Loveman's interest in the resort is due in part to its location at the south end of six contiguous Harrah's-owned properties on the east side of the Las Vegas Strip. "The Planet Hollywood resort is currently in default to its lenders," Loveman reportedly states in the email. "As a result of our purchase of their debt, we are working on a plan that also would allow Harrah's to own and manage the property."
Harrah's, the largest casino operator in the world, says it has been looking to capitalize on opportunities created by the recession. Planet Hollywood is a 2,500-room resort located at the corner of Las Vegas Boulevard and Harmon Ave., across from the new CityCenter development. PH reported a $17.5-million third quarter loss earlier this month and disclosed that lenders are now in control of its finances.
Harrah's said it lost $1.6 billion during the third quarter of 2009, mostly due to the acknowledgement of a $1.33-billion drop in the fair value of its assets. The locally based operator of more than 50 casinos around the world and seven on the Las Vegas Strip is carrying a $19-billion debt load related mostly to its privatization, which was led by Apollo Global Management LLC.
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