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Harrah's on the Move

The balance of the Memphis-based employees--many of whom operate and manage Harrah's technology, teleservices and accounting centers--will remain in Memphis.

The company plans to move into temporary space in Las Vegas by August 1999 and begin construction of a permanent facility immediately. The permanent facility is expected to be completed by the summer of 2000. Over the next 12 to 18 months, Harrah's will consolidate its current Memphis-based facilities into a single location. The current corporate headquarters facility at Cherry Road will be placed on the market for sale immediately.

Harrah's Chairman and CEO Philip G. Satre believes that relocating a group of senior executives and staff to Las Vegas makes strategic sense. "Harrah's has always prided itself on its history of innovation and flexibility," Satre explained. "We are a company that has enjoyed challenging convention in the desire to service our customers better, provide a greater return to our shareholders and build a world-class organization. …Las Vegas is unquestionably the epicenter of the casino industry. We are convinced that immersing our senior executives in the heart of the industry will improve our business and market knowledge base, enhance product and service innovation and fuel our corporate development. … Establishing a headquarters in Las Vegas will also enhance Harrah's ability to attract and retain the highest quality senior executives in gaming-industry roles, many of whom are naturally drawn to this market. We think it makes strategic sense to establish a corporate home in this important region."

New office space will be constructed near the Strip in Las Vegas on real estate acquired in connection with the Rio.

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