May 2, 2003
Park Place Entertainment Corp., the world's biggest casino company, recorded a profit of $41 million in the first quarter, helped by a new 4,000-seat theater featuring singer Celine Dion. The company said profit would fall in the second quarter and 2003. The owner of Caesars and Bally's casinos had net income of 14 cents a share, contrasted with a net loss of $939 million, or $3.09, a year earlier. Revenue was unchanged at $1.14 billion, Chief Financial Officer Harry Hagerty said.
June 2, 1999 |
Jeffrey Vinik, former manager of Fidelity Investments' flagship Magellan Fund, cut his U.S. stock holdings by about $3 billion, or 79%, during the first quarter, regulatory filings show. Vinik's fund, the $2.5-billion Vinik Asset Management, had $817 million in 62 U.S. stocks at the end of March, compared with $3.8 billion in more than 150 domestic equities at the end of 1998, according to Securities and Exchange Commission papers. Vinik sold his stakes in Intel Corp., Microsoft Corp.
February 5, 2003 |
A proposal to increase Atlantic City gambling taxes clobbered stocks of casino operators Tuesday. Shares of Park Place Entertainment Corp., which owns Caesars and Bally's casinos in Atlantic City, fell 42 cents, or 5.5%, to $7.18 on the NYSE, while Harrah's Entertainment Inc. lost $1.40, or 3.8%, to $35.20 and Mandalay Resort Group was off 96 cents, or 3.7%, to $24.75, all in NYSE trading.
October 24, 2000 |
Park Place Entertainment Corp., the world's largest casino company, named Thomas Gallagher of Hilton Hotels Corp. to succeed the late Arthur Goldberg as president and chief executive. Gallagher, 55, was executive vice president, chief administrative officer and general counsel at Beverly Hills-based Hilton, the third-largest U.S. hotel chain. Goldberg, who was 58, died Oct. 19 from complications from bone marrow failure.
July 12, 2000 |
Casino operator Park Place Entertainment Corp. said it agreed to sell the Las Vegas Hilton to Los Angeles real estate developer Ed Roski Jr. for $365 million in cash, receivables and assumed debt. Roski, president and chief executive of closely held Majestic Realty Co., will pay $300 million for the property and equipment and about $6 million for working capital, Park Place and Roski said in a statement.
November 25, 1998 |
Shareholders of Hilton Hotels Corp. and Grand Casinos Inc. on Tuesday approved the spinoff of Hilton's casinos into a new company, Park Place Entertainment Corp., and Park Place's purchase of Grand's three Mississippi resorts for stock valued at about $650 million. Beverly Hills-based Hilton said it expects to complete the spinoff and purchase by year-end.
May 28, 2002 |
Unions representing culinary workers and bartenders agreed to a five-year deal Monday with hotel-casino giant MGM Mirage Inc., probably averting a strike on the Strip. The agreement reached early Monday means that about 35,000 of the 47,000 workers represented by Culinary Local 226 and Bartenders Local 165 have tentative deals with the Las Vegas hotels, said John Wilhelm, chief union negotiator.