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Aladdin Lost $2.4 Million in July

26 August 2003

LAS VEGAS -- The Aladdin hotel-casino reported losing $2.4 million in July, with half the loss attributable to fees and expenses associated with the Strip hotels Chapter 11 bankruptcy filing.

A financial report filed in U.S. Bankruptcy Court in Las Vegas said the Aladdin had $21.9 million in revenue for the month and $23.1 million in expenses. The resort, which is in the process of being sold to a group fronted by the founder of the Planet Hollywood restaurant chain, also reported $1.2 million in bankruptcy expenses.

A spokeswoman for the property said despite the loss, the company remains optimistic about its future success because cash flow was about double what it was for the same month a year ago.

Spokeswoman Tyri Squyres said the company had cash flow of $4.56 million for the month and that hotel occupancy was more than 99 percent for the month.

The Aladdin also reported losses of $4.9 million in June and $6 million in May.

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