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FOR IMMEDIATE RELEASE

December 18th, 2007

COMMONWEALTH OF PENNSYLVANIA

Pennsylvania Gaming Control Board
P.O. Box 69060
Harrisburg, PA 17106-9060

CONTACT

Doug Harbach or Richard McGarvey (717) 346-8321

PGCB Approves Harrah’s Change of Ownership

HARRISBURG: The Pennsylvania Gaming Control Board today approved the proposed change of ownership/control of Harrah’s Entertainment, owner of Chester Downs and Marina, LLC in Delaware County, to Hamlet Holdings, LLC.

“As with any change of ownership, the board reviews the proposal to ensure that it is in the best interest of Pennsylvania citizens,” said Mary DiGiacomo Colins, Chairman of the Pennsylvania Gaming Control Board. “Even with this approval, our work does not end. We will be keeping a close eye on the proposed new owners to ensure they follow through with the promises made to the Board.”

Under the Pennsylvania Race Horse Development and Gaming Act, the Gaming Control Board has the duty to protect the public through the regulation and policing of all activities involving gaming. The Board must approve any change in ownership or control of a slot machine license.

The approval came after the Board reviewed testimony submitted at a December 3, 2007 hearing where Harrah’s Entertainment, Inc. and Hamlet Holdings, LLC outlined their objectives for the Pennsylvania facility in Chester. The Board was assurred that the Delaware County slots operation is a valued facility and that the new owners will strive to operate it in a manner beneficial to both the community and the citizens of the Commonwealth.

In addition to the approval, Hamlet Holdings must also pay the Commonwealth a $2.5 million license fee.

The sale, which is expected to be completed in early 2008, has already received regulatory approval from several jurisdictions including Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, and New Jersey. Overall, the Harrah’s sale is valued at approximately $30 billion and would be the 7th largest buyout in U.S. history.

For more information about the PA Gaming Control Board visit our website at http://www.pgcb.state.pa.us.

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