Park Place Entertainment Reports Broad Based 36% EPS Increase To $0.19 For The Third Quarter 1999

Park Place Entertainment Corporation (NYSE: PPE) today reported results for the third quarter and nine months of 1999. Diluted earnings per share for the quarter were $0.19, excluding pre-opening charges associated with the construction and opening of the Paris Las Vegas Casino Resort, versus pro forma results of $0.14 last year.
Earnings before interest, taxes, depreciation and amortization, pre-opening expenses and non-cash items (EBITDA) increased 16 percent to $213 million compared to the pro forma third quarter 1998 results of $184 million.

Operating highlights from the third quarter include the strong opening of Paris Las Vegas, EBITDA increases across all four operating regions, the opening of the Oasis Resort & Spa at Grand Casino Gulfport and further cost savings from the Grand Casinos acquisition.

“Park Place continues to demonstrate its ability to provide consistent and stable growth in earnings,” said Arthur Goldberg, president and CEO. “We have delivered these results due to our diversification across geographic markets and customer segments, our powerful cross-marketing network and our strict attention to investing in high return projects.”