S&P Places Harveys Casino Resorts Rtgs on Watch Dev.

NEW YORK--(BUSINESS WIRE)--S&P CreditWire 2/6/98--Standard & Poor's today placed its ratings on Harveys Casino Resorts on CreditWatch with developing implications, following the company's announcement that it has entered into an agreement to be acquired by Colony Capital Inc., a private non-rated entity. The capital structure of new company, as well as future growth plans, are not clear at this time.

The ratings may be withdrawn if the bonds are refinanced, or if Standard & Poor's is unable to obtain sufficient information to arrive at a rating for the company.--CreditWire -0-

RATINGS PLACED ON CREDIWATCH, DEVELOPING
Harveys Casino Resorts
Corporate credit rating BB-
Bank loan rating        BB-
Subordinated notes      B

CONTACT: Greg Zappin, CFA, New York, 212/208-8615

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