Planet Hollywood Las Vegas resort will delay its grand opening because of a Hollywood movie premiere “Resident Evil: Extinction.” on the property. There are too many scheduling conflicts and the new date will be seven weeks later on November 16 – 17, 2007.
Do we see a sign of financing or construction problems? A co owner Robert Earl says that is only scheduling difficulties. Some of the scheduling conflicts include Sylvester Stallone and Bruce Willis.
Planet Hollywood Las Vegas real estate is going through an entire renovation including updated rooms, retail and commercial sections changed and many architectural changes. Close to $1 billion is allocated to renovations.
This past April there was a ceremony marking the change from Aladdin to Planet Hollywood. At this time the management predicted a grand opening on September 28 – 29, 2007.
“Resident Evil: Extinction” will hold its movie premiere at Planet Hollywood on September 20, 2007. Very little time between the two major events would not be beneficial for the Strip property.
The movie premiere will be the first red carpet event of many. Their plan is to host one every month of the year.
Almost 1,500 Las Vegas hotel rooms will be ready in November after remodeling. Credit Suisse First Boston Is financing some of the room renovations. Construction is on schedule with 100 percent of commercial property improvements are 100 percent financed. There are an additional 1,100 rooms to be completed in the next six months. There will be five new restaurants ready by November with two new restaurants opened recently.
The visual look and feel of the property now looks very hip and cool, dark woods and many crystals, something similar to the W Hotel. Recently a sports book opened last month with a new poker room in May.
The casino in Las Vegas, Nevada has also been remodeled. A new poker room opened in May, and a new sports book opened in late August.
OpBiz purchased the Las Vegas real estate for $496 million in 2004. There is a partnership with Starwood Hotels and Resorts Worldwide, Bay Harbour Management and Planet Hollywood restaurant founder Earl. Starwood has a 15 percent interest while Planet Hollywood and Bay Harbour has 85 percent.
Planet Hollywood Las Vegas delays grand opening because of Hollywood movie premiere.