Park Place Submits Bid to Build Caesars Casino in Greater Chicago

Park Place Entertainment Corporation (NYSE:PPE) announced on August 4 that the company has submitted a bid to build and operate a Caesars brand casino to serve the greater Chicago market

Planned for a site in Rosemont, Illinois, the proposed new casino is designed to stimulate tourism and economic development throughout the Chicagoland region by attracting new domestic and international visitors, as well as local residents.

The Rosemont site is close to O'Hare International Airport, accessible from major freeways and located near the state's second-largest convention facility, the 840,000-square-foot Rosemont Convention Center. Immediately adjacent to the site are 6,000 hotel rooms and a well-developed entertainment district that includes the 18,000-seat Allstate Arena and the 4,300-seat Rosemont Theatre.

The current design calls for a Caesars branded casino resort comprising 40,000 square feet of gaming space, more than 1,100 slot machines and 34 table games, four restaurants, and four bars or beverage lounges. The project also would include a covered parking facility with more than 5,000 spaces, which is partially completed. Financial terms were not disclosed.

"Developing the Rosemont site represents the best opportunity for the state of Illinois to quickly realize significant economic benefits from a new casino," said Park Place President and Chief Executive Officer Wallace R. Barr. "The Rosemont location is easily accessible to more potential customers than any other in the state, and a significant amount of work already has gone into site preparation. That means that a new casino at Rosemont can begin delivering revenue to the state sooner than a new casino in any other location."

"Caesars is the best-known casino brand in the world. It will be a valuable asset in attracting new visitors to the Chicagoland market. Because of our diverse worldwide operations, extensive development expertise and longtime reputation for honesty and integrity, Park Place is in a unique position to deliver to the state of Illinois the kind of top-quality, intelligently operated and profitable casino that it is seeking," Barr said.

The bid to build the Caesars brand casino in Rosemont was submitted to Emerald Casino, Inc. through its agent, Rothschild, Inc. of New York, as part of the bid procedure established by the U.S. Bankruptcy Court overseeing the Emerald bankruptcy. Under the procedure established by the court, the winning bidder would merge with Emerald and take control of its assets, which include an Illinois gaming license and the Rosemont site. Any merger will require the approval of the Illinois Gaming Board.

About Park Place

Park Place Entertainment Corporation is one of the world's leading gaming companies, licensed in 11 different jurisdictions around the world. With $4.7 billion in annual net revenue, 29 properties in five countries on four continents, 29,000 hotel rooms, two million square feet of casino space and 54,000 employees, the Park Place portfolio is unequaled in the casino resort industry. The company has its corporate headquarters in Las Vegas, Nevada.

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Date Listed: 2003-08-06

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Industry: Gaming
Category: Development
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