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HARRAH'S AND NEW ORLEANS LOUISIANA DEVELOPMENT CORPORATION SUBMIT REVISED PROPOSAL FOR LOUISIANA CASINO LICENSE

 NEW ORLEANS, Aug. 2 /PRNewswire/ -- Harrah's Jazz Company, a partnership between Harrah's, the casino entertainment division of The Promus Companies Incorporated (NYSE: PRI), and New Orleans Louisiana Development Corporation today submitted a revised proposal to the Louisiana Economic Development and Gaming Corporation (EDGC) in support of its application for a state license to operate the State of Louisiana's only land-based casino entertainment complex to be located in New Orleans.
 Today's proposal was filed in response to a reopening of bidding following the rejection by the State Attorney General of all prior applications.
 "Our revised proposal contains substantial improvements over our original proposal," said Wendell Gauthier, a spokesman for Harrah's Jazz Company. "Our proposal, which we have felt was the strongest offered to the state and city, has now been enhanced by the opportunity to make revisions and further clarifications."
 Harrah's Jazz Casino's revised bid includes three different financial scenarios from which the EDGC can select:
 - A $125 million one time, up front payment to the EDGC.
 - A $275 million payment, which includes a $75 million one time, up front payment to the EDGC, plus a $200 million prepayment of future compensation due to the EDGC.
 - A $350 million prepayment of future compensation due to the EDGC.
 "Our objective is to bring the citizens of New Orleans and Louisiana the finest and most successful casino entertainment facility in the world," said Colin V. Reed, senior vice president, corporate development of Promus.
 "The combination of Harrah's, the premier casino entertainment company in the world today, and a partnership of 10 leading Louisiana businessmen, offers a dynamic ownership group that is capable of making New Orleans' and Louisiana's expectations for this project a reality," Reed added.
 The gaming board is scheduled to make and announce its selection no later that August 11.
 Harrah's is the only casino company operating in all five major Nevada and New Jersey casino markets -- Atlantic City, N.J., Lake Tahoe, Laughlin, Las Vegas and Reno, Nev. Harrah's first riverboat casino opened in May 1993 in Joliet, Ill.
 Additional casino entertainment projects in Vicksburg and Tunica, Miss., North Kansas City, and Maryland Heights (St. Louis), Mo., Shreveport, La., and Central City, Colo., have been announced by Harrah's.
 Harrah's parent company, Promus, also owns and operates three leading hotel brands: Embassy Suites, Hampton Inn and Homewood Suites hotels.
 New Orleans Louisiana Development Corporation is owned by ten businessmen and attorneys, all residents of Louisiana.
 -0- 8/2/93
 /CONTACT: Beth Rooks, 901-762-8916, or Ralph Berry, 901-762-8629, both of The Promus Companies/
 (PRI)


CO: Harrah's; The Promus Companies Incorporated ST: Tennessee, Louisiana IN: CNO SU:

MM -- CH011 -- 8481 08/02/93 15:46 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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