Park Place Entertainment Corporation Announces Extension Of Exchange Offer

Park Place Entertainment Corporation (NYSE:PPE) announced today that its pending offer to exchange (the “Exchange Offer”) any and all of its outstanding 7.95% Senior Notes due 2003 (the “Old Notes”) for 7.95% Senior Notes due 2003 (the “Exchange Notes”) that have been registered under the Securities Act of 1933, as amended, currently scheduled to expire at 5:00 p.m., New York City time on October 29, 1999, has been extended until 5:00 p.m., New York City time, on November 5, 1999.
Tenders with respect to approximately $291.0 million aggregate principal amount of the Old Notes, out of a total of $300.0 million aggregate principal amount eligible to participate in the exchange, have been received to date.

This announcement is not an offer to exchange or a solicitation of an offer to exchange, with respect to the Old Notes. The Exchange Offer is being made solely by the Prospectus dated September 24, 1999, and the Exchange Offer, as extended hereby, remains subject to the terms and conditions stated therein.

Park Place Entertainment is the world’s largest gaming company, as measured by casino square footage and revenues, and currently the only casino gaming company with a leading presence in Nevada, New Jersey and Mississippi—the three largest gaming markets in the United States. The Company owns or has an interest in 17 gaming properties located throughout the United States and in Australia and Uruguay, with a total of 1.4 million square feet of gaming space and approximately 23,500 hotel rooms.

In April, Park Place Entertainment entered into a definitive agreement to purchase Caesars and other gaming assets of Starwood Hotels & Resorts. The transaction is expected to close following receipt of regulatory approval.