Park Place Entertainment (PPE) Message Board

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Non-Tech : Park Place Entertainment (PPE)

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To: Paul Lee who wrote ()	6/28/2000 8:38:00 AM
From: Paul Lee	of 39

WR Hambrecht Co Initiates Coverage of Park Place Entertainment (PPE) with a Buy Rating and a $16 Price Target Well Positioned for Long-Term, Asset-Oriented Investors SAN FRANCISCO, June 28 /PRNewswire/ -- The following is being issued by WR Hambrecht + Co, a member of the National Association of Securities Dealers, CRD number 45040: WR Hambrecht + Co today initiated research coverage of Park Place Entertainment (NYSE: PPE) with a Buy Rating and a $16 price target. WR Hambrecht's Gaming analyst Jeff Logsdon explains that the acquisition of Caesars made Park Place the largest gaming company in the world at the time and solidified the Company's market position in Las Vegas and Atlantic City. WR Hambrecht + Co offers all of its research free and real-time at www.wrhambrecht.com. "Following the acquisition of Caesars, Park Place is expected to possess strong brand names with Caesars, Bally's, Flamingo, Grand, and Hilton. We believe the Company's ability to differentiate between its brand names is important going forward in order to maximize the potential leverage from the brands," says Logsdon. Logsdon projects Park Place's EBITDA will reach 1.3 billion in 2000 and $1.33 billion in 2001, up from $778 million in 1999. Park Place operates 20 properties in 9 different domestic markets that generated revenue of $4.75 billion and cover more than 2 million square feet of casino space.

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