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Harrah's Operating Company Commences Consent Solicitation

LAS VEGAS -- (PRESS RELEASE) --Harrah's Operating Company, Inc., a subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced the commencement of a consent solicitation relating to its notes in the aggregate principal amount outstanding of $3,525,000,000 (the "Notes"):

- 8.50% Senior Notes due 2006 (CUSIP No: 700690AE0);

- 7.50% Senior Notes due 2009 (CUSIP No: 700690AN0);

- 7.0% Senior Notes due 2013 (CUSIP No: 700690AS9);

- 7.875% Senior Subordinated Notes due 2005 (CUSIP No: 700690AB6);

- 9.375% Senior Subordinated Notes due 2007 (CUSIP No: 700690AH3);

- 8.875% Senior Subordinated Notes due 2008 (CUSIP No: 700690AJ9);

- 7.875% Senior Subordinated Notes due 2010 (CUSIP No: 700690AQ3);

- 8.125% Senior Subordinated Notes due 2011 (CUSIP Nos: 700690AL4/700690AK6); and

- Floating Rate Contingent Convertible Senior Notes due 2024 (CUSIP Nos: 127687AB7/127687AA9).

The Notes were originally issued by Caesars Entertainment, Inc. ("Caesars"). Upon consummation of the merger of Caesars with and into Harrah's Operating Company, Harrah's Operating Company assumed all of Caesars' obligations under the Notes and the Indentures governing the Notes.

Pursuant to the consent solicitation, Harrah's Operating Company is requesting that holders of the Notes as of July 7, 2005, the record date for the consent solicitation, consent to certain proposed amendments to the Indentures governing the Notes. The proposed amendments will allow the consolidated annual audited financial statements of Harrah's Entertainment and its subsidiaries, and the periodic and other reports filed by Harrah's Entertainment with the Securities and Exchange Commission, to satisfy the requirement for Harrah's Operating Company to deliver consolidated annual audited financial statements and such periodic and other reports to the respective trustees.

The consent solicitation is conditioned on the receipt of consents from holders of at least a majority in aggregate principal amount of each and all series of outstanding Notes and will expire at 5:00 p.m., Eastern time, on Friday, July 22, 2005, unless extended. If the required consents are received, Harrah's Entertainment will fully and unconditionally guarantee the Notes.

The consent solicitation may be amended, extended or terminated, at the option of Harrah's Operating Company. For a complete statement of the terms and conditions of the consent solicitation, holders of the Notes should refer to the consent solicitation statement, dated as of July 8, 2005, which is being sent to all holders of the Notes as of the record date.

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