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To: Hound who wrote (2186)	10/20/1999 9:11:00 AM
From: Paul Lee	Read Replies (1) \| Respond to of 2346

Harrah's Entertainment Reports 1999 Third Quarter and First Nine Months Results LAS VEGAS, Oct. 20 /PRNewswire/ -- Harrah's Entertainment, Inc. (NYSE: HET) today reported results for third quarter 1999, including record revenues, EBITDA and net income. Third Quarter Accomplishments Diluted earnings per share before preopening costs, write-downs, reserves and recoveries, a gain on the sale of an equity investment and extraordinary losses, and after headquarters relocation expenses were 52 cents, exceeding analysts' estimates Record revenues of $814.1 million Same store gaming revenue growth of 13% over prior year EBITDA up 42% to a record $215.9 million Agreement reached to acquire Players International Announced agreement to sell Showboat Las Vegas property Interest in Sodak Gaming sold, generating $16 million one-time pre-tax gain Agreement reached with Ak-Chin Indian Community for management contract renewal, the first renewal of a five-year management contract for a Class-III Indian gaming facility by a major casino company Harrah's Entertainment dominated the annual Casino Player "Best of" readers surveys for excellence in Las Vegas and Atlantic City Harrah's Entertainment became the first company to launch a nationwide television advertising campaign that features the casino gaming experience Summary of Results Diluted earnings per share including all items were 58 cents for third quarter 1999 versus 44 cents for the prior year, up 32%. Third quarter 1999 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) before project opening costs, write-downs, reserves and recoveries, venture restructuring costs and gains on sales of equity interests in subsidiaries was $215.9 million, a 42% increase over the $152.2 million reported for third quarter 1998. Harrah's Entertainment again demonstrated the geographic diversity of its EBITDA, with the Western Region contributing 38% of consolidated third quarter EBITDA, the Eastern Region 32% and the Central Region 33%. The addition of the Rio Hotel & Casino in Las Vegas, acquired January 1, 1999, and consolidation of East Chicago results, coupled with 13% same store gaming revenue growth, resulted in a 39% increase in third quarter revenues over prior year to $814.1 million. Income from operations increased 43% and net income rose 69% over the prior year period. "From the trends in increased cross-market and tracked play, to increases in EBITDA in every region, to the contributions from the Rio acquisition, each aspect of Harrah's Entertainment's customer loyalty and growth strategy was working during the third quarter," explained Harrah's Entertainment Chairman and CEO Phil Satre. "The increased loyalty to our company among longtime and new customers alike is yielding earnings growth. "Our strategy will be enhanced and our customer relationship building opportunities expanded even more with the on time and on budget planned opening of Harrah's New Orleans on October 28 and the planned addition of the Players properties in Missouri, Louisiana and Illinois by early 2000. In addition, the continued rollout and enhancements to our industry leading rewards programs are building customer loyalty. Our customers greatly value these rewards, as demonstrated by accolades such as those in Casino Player magazine and the increases in tracked play across the company."