Park Place Stock May Rise on Takeover Talk, Magazine Says

(Bloomberg) -- Park Place Entertainment Corp., the world's largest casino company, may see its stock rise on speculation it could become a takeover target, Business Week reported in its ``Inside Wall Street'' column.

Speculation that a foreign company may considering buying the company grew after the death last month of Park Place's Chief Executive Arthur Goldberg, the magazine said.

Park Place, which operates casinos and hotels in New Jersey, Nevada and Mississippi is on a solid financial footing, according to Bob Olstein, president of Olstein Financial Alert Fund. He said the company is generating excess cash flow of about $500 million though the third quarter, which could reach $700 million in 2001.

The company's diverse geographic reach makes it an attractive acquisition, Olstein said. He expects the Las Vegas-based company's stock, which closed today at $13.44, will rise to $20.00 next year.