In the early 90s, three of the most famous American actors participated in Robert Earl’s bet.
In 1991 the millionaire Robert Earl was summoned to open a restaurant chain that involved Hollywood stars. The idea was that the establishments would be visited regularly by renowned actors, in addition to references and images about the best-known films and series from the largest film industry in the world.
The investor flatly refused unless well-known actors came forward and agreed to participate. This is how Sylvester Stallone, Bruce Willis and Arnold Schwarzenegger came together to found Planet Hollywood. Success was immediate and the restaurant chain quickly went public.
Planet Hollywood
What is the history of Planet Hollywood?
However, that was the kind of pressure the venture didn’t need. Despite offering all kinds of memories and references to the greatest films and series produced by Hollywood, the lack of consistency in the visits of the stars to the different restaurants was causing the business to lose its initial appeal.
At the end of the 90s, The franchise declared bankruptcy and closed several locations in the United States and many others around the world. Arnold Schwarzenegger sold his shares, while Sylvester Stallone and Bruce Willis left the firm and withdrew their investments. By the beginning of this century, the business filed for bankruptcy again and the remaining restaurants closed for good.
What became Planet Hollywood?
The initial investor, Robert Earl, despite the adversity decided to diversify and turned the Planet Hollywood name into a chain of luxury hotels and casinos in approximately 2006. This is how it achieved exponential growth, and in 2007 it finally opened a casino resort in Las Vegas. Today the brand still stands, although Stallone is no longer part of the investment team and Willis did not mention it again.
The casino and hotel business continued to grow, and they currently opened offices in Cancun, Costa Rica and India.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
