Stephen F. Bollenbach, chairman of the board of Park Place Entertainment Corporation (NYSE:PPE), said today he exercised 1 million Park Place stock options set to expire within the next three months. He sold 750,000 shares, enough to pay the exercise price and taxes. He continues to hold the balance of the shares.
Mr. Bollenbach said: “My reasons for exercising at this time are that this group of options is scheduled to expire soon, and I am currently within a window of opportunity that allowed me - as a Park Place director—to conduct the transaction within the boundaries of safe harbor provisions. I have elected to sell only that portion of the shares necessary to exercise the options and pay my taxes.
“I continue to be an enthusiastic major shareholder of Park Place, and have nothing but the greatest confidence in the management and growth prospects of this wonderful company.”