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Aladdin Gaming Seeks Buyers27 February 2002LAS VEGAS --As reported by Las Vegas Review Journal: “Aladdin Gaming is actively seeking buyers for the bankrupt Strip megaresort in a process that could find as many as 20 possible suitors. ”Candidates could include Stratosphere owner Carl Icahn, Silverton owner Ed Roski Jr., and a potential joint venture involving former Caesars Palace owner Starwood Hotels & Resorts, sources said Tuesday. ”Aladdin Gaming has hired Los Angeles-based KPMG financial adviser Jeff Truitt to circulate detailed information to potential buyers about the megaresort's income statements and daily operating results. ”`What we're trying to do as a management team here is move forward the process and sell the place ... to a bona fide operator,’ Aladdin Gaming Chief Operating Officer Bill Timmins said. ”…[Aladdin Gaming Chief Operating Officer Bill] Timmins named one person who is unlikely to appear on a short list of potential buyers: Donald Trump, whose three Jersey Shore gaming properties are plagued by heavy debt. ”…On Friday, Aladdin Gaming lawyers submitted a 25-page proposal to U.S. Bankruptcy Court, laying out a sale process. The document accounts for the identification of qualified buyers, the deposit of escrow money and the receipt of higher offers…” |