Aladdin Casino Asks to Liquidate Assets
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Aladdin Gaming, operator of an Arabian-theme Las Vegas resort, asked a federal bankruptcy judge for permission to liquidate the company’s assets through a court-supervised auction.
Aladdin told Bankruptcy Judge Robert C. Jones in papers filed last week that it “intends to liquidate in one transaction all property and rights comprising the casino-hotel.”
Hurt by a failure to attract gamblers, Aladdin on Sept. 28 sought bankruptcy protection from creditors just 13 months after the $1-billion resort opened. The closely held company listed $698.1 million in assets and more than $593.4 million in debts in Chapter 11 papers filed in U.S. Bankruptcy Court in Las Vegas.
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