LAS VEGAS - Dec. 16, 1999--Park Place Entertainment (NYSE:PPE)
announced today that it
has entered into a definitive agreement to sell the Flamingo Hilton
Reno to Sapphire Gaming for approximately $20 million.
The transaction is expected to close by June 30, 2000. Prior to the
close, Park Place Entertainment will continue to own and operate the facility.
Flamingo Hilton Reno
(604 Rooms)
|
Following completion of the transaction,
the property will retain the Flamingo name under a long-term licensing
agreement with Park Place Entertainment. Sale of the property will allow
Park Place Entertainment�s Northern Nevada management team to focus on
the company�s flagship property in the region, the Reno Hilton.
The transaction is subject to regulatory approval and will result in
a non-cash, after-tax loss in the fourth quarter of 1999 of approximately
$16-18 million.
Park Place Entertainment is the world�s largest gaming company with
a leading presence in Nevada, New Jersey and Mississippi�the three largest
gaming markets in the United States. |
This news release contains �forward-looking statements� within the meaning
of federal securities law, including statements concerning anticipated
asset sales, acquisitions and financial projections. |
