To launch Planet Hollywood, Barish and Earl decided to team up with some of the most bankable faces in entertainment. Stallone was already a household name by the early 1990s, thanks to the “Rocky” series, and Willis was riding on the success of “Die Hard 2.” The celebrities agreed to become founding partners of the ambitious project.<\/p>\n
Read more: The Ultimate Ranking Of American Fast Food Restaurants<\/a><\/p>\n Arnold Schwarzenegger Also Invested In The Glitzy Planet Hollywood A front shot of Arnold Schwarzenegger. – Tinseltown\/Shutterstock<\/p>\n The first Planet Hollywood opened in 1991 in Manhattan with 350 seats. It was hot for a while, with red-carpet regulars dropping in and fans dazzled by the glitz. Keith Barish also roped in Arnold Schwarzenegger, who by then had become a near-guarantee for crowd-pulling hits — even though his\u00a0rivalry with Sylvester Stallone was global news. The celebrity draw helped many overlook the exorbitantly priced but average food.<\/p>\n The 1990s were a time of grandeur, when the average American had more disposable income thanks to the decade’s economic boom. With deeper pockets came a greater appetite for indulgence, not just in what was on the plate but in the overall experience — even if it meant coughing up $15 for casual dining.\u00a0That too, in the ’90s.<\/p>\n “There’s always been a gimmick in American restaurants. Food was the come-on during the ’80s, and now that is changing,” John Mariani, author of “America Eats Out,” a book on the history of restaurants,\u00a0told\u00a0The<\/a>\u00a0New York Times<\/a>. By the latter part of the decade, Planet Hollywood\u00a0expanded across the United States and into Europe, the Middle East, and Asia. But the glory was short-lived, and the chain’s fortunes began to fade as quickly as they had risen, with the first cracks appearing toward the end of the decade. When Schwarzenegger pulled out of the venture in 2000, it was a telling sign that the future of this alternate food planet had started to dwindle. Still, both Bruce Willis and Stallone held on.<\/p>\n What’s Happening With Planet Hollywood Today? Planet Hollywood logo on a building wall in Manhattan. – Flavijus\/Getty Images<\/p>\n While it hasn’t completely faded into oblivion, the once-glitzy food chain still manages to lure a few tourists to the small pockets where it survives today. But they are few and far between. Only a handful of Planet Hollywood restaurants remain. The company has filed for bankruptcy twice. The menu is often a letdown, featuring items like “OMG! Burger,” which changes its toppings every week, and cocktails with names that reek of ’90s cheeky charm, like “There’s Something About Mary” and “Pineapple Express.” Some drinks even come with bacon. Yes, bacon in a cocktail can work well when done right<\/a>, but Planet Hollywood may not be the place for that kind of finesse.<\/p>\n That’s not to say all celebrity restaurants flop. In fact, there are some celebrity-owned restaurants that are actually well worth it<\/a>, like\u00a0Margaritaville by Jimmy Buffett and Rock ‘n’ Roll Ribs by Nicko McBrain. But Planet Hollywood may not make that list. While the chain continues to shrink, Sylvester Stallone and Bruce Willis are still listed as stockholders on the\u00a0company’s website. It’s commendable, in a way, that the celebrity duo never abandoned the brand — even as it sank almost to the last sail.<\/p>\n Hungry for more? Sign up for the free Daily Meal newsletter<\/a> for delicious recipes, cooking tips, kitchen hacks, and more, delivered straight to your inbox.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/9d237e1cb4e510cabd2dc7602dddd984.jpeg\"\/)
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