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December 2, 2009

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Bankrupt resort generates positive cash flow

Friday, Nov. 21, 2003 | 10:58 a.m.

The Aladdin hotel-casino, in the process of being sold to a group headed by the CEO of Planet Hollywood International Inc. for $635 million, reported a profitable October before bankruptcy expenses.

The 2,567-room Las Vegas Strip hotel reported revenue of $24.1 million and expenses of $23.4 million for the month, resulting in cash flow of $754,000, said a Thursday filing in U.S. Bankruptcy Court.

But the company reported $1 million in reorganization expenses for the month, resulting in a loss of $271,261, the filing said.

In the same month a year earlier, the Aladdin had $19.1 million in revenue, $20 million in expenses and $1.1 million in reorganization expenses for a cash flow loss of about $900,000 and a bottom-line loss of $2 million.

A joint venture that includes the CEO of Planet Hollywood, Orlando, Fla., Starwood Hotels and Resorts Worldwide Inc., White Plains, N.Y., and financier Bay Harbour Management, New York, agreed to acquire the Aladdin out of bankruptcy in June.

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