With the preliminary approval of the Nevada Gaming Control board, there’s only one transaction left before Harrah’s can own Planet Hollywood. Last September of 2009, Harrah’s paid Planet Hollywood’s debt amounting to $70 million with a stipulation that on January of 2010, Harrah’s will be in charge of Planet Hollywood. Unfortunately, this will also mean that Harrah’s will acknowledge the remaining debt of Planet Hollywood amounting to $554 million.

This step Harrah’s is taking in controlling Planet Hollywood would save a lot of job when possible at the same time put a stop to Planet Hollywood in failing and file bankruptcy as explained by Dennis Neilander, Gaming Control Board Chairman.

The Nevada Gaming Commission is expected to grant it’s final approval in favor of Harrah’s control over Planet Hollywood on Feb. 18 of this year. By this time, Harrah’s will employ Planet Hollywood’s employees. According to its executives, Harrah’s will hold on to the 2,300 existing staff members of Planet Hollywood. This is around 95 percent of Planet Hollywood’s employees. Harrah’s also owns Bally’s and Paris Las Vegas casinos and Marilyn Winn, president of both casinos will also be the new president of Planet Hollywood.