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PROMUS AND CHURCHILL DOWNS TO PURSUERIVERBOAT CASINO DEVELOPMENT IN INDIANA -COMPANIES SIGN LETTER OF INTENT-

 MEMPHIS, Tenn., July 22, /PRNewswire/ -- Harrah's, the casino entertainment division of The Promus Companies (NYSE: PRI) today announced that it has agreed with Churchill Downs Incorporated to pursue riverboat casino development in the state of Indiana. The two companies also plan to pursue other gaming opportunities as they become available.
 The agreement, which is subject to further negotiation on many specific business points, creates a strategic partnership between the premier casino entertainment company in the U.S. and one of the nation's most well-known thoroughbred racetracks.
 The joint announcement was made today by Michael D. Rose, chairman of the board and chief executive officer of The Promus Companies and Thomas H. Meeker, president and chief executive officer of Churchill Downs, following a special board of directors meeting at Churchill Downs.
 "We are very excited with this partnership with Churchill Downs and we firmly believe that by working together, we can achieve positive results for both the gaming industry and the thoroughbred industry. This opportunity is just one of many that the company is pursuing in establishing its reputation as the premier casino entertainment company and the country's most recognized and only true national casino brand," Rose said.
 "This strategic alliance with Promus is a major step for Churchill Downs that will enable us to protect and enhance our core business -- thoroughbred racing," said Meeker. "We have chosen a Mid-South based partner with superior expertise in the gaming industry and who is extremely high-rated by financial analysts across the U.S.," Meeker added.
 Churchill Downs is the world's most legendary racetrack and the home of the Kentucky Derby.
 Harrah's is the only casino entertainment company operating in all five established U.S. gaming markets: Atlantic City, New Jersey, and Las Vegas, Lake Tahoe, Laughlin and Reno, Nevada.
 Harrah's opened its first riverboat casino in Joliet, Illinois, on May 4th. Other riverboat casinos scheduled to open this year include a second boat in Joliet and projects in Vicksburg and Tunica, Mississippi. Scheduled to open in 1994 are projects for North Kansas City and St. Louis, Missouri, and Shreveport, Louisiana.
 Harrah's parent company, The Promus Companies Incorporated, also owns and operates three leading hotel brands: Embassy Suites, Hampton Inn and Homewood Suites.
 -0- 7/22/93
 /CONTACT: Ralph Berry, The Promus Companies, 901-762-8629/
 (PRI)


CO: The Promus Companies Incorporated; Churchill Downs Incorporated ST: Indiana, Kentucky, Tennessee IN: CNO SU:

MM -- CH008 -- 4608 07/22/93 13:38 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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