Entstehung Park Place Inc.

31.12.1998, Park Place was created on December 31, 1998, through a spin-off of Hilton Hotels Corporation's gaming division, which included Bally's gaming properties, and the simultaneous acquisition of the Mississippi gaming operations of Grand Casinos, Inc. The company began trading on the New York Stock Exchange under the symbol (NYSE: PPE) in January 1999.

Hilton Shareholders Approve The Spinoff of Gambling Unit.

BEVERLY HILLS, Calif. -- Shareholders of Hilton Hotels Corp. overwhelmingly approved the company's spinoff of its gambling operations during a special meeting Tuesday, creating a casino giant to be called Park Place Entertainment Corp.

In addition, shareholders of Minneapolis-based Grand Casinos Inc. approved the merger of their company with Park Place Entertainment, which will be based in Las Vegas. The spinoff and merger were announced last summer, when Hilton said its hotels and casinos would be valued more highly ...

BY wsj.com

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Hilton Completes Spinoff and Acquisition 4 January 1999

Hilton Hotels Corp. (NYSE:HLT) has completed the separation of its gaming and lodging businesses on December 31, creating the newly formed gaming company, Park Place Entertainment Corp. (NYSE:PPE). Park Place Entertainment concurrently acquired the three Mississippi gaming operations of Grand Casinos Inc. (NYSE:GND), making it the world's largest casino gaming company. Through the merger, Park Place has assumed approximately $565 million of debt and issued shares of Park Place to Grand shareholders in a ratio of one share of Park Place for each share of Grand.

Hilton shareholders of record at the close of business on Dec. 23, 1998 will receive one share of Park Place common stock for each share of Hilton common stock they own. An estimated 260.8 million shares of Park Place will be distributed to Hilton shareholders to effectuate the spinoff, and an additional 42.3 million shares of Park Place will be issued to Grand shareholders to effectuate the merger.

The transactions were approved in November by shareholders of both Hilton and Grand Casinos. Approvals have also been received from casino gaming regulators in Nevada, New Jersey, Mississippi, Louisiana, Australia and Uruguay.

Hilton Hotels owns, manages or franchises approximately 250 hotels in the United States, Canada and Mexico, including renowned properties such as the Waldorf-Astoria, Hilton San Francisco and Towers, Hilton Hawaiian Village and Chicago's Palmer House Hilton. The company will continue to pursue a growth strategy centered on acquiring full-service hotels in markets seeing little new supply. In 1998, the company purchased approximately $950 million of hotels. It will continue aggressively building its franchise program in the United States, Canada and Mexico, which will include its successful Hilton Garden Inn program, which is expected to have 200 hotels open or under contract by 2000.

Park Place Entertainment is the world's largest gaming company, as measured by casino square footage and revenues, and has a leading presence in Nevada, New Jersey and Mississippi—the three largest gaming markets in the United States. In 1999, the company expects to own or have an interest in 18 gaming properties located throughout the United States and in Australia and Uruguay, with a total of 1.4 million square feet of casino space and more than 23,000 hotel rooms.

BY casinocitytimes.com

Über Caesars Entertainment, Inc.:

Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company.

Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars, Harrah's and Horseshoe brand names.

Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.

Our people concentrate on building loyalty and value for our customers, employees, business partners and communities by making us the most service-oriented, geographically diversified company in gaming.

--- Ende Artikel / Pressemitteilung Entstehung Park Place Inc. ---


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