Harrah's Reports Results of Debt Tender Offers

Harrah's Operating Company, Inc. (the "Company"), a wholly-owned subsidiary of Harrah's Entertainment, Inc. (NYSE:HET), today announced the results of its tender offers (the "Offers") for its 7.50% Senior Notes due January 15, 2009 (the "2009 Notes") and 8.00% Senior Notes due February 1, 2011 (the "2011 Notes" and, together with the 2009 Notes, the "Notes"). The Offers commenced on May 30, 2006, and expired yesterday at 5:00 p.m. ET (the "Expiration Date").

As of the Expiration Date, $363.71 million of the 2009 Notes and $427.98 million of the 2011 Notes had been validly tendered and accepted for payment pursuant to the Offers. Settlement is expected to be June 9, 2006.

After the completion of the Offers, $136.29 million of the 2009 Notes and $72.02 million of the 2011 Notes will remain outstanding.

Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as Dealer Managers for the Offers. The Information Agent and the Depositary was Global Bondholder Services Corporation.

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada, 68 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

2006-06-09