Press Release
November 13, 2000
LAS VEGAS, NV -- Park Place Entertainment Corp. (NYSE:PPE) has 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 Oct. 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, more than 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 e-mail, fax or postal
mail delivery.
Note: This news 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 news release are subject to numerous risks and uncertainties
that 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 Dec. 31, 1999, and on Form 10-Q for the
quarters ended March 31, 2000, and June 30, 2000.
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Contact:
Park Place Entertainment Corp.
Matt Maddox, 702/699-5269