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Harrah’s to swallow Planet Hollywood?
Harrah’s Entertainment was poised to take over the Planet Hollywood resort and casino in Las Vegas as we went to press.
A Harrah’s subsidiary had filed an application for approval of the move with the Nevada Gaming Control Board.
The takeover would be made possible by Harrah’s’ purchase of $140m worth of Planet Hollywood’s $870m debt, concluded in September.
The debt papers bought by Harrah’s give the lender the right to foreclose on the casino property.
Planet Hollywood is owned by restaurateur Robert Earl, Bay Harbour Management, and Starwood Hotels & Resorts Worldwide.
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