Nevada gambling regulators approve Harrah’s Entertainment plan to buy Planet Hollywood

Harrah’s deal for Planet Hollywood resort approved

LAS VEGAS — Nevada gambling regulators have approved a Harrah’s Entertainment plan to buy the troubled Planet Hollywood Resort & Casino in Las Vegas and take over its remaining debt.

Under the plan, Harrah’s will convert into equity $306 million of Planet Hollywood’s debt that it bought for $70 million. Harrah’s also will assume about $554 million more in loans and invest $30 million cash into the property.

Regulatory filings show the resort defaulted on an $860 million loan in September.

Harrah’s said the Nevada Gaming Commission’s approval Thursday clears Harrah’s to take over operations Friday if it fulfills closing and permit conditions.

The deal gives Harrah’s its eighth connected property on the Las Vegas Strip’s east side.