<Page>
Exhibit 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
<Table>
<Caption>
Third Quarter Ended Nine Months Ended
Sept 30, Sept 30, Sept 30, Sept 30,
2001 2000 2001 2000
------------- ------------- ------------- -------------
Income before extraordinary losses $ 61,817,000 $ 71,980,000 $ 153,891,000 $ 149,942,000
Extraordinary gain (losses), net 106,000 -- (25,000) (716,000)
------------- ------------- ------------- -------------
Net income $ 61,923,000 $ 71,980,000 $ 153,866,000 $ 149,226,000
============= ============= ============= =============
BASIC EARNINGS PER SHARE
Weighted average number of common
shares outstanding 113,241,429 115,041,882 114,610,333 118,276,132
============= ============= ============= =============
BASIC EARNINGS PER COMMON SHARE
Income before extraordinary losses $ 0.55 $ 0.63 $ 1.34 $ 1.27
Extraordinary losses, net -- -- -- (0.01)
------------- ------------- ------------- -------------
Net income $ 0.55 $ 0.63 $ 1.34 $ 1.26
============= ============= ============= =============
DILUTED EARNINGS PER SHARE
Weighted average number of common
shares outstanding 113,241,429 115,041,882 114,610,333 118,276,132
Additional shares based on
average market price for
period applicable to:
Restricted stock 655,982 509,132 661,853 424,024
Stock options 1,182,938 1,802,627 1,517,082 1,287,920
------------- ------------- ------------- -------------
Average number of common and
common equivalent shares
outstanding 115,080,349 117,353,641 116,789,268 119,988,076
============= ============= ============= =============
DILUTED EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARES
Income before extraordinary losses $ 0.54 $ 0.61 $ 1.32 $ 1.25
Extraordinary losses, net -- -- -- (0.01)
------------- ------------- ------------- -------------
Net income $ 0.54 $ 0.61 $ 1.32 $ 1.24
============= ============= ============= =============
</Table>