Park Place Entertainment Corporation (NYSE: PPE) today announced that its Board of Directors has approved a common stock repurchase program to acquire up to 20 million shares of the Company’s outstanding shares. 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 Entertainment has purchased approximately 11.8 million shares of its stock at an average price of $12.12 year to date through October 31, 2000. The Company’s previous authorization for 12 million shares still has 5 million shares remaining giving Park Place a total of 25 million shares currently under authorization.