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December 7, 2009

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Execs exercise stock options

Friday, May 4, 2001 | 10:49 a.m.

Harrah's Chairman Phil Satre and outgoing Chief Financial Officer Colin Reed filed documents with the Securities and Exchange Commission indicating their intention to sell a total of $22.2 million in Harrah's stock.

Satre indicated plans to sell 101,144 shares of stock for $3.6 million, while Reed planned to sell 546,188 shares for $18.6 million. The sales were to have occurred in late April, the Wednesday filing stated.

That represents 6 percent of Satre's stake in Harrah's as of Jan. 31, and 73 percent of Reed's stake.

Gary Thompson, Harrah's spokesman, said all of the shares sold came from the exercise of stock options. Satre exercised 10-year options that were on the verge of expiring, Thompson said, while all of Reed's options expire when he leaves the company. Reed's last day as Harrah's CFO is today.

It is not known what the exercise price of the options was, or what proceeds Satre and Reed actually received.

As of Dec. 31, Satre held 850,637 exercisable options and 1.07 million unexercisable options. Reed held 444,383 exercisable options and 813,121 unexercisable options.

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