News

LAS VEGAS --(BUSINESS WIRE)-- A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) and CORUM have signed a letter of intent to enter into a six-year sponsorship deal that designates the luxury Swiss watchmaker as the "Official Timepiece of the World Series of Poker" (WSOP). The letter of intent is non-binding and is subject to definitive documentation.

"This is a landmark deal for the World Series of Poker," said Jeffrey Pollack, WSOP commissioner. "The world's most prestigious poker tournament fits perfectly with a luxury brand like CORUM. We both share a commitment to excellence and distinction, and we share a deep passion for the excitement, heritage and richness of poker."

"CORUM is "all in" for the World Series of Poker," said Michael Wunderman, president of CORUM. "Being the luxury watch brand that takes risks with our daring designs and distinctive innovations, there is no better partnership than with the WSOP. Setting the trends and not following them is what sets us both apart in our industries."

The letter of intent calls for CORUM to produce and market timepieces inspired by the World Series of Poker brand. In addition, CORUM will develop special timepieces exclusively for WSOP champions and present a specially made timepiece each year to the nine players who make the final table of the $10,000 buy-in No-Limit Texas Hold'em World Championship.

All stages in CORUM's history have been marked by an impressive succession of genuine horological masterpieces, associating stunning designs and original technical innovations in a range of patented or copyrighted models. CORUM offers a wide range of unique models, not only exciting the passions of the most demanding collectors but also offering incomparable original pieces to lovers of grand complications - all combining "the noble watchmaking tradition of the 18th Century with new technologies of the 21st Century."

More information about CORUM is available at http://www.corum.ch/.

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Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada 68 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

More information about Harrah's is available at its Web site -- http://www.harrahs.com.

This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue" or "pursue," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies and future financial results of Harrah's. These forward-looking statements are based on current expectations and projections about future events.

Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Harrah's may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein): the effects of local and national economic, credit and capital market conditions on the economy in general, and on the gaming and hotel industries in particular; construction factors, including delays, increased costs for labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and structural building conditions relating to our properties; access to available and reasonable financing on a timely basis; the ability to timely and cost-effectively integrate Caesars into our operations; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; the ability of our customer-tracking, customer loyalty and yield-management programs to continue to increase customer loyalty and same store sales or hotel sales; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist incidents or natural disasters; abnormal gaming holds; and the effects of competition, including locations of competitors and operating and market competition.

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Harrah's disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release.

CONTACT: Harrah's Entertainment, Inc., Las Vegas
Gary Thompson, 702-407-6529
or
TBC Public Relations
Dave Curley, 410-986-1305

SOURCE: Harrah's Entertainment, Inc.