Planet Hollywood
Harrah’s has gained permission from the Nevada Gaming Commission and has completed its takeover of Planet Hollywood Casino. The industry giants, who are considered the world’s biggest casino operator, have purchased the Planet Hollywood building, which is located near Harrah’s Paris Las Vegas casino resort on the Las Vegas Strip. The Nevada Gaming Commission has allowed Harrah’s to takeover the casino and convert the resort’s $306 million debt into equity. It’s believed Harrah’s also invested a further $30 million in the brand.
Harrah’s began their takeover bid for Planet Hollywood late least year, when they began purchasing the then-failing casino resort’s debt. Gary Loveman, Harrah’s CEO has been quick to address concerns about what Harrah’s will do with the casino resort, suggesting that they will stay with the Planet Hollywood brand to appeal to the resort’s younger clientele. Not only will Harrah’s take on Planet Hollywood’s already sizeable debt, they’ll also be paying the remainder of casino’s $554 million mortgage. It’s believed that Harrah’s were keen to buy the property because of its proximity to their flag-ship casino. While Loveman has assured patrons they will keep the Planet Hollywood brand, it has been alleged that in the future, Harrah’s will re-examine their options with regards to the casino.
Share this:
Email this page
