Press Release: Park Place Entertainment
February 11, 2002
LAS VEGAS, NV -- Park Place Entertainment Corporation (NYSE: PPE) and Mandalay Resort Group (NYSE: MBG) yesterday
said they will continue to work with the government of Macau to secure one of three new gaming licenses to be issued
by it.
Earlier today, the Macau government named MP Entertainment Company, a joint venture of Park Place, Mandalay and
Macau telecommunications executive Jose Manuel dos Santos as one of three preferred ``alternate'' groups for a
gaming license in Macau if final negotiations between the Macau government and any of the three initial groups
selected for that process are not successfully completed.
``We believe our partnership presents a unique opportunity to bring to Macau the experience, creativity and resources
of two of the world's biggest and best gaming companies in building a world class attraction. We will continue
to work with the government to pursue that opportunity and we remain optimistic that the great advantages of our
project and our venture will be made available to the people of Macau,'' said Park Place President and Chief Executive
Officer Thomas E. Gallagher.
``We have reaffirmed our interest in bringing a world-class resort to Macau,'' said Mandalay President Glenn Schaeffer.
``We believe our partnership offers an extraordinary opportunity to create tremendous value for the people of Macau
and we remain committed to participating in the process.''
Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus,
and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada
Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino
in Tunica County, Mississippi.
The company owns a 50 percent interest in Silver Legacy in Reno, and owns a 50 percent interest in and operates
Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat
in Elgin, Illinois, and owns a 53.5 percent interest in and operates MotorCity in Detroit, Michigan.
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, 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 60,000 employees worldwide.
Note: This press release contains ``forward-looking statements'' within the meaning of federal securities law,
including statements concerning company plans, expectations and projections. 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 future financial results is included in the companies' annual report on Form 10-K and
quarterly reports on Forms 10-Q filed with the Securities and Exchange Commission.
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Contact:
Park Place Entertainment
Robert Stewart, 702/699-5043 (Media)
Matt Maddox, 702/699-5269 (Investors)
or
Mandalay Resort Group
John Marz, 702/632-6000 (Media and Investors)