Acquisitions & Hotel Openings

Harrah's Completes Casino Magic Biloxi Buy

LAS VEGAS, NV, November 10, 2006. -Harrah's Entertainment, Inc. (NYSE:HET) said today its previously announced transactions with Pinnacle Entertainment, Inc. (NYSE:PNK) -- the acquisition of the remaining assets of Casino Magic Biloxi by affiliates of Harrah's, and the sale of two Harrah's subsidiaries that own businesses in Lake Charles, La. -- have closed. In addition to the Casino Magic assets, Harrah's received a payment of approximately $25 million from Pinnacle in the transactions.

"It has been a privilege to be a part of the Lake Charles community for the last six years, and we wish the community every success as they work to continue the growth of their gaming and tourism industry," said Anthony Sanfilippo, president of Harrah's Central Division. "We look forward to the future in Biloxi, where this acquisition gives us additional flexibility in pursuing future development along the Mississippi Gulf Coast."

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada nearly 70 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.

Coming Up In The September Online Hotel Business Review


Feature Focus
Hotel Group Meetings for 2015
As the economy continues to improve, hotels are finally luring back business travelers, including those who are participating in group meetings and conventions. According to The Global Business Travel Association, group travel spending has grown 5.3% to $117.1 billion in 2014, a figure that well exceeds previous expectations. Given that group business accounts for as much as 30-40% of total revenues for a hotel operation, this is welcome news indeed. Still, this is no time for complacency. Savvy hoteliers are incorporating new creative ideas into their operations in order to satisfy their clientele and to differentiate themselves for their competition, with the ultimate goal of making meetings easier, more comfortable and even more fun. The emphasis seems to be on making group meetings “less institutional” and “more residential”. One hotel chain has created meeting spaces that are more like lounges than standard conference rooms. Another offers its guests unusual food options like make-your-own trail mix stations and smoothie bars. Still another provides its guests with mobile apps that will let them make requests — from ordering coffee and food to changing the room temperature — without ever leaving the meeting room. Technological innovations are also of paramount concern as meeting planners are demanding that the latest innovations be available to attendees including universal wireless Internet access, videoconferencing capabilities, charging stations, and a secure protected environment in which to conduct proprietary business. Finally, some hotels are offering more breakout rooms in order to encourage smaller and more intimate interchanges among attendees after long group sessions throughout the day. The September Hotel Business Review will examine what some hotels are doing to facilitate this segment of their business and to meet the expectations of their guests.