Harrah’s moves to acquire Planet Hollywood

Harrah’s Entertainment has filed applications with the Nevada gaming regulators for approval to acquire Planet Hollywood Resort, the state Gaming Control Board confirmed this morning.

The application was made late Wednesday afternoon. The board offices were closed Thursday and Friday for the Thanksgiving weekend.

Control board officials did not have an idea when regulators would consider the application.

The Review-Journal reported Wednesday that Harrah’s Chairman and Chief Executive Officer Gary Loveman confirmed in an e-mail to employees that Harrah's is trying to take over the property.

Harrah’s has been quietly negotiating with holders to acquire more of Planet Hollywood’s $860 million debt, which is in default.

In September, Harrah’s controlled nearly $140 million of the property’s debt.

The acquisition of the 35-acre Planet Hollywood would give Harrah’s control of all 126 acres between Flamingo Road and Harmon Avenue. Harrah's already owns Harrah's Las Vegs, Imperial Palace, the Flamingo, Bill's Gambin’ Hall & Saloon, Bally's and Paris Las Vegas on the east side of the Strip.

It would also add 2,496 hotel rooms to Harrah’s inventory of 20,370 rooms on or near the Strip.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.