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Harrah's gets Nevada Gaming Control Board approval to acquire Planet Hollywood Resort
Under the deal, Harrah's will acquire Planet Hollywood's mortgage loan, but would also get a discounted rate on the debt. Harrah's paid $70 million to acquire $306 million of Planet Hollywood Resort's debt . Harrah's is exchanging the debt with the company's current owners for 100% ownership of the property and will provide $30 million for working capital once the deal is approved.
According to Harrah's representatives, Planet Hollywood's staff will be reduced by less than 5% to eliminate duplicated positions in areas such as call centers, accounting and revenue management. Planet Hollywood employees will become Harrah's employees and will keep their health plans. In addition, employees will have the option of joining Harrah's retirement program.
The Nevada Gaming Commission is expected to give final approval to the Harrah's-Planet Hollywood deal in a meeting scheduled on February 18th. If approved, Harrah's will take full control of the property the following day. Marilyn Winn, Harrah's Regional President and president of Bally's and Paris Las Vegas Hotel and Casino, will assume the leadership at Planet Hollywood Resort.
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