We provide an approximation algorithm for the Maximum Weight
Planar Subgraph, the NP-hard problem of finding a heaviest
planar subgraph in an edge-weighted graph G. Our algorithm has
performance ratio in general case at least 1/3 + 1/72 meeting
the best algorithm known so far, though in several special cases
we prove stronger results. In particular, we derive performance
ratio 2/3 (instead of 7/12) for the NP-hard Maximum Weight
Outerplanar Subgraph problem meeting the performance ratio of the
best algorithm for the unweighted case. When the maximum weight planar
subgraph is one of several special types of Hamiltonian graphs, we
show performance ratios at least 2/5 and 4/9 (instead of 1/3
+ 1/72), and 1/2 (instead of 4/9) for the unweighted case.