Document:

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                                                                    EXHIBIT 4.11

                                 AMENDMENT NO. 1

                          dated as of December 10, 1998

                                       to

                                CREDIT AGREEMENT

                            dated as of June 1, 1998

                  HILTON HAWAIIAN VILLAGE LLC, as Borrower, HILTON HOTELS
CORPORATION, as Guarantor, the BANKS party to the Credit Agreement referred to
below, NATIONSBANK, N.A., as Syndication Agent, FIRST UNION NATIONAL BANK, as
Documentation Agent, and THE BANK OF NEW YORK, as Administrative Agent, hereby
agree as follows:

                  1. CREDIT AGREEMENT. Reference is hereby made to the Credit
Agreement dated as of June 1, 1998 (the "Credit Agreement") among the Borrower,
the Guarantor, the Banks, NationsBank, N.A., as Syndication Agent, First Union
National Bank, as Documentation Agent, and The Bank of New York, as
Administrative Agent. Capitalized terms used and not otherwise defined herein
shall have the meaning ascribed thereto in the Credit Agreement.

                  2. AMENDMENT. Upon and after the Amendment No. 1 Effective
Date (as defined in Section 5 below) the definition of "Consolidated Debt" in
Section 5.10 of the Credit Agreement shall be amended by inserting the following
at the end thereof:

                  "; provided, however, that if the definition of "Consolidated
         Debt" contained in the Existing Credit Agreement shall at any time be
         amended or otherwise modified, the definition of "Consolidated Debt"
         hereunder shall be deemed amended or modified in the same manner".

                  3. AGREEMENT. The parties to this Amendment No. 1 agree that
the Spin-Off does not give rise to a Default pursuant to Section 5.03 or Section
5.08 of the Credit Agreement. For purposes of this Section 3, the following
terms shall have the following meanings:

                  "Park Place" means Park Place Entertainment Corporation, a
         Delaware corporation, and, immediately prior to the Spin-Off, a
         Subsidiary holding the assets of the Guarantor's Gaming Segment (as
         segment is used in Regulation S-K and Regulation S-X of the Securities
         and Exchange Commission).

                  "Spin-Off" means (A) the transfer to Park Place of all or
         substantially all of the assets of the Guarantor and its Subsidiaries
         comprising the Guarantor's Gaming Segment and (B)

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         the distribution by the Guarantor to its stockholders of all capital
         stock of Park Place held by the Guarantor.

                  4. REPRESENTATIONS AND WARRANTIES. In order to induce the
Banks to agree to amend the Credit Agreement, the Guarantor and the Borrower, as
applicable, represents and warrants that each of the representations and
warranties set forth in Article 4 of the Credit Agreement is true and correct,
in all material respects, as though such representations and warranties were
made at and as of the Amendment No. 1 Effective Date, except to the extent that
any such representations or warranties are made as of a specified date or with
respect to a specified period of time, in which case such representations and
warranties shall be made as of such specified date or with respect to such
specified period. Each of the representations and warranties made under the
Credit Agreement (including those made herein) shall survive to the extent
provided therein and not be waived by the execution and delivery of this
Amendment.

                  5. AMENDMENT NO. 1 EFFECTIVE DATE.  This Amendment No. 1
shall become effective as of the date first referenced above on the date (the
"Amendment No. 1 Effective Date") on which the Administrative Agent shall have
received this Amendment, executed by the Borrower, the Guarantor, the
Administrative Agent and the Required Banks.

                  6. GOVERNING LAW. The rights and duties of the parties hereto
under this Amendment No. 1 shall, pursuant to New York General Obligations Law,
Section 5-1401, be governed by the law of the State of New York.

                  7. RATIFICATION.    The Credit Agreement, as amended by
this Amendment No. 1, and the other Loan Documents are and shall continue to be
in full force and effect and are hereby in all respects confirmed, approved and
ratified.

                  8. COUNTERPARTS.  This Amendment No. 1 may be executed
in any number of counterparts, each of which shall be an original and all of
which, when taken together, shall constitute one and the same agreement.

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be executed by their duly authorized officers all as of the date hereof.

                                     THE BANK OF NEW YORK
                                     as Administrative Agent and as a Bank

                                     By:_______________________________________
                                     Name:

                                     Title:

                                     FIRST UNION NATIONAL BANK,
                                     as Documentation Agent and as a Bank

                                     By:_______________________________________
                                     Name:
                                     Title:

                                     NATIONSBANK, N.A.,
                                     as Syndication Agent and as a Bank

                                     By:_______________________________________
                                     Name:
                                     Title:<PAGE>

                                                                   EXHIBIT 4.12

                       AMENDMENT NO. 2 TO CREDIT AGREEMENT
                               (Hawaiian Village)

                  AMENDMENT No. 2 dated as of November 30, 1999 to the Credit
Agreement dated as of June 1, 1998 (as heretofore amended, the "CREDIT
AGREEMENT") among HILTON HAWAIIAN VILLAGE, LLC, (the "BORROWER"), HILTON
HOTELS CORPORATION (the "GUARANTOR"), the BANKS party thereto (the "BANKS"),
NATIONSBANK, N.A. (now BANK OF AMERICA, N.A.) as Syndication Agent, FIRST
UNION NATIONAL BANK, as Documentation Agent (the "DOCUMENTATION AGENT") and
THE BANK OF NEW YORK, as Administrative Agent (the "ADMINISTRATIVE AGENT").

                              W I T N E S S E T H :

         WHEREAS, the Guarantor proposes to enter into a Five Year Credit
Agreement and a Short Term Credit Agreement of even date herewith with two
syndicates of lenders for which Bank of America, N.A. will act as
Administrative Agent providing for an aggregate $1,850,000,000 in new
revolving credit facilities (the "New Senior Credit Facilities"); and

         WHEREAS, substantially concurrently herewith, the Guarantor proposes
to consummate an acquisition of Promus Hotels Corporation; and

         WHEREAS, in connection with the aforementioned transactions, the
Guarantor shall enter into an amendment to the $1,750,000,000 Credit
Agreement (as amended, the "Existing Credit Agreement") dated as of December
3, 1998 among the Guarantor, the lenders named therein, Morgan Guaranty Trust
Company of New York as Documentation Agent and The Bank of New York, as
Administrative Agent, pursuant to which, INTER ALIA, certain adjustments to
the Leverage Ratio covenant set forth in the Existing Credit Agreement and
the interest rates and fees payable thereunder will be made so as to make
them consistent with the New Senior Credit Facilities; and

         WHEREAS, pursuant to Section 5.10 of the Credit Agreement, the
maximum Leverage Ratio permitted under the Credit Agreement may equal that
permitted under the Existing Credit Agreement and amendments to the
definition of "Consolidated EBITDA" are automatically deemed to concurrently
amend the manner in which that term is defined in the Credit Agreement; and

         WHEREAS, in connection therewith, the parties hereto desire to make
certain modifications to the Credit Agreement;

         NOW, THEREFORE, the Borrower, the Guarantor and Required Banks under
Section 9.04 of the Credit Agreement hereby amend the Credit Agreement as
follows:

                                      -1-
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                  1. DEFINED TERMS; REFERENCES. Unless otherwise specifically
defined herein, each term used herein which is defined in the Credit
Agreement shall have the meaning assigned to such term in the Credit
Agreement. Each reference to "hereof", "hereunder," "herein" and "hereby" and
each similar reference and each reference to this "agreement" and each other
similar reference contained in the Credit Agreement shall, after this
Amendment becomes effective, refer to the Credit Agreement as amended hereby.

                  2. AMENDMENTS TO CERTAIN EXISTING DEFINED TERMS. The
following terms defined in the Credit Agreement are hereby amended to read in
full as follows:

         "Debt" of any Person means at any date, without duplication, (i) all
         obligations of such Person for borrowed money, (ii) all obligations of
         such Person evidenced by bonds, debentures, notes or other similar
         instruments, (iii) all obligations of such Person to pay the deferred
         purchase price of property or services, except trade accounts payable
         arising in the ordinary course of business and obligations in the
         nature of deferred employee compensation to the extent that such
         deferred employee compensation obligations do not exceed $150,000,000,
         in the aggregate, (iv) all obligations of such Person as lessee under
         leases which are capitalized in accordance with generally accepted
         accounting principles, (v) all other obligations secured by a Lien on
         any asset of such Person, whether or not such obligations are otherwise
         an obligation of such Person, in an amount equal to the lesser of the
         amount of the obligation so secured or the fair value of the assets
         subject to such Lien, and (vi) all obligations of others constituting
         "Debt" under the foregoing clauses of this paragraph which are
         Guaranteed by such Person; it being understood that "Debt" does not
         include contingent obligations of such Person to reimburse any other
         Person in respect of surety bonds or letters of credit.

         "Investment Grade" means (i) with respect to S&P, a rating of BBB- or
         higher and (ii) with respect to Moody's, a rating of Baa3 or higher.

         "Promus Acquisition" means the merger of Promus Hotels Corporation with
         a Subsidiary of the Guarantor on the effective date hereof, as a result
         of which the Guarantor will own, directly or indirectly, of all of the
         issued and outstanding capital stock of the corporation surviving such
         merger.

         "Rating Agencies" means S&P or Moody's.

                  3. ADDITIONAL DEFINED TERMS. Section 1.01 of the Credit
Agreement is hereby amended to add thereto the following terms:

         "New Senior Credit Facilities" means the Five Year Credit Agreement and
         the Short Term Credit Agreement, in each case of even date herewith and
         among the Guarantor, the Lenders and Syndication Agents named therein,
         and Bank of America, N.A., as Administrative Agent, as at any time
         amended, replaced, renewed or supplanted.

         "Pricing Certificate" means a Pricing Certificate, substantially in the
         form of Exhibit B to Amendment No. 2 to this Agreement, properly
         completed and signed by an Authorized Officer.

                                       -2-
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                  4. "STATUS" ELECTION. Section 5.01(e) is hereby amended to
delete clause (iii) thereof, it being understood that the Guarantor shall not
be required to notify the Administrative Agent or the Banks of whether
interest rates and fees shall be determined on the basis of its Ratings or
the Leverage Ratio (with the Borrower to automatically receive the benefits
of the more favorable basis of computation).

                  5. PRICING CERTIFICATE. Section 5.01 of the Credit
Agreement is further amended to add thereto a new clause (m), to read in full
as follows:

                  "(m) as soon as available and in any event not later than the
         last day of February of each year, a completed Pricing Certificate as
         of December 31 of the prior year;"

                  6. MAXIMUM LEVERAGE RATIO. The first sentence of Section 5.10
of the Credit Agreement is hereby amended to read in full as follows:

         "5.10 LEVERAGE RATIO. The Leverage Ratio will at no time exceed the
         greater of (a) 4.5:1 or (b) the maximum amount thereof permitted at
         such time under any of the Existing Credit Agreement or the New Senior
         Credit Facilities."

                  7. PRICING REVISIONS. The Pricing Schedule attached to the
Credit Agreement is hereby amended and restated in its entirety as set forth on
Exhibit A hereto.

                  8. REPRESENTATIONS OF THE GUARANTOR AND THE BORROWER. The
Guarantor and, to the extent relating to itself, the Borrower each represents
and warrants that (i) the representations and warranties of the Guarantor and
the Borrower set forth in Article 4 of the Credit Agreement will be true on
and as of the Amendment Effective Date and (ii) no Default will have ocurred
and be continuing on such date.

                  9. GOVERNING LAW. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

                  10. COUNTERPARTS. This Amendment may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

                                      -3-
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                  11. EFFECTIVENESS. This Amendment shall become effective as
of the date hereof on the date (the "AMENDMENT EFFECTIVE DATE") when the
Administrative Agent shall have received signatures hereto from the Required
Banks and an executed counterpart hereof signed by the Guarantor and the
Borrower.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed as of the date first above written.

                           HILTON HAWAIIAN VILLAGE LLC

                           By:  Hilton Hotels Corporation, Manager

                                By:
                                   --------------------------------------
                                   Mariel C. Albrecht,
                                   Vice President and Assistant Treasurer

                           HILTON HOTELS CORPORATION, as Guarantor

                           By:
                              -------------------------------------------
                              Mariel C. Albrecht, Vice President
                              and Assistant Treasurer

                           THE BANK OF NEW YORK, as Administrative Agent and
                           as a Bank

                           By:
                              -------------------------------------------

                           ----------------------------------------------
                                   [Printed or Typed Name and Title]

                                      -4-

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