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Aladdin Hopes for New Year's Strength21 November 2000LAS VEGAS, Nevada – Nov. 21, 2000 – As reported by the Las Vegas Review-Journal: ‘A reconfigured slot floor, the high-end London Clubs casino and increased convention business have boosted recent results at the 3-month-old Aladdin. ”But the financially troubled Strip resort continues to deal with the results of its initial 44 days of operations, numbers that were solid during the property's first three weeks but poor in September. ”…The megaresort's parent company, Aladdin Gaming, is scheduled to make a $5 million payment to bank creditors at the end of December followed by an $11.7 million interest payment on Feb. 1. ”…The Aladdin opened Aug. 18 and, during the period ended Sept. 30, the megaresort reported negative cash flow of $3.2 million on net revenue of $36.8 million, according to figures reported by the company last week to the federal Securities and Exchange Commission. ”…The $1.4 billion property reported a net loss of $40.2 million and gross revenue of $40.6 million for the third quarter. ”The Aladdin's 135,000-square-foot casino generated revenue of $19.4 million and its 2,567 hotel rooms saw an occupancy rate of 77 percent at an average nightly rate of $130. ”…The Aladdin's initial weeks were plagued by operational and construction glitches that led to the removal of about 250 aging slot machines from the casino's main floor…” |