Bankrupt property reports loss

Thursday, Aug. 29, 2002 | 11:28 a.m.

The Aladdin hotel-casino reported its third straight month of losses, according to a report filed with the U.S. Bankruptcy Court in Las Vegas.

The $1.2 billion, 2,567-room property reported a loss of $2.5 million in July, the filing said. The company reported losses of $3.5 million in June and $423,369 in May.

Analysts had expected the company to report losses in the summer months and the company recently cut its debtor-in-possession financing commitment in half to $25 million because business has been stronger than expected.

The Aladdin reported revenues of $18 million in July, compared with $16.9 million in June, and expenses of $19.9 million, compared with $19 million the previous month.

In July, the company also paid $592,933 in bankruptcy expenses.

Since the company's Chapter 11 filing last September, the company has reported losses of $220 million.

The company is on a dual track of drafting a reorganization plan while attempting to market the property for sale.

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