Conrad Punta del Este Resort and Casino Nominated for 2004 Corporate Excellence Award; U.S. Embassy Cites Caesars Uruguay Resort for Corporate Citizenship.

Entertainment Editors/Business Editors

LAS VEGAS--(BUSINESS WIRE)--May 19, 2004

Caesars Entertainment's Conrad Punta del Este Resort and Casino Uruguay has been nominated for the U.S. State Department's prestigious 2004 Corporate Excellence Award by the U.S. Embassy Montevideo, the company announced today.

Established by the State Department in 1999, the award recognizes American businesses, both large and small, for leadership as good international corporate citizens. The award was established to promote exemplary business practices by U.S. companies around the world. In a statement issued by the U.S. Embassy in Montevideo, the embassy said it selected the Conrad its candidate for this year's award because the resort excels in all of the principal qualities the award seeks to recognize.

"We are honored to have our Conrad Punta del Este Resort recognized for its exemplary business practices and its standing as a leader in the international business community," said Caesars Entertainment Senior Vice President and Managing Director of International Operations, Peter George. "Caesars Entertainment has casino resorts in five countries on four continents. We are truly a citizen of the international business community and we are proud of the high corporate ethical principles exhibited in each of our 29 casino resorts worldwide."

Since its opening in November 1996, the Conrad has been a major contributor to the economic growth and development of Uruguay. In addition, the resort has offered outreach programs to help the disadvantaged; initiated model programs to increase environmental awareness and safety; and provided professional development and the top-flight benefits available for employees.

Because of its five-star accommodations, first-rate service and world-class entertainment, The Conrad Punta del Este keeps the local economy buzzing during Punta del Este's "slow" months, attracting many international visitors and hosting large-scale international conventions. "As a result, the community's tourism base is becoming more diversified and less impacted by the region's frequent economic turbulence," said U.S. Embassy Montevideo Ambassador, Martin Silverstein.

The resort employs nearly 1,700 full-time associates during the peak tourist months and maintains about 1,000 during the slower season, making it the largest private employer in Uruguay and a major player in the local economy. "The Conrad's proposed plans for further investment should increase local employment even further and make Punta del Este even more attractive for international convention organizers," Ambassador Silverstein added.

As a champion for the environment, the Conrad has instituted a major recycling program, the proceeds of which are donated to local charitable organizations. The resort also set the standard for beach management and cleanliness, using top-line sanitation and security services to maintain the world-famous public beaches used by many of their guests.

The Conrad is involved in several charitable programs that assist local communities in Punta del Este and the State of Maldonado. The resort also has a close and enduring relationship with the local National Institution for Minors, which cares for children in difficult family conditions. The Conrad has provided the facility with computers, school materials, clothing and furniture; regularly assists with planning special events during Easter and Christmas; and provides recreational activities for the live-in children on a monthly basis.

"The Conrad is an extraordinary standard bearer for U.S. businesses in Uruguay and richly deserves to win the Corporate Excellence Award," Ambassador Silverstein concluded.

U.S. companies are nominated for the Corporate Excellence Award by Chiefs of Mission and the winners are recognized in a formal ceremony hosted by the Secretary of State in Washington, DC.

About Caesars Entertainment

Caesars Entertainment, Inc. (NYSE: CZR) manages and is an equity partner in Conrad Punta del Este Resort and Casino. Caesars Entertainment is one of the world's leading gaming companies. With $4.5 billion in annual net revenue, 29 properties on four continents, 29,000 hotel rooms, two million square feet of casino space and 55,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.

Additional information on Caesars Entertainment can be accessed through the company's web site at www.caesars.com .

NOTE: This press release contains "forward-looking statements" within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are "forward-looking statements" for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include statements about... Additional information concerning potential risk factors that could affect the company's future performance are described from time to time in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2003 and the report on Form 10-Q for the quarter ended March 31, 2004. The reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.