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Caesars Acquires Complete Ownership of Caesars Indiana Casino

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment, Inc. (NYSE: CZR), one of the world's leading gaming companies, today announced that it has reached agreements to acquire its partner's 18 percent interest in the company that owns and operates the Caesars Indiana casino resort. Caesars expects to complete the transaction, which is valued at approximately $70 million, in the first quarter of 2005.

The Caesars Indiana property comprises the riverboat casino and associated hotel and golf course. At the conclusion of the transaction, Caesars Entertainment will own 100 percent of the property through its Indiana affiliate, which will be renamed Caesars Riverboat Casino, LLC upon approval by the Indiana Gaming Commission.

Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With $4.5 billion in annual net revenue, 28 properties on four continents, 26,000 hotel rooms, two million square feet of casino space and 52,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.

In July 2004, the Board of Directors of Caesars Entertainment approved an offer from Harrah's Entertainment to acquire the company for approximately $1.8 billion and 66.3 million shares of Harrah's common stock. The offer must be approved by shareholders of both companies and federal and state regulators before the transaction can close.

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