(PR NEWSWIRE)Harrah's to Continue World Series of Poker
Gaming Company Plans to Host Richest Card Game on Earth at Its Longtime
Las Vegas Home in 2004
LAS VEGAS, Jan. 22 /PRNewswire-FirstCall/ -- More than $20 million in
official prize money is expected to be up for grabs at the 2004 World Series
of Poker at Binion's Horseshoe, according to Gary Loveman, president and chief
executive officer of Harrah's Entertainment, Inc. (NYSE: HET).
(Logo: newscom.com )
Loveman said at a press conference today that the legendary gathering that
annually draws thousands of poker enthusiasts from dozens of countries to the
downtown Las Vegas casino will continue this year as it has since the late
casino legend Benny Binion started the tournament in 1970.
The World Series of Poker, widely regarded as the most prestigious
competition of its kind, has been held at Binion's Horseshoe Hotel & Casino in
downtown Las Vegas since its inception. Harrah's agreed to purchase the
Horseshoe after it closed earlier this month.
"This tournament has a long and colorful history, and we look forward to
preserving the traditions that have made it the world-renowned phenomenon it
is today," Loveman said.
Harrah's has established a toll-free phone number -- 1-877-FOR-WSOP
(1-800-367-9767) -- where those interested in the competition can obtain
further information.
The month-long competition will begin April 22 with a $2,000 buy-in limit
hold 'em event and culminate with the $10,000 buy-in no-limit hold 'em world
championship that begins May 22. Between those dates, more than two dozen
official tournament events and hundreds of satellite and live-action games
will be conducted. The final event is expected to attract more than
1,000 entrants; last year's winner took home a first prize of $2.5 million.
Harrah's purchase of the downtown casino is subject to receipt of
regulatory and other approvals.
Benny Binion hatched the idea for the World Series of Poker in the 1950s,
when he hosted a high-stakes poker game between Nicholas "Nick the Greek"
Dandolos -- regarded by many as the best poker player of the day -- and Johnny
Moss, a Binion friend from Dallas. Crowds gathered to watch the competition,
and Binion immediately saw the value of the publicity the game generated.
In 1970, Binion recaptured the excitement of the original game when he
launched the first World Series of Poker to crown a "World Champion." Poker
greats from around the country descended on Binion's Horseshoe Hotel & Casino
for a chance at the title. The tournament's first winner was determined by
popular vote. Later the competition evolved into its current format, a
"freeze out" event, in which players are systematically eliminated until one
player wins all the chips.
Founded 66 years ago, Harrah's Entertainment, Inc. owns or manages through
various subsidiaries 25 casinos in the United States, primarily under the
Harrah's brand name. 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.
More information about Harrah's Entertainment is available on the
company's Web site, 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
outcome of contingencies such as legal proceedings and future financial
results. We have based these forward-looking statements on our current
expectations and projections about future events.
We caution the reader that forward-looking statements involve risks and
uncertainties that cannot be predicted or quantified and, consequently, actual
results 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:
* the effect of economic, credit and capital market conditions on the
economy in general, and on gaming and hotel companies in particular;
* construction factors, including delays, 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 the company's properties;
* our ability to timely and cost effectively integrate into our
operations the companies that we acquire, including with respect to
our previously announced acquisition of Horseshoe Gaming Holding
Corp.;
* access to available and feasible financing;
* 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;
* ability of our customer-tracking, customer-loyalty and
yield-management programs to continue to increase customer loyalty and
same-store sales;
* our ability to recoup costs of capital investments through higher
revenues;
* acts of war or terrorist incidents;
* 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.
We undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
SOURCE Harrah's Entertainment, Inc.
-0- 01/22/2004
/CONTACT: Dave Curley of TBC PR, +1-410-299-2363, for Harrah's
Entertainment, Inc.; or Gary Thompson of Harrah's Entertainment,
+1-702-407-6529/
/Photo: NewsCom: newscom.com
AP Archive: photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Company News On-Call: prnewswire.com /
/Web site: harrahs.com /
(HET)
CO: Harrah's Entertainment, Inc.; World Series of Poker; Binion's Horseshoe
Hotel & Casino
ST: Nevada
IN: CNO ENT LEI TRA
SU:
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