Harrah's to Acquire Casino Magic Biloxi - Friday 2nd of June 2006

LAS VEGAS Harrah's Entertainment, Inc. (NYSE:HET) today announced that affiliates of the company have signed a definitive agreements to acquire the remaining assets of Casino Magic Biloxi from Pinnacle Entertainment, Inc. (NYSE:PNK), and to sell two Harrah's subsidiaries that own businesses in Lake Charles, La., to Pinnacle, subject to the receipt of required regulatory approvals.

In addition to the Casino Magic assets, Harrah's will receive a payment of approximately $25 million from Pinnacle.

The transaction was previously announced in April when the companies signed a letter of intent. The transaction is expected to close in the fourth quarter.

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. 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.

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