Even though the privately-held company continues to face financial stress as loans and credit covenants come due in the future, Harrah's Entertainment continues to follow a policy of expansion. Not only is the world's largest gaming company preparing its readiness to open US-serving online casinos, but yet another Las Vegas Strip resort is now a Harrah's possession.Harrah's received approval today from the Nevada Gaming Commission to take over ownership of the Planet Hollywood casino and resort. A statement by the company indicates it will assume the venue's $554 million mortgage and invest another $30 million in the property.
Planet Hollywood opened in 2007 on the grounds of the old Aladdin Casino. Unfortunately, that was just in time to be slammed by the recession and two years of downward spirals in revenue and growth.
Harrah's owns eight other casinos on or in the immediate vicinity of the Strip. However, the company had not matched moves by MGM Mirage, Wynn Resorts, and Las Vegas Sands to open a new gambling venue in Las Vegas, and the acquisition of Planet Hollywood should suffice.
"Planet Hollywood Las Vegas is a wonderful addition to our portfolio of resorts," Harrah's CEO Gary Loveman said. "It will enable our Total Rewards guests to earn rewards at another Las Vegas property, and enable us to reach a new customer segment."
Meanwhile, Harrah's continues to prepare its new online gambling division for an eventual opening of the US Internet gaming market. Online casinos carrying the Harrah's brand, alongside Internet poker rooms labeled by the World Series of Poker, another Harrah's trademark, are certain to have both licensing and marketing advantages when the US regulates online gambling.
Published on February 18, 2010 by MattMiller
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