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Caesars Entertainment Raises Guidance

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment, Inc. (NYSE: CZR) today raised its earnings guidance for the fourth quarter and full year 2004.

The company now expects that adjusted earnings per fully diluted share (EPS) for the fourth quarter, which ended December 31, will be within a range of $0.07 to $0.09. In a press release issued October 21, the company had estimated fourth quarter adjusted earnings at $0.04 to $0.06 per fully diluted share.

The company now estimates that adjusted earnings per fully diluted share for the full year 2004 will be within a range of $0.67 to $0.69.

Earnings per fully diluted share is a GAAP financial measure. Adjusted earnings per fully diluted share is a non-GAAP financial measure that is defined below under the heading, "Statement about financial measures."

The company attributed the increase in estimated fourth quarter earnings to better-than-expected results in Atlantic City and Las Vegas. The company will provide a detailed analysis of fourth quarter performance when it releases its fourth quarter financial results on February 10.

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