Tuesday, June 22, 2004 | 10:44 a.m.
Earnings climb at bankrupt property
Bankrupt Aladdin Gaming LLC, operator of the Aladdin hotel-casino, reported net earnings of $6.9 million in May, the company said in a report to U.S. Bankruptcy Court in Las Vegas.
That compares with earnings of $5.2 million in April and a loss of $6 million in May 2003.
The company reported revenue of $25.1 million, expenses of $17.7 million and bankruptcy expenses of $530,762. That compares with revenue of $24.2 million, expenses of $29.3 million and bankruptcy expenses of $846,814 in the same month a year ago.
The company also reported cash flow was $7.7 million compared with $6.3 million a year ago, the average daily room rate was $123, up $11 from last year, and the occupancy rate was 98.3 percent, up 1 point from last year.
The Aladdin is being bought out of bankruptcy by a group headed by Planet Hollywood International Inc. Chairman and Chief Executive Robert Earl.
AMERISTAR CASINOS INC.:
Matthew Miele Jr. has been named vice president of procurement for Ameristar Casinos Inc. of Las Vegas, which operates six casinos in Northern Nevada, Missouri, Iowa and Mississippi. Miele Jr. had been corporate director of purchasing at Mandalay Resort Group.
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