Having opened a casino-hotel in Las Vegas, Planet Hollywood co-founder Robert Earl is coming back after having been filed for bankruptcy and loss of friends nearly a decade ago.
Earl bought the bankrupt Aladdin casino-hotel in 2004. By that time his own holdings had fallen by $1 billion as the restaurant company he built filed for bankruptcy protection again in 2001.
Business at the Aladdin casino-hotel collapsed following the terrorist attacks in New York and Washington, D.C., in 09/11/2001. Now, it’s got another brand – the Planet Hollywood Resort & Casino. So, you’ll hardly find there any Middle Eastern Motif.
It has become known that the casino property is still losing money. The loss comes to $15 million in the quarter. Despite it Earl claims that he and his partners have already doubled their investment – at least on paper. The inexpensive purchase turned out to have taken place just at the right time.
Earl promises not to repeat his mistakes. Just one change at a time and no quick expansion, though he is already planning another Planet Hollywood casino, in Atlantic City, N.J., and yet another in Macau.