UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 11, 2005
Date of Report (Date of earliest event reported)
Harrahs Entertainment, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-10410 |
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62-1411755 |
(State of Incorporation) |
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(Commission File Number) |
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(IRS Employer |
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Identification Number) |
One Harrahs Court
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
(702) 407-6000
(Registrants telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
ý Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
(d) Election of Directors.
On March 11, 2005, Harrahs Entertainment, Inc. issued a press release announcing that it plans to appoint Stephen F. Bollenbach and William Barron Hilton to the Harrahs Board of Directors, upon the completion of Harrahs acquisition of Caesars Entertainment, Inc. Each of Messrs. Bollenbach and Hilton currently serve on the Board of Directors of Caesars and are expected to be appointed to the Harrahs Board of Directors pursuant to the Agreement and Plan of Merger, dated July 14, 2004, by and among Harrahs, Harrahs Operating Company, Inc., a wholly owned subsidiary of Harrahs, and Caesars.
For additional information concerning the foregoing, a copy of the press release dated March 11, 2005 is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 8.01 Other Events.
In connection with the pending acquisition of Caesars by Harrahs, Harrahs and Caesars announced today that stockholders of both companies separately approved the merger of Caesars into Harrahs Operating Company, a wholly owned subsidiary of Harrahs.
For additional information concerning the foregoing, a copy of the joint press release dated March 11, 2005 is attached hereto as Exhibit 99.2 and is incorporated by reference herein.
Additional Information about the Acquisition and Where to Find It
In connection with Harrahs proposed acquisition of Caesars (Acquisition), on January 24, 2005, Harrahs filed definitive materials with the Securities and Exchange Commission (SEC), including a registration statement on Form S-4 that contains a definitive prospectus and joint proxy statement. INVESTORS AND SECURITY HOLDERS OF HARRAHS AND CAESARS ARE URGED TO READ THE PROSPECTUS AND JOINT PROXY STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT HARRAHS, CAESARS AND THE ACQUISITION. The definitive materials filed on January 24, 2005, the preliminary versions of these materials filed on October 20, 2004, December 20, 2004, and January 24, 2005 and other relevant materials, and any other documents filed by Harrahs or Caesars with the SEC, may be obtained free of charge at the SECs web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Harrahs by directing a written request to: Harrahs Entertainment, Inc., One Harrahs Court, Las Vegas, Nevada 89119, Attention: Investor Relations or Caesars Entertainment, Inc., 3930 Howard Hughes Parkway, Las Vegas, Nevada 89109, Attention: Investor Relations. Investors and security holders are urged to read the proxy statement, prospectus and the other relevant materials before making any investment decision with respect to the Acquisition.
Harrahs, Caesars and their respective executive officers and directors may be deemed to be participants in the solicitation of election forms from the stockholders of Caesars in connection with the Acquisition. Information about those executive officers and directors of Harrahs and their ownership of Harrahs common stock is set forth in the Harrahs Form 10-K for the year ended December 31, 2004, which was filed with the SEC on March 1, 2005, and the proxy statement for Harrahs 2005 Annual Meeting of Stockholders, which was filed with the SEC on March 3, 2005. Information about the executive officers and directors of Caesars and their ownership of Caesars common stock is set forth in the proxy statement for Caesars 2004 Annual Meeting of Stockholders, which was filed with the SEC on April 16, 2004. Investors and security holders may obtain additional information regarding the direct and indirect interests of Harrahs, Caesars and their respective executive officers and directors in the Acquisition by reading the proxy statement and prospectus regarding the Acquisition.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such
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offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits. The following exhibits are being filed herewith:
99.1 Press release dated March 11, 2005.
99.2 Joint press release dated March 11, 2005.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HARRAHS ENTERTAINMENT, INC. |
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Date: March 11, 2005 |
By: |
/s/ Stephen H. Brammell |
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Stephen H. Brammell |
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Senior Vice President,
General Counsel |
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Exhibit 99.1
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Brad Belhouse Investors |
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Gary Thompson Media |
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Harrahs Entertainment, Inc. |
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Harrahs Entertainment, Inc. |
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(702) 407-6367 |
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(702) 407-6529 |
Harrahs Entertainment Announces Post-Merger Senior-Management Structure; Caesars Hilton, Bollenbach To Join Harrahs Board of Directors
LAS VEGAS, March 11, 2005 Harrahs Entertainment, Inc. (NYSE: HET) said today Gary Loveman will be chairman, chief executive officer and president of the company following the planned merger of Harrahs Operating Company, a wholly owned subsidiary of Harrahs Entertainment, and Caesars Entertainment, Inc. (NYSE: CZR).
Charles Atwood will be Harrahs senior vice president and chief financial officer, while Tim Wilmott will be Harrahs chief operating officer. Harrahs will operate three divisions: Tom Jenkin will be Western Division president, Anthony Sanfilippo Central Division president and Carlos Tolosa Eastern Division president.
Harrahs also plans to appoint William Barron Hilton and Stephen F. Bollenbach to the companys board of directors following the transactions close. Hilton is co-chairman of the board of Hilton Hotels Corp. and a director of Caesars Entertainment. Bollenbach is chairman of Caesars Entertainment and co-chairman and CEO of Hilton Hotels.
All current Harrahs directors will continue to serve on the companys board. Harrahs will also consider adding other Caesars directors to its board in accordance with the merger agreement.
The completion of the Harrahs-Caesars merger and appointments to the board of directors are subject to customary closing conditions, including the receipt of required regulatory approvals. The companies expect the transaction to close in the second quarter of 2005.
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We are sincerely pleased that stockholders of Harrahs and Caesars today voted overwhelmingly to approve the merger of our two companies, Loveman said. We appreciate their confidence and believe we are prepared to make this merger the largest in gaming industry history rewarding to the stockholders, employees, customers and communities of our combined company.
We are also gratified that Barron and Steve have agreed to join the Harrahs board of directors. They are legends within the hospitality industry and businessmen of unrivaled experience and reputation. Their counsel and leadership will be invaluable as we combine two of the most successful companies in gaming.
Thanks to the efforts of the Caesars management team, Caesars has invested in major Las Vegas and Atlantic City expansions that are expected to be completed following the merger, Loveman said. Were excited about the opportunities well have to capitalize on these strategic investments.
Additionally, we expect numerous Caesars property leaders to remain with the company after we complete the transaction, Loveman said. They will be working with division presidents who have delivered outstanding results in a variety of market conditions.
Founded 67 years ago, Harrahs Entertainment, Inc. owns or manages through various subsidiaries 27 casinos in the United States, primarily under the Harrahs and Horseshoe brand names. Harrahs Entertainment is focused on building loyalty and value with its valued customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
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Caesars Entertainment, Inc. is one of the worlds leading gaming companies. With 27 properties on four continents, 26,000 hotel rooms, two million square feet of casino space and 50,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Ballys, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as may, will, project, might, expect, believe, anticipate, intend, could, would, estimate, continue or pursue, or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, strategies, future performance, future financial results of Harrahs and Caesars and Harrahs anticipated acquisition of Caesars. These forward-looking statements are based on current expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of Caesars and Harrahs may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of
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Operations contained therein): financial community and rating agency perceptions of Harrahs and Caesars, the effects of economic, credit and capital market conditions on the economy in general, and on gaming and hotel companies in particular; construction factors, including delays, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and structural building conditions relating to our properties; the ability to timely and cost-effectively integrate into Harrahs operations the companies that it acquires, including with respect to its acquisition of Caesars; access to available and feasible financing, including financing for Harrahs acquisition of Caesars, on a timely basis; changes in laws (including increased tax rates), regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; the ability of our customer-tracking, customer loyalty and yield-management programs to continue to increase customer loyalty and same store sales; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist incidents; abnormal gaming holds; and the effects of competition, including locations of competitors and operating and market competition.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Harrahs and Caesars disclaim any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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Exhibit 99.2
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Contact: |
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Brad Belhouse Investors |
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Josh Hirsberg Investors |
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Harrahs Entertainment, Inc. |
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Caesars Entertainment, Inc. |
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(702) 407-6367 |
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(702) 699-5269 |
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Gary Thompson Media |
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Robert Stewart Media |
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Harrahs Entertainment, Inc. |
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Caesars Entertainment, Inc. |
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(702) 407-6529 |
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(702) 699-5043 |
Harrahs, Caesars Stockholders Approve Merger
LAS VEGAS, March 11, 2005 Harrahs Entertainment, Inc. (NYSE: HET) and Caesars Entertainment, Inc. (NYSE: CZR) announced today that stockholders of both companies separately approved an agreement to merge Caesars Entertainment into Harrahs Operating Company, a wholly owned subsidiary of Harrahs Entertainment.
Harrahs stockholders also approved an increase in the number of authorized shares of Harrahs common stock from 360 million to 720 million.
The merger remains subject to customary closing conditions, including receipt of required regulatory approvals. The companies expect the transaction to close during the second quarter of 2005.
More information about the companies is available at their respective Web sites www.harrahs.com and www.caesars.com
Founded 67 years ago, Harrahs Entertainment, Inc. owns or manages through various subsidiaries 27 casinos in the United States, primarily under the Harrahs and Horseshoe brand names. Harrahs Entertainment is focused on building loyalty and value with its valued customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
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Caesars Entertainment, Inc. is one of the worlds leading gaming companies. With 27 properties on four continents, 26,000 hotel rooms, two million square feet of casino space and 50,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Ballys, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as may, will, project, might, expect, believe, anticipate, intend, could, would, estimate, continue or pursue, or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, strategies, future performance, future financial results of Harrahs and Caesars and Harrahs anticipated acquisition of Caesars. These forward-looking statements are based on current expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of Caesars and Harrahs may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of
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Operations contained therein): financial community and rating agency perceptions of Harrahs and Caesars, the effects of economic, credit and capital market conditions on the economy in general, and on gaming and hotel companies in particular; construction factors, including delays, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and structural building conditions relating to our properties; the ability to timely and cost-effectively integrate into Harrahs operations the companies that it acquires, including with respect to its acquisition of Caesars; access to available and feasible financing, including financing for Harrahs acquisition of Caesars, on a timely basis; changes in laws (including increased tax rates), regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; the ability of our customer-tracking, customer loyalty and yield-management programs to continue to increase customer loyalty and same store sales; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist incidents; abnormal gaming holds; and the effects of competition, including locations of competitors and operating and market competition.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Harrahs and Caesars disclaim any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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