Park Place Entertainment Corporation (NYSE: PPE) announced today that its acquisition of Caesars World and other gaming assets from Starwood Hotels & Resorts is on track and scheduled to close in the fourth quarter of 1999.
The Company today received an unsolicited offer to purchase certain gaming assets which it has under contract to acquire from Starwood Hotels & Resorts. The offer came from a Salt Lake City-based individual claiming to be a lawyer acting on behalf of Ocean Fund International, a purported British Virgin Islands mutual fund. Park Place does not intend to respond to the letter and continues to work closely with Starwood Hotels & Resorts towards the planned closing later this year.
Park Place Entertainment Corp. is the world`s largest gaming company, as measured by casino square footage and revenues, and the only casino gaming company with a leading presence in Nevada, New Jersey and Mississippi—the three largest gaming markets in the United States. Following the 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.
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.