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Park Cattle Co. Won't Purchase Caesars Tahoe

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment Inc., (NYSE: CZR) today announced that Park Cattle Co., the owner of the land on which the Caesars Tahoe casino resort is located, has decided against exercising its right to purchase the northern Nevada property.

As a result, Caesars Entertainment will proceed with the planned sale of Caesars Tahoe to an affiliate of Columbia Sussex Corporation, a hotel, resort and casino operator based in Fort Mitchell, Kentucky.

The transaction, valued at approximately $45 million, is expected to close by the end of the second quarter of 2005 and is subject to customary regulatory approvals and closing conditions outlined in the purchase agreement.

Under the terms of the agreement, Columbia Sussex will purchase certain assets of Caesars Tahoe and will assume certain related current liabilities. The aggregate consideration may be adjusted for changes in net working capital. Libra Securities is the exclusive financial advisor to Columbia Sussex and Caesars Entertainment was represented by CB Richard Ellis on the transaction.

About Columbia Sussex

Columbia Sussex and its affiliates are one of the largest privately held hotel owners in the country, and one of Marriott Corporation's top licensees. Columbia Sussex and its affiliates operate 64 hotels, resorts and casinos in 28 states and overseas, including the Lighthouse Point Casino in Greenville, Mississippi, the Horizon Casino Resort in South Lake Tahoe and the Westin Casuarina property on Grand Cayman Island. It has also recently opened the Westin Casuarina in Las Vegas, and purchased the River Palms Casino in Laughlin, Nevada.

About Caesars Entertainment

Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With 25 properties on three continents, 25,000 hotel rooms, two million square feet of casino space and 52,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.

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