Exhibit 99.3
[Caesars Letterhead]
October 13, 2004
Xxxxx X. Xxxxxx, Esq.
c/o Caesars Entertainment, Inc.
0000 Xxxxxx Xxxxxx Xxxxxxx
Xxx Xxxxx, Xxxxxx 00000
Re: Amendment to Agreement Dated as of December 31, 2001
Dear Xxxxx:
In consideration of the terms and conditions contained in the referenced
agreement, Caesars Entertainment, Inc. f/k/a Park Place Entertainment
Corporation ("the Company") and you, as Senior Advisor to the Chief Executive
Officer, xxxxxx xxxxx said agreement as follows:
1. Paragraph 1 of Part I shall be deleted and replaced in its entirety with
the following:
The Company and Cummis are party to that certain Employment Agreement
entered into as of January 1, 1999, which expires on December 31,
2002 (the "Prior Agreement"). The Company and Cummis have mutually
agreed that Xxxxxx will resign his executive officer positions with
the Company, effective as of December 31, 2001 and that Cummis will
transition out of his duties and employment over a period beginning
on January 1, 2002 and ending with Cummis retiring from employment on
the earlier of (a) December 31, 2005 or (b) 180 days after the
consummation of the merger by and among the Company, Xxxxxx'x
Entertainment, inc. and Xxxxxx'x Operating Company pursuant to the
merger agreement dated July 14, 2004 (the earlier of (a) and (b)
being referred to as the "Retirement Date").
2. The reference in Paragraph 2(a) of Part II to the "Resignation Date" shall
be deleted and replaced with the term "Retirement Date."
3. Paragraph 2(b) of Part II shall be deleted and replaced in its entirety
with the following:
In full and complete satisfaction of all obligations of the Company
under the Prior Agreement, the sum of $1,464,000 payable in equal
bi-weekly installments from January 1, 2002 through December 31,
2004.
All other terms and conditions of the referenced agreement shall remain
unchanged.
Very truly yours,
/s/ Xxxxxxx X. Xxxx
------------------------------------
Xxxxxxx X. Xxxx,
President and Chief Executive
Officer
Agreed to:
/s/ Xxxxx X. Xxxxxx
----------------------------
Xxxxx X. Xxxxxx
Dated 10/19/2004
