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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 15, 1998
Park Place Entertainment Corporation
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(Exact Name of Registrant as
Specified in Charter)
Delaware 1-14573 88-0400631
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(State or Other (Commission (IRS Employer
Jurisdiction of File Identification
Incorporation) Number) No.)
3930 Howard Hughes Parkway
Las Vegas, Nevada 89109
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(Address of Principal
Executive Offices)
(702) 699-5000
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(Registrant's telephone
number, including area code)
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ITEM 5. OTHER EVENTS
A copy of the Registrant's press release, dated December 15, 1998, is
attached hereto as Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
7(c) Exhibits
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99 Press Release of Park Place Entertainment Corporation
dated December 15, 1998.
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
HILTON HOTELS CORPORATION
Dated: December 16, 1998 By: /s/ SCOTT A. LAPORTA
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Name: Scott A. LaPorta
Title: Executive Vice President and
Chief Financial Officer
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Contact: Geoffrey Davis
VP-Corp. Communications
310-205-4541 CA
702-699-5037 NV
PARK PLACE ENTERTAINMENT CORPORATION ANNOUNCES PRICING
OF SENIOR SUBORDINATED NOTE OFFERING
LAS VEGAS, Nevada-December 15, 1998-Park Place Entertainment Corporation
("Park Place") announced today that it has priced a private placement of $400
million in aggregate principal amount of Senior Subordinated Notes due 2005 to
be sold to qualified institutional buyers. The Notes are being offered in
anticipation of the proposed spin-off of Park Place from Hilton Hotels
Corporation and the proposed merger of Park Place with the Mississippi gaming
operations of Grand Casinos, Inc.
The Notes will bear interest at a rate of 7-7/8% per annum and have a
seven-year term. The Notes may be redeemed, in whole but not in part, by the
Company at any time at a make whole premium.
The Notes have not been registered under the Securities Act of 1933, as
amended, or applicable state securities law, and may not be offered or sold in
the United States absent registration under the Securities Act and applicable
securities laws or available exemptions from the registration requirements.
Park Place will be the world's largest gaming company, as measured by casino
square footage and revenues, and will be the only casino gaming company with
a leading presence in Nevada, New Jersey and Mississippi- the three largest
gaming markets in the United States.
This press release is being made pursuant to the requirements of Rule 135c of
the Securities Act of 1933.
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