Las Vegas’ Aladdin Hotel-Casino May Be Ready to Leave Chapter 11
LAS VEGAS — The company that owns the controlling interest in the troubled Aladdin Hotel has reached a tentative agreement to lease the Las Vegas Strip resort to Maxim Hotel’s chief executive, Joseph Burt.
The move would take the resort out of bankruptcy court protection for the first time in 2 1/2 years.
The 12-year lease that Bell Atlantic Tri-Con Leasing Corp. of Paramus, N.J., signed with Burt is conditional on his being licensed by state gaming officials.
“As a competitor of the Aladdin, I always admired its hotel and convention facilities,” Burt said.
“I expect that its medium size will provide the basis for an intimate atmosphere and, together with the location, will launch its return to a position of profit leadership in the gaming industry.”
Senior Vice President David Tracy said Bell Atlantic is “delighted that the property has attracted an operator of Burt’s experience and stature.”
The late Ginji Yasuda placed the 1,100-room Aladdin under Chapter 11 protection in August of 1989. He died of cancer in December, 1989.
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