LAS VEGAS, June 13, 2005 – Harrah’s Entertainment, Inc. (NYSE:HET) announced today that its previously announced acquisition of Caesars Entertainment, Inc. (NYSE:CZR) has closed.

"We are pleased to bring our two great companies together," said Gary Loveman, chairman, chief executive and president of Harrah’s Entertainment. "Today we begin the most important task in the history of our company: Capitalizing on the tremendous potential of this merger. By putting our proven capabilities and marketing expertise to work in the incomparable Caesars portfolio, we believe we can generate strong, sustainable growth that will benefit our shareholders, our employees, our customers, and every community where we operate."

Harrah’s Entertainment, Inc. is the world’s largest provider of branded casino entertainment. Since its beginning in Reno, Nevada 67 years ago, Harrah’s has grown through development of new properties, expansions and acquisitions. On June 13, 2005, Harrah’s Entertainment acquired Caesars Entertainment, Inc. and now owns or manages through various subsidiaries more than 40 casinos in three countries, primarily under the Harrah’s, Caesars and Horseshoe brand names. With nearly 4 million square feet of casino space, more than 40,000 hotel rooms and nearly 100,000 employees, the Harrah’s portfolio is the most diverse in the gaming industry. 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.