Hilton Announces Regulatory Approvals on Spin-Off, Grand Casinos Merger
BEVERLY HILLS, California -- Hilton Hotels Corp.
The approvals help clear the way for the scheduled Dec. 31, 1998, distribution date.
In order to complete the transactions by year-end 1998 as planned, Hilton said transfer of its riverboat casino operation in Missouri to Park Place Entertainment would be deferred until the requisite regulatory approvals are obtained, and thus will be handled outside the parameters of the spin off.
With regard to Hilton's Louisiana riverboat casino, if the requisite regulatory approvals are not obtained in that jurisdiction prior to year-end 1998, a similar procedure to that described in the Missouri situation will be employed (i.e. transfer to Park Place Entertainment separately after approvals are obtained).
This news release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this news release are subject to numerous risks and uncertainties, including the effects of economic conditions; supply and demand changes for hotel rooms; competitive conditions in the lodging and gaming industries; relationships with clients and property owners; the impact of government regulations; and the availability of capital to finance growth, which could cause actual results to differ materially from those expressed in or implied by the statements herein.