Planet Hollywood
Harrah’s Entertainment is the company behind the World Series of Poker (WSOP) brand and there had been rumors going around that the WSOP would change venues from the Rio to Planet Hollywood. The acquisition of Planet Hollywood by Harrah’s is almost a confirmation that the World Series will be running there in 2011.
When Harrah’s closes up the deal with Planet Hollywood it will be the owner of nine prestigious casinos located on the Las Vegas Strip, or in locations very close to it. Those casinos are the Rio, Bally’s, Paris Las Vegas, Caesars Palace, Harrah’s Las Vegas, Imperial Palace, Bill’s, Flamingo and Planet Hollywood.
The acquisition deal is estimated to be $70 million going to the current owners of Planet Hollywood and Harrah’s will take over their debt, and the deal should be closed no later than February 19th. Harrah’s also informed us that most Planet Hollywood employees would be moving to Harrah’s but that there will be a 5% cut in jobs to avoid having two people doing the same thing.
