Just a day before Planet Hollywood defaulted on its $860 million mortgage, Harrah’s Entertainment stepped in and bought $140 million of the debt. This portion will give Harrah’s a voice in how the debt is restructured and a share should the casino be able to turn itself around and become profitable again. Planet Hollywood was born out of the debt from the Aladdin Resort and Casino six years ago and the casino itself was opened in 2007. With the reduced revenue situation that many casinos are struggling with, it remains to be seen if the resort will pull up from the slump.