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Caesars Raises Guidance for Q1 2004

LAS VEGAS -- (Press Release) -- Caesars Entertainment, Inc. (NYSE:CZR) today raised its earnings guidance for the first quarter of 2004.

Based on results for the quarter through March 7, the company now expects that adjusted earnings per fully diluted share (EPS) for the first quarter, which ends March 31, will be within a range of $0.17 to $0.19. In a press release issued January 29, the company had estimated first quarter adjusted earnings at $0.11 to $0.13 per fully diluted share.

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 adjusted earnings per fully diluted share for the first quarter of 2004 to better-than-expected results in all three of its domestic regions. The principal factors driving these results are:

-Higher than expected room revenue in Las Vegas, due mainly to higher room rates.

-Higher than expected table win in all three regions, due to higher volumes and meaningfully higher hold percentages.

-Slightly higher than expected international results.

The company will provide a detailed analysis of first quarter performance when it releases its first quarter financial results on April 22. In addition, the company will update guidance for the full year at that time.

The company's revised guidance is based on the current regulatory, tax, competitive, economic and international political environment and reflects current expectations of Caesars properties' performance for the balance of the first quarter 2004.

Changes in any of these factors as well as other factors that may or may not be currently known to management may affect this guidance. The company will revise its guidance if and when it becomes aware of events or circumstances that make it significantly unlikely that current guidance will be achieved.

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