Harrah's to Buy Planet Hollywood

Harrah's Entertainment has filed an application to purchase Planet Hollywood Resort and Casino with the Nevada Gaming Control Board. The company has formed a subsidiary, PHW Las Vegas LLC, for the purchase. Harrah's began purchasing Planet Hollywood debt in September 2009 when it first bought a $140 million piece of Planet Hollywood's $870 million debt.

Planet Hollywood had defaulted on its $870 million debt in September 2009. It also reported a loss of $42 million for the nine months ending in September 2009. The company is owned by Robert Earl, who developed the Planet Hollywood restaurant chain and by Bay Harbour Management. Together they own 89% of the company and Starwood Hotels and Resorts Worldwide owns the balance.

John Laub is the CEO/Founder of the CEO-CFO Group.

1. "Harrah's Plans to Buy Planet Hollywood Casino." Alexandra Berzon. (Kris Hudson contributed). The Wall Street Journal. November 30, 2009.

2. "Harrah's Moves to Acquire Planet Hollywood." Arnold M. Knightly. The Las Vegas Review-Journal. November 30, 2009.

3. Form 10-K. BH/RE, L.L.C. Filed November 16, 2009.

4. "Harrah's Moves Ahead with Possible Planet Hollywood Acquisition." Sun Staff. The Las Vegas Sun. November 30, 2009.