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PLANET HOLLYWOOD LV CASINO PLAN IS STILL ON -- Despite its July 21 decision to "evaluate and seek strategic alternatives," Planet Hollywood has no plans to back out of its joint venture with the Aladdin to build a $250 million, 1,000-room music-themed resort on the Las Vegas Strip. "We're still planning on doing that," Planet Hollywood spokesman Robert Weiner said. The resort, which will face Harmon Avenue towards the back of the Aladdin property, will be called The Sound Republic, Weiner said. The resort will re-brand and use the existing 7,000-seat performing arts theatre already on the property, and will build a new 1,000-person club inside The Sound Republic. Both venues will feature a full spectrum of music acts, Weiner said. The Sound Republic, scheduled to open in late 2000, will emphasize live entertainment, not memorabilia, Weiner said. Planet Hollywood's profits and share prices have fallen steadily over the past year as first-time customers failed to return for follow-up visits to its restaurants. The Orlando-based company is exploring alternatives including a stock re-purchase program, discussions with potential financial and strategic partners, "and other alternatives designed to maximize long-term stockholder value." |
