Harrah's takes over Planet HollywoodBy: Harper Whitefield
Las Vegas – Harrah”s entertainment aggreed to take over control of Planet Hollywood Resort”s hotel operations as of midnight tonight. This addition to the portfolio of Harrah”s means 2,496 more rooms are now in posession of Harrah”s.
This gives Harrah”s a total of 22,866 hotel rooms at the strip in Las Vegas. Other hotels belonging to Harrah”s are Caesars Palace, Rio, Harrah”s Las Vegas and the Flamingo Las Vegas. With 9 hotels in total and almost 23 thousands rooms on the strip Harrah”s is still far behind competitor MGM Mirage which is in control of almost 41,000 rooms at the strip.
It remains unknown what amounts of money are involved with this deal. In september 2009 Planet Hollywood reported a debt of $869.9 million. Sheraton Operating Corp, who is in control of current management is still owed $3.7 million. Even though Harrah”s might be a very large gambling company, it also reported a serious debt of $19.3 billion in 2009. I am looking forward to seeing how Harrah”s will use Planet Hollywood to turn this around.