1. Harrah’s Entertainment, Inc.
September 2008

2. Strictly Confidential and Proprietary – Do Not Reproduce
Forward Looking Statements
Certain information in this presentation may be considered forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995. This information
is based on the Company's current expectations and actual results could vary materially
depending on risks and uncertainties that may affect the Company's operations, markets,
services, prices and other factors as discussed in filings with the Securities and Exchange
Commission. These risks and uncertainties include, but are not limited to, industry and
economic conditions, competitive, legal, governmental and technological factors. There is
no assurance that the Company's expectations will be realized. The Company assumes
no obligation to update any forward-looking information contained in this presentation
should circumstances change, except as otherwise required by securities and other
applicable laws.
Market data and other statistical information used throughout this presentation are based
on independent industry publications, government publications, reports by market research
firms or other published independent sources. Some data are also based on our good faith
estimates which are derived from our review of internal surveys, as well as the
independent sources listed above. Although we believe these sources are reliable, we
have not independently verified the information and cannot guarantee its accuracy and
completeness.
2

3. Strictly Confidential and Proprietary – Do Not Reproduce
Corporate Structure
Guarantor of new and existing
Harrah’s
HOC Debt
Entertainment, Inc. Guarantor of leases for PropCo debt
LTM Revenue: $10.7 bn
LTM Adjusted EBITDA: $2.7 bn
PropCo Borrowing Structure HOC Borrowing Structure
$2.0 bn Revolver (Undrawn)
Harrah’s Operating
$6.5 bn CMBS Debt $7.3 bn Term Loan B Facility
(1)
Other CMBS Borrowers Company, Inc. $6.8 bn New Senior Notes/Bridge
(“HOC”) $4.6 bn Existing Senior Unsecured Notes
LTM Revenue: $2.7 bn LTM Revenue: $8.0 bn
LTM Adjusted EBITDA: $0.8 bn LTM Adjusted EBITDA: $1.9 bn
All Material Subsidiary Pledgors under New Credit
Operating Facility and Guarantors under Senior
Unsecured Bridge Facility / Notes
Subsidiaries
Underlying Properties Underlying Properties
Harrah's Las Vegas Imperial Palace Caesars Atlantic City Sheraton Tunica (MS) Caesars Indiana
Rio Bill’s Gamblin’ Hall Showboat Atlantic City Harrah's Council Bluffs (IA) Harrah's Reno
Flamingo Las Vegas & Saloon Harrah’s Chester (PA) Horseshoe Council Bluffs / Harrah’s Ak-Chin
Paris Las Vegas Bally's Las Vegas Harrah's New Orleans (LA) Bluffs Run (IA) Harrah’s Rincon
Harrah's Atlantic City Caesars Palace Harrah's Louisiana Downs (LA) Harrah's North Kansas City (MO) Harrah’s Cherokee
Harrah's Laughlin Harrah's Lake Tahoe Horseshoe Bossier City (LA) Harrah's St. Louis (MO) Casino Windsor
Bill's Lake Tahoe Horseshoe Tunica (MS) Harrah's Joliet (IL) Conrad Punta Del Este
Harveys Lake Tahoe Grand Tunica (MS) Harrah's Metropolis (IL) London Clubs (2)
Bally's Atlantic City Grand Biloxi (MS) Horseshoe Hammond (IN) 125 acres of developable
land in Las Vegas
175 acres of land in Macau
LTM through of 6/30/08
• Includes captive insurance subsidiaries.
• Includes 10 casino clubs in the UK, 2 in Egypt and 1 in South Africa.
3

4. Business & Market Overviews

5. Strictly Confidential and Proprietary – Do Not Reproduce
Company Snapshot
A Portfolio of Winning Brands
One of the world’s largest and most diversified
gaming companies
– #1 or #2 market share in almost every major
market in the U.S.
– 51 casinos in six countries (1)
– Approximately 40,000 hotel rooms and
suites, 3 million square feet of casino gaming
space, and 2 million square feet of
convention center space (1)
Industry leading loyalty program (Total Rewards)
with over 40 million members
LTM 6/30/08 Net Revenue ($10.7 Billion)(2) LTM 6/30/08 Property EBITDA ($2.7 Billion)(2)
Managed / Intl / Other,
3%
Managed / Intl /
Other, 5%
Other Nevada, 5%
Other Nevada, 6% Iowa / Missouri, 8%
Iowa / Missouri, 7%
Las Vegas, 33%
Illinois / Indiana, 9% Las Vegas, 41%
Illinois / Indiana, 12%
Mississippi /
Louisiana, 12%
Mississippi /
Louisiana, 14%
Atlantic City, 23%
Atlantic City, 22%
(1) As of June 30, 2008, HOC and its subsidiaries own or manage 45 of the Harrah’s Entertainment casinos.
(2) Property EBITDA excludes corporate overhead, normalizations and pro forma cost savings. HOC LTM Net Revenue of $8.0 billion and Property EBITDA of $1.8 billion.
5

6. Strictly Confidential and Proprietary – Do Not Reproduce
Differentiated Business Strategy
• Leverage scale and Total Rewards program to generate same store gaming revenue growth
and cross-market play
- Hub and spoke network of properties
Drive Profitable
- Highly scalable existing infrastructure
Sales Growth
- Application of centralized marketing to new properties/operations
• Pursue targeted investments in proven markets
• Focuses on organizational restructuring, teleservices reorganization and procurement savings
Increase
• Substantial progress against $164M savings goal
Profitability
• Ongoing rationalization of property labor and marketing costs
• Stable, predictable revenue
• High operating margins
Maximize Cash
• Low maintenance capex
Flow
• Growth capex channeled to highest return uses
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7. Strictly Confidential and Proprietary – Do Not Reproduce
Highly Strategic Las Vegas Market Position…
Harrah’s has the #2 Market Share in Las Vegas, With 8 Properties
28% of the Strip’s revenue and 25% of the Strip’s positions
160 contiguous acres on the east side of the Strip combined with 170 acres on the west side
– 125 acres of developable land
Harrah’s controls three of the “4 Corners” at the intersection of Flamingo and Las Vegas Blvd
Las Vegas Property Map
To Downtown Stratosphere Sahara
ip
St r
Fontainebleau* Riviera
The
Circus Circus LV Hilton
Convention Center
Echelon*
Encore*
W. Desert Inn Rd E. Desert Inn Rd
New Frontier Montreux*
Plaza*
Wynn
Spring Mountain Rd Fashion
Treasure Island Show Mall The Wynn
Palazzo*
Golf Club Harrah’s
Venetian
Royale Imperial Palace
Mirage
Sands Expo
Rio Caesar’s
Caesars Flamingo
Flamingo Rd Barbary Coast
Bill’s Gamblin’ Hall
15
Bally’s
Bellagio
Palms University
of Nevada –
Paris
Cosmopolitan* Las Vegas
Hard Rock
City Center*
Harmon Blvd
*
Monte Carlo
Aladdin/Planet Hollywood
Planet Hollywood
Tropicana Ave Tropicana Ave
New York New York
New York New York Hooters
Excaliber **
McCarran
Luxor MGM Grand
604 Int’l
Airport
Mandalay Bay Tropicana
HOC PropCo Harrah’s Undeveloped Land
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* Denotes property either under development or planned for development.

8. Strictly Confidential and Proprietary – Do Not Reproduce
… Drives Market Outperformance
($ in millions) Rooms
Casino Space
Property & Suites
(sq. ft.)
Caesars Palace 129,900 3,350
Rio Hotel &
107,000 2,520
Casino
Harrah’s Las
90,300 2,530
Vegas
Harrah’s Las Vegas
Paris Las
85,000 2,920
Vegas
Flamingo Las Bally’s Las Vegas
76,800 3,500
Vegas
Imperial Palace 75,000 2,640
Bally’s Las
66,400 2,810
Vegas Paris Las Vegas
Bill’s Gamblin’
42,500 210
Hall & Saloon
TOTAL 672,900 20,480
Caesars Palace
HET Las Vegas LTM Net Revenues $3,542
$1,123
HET Las Vegas LTM EBITDA
Rio Hotel & Casino
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9. Strictly Confidential and Proprietary – Do Not Reproduce
Atlantic City Snapshot
($ in millions)
Rooms &
Property Casino Space (sq. ft.)
Suites
Bally’s
225,800 1,740
Atlantic City
Harrah’s Atlantic City
Caesars Atlantic City 145,000 1,140
Harrah’s Atlantic City 160,800 1,630
Showboat Atlantic City
Showboat Atlantic City 124,200 1,330
Harrah’s Chester (PA) 92,000 --
747,800 5,840
TOTAL
Bally’s Atlantic City
HET Atlantic City LTM Net Revenues $2,402
HET Atlantic City LTM EBITDA $595
Note: LTM as of 6/30/08.
Caesars Atlantic City
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10. Strictly Confidential and Proprietary – Do Not Reproduce
The Leader in Regional Markets
($ in millions)
Casino Space Rooms LTM Net LTM 2007 Market Harrah’s Market
Share(1)
Market Properties (sq. ft.) & Suites Revenues EBITDA Revenues
Louisiana /
7 427,500 3,550 $1,508 $332 $3,267 37%
Mississippi(2)
Illinois / Indiana(3) 4 188,900 960 $1,288 $234 $4,034 32%
Iowa / Missouri(4) 4 286,900 1,140 $799 $223 $2,105 37%
TOTAL 15 903,300 5,650 $3,535 $789
Note: LTM as of 6/30/08. All properties included in HOC.
Source of market revenues and Harrah’s market share: State gaming commission and control boards.
(1) Market Share based on year ending Dec.2007
(2) Louisiana / Mississippi market defined as Shreveport – Bossier City, LA, New Orleans, LA, Gulfcoast and Tunica, MS.
(3) Illinois / Indiana market defined as Chicagoland and Southern Illinois and Indiana.
(4) Iowa / Missouri market defined as Council Bluffs, IA, St. Louis, MO, and Kansas City, MO.
Caesars Indiana Grand Casino Biloxi Grand Casino Tunica 10

11. Strictly Confidential and Proprietary – Do Not Reproduce
Growing International Presence
London Clubs International
Properties in London, Egypt and South Africa
Total Casino Space: 143,200 sq. ft.
Total Hotel Rooms & Suites: 190
Macau Orient Golf Course
18-hole golf course on 175 acres in Cotai
Acquired in September 2007 The Golden Nugget – London
Casino Windsor, Ontario (1)
VENETIAN
Casino Space:100,000 sq. ft. CITY OF
GALAXY
DREAMS
Hotel Rooms & Suites: 340 FOUR
SEASONS
SHERATON
ST. REGIS
Conrad Punta Del Este Resort & Casino, Uruguay FAR
EAST
Only Las Vegas style resort and casino in Uruguay HILTON
Nature MACAU
CONRAD
preserve STUDIO CITY
MACAU
DOME
FAIRMONT
RAFFLES
BORDER CROSSING
Total Casino Space: 44,500 sq. ft.
– 510 slot machines, 50 table games TBD
Fifty – London
MACAU ORIENT GOLF
(OWNED BY HARRAH’S)
Total Hotel Rooms & Suites: 300 RESERVOIR
175 Acres on Cotai Strip in Macau
Emerald Safari – South Africa
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(1) HOC owns a 50% interest in Windsor Casino Limited, which manages the property.

12. Investment For Growth

13. Strictly Confidential and Proprietary – Do Not Reproduce
Harrah’s Atlantic City Expansion
Project Overview
New Waterfront hotel tower, connected to existing Bayview
Tower
Number of Hotel Rooms: 851
Number of Suites: 109
Amentities:
– Elizabeth Arden Red Door Spa;
– The Pool (80,000 gallon pool under 90ft. glass dome w/82
degree temp);
– Daytime pool with cabanas and club atmosphere at night;
– The Waterfront Shops (7 unique shops);
– Taste of the Shore Food Court (4 eateries), Waterfront
Buffet, new Reflections Cafe and McCormick & Schmick’s
(located on existing property)
Official opening ceremony March 6, 2008
HET Rest MKT
Gaming Revenue YoY Growth %
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08
13

14. Strictly Confidential and Proprietary – Do Not Reproduce
Horseshoe Hammond Expansion
Project Overview
Riverboat casino on Indiana side of Lake Michigan
Casino Space: 48,300 sq. ft.
Slot Machines: 1,940
Table Games: 60
Expanded casino space of 108,000 sq. ft. will include
+3,200 slots and 94 table games including 40 poker
tables
Officially opened July 29, 2008
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15. Strictly Confidential and Proprietary – Do Not Reproduce
Caesars Palace Las Vegas Expansion
Project Overview
New hotel tower and convention space on Flamingo
Road next to existing Augustus Tower
Number of hotel rooms: 662
Number of suites: 68
New convention space: 110,000 s.f.
3 Pool Villas; 3 new pools
Renovate buffet, Race & Sports Book, miscellaneous
restaurants, casino space
Hotel and convention space scheduled to open
Summer 2009
15

16. Strictly Confidential and Proprietary – Do Not Reproduce
Harrah’s Kansas
Project Overview
Awarded sole gaming contract in southcentral Kansas
– Subject to completion of background investigations and
licensing requirements
$485M resort casino
– 2,000 slots, 50 tables, WSOP Poker Room
– 175 hotel rooms, including 30 suites and 5 pool villas
– 30,000 square feet of convention space
– 5 restaurants, including celebrity concepts
– 18 hole championship golf course
JV with local real estate developers
Attractive project due to proximity to Wichita and limited
competition in area
– Project located within 20 minute drive of Wichita city center
– Also within driving distance of Oklahoma City
Opening expected in August 2010
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17. Investment Strengths

18. Strictly Confidential and Proprietary – Do Not Reproduce
Market Leader with Unparalleled Scale
Harrah’s is the world’s largest and most diversified gaming company
– 51 casinos across 6 countries (1)
– #1 or #2 share in almost every major domestic market
#1 Detroit
Chicagoland
#1 Atlantic City
Council Bluffs
#1 Reno / Lake Tahoe Chester
Black Hawk / #1
#1 St. Louis
Central City
#2
Las Vegas
#2
Kansas City
Cripple Creek
#1
#2 Laughlin
Tunica
#1
Shreveport /
#1
Vicksburg
Bossier City
HOC Property Biloxi
Major Gaming Market
Lake
PropCo Property #1
Charles
#1 Market Share
New Orleans
#1
Native American Casino #2
#2 Market Share
Managed by HOC
Unparalleled Scale and Diversification Drives Growth and Stability
Note: Joint venture interest in Canadian property not directly owned.
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(1) HOC owns or manages 45 casinos.

19. Strictly Confidential and Proprietary – Do Not Reproduce
Most Diversified Gaming Operator
LTM 6/30/08 EBITDA by Geography
Harrah’s (1) MGM Mirage Wynn
Managed / Intl / Other,
3%
Other, 3%
Mississippi, 4%
Other Nevada, 5%
AC (Borgota ) (2), 5%
Iowa / Missouri, 8%
Detroit, 6%
Illinois / Indiana, 9% Las Vegas , 42%
Las Vegas, 41%
Mississippi / Macau, 58%
Louisiana, 12%
Las Vegas Strip, 82%
Atlantic City, 22%
Station (3) Las Vegas Sands (4)
Boyd
AC (Borgota ) (2), 19%
Managed, 22%
Las Vegas , 37%
Las Vegas Locals, 50%
Macau, 63%
Midwest / South, 31%
Las Vegas Locals,
78%
Source: Derived or extrapolated from public company filings and available third party analyst reports.
(1) Represents HET consolidated.
(2) Borgata is 50/50 owned by MGM/Boyd.
(3) Based off 2007 operating income as reported.
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(4) Based off Adjusted EBITDAR.

20. Strictly Confidential and Proprietary – Do Not Reproduce
Portfolio of Leading Brands
Each brand has a strong identity and enjoys powerful customer recognition
Diverse collection of brands appeals to wide range of customer preferences
and encourages multiple visits
20

21. Strictly Confidential and Proprietary – Do Not Reproduce
Superior Business Model: Generating Same Store
Gaming Revenue Growth and Cross-Market Play
Loyalty
Brand
Hydrogen
Decision science
capabilities
21

22. Strictly Confidential and Proprietary – Do Not Reproduce
Strong and Predictable Free Cash Flow
Generation
Stable and predictable revenues
– Favorable business mix with over 70% of gross revenue driven by
casino operations
– High operating margins
– Profitability improvement program implemented in 2006
Reasonable capital expenditure requirements
– Well-maintained asset base ($4.6 billion of total capex since 2004)
– Capital expenditures channeled to highest return uses
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23. Strictly Confidential and Proprietary – Do Not Reproduce
Substantial Land Value
125 Undeveloped Las Vegas Acres 175 Acres on Cotai Strip in Macau
VENETIAN
CITY
OF
GALAXY
DREAM
S
36.73
Acres
FOUR
SEASONS
SHERAT
ON
ST.
REGIS
FAR
38.15 EAST
(1)
Acres
HILTON
MACAU
Nature CONRA
STUDIO
preserve D
CITY
Flamingo MACAU
FAIRMON DOME
Road T
BORDER
RAFFLES
CROSSING
3.87
Acres
Las Vegas
48.21 TBD
Blvd.
Acres MACAU ORIENT GOLF
(OWNED BY
HARRAH’S)
RESERVOIR
125 undeveloped Las Vegas acres surrounding the Strip Purchased Macau Orient Golf in September 2007
Illustrative Illustrative
Purchase price: $578 million
(a)
Value ($mm)
Value / Acre ($mm)
$30 $3,750
25 3,125
20 2,500
15 1,875
10 1,250
(a) Based on 125 acres
(1) Total size of indicated plot is 38.15 acres, with 36.20 acres owned by Harrah’s.
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Note: Values shown for Las Vegas land are for illustrative purposes only and do not reflect any performed land value appraisals by the Company.

24. Harrah’s Entertainment, Inc.
September 2008