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Rod Smith

Satre Regarded as Top Exec

21 October 2004

LAS VEGAS -- The announcement Phil Satre will retire as chairman of Harrah's Entertainment closes out a distinguished and colorful career in the gaming industry.

Gary Loveman, Harrah's president and Satre's successor as chairman, joked Wednesday that the retirement will leave Satre free to pursue fish, fowl and small species of all kinds.

More seriously, he said Satre built on company founder Bill Harrah's legacy to make Harrah's the most powerful brand in gaming.

"Phil's vision led to the creation of Harrah's industry-leading player-loyalty and customer relationship marketing capabilities. He led this company through successful acquisitions while maintaining the strongest balance sheet in the industry and building Harrah's into a Fortune 500 company. And he established Harrah's reputation for corporate responsibility, particularly in the arena of responsible gaming," Loveman said.

Satre joined Harrah's in 1980 as vice president, general counsel and secretary. He was named president and CEO of Harrah's Gaming Group in 1984, and joined the company's board of directors in 1988. He was named CEO of Harrah's Entertainment in 1994, and elected chairman in 1997.

Over his 25-year career, Satre was recognized as one of the gaming industry's top executives and he was inducted in the American Gaming Association's Gaming Hall of Fame in 2003.

He was named one of the nation's top chief executive officers in 2002 by Chief Executive magazine, "Gaming Executive of the Year" by Casino Journal magazine, and best chief executive in the hotel and casino industries by The Wall Street Transcript.

Satre was the first recipient of the Robert L. Custer Award from the National Council on Problem Gambling for his leadership role in addressing problem gambling. He served as chairman of the American Gaming Association and as a founding board member of the National Center for Responsible Gaming.

Loveman joined Harrah's as chief operating officer in 1998 and was named the company's president shortly afterward.

During his tenure as COO, Loveman spearheaded the creation of the Total Rewards program, the first nationwide, multiproperty customer loyalty program in the gaming industry. He was promoted to chief executive officer on Jan. 1, 2003.

Before joining Harrah's in May 1998, Loveman was associate professor of business administration at the Harvard University Graduate School of Business Administration, where he taught service management in the M.B.A. and executive programs. He worked as a consultant for Harrah's during the preceding seven years, helping to design and execute its executive development and education programs.

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