Park Place And Starwood Announce Antitrust Clearance Of Caesars Acquisition

Park Place Entertainment Corporation (NYSE:PPE) and Starwood Hotels & Resorts (NYSE:HOT) announced today that the Federal Trade Commission granted early termination of the waiting period under the Hart - Scott - Rodino Act for Park Place`s proposed acquisition of Caesars World and other gaming assets from Starwood.
Expiration of the waiting period is one of the requirements necessary to complete the transaction, which remains on schedule to close in the fourth quarter of 1999.

On April 27, Park Place entered into a definitive agreement to acquire Caesars World and other gaming assets from Starwood for total consideration of $3.0 billion.