Harrah's Takes Over Management Of Planet Hollywood
In 2007 the former Aladdin resort in Las Vegas opened as Planet Hollywood. Now the resort is going through another change. Effective tomorrow Harrah's Entertainment will manage the hotel operations at Planet Hollywood while it negotiates with lenders to buy the hotel. Planet Hollywood recently opened an expansion tower and has 2,500 rooms plus another 1,200 units that include vacation homes.
"Harrah's has been in discussions with Planet Hollywood and its lender group regarding a restructuring of the ownership of the resort. We continue to work on a plan that would allow Harrah's to own and manage the entire casino resort property," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment in a press release. "In the meantime, we are pleased to take on the management of the Planet Hollywood Hotel for the current owners."
Planet Hollywood defaulted on an $860 million loan last fall. While there isn't an official deal for Harrah's to take over Planet Hollywood yet it has applied with Nevada gambling regulators for a license to run the property. Planet Hollywood has a prime location next to the Paris Las Vegas hotel on the Strip which Harrah's also owns. Harrah's also owns Caesar's Palace, the Flamingo and several other properties.