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Planet Hollywood Set to Takeover Troubled Aladdin

August 19, 2004 at 8:58 AM | 0 Comments

Planet Hollywood, the likely new owner of the Aladdin, whose gaming licenses are up for final approval before state regulators next week, is trying to send reassuring messages to rank-and-file employees of the Strip hotel-casino that their jobs are safe.

At same time, Planet Hollywood has sent pink slips to about two dozen top executives announcing their termination if the deal goes through.

Planet Hollywood Chief Executive Officer Robert Earl, who could not be reached Monday, has said he will be open to meeting with employees and the union to try and settle ongoing disputes after Sept. 1 when the sale of the hotel-casino is now set to close.

Aladdin bosses filed for bankruptcy protection from creditors on Sept. 28, 2001, after opening on Aug. 18, 2000. Executives blamed the bankruptcy on slow initial business, which was compounded by the dramatic tourism slowdown that followed 9.11.

Earl's group, which includes Starwood Hotels & Resorts and Bay Harbour Management of New York, plans to invest $90 million to dramatically improve its Stripfront access, including using Planet Hollywood's logo to create a giant globe entryway.

Ya think this place will come complete with a wax statue of the Governor of CA in his Terminatior garb? We hope so.