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Grand opening for Planet Hollywood Resort & Casino

The Planet Hollywood Resort & Casino will be given a grand opening this weekend, seven months after it initially opened its doors.

Situated at what used to be the Aladdin, Planet Hollywood is a luxury Las Vegas casino co-owned by company founder Robert Earl, Bay Harbour Management and Starwood.

Despite making losses since its opening, Mr Earl already believes he and the other owners have doubled their initial investment of $800 million because of the increase in the value of the land the property is built upon.

He was quoted by the Orlando Sentinel as saying: "We're sitting on a very large profit even before we perform.

"We bought it inexpensively just at the right time. Everyone else in the industry says we stole it."

The official opening of the resort, which has 2,600 rooms and 100,000 square-feet of gaming space will take place on Friday.