Rona, unfortunately, the outside of your entertainment center has a slick plastic coating with a picture of wood on it. Paint does not stick to this well and water based paints will actually bead up in it. Removing the plastic covering leaves a lot of glue that is difficult to remove and difficult to smooth. Applying a laminate like Formica over the particle board is probably possible and more cost and trouble than it is worth.
One possible solution is a new product made by Kleenstrip, a spray chemical that is made to make paint stick to difficult surfaces. I have not tried it but I have seen a good review in a woodworking magazine. See www.kleenstrip.com then New Products.
I ended up with a lap full of computer one day when my computer desk made of the same stuff decided to sag away to the floor. That one is well braced now but the bracing looks terrible.
My feeling is that you will be far ahead if you can find a used piece of furniture well made of good wood at an office supply place or used furniture store or similar. My current computer desk is refinished solid oak and oak plywood, about 50 years old and solid as a rock. Cost me $20 plus the cost to refinish. Several dealers said that they would take all I would bring them at that price or a lot more if I could supply some to them. Sometimes you get lucky.