Aladdin Resort And Casino Opens In Las Vegas This Week Despite Growing Financial Problems

LAS VEGAS On Thursday, August 17, 2000 The Aladdin Resort and Casino will open its doors in Las Vegas. There will be no lavish opening gala due to the exorbitant $1.4 billion spent to build the resort and growing financial constraints. The Aladdin faces significant construction and operating risks. The property is privately owned by the Sommer family, who, at the project s inception, owned 75% of Aladdin Gamings equity, with London Clubs owning the remaining 25%. The Sommer family has had problems providing additional financing as the project progressed, and has allowed London Clubs equity interest in the casino to grow to 40%. The Sommer family has not yet disclosed possible future sources of financing. The Aladdin Resort and Casino features 2,324 hotel rooms, 223 suites, 130 stores, 21 restaurants, 75,000 square feet of convention and meeting space, a 7,000-seat concert theater and a 100,000-square-foot casino. Most of the decor is themed for 1001 Arabian Nights and Barbara Eden, who played the title role in the television series I Dream of Jeannie will pop out of a lamp in front of the hotel on opening day. (8/14/00) SOURCE: Las Vegas Review-Journal