Park Place Entertainment Corporation (NYSE: PPE) announced today that its Board of Directors has approved a common stock repurchase program to acquire up to 8 million shares of the Company. The authorization became effective today and will remain in place until terminated by further action by the Board.
The Board determined that it is in the best interests of the Corporation to authorize this program to purchase shares of the common stock from time to time for the purpose, among other things, of meeting existing and future obligations of the corporation under employee stock option and other benefit programs.
Park Place is the world`s largest gaming company, as measured by casino square footage and revenues, and is the only casino gaming company with a leading presence in Nevada, New Jersey and Mississippi- the three largest gaming markets in the United States. In 1999, 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.