LAS VEGAS, April 22 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG) and Park Place Entertainment Corporation (NYSE: PPE), parent
company of Caesars Palace, today announced plans for the Phase III expansion
of The Forum Shops at Caesars.
The 200,000-square-foot, three-level expansion will extend from the
existing Phase I structure to the Las Vegas Strip, adding an array of upscale
specialty retail tenants to further expand its selection of luxury brand
merchandise. The addition of several new restaurants also will further
broaden The Forum Shops' appeal as the premier venue for an exclusive fine
dining experience.
A new grand pedestrian plaza from Las Vegas Boulevard featuring
breathtaking Roman architecture will serve as the exterior focal point from
the Strip, punctuating the entrance to the expanded area. Construction on
Phase III will begin in the near future with a projected 2004 opening.
"The Forum Shops is undeniably the most valuable retail real estate in all
of Las Vegas," said David Simon, chief executive officer of Simon Property
Group. "Already recognized as one of the country's premier shopping and
entertainment destinations for both domestic and international visitors, we
feel the addition offers even greater potential, evidenced by the interest we
have received from world class retailers who have waited for this expansion to
establish their presence in Las Vegas," he added.
In recent weeks, several designer and couture tenants have signed leases
to join the existing Forum Shops including Robert Cavalli, Chopard, Dolce &
Gabbana, D & G Sport, Furla, MAC Cosmetics, Donald Pliner, Tod's, Tourneau,
Valentino and Louis Vuitton, which will relocate and expand its existing store
to be situated adjacent to Valentino and Tod's.
"Adding this major new component to the Forum Shops will significantly
enhance the drawing power and appeal of Caesars Palace and the critical mass
of attractions within our resort cluster at the Four Corners in Las Vegas,"
said Thomas E. Gallagher, president and chief executive officer of Park Place
Entertainment. "The Forum Shops expansion will strongly complement our new
4,000-seat Colosseum, which opens in March 2003 with a spectacular new
theatrical production starring Celine Dion." Park Place's other mid-Strip
resorts include Flamingo, Bally's and Paris Las Vegas.
The Forum Shops at Caesars opened in May, 1992 with 283,000 square feet of
GLA. Simon Property Group and Gordon Group Holdings, LLC, developers of Phase
I, proceeded with Phase II in response to the project's overwhelming success.
The second phase, which increased The Forum Shops' size to 500,000 square
feet, was completed in August, 1997. In 2001 alone, the center welcomed 20
million visitors, and The Forum Shops continues to be widely acclaimed as one
of the most productive shopping centers in the U.S. Simon and the Gordon
Company will continue as joint venture partners for development of Phase III
which, like earlier phases, will be built on land leased to the developers.
Simon will provide funding for the expansion. The expansion is subject to
execution of definitive agreements by all parties.
About Simon Property Group
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a
self-administered and self-managed real estate investment trust which, through
its subsidiary partnerships, is engaged in the ownership, development,
management, leasing, acquisition and expansion of income-producing properties,
primarily regional malls and community shopping centers. It currently owns or
has an interest in 249 properties containing an aggregate of 185 million
square feet of gross leasable area in 36 states and seven assets in Europe and
Canada. Together with its affiliated management company, Simon owns or
manages approximately 191 million square feet of gross leasable area in retail
and mixed-use properties. Shares of Simon Property Group, Inc. are paired
with beneficial interests in shares of stock of SPG Realty Consultants, Inc.
Additional Simon Property Group information is available at
http://www.shopsimon.com .
About Gordon Group Holdings, LLC
Sheldon M. Gordon's firm has always been successful in developing unique
and exciting entertainment oriented retail complexes. Always "breaking the
mold," Gordon Group Holdings, LLC has developed or co-developed innovative
projects such as the Beverly Center in Los Angeles and San Francisco Center,
as well as The Forum Shops at Caesars. Other themed retail entertainment
projects currently in development by the Gordon Group Holdings, LLC include
The Ocean One Pier in Atlantic City, New Jersey, a 250,000 square foot retail
entertainment complex at the heart of The Boardwalk, scheduled to open in
2004, as well as The Shops at Mohegan Sun Casino in Uncasville, Connecticut.
About Park Place Entertainment Corporation
Park Place Entertainment Corporation (NYSE: PPE) is the world's largest
gaming company. Park Place Entertainment owns, manages or has an interest in
28 gaming properties around the world that operate under the Bally's, Caesars,
Flamingo, Grand Casinos, Hilton and Paris brands with a total of two million
square feet of gaming space, more than 28,000 hotel rooms and 55,000
employees.
NOTE:
This press release contains "forward-looking statements" within the meaning of the federal securities law and intended to qualify for the safe harbor from liability provided thereunder. 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, or free cash flow, statements of management's plans, objectives or expectations of future economic performance, statements regarding new products or services, statements of belief, and 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. This report may be viewed free of charge at the following website: http://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.
SOURCE Simon Property Group, Inc.
CONTACT:
Investors - Shelly Doran of Simon Property Group,
+1-317-685-7330, or
Matt Maddox of Park Place Entertainment, +1-702-699-5269;
or
Media - Billie Scott of Simon Property Group, +1-317-263-7148, or
Deborah
Munch of Park Place Entertainment, +1-702-699-5008/
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