Resort posts fifth straight loss

Wednesday, Oct. 23, 2002 | 11:09 a.m.

The Aladdin hotel-casino reported a $2.5 million loss for September, the fifth consecutive month of red ink for the bankrupt Strip property.

In the company's monthly operating report, filed in U.S. Bankruptcy Court in Las Vegas, the company reported $19 million in revenues, $20.6 million in expenses and $979,296 in bankruptcy reorganization costs, resulting in the monthly loss.

The 2,567-room property, which filed for Chapter 11 bankruptcy protection in September 2001, showed a loss of $117,768 in August, with reorganization costs tilting the bottom line to the negative that month.

Company officials say the results are better than they appear, especially considering that the property has expenses its rivals don't have and doesn't have revenue sources that some competitors have.

The company last showed a profit in April following a marketing campaign.

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