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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) MARCH 24, 2000
PARK PLACE ENTERTAINMENT CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-14573 88-0400631
(Commission File Number) (IRS Employer Identification No.)
3930 HOWARD HUGHES PARKWAY
LAS VEGAS, NEVADA 89109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 699-5000
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NOT APPLICABLE
(Former name or former address, if changed since last report)
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Item 4. Changes in Registrant's Certifying Accountant
(a) Previous independent accountants
(i) Effective March 24, 2000, Park Place Entertainment (the
"Company") dismissed Arthur Andersen LLP ("AA"). AA will
complete all activities related to the Company's 1999 audit
by May 31, 2000. The decision to change accountants was
approved by the Audit Committee and the Board of Directors
of the Company.
(ii) The reports of AA on the Company's consolidated balance
sheets as of December 31, 1999 and 1998, and the related
consolidated statements of income, shareholders' equity, and
cash flows for each of the two-years ended December 31, 1999
and 1998, did not contain an adverse opinion or disclaimer
of opinion, and were not qualified or modified as to
uncertainty, audit scope, or accounting principles.
(iii) During the two most recent fiscal years and the interim
periods subsequent to December 31, 1999 through March 24,
2000, there were no disputes between the Company and AA as
to matters of accounting principles or practices, financial
statement disclosure, or audit scope or procedure, which
disagreements, if not resolved to the satisfaction of AA,
would have caused it to make a reference to the subject
matter of the disagreement in connection with its reports
on the financial statements for such periods. AA has
furnished the Company with a letter addressed to the
Commission stating that it agrees with the above statements.
A copy of this letter is included as an exhibit to this
Report on Form 8-K.
(iv) During the two most recent fiscal years and through March 24,
2000, there have been no reportable events (as defined in
Regulation S-K Item 304(a)(1)(v)).
(b) New independent accountants
(i) The Company has engaged the firm of Deloitte & Touche LLP as
independent accountants for the Company's fiscal year ending
December 31, 2000. The Company's Board of Directors approved
the selection of Deloitte & Touche LLP as independent
accountants upon recommendation of the Company's Audit
Committee.
(ii) During the two most recent fiscal years and through March 24,
2000, the Company has not consulted with Deloitte &
Touche LLP on any items which (1) were or should have been
subject to SAS 50 or (2) concerned the subject matter of
Regulation S-K Item 304(a)(2).
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Item 7. Financial Statements and Exhibits
(i) Exhibits
(16) Letter regarding change in certifying accountants.
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.
PARK PLACE ENTERTAINMENT CORPORATION
Dated: March 30, 2000
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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EXHIBIT 16
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
March 29, 2000
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated March 24, 2000 of Park
Place Entertainment Corporation filed with the Securities and Exchange
Commission and are in agreement with the statements contained therein.
Very truly yours,
ARTHUR ANDERSEN LLP
Copies to:
Scott La Porta, Chief Financial Officer
Park Place Entertainment Corporation
