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SHREVEPORT CITY COUNCIL APPROVES LEASE AGREEMENT WITH HARRAH'S AND ET RIVER CORP. FOR RIVERBOAT CASINO ENTERTAINMENT COMPLEX

 Memphis, Tenn., Feb. 10 /PRNewswire/ -- Harrah's Casino Hotels, the gaming subsidiary of The Promus Companies Incorporated (NYSE: PRI), announced today that the City Council of Shreveport, Louisiana, has authorized the City Administration to enter into a formal ground lease with the Harrah's/ET River Corp. partnership for the development of the city's first riverboat casino entertainment complex in downtown Shreveport on the Red River. The actual signing of the ground lease is expected to take place at the conclusion of a statutorily mandated ten- day waiting period for entering into transactions involving public land.
 Harrah's $40 million project, which is expected to open in the first quarter of 1994, will feature a 210-foot-long riverboat designed in the spirit of the traditional 19th century paddlewheeler. The 45,000 square foot riverboat will contain approximately 20,000 square feet of casino entertainment space. The casino will feature approximately 700 slot machines and 40 table games.
 Additional dockside facilities complementing the 19th century riverboat will include a riverwalk, a restaurant and lounge, an amusement/activity center offering supervised entertainment for children and young adults and a parking garage.
 "Harrah's is very excited about entering Louisiana's fast-growing riverboat casino entertainment market," says Colin V. Reed, Senior Vice President of Corporate Development for Promus. "We expect this project to attract over 900,000 guests annually from a broad geographic area that extends from Dallas/Ft. Worth and Houston to Oklahoma City, Northwestern Louisiana and Southern Arkansas. The Shreveport metro area includes over 333,000 people."
 "Together, ET River Corp. and Harrah's will create a new landmark in downtown Shreveport. It's a project we are proud to be a part of because of the overall positive impact we believe it will have on the City of Shreveport and the entire area of Northwestern Louisiana," said John S. Turner, Jr., President, ET River Corp.
 "I am very pleased that the City Council has authorized entering into a ground lease with the Harrah's/ET River Corp. partnership. The City of Shreveport is happy to be associated with these two fine companies," said Shreveport Mayor Hazel Beard.
 Based on preliminary estimates, the riverboat casino entertainment project is expected to create approximately 200 local construction jobs and more than 700 full-time jobs once the riverboat entertainment complex is operational. Approximately 80 percent of the jobs are expected to go to Shreveport area residents and 40 percent to minorities. The project is subject to receipt of a Louisiana riverboat gaming license and other approvals.
 Shreveport is one of four riverboat casino entertainment complexes announced by Harrah's. Two riverboat casinos are currently under construction for a complex in downtown Joliet, Illinois, 40 miles from Chicago which is planned to begin operations in late spring 1993. A complex in Vicksburg, Mississippi, is scheduled to begin construction in March 1993. Yesterday, Harrah's announced that it had signed a definitive agreement with the city of North Kansas City, Missouri, to develop and operate a casino there.
 Harrah's is the only national casino entertainment brand and the only casino entertainment company operating in all five major casino gaming markets: Atlantic City, New Jersey, and in Las Vegas, Lake Tahoe, Laughlin and Reno, Nevada. Harrah's parent company, The Promus Companies Incorporated, also owns and operates three leading hotel brands: Embassy Suites, Hampton Inn and Homewood Suites hotels.
 -0- 2/10/93
 /CONTACT: Ralph Berry, The Promus Companies, 901-762-8629, or Beth Rooks, Harrah's Casino Hotels, 901-762-8916/
 (PRI)


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

SB -- CH004 -- 5109 02/10/93 11:30 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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