Inside rise and fall of Planet Hollywood Australia
Actor Kevin Sorbo at Planet Hollywood Sydney in 1998.
It was the place where you could eat a burger next to the leather jacket Arnold Schwarzenegger wore in The Terminator.
In the mid-90s, Planet Hollywood wasn’t just a restaurant, it was “eater-tainment” that briefly turned Sydney and Melbourne into Tinseltown outposts.
These days, the blue globe sitting atop a corner of the Plaza Theatre building on Sydney’s George Street is one of the only remaining signs the restaurant/museum ever traded in Australia.
From its early success to declaring bankruptcy, here’s why the famous food chain collapsed.
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View of Planet Hollywood Sydney.
Sylvester Stallone and Jackie Chan at launch of Planet Hollywood Sydney.
Makings of a blockbuster restaurant
Founded by US film producer turned entrepreneur Keith Barish and Robert Earl, Planet Hollywood opened its first restaurant on Wall Street in New York City in 1991.
It was pitched as a brand-new concept, a glitzy glimpse into Hollywood thanks to movie memorabilia, costumes and set pieces on display, matched with what was essentially upscale junk food.
Hollywood heavyweights Schwarzenegger, Bruce Willis, Demi Moore and Sylvester Stallone were the first celebrities to partner with Planet Hollywood, through an employee stock ownership plan.
The celebrities generated valuable PR for the brand and did energetic in-person appearances which drew huge crowds.
From 1991, it expanded rapidly, adding dozens of restaurants across the globe. There were more star signings, with Whoopi Goldberg, Danny Glover, Jean-Claude Van Damme and Cindy Crawford jumping on board.
In 1996, the company went public, listing on the New York Stock Exchange.
Sylvester Stallone and Arnold Schwarzenegger were principal shareholders of Planet Hollywood.
Jean-Claude Van Damme at opening of Sydney’s Planet Hollywood restaurant.
Australia joins the Planet Hollywood franchise
The 32nd restaurant in the Planet Hollywood chain opened in Sydney on May 26 1996.
A crowd estimated at somewhere between 5000 and 10,000 were on hand to catch a glimpse of the stars who flew to Australia for the occasion at the Plaza.
Stallone, Van Damme, Willis and Charlie Sheen, supermodel Cindy Crawford and illusionist David Copperfield helped officially open the 350-seat restaurant. It was one of the largest hospitality spaces in Sydney at the time.
Van Damme, who arrived on a motorbike, was more personal in his comments about Australia.
“This country is like a beautiful woman, the more you touch Australia the more you want it,” the Timecop star said.
Stallone spoke to the crowd and expressed his thanks. “To see you all here is the highest form of flattery and compliment.”
Downstairs main entrance to Planet Hollywood, Sydney.
Wall of Stars, handprints on stairway at Planet Hollywood, Sydney.
Big Melbourne party on a tragic day
But the glitz peaked early. When the franchise expanded to Melbourne’s Crown Casino in August 1997, the party was hit by a global shock.
The launch event, which had been in the works for six months, fell on the same day the death of Princess Diana was confirmed.
Despite the sombre mood, the Melbourne “Planet” became the hottest ticket in town, featuring a cavalcade of stars from the Spice Girls to Whitney Houston and Bobbi Brown, Boyz II Men, George Clooney, The Wiggles and Kylie Minogue.
George Clooney at Planet Hollywood in Melbourne.
Roll the credits
The downfall was as fast as the rise. Despite the prime real estate and A-list endorsements, the massive overheads of the CBD “museums” couldn’t compete with the changing times.
By 1999, co-founder Barish stepped away from the company. Later that year, it declared bankruptcy for the first time.
The Australian locations followed suit, shuttering in the early 2000s as the novelty of 90s star-power began to fade.
In 2001, when Schwarzenegger sold his shares, Planet Hollywood was again declared bankrupt.
With co-founder Earl and original partners and stockholders Willis and Stallone still involved, it now operates as Planet Hollywood International, with restaurants, hotels, casinos and resorts across the US, UK, France, Malta, Costa Rica, India and Mexico.
— Additional reporting by Erin Delahunty
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