Nevada Approves Harrah's Plan for Planet HollyPublished February 23, 2010 by OCR Editor
Harrah's to take over Las Vegas resort and casino, along with its multi-million dollar debt.
Harrahs Entertainment can go ahead and buy the Las Vegas Planet Hollywood Resort and Casino, after gambling regulators in the state of Nevada approved the plan.
After it goes ahead with the move, Harrah's will convert into equity $306 million of Planet Hollywood's debt, assume around another $554 million in loans and invest a further $30 million into the new property.
Harrah's said in an announcement Thursday that the Nevada Gaming Commission approved the move providing it fulfils all the conditions.
The go ahead from the Nevada regulators follows earlier reports reported here.
The deal means Harrah's now has eight properties on the east side of Las Vegas' main strip. The 2,500 room hotel is situation next door to another Harrah's property, Paris Las Vegas.
Harrah's, the world's largest provider of branded casino entertainment, announced in late January that it was taking over the management of the property. It had been eyeing Planet Hollywood since September, when the previous owners, Sheraton Operation Corp., defaulted on an $860 million loan.