Harrah’s Entertainment took control of the Planet Hollywood hotel on the Vegas Strip Saturday, after Plant Hollywood defaulted on an $860 million loan.

Last month Harrah’s petitioned the state Gaming Control Board to approve an acquisition of the resort featuring the Planet Hollywood tower with 2,500 rooms.

For the time being the casino continues to be managed by Planet Hollywood however Harrah’s CEO and President Gary Loveman stated, “We continue to work on a plan that would allow Harrah’s to own and manage the entire casino resort property.”

Harrah’s replaced Sheraton Operating Corp., a subsidiary of Starwood Hotel & Resorts Worldwide, which signed a 20-year management contract for the hotel in 2004.

Harrah’s has been trying to acquire Planet Hollywood Resort through a debt purchase since last year.

Related posts:

1. Harrah’s To Take Control Of Planet Hollywood Brand
2. Planet Hollywood Under New Management
3. Planet Hollywood Hit With $500K Fine For Vegas Casino
4. Harrah’s Entertainment Seeks Buyer For Las Vegas Casino
5. Harrah’s Las Vegas Properties Fined For Permit Violations

This entry was posted on Saturday, January 16th, 2010 at 8:29 pm and is filed under Casino Business News, Legal Casino News. Both comments and pings are currently closed.