LAS VEGAS--(BUSINESS WIRE)--Dec. 20, 2001--Harrah's Entertainment, Inc. (NYSE:HET) announced today it has completed its integration of three recently acquired Harveys properties into the company's award-winning Total Rewards system, adding 674,000 new customers who boost Harrah's database to more than 25 million players.
The new computer systems at Harveys Lake Tahoe, Bluffs Run Casino and Harrah's Council Bluffs (formerly Harveys Council Bluffs) went live in December with the switchover taking place within four months of closing on the acquisition of Harveys -- half the time of prior integrations. This is the first time the company has converted three properties simultaneously. The conversion also brings approximately 1,000 new hotel rooms and 4,600 slot machines into Harrah's computerized national inventory.
With the system integration of these former Harveys properties completed and with the implementation of Total Rewards, we are well ahead of our integration plan, said Phil Satre, Harrah's Entertainment Chairman and Chief Executive Officer. Harveys was accretive to earnings per share in the third quarter before the integration was complete, and we expect the capabilities embedded in our systems, along with other management activities, to lead to additional, incremental contribution to EPS from the former Harveys properties.
The conversion benefits all Harrah's customers by expanding their ability to earn Total Rewards credits to three new properties, Satre said. Guests at the former Harveys properties now have the opportunity to earn the same benefits awarded to Harrah's Total Rewards cardholders through access to the company's nationwide promotions and special offers.
Readers of Casino Player and Strictly Slots magazines voted Total Rewards as the Best Player Card in a 2001 survey.
The conversion of Harveys' systems provides our loyal customers with greater recognition and rewards, while maximizing efficiencies in operations, procurement, technology and marketing across the brand, said John Boushy, Harrah's Entertainment Senior Vice President of Operations, Products & Services and Chief Information Officer. The Harveys integration demonstrates our new capability to integrate acquisitions rapidly, in a repeatable fashion, which leads to improved property performance more quickly. This was accomplished due to excellent teamwork between property personnel and our dedicated, talented and experienced IT professionals.
The expertise gained by the company during Harrah's three previous acquisitions was instrumental in this rapid integration, according to Boushy.
The project focused on converting and/or replacing all information systems used at the former Harveys properties. Founded more than 60 years ago, Harrah's Entertainment, Inc. is the most recognized and respected name in the casino-entertainment industry, operating 25 casinos in the United States, primarily under the Harrah's brand name. With a combined database of more than 25 million players, Harrah's Entertainment is focused on building loyalty and value with its target customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
More information about Harrah's Entertainment is available on the company's web site -- www.harrahs.com.
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. These forward-looking statements generally can be identified by phrases such as the company believes, expects, anticipates, plans, foresees, forecasts, estimates or other words or phrases of similar import. Similarly, such statements herein that describe the company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Such risks and uncertainties include, but are not limited to, economic, bank, equity and debt-market condition, changes in laws or regulations, third-party relations and approvals, decisions of courts, regulators and governmental bodies, factors affecting leverage, including interest rates, abnormal gaming holds, construction disruptions and delays, ineffective marketing, effects of competition and other risks and uncertainties described from time to time in our reports filed with the U.S. Securities and Exchange Commission.
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