Park Place Entertainment Announces Closing Of Caesars Transaction

Park Place Entertainment Corporation (NYSE:PPE) announced today the completion of the Caesars transaction in its entirety as of the close of business December 29.
“Finalizing this historic acquisition is an exciting way to top-off an outstanding year,” said Arthur Goldberg, President and CEO of Park Place Entertainment. “In our first twelve months as an independent company, we have successfully separated from our former parent company, acquired and integrated Grand Casinos, developed and opened Paris Las Vegas and closed the Caesars deal.”


“This strategic transaction gives us an internationally recognized brand name and a portfolio of premier gaming assets that enhance our geographic and customer diversification,” continued Mr. Goldberg.


Park Place Entertainment is the world’s largest gaming company and, including the assets from the Caesars transaction, owns, manages or has an interest in 29 gaming properties operating under the Bally’s, Caesars, Flamingo, Grand and Hilton brand names with a total of 2 million square feet of gaming space, over 28,000 hotel rooms and approximately 65,000 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.


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