Park Place Issues Statement on Tentative Labor Agreement

LAS VEGAS--(BUSINESS WIRE)--May 23, 2002--Park Place Entertainment Corporation (NYSE:PPE) today issued the following statement on its tentative labor agreement with Local 226 of the Culinary Union:
Park Place Entertainment Corporation and Local 226 of the Culinary Union today at about 4 a.m. PDT reached a tentative agreement on a new Las Vegas labor contract. Park Place and the union have agreed not to publicly discuss details of the accord until a ratification vote is held by the union's membership. Both sides said they are very pleased with the agreement.
Park Place Entertainment is the world's largest gaming company. Park Place owns, manages or has an interest in 28 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, more than 28,000 hotel rooms and 55,000 employees worldwide.

Logos, product and company names mentioned are the property of their respective owners.

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