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Park Place / Caesar's Entertainment News Archived
I
t’s official: Park Place to become Caesars Entertainment in January 2004

Shareholders overwhelmingly approve name change at special meeting

Las Vegas, September 10, 2003 - By an overwhelming margin, shareholders of Park Place Entertainment Corporation (NYSE:PPE) today formally approved management’s recommendation to change the name of the company to Caesars Entertainment, Inc.
The change is scheduled to take effect in January 2004, when the company will begin trading on the New York Stock Exchange under its new ticker symbol (NYSE:CZR). More than 99 percent of the nearly 250 million votes cast at a special shareholders meeting today at Caesars Palace supported the name change.
“This is an historic day for our company and our shareholders,” said Park Place President and Chief Executive Officer Wallace R. Barr. “Today’s vote represents a strong endorsement of our Caesars brand strategy. Our shareholders know the strength of the Caesars name and the recognition and respect that it commands around the world.”
That recognition and respect already has played an important role in helping open negotiations for several new casino projects, Barr said. Two of the company’s recently disclosed development proposals - in Illinois and Minnesota - involve Caesars-branded casinos.
In addition, Barr said the company will benefit from a new, multi-million-dollar brand image advertising campaign recently launched for the company’s flagship casino, Caesars Palace.
When the name change becomes official, Caesars Entertainment immediately will take its place as one of the world’s leading gaming companies. With one of the world’s most recognizable names, the company will comprise 29 casino resorts in five countries on four continents, $4.7 billion in annual net revenue, two million square feet of gaming space, 29,000 hotel rooms and 54,000 employees.

In addition to Caesars, the company owns many other well-known casino brands, including Bally’s, Flamingo, Grand Casinos, Hilton casinos and Paris Las Vegas.
Customers won’t see any visible differences at their favorite resorts, Barr said.

“The name change is designed to strengthen the parent company, not in any way change the close relationships that our branded properties have developed over the years with their loyal guests,” he added.

About Park Place Entertainment
Park Place Entertainment Corporation (NYSE: PPE) is one of the world’s leading gaming companies. Park Place owns, manages or has an interest in 29 gaming properties operating under the Caesars, Bally’s, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 54,000 employees worldwide. The company plans to change its name to Caesars Entertainment, Inc. in January 2004, when it will begin trading under the new ticker symbol (NYSE:CZR).

Additional information on Park Place Entertainment can be accessed through the company’s web site at www.parkplace.com .

NOTE: This press release contains “forward-looking statements” within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are “forward-looking statements” for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include all financial projections, including projections of revenue, market share, earnings, EBITDA, free cash flow, statements of management’s plans, objectives or expectations of future economic performance, statements regarding new developments or opportunities, statements of belief, and/or statements regarding anticipated construction, development, or acquisition. Additional information concerning potential risk factors that could affect the company’s future performance are described from time to time in the company’s reports filed with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2002 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2003 and June 30, 2003. The reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Associates of Park Place Entertainment complete inaugural

“Center of the Plate” Culinary Arts Apprenticeship program

Robinsonville, MS, August 5, 2003 - The Food and Beverage Department of Park Place Entertainment Tunica Group is pleased to announce the graduation of fourteen associates. Park Place Entertainment Tunica Group is committed to offering education and opportunities for growth and betterment of their associates. This program came to inception through the need to train from within to ensure a talent pool of culinary associates to serve the 28 food service outlets for Grand Casino, Bally’s & Sheraton Casino.

The “Center of the Plate” culinary apprenticeship program is a seven week program that introduces associates to the world of Culinary Arts. During the seven week training program, students are introduced to culinary terminology, meat fabrication, knife skills, Garde Manger, braising, grilling, poaching, sauté, roasting, deep frying, banquet production and sanitation. The program follows the guide lines of the American Culinary Federation education programs and students are ServSafe certified.

The “Center of the Plate” program was directed by Executive Chef, Steve Pairolero, with instructors for the courses being chefs from all outlets within the Park Place Entertainment properties. “This program will benefit those individuals who have always wanted to explore the possibility of becoming a cook, but never had the opportunity to do so” said Chef Pairolero. Thomas Biglan, Regional Vice President, Food and Beverage for Park Place Entertainment attended the graduation luncheon and said “I congratulate all the graduates for their hard work, diligence and commitment to the program. Through this training we will be afforded the opportunity to have knowledgeable and trained associates in all our food service outlets, I commend them for seizing this opportunity”.

Guests attending the luncheon were served a five course meal prepared by the students as part of their final exam. The scrumptious meal that was served incorporated all aspects of their training and put to use the techniques and skills that they learned over the past seven weeks.

Student Graduates:

Terrance Adams, Sheraton

Darren Barrows, Grand

Maylizze Cowans, Grand

Rickey Jordan, Grand

Tony McCray, Grand

Rico McKay, Sheraton

Larry Peakes, Sheraton

Lucius Perry, Sheraton

Sharon Riley, Grand

John Swanson, Grand

Darriel Taylor, Sheraton

Jamil Taylor, Grand

Chris Thomas, Grand

Carl Wilson, Grand

 

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