LAS VEGAS Park Place Entertainment has had disappointing earnings lately, but enormous cash flow has kept the company s eyes on expansion, CBS.MarketWatch reported.
Spun off from Hilton Hotels just over two years ago, Park Place has a diversified line-up of casinos located in such gambling hot spots as Las Vegas, Lake Tahoe, and Atlantic City. Despite double-digit revenue gains last year, net income fell 7% from the $0.60 per share posted in 1999 to $0.56 per share in 2000.
However, Park Place is still looking to expand the brand further, including an 800-room addition to Caesars in Las Vegas, and a possible tribal gaming project in the Catskills. It also just bought Carl Icahns interest in the Claridge hotel in Atlantic City and is looking into possible uses for vacant land it owns in that market. (3/14/01)
SOURCE: CBS.MarketWatch.com