BALLY'S PARK PLACE CASINO HOTEL & TOWER --------------------------------------- EMPLOYMENT INFORMATION ______________________________________________________________________________ HILTON HOTELS WINS NJ APPROVAL $3 BILLION PURCHASE OF BALLY'S GRAND & PARK PLACE IN ATLANTIC CITY Atlantic City, NJ --- By Robert Taylor, Editor - Casino.sho Hilton Hotels Corporation casino license was approved by the New Jersey Casino Control Commission last week. This opens the door for Hilton Hotels to run a casino operation in Atlantic City. Hilton plans on completing the $3 billion purchase of Bally Entertainment Corporation's two Atlantic City casinos, Park Place and The Grand. Bally's Chairman Arthur Goldberg will become head of Hilton's gaming operations and Wallace Barr will continue as President of the two Atlantic City properties and two Bally riverboat casinos in Louisiana and Mississippi, as well as Hilton's Kansas City riverboat operation. Park Place will retain it's name while The Grand will become the Atlantic City Hilton. ----------------------------------------------------------------------------- BALLY'S NEW YEAR RESOLUTION: TO HAVE EMPLOYEES IN THEIR VERY OWN ATLANTIC CITY HOME FOR THE HOLIDAYS IN 1996! Atlantic City, NJ --- Bally's plans on making 1996 a grand new year for employees at Bally's Park Place and The Grand Casino Resort, thanks to a program known as HOPE (Homeownership Opportunities for Performing Employees). As part of Bally's New Year's resolution, eligible employees will have the opportunity to celebrate the holidays next year in their very own Atlantic City home! Representatives from the New Jersey Home Mortgage & Finance Agency (NJHMFA) will be available to Bally's employees to explain the HOPE program which allows for up to 100% financing to eligible borrowers. The employer- assisted mortgage program is offered by the NJHMFA in conjunction with Bally's and the Casino Reinvestment Development Authority (CDRA), and coordinated with the Atlantic City Board of Realtors. Mortgages will be available on a first-come, first served basis. The program, first offered two years ago, made Bally's the first casino in New Jersey and the largest corporation to offer such a program to their employees who must be employed by either Bally's properties for at least 6 months. Under the program, the NJHMFA will provide loans up to 100% for approved Bally's employees. Purchases are restricted to Atlantic City properties. Bally's is the 20th employer to participate in the innovative employee housing assistance program since its 1990 launching. According to Timothy J. Touhey, Executive Director, NJHMFA, "State Government cannot act alone. Through long-term public/private partnerships with companies like Bally's Casino Hotels, we can make a significant and visible impact on our cities and our citizens. we thank the bally organziation for taking a leadership role and for participating in NJHMFA's Homeownership Opportunities for Performing Employees." "Bally's is delighted to be part of the HOPE program. This program benefits not only our employees, but assists with the redevelopment of Atlantic City as well," said Redenia Gilliam-Mosee, Vice President of Governmental Relations/Planning. ------------------------------------------------------------------------------ WALLACE R. BARR OF BALLY'S NAMED "ATLANTIC CITY CASINO EXECUTIVE OF THE YEAR" Wallace R. Barr, President and Chief Operating Officer of both Bally's Park Place Casino Hotel & Tower and The Grand - a Bally's Casino Resort in Atlantic City, has been named "Atlantic City Casino Executive of the Year" for 1994 by Casino Journal, the gaming industry's leading publication. "There are many talented executives in Atlantic City," said Casino Journal Editor Roger Gros. "However, Barr clearly stood out when we were doing our research. Above all, it was the remarkable renaissance that both of Bally's properties have enjoyed under his guidance and his proclivity to buck the industry trends and set his own pace that won him our `Atlantic City Casino Executive of the Year' award." Prior to assuming the top position at Bally Entertainment Corporation's two Atlantic City properties (Barr reports directly to Bally Chairman Arthur Goldberg), Barr served as corporate controller and treasurer of Bally's Park Place, Senior Vice President at both Bally's Park Place and The Grand, and Chief Financial Officer for Bally's Casino Group, which includes Park Place, The Grand, and Bally's Las Vegas Casino Resort. "But unlike some executives with accounting and financial backgrounds, Barr has proven that he understands the essentials behind the bottom line - customer service, respect for the employees, and an emphasis on intelligent marketing, among thousands of other items buried with the numbers on the corporate ledgers," said Gros. Among Barr's accomplishments over the past year include the implementation of a new marketing philosophy at Bally's Park Place that has resulted in a 43% increase in operating income. "Park Place had always been a highly successful, but not especially innovative property," said Gros. "It always had the potential for more success and wally has finally realized that potential." At Bally's other Atlantic City Casino resort, Barr changed the name of the property from "Bally's Grand" to simply "The Grand" and provided a direction for a property that lacked one after being sold to Bally in 1987. Recognizing the inherent difficulty in operating two casinos in the same market, Barr endorsed a new marketing philosophy that utilized The Grand's elegant facilities to attract a more upscale client base, thus differentiating the property from Park Place. "Much of Barr's success can be attributed to the fact that he doesn't follow the crowd," said Gros. "He's not afraid to take risks to mark out a niche for his properties. At The Grand, for example, when everyone else was cramming slot machines into every nook and cranny, Barr actually removed machines from the floor to widen aisles, install slot stools and generally upgrade the comfort level. As a result, revenues have been up significantly since the change." "I'm honored to receive such a prestigious award," said Barr. "It's really a tribute not to me, but to the executive teams and entire staff at both Park Place and The Grand. It's rewarding to be recognized by our industry for our accomplishments over the past year and we're going to continue to work hard to ensure that Bally's Park Place and The Grand are just as successful in 1995." ------------------------------------------------------------------------------ BALLY'S PARK PLACE CASINO HOTEL | Park Place & Boardwalk .609-340-2000 | Box Office ...........609-340-2709 | Hotel Rooms ..........609-340-2222 | Restaurants ..........609-340-2709 | ------------------------------------------------------------------------------