FROM: PARK PLACE ENTERTAINMENT
3930 Howard Hughes Parkway
Las Vegas, NV 89109
The MWW Group
Public Relations - Tel. (201) 507-9500
Contact: Michael W. Kempner
Laurie Terry
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FOR IMMEDIATE RELEASE
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PARK PLACE ENTERTAINMENT ANNOUNCES THE UNEXPECTED AND
UNTIMELY DEATH OF ITS PRESIDENT AND CEO, ARTHUR M. GOLDBERG
LAS VEGAS, October 19, 2000 -- The Board of Directors of Park Place
Entertainment (NYSE: PPE) sadly announces that its President and CEO, Arthur M.
Goldberg, has unexpectedly and suddenly passed away early this morning. Mr.
Goldberg was 58 years old.
The Board of Directors will meet today to begin the search for a new CEO. Until
a new CEO is selected, the company's day-to-day operations will continue to be
managed under the direction of Park Place's four senior executives. These
executives are Wallace R. Barr, Executive Vice President -- Eastern Regions;
Clive S. Cummis, Executive Vice President and General Counsel; Mark R. Dodson,
Executive Vice President -- Western Region; and Scott A. LaPorta, Executive Vice
President and Chief Financial Officer. These executives are the same team that
had run Park Place effectively during Mr. Goldberg's previous medical absence.
During this period, at the direction of the Board of Directors, Company Chairman
Stephen F. Bollenbach will provide general oversight while maintaining his role
as CEO of Hilton Hotels Corporation.
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Arthur Goldberg
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"Arthur M. Goldberg was a true leader, visionary and builder of great companies.
He has left behind the biggest, best and most financially healthy gaming company
in the world," said Mr. Bollenbach. "He has also left behind the best management
team in the entire casino industry. The Board of Directors and I have complete
confidence in their ability to manage the day-to-day operations of the company
until a successor can be found. He was a great friend to me and I will miss his
warmth, energy, commitment and leadership."
Mr. Goldberg is survived by his wife Veronica, his four children and six
grandchildren. Gifts in Arthur Goldberg's memory can be made to the Arthur M.
Goldberg Memorial Fund at Johns Hopkins Medicine:
The Fund for Johns Hopkins Medicine
Attention: Arthur M. Goldberg Memorial Fund
1620 McElderry Street
Baltimore, Maryland 21205
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