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Gaming Guru

Liz Benston

Planet Hollywood narrows 2Q losses

18 August 2008

LAS VEGAS, Nevada -- The $200 million-plus makeover of the Planet Hollywood Resort & Casino last year helped the property narrow its losses in the second quarter.

BH RE LLC today reported a loss of $12.2 million compared with a loss of $15.2 million a year ago. Revenue and profit margins rose in every department. BH RE owns 85 percent of the equity in the resort.

The owners bought the former Aladdin out of bankruptcy in 2004 and rebranded the property as Planet Hollywood in April 2007. Renovations and the addition of new attractions continued into late 2007.

The company is carrying more than $886 million in debt. An $860 million loan is expected to mature in November, with three one-year extension options.