Park Place Entertainment Corp. Announces 12 Million Share Common Stock Repurchase Program
LAS VEGAS--(BUSINESS WIRE)--May 12, 2000--Park Place Entertainment Corp. (NYSE:PPE) announced today that its board of directors has approved a common stock repurchase program to acquire up to 12 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.
The company's previous authorization for 8 million shares was satisfied in April 2000. Since the end of the first quarter, Park Place Entertainment purchased approximately 1 million shares of its stock at an average price of $12.60.
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. |
