Acquisition in Company's History, Involves
Promotion of Three Senior Executives
|LAS VEGAS, Nov. 12, 2003 - Harrah's Entertainment, Inc. (NYSE: HET)
is promoting three members of its senior management team to facilitate
the planned integration of Horseshoe Gaming Holding Corp. into the Harrah's
The reorganization will not affect financial reporting by Harrah's Entertainment.
Anthony Sanfilippo, currently president of Harrah's Western Division, will assume a similar role at the company's new Central Division, which will consist of Harrah's and Horseshoe brand properties in Louisiana, Mississippi and Indiana.
The Central Division headquarters will be established at the company's Corporate Services facilities in Memphis, where Harrah's currently employs more than 350 people.
"I look forward to returning to Memphis and am excited about the opportunity to help the very successful Horseshoe properties join the Harrah's family," Sanfilippo said. Sanfilippo has vast experience in Mississippi and Louisiana gaming markets, and played a significant role in Harrah's New Orleans' exceptional growth over the past two years. He was also instrumental in Harrah's acquisition of the Louisiana Downs thoroughbred racetrack last year.
Tom Jenkin, currently senior vice president of Southern Nevada operations, will be promoted to president of the new Western Division, which will include the company's Nevada properties, as well as Harrah's Ak-Chin in Arizona and Harrah's Rincon in California.
Marilyn Winn, currently corporate senior vice president of human resources, will be promoted to senior vice president of Las Vegas operations, which include Harrah's Las Vegas and the Rio.
Carlos Tolosa will remain president of the company's Eastern Division.
The promotions will become effective January 1, 2004, or, if later, upon receipt of regulatory approvals. The acquisition is expected to close in the 2004 first half, subject to regulatory approvals.
"The successful integration of Horseshoe Gaming -- at $1.45 billion the largest acquisition in our company's history -- will require that we capitalize on the managerial talents and experience of our senior executives, as well as the support of the employees of both companies," said Tim Wilmott, Harrah's Entertainment's chief operating officer.
"Anthony Sanfilippo has vast experience in Louisiana and Mississippi and played a significant role in the exceptional performance of Harrah's New Orleans in the past two years," Wilmott said. "I'm confident he will enhance the growth prospects for our Central Division Harrah's brand properties and direct a successful integration that will preserve the value proposition Horseshoe customers have come to expect.
"Tom Jenkin has an extraordinary track record in Southern Nevada and has succeeded in making these properties among the most profitable in the company," Wilmott said. "In addition to developing and implementing human- resources systems that have received widespread recognition and reduced employee turnover, Marilyn Winn has held a number of senior operations positions, including serving as general manager of Harrah's Shreveport.
"We feel very strongly about developing our own talent and promoting from within," Wilmott said. "It is that philosophy that enables us to draw upon the talents of people such as Anthony, Carlos, Tom and Marilyn, whose executive experience and commitment to excellence will benefit our customers, employees, communities and shareholders."
Founded 66 years ago, Harrah's Entertainment, Inc. operates 25 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its target customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.
Harrah's Entertainment, Inc.
|Also See:||Harrah's Buying Jack Binion's Horsehoe Casinos in Tunica, Bossier City and Hammond for $917 million / September 2003|
|Shreveport and Bossier City Found New Life After the Oil and Gas Bust of the 1980s; Today, Casino Gambling Employs More than 10,000 / April 2003|