Park Place Promotes Steve Rosen to Lead Company-Wide Marketing Initiatives.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--July 23, 2003

Park Place Entertainment Corporation (NYSE: PPE) today announced that it has promoted veteran marketing executive Steven N. Rosen to the post of senior vice president for marketing.

Formerly the executive in charge of marketing for the company's Mid-South Region, Rosen in the mid-1990s was vice president of marketing for Caesars Palace in Las Vegas. He will assume his new company-wide marketing responsibilities effective immediately and will report to Park Place President and Chief Executive Officer Wallace R. Barr.

"Steve has had extensive experience in all our major U.S. regions and has demonstrated his ability to deliver strong results for our family of casino brands," said Barr. "He is taking on this wider role as we roll out several important new marketing initiatives across the country. They include the expansion of the Connection Card customer loyalty program, the continued development of our customer data warehouse and the launch of our new corporate name, Caesars Entertainment," Barr added.

The company recently announced its plan to adopt the name of its best-known casino brand, effective in January 2004, pending shareholder and regulatory approval.

"This is a tremendously exciting time for Park Place and our 29 casinos around the world," Rosen said. "With so many new initiatives underway, the company and all of its brands - Caesars, Bally's, Flamingo, Hilton, Paris and Grand Casinos - are ready to take their marketing programs to the next level."

Rosen will oversee company-wide advertising, brand development, Internet marketing and general marketing initiatives, as well as the Connection Card customer loyalty program and the customer data warehouse. He also will be responsible for the Park Place retail division, which includes more than 90 owned-and-operated Park Place stores, as well as the licensing of resort brands for commercial product development.

Rosen played a major role in the development of Grand Casinos, Inc., which he joined in 1996 as senior vice president of corporate marketing. At the time, Grand had three company-owned casino resorts, and four Native American casino properties.

After Grand spun off its Mississippi operations to merge with Park Place in December 1998, Rosen was named executive vice president of marketing for Park Place's Mid-South region, which includes Grand Casino Gulfport and Grand Casino Biloxi on the Mississippi Gulf Coast; Grand Casino Tunica, Sheraton Tunica and Bally's Tunica in Tunica County, Mississippi; Bally's Casino New Orleans and Caesars Indiana.

In the Mid-South, Rosen was responsible for brand strategies, advertising, direct marketing, travel industry sales, hotel reservations, players club development, promotions, public relations, marketing research and analysis and all entertainment and event contracts.

During his tenure in the Mid-South, Rosen brokered a number of deals that brought internationally renowned entertainers and sporting events to Mississippi - events ranging from a concert by opera great Luciano Pavarotti to world championship boxing featuring Roy Jones, Jr.

From 1994 to 1996, Rosen was vice president of marketing for Caesars Palace in Las Vegas, where he was responsible for casino customer development, brand positioning, special events, market research and the customer loyalty program. Prior to joining Caesars Palace, Rosen was senior vice president of marketing for Harrah's Casino Hotel in Atlantic City.

Rosen has been an active leader in the gaming and tourism industries, serving as a commissioner for the Harrison County Mississippi Tourism Commission, an executive board member for the Mississippi Gulf Coast Gaming Association and a member of the advisory board for the Mississippi State Division of Tourism. Previously, he was a board member for the Greater Atlantic City Chamber of Commerce, an advisory board member for the Atlantic City Visitors and Convention Bureau and the events committee chairman for the Casino Association of New Jersey.

Rosen was graduated from the State University of New York at Cortland, with a bachelor of science degree. He plans to relocate to Las Vegas.

About Park Place

Park Place Entertainment Corporation (NYSE: PPE) is one of the world's leading gaming companies. Park Place owns, manages or has an interest in 29 gaming properties operating under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 54,000 employees worldwide. The company recently announced plans to change its name to Caesars Entertainment, Inc., effective in January 2004, pending shareholder and regulatory approval.

Additional information on Park Place Entertainment can be accessed through the company's web site at www.parkplace.com .

NOTE: This press release contains "forward-looking statements" within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are "forward-looking statements" for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include all financial projections, including projections of revenue, market share, earnings, EBITDA, free cash flow, statements of management's plans, objectives or expectations of future economic performance, statements regarding new developments or opportunities, statements of belief, and/or statements regarding anticipated construction, development, or acquisition. Additional information concerning potential risk factors that could affect the company's future performance are described from time to time in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2002 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. The reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.