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April 25, 2003

Planet Hollywood buys Aladdin casino

LAS VEGAS (AP) -- Aladdin Gaming LLC has agreed to sell its bankrupt Las Vegas casino-hotel to a joint venture involving Planet Hollywood's co-founder and the Starwood hotel chain.

The deal announced Wednesday calls for the Arabian Nights-themed resort on the Las Vegas Strip to be branded as Planet Hollywood Hotel & Casino. The property will be managed by Starwood Hotels & Resorts Inc. through its Sheraton hotel brand. Planet Hollywood CEO Robert Earl and New York investment firm Bay Harbour Management LC also are members of a member of the venture.

As part of the deal the venture will assume $510 million of Aladdin debt and other liabilities. The trio also will invest $90 million in the casino.




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