Park Place Entertainment Announces CEO`s Return To Company

Park Place Entertainment Corporation (NYSE:PPE) announced today that the Company`s President and Chief Executive Officer Arthur M. Goldberg is out of the hospital and has resumed his normal schedule.
In thanking Park Place management and employees for their tremendous performance during his bout with pneumonia, Mr. Goldberg stated, “This has been a difficult time and I appreciate the strong support of Park Place`s executive team for their outstanding management of this business as well as their personal support. Because of the depth and expertise of our employees and their personal commitment to this Company, we are on target with the Caesars acquisition and the opening of Paris Las Vegas among other major projects.”

In April, Park Place Entertainment entered into a definitive agreement to purchase Caesars and other gaming assets of Starwood Hotels & Resorts. The transaction is scheduled to close in the fourth quarter of 1999, pending regulatory approval.

Following the September opening of Paris Las Vegas, the Company will own or have 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 23,000 hotel rooms.