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| Park Place Entertainment Corporation Announces 20 Million Share Common Stock Repurchase Program |
11/10/2000 LAS VEGAS � November 10, 2000 � 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 authori LAS VEGAS ? November 10, 2000 ? 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. Park Place Entertainment is the world?s largest gaming company and owns, manages or has an interest in 28 gaming properties operating under the Bally?s, Caesars, Paris, Flamingo, Grand and Hilton brand names with a total of 2 million square feet of gaming space, over 28,000 hotel rooms and approximately 57,000 employees worldwide. Additional information on Park Place Entertainment can be accessed through the Company?s 24-hour investor relations service. Individuals may call toll-free 877-PPE-NYSE (877-773-6973) or visit www.parkplace.com to obtain the latest Company news and stock price information, or to request information by email, fax or postal mail delivery. Note: This press release contains ?forward-looking statements? within the meaning of federal securities law, including statements concerning anticipated future events, plans and expectations, completion of new construction, and allocation of capital. The forward-looking statements in this press release are subject to numerous risks and uncertainties which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could affect the Company?s future financial results is included in the Company?s Annual Report on Form 10-K for the year ended December 31, 1999 and on Form 10-Q for the quarters ended March 31, 2000 and June 30, 2000. |
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