Aladdin reports another profit

Tuesday, June 1, 2004 | 10:50 a.m.

The Aladdin hotel-casino, which is being bought out of bankruptcy by a group headed by Planet Hollywood International Inc. Chairman and Chief Executive Robert Earl, had another profitable month in April, according to a filing with the U.S. Bankruptcy Court in Las Vegas.

The property's performance was boosted by the absence of a depreciation expense.

Aladdin Gaming LLC reported a net profit of $5.2 million for the month. The operator of the Strip hotel-casino reported revenue of $22 million and expenses of $16.3 million. The company also reported bankruptcy expenses of $493,620.

That compared with a net profit of $12.7 million on revenue of $25.1 million, expenses of $12 million and reorganization expenses of $427,739 in March.

In April 2003 the Aladdin reported a loss of $1.3 million, reporting revenue of $19.4 million, expenses of $19.8 million and reorganization expenses of $993,052.

Among the expenses reported in April 2003 was depreciation of $4 million.

Aladdin officials said they were pleased with the results, especially since the property's occupancy and average daily rate improved over the same month a year ago.

The Aladdin reported occupancy of 99.49 percent compared with 99 percent a year ago and an average daily rate of $124.92, compared with $104.64 a year ago.