Park Place Entertainment Corporation (NYSE: PPE), which employs nearly 22,000 associates at its eight Nevada casino resorts, has been named Employer of the Year by the Nevada State AFL-CIO.
The award, announced this week during the labor federation`s 47th annual constitutional convention at the Reno Hilton, in Reno, Nevada, cited the leadership of Park Place President and Chief Executive Officer Wallace R. Barr, who personally intervened to help resolve the casino resort industry`s contract negotiations with the Culinary Union in May 2002.
The Bill Bennett Employer of the Year Award has been presented annually for 18 years by the state labor organization. The honor is named for the Las Vegas casino pioneer known for his honest and cooperative relationships with organized labor and for his generosity to workers in need. Barr is the first gaming executive individually cited in the award presentation since Bennett originally was honored in 1985.
Nevada Governor Kenny Guinn and Nevada State AFL-CIO Executive Secretary Treasurer Danny L. Thompson presented the award, which was determined by vote of delegates attending the convention.
“The Nevada State AFL-CIO represents 165,000 working families in Nevada,” said Thompson. “On behalf of these families, we are honored to recognize Wallace Barr and Park Place as our Employer of the Year. The relationship of trust, dignity and mutual respect between labor and management at Park Place is an example that all employers would be well served to follow.”
Said Guinn: “I`ve known Wally for years, and this award is well-deserved.”
Accepting the award for Barr was Tim Maland, President of Reno Hilton, a Park Place resort.
Later, Barr said, “I`m deeply honored to accept this award on behalf of a company that always has put a premium on maintaining strong relationships with its hard-working associates and the labor unions that represent them. At Park Place, we`ve tried to make respect and candor the cornerstones of our labor policy. We`re very appreciative of the respect we`ve received in return from the leaders of the organized labor movement.”
Barr was nominated for the award by AFL-CIO officer Mike Magnani, Secretary-Treasurer of the International Brotherhood of Teamsters Local 995 in consultation with the leaders of Culinary Workers Union Local 226 and Operating Engineers Local 3.
About Park Place : Park Place Entertainment Corporation (NYSE: PPE) is one of the world`s leading gaming companies. Park Place owns, manages or has an interest in 29 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. The company has announced plans to change its name to Caesars Entertainment, Inc., effective in January 2004, pending shareholder approval.
Additional information on Park Place Entertainment can be accessed through the company`s web site at www.parkplace.com .
NOTE: This press release contains “forward-looking statements” within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are “forward-looking statements” for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include all financial projections, including projections of revenue, market share, earnings, EBITDA, free cash flow, statements of management`s plans, objectives or expectations of future economic performance, statements regarding new developments or opportunities, statements of belief, and/or statements regarding anticipated construction, development, or acquisition. Additional information concerning potential risk factors that could affect the company`s future performance are described from time to time in the company`s reports filed with the Securities and Exchange Commission, including the company`s Annual Report on Form 10-K for the year ended December 31, 2002 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2003 and June 30, 2003. The reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.