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.

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Mobile Technology: The Necessity for a Well-Defined Strategy
Mobile technology has altered the way the world does just about everything. With mobile devices in our hands (smart phones and tablets) and media and information up in The Cloud, the possibilities for immediate, worldwide, personal access are limitless. Smart mobile devices are dictating how we live our lives and as a result, these developments are game-changers for all businesses, but especially for service industries, including the hotel sector. These advancements are literally redefining how guests interact with a hotel in virtually every aspect of its operation, and savvy hoteliers who are implementing the latest mobile technologies and best practices in each critical channel will steal market share from their competitors, decrease dependency on their Online Travel Agents, and generate incremental revenues which will substantially increase their bottom line. A well-defined mobile strategy is no longer a "nice-to-have" but an essential weapon in an industry that is evolving at a blistering pace, and those operations that are slow to respond do so at their peril. The January Hotel Business Review will examine which mobile strategies some operators have adopted in order to meet these challenges, and will report on the solutions that are proving to be most advantageous for both companies and their guests.