Vegas hotels on the selling block

LAS VEGAS -- Since it declared bankruptcy in September, Aladdin's lamp has been flickering. The question is now: Is it about to go out?

Published reports say the $1.05 billion Aladdin Resort & Casino is for sale and that Atlantic City, N.J.-based casino operator Colony Capital has made a bid in the neighborhood of $350 million.

Aladdin officials won't comment, but an April 2 court date has been set to consider a proposal to U.S. Bankruptcy Court laying out a sale process.

The document accounts for the identification of qualified buyers, the deposit of escrow money and the receipt of higher offers.

Now for a set sale: Elsinore Corp. agreed to sell its Four Queens Hotel & Casino to SummerGate for approximately $22 million, plus the value of cash on hand and the assumption of certain liabilities.

Elsinore is expected to enter into dissolution proceedings following the sale, which is subject to a number of regulatory approvals.

JDS Travel News JDS Viewpoints JDS Africa/MI