Harrah's to Withdraw Common Stock Listing on NYSE Arca
Stock Will Continue Listing on New York Stock Exchange
LAS VEGAS, NV, December 21, 2006. Harrah's Entertainment, Inc., (NYSE: HET) today announced plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Exchange. Harrah's Entertainment common stock will continue to be listed on the New York Stock Exchange.
Harrah's Entertainment has decided to withdraw its listing from NYSE Arca, Inc. to streamline operations and eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group's recent merger with Archipelago Holdings, the parent company of NYSE Arca. The withdrawal is expected to be effective within the next month. This withdrawal is unrelated to the announcement of December 19 that Harrah's Entertainment entered into a definitive agreement for affiliates of Texas Pacific Group (TPG) and Apollo Management, L.P. to acquire Harrah's for $90.00 in cash for each outstanding Harrah's share.
Harrah's Entertainment, Inc. does not believe that withdrawing its listing from NYSE Arca, Inc. will have any impact on the liquidity of its stock. NYSE Arca will continue to trade Harrah's Entertainment, Inc. stock on an unlisted trading privilege basis.
Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company's properties operate primarily under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos. 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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