Gary Loveman is the Chairman, Chief Executive Officer and President of Harrah's Entertainment, Inc. Harrah's is the largest provider of branded casino entertainment with over $8 billion in annual revenues. It has a diverse portfolio of casino properties across the United States and is the only investment-grade gaming company. Harrah's utilizes customer loyalty programs, sophisticated marketing capabilities, and decision science to drive organic growth through increased cross-market visitation and same-store sales. The company has a pipeline of new development projects to further expand its business.

1. Gary Loveman
Chairman, Chief Executive Officer and President

2. Safe Harbor Statement
This presentation includes quot;forward-looking statementsquot; intended to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to
historical or current facts. These statements contain words such as quot;may,quot; quot;will,quot; quot;project,quot; quot;might,quot; quot;expect,quot; quot;believe,quot;
quot;anticipate,quot; quot;intend,quot; quot;could,quot; quot;would,quot; quot;estimate,quot; quot;continuequot; or quot;pursue,quot; or the negative or other variations thereof or
comparable terminology. In particular, they include statements relating to, among other things, future actions, strategies, future
performance, and future financial results of Harrah's Entertainment, Inc. These forward-looking statements are based on current
expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks
and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of Harrah's may
differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but
are not limited to, the following factors as well as other factors described from time to time in our reports filed with the Securities
and Exchange Commission (including the sections entitled quot;Risk Factorsquot; and quot;Management's Discussion and Analysis of
Financial Condition and Results of Operationsquot; contained therein): financial community and rating agency perceptions of
Harrah's; the effects of economic, credit and capital market conditions on the economy in general, and on gaming and hotel
companies in particular; construction factors, including delays, zoning issues, environmental restrictions, soil and water
conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and
structural building conditions relating to our properties; the ability to timely and cost-effectively integrate into Harrah's operations
the companies that it acquires, access to available and feasible financing on a timely basis; changes in laws (including
increased tax rates), regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators
and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation;
the ability of our customer-tracking, customer loyalty and yield-management programs to continue to increase customer loyalty
and same store sales; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist
incidents; abnormal gaming holds; and the effects of competition, including locations of competitors and operating and market
competition.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak
only as of the date made. Harrah's disclaims any obligation to update the forward-looking statements. You are cautioned not to
place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of
the date of this press release.
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

3. Harrah’s Today
Harrah’s Entertainment, Inc.
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2005

4. At the foot of a steep growth curve…
1999
2004
1998
2005
Harrah’s Entertainment, Inc.
Confidential and Proprietary
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5. At the foot of a steep growth curve…
Harrah’s Entertainment, Inc.
Confidential and Proprietary
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6. At the foot of a steep growth curve…
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

7. At the foot of a steep growth curve…
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8. Company Overview
Largest provider of branded casino entertainment
4 million square feet of casino space
40,000 hotel rooms
100,000 employees
40 million Total Rewards members
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

9. Industry’s Broadest Footprint
Harrah’s Entertainment, Inc.
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10. A Portfolio of Winning Brands
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2005

11. Financial Strength
Only investment-grade gaming company
Borrows at industry’s most competitive rates
Nearly $2 billion of capacity under revolver
Revenues of $8.7 billion on a pro-forma basis in 2004
Highest dividend yield in the gaming industry 2.3%
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

12. Diversity Of Cash Flow Provides Stability, Funds Growth
Region # Properties % Total
Las Vegas 7 35%
Atlantic City 5 26%
LA/MS 5 9%
Illinois/Indiana 4 11%
Iowa/MO 4 9%
Managed / Intl / Other 12 10%
TOTAL 37 100%
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

13. #1 or #2 in every market in which we compete
Atlantic City Las Vegas
Chicagoland St. Louis
Mississippi Kansas City
S. Illinois Laughlin
Shreveport/ Bossier City
New Orleans
Reno/Tahoe
Council Bluffs
HET gained share in nearly all
of its markets (thru 3Q05)
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

14. HET Core Strategy
Drive same-store growth, cross-market play through
superior marketing and technological capabilities
Brand
Loyalty
Decision Science
Capabilities
Harrah’s Entertainment, Inc.
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2005

15. Evidence of HET’s organic growth engine
Cross-market play Same-store sales growth
CAGR: 18%
1,800 1,670
1,600 1,456 10%
1,400 1,256 7.5% 7.5%
1,200 1,063 6.5%
5.7%
1,000 881 4.9%
749
800 5%
600
400
1.5%
200
0 0%
2000 2001 2002 2003 2004 2005* 2000 2001 2002 2003 2004 Thru
3Q05
*2005 based on 16.7% growth in Cross Market Play to date.
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

16. Loyalty strategy reflected in 3Q resilience
Third-quarter rated customer trip growth
National Regional Local
(300+ miles) (70 – 300 miles) (< 70 miles)
11% 11% 16%
VIP
AEP 3% 4% 10%
Retail -1% 0% 4%
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

17. Total Rewards: implications for 4 Caesars LV properties
5% 100%
11%
Tour & Travel 21%
80%
15% 39%
% of room nights
FIT
60%
Convention 40%
30%
60%
Total Rewards/ 20%
Connection Card 20%
0%
HET CEI
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Confidential and Proprietary
2005

18. Growth opportunity
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19. Controllable growth pipeline
New
Organic Reinvestment
Development
Caesars Caesar’s AC El Reino, Spain
synergies New Orleans Harrah’s Chester
Revenue Metropolis Baha Mar
management
Council Bluffs Eyeing select
Strategic
Caesars Indiana markets in Asia,
Sourcing
Europe
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

20. El Reino – Ciudad Real, Spain
• 50,000 sq. ft. casino
• 850 hotel rooms
• 3,000 seat Colosseum theater
• Conference center
• 30,000 sq. ft. spa
• Multiple restaurants, bars
• Forum retail shops
Harrah’s Entertainment, Inc.
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21. Harrah’s Chester Casino and Racetrack
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22. Baha Mar – Nassau, Bahamas
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Confidential and Proprietary
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23. Baha Mar – Nassau, Bahamas
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Confidential and Proprietary
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24. Prime Center Strip
Land Bank
18,000 Total Guest
Rooms
132.5 Acres from
Harrah’s to Bally’s /
Paris
80 Acres at CPLV,
63 Acres at Rio
1.25 miles of Strip
Frontage
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25. An attractive value
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26. Valuation Comparison
10.5x
Forward EV/EBITDA Multiple
9.5x
8.5x
7.5x
6.5x
5.5x
Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05
* Peer Group includes: MGM, STN, BYD, PENN, AZR
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

27. Consistent Value Creation
HET ROIC vs. WACC comparison
10%
5% ROIC
WACC
0%
2002 2003 2004
Harrah’s Entertainment, Inc.
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2005

28. Despite successful growth record, HET prospects discounted
Current Firm Value = NOPAT / WACC
Peer Avg future value = 57% EV (as
Future Firm Value = EV – Current Value of 12/29)
WYNN 113% 6.6B
Kerzner 26% 74% 2.9B
LVS 39% 61% 13.2B
Station 41% 59% 6.3B
Boyd 42% 58% 6.2B
MGM Mirage 48% 52% 24.9B
Harrah's 58% 42% 22.5B
Penn 62% 38% 3.2B
Ameristar 83% 17% 1.9B
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

29. HET focused on shareholder value
400%
300%
200%
100%
0%
-100%
Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05
HET SP500
Harrah’s Entertainment, Inc.
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Source: Bloomberg 2005

30. Positioned for long-term growth
Stable, diversified cash flow from operations
Consistent value creation
Strong position in each market of operation
Strong development track record
Modest value given growth prospects
Balance-sheet capacity to handle large developments, reinvestment
Continued focus on shareholder value creation
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005

31. This presentation and all trademarks appearing in this presentation are the sole and exclusive
property of Harrah's License Company, LLC for use by its related companies (collectively,
quot;Harrah'squot;). This presentation and its contents is confidential and proprietary to Harrah's and may
not be used or reproduced in whole or in part without Harrah's express prior written authorization.
Trademarks not owned by Harrah's that appear in this presentation are the property of the
respective owners.
© 2005, Harrah's License Company, LLC.
Harrah’s Entertainment, Inc.
Confidential and Proprietary
2005