July 29, 2000 |
Carl Icahn has beaten out Park Place Entertainment Corp. for control of the bankrupt Sands Hotel & Casino. U.S. Bankruptcy Court Judge Judith Wizmur, in an 80-page opinion, favored Icahn's plan to invest $65 million in cash in the struggling casino, which filed for protection under Chapter 11 in January 1998. The casino's unsecured creditors, which are 1,500 vendors, voted in favor of the Icahn plan. The decision is subject to approval by the Nevada Casino Control Commission.
January 17, 2001 |
Los Angeles developer Ed Roski Jr. filed a lawsuit accusing Park Place Entertainment Corp. of bad faith after the casino operator said that Roski had failed to complete the purchase of its Las Vegas Hilton property. Roski agreed in July to buy the Las Vegas Hilton for $365 million. But Park Place Entertainment said it has halted efforts to sell the hotel-casino and "intends to pursue its legal remedies" because Roski missed a Saturday deadline to complete the acquisition.
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.
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.
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.
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.