Harrah's Nears Land Goal in Las Vegas

Reaches Agreement to Acquire Barbary Coast

. October 14, 2008

LAS VEGAS, NV, October 2, 2006. A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced it entered into a definitive agreement with a subsidiary of Boyd Gaming Corp. (NYSE:BYD) to exchange certain real estate Harrah's controls near Boyd's Stardust site on the Las Vegas Strip for Boyd's Barbary Coast property, located at the northeast corner of Flamingo Road and Las Vegas Boulevard. With this acquisition, Harrah's will have substantially completed its land assemblage goals for Las Vegas.

Harrah's did not disclose additional terms of the agreement, which is subject to certain regulatory approvals. The expected closing date of this transaction is first quarter 2007, subject to receipt of all necessary governmental approvals.

The addition of the Barbary Coast to Harrah's holdings in the area considerably strengthens the company's ability to create a destination experience within the Las Vegas market.

"The site we control, some 350 acres, is of unprecedented proportion at one of the most famous intersections in the world,' said Charles L. Atwood, vice chairman of the board for Harrah's. 'This large site is intended to give us many years of development potential and the flexibility to grow our future earnings without undue interruption of our current earnings stream. The fact that our total site will have a cost of approximately $13 million per acre on average is strong evidence of our intention to develop this opportunity with a keen eye toward excellent returns on investment."

Harrah's now holds or has agreed to acquire a total of nearly 350 acres in Las Vegas encompassing the area between Paris Las Vegas to the south, Harrah's Las Vegas to the north, Koval Avenue to the east and the Rio to the west.

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.

Media Contact:

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Coming up in June 2020...

Sales & Marketing: Technology Rules

It is impossible for any hotel to develop an effective sales and marketing plan that doesn't include a wide-ranging digital strategy. Online platforms have impacted virtually every aspect of their business, due to major changes in how Internet users research, plan, and book their hotel visits. As a result, a successful plan includes generating traffic through the use of a hotel website, social media, email and a myriad of other digital marketing technologies. One such strategy uses data collection and automation technology to create personalized content to individual customers. The goal of personalization marketing is to engage potential customers by communicating with them as individuals - to establish a more personal relationship - as a way of encouraging them to visit a property. Video marketing is also extremely important. Showing someone authentic video from a specific location is immersive and engaging, and video is still the preferred way for customers to interact with a hotel brand. Voice and Visual Search are increasingly in demand, as consumers are moving away from typing queries into a search engine. Instead, they can simply speak their request into their phone, and find and book a hotel without ever typing a word. Similarly, other platforms allow consumers to search visually for almost any image, and find out pricing information, shopping comparisons and how-to-buy - all from the app. The adoption of Artificial Intelligence is also becoming popular. The ability of chatbots to answer simple questions or fulfill requests 24/7 is undeniably appealing. In addition, A.I. seems best positioned to qualify leads that can be later nurtured and closed by a human sales expert - all at a fraction of the cost of a traditional support team. The June Hotel Business Review will examine how some sales and marketing professionals are integrating these innovative technologies into their operations.