Harrah's Moves Closer To Acquiring Planet Hollywood Vegas Property

Harrah's Entertainment has been busy over the past year preparing for their move into the world of online gambling. That does not mean, however, that they have abandoned their land-based casino business.

On Wednesday, Harrah's moved one step closer to acquiring the Planet Hollywood Resort in Las Vegas. The Nevada Gaming Control Board endorsed the deal, paving the way for Harrah's to take over the property.

The next step in the process comes on February 18th. That is the day the Nevada Gaming Commission will decide the fate of Planet Hollywood. If approved, Harrah's would take over the resort the next day.

Under the deal, Harrah's would assume much of the Planet Hollywood debt, but would also get a discounted rate on the debt. The company has plans to improve the day to day operations at the resort.

One of the main areas that Harrah's will seek to improve is the entertainment. Over the years, Harrah's has been successful in attracting some of the top shows and events in Las Vegas. They are hoping to continue that success with the Planet Hollywood facility.

Las Vegas casino resorts have been hit hard by the economy, and Planet Hollywood was not exempt from these struggles. Officials from the state believe that had Harrah's not stepped in and agree to buy Planet Hollywood, it could have turned out to be another of the many gaming companies that have gone the route of bankruptcy.

February 4, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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