International edition
September 19, 2020

The deal gives Harrah's its eighth connected property on the Las Vegas Strip's east side

Harrah's deal for Planet Hollywood resort approved

(US).- Nevada gambling regulators have approved a Harrah's Entertainment plan to buy the troubled Planet Hollywood Resort & Casino in Las Vegas and take over its remaining debt. Under the plan, Harrah's will convert into equity us$ 306 million of Planet Hollywood's debt that it bought for us$ 70 million.

H

arrah's also will assume about us$ 554 million more in loans and invest us$ 30 million cash into the property. Regulatory filings show the resort defaulted on an us$ 860 million loan in September.

Harrah's said the Nevada Gaming Commission's approval this week clears Harrah's to take over operations Friday if it fulfills closing and permit conditions.  The deal gives Harrah's its eighth connected property on the Las Vegas Strip's east side.

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