Planet Hollywood gets endorsement from Nevada regulators

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Nevada casino regulators have given preliminary approval for Harrah’s Entertainment to acquire the Planet Hollywood Resort in Las Vegas.

Under the deal endorsed Wednesday by the Gaming Control Board, Harrah’s will acquire $306 million in debt at a discounted rate of less than $70 million and assume Planet Hollywood’s remaining debt of $554 million.

The Nevada Gaming Commission is scheduled to take final action on the deal Feb. 18. If approved, casino operations would transfer at noon the next day.

Harrah’s officials said the property’s current staff of 2,300 will be reduced by about 5 percent. Harrah’s also will assume collective bargaining contracts in effect.