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2010-07-22 10:47:00Gambling Planet News Briefs 22 July 2010
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2010-05-19 01:57:00Gambling Planet News Briefs 19 May 2010
Business: Harrah’s takes over Planet Hollywood Hotel
The site (formerly known as the Aladdin) has been in dire financial straits since the financial crisis of late 2008. Although the gaming giant has voiced its plans to take over the facility, they are currently only overseeing the hotel; the casino, retail stores and other parts of the resort are still under the control of the Planet Hollywood restaurant chain.
The Planet Hollywood hotels, including the newly constructed PH Towers at Westgate, contain more than twenty-five hundred rooms. Harrah's also owns or manages other Strip hotels, including Caesars Palace, Bally's, Paris, Harrah's Las Vegas and the Imperial Palace. Harrah's took over the Planet Hollywood hotel system last week after the company defaulted on a US$860 million loan last fall.
Harrah's executives are negotiating with the current owners to take over the entire complex and are reviewing the licensing requirements with officials from the Nevada Gaming Control Board. Harrah's Entertainment Chief Executive Officer Gary Loveman stated that his group was going over how to handle a new ownership structure for the new potential acquisition, which would give them even more prime locations on the world-famous Strip. Harrah's has also been operating in the red, to the tune of nearly US$20 billion, for the last two years.
With the recent opening of the Aria casino and the accompanying CityCenter complex, the Strip has become the dividing line in a border war between Harrah's and MGM Mirage, owners of CityCenter, Bellagio, MGM Grand and several other Strip resorts. With the exception of Caesars Palace, most of the resorts on the west side of the Strip are MGM Mirage properties, while many of those on the east side carry the Harrah's brand.
Discuss this article below or on our Facebook Fan page.24-Jan-2010, 09:47
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