Harrah’s to seek approval for Planet Hollywood purchase

Harrah's Entertainment will appear before Nevada gaming regulators next month for approval of its purchase of Planet Hollywood Resort.

The gaming giant is scheduled to be heard at the Feb. 3 Gaming Control Board meeting in Carson City.

Harrah's took over operations of the Planet Hollywood’s 2,496-room hotel tower on Jan. 16. It also took over the property's food and beverage operations.

The company has been negotiating to acquire more of the resort's $860 million debt, which is in default. In September, Harrah's controlled nearly $140 million of the debt.

The company filed applications with gaming regulators in November seeking approval to acquire the property.

The resort, formerly the Aladdin, is currently owned by a partnership between Planet Hollywood founder Robert Earl and private equity firm Bay Harbour Management.

Earl has maintained he will continue to have an ownership role at the property if Harrah's takes over.