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 March Online Hotel Business Review


Feature Focus
Hotel Human Resources 2015: Recruiting and Retaining the Best Employees
Due to the ever-increasing demands for improvements in guest experience, intense pressures are brought to bear on hotel workforces, as well as on the Human Resource professionals who are responsible for recruiting, training and retaining them. Meeting and exceeding guest expectations requires a substantial investment in recruiting and development, so that top talent can be hired, and career paths can be established to ensure the continuation of five-star service performances. So important is staff development that most HR professionals believe that retaining and rewarding their best employees, and cultivating the next generation of corporate leaders represent their greatest challenges. And they are expected to accomplish these feats at a time when competition for in-demand skilled talent has never been greater, and when HR budgets are still constrained due to the slow-growth recovery following the Great Recession of 2007-2009. HR strategies continue to evolve as social media has become an accepted means for recruiting purposes, and there is also a greater emphasis on metrics so that investments in HR practices and policies can be measured and justified. In addition, issues surrounding demographic changes in the workforce are being addressed. A large percentage of existing workers are ageing out of the industry, just as the Millennial generation is entering it, and there is also greater diversity in the workforce which affects many aspects of HR operations. The March Hotel Business Review will examine some of the challenges facing HR professionals, and will report on some of the best practices they are employing to achieve their goals.