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Planet Hollywood Presents $380 Million Casino Plans

PHILADELPHIA – As reported Philadelphia Inquirer: "The owner of the Planet Hollywood chain of theme restaurants presented city officials with plans for a $380 million casino along the Penn's Landing waterfront yesterday.

"The presentation came during a flurry of activity at City Hall as Ameristar Casinos Inc. announced it was no longer competing for one of two slot parlor licenses in the city.

"Las Vegas-based Ameristar's decision to pull out of building a $450 million gambling and entertainment venue in Fishtown came unexpectedly, and it was made public after company representatives met with Mayor Street.

"…Planet Hollywood hopes to build a casino development called Riverwalk Casino not far from where Ameristar had hoped to break ground on its project.

"It is seeking to build on 11.5 acres of city-controlled land along the waterfront. It recently submitted a bid to Penn's Landing Corp., which owns the land and plans to announce the winner of the bid for the site Dec. 6. The state gaming control board will also need to sign off on the plan.

"…[Planet Hollywood's chief executive officer, Robert Earl] still faces formidable competition. Trump Entertainment Resorts Inc., which owns three casino hotels in Atlantic City, has optioned land in Nicetown at the old Budd Co. site to build a potential slots parlor…"

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