Planet Hollywood was opened in late 1991 in New York City, at the base of two adjacent office buildings at 130 and 140 West 57th Street. Arnold Schwarzenegger, Sylvester Stallone and Bruce Willis were some of the actors who became investors/promoters.
The actors recruited were paid for their appearances and endorsements through an employee stock ownership plan. Further celebrity endorsement included actors Demi Moore, Whoopi Goldberg, Jean-Claude Van Damme, Don Johnson, Cindy Crawford, Melanie Griffith, Tom Arnold, Wesley Snipes, and Danny Glover; director John Hughes; comedian Roseanne Barr; and The Beatles drummer Ringo Starr.