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CONSUMER DEMAND IS CATALYST BEHIND RAPID GROWTH IN CASINO INDUSTRY; HARRAH'S CASINOS' PHIL SATRE ADDRESSES NATIONAL PRESS CLUB

 WASHINGTON, Dec. 3 /PRNewswire/ -- The public's demand for casino entertainment's unique interaction, excitement and accessibility is the driving force behind the rapid growth of the casino industry, said Phil Satre, president and chief operating officer of The Promus Companies Incorporated (NYSE: PRI) and president and chief executive officer of Harrah's Casinos.
 Speaking today at the National Press Club, Satre said that two decades of growing acceptance of gaming has created positive public opinion about casinos as entertainment options and economic engines.
 "The outlook for growth in casino entertainment is bright because people enjoy it," he said, "and because it has important and significant economic benefits for communities."
 Demand is far greater than supply, according to Satre, and he predicts that casino revenues will double in the next decade.
 State governments are finding that casino entertainment is a job creator and a proven generator of tax revenues. New casinos will create 120,000 new jobs in the United States in the next two years and 500,000 jobs in the next decade, according to Satre.
 To demonstrate the impact of casinos as a revenue producer, he cited Illinois which will collect $90 million in state gaming taxes in 1993 and the city of Joliet which gains an additional $1.5 million per month in direct taxes on casino admission fees.
 "The benefits of casino entertainment are real and significant," he said, "and are making a difference in the lives of individual Americans and in the economic development of communities."
 Satre said Harrah's is realistic about the growth of casino entertainment.
 "To reap the entertainment and economic benefits of casinos, a community has to meet certain characteristics, including demographics, infrastructure, and most importantly, informed political leadership," he said.
 In his remarks, Satre offered four recommendations for political leaders.
 -- Be realistic about the potential size of casino entertainment
 demand and recognize that it is not infinite.
 -- Commit to providing an effective regulatory structure, giving
 consideration to limiting licenses and requiring a minimum level
 of investment.
 -- Choose developers that commit to long-term, high quality
 investments in the community.
 -- Select operators that demonstrate a commitment to sustainable
 growth, regulatory compliance, diversity in hiring and promotions
 and responsibility toward problem gaming issues.
 Following his address, Satre responded to questions from the Press Club membership:
 -- Ten states currently have active casino legislative activity and
 are considering casino legalization, he said. The most probable
 prospects being Pennsylvania, Massachusetts, West Virginia,
 Virginia and Texas.
 -- The development of Indian reservation casinos in the state of
 Minnesota and the state of Connecticut have not had a significant
 impact on the traditional casino markets, Satre said. Indian
 reservation casinos, as well as riverboat casinos in the
 Midwest, are creating new customers, who after enjoying their
 first experience with gaming, want to try casino entertainment in
 Nevada and other traditional casino markets.
 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. Dockside casinos in Vicksburg and Tunica (near Memphis), Miss., opened on Nov. 15 and Nov. 29. Additional casino and entertainment projects under development include the world's largest casino in New Orleans, casinos in Shreveport, La., North Kansas City and St. Louis/Riverport, Mo., Central City (near Denver), Colo., and on the Ak-Chin Indian reservation outside of Phoenix.
 Harrah's parent company, Promus, also owns and operates three leading hotel brands: Embassy Suites, Hampton Inn and Homewood Suites hotels.
 -0- 12/3/93
 /NOTE TO EDITORS: For a complete transcript of Satre's presentation, including the question and answer session, call 800-500-9911./
 /CONTACT: Brent Burkhardt, 410-347-7500 (ext. 306), or, home, 410-752-2710, or Jocelyn Shrewder, 410-347-7500 (ext. 317), for Harrah's Casinos/
 (PRI)


CO: The Promus Companies Incorporated; Harrah's Casinos ST: District of Columbia IN: CNO SU:

IH-DC -- DC019 -- 0389 12/03/93 16:50 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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