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Harrah's Places $250 Million of Senior Floating Rate Notes

LAS VEGAS – (PRESS RELEASE) -- Harrah's Operating Company, Inc., a subsidiary of Harrah's Entertainment, Inc. (NYSE: HET), today announced the pricing of a private placement of $250 million of senior floating rate notes.

The notes bear an interest rate of LIBOR plus 60 basis points, payable quarterly, and are due in February 2008 and callable in February 2007. The Senior Floating Rate Notes will be guaranteed by Harrah's Entertainment, Inc. Net proceeds from the offering will be used to reduce outstanding indebtedness, including under a bank credit facility, commercial paper program and senior subordinated notes.

The securities to be offered have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any security.

Founded 67 years ago, Harrah's Entertainment, Inc. owns or manages through various subsidiaries 28 casinos in the United States, primarily under the Harrah's and Horseshoe brand names. Harrah's Entertainment is focused on building loyalty and value with its target customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

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