NEWSFLASH

---

CAESAR'S PALACE, HARRAH'S ENTER CLARK

Clark Field, Jan. 18, 1998 - The world's largest and most famous names in entertainment and casinos will be developing a 500-hectare Entertainment City inside Clark.

Clark Development Corporation president Romeo David announced that $1 billion will be invested on the project in the initial three-year phase, with another $1 billion in the succeeding two years.

Entertainment City will be developed by Harrah's International, Caesar's Palace of Las Vegas and Mirage, headed by Steve Wynn. When it opens in the year 2000, it will be a world-class tourism center consisting of several casinos, a 4,000-room hotel, a golf course, theme parks, shopping centers, restaurants, sports facilities and residential areas.

The Hong Kong-based firm Golden Fortune Travel and Entertainment Ltd. has signed a joint venture agreement with the company for the construction of the entire project.

---