Park Place Entertainment Reports $0.15 For The Second Quarter 1999

Park Place Entertainment Corporation (NYSE: PPE) today reported results for the second quarter and first half of 1999. Diluted earnings per share for the quarter were $0.15, flat with last year`s pro forma diluted earnings per share of $0.15. The second quarter 1999 results exclude pre-opening charges associated primarily with the construction of the Paris Las Vegas Casino Resort. Including the pre-opening charges, diluted earnings per share were $0.13 for the quarter compared to $0.15 in the prior year.
Earnings before interest, taxes, depreciation and amortization, pre-opening expense and non-cash items (EBITDA) were $179 million compared to the pro forma second quarter 1998 results of $184 million.

Operating highlights from the second quarter 1999 include strong year-over-year performance at both the Atlantic City Hilton and Bally`s Park Place in the Eastern region and a significant cash flow increase at the Grand Casino Tunica in the Mid-South region.

“The second quarter results provide further evidence of the power of our unique diversification,” said Arthur Goldberg, president and CEO. “Our goal is to generate a more stable and predictable earnings stream and one of the best ways to do that is to diversify our sources of revenues and cash flow.”