Harrah's closer to Planet Hollywood takeover
Harrah’s Entertainment has taken over management of the hotel operations of Las Vegas Strip competitor Planet Hollywood.
Harrah’s will operate the 2,496-room hotel and manage some of the property’s food and beverage operations but is not involved in the resort’s newly opened 1,201-room PH Tower, which is owned by Westgate.
Planet Hollywood will continue to operate the casino.
The takeover gives Harrah's 22,866 rooms on the Strip across nine hotels, including Caesars Palace, the Rio, Harrah's Las Vegas and the Flamingo Las Vegas.
Harrah’s has been trying since last year to acquire Planet Hollywood through a debt purchase. In September, Harrah’s controlled nearly $140 million of the debt. In November, the company filed applications with the Nevada Gaming Control Board seeking approval to acquire the resort.
Planet Hollywood, which is in default on its debt, is owned by a partnership between Planet Hollywood restaurant founder Robert Earl, private equity firm Bay Harbour Management and Starwood Hotel & Resorts Worldwide.