LAS VEGAS--(BUSINESS WIRE)--January 19, 2007 For the fourth consecutive year, Gary Loveman, chairman, chief executive officer and president of Harrah's Entertainment, Inc. (NYSE:HET) was named "Best CEO" in the gaming and lodging industry by Institutional Investor magazine.

"Although awards such as these are bestowed upon individual executives, credit for this honor truly lies with my 85,000 hard-working, dedicated colleagues at Harrah's," Loveman said.

CEOs in 62 industries were honored in this year's competition, including Frederick Smith, FedEx Corp.; Robert Iger, Walt Disney Co.; Arthur Levinson, Genentech; Lawrence Ellison, Oracle Corp.; Edward Zander, Motorola; Steven Ballmer, Microsoft Corp.; and John Chambers, Cisco Systems.

"If merely keeping a job is a notable achievement for today's CEOs, outperforming peers is an even bigger accomplishment," the magazine said. "And continuing to do so at an elite level year after year is a feat that none but the most talented chiefs can pull off."

Selections were based on the votes of more than 1,000 analysts and portfolio managers. Respondents were asked to name the top CEOs in the sectors for which they had responsibility.

Loveman has been honored by Institutional Investor each year since he assumed the office of CEO in 2003.

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company's properties operate primarily under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

More information about Harrah's is available at its Web site - www.harrahs.com.

CONTACT: Harrah's Entertainment, Inc., Las Vegas Daniel Foley, 702-407-6370 (Investors) Alberto Lopez, 702-407-6344 (Media)

Last Updated: January 19, 2007 18:01 EST