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November 24, 2009

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Harrah’s Entertainment buys two closed casinos in Reno

Friday, June 18, 1999 | 6:57 a.m.

Harrah's will own the entire block on Virginia Avenue with the old Harolds Club and Nevada Club at the base of the famous Reno arch, said Phil Satre, company chairman and CEO.

Harrah's currently is developing a master plan for the property with a Las Vegas developer, Marnell Carrao Associates, he said.

"I would expect the master plan will not include remodeling these two buildings but rather extending the Harrah's Reno property onto this additional real estate with added casino attractions and amenities," he said in a statement.

Neither Satre nor Steve Yarrow, senior vice president and general manager of Harrah's Reno, would discuss the sale price or any other details.

Yarrow said Friday all he could say at this time was "it will be part of the Harrah's family and it will be spectacular."

Harrah's owns 18 casinos nationwide, and one in Australia. The company plans to move its headquarters from Memphis to Las Vegas by the summer of 2000.

The Nevada Club operated for 51 years before it closed in December 1997. Harolds Club closed in 1995.

The Nevada Club property was valued a year ago at about $12 million. Harolds Club last was valued at about $8.5 million.

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