment and Harrah's Operating filed on December 21, 2007, and the amendment thereto filed today, with the U.S. Securities and Exchange Commission. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the Notes or any other securities of Harrah's Operating or Harrah's Entertainment. It also is not a solicitation of consents to the proposed amendments to the indentures. No recommendation is made as to whether holders of the securities should tender their securities or give their consent.