Approval Complete For Harrah's Takeover Of Planet Hollywood Casino

Harrah's Entertainment may have their eye on a successful online gambling operation, but that does not mean they are abandoning their land-based businesses. In fact, the company has now been authorized to take over a Las Vegas casino.

Subsidiaries of Harrah's had submitted applications for a gaming license and on Thursday the Nevada Gaming Commission approved the license. Now, Harrah's is free to complete their takeover of the Planet Hollywood Casino.

The company agreed to purchase the struggling casino, and will now work on integrating Harrah's policies at Planet Hollywood. One of the main issues that will be addressed is adding the new casino to Harrah's Total Rewards program. That will happen during the second quarter of 2010.

"Planet Hollywood Las Vegas is a wonderful addition to our portfolio of resorts," said Gary Loveman, Chairman, CEO, and President of Harrah's Entertainment, "It will enable our Total Rewards guests to earn rewards at another Las Vegas property, and enable us to reach a new customer segment."

Harrah's will now own seven resorts on the Las Vegas Strip. That may not be a good thing at a time when revenue has decreased over the past several years. The international gamblers coming from Asia have chosen to stay closer to home and gamble in Macau. US gamblers have not spent as much money in casinos since the economic recession.

Last year, Harrah's developed an online casino, the first of its kind by a land-based US casino developer. While others such as Steve Wynn, owner of Wynn Resorts, have spurned the Internet gambling industry, Harrah's appears ready to embrace it.

February 19, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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