According to Las Vegas Review Journal, Harrah's Entertainment's acquisition of Planet Hollywood was approved by the Nevada Gaming Control Board this week. "The existing Planet Hollywood was headed for some type of restructuring, perhaps a bankruptcy," Chairman Dennis Neilander said.


When the deal is closed, Harrah's will own 9 hotel-casinos on The Strip or in the near vicinity.

Harrah's will pay $70 million to the current owners of Planet Hollywood and take over their debt. Nearly all of Planet Hollywood's current employees will switch to Harrah's as old employees, but approximately 5% will have to go to avoid duplication in some areas.

When the deal is finalised on Feb 19, Harrah's will own these hotel-casinos in Las Vegas: Rio, Planet Hollywood, Bally's, Paris Las Vegas, Caesars Palace, Flamingo, Harrah's Las Vegas, Imperial Palace, and Bill's.

According to strong rumors in the poker world, Harrah's is supposedly planning on moving the World Series of Poker from Rio to Planet Hollywood. The move wouldn't happen until 2011 at the earliest.

Source: Las Vegas Review Journal.