Relief Funds to Non-management Employee Impacted by
Hurricanes Katrina and Rita
|LAS VEGAS - June 13, 2006 -- Continuing efforts to provide assistance
to those hardest hit by Hurricanes Katrina and Rita, the Harrah's Employee
Recovery Fund (HERF) recently issued $2.1 million in assistance to nearly
2,800 current and former employees of Harrah's Entertainment, Inc. (NYSE:HET)
and its subsidiaries.
The distribution is the second made by the HERF, which previously paid
$4.5 million to 3,600 employees. Any non-management employee impacted by
the two hurricanes was eligible to apply for financial assistance from
HERF; decisions were made according to need.
Shortly after Hurricane Katrina made landfall, the Harrah's Foundation seeded the HERF with a contribution of $1 million, which was later raised to $1.5 million. Additional contributions were made by thousands of donors in the months that followed, capped by $2.1 million raised in a February 2006 benefit concert by Celine Dion, Elton John and Jerry Seinfeld at Caesars Palace.
The fund was just one facet of the company's comprehensive relief efforts for the nearly 9,000 employees who worked at four Harrah's properties closed by the storms. The company guaranteed employees' pay for 90 days, continued health insurance benefits, opened employee information and recovery centers in Mississippi and Louisiana, gave affected employees first preference for available jobs at the company's other casinos across the United States, and provided nearly $1.5 million in assistance to employees relocating to other properties.
Nine months after Katrina, Harrah's efforts to return to the Gulf Coast are well underway. In February Harrah's New Orleans re-opened its doors, and later this summer the company will open the first phase of a completely refurbished Grand Casino Biloxi. Harrah's expects to announce plans for the development of a destination resort in Biloxi later this summer.
"We are committed to the Gulf Coast, and look forward to expanding our presence in New Orleans and Biloxi in the years to come," Loveman said.
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.
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.
Harrah's Entertainment, Inc., Las Vegas
|Also See:||Harrah's Stepping Up Efforts to Help 8,000 Harrah's Employees; Opens Gulfport Assistance Center with On-site Primary Health Care Services / September 2005|
|Harrah's Takes Additional Steps to Bolster Relief Efforts for its 8,000 Employees in Biloxi, Gulfport, and New Orleans / September 5, 2005|