Harrah's, Starwood and Baha Mar Resorts Ltd. Announce $1.6 Billion Joint Venture for Development of Baha Mar, a 'Destination Resort Metropolis' in the Bahamas

Nassau, The Bahamas, November 7, 2005- Baha Mar Resort announced a joint venture with Harrah's Entertainment Inc. and Starwood Hotels & Resorts Worldwide Inc. The deal represents a $1.6 billion investment, the largest phase-one in the Caribbean. The three companies will build, operate and own Baha Mar. Left to right: Sarkis Izmirlian, chairman, CEO of Baha Mar Resorts Ltd.; Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc.; Steve Heyer, CEO of Starwood Hotels & Resorts Worldwide Inc. and The Hon. Obeie H. Wilchcombe, Minister of Tourism of The Bahamas. Rosalie Huerta 954 765 3636 305 458 4823 (Photo: Business Wire)