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November 30, 2009

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Park Place won’t respond to offer

Wednesday, June 16, 1999 | 11:09 a.m.

Park Place Entertainment Corp. of Las Vegas said its $3 billion acquisition of Caesars World and other gaming assets from Starwood Hotels & Resorts is on track and scheduled to close in the fourth quarter.

Park Place acknowledged receiving an unsolicited offer to purchase certain Caesars gaming assets for $3.6 billion from an Internet sex site operator, Ocean Fund International.

Ocean Fund's offer of Tuesday was widely ridiculed as being unrealistic since the firm is unknown in gaming and financial industry circles and because its pornographic business ownership would make obtaining gaming licenses difficult.

"Park Place does not intend to respond to the letter and continues to work closely with Starwood Hotels & Resorts towards the planned closing later this year," Park Place said in a statement.

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