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Loveman signs on to amended contract

3 January 2008

LAS VEGAS, Nevada -- Gary Loveman, Harrah's Entertainment's chairman, CEO and president, signed an amended employment contract Dec. 31 extending his employment until June 1 or at the close of the current buyout, according to a Wednesday filing with the U.S. Securities and Exchange Commission.

The gaming company is in the final stages of a $17.7 billion buyout by private equity partners TPG Capital and Apollo Management.

The amendment is a bridge measure until Loveman, whose current contract expired Jan. 1, is signs a new contract under the new ownership.

Both TPG and Apollo have told gaming regulators that Loveman will remain in charge of the company's day-to-day operations after the buyout.

Current salary information was unavailable. But a filing made in 2007 shows Loveman's base salary in 2006 was $2 million annually.

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Loveman signs on to amended contract is republished from Online.CasinoCity.com.