LAS VEGAS, February 6, 2003 - Mark Juliano, a veteran gaming executive whose association with the Caesars brand dates to 1986, today was named president of Caesars Palace in Las Vegas. Juliano replaces John Groom, who resigned.

In his nearly two decades in the gaming industry, Juliano, 48, has served in a series of increasingly responsible roles, including president and chief operating officer, at Caesars Atlantic City and other Caesars properties.

He currently is chairman of the Atlantic City Convention and Visitors Authority.

“Mark Juliano knows the Caesars brand – and Caesars Palace – like no one else. We could not have found a better executive to help us rebuild Rome,” said Park Place President and Chief Executive Officer Wallace R. Barr. Juliano’s appointment is effective February 18.

“With the opening of the new Celine Dion show and so many other exciting projects underway at Caesars Palace, we have the opportunity to deliver a new product that matches and exceeds the tremendous promise of the Caesars brand,” said Juliano. “Caesars Palace already has a world-class team of associates. With the backing of Park Place, we’re going to restore its reputation as the place to play and stay in Las Vegas.”

Before joining the convention authority, Juliano served as president and chief operating Officer of Caesars Atlantic City. Through an executive position at Caesars World, Inc., he also was responsible for the development of Caesars Indiana, which has become one of Park Place’s fastest-growing casino resorts.

He also directed operations at Dover Downs and Caesars Nova Scotia.

Earlier, Juliano was executive vice president of Caesars Atlantic City, where he was responsible for daily operations of the casino, telemarketing, international and national marketing, food and beverage, casino services and hotel operations.

Juliano joined Caesars Atlantic City in 1986 in the marketing department. He later served as director of VIP Services, assistant vice president of casino services and vice president of casino services. In 1990, he was named senior vice president of Caesars World Marketing Corporation, National Division, and transferred with his family to Caesars Palace in Las Vegas. He was promoted to president of Caesars World Marketing Corporation, National and International Divisions, in 1991. He returned to Atlantic City in 1993.

Juliano holds a Bachelor of Arts degree from LaSalle University in Philadelphia. He also holds positions with many prominent community and charitable organizations. He is a recipient of the Pinnacle Award for Excellence from the New Jersey Governor’s Conference on Tourism; the Humanitarian Award from the National Conference for Community and Justice; the AFL/CIO’s New Jersey Business Award; the UNICO Man of the Year Award; the FDR Community Service Award from the March of Dimes Atlantic County chapter; and the Business Man of the Year Award from the Greater Atlantic City Chamber of Commerce.

Juliano and his wife Jacqueline are relocating to Las Vegas with their five children. He will retain his position with the Atlantic City convention authority until the governor of New Jersey names a replacement.

About Park Place

Park Place Entertainment owns, manages or has an interest in 27 gaming properties operating under the Caesars, Bally’s, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 55,000 employees worldwide.

Additional information on Park Place Entertainment can be accessed through the company’s web site at www.parkplace.com.

NOTE: This press release contains “forward-looking statements” within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided there under. All statements which are not historical statements of fact are “forward-looking statements” for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include all financial projections, including projections of revenue, market share, earnings, EBITDA, free cash flow, statements of management’s plans, objectives or expectations of future economic performance, statements regarding new developments or opportunities, statements of belief, and/or statements regarding anticipated construction, development, or acquisition. Additional information concerning potential risk factors that could affect the company’s future performance are described from time to time in the company’s reports filed with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2001 and the company’s Quarterly Reports on Form 10-Q for the quarters ending March 31, 2002, June 30, 2002 and September 30, 2002. These reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.