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Aladdin Casino Will Get New Owner on Friday

LAS VEGAS-The casino currently has a deal with a partnership of Bay Harbour, Starwood and Planet Hollywood, but a judge will look at the proposal and other bids at bankruptcy hearing.

By Robert Carr | Updated on June 18, 2003

LAS VEGAS-Friday’s the day for the Aladdin Resort and Casino, when a bankruptcy court will decide who will be the new owner of the gaming facility along the Strip, along with a neighboring 7,000-seat Theater of Performing Arts.An older casino of that name was demolished in 1998 and rebuilt for $1.4 billion in 2000. However, the next year the company filed for bankruptcy.

“We filed right after Sept. 11,” said Tyri Squyres, a casino representative. “That just devastated us. Travel came to a halt, and occupancy was at all-time lows for everyone. Also, we’re a single-entity, [so] we couldn’t rely on other business like some multiple owners.”

A few companies are reportedly vying for the ownership of the casino. However, only one has been announced publicly. The Aladdin Gaming Co. said it signed a purchase and sale agreement to sell to a joint venture between Robert Earl, the CEO and co-founder of Planet Hollywood; Bay Harbour Management LLC; and Starwood Hotels and Resorts Worldwide Inc.

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