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EXHIBIT 99.2
[LOGO OF ALADDIN]
FOR IMMEDIATE RELEASE
ALADDIN FILES CHAPTER 11 PETITION
LAS VEGAS, Nevada (September 28, 2001) - Aladdin Gaming LLC, owner of Aladdin
Resort & Casino, today filed a petition for Chapter 11 reorganization in U.S.
Bankruptcy Court for the District of Nevada.
The Chapter 11 petition will allow the resort to continue operation
while management develops a reorganization plan. Along with the protection from
foreclosure traditionally afforded by a Chapter 11 filing, Aladdin will also
receive additional capital as needed to fund ongoing operations. The company's
lending group through its syndication agent Bank of Nova Scotia has agreed to
immediately provide $9 million in operating capital to meet the property's
short-term cash flow needs. The lending group also expressed to the company and
the court a willingness to lend up to an additional $41 million in funds to
maintain operations at the 2,567-room hotel/casino.
"Today's speedy and positive response by the court is a heartening move
forward for Aladdin," said Aladdin spokesman Fred Lewis. "We will get about the
business of reorganizing, mindful that we are part of a community and an
industry that is feeling the effects of a national disaster. We will continue to
work to attract guests to Las Vegas, and to provide them with a level of service
that will make them want to return."
Aladdin Resort & Casino features 2,567 hotel rooms, a
100,000-square-foot main casino and the 30,000 square foot London Club Casino.
The resort also includes 75,000 square feet of meeting space and the 7,000-seat
Theatre for the Performing Arts. Aladdin adjoins the 475,000-square-foot Desert
Passage shopping center, which is independently owned and financed, and is
operated by TrizecHahn Development and is not included in this Chapter 11
filing.
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CONTACTS: FRED LEWIS LYNN HOLT
Aladdin Resort & Casino Aladdin Resort & Casino
(702) 785-5011 (702) 785-5020