Bollenbach exercises 1 million options

Thursday, Nov. 9, 2000 | 11:12 a.m.

Park Place Entertainment Corp. Chairman Stephen Bollenbach exercised options to purchase 1 million shares of the company's stock, Park Place announced this morning.

The company said the options were set to expire within three months.

It was not immediately known what the exercise price was on the shares, or when Bollenbach exercised his options. Bollenbach sold 750,000 shares acquired through the options, but said proceeds from these sales paid for the exercise price of the options and taxes.

Bollenbach said he retained 250,000 shares of stock acquired through options.

"I continue to be an enthusiastic major shareholder of Park Place, and have nothing but the greatest confidence in the management and growth prospects of this wonderful company," Bollenbach said in a statement.

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