On November 27, 2009
Harrah’s Plans Planet Hollywood Invasion
Harrah’s Entertainment confirmed its plans to try to take over the Planet Hollywood resort on the Las Vegas Strip. Planet Hollywood is in default to the tune of $870 million and is now being run by its lenders, according to the Las Vegas Sun. Harrah’s already bought $140 million of the resort’s debt. Harrah’s chief executive Gary Loveman wrote to employees in an e-mail: The Planet Hollywood resort is currently in default to its lenders. As a result of our purchase of their debt, we are working on a plan that also would allow Harrah’s to own and manage the property. This is an attractive proposition because of Planet Hollywood’s proximity to our other resorts on the Strip, its high-quality product…
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