Is Planet Hollywood Las Vegas Casino Next?

Harrahs, the world's largest provider of branded casino entertainment, has announced that it has taken over management of Planet Hollywood's Las Vegas hotel.

The casino operator, which owns over fifty casinos across four continents, trades under well known names such as Harrah's, Caesars and Horseshoe. It also owns The World Series of Poker.

Prime Location
Harrah's have been eying up Planet Hollywood since September when the previous owners, Sheraton Operating Corp., defaulted on a $860 million loan.

The 2,500 room hotel is in a prime Las Vegas Strip location, next door to one of Harrah's properties, Paris Las Vegas.

The takeover does not include operation of the hotel casino at this time, but this is likely their next step. Harrah's Chairman and Chief Executive Officer Gary Loveman said "We continue to work on a plan that would allow Harrah's to own and manage the entire casino-resort property. In the meantime, we are pleased to take on the management of the Planet Hollywood hotel for the current owners."

Industry at a Crossroads
With movement afoot across many US states to set in motion legislation to legalize intra-state online gambling, Harrah's newest acquisition builds on their brand and local standing.

The growth of individual operators has strategic importance, with the casino industry currently standing at a crossroads which many believe will ultimately result in gambling regulation across the US.

The countdown seems to be on for Harrah's to eventually take over the Planet Hollywood casino and they would surely be hot favorites to bid for any online licenses that might transpire in the future.