Aladdin has signed a purchase and sale agreement to sell the casino and theatre subject to bankruptcy court approval. Agreement was reached with Robert Earl, CEO and co-founder of Planet Holleywood, Bay Harbour Management LC and Starwood Hotels and Resorts Worldwide, Inc. The Joint Venture will retain existing Aladdin employees.

The agreement requires the joint venture to invest $90 million of new equity capital for the primary purpose of enhancing and re-theming the resort as the new "Planet Hollywood Hotel & Casino", a Sheraton Hotel. Planet Holleywood has agreed to exhibit various displays from its considerable collection of movie and tv memorabilia. Starwood (through Sheraton brand) will manage the hotel and have no responsibility for the casino. Starwood will develop a Westin Vacation resort of up to 600 units at the property. The purchase does not include the Desert Passage Mall.

And I was just getting to like the Aladdin the way it was/is...

I wonder how separate management of the hotel will affect comp policy? Has anyone been getting any offers from Aladdin?

Well if it is going to be like the JW marriot and Rampart casino its not a good thing for comps.

I did a fair amount of gambling in the Rampart last December and now for my June trip I called them if they could do anything for me, but its extremely difficult for them to comp you a room in the JW Marriot.

The Review Journal had another story today that there is another bidder.

"Financial Capital Investment Co's Richard Alter said his group of entirely US based investors plans a bid that would top Planet Hollywood group's offer to spend $90 million to refurbish the property."

They are wanting to appeal to the middle-American gamblers who play slots. It would be an Asian themed casino named ASIA.

They would raise the Theater for Performing Arts and replace it with an improved entrance.

They have lined up Nevada licensed casino operator to run the property, but declined to name them.

Well, personally, I would prefer the Asian theme. I can go across the street and pay $25 for a hamburger and stare at costumes.

I sure hope it is not a "Planet Hollywood" themed hotel/casino.

I've been to a couple of Planet Hollywood locations and have always regretted it and
can't see how it would improve the present setup.

But I do encourage them to use some sort of a theme, but definitely not "PH".

Wasn't Planet Hollywood in chapter 11 themselves a few years back???

Yes Lee your right they were. I guess that they pulled out of it, or they couldn't pull off this deal.

Just read in RJR that judge awarded stalking horse bid to Planet Hollywood. The other investor withdrew their motion seeking to have itself named as the stalking horse and accepted a deal to reduce Planet Hollywood's stalking horse bid advantage by changing a requirement that a competing bidder would have to offer at least $17.5 million more than the stalking horse bid.

PH would still be entitled to as much as $7.5 million in expense reimbursement and in breakup fees if its stalking horse bid is topped, but Jones removed a requirement that the first overbid add an additional $10 million to qualify as a legitimate offer.

The other investor or other interested bidders would have to top the PH bid by $7.5 million under the terms of the judge's order.