If anyone is going to take over financially-troubled Planet Hollywood, Gary Loveman, chairman and CEO of Harrah’s Entertainment Inc., wants it to be his company.
It’s strictly a matter of location, location, location.
Planet Hollywood sits on the south end of Las Vegas Boulevard, just below several of Harrah’s properties that stretch northward to beyond Flamingo Road.
Loveman indicated last week that Harrah’s controls nearly $140 million of Planet Hollywood debt. Reportedly, Harrah’s is negotiating with holders of some $860 million of debt to acquire the property through debt purchases.