PPE Announces Potential Buyer For Las Vegas Hilton Failed To Appear At Closing

Park Place Entertainment today announced that the potential buyer of the Las Vegas Hilton, Edward Roski, failed to appear at the closing on January 13, 2001. Based on this failure, Mr. Roski and the LLC he formed to make this purchase are now in breach. Park Place Entertainment intends to pursue its legal remedies and as previously indicated, will cease efforts to sell the property and continue to operate it in the ordinary course.
Park Place Entertainment is the world’s largest gaming company and owns, manages or has an interest in 28 gaming properties operating under the Bally’s, Caesars, Paris, Flamingo, Grand and Hilton brand names with a total of approximately 2 million square feet of gaming space, over 28,000 hotel rooms and approximately 57,000 employees worldwide.