Harrah’s To Take Control Of Planet Hollywood Brand

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Harrah’s Entertainment has been given preliminary approval by Nevada casino regulators to complete an acquisition that would provide the gaming company its ninth hotel-casino on the Strip.

Harrah’s took over hotel and restaurant operations at Planet Hollywood on January 16, now one month later the Nevada Gaming Commission is expected to take final action to allow Harrah’s to assume full control over Planet Hollywood Resort in Las Vegas.

Under the terms of the deal endorsed by the Gaming Control Board, Harrah’s will acquire $306 million in debt at a discounted rate of less than $70 million and assume Planet Hollywood’s remaining debt of $554 million on a mortgage loan.

Harrah’s will also provide an additional $30 million for working capital once the deal is finalized and reduce current staff by 5%.

Harrah’s will also be permitted to brand other casinos internationally with the Planet Hollywood name.

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