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casino Bollenbach Exercises Park Place Options

11/9/2000

LAS VEGAS, November 9, 2000 � 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, e

LAS VEGAS, November 9, 2000 ? 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.?

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 approximately 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 and expectations. 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 form 10-Q filed for quarters ended March 31, 2000 and June 30, 2000.

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