The effective date for the plan of reorganization is expected to be October 30, 1998, and construction to resume within thirty days thereafter. Unsecured creditors of Harrah's Jazz Casino with claims approved by the U.S. Bankruptcy Court will be paid 100% of their claims.

Once construction resumes, the workforce on the site is expected to approximate 1,000 employees. Approximately $119 million will be spent on hard construction. Once in operation, jobs at the casino (not including the second floor) are estimated at 2,500.

The casino contract guarantees the State of Louisiana $100 million in every year the casino is open for business. The City of New Orleans, which owns the land where the casino is located, will receive approximately $12 million in yearly rental in addition to other payments. In addition, the City will share in profits from the second floor of the casino, which will be developed at a later date.

Jazz Casino Company, LLC is a wholly owned subsidiary of JCC Holding Company, a company that upon consummation of the plan of reorganization will be a publicly traded company. JCC Holding Company will be owned by (1) the former bondholders of Harrah's Jazz Company, with 52.1%, (2) a subsidiary of Harrah's Entertainment, with 44.4%, and (3) the former bondholders of Grand Palais, one of the former partners of Harrah's Jazz Company, with 3.5%. Jazz Casino Company will receive a license to use the Harrah's name at the property and has contracted with Harrah's New Orleans Management Company to manage and operate the casino.

Frederick W. Burford is President and CEO of JCC and Jay Sevigny is President of Harrah's New Orleans Management Company and General Manager of the casino.

Certain of the statements in the preceding paragraphs regarding the consummation of plan of reorganization, the scheduled opening of the casino, the amount of construction costs and the number of jobs and the amount of wages to be created by the casino may constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor provisions thereof. Those statements are based upon assumptions regarding the satisfaction of all remaining conditions precedent to the consummation of the plan of reorganization, the timely commencement of construction and the absence of interruptions and unforeseen expenses in the construction process, and the labor requirements of the casino.