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Harrah's, Cherokee Casino Agreement Extended

LAS VEGAS – (PRESS RELEASE) -- The National Indian Gaming Commission has approved an agreement between the Eastern Band of Cherokee Indians and Harrah's N C Casino Company, LLC, a subsidiary of Harrah's Entertainment, Inc. (NYSE: HET), that extends Harrah's contract to manage Harrah's Cherokee Casino & Hotel for an additional seven years, beginning in November 2004.

Harrah's N C Casino Company, LLC, has managed the Tribe's casino, located in North Carolina's Great Smokey Mountains, since November 1997. This contract extension will continue Harrah's management of the facility until November 2011.

"Harrah's has brought to us their sound employee, customer and financial practices that are well-known and respected in the casino industry, and we have learned much from this successful business relationship," said Michell Hicks, Principal Chief of the Eastern Band of Cherokee Indians.

"I'm sure Harrah's has learned from us as well, resulting in a successful meshing of two cultures. I'm proud that over 50 percent of the casino and hotel management positions are filled by tribal members, so the next seven years look very promising for our people."

"The Eastern Band of Cherokee Indians have achieved tremendous success with its gaming enterprise and it has been extremely gratifying for Harrah's to have been a part of a venture that has brought so much benefit to the Tribe and to western North Carolina. We are honored by the Tribe's decision to extend our management contract for the second time," said Gary Loveman, President and Chief Executive Officer of Harrah's Entertainment.

"Over the last six years, we have worked closely with the Tribe to bring the finest in casino entertainment to the Southeast. We're committed to the long-term success of this enterprise."

The Tribe is currently constructing a 15-story, 324-room hotel tower, scheduled for completion in April 2005. Once complete, the $60 million expansion project will give Harrah's Cherokee a total of 576 hotel rooms.

Last year, Harrah's signed a seven-year extension of its contract with the Rincon San Luiseno Band of Mission Indians to manage Harrah's Rincon hotel-casino near San Diego, California. Harrah's has also previously signed management-contract extensions with the Ak-Chin Indian Community in Arizona and the Prairie Band Potawatomi Nation in Kansas.

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