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 285 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.