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Bear Stearns Gaming Analyst Upgrades Harrah's Stock

11 August 2000

LAS VEGAS, Nevada—Aug. 11, 2000--Bear Stearns gaming analyst Jason Ader today issued a "buy" rating on shares of Las Vegas-based Harrah's Entertainment Inc. Ader's upgrade of Harrah's from an "attractive" rating was his first action on the stock in more than three years. In midday trading on Wall Street, Harrah's was up $1.25 to $27.44.

"We are now comfortable that the worst is already priced in the stock and the shares should begin to see some multiple expansion as investors become increasingly comfortable with the company's earnings outlook," Ader wrote.

Ader noted that he believes the performance of the Rio, which has struggled over the past two quarters, is now stabilizing, and that the company's tax difficulties at its New Orleans casino should be resolved by March 31. He also noted that the company's shares now trade at a 15 percent discount to its large casino peers.

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