Aladdin posts $4.9 million loss

Tuesday, July 29, 2003 | 10:49 a.m.

The holding company for the Aladdin hotel-casino reported a $4.9 million loss in June, according to a U.S. Bankruptcy Court filing.

Aladdin Gaming LLC, which operates the Strip hotel, said in its monthly operating report that the company took in $19.4 million in revenue and had $21.7 million in expenses for the month for a loss of $2.3 million.

In addition, the company reported spending $2.6 million in reorganization expenses associated with its Chapter 11 bankruptcy filing.

A spokeswoman for the Aladdin said results exceeded the company's expectations.

Tyri Squyres said cash flow for the company was $3.4 million for the month. Company officials had expected cash flow would be about $2.4 million, due to a drop in volume that normally occurs in the summer months.

She said the company also had its attention diverted to intense negotiations with three different suitors to acquire the property out of bankruptcy during the month.

A company fronted by Planet Hollywood co-founder Robert Earl was judged the best bidder in a bankruptcy sale and has agreed to pay $635 million for the Aladdin. Under Earl's plan, which is expected to receive final Bankruptcy Court approval next month, the property would be converted into the first-ever Planet Hollywood hotel-casino.