![]() ![]() However, if selling off a less desirable property would mean less debt and freeing up some necessary cash, why not do it? With that in mind, perhaps the Rio looks a little redundant to the Las Vegas casino operator? In fact, as reported in the Las Vegas Review-Journal: ![]() Harrah's CEO Gary Loveman also expressed Harrah's desire to open a casino in Macao, but given the company's precarious financial position, that may not be possible. Harrah's bought $140 million of its debt and intended to manage and own the property, which was prized for its proximity to other Harrah's casinos and its location on the Strip. Harrah's, which is still about $19 billion in debt, took over Planet Hollywood when it was in default for $870 million. Unnamed sources say that Harrah's Entertainment is looking to unload the ill-fated Rio All-Suite Hotel & Casino, a resort off the Las Vegas Strip, and instead focus their attentions on the Planet Hollywood resort that it bought last November.
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