February 19, 2010 / 10:32 PM / 8 years ago

Harrah's acquires Las Vegas Planet Hollywood

LOS ANGELES (Reuters) - Harrah’s Entertainment Inc HAMLEH.UL, one of the world’s largest casino operators, said on Friday it acquired the 2,500-room Planet Hollywood Resort & Casino in Las Vegas.

The resort, which defaulted on its loans last year, sits directly south of Harrah’s Paris Las Vegas casino-hotel, giving the company seven contiguous resorts on the east side of the Las Vegas Strip.

Harrah’s also owns the Caesars Palace resort on the west side of the Strip.

“Planet Hollywood Las Vegas is a wonderful addition to our portfolio of resorts. It will enable our Total Rewards guests to earn rewards at another Las Vegas property, and enable us to reach a new customer segment,” Gary Loveman, chairman, chief executive and president of Harrah’s said in a statement.

Harrah’s, which was acquired by private equity firms Apollo Management LP APOLO.UL and TPG Capital LP TPG.UL in 2008, said its loyalty program, called Total Rewards, will be integrated into Planet Hollywood during April.

Reporting by Deena Beasley; editing by Andre Grenon

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