LAS VEGAS, May 12, 2003—Park Place Entertainment Corporation (NYSE: PPE) issued the following statement regarding today’s signing of a memorandum of understanding between the Saint Regis Mohawk Tribe and New York Governor George Pataki outlining the terms under which the Tribe is authorized to proceed with the development of its $500 million, 750-room casino resort in Sullivan County, New York. Park Place in November 2001 signed an exclusive agreement to develop and manage the Catskill casino on behalf of the Tribe.
The statement should be attributed to Park Place President and Chief Executive Officer Wallace R. Barr.
“Today’s signing of the memorandum of understanding between the Saint Regis Mohawk Tribe and Governor Pataki is a tremendous - and long awaited - step forward. We hope that it proves to be the catalyst needed to jump-start the rest of the approval process, so that the Tribe and the people of Sullivan County can begin to realize the all benefits this casino will bring - jobs, investment and economic opportunity.”
Park Place Entertainment is one of the world’s leading gaming companies. Park Place owns, manages or has an interest in 27 gaming properties operating under the Caesars, Bally’s, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 54,000 employees worldwide.
Additional information on Park Place Entertainment can be accessed through the company’s web site at www.parkplace.com.