FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * LOVEMAN GARY W   2. Issuer Name and Ticker or Trading Symbol HARRAHS ENTERTAINMENT INC [HET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman, President and CEO (Last) (First) (Middle) C/O HARRAH'S ENTERTAINMENT, INC., ONE CAESARS PALACE DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 01/28/2008 (Street) LAS VEGAS, NV 89119 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/28/2008   D   24,271 (1) D $ 90 (1) 0 D   Common Stock 01/28/2008   D   25,152 (1) D $ 90 (1) 0 I By GRAT Common Stock 01/28/2008   D   4,500 (1) D $ 90 (1) 0 I As Custodian (3) Common Stock 01/28/2008   D   4,830 (1) D $ 90 (1) 0 I By 401(k) Common Stock 01/28/2008   D   111,111 D (15) 0 D   Non-Voting Common Stock 01/28/2008   A   67,153.82 A (16) 67,153.82 D   Non-Voting Preferred Stock 01/28/2008   A   32,846.08 A (16) 32,846.08 D   Non-Voting Common Stock 01/28/2008   A   33,576.94 A $ 100 100,730.76 D   Non-Voting Preferred Stock 01/28/2008   A   16,423.06 A $ 100 49,269.14 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$ 28.8125	01/28/2008		D			350,000	(2)(5)	11/15/2010	Common Stock	350,000	$ 61.1875 (2)	0	D
Stock Option (right to buy)	$ 25.625	01/28/2008		D			136,600	(2)(6)	01/02/2011	Common Stock	136,600	$ 64.375 (2)	0	D
Stock Option (right to buy)	$ 47.025	01/28/2008		D			85,000	(2)(7)	06/20/2009	Common Stock	85,000	$ 42.975 (2)	0	D
Stock Option (right to buy)	$ 46.135	01/28/2008		D			341,389	(2)(8)	09/05/2009	Common Stock	341,389	$ 43.865 (2)	0	D
Stock Option (right to buy)	$ 43.495	01/28/2008		D			130,000	(2)(9)	06/18/2010	Common Stock	130,000	$ 46.505 (2)	0	D
Stock Option (right to buy)	$ 52.585	01/28/2008		D			250,000	(2)(10)	06/16/2011	Common Stock	250,000	$ 37.415 (2)	0	D
Stock Option (right to buy)	$ 73.95	01/28/2008		D			376,947	(2)(11)	06/17/2012	Common Stock	376,947	$ 16.05 (2)	623,053	D
Stock Option (right to buy)	$ 73.95	01/28/2008		D			623,053	(11)	06/17/2012	Common Stock	623,053	(14)	0	D
Stock Option (right to buy)	$ 25	01/28/2008		A		133,333		(13)	06/27/2012	Non-Voting Common Stock	133,333	(14)	133,333	D
Stock Appreciation Right	$ 64.97	01/28/2008		D			350,000	(4)(12)	07/19/2013	Common Stock	350,000	$ 25.03 (4)	0	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LOVEMAN GARY W C/O HARRAH'S ENTERTAINMENT, INC. ONE CAESARS PALACE DRIVE LAS VEGAS, NV 89119	X		Chairman, President and CEO

Signatures

Gary W. Loveman by Angela P. Winter, Attorney-in-Fact		01/28/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Disposed of pursuant to the merger agreement (the "Merger Agreement") among the Issuer, Hamlet Holdings LLC, ("Parent") and Hamlet Merger Inc. a wholly-owned subsidiary of Parent (the "Merger"), which provides for the cancellation of shares of Common Stock of the Issuer in exchange for $90.00 per share (the "Merger Consideration").
(2)	The vested and unvested options were cancelled pursuant to the Merger Agreement in exchange for cash consideration equal to the Merger Consideration less the exercise price per share.
(3)	1,500 shares held by Gary W. Loveman as custodian for Jeremy W. Welsh-Loveman under UTMA; 2,000 shares held by Gary W. Loveman as custodian for Monica K. Welsh-Loveman under UTMA; and 1,000 shares held by Gary W. Loveman as custodian for Kristine A. Welsh-Loveman under UTMA.
(4)	The vested and unvested stock appreciation rights were cancelled pursuant to the Merger Agreement in exchange for cash consideration equal to the Merger Consideration less the exercise price per share.
(5)	The options were exercisable in four equal installments on 1/1/03, 1/1/04, 1/1/05 and 1/1/06.
(6)	The options were exercisable in four installments on 1/1/03, 1/1/04, 1/1/05 and 1/1/06 in the following amounts: 24,100, 37,500, 37,500 and 37,500 respectively.
(7)	The options were exercisable in three equal installments on 1/1/03, 1/1/04 and 1/1/05.
(8)	The options were exercisable in three installments on 1/1/06, 1/1/07 and 1/1/08 in the following amounts: 85,347, 85,347 and 170,695 respectively.
(9)	The options were exercisable in three equal installments on 1/1/04, 1/1/05 and 1/1/06.
(10)	The options were exercisable in three equal installments on 1/1/05, 1/1/06 and 1/1/07.
(11)	The options were exercisable in five equal installments on 1/1/06, 1/1/07, 1/1/08, 1/1/09 and 1/1/10.
(12)	The stock appreciation rights were exercisable in five equal installments on 6/30/07, 6/30/08, 6/30/09, 6/30/10 and 6/30/11.
(13)	Immediate
(14)	This option was replaced with an option to purchase 133,333 shares of non-voting common stock for $25 per share.
(15)	Exchanged in connection with the Merger for 67,153.82 shares of non-voting common stock and 32,846.08 shares of non-voting preferred stock of surviving corporation, each having a market value of $100 per share.
(16)	67,153.82 shares of non-voting common stock and 32,846.08 shares of non-voting preferred stock acquired through exchange described in footnote 15.

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