-by TS Newshound
Las Vegas, NV, Jan. 17, 2010 — At the stroke of midnight on Friday/Saturday, Jan. 15/16, Harrah’s Entertainment took control of the Planet Hollywood hotel as the first step in the company’s plan to own and manage the entire Planet Hollywood casino resort property.
As I mentioned about a month ago, the Planet Hollywood casino-hotel was in talks with Harrah’s Entertainment Inc. for Harrah’s to take it over. To that end, Harrah’s filed an application with Nevada gambling regulators for a license to run the property. Last month Harrah’s also asked the state Gaming Control Board to approve an acquisition of the resort, which is in default on an $860 million loan.
Planet Hollywood Towers by Westgate celebrated its soft opening Friday morning, Dec. 18 in the first of two planned towers. Upon completion the two towers will house more than 2,700 units.
Planet Hollywood Towers by Westgate is a partnership between Planet Hollywood and Orlando-based Westgate Resorts, with Westgate owning the property and Planet Hollywood providing the marketing and operations. Harrah’s will now become the new marketing and operating partner. The name of the towers will not change, remaining the PH Towers at Westgate.
For now, the casino portion of the resort will continue to be managed by Planet Hollywood’s owners.
Harrah’s now controls a sizeable portion of the Strip’s east side, including the neighboring Paris, Bally’s, Bill’s Gambling Hall, Flamingo, Harrah’s and O’Shea’s casino as well as Caesars Palace.