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Aladdin Reports Profit in February

26 March 2004

Las Vegas Sun

LAS VEGAS -- The Aladdin reported a $4.1 million profit in February, reversing the $402,122 loss reported in January and the $4.1 million deficit recorded in December, the company said in a filing with the U.S. Bankruptcy Court.

The property's improved performance was largely caused by the absence of a depreciation credit, because the property's asset writedown will be finalized in March, the filing noted. In January the property claimed $5.4 million in depreciation, which added substantially to expenses. In February 2003 the depreciation expense listed was $4 million.

Aladdin generated $21.3 million in revenue in February, down from $23.7 million in January, a 31-day month. The revenue number compared favorably with the $20.1 million collected in February 2003.

Aladdin spent $16.8 million on routine expenses, including $6 million for salaries and $1.9 million for employee benefits, the company noted last week. It also reported an additional $355,516 in expenses related to the property's bankruptcy and pending sale.

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