Park Place Settles Las Vegas Hilton Litigation

"We are pleased to announce that the parties have reached an amicable settlement of the litigation related to the Las Vegas Hilton," said Park Place Senior Vice President and General Counsel Bernard DeLury. "Pursuant to our agreement, the terms of the settlement are confidential. However, all disputes have been resolved."
Set on nearly 60 landscaped acres, the 30-story Las Vegas Hilton overlooks the gaming capital of the world. With nearly 3,000 rooms and suites, and 225,000 square feet of meeting space, the Las Vegas Hilton ranks among the most popular resort destinations. Adjacent to the Las Vegas Convention Center, the hotel is favored by conventioneers and business travelers as well as tourists seeking a self-contained, upscale resort.
As a result of the settlement agreement, Park Place will take an additional one-time charge of $3.8 million for the fourth quarter of 2002. Although the settlement occurred in the first quarter of 2003, Statement of Financial Accounting Standards No. 5, "Accounting for Contingencies," requires that the associated charge be recorded in the prior quarter because the company has not yet filed its Annual Report on Form 10-K for 2002.
Because of the charge, the company is revising the financial results for the fourth quarter and full year of 2002 that were released on February 6, 2003. Including the additional charge, Park Place reported a net loss of $(21) million, or $(0.07) per diluted share for the fourth quarter. The company previously had reported a fourth quarter net loss of $(18) million, or $(0.06) per diluted share. Adjusted earnings, which exclude non-recurring items, remain at $16 million, or $0.05 per diluted share for the quarter.

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