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Park Place Names New Resort Presidents

05/10/2001

Mark Rittorno New President of Caesars Tahoe – Tim Maland New President of Reno Hilton Anthony Santo Promoted To Head Three Las Vegas Resorts

Las Vegas, Nevada, October 5, 2001 - Park Place Entertainment Corporation (NYSE: PPE) today named two veteran gaming and resort industry executives to head its northern Nevada resorts and has promoted Anthony F. Santo to head three Las Vegas hotel/casinos. Mark Rittorno, formerly president of the Flamingo Las Vegas, has been appointed president of Caesars Tahoe resort/casino, and Tim Maland has been named president of the Reno Hilton hotel/casino. Anthony Santo, now president of Bally's and Paris Las Vegas, will assume additional responsibilities as president of the Flamingo Las Vegas. All positions are effective immediately.
Rittorno most recently served as president of Park Place's Flamingo Las Vegas hotel and casino. Earlier, he held a series of senior management positions at other Park Place properties - Bally's Las Vegas, Paris Las Vegas, the Las Vegas Hilton, the Flamingo Reno and the Reno Hilton.

"With nearly 20 years of management experience in the gaming and resort industry, Mark brings a wealth of skill and leadership to Caesars Tahoe, including experience in northern Nevada," Barr said.

"I'm delighted to have the opportunity to work in the Lake Tahoe area, particularly at Caesars Tahoe, which is located in one of the most beautiful settings imaginable," said Rittorno.

"I look forward to working with the property's team of associates to continue to enhance the resort's reputation as one of the world's premiere resort/gaming destinations."

Tim Maland was most recently senior vice president of Playboy Enterprises Gaming Division. Prior to that position he was the chief financial officer of Caesars Palace, the general manager of the Santa Fe Hotel and Casino in Las Vegas and the executive vice president of Trump Plaza Hotel and Casino in Atlantic City, N.J. He has also worked extensively overseas in the hotel industry for ITT Sheraton and Ramada Inc.

Like Mark, Tim Maland is widely respected among industry leaders," said Barr. "Tim's diverse strengths in finance and operations, and his multi-faceted background will be very important as we seek to grow our business," Barr added.

"I'm very pleased to join Park Place, the gaming industry leader," Maland said. "The Reno Hilton has a wide range of amenities to attract both the convention and leisure customer. I'm looking forward to becoming a part of the Reno community."

Anthony F. Santo is a 21-year gaming industry veteran. His numerous leadership positions with Park Place include: president of the Reno Hilton, president of the Flamingo Reno and president of the Flamingo Las Vegas. In 1998, Santo was named Nevada Hotelier of the Year by the Nevada Hotel & Motel Association and he is a former director of the Reno/Sparks Convention and Visitors Authority.

"Tony has a proven success record in Las Vegas, and he knows every aspect of the Flamingo operation," said Barr. "His multi-property role also will help accelerate our ongoing efforts to consolidate certain back-of-the-house functions. Park Place is a relatively young company with property clusters that offer significant cost-saving and business development potential. Tony's broad range of experience will help ensure that we fully realize the benefits of those opportunities."

"I'm really looking forward to rejoining the Flamingo team," said Santo. "I know that we can work together to provide the quality customer experience that will continue to improve our business."

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, Flamingo, Grand Casino and Hilton brand names with a total of approximately 2 million square feet of gaming space, over 28,000 hotel rooms and approximately 60,000 employees worldwide.

Additional information about 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.

Note: This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning company plans, expectations and projections. The forward-looking statements in this press release are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could affect Park Place's future financial results is included in the company's annual report on Form 10-K for the year ended Dec. 31, 2000, and its quarterly reports on Forms 10-Q for the quarters ended March 31, 2001, and June 30, 2001.

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