Harrah's Entertainment, who, together with MGM Mirage, already owns greater than two-thirds of Las Vegas Strip casinos, is gambling on adding another property, the Planet Hollywood Casino.

Harrah's Entertainment is assuming management duties for the Planet Hollywood Casino and Resort at the Las Vegas Strip in preparation for buying the gambling venue. The casino will be the tenth on or near the Strip owned and operated by Harrah's, the world's largest gaming company.

“We continue to work on a plan that may allow Harrah’s to possess and manage all the casino resort property,” stated Harrah's CEO Gary Loveman. “In the meantime, we're pleased to tackle the management of the Planet Hollywood Hotel for the present owners.”

Planet Hollywood have been a breath of unpolluted air to gambling patrons in search of another within the nearly monopolistic world of Las Vegas Strip casinos. MGM Mirage controls eleven more casinos, and, along side Wynn and Las Vegas Sands, make up with Harrah's almost all of the range of operators at the Strip, even supposing there are around thirty differently themed casinos.

While executives at these casino operators have blamed the recession for the stark business conditions facing their industry, some analysts, including OCA's Sherman Bradley, have said a return to diversity in ownership and competitive conditions would greatly enhance the Strip's drawing power.

Bradley, who has said the federal government's only proper role on the market is to make sure full competition by preventing the formation of businesses "too big to fail," says the dearth of competition among Strip properties has ended in an amount of rejection by gambling patrons, who've turned to online casinos and regional gambling.

"Without the spurs of fighting to snatch customers from the opposite casinos, Strip gaming venues had gotten clear of targeting persuading gamblers to patronize their particular casinos," says Bradley. "The recession forced one of the old Vegas mentality to return, with comped rooms, shows, and perks for anyone playing at the gaming floors. The revival may depend as much on a continuance of this Benny Binion-style strategy because the economy as a whole."

Published on January 15, 2010 by JoshuaMcCarthy

Read More... [Source: Harrahs Casino News]