nder the deal endorsed by the Gaming Control Board, it will acquire us$ 306 million in debt at a discounted rate of less than us$ 70 million and assume Planet Hollywood's remaining debt of us$ 554 million.
The Nevada Gaming Commission is scheduled to take final action on the deal February 18. If approved, casino operations would transfer at noon the next day.
Harrah's officials said the property's current staff of 2,300 will be reduced by about 5 %. Harrah's also will assume collective bargaining contracts in effect. The firm took over operations of the 2,496-room hotel and food and beverage operations on January 16.