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 * TOLOSA J CARLOS   2. Issuer Name and Ticker or Trading Symbol HARRAHS ENTERTAINMENT INC [HET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President, Eastern Division (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 89919 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   59,734 (1) D $ 90 (1) 0 D   Common Stock 01/28/2008   D   24,968 (1) D $ 90 (1) 0 I By 401(k) Non-Voting Common Stock 01/28/2008   A   29,547.71 A $ 100 29,547.71 D   Non-Voting Preferred Stock 01/28/2008   A   14,452.29 A $ 100 14,452.29 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)

$ 46.135

01/28/2008

D

102,417

(2)(4)

09/05/2009

Common Stock

102,417

$ 43.865 (2)

0

D

Stock Option (right to buy)

$ 43.495

01/28/2008

D

75,000

(2)(5)

06/18/2010

Common Stock

75,000

$ 46.505 (2)

0

D

Stock Option (right to buy)

$ 52.585

01/28/2008

D

65,000

(2)(6)

06/16/2011

Common Stock

65,000

$ 37.415 (2)

0

D

Stock Option (right to buy)

$ 73.95

01/28/2008

D

100,000

(2)(7)

06/17/2012

Common Stock

100,000

$ 16.05 (2)

0

D

Stock Appreciation Right

$ 64.97

01/28/2008

D

80,414

(3)(8)

07/19/2013

Common Stock

80,414

$ 25.03 (3)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
TOLOSA J CARLOS C/O HARRAH'S ENTERTAINMENT, INC ONE CAESARS PALACE DRIVE LAS VEGAS, NV 89919			President, Eastern Division

Signatures

J. Carlos Tolosa 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)	All 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)	All 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.
(4)	The options are exercisable in three installments on 1/1/06, 1/1/07 and 1/1/08 in the following amoungs: 25,604, 25,604 and 51,209.
(5)	The options are exercisable in three equal installments on 1/1/04, 1/1/05, and 1/1/06.
(6)	The options are exercisable in three equal installments on 1/1/05, 1/1/06 and 1/1/07.
(7)	The options are exercisable in three equal installments on 1/1/06, 1/1/07 and 1/1/08.
(8)	The options are exercisable in three equal installments on 6/30/07, 6/30/08 and 6/30/09.

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