Park Place Entertainment Corporation (NYSE: PPE) today announced that it has completed the previously announced sale of its 20 percent equity stake in Jupiters Limited, a publicly traded corporation that owns two casino resorts in Australia.

Gross proceeds from the sale of the company`s 48 million Jupiters shares totaled $120 million, approximately $10 million more than the company had originally forecast. Net proceeds of the sale are being used to pay down debt.

Park Place will continue to manage both of Jupiters` Queensland casinos - Conrad Jupiters Gold Coast and Conrad International Treasury Casino-Brisbane.

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