- $2,400 max Slots bonus
- $1,200 max Blackjack bonus
- Unique weekend deposit bonuses
Blotter: Harrah’s ready to take over Planet Hollywood
Rss-
Casino conglomerate Harrah's Entertainment recently received approval from the Nevada Gaming Control Board to acquire the ailing Planet Hollywood casino on the Las Vegas Strip.Last month, Harrah's took over hotel operations for the troubled property. The acquisition would stretch the company's control of the real estate along the east side of the Strip, including Harrah's Las Vegas, Imperial Palace, the Flamingo, Bill's Gamblin' Hall, Bally's and Paris Las Vegas.
Dennis Neilander, president of the NGCB, said that the efforts of Harrah's to save Planet Hollywood from potential bankruptcy "makes a lot of sense" for both the company and the state. The Board approved a deal which allowed Harrah's to acquire more than US$300 million in Planet Hollywood's debt for only US$70 million, as well as assuming another US$554 million in debt, which they plan to pay off in the next few years.
Tom Jenkin, president of Harrah's western division, stated that he had plans to bring in more and better entertainment to the casino named after the "entertainment capital of the world". Last month, PH was the host for the Miss America pageant and is slated to host the Miss USA pageant in May. The resort also runs such popular shows as "Peepshow" with former "Girls Next Door" star Holly Madison and "Donny Clay" with former "Seinfeld" star Jason Alexander.
Harrah's Chief Financial Officer Jonathan Halkyard told Board members that the company still forecasts a "softness" in the gaming market, without the prospect for a speedy recovery. However, company executives have promised to cut the staff at the new site by no more than five percent. With more than forty gaming firms in the state at different stages of bankruptcy proceedings, PH employees greeted the news with a sense of relief.
Marilyn Winn, president of the Bally's and Paris Strip casinos, will take the same position at the new PH. The move gives her control over the three major casinos on the east side of the Las Vegas Strip between Flamingo Road and Harmon Avenue. These sites are directly across the street from the opulent Bellagio and the expected Cosmopolitan and Harmon casinos, all of which are properties controlled by Harrah's chief rival, MGM Mirage.
06-Feb-2010, 22:02
Discuss this article below or on our Facebook Fan page.
Comments
Post new comment