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November 15, 2009

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May earnings flat for resort

Wednesday, July 17, 2002 | 11:02 a.m.

The bankrupt Aladdin hotel-casino on the Las Vegas Strip reported a loss of $423,369 for May, but would have broke even for the month had it not been for expenses related to the bankruptcy.

The company's monthly operating report, filed in U.S. Bankruptcy Court, reported revenue of $19.9 million for the month and expenses of $19.5 million. However, the company also reported reorganization expenses of $827,059, producing the net loss.

The company, which filed for Chapter 11 bankruptcy protection in September, has lost $46.2 million since the court petition was filed, with $29 million of that associated with the expense of the filing.

Owners of the $1.2 billion, 2,567-room property are marketing the Aladdin for sale rather than developing a reorganization plan for consideration by the court.

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