How Harrah's Upped Its Ante
Your recent article on Harrah's painted an interesting picture of our company, some of which I agree with, and some of which I don't ("Harrah's goes for broke," The Corporation, Jan. 27). One thing, however, I feel I must address. After a heading "cash poor," the story gives Harrah's cash available as $330 million, down 50% from 1995's yearend figure.
It is true that Harrah's credit availability as of Sept. 20, 1996 (the last reporting period), was $330 million. But in October, we announced a $350 million increase in our bank facility. This increase took our credit availability to $680 million, up by some 80%, not down 50%. Perhaps the heading should have been "cash rich" rather than cash poor.
Philip G. Satre
Chairman, President, and CEO
Harrah's Entertainment Inc.