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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 and 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Park Place Entertainment Corporation
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
700690 10 0
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(CUSIP Number)
May 13, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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CUSIP No. 700690 10 0 13G Page 2 of 9 Pages
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NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Highfields Capital Management LP
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
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SOLE VOTING POWER
5
NUMBER OF
15,489,620
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 15,489,620
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
15,489,620
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
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CUSIP No. 700690 10 0 13G Page 3 of 9 Pages
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NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Highfields GP LLC
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
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SOLE VOTING POWER
5
NUMBER OF 15,489,620
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 15,489,620
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
15,489,620
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
OO
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CUSIP No. 700690 10 0 13G Page 4 of 9 Pages
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NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Jonathon S. Jacobson
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF
15,489,620
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY --0--
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
15,489,620
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
15,489,620
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
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CUSIP No. 700690 10 0 13G Page 5 of 9 Pages
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NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Richard L. Grubman
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF 15,489,620
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 15,489,620
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
15,489,620
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
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CUSIP No. 700690 10 0 13G Page 6 of 9 Pages
Item 1(a). Name of Issuer:
Park Place Entertainment Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
3930 Howard Hughes Parkway, Las Vegas, Nevada 89109
Item 2(a). Name of Person Filing:
This statement is being filed by the following persons with respect to
the shares of common stock of the Issuer directly owned by Highfields
Capital I LP, Highfields Capital II LP and Highfields Capital Ltd.
(collectively, the "Funds"):
(i) Highfields Capital Management LP, a Delaware limited
partnership ("Highfields Capital Management") and Investment
Manager to each of the Funds,
(ii) Highfields GP LLC, a Delaware limited liability company
("Highfields GP") and the General Partner of Highfields
Capital Management,
(iii) Jonathon S. Jacobson, a Managing Member of Highfields GP, and
(iv) Richard L. Grubman, a Managing Member of Highfields GP.
Highfields Capital Management, Highfields GP, Mr. Jacobson and Mr.
Grubman are sometimes individually referred to herein as a "Reporting
Person" and collectively as the "Reporting Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence:
c/o Highfields Capital Management, 200 Clarendon Street,
Boston, Massachusetts 02117
Item 2(c). Citizenship:
Highfields Capital Management - Delaware
Highfields GP - Delaware
Richard L. Grubman - United States
Jonathon S. Jacobson - United States
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share
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CUSIP No. 700690 10 0 13G Page 7 of 9 Pages
Item 2(e). CUSIP Number:
700690 10 0
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d- 1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance
with Rule 13d- 1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check
this box. [X]
Item 4. Ownership.
If the percent of the class owned, as of December 31 of the year
covered by the statement, or as of the last day of any month described in Rule
13d-1 (b)(2), if applicable, exceeds five percent, provide the following
information as of that date and identify those shares which there is a right to
acquire.
(a) Amount beneficially owned:
15,489,620 shares of Common Stock (of which the Reporting
Persons have the right to acquire zero (0) shares)
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CUSIP No. 700690 10 0 13G Page 8 of 9 Pages
(b) Percent of class:
5.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 15,489,620
(ii) Shared power to vote or to direct the vote --0--
(iii) Sole power to dispose or to direct the disposition of
15,489,620
(iv) Shared power to dispose or to direct the disposition
of --0--
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
The shares to which this filing relates are beneficially owned by the
Funds, each of which has the power to direct the dividends from or the
proceeds of the sale of the shares owned by such Fund and none of which
owns 5% or more of the securities to which this filing pertains.
Highfields Capital Management serves as the Investment Manager to each
of the Funds.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issue of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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CUSIP No. 700690 10 0 13G Page 9 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
May 24, 1999
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Date
HIGHFIELDS CAPITAL MANAGEMENT LP
By: Highfields GP LLC, its General Partner
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn,
Chief Operating Officer
Highfields Capital Management,
authorized signatory
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Name/Title
HIGHFIELDS GP LLC
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn, authorized signatory
----------------------------------------
Name/Title
JONATHON S. JACOBSON
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn, Attorney-in-Fact
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Name/Title
RICHARD L. GRUBMAN
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn, Attorney-in-Fact
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Name/Title
