Planet Hollywood International, Inc. (PHWDQ)

[ICEQUITY]

Snapshot of PLANET HOLLYWOOD INTL INC (PHWDQ)
OPEN
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PREVIOUS CLOSE
$0.20
DAY HIGH
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DAY LOW
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52 WEEK HIGH
01/7/10 - $0.20

52 WEEK LOW
11/20/09 - $0.0003
MARKET CAP
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AVERAGE VOLUME 10 D
0.0
EPS TTM
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SHARES OUTSTANDING
10.0M
PHWDQ Does Not Pay Dividends

P/E TTM
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Planet Hollywood International Inc. (PHWDQ)
Harrah's to manage Planet Hollywood in Las Vegas
2010-03-03 03:49:06
Quote: LAS VEGAS (AP) -- Harrah's Entertainment is taking over management of hotel operations at the Planet Hollywood casino-resort in Las Vegas as it negotiates with lenders to buy the property.The privately held casino operator said Friday that it would start managing the hotel at midnight on Saturday.Planet Hollywood has 2,500 rooms and manages another 1,200 units, including vacation homes and regular hotel rooms, in an expansion tower that opened this month.The resort defaulted on an $860 million loan in September, according to Securities and Exchange Commission filings.There is no deal yet for Harrah's to take ownership of the property, but the gambling giant applied with Nevada gambling regulators for a license to run it.Harrah's Entertainment CEO Gary Loveman said in a statement that the company was discussing restructured ownership with Planet Hollywood and its lenders.Harrah's officials have said they like Planet Hollywood for its location and brand.The resort sits next to the Paris Las Vegas hotel-casino on the Las Vegas Strip, and would give Harrah's a significant amount of contiguous land along the east side of the Strip, now occupied by eight casinos.Planet Hollywood is now owned by a partnership that includes Robert Earl, founder of the Planet Hollywood International Inc. restaurant chain, as well as private equity investor Bay Harbour and Starwood Hotels & Resorts Worldwide Inc.The partnership bought the Aladdin hotel-casino in September 2004 and opened the rebranded resort in 2007.The hotel had $869.9 million in total debt as of Sept. 30, including $842.8 million on the loan it defaulted on, according to a November regulatory filing.Harrah's, meanwhile, has been reworking billions of dollars in debt since it went private in January 2008. The Las Vegas-based company that runs more than 50 casinos worldwide had $19.3 billion in total debt as of Sept. 30, it said in a Dec...
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