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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 17, 2000 (April 13, 2000)
HARRAH'S ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-10410 62-1411755
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
5100 WEST SAHARA AVENUE, SUITE 200
LAS VEGAS, NEVADA 89146
(Address of Principal Executive Offices) (Zip Code)
(702) 579-2300
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On April 13, 2000, the Registrant announced information concerning its
first quarter earnings and a stock repurchase program approved by its Board of
Directors. A copy of the press release is attached hereto as Exhibit 99(1).
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(1) Text of press release, dated April 13, 2000, of the
Registrant.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
HARRAH'S ENTERTAINMENT, INC.
Date: April 17, 2000 By: /s/ Stephen H. Brammell
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Name: Stephen H. Brammell
Title: Senior Vice President and
General Counsel
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EXHIBIT 99.1
Contact: Josh Hirsberg, Investors Gary Thompson, Media
Harrah's Entertainment, Inc. Harrah's Entertainment, Inc.
(702) 579-2329 (702) 579-2728
HARRAH'S ESTIMATES FIRST-QUARTER EARNINGS AT 24 TO 26 CENTS PER SHARE; LOW HOLD
PERCENTAGE AT RIO IMPACTED PER-SHARE EARNINGS BY 9 CENTS
BOARD AUTHORIZES REPURCHASE OF 10 PERCENT OF OUTSTANDING SHARES
LAS VEGAS, April 13, 2000 -- Harrah's Entertainment, Inc.(NYSE: HET) said today
its first-quarter earnings will be 24 cents to 26 cents per share, compared with
analysts' consensus estimate of 30 cents per share.
Excluding the impact of the low table-games hold percentage at the
Company's Rio property in Las Vegas, Harrah's Entertainment's first-quarter
per-share earnings would have exceeded the consensus estimate.
The Rio's table-games hold percentage during the quarter was 12.4 percent,
compared with the Rio's average table-games hold percentage over the past three
years of 20.5 percent.
During the quarter, the Rio's table-games volume -- a measure of the
attractiveness of the property to players -- achieved record levels, increasing
17 percent from first quarter 1999. The low hold percentage combined with the
Rio's record volume represented a net after-tax impact on the Company's
first-quarter earnings of approximately 9 cents per share.
Phil Satre, Chairman and Chief Executive Officer of Harrah's Entertainment,
said, "As demonstrated by the Rio's table-games volume, the business
fundamentals at the Rio are very strong. This strength, in fact, is consistent
with trends we are seeing across the nation in virtually all of our casinos.
"Our strategy of building same-store sales growth is achieving results,"
Satre said. "Same-store sales growth for the first quarter is estimated at 12
percent, notwithstanding the low hold percentage at the Rio. Experiencing a low
hold percentage over a given period of time is simply a part of doing business
in this industry."
Colin Reed, the Company's Chief Financial Officer, added, "We have a stated
goal that Harrah's Entertainment will grow earnings per share at a compound
annual growth rate of 15 percent to 20 percent. That is consistent with
analysts' estimates and we are comfortable with analysts' estimates for both
2000 and 2001."
Separately, Harrah's Entertainment said its Board of Directors has
authorized the Company to repurchase up to 12.5 million shares of its common
stock in the open market and in other transactions as market and other
conditions warrant. This is in addition to the 10 million-share repurchase
program authorized in August 1999. This new share-repurchase authorization
represents 10 percent of Harrah's Entertainment's outstanding stock.
Harrah's Entertainment will host a conference call on Friday, April 14,
2000 at 9:00 a.m. (Eastern Daylight Savings Time) to discuss the first quarter,
as well as the general trends
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in the Company's overall business. For those interested in participating in the
conference call, please dial (888) 747-3510, or (703) 871-3085 for international
callers, approximately 10 minutes prior to the call start time. A taped replay
of the conference call can be accessed at (888) 266-2081, or (703) 925-2533 for
international callers, beginning at 1:00 p.m. on April 14, 2000. The replay will
be available through April 21, 2000. The pin number for the replay is 3906920.
Founded more than 60 years ago, Harrah's Entertainment, Inc. is the most
recognized and respected name in the casino entertainment industry, operating 21
casinos in 17 markets in the United States under the Harrah's, Showboat, Rio and
Players brand names. With a combined database of more than 19 million players,
Harrah's is focused on building loyalty and value with its targeted customers
through a unique combination of great service, excellent products, unsurpassed
distribution, operational excellence and technology leadership.
Statements in this release concerning future events, future performance and
business prospects, including the Company's projected financial results for the
first quarter and the years 2000 and 2001, are forward-looking and are subject
to certain risks and uncertainties. These include, but are not limited to,
economic, bank, equity and debt-market conditions, changes in laws or
regulations, third-party relations and approvals, decisions of courts,
regulators and governmental bodies, factors affecting leverage, including
interest rates, and effects of competition. These risks and uncertainties could
significantly affect anticipated results or events in the future and actual
results may differ materially from any forward-looking statements.
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