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Harrah’s Entertainment has taken control of the Planet Hollywood Resort and Casino in Las Vegas today after Nevada gambling regulators approved the acquisition yesterday.
Harrah’s will convert $306 million of Planet Hollywood’s debt into equity and assume $554 million in loans after purchasing the asset for $70 million.
According to regulatory filings the resort defaulted on an $860 million loan in September, at which time Harrah’s began assuming debt and took control of the hotel and food and beverage operations.
Planet Hollywood will officially be under new management today after they fulfill closing and permit conditions.
While Harrah’s will invest an additional $30 million into the property the deal gives them ownership of their eighth property on the Vegas Strip for far less than the cost of building a new one.
While they will hold onto the Planet Hollywood brand to appeal to younger visitors, the casino is expected to be integrated into Harrah’s customer-loyalty program, Total Rewards, during the second quarter of 2010.
“Planet Hollywood Las Vegas is a wonderful addition to our portfolio of resorts.” said Gary Loveman, chairman, CEO and president of Harrah’s Entertainment. “We look forward to welcoming Planet Hollywood’s employees into the Harrah’s Entertainment family.”
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