Harrah’s Entertainment, Inc.
and Caesars Entertainment, Inc. today announced that the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(“HSR”), in connection with Harrah’s pending acquisition of Caesars
expired at 11:59 PM Eastern Time on February 17, 2005. As previously
disclosed, the parties certified their substantial compliance with the
Federal Trade Commission’s requests for additional information on January
18, 2005. Expiration of the HSR waiting period is a condition to completion of the
merger between Harrah’s and Caesars. The Federal Trade Commission is
continuing its investigation, and is not precluded from bringing an action
challenging the transaction. The consummation of the transaction remains
subject to other customary conditions, including the receipt of regulatory
approvals and approval by stockholders of both Harrah’s and Caesars.
Harrah’s and Caesars continue to expect to be able to complete these
activities as previously announced and to close the merger in the second
quarter of 2005.