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Analyst Downgrades Harrah's Stock

27 August 2003

NEW YORK – As reported by the Associated Press: "Merrill Lynch casino analyst David Anders has lowered his rating on Harrah's Entertainment Inc. to `neutral' from `buy' based on competitive concerns in certain areas nationwide.

"…Over the next six months, rhetoric surrounding the legalization of new gaming jurisdictions and their potential threat to Harrah's properties will likely increase, he added.

"…Harrah's stock fell more than 2 percent in early trading today, to $41.40."

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