Park Place Entertainment Corporation (NYSE: PPE) announced today that its pending offer to exchange (the “Exchange Offer”) any and all of its outstanding 8-1/8% Senior Subordinated Notes due 2011 (the “Old Notes”) for 8-1/8% Senior Subordinated Notes due 2011 (the “Exchange Notes”) that have been registered under the Securities Act of 1933, as amended, currently scheduled to expire at 5:00 p.m., New York City time on July 26, 2001, has been extended until 5:00 p.m., New York City time, on August 2, 2001.
Tenders with respect to approximately $348 million aggregate principal amount of the Old Notes, out of a total of $350 million aggregate principal amount eligible to participate in the exchange, have been received to date.

This announcement is not an offer to exchange or a solicitation of an offer to exchange, with respect to the Old Notes. The Exchange Offer is being made solely by the Prospectus dated June 20, 2001 and the Exchange Offer, as extended hereby, remains subject to the terms and conditions stated therein. Park Place Entertainment is the world’s largest gaming company and owns, manages or has an interest in 29 gaming properties operating under the Caesars, Bally’s, Paris, Flamingo, Grand Casinos and Hilton brand names with a total of approximately 2 million square feet of gaming space, more than 28,000 hotel rooms and approximately 60,000 employees worldwide.

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