The news that Harrah's had started buying Planet Hollywood debt started fluttering around on Saturday and finally got some major coverage yesterday.
Basically, PHo has been hurting, just like everyone else. I'm sure Harrah's sees an opportunity to potentially pick up a Strip property at a discount, ala Tropicana AC or LV.
Potentially great business decision for Harrah's but I hope this doesn't come to fruition. As others have said, The Strip doesn't need more consolidation - it seems to be healthier and do better with more operators and more competition.
If this does go down, it would be interesting to see if regulators have more pause after the events of the last few years.