Park Place Entertainment Reports Broad-Based 36 Percent EPS Increase to $0.19 for the Third Quarter 1999
LAS VEGAS--(BUSINESS WIRE)--Oct. 25, 1999--Park Place
Entertainment Corp. (NYSE:PPE) today reported results for the third
quarter and nine months of 1999.
Diluted earnings per share for the quarter were $0.19, excluding
pre-opening charges associated with the construction and opening of
the Paris Las Vegas Casino Resort, vs. pro forma results of $0.14 last
year.
Earnings before interest, taxes, depreciation and amortization,
pre-opening expenses and noncash items (EBITDA) increased 16 percent
to $213 million, compared with the pro forma third-quarter 1998
results of $184 million.
Operating highlights from the third quarter include the strong
opening of Paris Las Vegas, EBITDA increases across all four operating
regions, the opening of the Oasis Resort & Spa at Grand Casino
Gulfport, and further cost savings from the Grand Casinos acquisition.
"Park Place continues to demonstrate its ability to provide
consistent and stable growth in earnings," said Arthur Goldberg,
president and chief executive officer. "We have delivered these
results due to our diversification across geographic markets and
customer segments, our powerful cross-marketing network and our strict
attention to investing in high-return projects." |
