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Commitment called firm

Wednesday, March 22, 2000 | 10:26 a.m.

Harrah's Entertainment Inc. spokeswoman Jan Jones dismissed Wall Street analysts' expectations that the company would pull out of its casino venture in New Orleans, calling such talk "pure speculation."

"Harrah's has been very clear that we have no intention of not meeting the terms of our agreement (with the state of Louisiana)," Jones said Tuesday.

In a recent report, SG Cowen Securities gaming analyst John Maxwell Jr. said he expected Harrah's to pull out in April 2001 unless casino revenues improved significantly. Robertson Stephens analyst Harry Curtis has also referred to a New Orleans pull-out as a distinct possibility.

Harrah's agreement with the state of Louisiana ends in March 2001. Under this agreement, Harrah's agreed to pay a fee of $100 million to the state, regardless of the casino's performance.

"We could (pull out after March 2001), but to say that we would ... it depends on what happens with the business," Jones said. "Right now that's not our intent."

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