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Stockholders approve the spinoff of Hilton's
casinos into a new company and the sale of
three Grand resorts.

By Adam Steinhauer

Bloomberg

BEVERLY HILLS, Calif. -- Hilton Hotels Corp. and

Grand Casinos Inc. shareholders approved the spinoff f

Hilton's casinos into a new company, Park Place

Entertainment Corp., and Park Place's purchase of

Grand's three Mississippi resorts for stock and debt

valued at about $1.2 billion.

Hilton said it expects to complete the spinoff d

purchase by year-end. Park Place Entertainment will be

the world's largest casino company and, with its chase

of Grand's resorts, will also be the largest in Mississippi -- the United States' No. 3 gambling market after Las Vegas and Atlantic City, N.J.