LAS VEGAS, June 10, 2002 - Park Place Entertainment Corporation (NYSE: PPE) today announced that it is teaming with Margaritaville`s favorite son, singer/songwriter/author Jimmy Buffett, to bring the newest Margaritaville Café and entertainment complex to the Flamingo Las Vegas.
The multi-level restaurant, bar and live music stage is scheduled to open in the Fall of 2003. Construction will begin late this year. Located at the heart of the Las Vegas Strip, Margaritaville at the Flamingo will enhance the famous resort`s signature tropical ambiance while adding exciting new venues for dining, drinking and dancing.

“Margaritaville and the Flamingo were made for each other,” said Flamingo President Lorenzo Creighton. “People come to the Flamingo to party and have fun. We`re delighted that Jimmy Buffet has chosen the Flamingo as the home of the first Margaritaville to be built west of the Mississippi.” Says Buffett, “If Las Vegas was good enough for Elvis, it`s good enough for me.” Margaritaville at the Flamingo will feature restaurant and mezzanine levels that will allow diners to linger over Key West and Caribbean-inspired menu items or slowly sip - what else - margaritas as they keep an eye on the action. Located nearby will be a live music stage featuring bands with styles spanning Island to rock.

In the course of his career, Jimmy Buffett has recorded 33 albums, most of which have gone gold, platinum or multi-platinum. His latest CD, “Far Side of the World,” was released earlier this year and debuted on the Billboard Top 100 chart at number five.

Buffett also is the author of three New York Times bestsellers - “Tales from Margaritaville,” published in 1989, “Where is Joe Merchant?” (1992), and “A Pirate Looks at Fifty” (1998). Buffett is one of only six authors in the history of The New York Times Bestseller List to have reached the number one spot on both the fiction and non-fiction lists.

Park Place Entertainment is the world`s largest gaming company. Park Place owns, manages or has an interest in 28 gaming properties operating under the Caesars, Bally`s, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 55,000 employees worldwide.

Additional information on Park Place Entertainment can be accessed through the company`s 24-hour investor relations service. Individuals may call toll-free 877-PPE-NYSE (877-773-6973) or visit www.parkplace.com to obtain the latest company news and stock price information, or to request information by email, fax or postal mail delivery.

NOTE: This press release contains “forward-looking statements” within the meaning of the federal securities law and intended to qualify for the safe harbor from liability provided there under. All statements which are not historical statements of fact are “forward-looking statements” for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include all financial projections, including projections of revenue, market share, earnings, or free cash flow, statements of management`s plans, objectives or expectations of future economic performance, statements regarding new products or services, statements of belief, and statements regarding anticipated construction, development, or acquisition. Additional information concerning potential risk factors that could affect the company`s future performance are described from time to time in the company`s reports filed with the Securities and Exchange Commission, including the company`s Annual Report on Form 10-K for the year ended December 31, 2001. This report may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

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