<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(AMENDMENT NO. 2*)
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)
March 29, 2000
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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)
- -------------------------------
* This Schedule 13G amends the Schedule 13G filed by Highfields Capital
Management LP, Highfields GP LLC, Jonathon S. Jacobson and Richard L.
Grubman with the Commission on May 24, 1999, as amended by Amendment No. 1
filed with the Commission on February 14, 2000. This is the first Schedule
13G filed by Highfields Capital Ltd. with respect to the shares of Park
Place Entertainment Corporation.
<PAGE>
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CUSIP No. 700690 10 0 13G Page 2 of 12 Pages
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- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HIGHFIELDS CAPITAL MANAGEMENT LP
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER 22,329,020
SHARES -------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER --0--
OWNED BY -------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 22,329,020
REPORTING -------------------------------------------------------------
PERSON WITH 8. SHARED DISPOSITIVE POWER --0--
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
22,329,020
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES |_|
CERTAIN SHARES
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.3%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
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CUSIP No. 700690 10 0 13G Page 3 of 12 Pages
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- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HIGHFIELDS GP LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER 22,329,020
SHARES -------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER --0--
OWNED BY -------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 22,329,020
REPORTING -------------------------------------------------------------
PERSON WITH 8. SHARED DISPOSITIVE POWER --0--
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
22,329,020
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES |_|
CERTAIN SHARES
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.3%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 700690 10 0 13G Page 4 of 12 Pages
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- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JONATHON S. JACOBSON
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER 22,329,020
SHARES -------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER --0--
OWNED BY -------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 22,329,020
REPORTING -------------------------------------------------------------
PERSON WITH 8. SHARED DISPOSITIVE POWER --0--
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
22,329,020
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES |_|
CERTAIN SHARES
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.3%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 700690 10 0 13G Page 5 of 12 Pages
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- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RICHARD L. GRUBMAN
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER 22,329,020
SHARES -------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER --0--
OWNED BY -------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 22,329,020
REPORTING -------------------------------------------------------------
PERSON WITH 8. SHARED DISPOSITIVE POWER --0--
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
22,329,020
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES |_|
CERTAIN SHARES
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.3%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 700690 10 0 13G Page 6 of 12 Pages
- ---------------------- --------------------
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HIGHFIELDS CAPITAL LTD.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER 16,167,317
SHARES -------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER --0--
OWNED BY -------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER 16,167,317
REPORTING -------------------------------------------------------------
PERSON WITH 8. SHARED DISPOSITIVE POWER --0--
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
16,167,317
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES |_|
CERTAIN SHARES
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No.700690 10 0 13G Page 7 of 12 Pages
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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.
This statement is also being filed by Highfields Capital Ltd., an
exempted limited company organized under the laws of the Cayman
Islands, with respect to the shares of common stock of the Issuer owned
by Highfields Capital Ltd.
Highfields Capital Management, Highfields GP, Mr. Jacobson, Mr. Grubman
and Highfields Capital Ltd. 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:
Address for Highfields Capital Management, Highfields GP, Mr. Jacobson
and Mr. Grubman:
c/o Highfields Capital Management
200 Clarendon Street
Boston, Massachusetts 02117
Address for Highfields Capital Ltd.:
c/o Goldman Sachs (Cayman) Trust Limited
Harbour Centre, North Church Street
P.O. Box 896
George Town, Grand Cayman
Cayman Islands, B.W.I.
<PAGE>
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CUSIP No.700690 10 0 13G Page 8 of 12 Pages
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ITEM 2(C). CITIZENSHIP:
Highfields Capital Management - Delaware
Highfields GP - Delaware
Richard L. Grubman - United States
Jonathon S. Jacobson - United States
Highfields Capital Ltd. - Cayman Islands
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
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|
<PAGE>
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CUSIP No.700690 10 0 13G Page 9 of 12 Pages
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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.
For Highfields Capital Management, Highfields GP, Mr. Jacobson and Mr.
Grubman:
(a) Amount beneficially owned:
22,329,020 shares of Common Stock
(b) Percent of class:
7.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 22,329,020
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(ii) Shared power to vote or to direct the vote --0--
---------
(iii) Sole power to dispose or to direct the disposition of
22,329,020
----------
(iv) Shared power to dispose or to direct the disposition of --0--
------
For Highfields Capital Ltd.:
(a) Amount beneficially owned:
16,167,317 shares of Common Stock
(b) Percent of class:
5.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 16,167,317
----------
(ii) Shared power to vote or to direct the vote --0--
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<PAGE>
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CUSIP No.700690 10 0 13G Page 10 of 12 Pages
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(iii) Sole power to dispose or to direct the disposition of
16,167,317
----------
(iv) Shared power to dispose or to direct the disposition of --0--
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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 by Highfields Capital Management,
Highfields GP, Mr. Jacobson and Mr. Grubman 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.
Highfields Capital Management serves as the Investment Manager to each
of the Funds. Highfields Capital Ltd., a reporting person herein owns
5.3% of the shares of common stock of the Issuer; however, neither
Highfields Capital I LP nor Highfields Capital II LP owns more than
five percent of the shares of common stock of the Issuer.
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
Issuer 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.
<PAGE>
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CUSIP No.700690 10 0 13G Page 11 of 12 Pages
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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.
April 7, 2000
-------------
Date
HIGHFIELDS CAPITAL MANAGEMENT LP
By: Highfields GP LLC,
its General Partner
/s/ KENNETH H. COLBURN
----------------------
Signature
Kenneth H. Colburn, Authorized Signatory
----------------------------------------
Name/Title
HIGHFIELDS GP LLC
/s/ KENNETH H. COLBURN
----------------------
Signature
Kenneth H. Colburn, Authorized Signatory
----------------------------------------
Name/Title
JONATHON S. JACOBSON
/s/ KENNETH H. COLBURN
----------------------
Signature
Kenneth H. Colburn, Attorney-in-Fact
------------------------------------
Name/Title
RICHARD L. GRUBMAN
/s/ KENNETH H. COLBURN
----------------------
Signature
Kenneth H. Colburn, Attorney-in-Fact
------------------------------------
Name/Title
<PAGE>
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CUSIP No.700690 10 0 13G Page 12 of 12 Pages
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HIGHFIELDS CAPITAL LTD.
By: Highfields Capital Management LP,
its Investment Manager
By: Highfields GP LLC,
its General Partner
/s/ KENNETH H. COLBURN
----------------------
Signature
Kenneth H. Colburn, Authorized Signatory
----------------------------------------
Name/ Title
