Ciudad Real is located about 120 miles south of Madrid, which is about 50 minutes away via high-speed rail. The preliminary project scope for the 29-acrCaesar's complex includes an 850-room luxury hotel; a 50,000-sf casino; a 3,000-seat theater; a conference center, a spa; multiple eating and drinking establishments; and an adjacent lakeside retail center that will bear the Forum Shops moniker.

Harrah's is majority partner of the 60-40 casino-resort joint venture. Construction is expected to begin in late 2006. Harrah's and El Reino expect to invest approximately $670 million in the project which would be the first vertical construction phase of the El Reino master planned community. Infrastructure such as roads, water and sewer, and one of the planned three golf courses is already in place.

Harrah's also recently announced projects in Slovenia and the Bahamas. Earlier this week, Harrah's announced the signing of a memorandum of understanding with the Hit Group, Slovenia's largest casino operator, to pursue development of a luxury casino resort in Nova Gorica, which is just across the border from Italy. Earlier this month, it signed a letter of intent with Baha Mar Resorts, Ltd. and Starwood Hotels and Resorts Worldwide Inc. to partner in a joint development of a 1,000-acre destination beachfront resort in the Bahamas. Harrah's and partners are also in the running to develop the Marina Bay integrated resort site in Singapore.