Aladdin resort sale still on trackBy Sept. 1, the $1.4 billion Aladdin Hotel & Casino could emerge out of bankruptcy and reopen as a Planet Hollywood property, the Gaming Wire in Las Vegas reported in May.
State licensing investigations and court proceedings are progressing on schedule, and so far, nothing has turned up that would delay Planet Hollywood from taking over the financially beleaguered property, regulators and company officials noted.
If all continues as planned, the property will be sold Aug. 31 to a group of investors that include Planet Hollywood Chairman Robert Earl, Starwood Hotels & Resorts and Bay Harbour Management of New York. The property would then reopen a day later as "Planet Hollywood Hotel & Casino, a Sheraton Hotel."
The group, known as OpBiz, won the right in bankruptcy court to buy the Aladdin for $635 million in June 2003.
"There are absolutely no other snags," Earl was quoted by the Gaming Wire. "We are anxious to get in and talk with the staff, and we're still extremely optimistic about the future there."
The buyers are investing $90 million to correct what gaming industry analysts called severe flaws in the Aladdin's original design. Among the problems: no Las Vegas Strip access for vehicle traffic, winding walkways discouraging foot traffic and a casino that is isolated from the casino's other amenities.