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Press Release Source: Harrah's Entertainment, Inc.
Harrah's Entertainment Plans To Launch Online Gaming Venture; Subscription-Based 'Lucky Me' Site To Begin Operations In 2004 First Quarter
Wednesday November 12, 7:02 am ET
LAS VEGAS, Nov. 12 /PRNewswire-FirstCall/ -- Harrah's Entertainment, Inc. (NYSE: HET - News) plans to launch an online gaming venture called "Lucky Me" in the United Kingdom in the first quarter of 2004.
(Logo: Link Removed (invalid URL) )
"We continue to focus on being the leading distributor of gaming entertainment," said Gary Loveman, Harrah's Entertainment president and chief executive officer. "Our goal with this venture is to use interactive online channels to deliver new and innovative forms of gaming to potential customers around the world."
Initially, the games will be offered only in the United Kingdom. As other jurisdictions define their position on Internet and interactive gaming, Harrah's may expand into additional areas and use additional distribution outlets, such as interactive television.
"We are very excited about the opportunity to grow this business," said Loveman. "Given the nature of the online and interactive channels, Lucky Me is scalable and easily modifiable for launch in many markets."
The venture will introduce a new approach to online gaming -- subscription-based play -- that differs from the "pay-as-you-play" Internet gaming model other U.S.-based casino operators have offered. Lucky Me will allow eligible adults to pay low monthly subscription prices for access to popular games that offer cash prizes.
"The subscription-based gaming model fundamentally changes the customer experience and the economics of the Internet-gaming business," said Richard Mirman, Harrah's senior vice president of new business development. "Customers can buy low-priced subscriptions for access to as many of each month's games as they want."
Lucky Me will offer a new game every 7 1/2 minutes. The games will range from traditional bingo-type games to variations of popular games offered on typical "play-for-fun" Internet sites.
Subscription prices will range from about $17 (10 pounds Sterling) to a maximum of $84 (50 pounds Sterling) per month, depending on the number of cards players purchase. Prizes will range from $8.50 (5 pounds Sterling) to $1.7 million (1 million pounds Sterling).
Mirman said the Harrah's online venture is unique.
"Our research has shown that the excitement of traditional casino-entertainment does not translate very well on the Internet, so we will not offer typical casino games such as blackjack, roulette or slots," he said. "Instead, Lucky Me creates a social environment that allows customers to compete and interact for the chance to win valuable prizes."
Mirman said Harrah's has teamed up with Revahertz Networks, a privately held Boston-based software game developer, to develop and market new, exciting and fun Internet games. Revahertz will create Lucky Me's technology and games in return for a share of the revenues, while Harrah's will manage the operation. Revahertz principals founded the games-for-prizes site Gamesville, which was sold to Lycos in 1999.
"Revahertz is a terrific complement to our team, bringing expertise in developing online game content and designing Web sites with mass appeal," Mirman said.
"We are pleased to be working with Harrah's, a highly respected marketing company and leader in its industry," said Steve Kane, Revahertz chief executive officer. "We share Harrah's belief that the subscription model is a powerful method of realizing the revenue-generating potential of popular Internet games."
"As a result of our relationship with Revahertz, our capital investment will be relatively modest compared with the costs incurred by other casino operators for online startups," Mirman said. "This allows us to focus all our resources on marketing and operating the business."
"We are tremendously excited about the opportunity to provide millions of consumers an enjoyable entertainment experience in which they can play popular games and win cash prizes, all from the comfort of their homes," he said. "The brand name 'Lucky Me' sums it up: It is all about being lucky, having fun and enjoying the chance to win money."
"This online venture, coupled with our previously announced plans to develop regional casinos with Gala Group, Ltd. and full-service destination resorts throughout the United Kingdom, signals our confidence in the growth potential afforded by the United Kingdom," said Loveman. "We believe Lucky Me is the right way to tap into the significant potential of Internet gaming and continue to build our distribution around the world."
Harrah's has obtained all necessary approvals to operate the venture.
Citizens located in the United States and other jurisdictions that prohibit Internet bets or wagers will be unable to access the games due to a sophisticated, multi-step identification process. The process includes automatic verification and age identification through the use of filtering software, credit card checks and UK government databases, all aimed at preventing underage consumers or those located in prohibited jurisdictions from playing the games.
Founded 66 years ago, Harrah's Entertainment, Inc. operates 25 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its target 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
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 contains 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, new projects, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. We have based these forward-looking statements on our current expectations and projections about future events.
We caution the reader that forward-looking statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results 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:
* the effect 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 the company's properties;
* our ability to timely and cost effectively integrate into our
operations the companies that we acquire, including with respect to
our previously announced acquisition of Horseshoe Gaming Holding
Corp.;
* access to available and feasible financing;
* 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;
* 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. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Harrah's Entertainment, Inc.
Press Release Source: Harrah's Entertainment, Inc.
Harrah's Entertainment Plans To Launch Online Gaming Venture; Subscription-Based 'Lucky Me' Site To Begin Operations In 2004 First Quarter
Wednesday November 12, 7:02 am ET
LAS VEGAS, Nov. 12 /PRNewswire-FirstCall/ -- Harrah's Entertainment, Inc. (NYSE: HET - News) plans to launch an online gaming venture called "Lucky Me" in the United Kingdom in the first quarter of 2004.
(Logo: Link Removed (invalid URL) )
"We continue to focus on being the leading distributor of gaming entertainment," said Gary Loveman, Harrah's Entertainment president and chief executive officer. "Our goal with this venture is to use interactive online channels to deliver new and innovative forms of gaming to potential customers around the world."
Initially, the games will be offered only in the United Kingdom. As other jurisdictions define their position on Internet and interactive gaming, Harrah's may expand into additional areas and use additional distribution outlets, such as interactive television.
"We are very excited about the opportunity to grow this business," said Loveman. "Given the nature of the online and interactive channels, Lucky Me is scalable and easily modifiable for launch in many markets."
The venture will introduce a new approach to online gaming -- subscription-based play -- that differs from the "pay-as-you-play" Internet gaming model other U.S.-based casino operators have offered. Lucky Me will allow eligible adults to pay low monthly subscription prices for access to popular games that offer cash prizes.
"The subscription-based gaming model fundamentally changes the customer experience and the economics of the Internet-gaming business," said Richard Mirman, Harrah's senior vice president of new business development. "Customers can buy low-priced subscriptions for access to as many of each month's games as they want."
Lucky Me will offer a new game every 7 1/2 minutes. The games will range from traditional bingo-type games to variations of popular games offered on typical "play-for-fun" Internet sites.
Subscription prices will range from about $17 (10 pounds Sterling) to a maximum of $84 (50 pounds Sterling) per month, depending on the number of cards players purchase. Prizes will range from $8.50 (5 pounds Sterling) to $1.7 million (1 million pounds Sterling).
Mirman said the Harrah's online venture is unique.
"Our research has shown that the excitement of traditional casino-entertainment does not translate very well on the Internet, so we will not offer typical casino games such as blackjack, roulette or slots," he said. "Instead, Lucky Me creates a social environment that allows customers to compete and interact for the chance to win valuable prizes."
Mirman said Harrah's has teamed up with Revahertz Networks, a privately held Boston-based software game developer, to develop and market new, exciting and fun Internet games. Revahertz will create Lucky Me's technology and games in return for a share of the revenues, while Harrah's will manage the operation. Revahertz principals founded the games-for-prizes site Gamesville, which was sold to Lycos in 1999.
"Revahertz is a terrific complement to our team, bringing expertise in developing online game content and designing Web sites with mass appeal," Mirman said.
"We are pleased to be working with Harrah's, a highly respected marketing company and leader in its industry," said Steve Kane, Revahertz chief executive officer. "We share Harrah's belief that the subscription model is a powerful method of realizing the revenue-generating potential of popular Internet games."
"As a result of our relationship with Revahertz, our capital investment will be relatively modest compared with the costs incurred by other casino operators for online startups," Mirman said. "This allows us to focus all our resources on marketing and operating the business."
"We are tremendously excited about the opportunity to provide millions of consumers an enjoyable entertainment experience in which they can play popular games and win cash prizes, all from the comfort of their homes," he said. "The brand name 'Lucky Me' sums it up: It is all about being lucky, having fun and enjoying the chance to win money."
"This online venture, coupled with our previously announced plans to develop regional casinos with Gala Group, Ltd. and full-service destination resorts throughout the United Kingdom, signals our confidence in the growth potential afforded by the United Kingdom," said Loveman. "We believe Lucky Me is the right way to tap into the significant potential of Internet gaming and continue to build our distribution around the world."
Harrah's has obtained all necessary approvals to operate the venture.
Citizens located in the United States and other jurisdictions that prohibit Internet bets or wagers will be unable to access the games due to a sophisticated, multi-step identification process. The process includes automatic verification and age identification through the use of filtering software, credit card checks and UK government databases, all aimed at preventing underage consumers or those located in prohibited jurisdictions from playing the games.
Founded 66 years ago, Harrah's Entertainment, Inc. operates 25 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its target 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
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.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 contains 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, new projects, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. We have based these forward-looking statements on our current expectations and projections about future events.
We caution the reader that forward-looking statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results 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:
* the effect 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 the company's properties;
* our ability to timely and cost effectively integrate into our
operations the companies that we acquire, including with respect to
our previously announced acquisition of Horseshoe Gaming Holding
Corp.;
* access to available and feasible financing;
* 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;
* 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. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Harrah's Entertainment, Inc.
