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Analyst raises rating to ‘strong buy’

Tuesday, July 30, 2002 | 11:14 a.m.

CIBC World Markets gaming analyst William Schmitt has raised his rating on Park Place Entertainment Corp. from "buy" to "strong buy" following the company's earnings release Monday.

Schmitt raised his 2002 revenue and cash flow estimates on the company from $5 billion and $1.125 billion to $5.012 billion and $1.175 billion, respectively.

"We believe the company is well-positioned to benefit from a rebound on the Las Vegas Strip as well as the expected long-term growth in the Atlantic City market," Schmitt wrote in a research note.

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