ITT Delays Venture With Planet Hollywood

ITT Corp. said it will delay the $1.3-billion construction of two casinos it planned to develop with Planet Hollywood International Inc. New York-based ITT said in its year-end regulatory filing that it is still negotiating the details of the joint venture with Orlando, Fla.-based Planet Hollywood and that talks are in the final stages. The decision means construction of the planned Las Vegas casino will be delayed by more than a year and construction of the Atlantic City, N.J., casino will be delayed by at least three years. The moves come as ITT seeks to thwart Hilton Hotels Corp.’s $10.5-billion hostile takeover bid. Hilton has said that if it buys ITT, it will probably scrap plans for the Planet Hollywood casinos.