Harrah’s Entertainment and Keppel Land Statement on Sentosa Integrated Resort Bid Proposal Decision

LAS VEGAS & SINGAPORE--(BUSINESS WIRE)--Harrah’s Entertainment, Inc. (NYSE:HET) and Keppel Land (SGX:KPLD) today issued the following statement regarding the companies’ decision not to submit a bid proposal for the Singapore Tourism Board Sentosa Island integrated resort project:

“Regrettably, we determined it would not be possible to deliver a development on the scale we envisioned for Sentosa Island while meeting our objectives for this project. Accordingly, we decided not to submit a response to the request for proposal.”

“Over the last three months, Harrah's, Keppel, and our partners have worked tirelessly on a proposal for a spectacular integrated resort at Sentosa Island that would meet the Government of Singapore’s ambitious goals for the site. We brought together a broad range of talent to design a unique, world-class project that would fulfill Singapore's aspirations.

“Regrettably, we determined it would not be possible to deliver a development on the scale we envisioned for Sentosa Island while meeting our objectives for this project. Accordingly, we decided not to submit a response to the request for proposal.

“Harrah's remains committed to development in Asia. And, Harrah’s, Keppel and our partners wish the Government of Singapore every success with its Sentosa Island integrated resort which has several other qualified bidders."

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada 68 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

More information on Harrah's is available at its Web site - www.harrahs.com.

About Keppel Land

Keppel Land Limited is one of the largest listed property companies by total assets on the Singapore Exchange Securities Trading Limited and the property arm of the Keppel Group, one of Singapore's largest multinational groups with core businesses in offshore and marine, infrastructure, and property.

Keppel Land is an established developer of premier residential properties and investment-grade offices. It is geographically diversified in Asia including Singapore, China and Hong Kong, Thailand, Vietnam, India, Indonesia, Malaysia, Philippines, Japan, South Korea, Australia and Myanmar.

For more information, visit: www.keppelland.com.sg.