Harrah's To Sell Flamingo Laughlin To Subsidiaries of American Real Estate Partners, L.P.

LAS VEGAS--(BUSINESS WIRE)--11/29/05--Harrah's Entertainment, Inc. (NYSE:HET) today announced it has signed a definitive agreement to sell the Flamingo Laughlin hotel-casino, and an undeveloped land parcel in Atlantic City, to affiliates of American Real Estate Partners, L.P. for $170 million in cash. 

The sale is subject to receipt of required regulatory approvals. Harrah's expects the transaction to close in mid-2006. 

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada 68 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. 

More information about Harrah's is available at its Web site  www.harrahs.com