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                                                                    Exhibit 10.5

                           ADMINISTRATIVE REGULATIONS

                          HARRAH'S ENTERTAINMENT, INC.
                           LONG-TERM COMPENSATION PLAN
                             EFFECTIVE JULY 25, 2001

These administrative regulations apply to all forms of equity grants made
pursuant to the Company's 2001 Executive Stock Incentive Plan and the 2001 Broad
Based Stock Incentive Plan. These regulations have no application to
performance-based awards granted under the 2001 Executive Stock Incentive Plan
as these awards are governed solely by the terms of the plan.

ELIGIBILITY

The Company will follow the eligibility requirements as set forth in the plans.

RECOMMENDATION METHOD

The Corporate Compensation department will provide each Senior Partner with a
list of eligible employees. The Senior Partner will review the list and make
appropriate additions/deletions. A final approved list will be returned to
Corporate Compensation.

TIMING OF AWARDS

o        REGULAR ANNUAL GRANTS - In general, the Human Resources Committee of
         the Board (HRC) will consider grants for all eligible executives during
         the Summer meeting.

o        INTERIM GRANTS FOR PROMOTIONS AND NEW HIRES - At each of its quarterly
         meetings, the HRC will consider management recommendations for equity
         awards for promoted employees and new hires who may not have
         participated in the annual award and/or who management believes should
         participate in the Long-Term Plan, taking into account external
         competitive forces, internal equity considerations, and individual
         performance.

o        SPECIAL AWARDS - The HRC may approve special equity awards from the
         plan recommended by management to recognize and encourage outstanding
         performance.

AWARD AMOUNTS

o        AGGREGATE AWARD AMOUNTS - It is the Company's policy to set a number of
         equity awards to be distributed annually. Aggregate award amounts will
         take into consideration prudent use of the available pool of shares,
         external competitive forces, and other factors as may be appropriate.
         As a general

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         rule, the Company's annual aggregate awards will approximate two
         percent of outstanding shares, excluding awards to the CEO and COO.

o        INDIVIDUAL AWARD AMOUNTS - Awards for individuals will generally follow
         the Company's standard practices in effect at the time of the award and
         will take into account the aggregate number of shares to be awarded,
         external competitive forces, internal equity considerations, and
         individual performance, provided that exceptions may occur and there is
         no guarantee of any fixed annual award.

         The Company's standard practice in calculating awards will be to equate
         options with cash using a ratio of 2 stock options for one full value
         share.

DURATION OF STOCK OPTIONS

         It is the Company's intention to issue stock options that have a
         duration of seven years. This means that these stock options must be
         exercised with seven years of their issue date or they will expire. The
         HRC may grant options with a different duration at its discretion.

TYPES OF VESTING

o        LONGEVITY - Generally, equity awards issued under the plans will vest
         based on active service. Attainment of the active service requirement
         will cause the award to vest in accordance with the applicable vesting
         schedule. Active service does not include periods of salary
         continuation.

o        PERFORMANCE - The HRC may issue equity awards that will vest upon
         achievement of certain predetermined performance criteria.

o        LONGEVITY AND PERFORMANCE - The HRC has the discretion to issue equity
         awards whose vesting can be tied to a combination of longevity or
         performance.

Generally, any equity awards that do not vest because of failure to meet
predetermined performance criteria and that do not vest based upon longevity
will be forfeited by the participants and returned to the pool of available
shares in the Plans. The HRC has broad discretion to set and modify performance
criteria, to vary performance standards among holders of performance-based
equity awards, and to waive performance standards.

VESTING SCHEDULES FOR LONGEVITY-BASED AWARDS

Generally, equity awards issued under the plans with longevity-based vesting,
will vest 33 1/3% per year. The HRC has discretion to vary the vesting schedules
of equity awards issued under the plans.

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FORFEITURE OF AWARDS DUE TO FAILURE TO MEET LONGEVITY OR PERFORMANCE VESTING
REQUIREMENTS

Subject to any exceptions as authorized by these regulations, failure to meet
the predetermined longevity or performance-based vesting requirements will
result in forfeiture of unvested awards. Any unvested shares will be returned to
the pool of shares available under the Plans.

ACCELERATED VESTING UPON DEATH OR DISABILITY

The HRC has broad discretion to determine and prospectively change all the terms
of awards issued under the Plans, including accelerated vesting for any reason
including death and disability. Generally, if active employment ends during the
term of any equity award because of death or disability (as defined by the
Plans), vesting in 50% of the unvested portion of all equity awards at the time
of death or disability will be accelerated and be exercisable by the participant
or the participant's estate. The remaining unvested shares will be forfeited and
returned to the available pool of shares under the Plans.

EXERCISING RIGHTS UPON TERMINATION

The HRC has broad discretion to determine and prospectively change all the terms
of awards issued under the Plans, including exercising rights beyond termination
date. Generally, an employee who terminates from the Company for any reason must
exercise any vested stock options by the close of business on the thirtieth
calendar day following the last day of work. Options that are not exercised
within the applicable limitation period will be forfeited and returned to the
pool of available shares under the Plans.

EXTENDED EXERCISING RIGHTS UPON INVOLUNTARY TERMINATION, RETIREMENT, DEATH OR
DISABILITY

The ability to exercise vested stock options is generally extended for employees
whose employment ends due to retirement, death or disability in accordance with
the following schedule:

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                     SCHEDULE OF EXTENDED EXERCISING RIGHTS

         YEARS OF SERVICE                         ALLOWABLE PERIOD TO EXERCISE
         ----------------                        OPTIONS AFTER LAST DAY OF WORK
                                                 ------------------------------

         Less than 10 (only applies to death               one year
                       and disability)

         10 to 20 years                                    two years

         20 or more years                                  three years

To be eligible for retirement under the Plans, an employee must be at least age
55 with a minimum of 10 years of service.

The ability to exercise vested stock options may also be extended at the
Company's discretion in the event of involuntary termination. Generally, the
extension of exercising rights coincides with the period of salary continuation
(SALCO) and is conditioned upon the signing of a separation agreement.

EXCEPTIONS

The approval of exceptions to forfeitures, the acceleration of the next
scheduled vesting of any award, and the exception of any period of
exercisability or vesting, in whole or in part, regarding persons who are
terminating employment or service shall be as follows:

o        For 16(b) officers and members of the Board of Directors, by the Human
         resources Committee (its non-employee Directors).

o        For all other employees, by the Chief Executive Officer.

Any exception, acceleration or extension so approved shall be deemed an
amendment to the Participant's Award Agreement.

INCORPORATION INTO AWARD AGREEMENTS

These Administrative Regulations and any decisions under these regulations will
be deemed to be incorporated into the Award Agreements of Participants as
applicable.

SPECIAL CLAUSE

On December 15, 1995, the HRC approved the following clause that applies to all
stock options granted on or after December 15, 1995. This clause will also apply
to options granted under the 2001 Executive Stock Incentive Plan and the 2001
Broad-Based Stock Incentive Plan:

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(1)   If the employee (a) terminates his or her employment voluntarily and
      within one year thereafter, directly or indirectly, without the prior
      written consent of the Company, goes to work for or provides services or
      assistance (as an employee, partner, investor, consultant or in any other
      capacity) to a competing business in the United States; or (b) directly or
      indirectly solicits or recruits to a competing business any employee
      (salary grade 20 or higher) of the Company or of its direct or indirect
      subsidiaries during the one year after voluntary employment termination,
      then the former employee will be obligated to repay to the Company in cash
      any aggregate spread (less taxes paid by the employee thereon) realized
      upon any exercise of the stock option that occurred during the last three
      months of employment or thereafter.

(2)   A competing business is defined as any business that competes with any
      business operated or managed by the Company or its direct or indirect
      subsidiaries in the United States at the time of the employee's
      termination of employment.

(3)   Competition does not include an investment of 1% or less in the public
      stock or public debt of a competing company.

(4)   The Chief Executive Officer will have authority on behalf of the Company
      to determine whether the clause has been violated. The Human Resources
      Committee will make this determination in regard to the Chief Executive
      Officer.

(5)   The Company will have a right to set-off to collect the spread from any
      amounts owed to the employee including deferred compensation.

(6)   This special clause will not apply in the case of any termination that
      follows a Change in Control as defined in the Administrative Regulations
      that apply to the Company's 2001 Executive Stock Incentive Plan.

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                                                                    Exhibit 10.6

                                 Description of
                                ----------------
                          Executive Life Insurance Plan
                         -------------------------------

1.    Effective date 9/1/01.

2.    Provides company paid term life insurance to executive officers and
      certain other officers in the amount of 3X base salary, with a maximum
      benefit of $5,000,000. Also provides a matching amount of coverage for
      accidental death and a dismemberment benefit.

3.    Replaces all other life insurance for the participating officers.

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