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Aladdin Posts $2.5 Million Loss

25 September 2003

The Las Vegas Sun

LAS VEGAS -- The Aladdin hotel-casino, citing soft table play in its casino, lost $2.5 million in August, according to a report it filed with the U.S. Bankruptcy Court in Las Vegas Tuesday.

The Aladdin, which filed for Chapter 11 bankruptcy protection two years ago this month, had revenue of $20.7 million for the month and expenses of $22.7 million. The company also reported reorganization expenses totaling $500,243 for the month.

In August 2002, the company reported a loss of $683,851 on revenue of $20.6 million, expenses of $20.7 million and reorganization expenses of $148,583.

A spokeswoman for the company said that despite the loss, the company is continuing to show good cash flow, which was $3.8 million for the month. In July, the company reported cash flow of $4.6 million and in August 2002, it was $4.1 million.

Tyri Squyres said the average daily hotel rate was $99.95 compared with $94.08 for the same month a year ago. For August 2003, the occupancy rate was 99.4 percent.

Squyres said that although table play was off, slot machine play was strong at the Strip hotel-casino.

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