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HARRAH'S TO DEVELOP/OPERATE VICKSBURG'S (MS) FIRST DOCKSIDE CASINO COMPLEX -- $35.6 MILLION REDEVELOPMENT FOR DOWNTOWN AREA --

 HARRAH'S TO DEVELOP/OPERATE VICKSBURG'S (MS) FIRST DOCKSIDE CASINO
 COMPLEX -- $35.6 MILLION REDEVELOPMENT FOR DOWNTOWN AREA --
 MEMPHIS, Tenn., Nov. 13 /PRNewswire/ -- Harrah's Casino Hotels, the first national gaming corporation to develop casino riverboat projects in the U.S., announced it has been selected from a field of seven bidders to exclusively negotiate an agreement with the City of Vicksburg to develop and operate the city's first dockside casino entertainment complex in downtown Vicksburg.
 Harrah's is the gaming division of The Promus Companies Incorporated (NYSE: PRI) which also owns and operates three leading hotel brands: Embassy Suites, Hampton Inns and Homewood Suites.
 As part of the planned $35.6 million project, Harrah's will redevelop a major section of the city's downtown area, linking the city's riverfront with its downtown area.
 As announced today, the project will include a 120-room Harrah's Casino Hotel, shoreside facilities, a city park and a greenbelt with a boardwalk alongside the city's waterfront.
 Harrah's will construct and outfit the casino riverboat, which will feature a traditional paddlewheel design historically found on the Mississippi River. Harrah's riverboat will contain approximately 36,000 square feet, of which 20,000-square-feet will be dedicated to the casino which will include 1,000 gaming spaces.
 The dockside casino complex will be located on the river at the foot of Clay Street in downtown Vicksburg.
 The project will be financed from the cash flow of Promus, Harrah's parent company. The Promus Companies is publicly traded on the New York Stock Exchange (PRI) with a market capitalization of $2.3 billion.
 For the nine months of 1992, Promus had net revenues of $854 million and net income of $47 million. In the company's third quarter, ended September 30th, Promus set records in virtually every aspect of its business, including net income, earnings per share, operating income and revenues.
 Harrah's estimates the planned project will create approximately 200 jobs during the construction period and 800 full-time jobs once the development is completed and operating by late summer/early fall of 1993.
 Harrah's expects the casino complex to attract over 800,000 guests a year.
 "Guests of the Vicksburg dockside casino complex will enjoy the same Harrah's-style fun and excitement in safe and secure environments that they experience whenever they visit our other properties," said Phil Satre, President and Chief Executive Officer of Harrah's.
 "With the Vicksburg project, we are officially launching Harrah's brand name into Mississippi's fast growing casino riverboat market.
 "Harrah's selected Vicksburg because of its well-established tourist market including the Civil War Battlefield Park which attracts
700,000 visitors annually," Satre added. Vicksburg is also located near Interstate-20, the major thoroughfare between Atlanta and Dallas which carries nearly six million automobiles annually. Founded in 1937, Harrah's is the only gaming entertainment company operating casino hotels in all five major gaming markets: Atlantic City, Lake Tahoe, Las Vegas, Laughlin and Reno.
 Vicksburg will be Harrah's second casino riverboat complex. In October, the company received approval from the Illinois Gaming Board to operate two casino riverboats in downtown Joliet, 40 miles from Chicago. Harrah's first riverboat is planned to open by the summer of 1993.
 -0- 11/13/92
 /CONTACT: Bob Dowd, Director Communications, 901-762-8790, or Beth Rooks, Manager Communications, 901-762-8916, both of Harrah's Casino Hotels/
 (PRI) CO: Harrah's Casino Hotels, The Promus Companies Incorporated ST: Tennessee IN: LEI SU: JVN


DF -- CH006 -- 0746 11/13/92 14:02 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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