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Australian sale to result in $20 million gain

Monday, Feb. 25, 2002 | 11:06 a.m.

Park Place Entertainment Corp. of Las Vegas said Friday it expects to book a gain of at least $20 million in the second quarter of 2002 from the sale of its interest in an Australian casino company.

Park Place estimates it will receive $100 million after taxes from the sale of its 20 percent stake in Jupiters Ltd., which operates two casinos in Queensland, Australia. Institutional investors have agreed to pay Park Place about $50 million for 24 million Jupiters shares, Park Place said, while Jupiters will pay an additional $50 million for the other 24 million shares held by Park Place.

Proceeds will be used to pay down debt, Park Place said. The Las Vegas casino company will continue to operate the two Australian casinos for Jupiters following the sale.

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