|Marriott hotels, along with an LA based investment group are bidding to take over the troubled Las Vegas casino Aladdin. In doing so they will inherit a debt of $476 million. |
The casino would be renamed ASIA. Marriott, who have hotels all over the world and in every major US city, intend to invest $25 Million into the property’s hotel. Although Marriott would run the hotel, they will have nothing to do with the running of the casino. The Marriott bid does need the approval of Aladdin and especially their debtors. The Marriott deal would also include investment in developing adjacent property into timeshares.
The main opposition to Marriott is OpBiz, who were the first to bid on the bankrupt casino. OpBiz was formed by Robert Earl of Starwood Hotels & Resorts and Bay Harbour Management LC. Earl is the co-founder of Planet Hollywood International Inc. The Aladdin debtors have already approved the OpBiz plan. On June 20th a purchasing hearing has been scheduled and a decision should come soon.