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Harrah’s Entertainment, Inc.




        September 2008
Strictly Confidential and Proprietary – Do Not Reproduce




Forward Looking Statements

Certain information in this presentation may be considered forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995. This information
is based on the Company's current expectations and actual results could vary materially
depending on risks and uncertainties that may affect the Company's operations, markets,
services, prices and other factors as discussed in filings with the Securities and Exchange
Commission. These risks and uncertainties include, but are not limited to, industry and
economic conditions, competitive, legal, governmental and technological factors. There is
no assurance that the Company's expectations will be realized. The Company assumes
no obligation to update any forward-looking information contained in this presentation
should circumstances change, except as otherwise required by securities and other
applicable laws.

Market data and other statistical information used throughout this presentation are based
on independent industry publications, government publications, reports by market research
firms or other published independent sources. Some data are also based on our good faith
estimates which are derived from our review of internal surveys, as well as the
independent sources listed above. Although we believe these sources are reliable, we
have not independently verified the information and cannot guarantee its accuracy and
completeness.


                                                                                               2
Strictly Confidential and Proprietary – Do Not Reproduce




      Corporate Structure

                                                                                                            Harrah’s                            Guarantor of new and existing
                                                                                                                                                HOC Debt
                                                                                                       Entertainment, Inc.                      Guarantor of leases for PropCo debt

                                                                                                      LTM Revenue: $10.7 bn
                                                                                                      LTM Adjusted EBITDA: $2.7 bn



                                              PropCo Borrowing Structure                                                                     HOC Borrowing Structure


                                                                                                       Harrah’s Operating                       $2.0 bn Revolver (Undrawn)
            (1)        $6.5 bn CMBS Debt                                                                                                        $7.3 bn Term Loan B Facility
    Other                                                CMBS Borrowers                                  Company, Inc.                          $6.8 bn New Senior Notes/Bridge
                                                                                                            (“HOC”)                             $4.6 bn Existing Senior Unsecured Notes

                                                     LTM Revenue: $2.7 bn                             LTM Revenue: $8.0 bn
                                                     LTM Adjusted EBITDA: $0.8 bn                     LTM Adjusted EBITDA: $1.9 bn


                                                                                                             All Material                       Subsidiary Pledgors under New Credit
                                                                                                              Operating                         Facility and Guarantors under Senior
                                                                                                                                                Unsecured Bridge Facility / Notes
                                                                                                             Subsidiaries

                                         Underlying Properties                                                                    Underlying Properties

                                                  Harrah's Las Vegas                         Imperial Palace         Caesars Atlantic City           Sheraton Tunica (MS)              Caesars Indiana
                                                  Rio                                        Bill’s Gamblin’ Hall    Showboat Atlantic City          Harrah's Council Bluffs (IA)      Harrah's Reno
                                                  Flamingo Las Vegas                          & Saloon               Harrah’s Chester (PA)           Horseshoe Council Bluffs /        Harrah’s Ak-Chin
                                                  Paris Las Vegas                            Bally's Las Vegas       Harrah's New Orleans (LA)        Bluffs Run (IA)                  Harrah’s Rincon
                                                  Harrah's Atlantic City                     Caesars Palace          Harrah's Louisiana Downs (LA)   Harrah's North Kansas City (MO)   Harrah’s Cherokee
                                                  Harrah's Laughlin                          Harrah's Lake Tahoe     Horseshoe Bossier City (LA)     Harrah's St. Louis (MO)           Casino Windsor
                                                                                             Bill's Lake Tahoe       Horseshoe Tunica (MS)           Harrah's Joliet (IL)              Conrad Punta Del Este
                                                                                             Harveys Lake Tahoe      Grand Tunica (MS)               Harrah's Metropolis (IL)          London Clubs (2)
                                                                                             Bally's Atlantic City   Grand Biloxi (MS)               Horseshoe Hammond (IN)            125 acres of developable
                                                                                                                                                                                        land in Las Vegas
      LTM through of 6/30/08                                                                                                                                                           175 acres of land in Macau
•     Includes captive insurance subsidiaries.
•     Includes 10 casino clubs in the UK, 2 in Egypt and 1 in South Africa.
                                                                                                                                                                                                          3
Business & Market Overviews
Strictly Confidential and Proprietary – Do Not Reproduce




  Company Snapshot
          One of the world’s largest and most diversified                                                                  A Portfolio of Winning Brands
          gaming companies
            – #1 or #2 market share in almost every major
                market in the U.S.
            – 51 casinos in six countries (1)
            – Approximately 40,000 hotel rooms and
                suites, 3 million square feet of casino gaming
                space, and 2 million square feet of
                convention center space (1)
          Industry leading loyalty program (Total Rewards)
          with over 40 million members



  LTM 6/30/08 Net Revenue ($10.7 Billion)(2)                                                                 LTM 6/30/08 Property EBITDA ($2.7 Billion)(2)
                                                                                                                                                          Managed / Intl / Other,
                                       Managed / Intl /                                                                                                           3%
                                         Other, 5%
                                                                                                                                                Other Nevada, 5%

                           Other Nevada, 6%                                                                                         Iowa / Missouri, 8%


                 Iowa / Missouri, 7%
                                                                      Las Vegas, 33%
                                                                                                                            Illinois / Indiana, 9%                                  Las Vegas, 41%


           Illinois / Indiana, 12%


                                                                                                                                  Mississippi /
                                                                                                                                 Louisiana, 12%


                         Mississippi /
                        Louisiana, 14%
                                                          Atlantic City, 23%
                                                                                                                                                          Atlantic City, 22%




(1) As of June 30, 2008, HOC and its subsidiaries own or manage 45 of the Harrah’s Entertainment casinos.
(2) Property EBITDA excludes corporate overhead, normalizations and pro forma cost savings. HOC LTM Net Revenue of $8.0 billion and Property EBITDA of $1.8 billion.
                                                                                                                                                                                                     5
Strictly Confidential and Proprietary – Do Not Reproduce




 Differentiated Business Strategy
                   • Leverage scale and Total Rewards program to generate same store gaming revenue growth
                     and cross-market play
                         - Hub and spoke network of properties
Drive Profitable
                         - Highly scalable existing infrastructure
 Sales Growth
                         - Application of centralized marketing to new properties/operations

                   • Pursue targeted investments in proven markets

                   • Focuses on organizational restructuring, teleservices reorganization and procurement savings

   Increase
                   • Substantial progress against $164M savings goal
  Profitability

                   • Ongoing rationalization of property labor and marketing costs

                   •   Stable, predictable revenue
Maximize Cash      •   High operating margins
    Flow           •   Low maintenance capex
                   •   Growth capex channeled to highest return uses




                                                                                                               6
Strictly Confidential and Proprietary – Do Not Reproduce




  Highly Strategic Las Vegas Market Position…
Harrah’s has the #2 Market Share in Las Vegas, With 8 Properties
    28% of the Strip’s revenue and 25% of the Strip’s positions
    160 contiguous acres on the east side of the Strip combined with 170 acres on the west side
     – 125 acres of developable land
    Harrah’s controls three of the “4 Corners” at the intersection of Flamingo and Las Vegas Blvd
                                                                 Las Vegas Property Map
                                                                                   To Downtown Stratosphere                           Sahara




                                                                                                                  ip
                                                                                                              St r
                                                                                       Fontainebleau*                                Riviera




                                                                                                          The
                                                                                       Circus Circus                                  LV Hilton

                                                                                                                                    Convention Center
                                                                                 Echelon*
                                       W. Desert Inn Rd                                                                                     Encore*
                                                                                                                                                                E. Desert Inn Rd
                                                                 New Frontier Montreux*
                                                                        Plaza*
                                                                                                                                       Wynn
                                       Spring Mountain Rd         Treasure Island
                                                                                             Fashion
                                                                                            Show Mall         The Wynn
                                                                                                              Golf Club             Palazzo*                          Harrah’s
                                                                       Venetian

                                                                        Mirage                                                        Royale                       Imperial Palace

                                          Rio                        Caesar’s
                                                                     Caesars                                                   Sands Expo                            Flamingo

                           Flamingo Rd                                                                                                                             Barbary Coast
                                                                                                                                                               Bill’s Gamblin’ Hall
                                                                                  15
                                                            Bellagio                                                      Bally’s
                               Palms                                                                                                      University
                                                                                                                                         of Nevada –
                                                          Cosmopolitan*                                                   Paris           Las Vegas

                                                           City Center*                                                                                     Hard Rock
                                       Harmon Blvd
                                                           Monte Carlo                                                                                                  *

                                                                                                                                                         Aladdin/Planet Hollywood
                                                                                                                                                           Planet Hollywood
                             Tropicana Ave                                                                     Tropicana Ave
                                                     New York New York
                                                      New York New York                                                                                  Hooters
                                                            Excaliber                                                                                           **
                                                             Luxor                                               McCarran
                                                                                              604                  Int’l
                                                                                                                                                        MGM Grand
                                                                                                                  Airport
                                                          Mandalay Bay                                                                                  Tropicana

                                                                                            HOC         PropCo                 Harrah’s Undeveloped Land
               * Denotes property either under development or planned for development.                                                                                                7
Strictly Confidential and Proprietary – Do Not Reproduce




     … Drives Market Outperformance
($ in millions)                   Rooms
                   Casino Space
Property              (sq. ft.)   & Suites

 Caesars Palace       129,900       3,350

 Rio Hotel &
                      107,000       2,520
 Casino

 Harrah’s Las
                       90,300       2,530
 Vegas
                                                                            Harrah’s Las Vegas
 Paris Las
                      85,000        2,920
 Vegas

 Flamingo Las                                                                                          Bally’s Las Vegas
                      76,800        3,500
 Vegas


 Imperial Palace      75,000        2,640

 Bally’s Las
 Vegas                66,400        2,810                                   Paris Las Vegas

 Bill’s Gamblin’
                      42,500        210
 Hall & Saloon

 TOTAL                672,900      20,480
                                                                                                       Caesars Palace
 HET Las Vegas LTM Net Revenues        $3,542
 HET Las Vegas LTM EBITDA              $1,123


                                                                            Rio Hotel & Casino


                                                                                                                           8
Strictly Confidential and Proprietary – Do Not Reproduce




     Atlantic City Snapshot
($ in millions)



                                                             Rooms &
  Property                    Casino Space (sq. ft.)
                                                              Suites


  Bally’s
                                       225,800                   1,740
  Atlantic City


                                                                                      Harrah’s Atlantic City
  Caesars Atlantic City                145,000                   1,140



  Harrah’s Atlantic City               160,800                   1,630



   Showboat Atlantic City              124,200                   1,330                                         Showboat Atlantic City




  Harrah’s Chester (PA)                92,000                      --

  TOTAL                                747,800                   5,840


  HET Atlantic City LTM Net Revenues                                                  Bally’s Atlantic City
                                                 $2,402

  HET Atlantic City LTM EBITDA                   $595



Note: LTM as of 6/30/08.

                                                                                                               Caesars Atlantic City
                                                                                                                                        9
Strictly Confidential and Proprietary – Do Not Reproduce




       The Leader in Regional Markets
 ($ in millions)

                                                                             Casino Space            Rooms             LTM Net      LTM       2007 Market         Harrah’s Market
              Market                                     Properties             (sq. ft.)            & Suites         Revenues     EBITDA      Revenues               Share(1)


              Louisiana /
                                                                7                 427,500               3,550             $1,508    $332          $3,267                37%
              Mississippi(2)



              Illinois / Indiana(3)                             4                 188,900                 960             $1,288    $234          $4,034                32%



               Iowa / Missouri(4)                               4                 286,900               1,140             $799      $223          $2,105                37%


               TOTAL                                           15                 903,300               5,650             $3,535    $789

Note: LTM as of 6/30/08. All properties included in HOC.
Source of market revenues and Harrah’s market share: State gaming commission and control boards.
(1) Market Share based on year ending Dec.2007
(2) Louisiana / Mississippi market defined as Shreveport – Bossier City, LA, New Orleans, LA, Gulfcoast and Tunica, MS.
(3) Illinois / Indiana market defined as Chicagoland and Southern Illinois and Indiana.
(4) Iowa / Missouri market defined as Council Bluffs, IA, St. Louis, MO, and Kansas City, MO.




  Caesars Indiana                                                            Grand Casino Biloxi                                            Grand Casino Tunica                     10
Strictly Confidential and Proprietary – Do Not Reproduce




   Growing International Presence
London Clubs International
   Properties in London, Egypt and South Africa
   Total Casino Space: 143,200 sq. ft.
   Total Hotel Rooms & Suites: 190
Macau Orient Golf Course
   18-hole golf course on 175 acres in Cotai
   Acquired in September 2007                                                                                             The Golden Nugget – London

Casino Windsor, Ontario (1)
                                                                                                                                 VENETIAN


   Casino Space:100,000 sq. ft.                                                                   GALAXY
                                                                                                                                                   CITY OF
                                                                                                                                                   DREAMS




   Hotel Rooms & Suites: 340                                                                                                           FOUR
                                                                                                                                     SEASONS



                                                                                                                                                   SHERATON
                                                                                                                                                    ST. REGIS




Conrad Punta Del Este Resort & Casino, Uruguay                                                                                           FAR
                                                                                                                                         EAST




   Only Las Vegas style resort and casino in Uruguay                                              Nature
                                                                                                 preserve
                                                                                                                                 MACAU
                                                                                                                               STUDIO CITY
                                                                                                                                                   HILTON
                                                                                                                                                   CONRAD

                                                                                                                                                                  MACAU
                                                                                                                                                                  DOME
                                                                                                                                                   FAIRMONT
                                                                                                                                                   RAFFLES
                                                                                       BORDER CROSSING



   Total Casino Space: 44,500 sq. ft.
   – 510 slot machines, 50 table games                                                                    MACAU ORIENT GOLF
                                                                                                                                                            TBD


                                                                                                                                                                          Fifty – London
                                                                                                         (OWNED BY HARRAH’S)




   Total Hotel Rooms & Suites: 300                                                                                                              RESERVOIR




                                                                                175 Acres on Cotai Strip in Macau




                                                                                                                                                                          Emerald Safari – South Africa
  (1) HOC owns a 50% interest in Windsor Casino Limited, which manages the property.                                                                                                                      11
Investment For Growth
Strictly Confidential and Proprietary – Do Not Reproduce




 Harrah’s Atlantic City Expansion
Project Overview
   New Waterfront hotel tower, connected to existing Bayview
   Tower
   Number of Hotel Rooms: 851
   Number of Suites: 109
   Amentities:
   – Elizabeth Arden Red Door Spa;
   – The Pool (80,000 gallon pool under 90ft. glass dome w/82
      degree temp);
   – Daytime pool with cabanas and club atmosphere at night;
   – The Waterfront Shops (7 unique shops);
   – Taste of the Shore Food Court (4 eateries), Waterfront
      Buffet, new Reflections Cafe and McCormick & Schmick’s
      (located on existing property)
   Official opening ceremony March 6, 2008




                                                                                               13
Strictly Confidential and Proprietary – Do Not Reproduce




 Horseshoe Hammond Expansion
Project Overview
   Riverboat casino on Indiana side of Lake Michigan
   Casino Space: 48,300 sq. ft.
   Slot Machines: 1,940
   Table Games: 60
   Expanded casino space of 108,000 sq. ft. will include
   +3,200 slots and 94 table games including 40 poker
   tables
   Officially opened July 29, 2008




                                                                                                 14
Strictly Confidential and Proprietary – Do Not Reproduce




 Caesars Palace Las Vegas Expansion
Project Overview
   New hotel tower and convention space on Flamingo
   Road next to existing Augustus Tower
   Number of hotel rooms: 662
   Number of suites: 68
   New convention space: 110,000 s.f.
   3 Pool Villas; 3 new pools
   Renovate buffet, Race & Sports Book, miscellaneous
   restaurants, casino space
   Hotel and convention space scheduled to open
   Summer 2009




                                                                                               15
Strictly Confidential and Proprietary – Do Not Reproduce




  Harrah’s Kansas
Project Overview
    Awarded sole gaming contract in southcentral Kansas
     – Subject to completion of background investigations and
         licensing requirements
    $485M resort casino
     – 2,000 slots, 50 tables, WSOP Poker Room
     – 175 hotel rooms, including 30 suites and 5 pool villas
     – 30,000 square feet of convention space
     – 5 restaurants, including celebrity concepts
     – 18 hole championship golf course
    JV with local real estate developers
    Attractive project due to proximity to Wichita and limited
    competition in area
     – Project located within 20 minute drive of Wichita city center
     – Also within driving distance of Oklahoma City
    Opening expected in August 2010




                                                                                                  16
Investment Strengths
Strictly Confidential and Proprietary – Do Not Reproduce




Market Leader with Unparalleled Scale
       Harrah’s is the world’s largest and most diversified gaming company
        – 51 casinos across 6 countries (1)
        – #1 or #2 share in almost every major domestic market




                                                                                                                 #1                         Detroit
                                                                                      #1                                  Chicagoland                           Atlantic City
               #1                                                                          Council Bluffs
                       Reno / Lake Tahoe                                                                                                              Chester
                                                        Black Hawk /                                                                                                       #1
                                                        Central City                                        #1   St. Louis
                           #2
                                     Las Vegas
                                                                                             #2
                                                                                                      Kansas City
                                                       Cripple Creek
                                                                                                                                   #1
                              #2      Laughlin
                                                                                                            Tunica
                                                                                                                              #1

                                                                                       Shreveport /
                                                                                 #1
                                                                                       Bossier City                         Vicksburg

            HOC Property                     Major Gaming Market                                                                   Biloxi
                                                                                                    Lake
            PropCo Property             #1
                                             #1 Market Share                                        Charles
                                                                                                                            New Orleans
                                                                                                                     #1
            Native American Casino      #2
                                             #2 Market Share
            Managed by HOC




                    Unparalleled Scale and Diversification Drives Growth and Stability
Note: Joint venture interest in Canadian property not directly owned.
(1) HOC owns or manages 45 casinos.                                                                                                                                             18
Strictly Confidential and Proprietary – Do Not Reproduce




 Most Diversified Gaming Operator
LTM 6/30/08 EBITDA by Geography
                          Harrah’s (1)                                                                    MGM Mirage                                                             Wynn
                               Managed / Intl / Other,
                                       3%
                                                                                                          Other, 3%

                     Other Nevada, 5%                                                         Mississippi, 4%
                                                                                  AC (Borgota ) (2), 5%
         Iowa / Missouri, 8%
                                                                                        Detroit, 6%


 Illinois / Indiana, 9%                                      Las Vegas, 41%                                                                            Las Vegas , 42%




       Mississippi /                                                                                                                                                                            Macau, 58%
      Louisiana, 12%




                                                                                                                        Las Vegas Strip, 82%
                               Atlantic City, 22%




                            Station (3)                                                                          Boyd                                                     Las Vegas Sands (4)
           Managed, 22%                                                               AC (Borgota ) (2), 19%




                                                                                                                                                               Las Vegas , 37%


                                                                                                                                       Las Vegas Locals, 50%




                                                                                                                                                                                                Macau, 63%
                                                                                Midwest / South, 31%

                                                         Las Vegas Locals,
                                                               78%




 Source: Derived or extrapolated from public company filings and available third party analyst reports.
 (1) Represents HET consolidated.
 (2) Borgata is 50/50 owned by MGM/Boyd.
 (3) Based off 2007 operating income as reported.
 (4) Based off Adjusted EBITDAR.                                                                                                                                                                             19
Strictly Confidential and Proprietary – Do Not Reproduce




Portfolio of Leading Brands
 Each brand has a strong identity and enjoys powerful customer recognition
 Diverse collection of brands appeals to wide range of customer preferences
 and encourages multiple visits




                                                                                  20
Strictly Confidential and Proprietary – Do Not Reproduce


Superior Business Model: Generating Same Store
Gaming Revenue Growth and Cross-Market Play




                                                                                Loyalty
           Brand

          Hydrogen




                                     Decision science
                                       capabilities




                                                                                          21
Strictly Confidential and Proprietary – Do Not Reproduce


Strong and Predictable Free Cash Flow
Generation

 Stable and predictable revenues
  – Favorable business mix with over 70% of gross revenue driven by
    casino operations
  – High operating margins
  – Profitability improvement program implemented in 2006

 Reasonable capital expenditure requirements
  – Well-maintained asset base ($4.6 billion of total capex since 2004)
  – Capital expenditures channeled to highest return uses




                                                                                 22
Strictly Confidential and Proprietary – Do Not Reproduce




Substantial Land Value
            125 Undeveloped Las Vegas Acres                                                                                   175 Acres on Cotai Strip in Macau


                                                                                                                                                               VENETIAN

                                                                                                                                                                                   CITY
                                                                                                                                                                                    OF
                                                                                                                                      GALAXY
                                                                                                                                                                                  DREAM
                     36.73                                                                                                                                                          S
                     Acres
                                                                                                                                                                       FOUR
                                                                                                                                                                     SEASONS
                                                                                                                                                                                  SHERAT
                                                                                                                                                                                    ON
                                                                                                                                                                                    ST.
                                                                                                                                                                                   REGIS
                                                                                                                                                                          FAR
                                                                                      38.15
                                                                                        (1)                                                                               EAST
                                                                                      Acres


                                                                                                                                                                MACAU              HILTON
                                                                                                                                     Nature                                        CONRA
                                                                                                                                                                STUDIO
                                                                                                                                    preserve                                          D
                                                                                                                                                                 CITY
                                               Flamingo                                                                                                                           FAIRMON
                                                                                                                                                                                                MACAU
                                                                                                                                                                                                DOME
                                                 Road                                                                            BORDER
                                                                                                                                CROSSING
                                                                                                                                                                                      T
                                                                                                                                                                                  RAFFLES
                             3.87
                             Acres
                                                       Las Vegas




                                                                                       48.21                                                                                              TBD
                                                         Blvd.




                                                                                       Acres                                               MACAU ORIENT GOLF
                                                                                                                                              (OWNED BY
                                                                                                                                              HARRAH’S)




                                                                                                                                                                                 RESERVOIR




     125 undeveloped Las Vegas acres surrounding the Strip                                                                 Purchased Macau Orient Golf in September 2007
                        Illustrative                     Illustrative
                                                                      (a)                                                  Purchase price: $578 million
                    Value / Acre ($mm)                 Value ($mm)
                            $30                                 $3,750
                             25                                  3,125
                             20                                  2,500
                             15                                  1,875
                             10                                  1,250
                  (a) Based on 125 acres
(1) Total size of indicated plot is 38.15 acres, with 36.20 acres owned by Harrah’s.
Note: Values shown for Las Vegas land are for illustrative purposes only and do not reflect any performed land value appraisals by the Company.                                                         23
Harrah’s Entertainment, Inc.




        September 2008

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harrah's entertainment barclays_presentation

  • 2. Strictly Confidential and Proprietary – Do Not Reproduce Forward Looking Statements Certain information in this presentation may be considered forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. This information is based on the Company's current expectations and actual results could vary materially depending on risks and uncertainties that may affect the Company's operations, markets, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, industry and economic conditions, competitive, legal, governmental and technological factors. There is no assurance that the Company's expectations will be realized. The Company assumes no obligation to update any forward-looking information contained in this presentation should circumstances change, except as otherwise required by securities and other applicable laws. Market data and other statistical information used throughout this presentation are based on independent industry publications, government publications, reports by market research firms or other published independent sources. Some data are also based on our good faith estimates which are derived from our review of internal surveys, as well as the independent sources listed above. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. 2
  • 3. Strictly Confidential and Proprietary – Do Not Reproduce Corporate Structure Harrah’s Guarantor of new and existing HOC Debt Entertainment, Inc. Guarantor of leases for PropCo debt LTM Revenue: $10.7 bn LTM Adjusted EBITDA: $2.7 bn PropCo Borrowing Structure HOC Borrowing Structure Harrah’s Operating $2.0 bn Revolver (Undrawn) (1) $6.5 bn CMBS Debt $7.3 bn Term Loan B Facility Other CMBS Borrowers Company, Inc. $6.8 bn New Senior Notes/Bridge (“HOC”) $4.6 bn Existing Senior Unsecured Notes LTM Revenue: $2.7 bn LTM Revenue: $8.0 bn LTM Adjusted EBITDA: $0.8 bn LTM Adjusted EBITDA: $1.9 bn All Material Subsidiary Pledgors under New Credit Operating Facility and Guarantors under Senior Unsecured Bridge Facility / Notes Subsidiaries Underlying Properties Underlying Properties Harrah's Las Vegas Imperial Palace Caesars Atlantic City Sheraton Tunica (MS) Caesars Indiana Rio Bill’s Gamblin’ Hall Showboat Atlantic City Harrah's Council Bluffs (IA) Harrah's Reno Flamingo Las Vegas & Saloon Harrah’s Chester (PA) Horseshoe Council Bluffs / Harrah’s Ak-Chin Paris Las Vegas Bally's Las Vegas Harrah's New Orleans (LA) Bluffs Run (IA) Harrah’s Rincon Harrah's Atlantic City Caesars Palace Harrah's Louisiana Downs (LA) Harrah's North Kansas City (MO) Harrah’s Cherokee Harrah's Laughlin Harrah's Lake Tahoe Horseshoe Bossier City (LA) Harrah's St. Louis (MO) Casino Windsor Bill's Lake Tahoe Horseshoe Tunica (MS) Harrah's Joliet (IL) Conrad Punta Del Este Harveys Lake Tahoe Grand Tunica (MS) Harrah's Metropolis (IL) London Clubs (2) Bally's Atlantic City Grand Biloxi (MS) Horseshoe Hammond (IN) 125 acres of developable land in Las Vegas LTM through of 6/30/08 175 acres of land in Macau • Includes captive insurance subsidiaries. • Includes 10 casino clubs in the UK, 2 in Egypt and 1 in South Africa. 3
  • 4. Business & Market Overviews
  • 5. Strictly Confidential and Proprietary – Do Not Reproduce Company Snapshot One of the world’s largest and most diversified A Portfolio of Winning Brands gaming companies – #1 or #2 market share in almost every major market in the U.S. – 51 casinos in six countries (1) – Approximately 40,000 hotel rooms and suites, 3 million square feet of casino gaming space, and 2 million square feet of convention center space (1) Industry leading loyalty program (Total Rewards) with over 40 million members LTM 6/30/08 Net Revenue ($10.7 Billion)(2) LTM 6/30/08 Property EBITDA ($2.7 Billion)(2) Managed / Intl / Other, Managed / Intl / 3% Other, 5% Other Nevada, 5% Other Nevada, 6% Iowa / Missouri, 8% Iowa / Missouri, 7% Las Vegas, 33% Illinois / Indiana, 9% Las Vegas, 41% Illinois / Indiana, 12% Mississippi / Louisiana, 12% Mississippi / Louisiana, 14% Atlantic City, 23% Atlantic City, 22% (1) As of June 30, 2008, HOC and its subsidiaries own or manage 45 of the Harrah’s Entertainment casinos. (2) Property EBITDA excludes corporate overhead, normalizations and pro forma cost savings. HOC LTM Net Revenue of $8.0 billion and Property EBITDA of $1.8 billion. 5
  • 6. Strictly Confidential and Proprietary – Do Not Reproduce Differentiated Business Strategy • Leverage scale and Total Rewards program to generate same store gaming revenue growth and cross-market play - Hub and spoke network of properties Drive Profitable - Highly scalable existing infrastructure Sales Growth - Application of centralized marketing to new properties/operations • Pursue targeted investments in proven markets • Focuses on organizational restructuring, teleservices reorganization and procurement savings Increase • Substantial progress against $164M savings goal Profitability • Ongoing rationalization of property labor and marketing costs • Stable, predictable revenue Maximize Cash • High operating margins Flow • Low maintenance capex • Growth capex channeled to highest return uses 6
  • 7. Strictly Confidential and Proprietary – Do Not Reproduce Highly Strategic Las Vegas Market Position… Harrah’s has the #2 Market Share in Las Vegas, With 8 Properties 28% of the Strip’s revenue and 25% of the Strip’s positions 160 contiguous acres on the east side of the Strip combined with 170 acres on the west side – 125 acres of developable land Harrah’s controls three of the “4 Corners” at the intersection of Flamingo and Las Vegas Blvd Las Vegas Property Map To Downtown Stratosphere Sahara ip St r Fontainebleau* Riviera The Circus Circus LV Hilton Convention Center Echelon* W. Desert Inn Rd Encore* E. Desert Inn Rd New Frontier Montreux* Plaza* Wynn Spring Mountain Rd Treasure Island Fashion Show Mall The Wynn Golf Club Palazzo* Harrah’s Venetian Mirage Royale Imperial Palace Rio Caesar’s Caesars Sands Expo Flamingo Flamingo Rd Barbary Coast Bill’s Gamblin’ Hall 15 Bellagio Bally’s Palms University of Nevada – Cosmopolitan* Paris Las Vegas City Center* Hard Rock Harmon Blvd Monte Carlo * Aladdin/Planet Hollywood Planet Hollywood Tropicana Ave Tropicana Ave New York New York New York New York Hooters Excaliber ** Luxor McCarran 604 Int’l MGM Grand Airport Mandalay Bay Tropicana HOC PropCo Harrah’s Undeveloped Land * Denotes property either under development or planned for development. 7
  • 8. Strictly Confidential and Proprietary – Do Not Reproduce … Drives Market Outperformance ($ in millions) Rooms Casino Space Property (sq. ft.) & Suites Caesars Palace 129,900 3,350 Rio Hotel & 107,000 2,520 Casino Harrah’s Las 90,300 2,530 Vegas Harrah’s Las Vegas Paris Las 85,000 2,920 Vegas Flamingo Las Bally’s Las Vegas 76,800 3,500 Vegas Imperial Palace 75,000 2,640 Bally’s Las Vegas 66,400 2,810 Paris Las Vegas Bill’s Gamblin’ 42,500 210 Hall & Saloon TOTAL 672,900 20,480 Caesars Palace HET Las Vegas LTM Net Revenues $3,542 HET Las Vegas LTM EBITDA $1,123 Rio Hotel & Casino 8
  • 9. Strictly Confidential and Proprietary – Do Not Reproduce Atlantic City Snapshot ($ in millions) Rooms & Property Casino Space (sq. ft.) Suites Bally’s 225,800 1,740 Atlantic City Harrah’s Atlantic City Caesars Atlantic City 145,000 1,140 Harrah’s Atlantic City 160,800 1,630 Showboat Atlantic City 124,200 1,330 Showboat Atlantic City Harrah’s Chester (PA) 92,000 -- TOTAL 747,800 5,840 HET Atlantic City LTM Net Revenues Bally’s Atlantic City $2,402 HET Atlantic City LTM EBITDA $595 Note: LTM as of 6/30/08. Caesars Atlantic City 9
  • 10. Strictly Confidential and Proprietary – Do Not Reproduce The Leader in Regional Markets ($ in millions) Casino Space Rooms LTM Net LTM 2007 Market Harrah’s Market Market Properties (sq. ft.) & Suites Revenues EBITDA Revenues Share(1) Louisiana / 7 427,500 3,550 $1,508 $332 $3,267 37% Mississippi(2) Illinois / Indiana(3) 4 188,900 960 $1,288 $234 $4,034 32% Iowa / Missouri(4) 4 286,900 1,140 $799 $223 $2,105 37% TOTAL 15 903,300 5,650 $3,535 $789 Note: LTM as of 6/30/08. All properties included in HOC. Source of market revenues and Harrah’s market share: State gaming commission and control boards. (1) Market Share based on year ending Dec.2007 (2) Louisiana / Mississippi market defined as Shreveport – Bossier City, LA, New Orleans, LA, Gulfcoast and Tunica, MS. (3) Illinois / Indiana market defined as Chicagoland and Southern Illinois and Indiana. (4) Iowa / Missouri market defined as Council Bluffs, IA, St. Louis, MO, and Kansas City, MO. Caesars Indiana Grand Casino Biloxi Grand Casino Tunica 10
  • 11. Strictly Confidential and Proprietary – Do Not Reproduce Growing International Presence London Clubs International Properties in London, Egypt and South Africa Total Casino Space: 143,200 sq. ft. Total Hotel Rooms & Suites: 190 Macau Orient Golf Course 18-hole golf course on 175 acres in Cotai Acquired in September 2007 The Golden Nugget – London Casino Windsor, Ontario (1) VENETIAN Casino Space:100,000 sq. ft. GALAXY CITY OF DREAMS Hotel Rooms & Suites: 340 FOUR SEASONS SHERATON ST. REGIS Conrad Punta Del Este Resort & Casino, Uruguay FAR EAST Only Las Vegas style resort and casino in Uruguay Nature preserve MACAU STUDIO CITY HILTON CONRAD MACAU DOME FAIRMONT RAFFLES BORDER CROSSING Total Casino Space: 44,500 sq. ft. – 510 slot machines, 50 table games MACAU ORIENT GOLF TBD Fifty – London (OWNED BY HARRAH’S) Total Hotel Rooms & Suites: 300 RESERVOIR 175 Acres on Cotai Strip in Macau Emerald Safari – South Africa (1) HOC owns a 50% interest in Windsor Casino Limited, which manages the property. 11
  • 13. Strictly Confidential and Proprietary – Do Not Reproduce Harrah’s Atlantic City Expansion Project Overview New Waterfront hotel tower, connected to existing Bayview Tower Number of Hotel Rooms: 851 Number of Suites: 109 Amentities: – Elizabeth Arden Red Door Spa; – The Pool (80,000 gallon pool under 90ft. glass dome w/82 degree temp); – Daytime pool with cabanas and club atmosphere at night; – The Waterfront Shops (7 unique shops); – Taste of the Shore Food Court (4 eateries), Waterfront Buffet, new Reflections Cafe and McCormick & Schmick’s (located on existing property) Official opening ceremony March 6, 2008 13
  • 14. Strictly Confidential and Proprietary – Do Not Reproduce Horseshoe Hammond Expansion Project Overview Riverboat casino on Indiana side of Lake Michigan Casino Space: 48,300 sq. ft. Slot Machines: 1,940 Table Games: 60 Expanded casino space of 108,000 sq. ft. will include +3,200 slots and 94 table games including 40 poker tables Officially opened July 29, 2008 14
  • 15. Strictly Confidential and Proprietary – Do Not Reproduce Caesars Palace Las Vegas Expansion Project Overview New hotel tower and convention space on Flamingo Road next to existing Augustus Tower Number of hotel rooms: 662 Number of suites: 68 New convention space: 110,000 s.f. 3 Pool Villas; 3 new pools Renovate buffet, Race & Sports Book, miscellaneous restaurants, casino space Hotel and convention space scheduled to open Summer 2009 15
  • 16. Strictly Confidential and Proprietary – Do Not Reproduce Harrah’s Kansas Project Overview Awarded sole gaming contract in southcentral Kansas – Subject to completion of background investigations and licensing requirements $485M resort casino – 2,000 slots, 50 tables, WSOP Poker Room – 175 hotel rooms, including 30 suites and 5 pool villas – 30,000 square feet of convention space – 5 restaurants, including celebrity concepts – 18 hole championship golf course JV with local real estate developers Attractive project due to proximity to Wichita and limited competition in area – Project located within 20 minute drive of Wichita city center – Also within driving distance of Oklahoma City Opening expected in August 2010 16
  • 18. Strictly Confidential and Proprietary – Do Not Reproduce Market Leader with Unparalleled Scale Harrah’s is the world’s largest and most diversified gaming company – 51 casinos across 6 countries (1) – #1 or #2 share in almost every major domestic market #1 Detroit #1 Chicagoland Atlantic City #1 Council Bluffs Reno / Lake Tahoe Chester Black Hawk / #1 Central City #1 St. Louis #2 Las Vegas #2 Kansas City Cripple Creek #1 #2 Laughlin Tunica #1 Shreveport / #1 Bossier City Vicksburg HOC Property Major Gaming Market Biloxi Lake PropCo Property #1 #1 Market Share Charles New Orleans #1 Native American Casino #2 #2 Market Share Managed by HOC Unparalleled Scale and Diversification Drives Growth and Stability Note: Joint venture interest in Canadian property not directly owned. (1) HOC owns or manages 45 casinos. 18
  • 19. Strictly Confidential and Proprietary – Do Not Reproduce Most Diversified Gaming Operator LTM 6/30/08 EBITDA by Geography Harrah’s (1) MGM Mirage Wynn Managed / Intl / Other, 3% Other, 3% Other Nevada, 5% Mississippi, 4% AC (Borgota ) (2), 5% Iowa / Missouri, 8% Detroit, 6% Illinois / Indiana, 9% Las Vegas, 41% Las Vegas , 42% Mississippi / Macau, 58% Louisiana, 12% Las Vegas Strip, 82% Atlantic City, 22% Station (3) Boyd Las Vegas Sands (4) Managed, 22% AC (Borgota ) (2), 19% Las Vegas , 37% Las Vegas Locals, 50% Macau, 63% Midwest / South, 31% Las Vegas Locals, 78% Source: Derived or extrapolated from public company filings and available third party analyst reports. (1) Represents HET consolidated. (2) Borgata is 50/50 owned by MGM/Boyd. (3) Based off 2007 operating income as reported. (4) Based off Adjusted EBITDAR. 19
  • 20. Strictly Confidential and Proprietary – Do Not Reproduce Portfolio of Leading Brands Each brand has a strong identity and enjoys powerful customer recognition Diverse collection of brands appeals to wide range of customer preferences and encourages multiple visits 20
  • 21. Strictly Confidential and Proprietary – Do Not Reproduce Superior Business Model: Generating Same Store Gaming Revenue Growth and Cross-Market Play Loyalty Brand Hydrogen Decision science capabilities 21
  • 22. Strictly Confidential and Proprietary – Do Not Reproduce Strong and Predictable Free Cash Flow Generation Stable and predictable revenues – Favorable business mix with over 70% of gross revenue driven by casino operations – High operating margins – Profitability improvement program implemented in 2006 Reasonable capital expenditure requirements – Well-maintained asset base ($4.6 billion of total capex since 2004) – Capital expenditures channeled to highest return uses 22
  • 23. Strictly Confidential and Proprietary – Do Not Reproduce Substantial Land Value 125 Undeveloped Las Vegas Acres 175 Acres on Cotai Strip in Macau VENETIAN CITY OF GALAXY DREAM 36.73 S Acres FOUR SEASONS SHERAT ON ST. REGIS FAR 38.15 (1) EAST Acres MACAU HILTON Nature CONRA STUDIO preserve D CITY Flamingo FAIRMON MACAU DOME Road BORDER CROSSING T RAFFLES 3.87 Acres Las Vegas 48.21 TBD Blvd. Acres MACAU ORIENT GOLF (OWNED BY HARRAH’S) RESERVOIR 125 undeveloped Las Vegas acres surrounding the Strip Purchased Macau Orient Golf in September 2007 Illustrative Illustrative (a) Purchase price: $578 million Value / Acre ($mm) Value ($mm) $30 $3,750 25 3,125 20 2,500 15 1,875 10 1,250 (a) Based on 125 acres (1) Total size of indicated plot is 38.15 acres, with 36.20 acres owned by Harrah’s. Note: Values shown for Las Vegas land are for illustrative purposes only and do not reflect any performed land value appraisals by the Company. 23