LAS VEGAS, August 22, 2002 - Park Place Entertainment Corporation (NYSE: PPE) today issued the following statement regarding the decision of U.S. District Court Judge Colleen McMahon granting summary judgment and dismissing all claims that the company improperly interfered with a competitor’s attempts to develop a casino with the Saint Regis Mohawk Tribe in New York’s Catskill Mountains.
The decision against Catskill Development, L.L.C., Monticello Raceway Development Company, L.L.C. and Mohawk Management, L.L.C. was handed down today in White Plains, New York.
The statement should be attributed to Park Place Executive Vice President and Chief Legal Officer Kim Sinatra.
“We’re delighted by today’s federal court decision, which vindicates in unambiguous terms the position that Park Place has taken from the beginning: Our dealings with the Saint Regis Mohawk Tribe were fair, proper and above board.
“Park Place will continue to work with the Tribe to achieve the goal of creating a world-class casino resort in New York’s Catskill Mountains - a resort that will bring economic opportunity to the Tribe and economic development to the region.”
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, more than 28,000 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.