Harrah’s Entertainment is planning to acquire Planet Hollywood Resort & Casino, The Wall Street Journal reports. The casino major has set up a new unit, PHW Las Vegas, seeking to take over Planet Hollywood in Las Vegas.

The gaming company had started pursuing Planet Hollywood in September 2009, when it bought a $140 million share of Planet Hollywood’s $870 million debt from Goldman Sachs. The project’s hotel is managed by Starwood Hotels & Resorts Worldwide, which also owns a minority stake in Planet Hollywood at present.

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