Even though the privately-held company continues to stand financial stress as loans and credit covenants come due within the future, Harrah's Entertainment continues to follow a policy of expansion. Not just is the world's largest gaming company preparing its readiness to open US-serving online casinos, but yet one more 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. AN ANNOUNCEMENT by the corporate indicates it is going to assume the venue's $554 million mortgage and invest another $30 million within the property.
Planet Hollywood opened in 2007 at 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 within the immediate vicinity of the Strip. However, the corporate had not matched moves by MGM Mirage, Wynn Resorts, and Las Vegas Sands to open a brand new gambling venue in Las Vegas, and the purchase of Planet Hollywood should suffice.
"Planet Hollywood Las Vegas is an excellent addition to our portfolio of resorts," Harrah's CEO Gary Loveman said. "IT'S GOING TO enable our Total Rewards guests to earn rewards at another Las Vegas property, and enable us to achieve a brand new customer segment."
Meanwhile, Harrah's continues to arrange its new online gambling division for an eventual opening of the U.S. Internet gaming market. Online casinos carrying the Harrah's brand, alongside Internet poker rooms labeled by the arena Series of Poker, another Harrah's trademark, are sure to have both licensing and marketing advantages when the united states regulates online gambling.
Published on February 18, 2010 by MattMiller
Read More... [Source: Harrahs Casino News]
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