LAS VEGAS, November 17, 2004 – The Harrah’s Foundation has pledged $1 million to the endowment of the Philip G. Satre Chair in Gaming Studies at the University of Nevada, Reno, Harrah’s Entertainment, Inc. (NYSE: HET) announced.

“During his 25-year career with Harrah’s, Phil has had a profound and enduring impact on this company and our industry,” said Gary Loveman, Harrah’s president and chief executive officer. “His vision helped casino gaming grow from its roots in Nevada into a nationwide industry, enjoyed and accepted by tens of millions of Americans. And his leadership propelled Harrah’s from a small casino company into the world’s largest gaming corporation. This endowment is an appropriate, enduring way to recognize his remarkable legacy.”

The Satre Chair will be held by William R. Eadington, Professor of Economics and Director of the Institute for the Study of Gambling and Commercial Gaming at UNR.

“Like Phil, Bill Eadington has been a pioneer in the evolution of the gaming industry,” said Mike Reed, dean of UNR’s College of Business Administration. “Over the past 35 years, his research and analysis have greatly advanced our understanding of gambling, and have helped legitimize casino gaming as an accepted form of entertainment. The endowment of the Satre Chair will allow Bill and his team to further advance their invaluable work, and cement the University’s reputation as the world’s leader in gaming studies.”

Additional individual contributions to the Satre Chair endowment fund were made by: Claudine Williams, chairman of the board of Harrah’s Las Vegas; Steve Wynn, chairman and CEO, Wynn Resorts, Ltd.; Chuck Mathewson, through the Charles N. Mathewson Foundation; Jack Binion, founder of Horseshoe Gaming Holding Corp.; Steve Bollenbach, president and CEO of Hilton Hotels Corp. and chairman of Caesars Entertainment, Inc.; Barron Hilton, chairman of Hilton Hotels; 19 members of Harrah’s senior management team and members of Harrah’s board of directors.

Corporate contributions were made by International Game Technology, Boyd Gaming Corp., Caesars Entertainment, Deutsche Bank Securities, Latham & Watkins, LLP, Mandalay Resort Group, MGM Mirage, Station Casinos, Inc., Southern Wine & Spirits, Tracy Locke and TBC Public Relations.