PARK PLACE POSTS 3Q LOSS

October 31, 2001 10:00 PM
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Park Place Entertainment today reported a third quarter net loss of $101 million or 34 cents/share, compared to a profit of $67 million or 22 cents/share last year.

The company attributed much of the loss to a writedown of the Las Vegas Hilton, write off of its investment in the Aladdin and the sale of the Flamingo Reno.

Adjusted earnings fell to $17 million, or 6 cents a share, from $68 million or 22 cents a share.