ALADDIN GAMING HOLDINGS, LLC
                             ALADDIN CAPITAL CORP.
 
                           OFFER FOR ALL OUTSTANDING
                13-1/2% SERIES A SENIOR DISCOUNT NOTES DUE 2010
                                IN EXCHANGE FOR
                13-1/2% SERIES B SENIOR DISCOUNT NOTES DUE 2010,
                        WHICH HAVE BEEN REGISTERED UNDER
                          THE SECURITIES ACT OF 1933,
                                   AS AMENDED
 
To: BROKERS, DEALERS, COMMERCIAL BANKS,
 
    TRUST COMPANIES AND OTHER NOMINEES:
 
    Aladdin Gaming Holdings, LLC and Aladdin Capital Corp. (collectively, the
"Issuers") are offering, upon and subject to the terms and conditions set forth
in the Prospectus, dated         , 1998 (the "Prospectus"), and the enclosed
Letter of Transmittal (the "Letter of Transmittal"), to exchange (the "Exchange
Offer") its 13-1/2% Series B Senior Discount Notes due 2010, which have been
registered under the Securities Act of 1933, as amended, for its outstanding
13-1/2% Series A Senior Subordinated Notes due 2010 (the "Old Notes"). The
Exchange Offer is being made in order to satisfy certain obligations of the
Issuers contained in the Note Registration Rights Agreement dated February 26,
1998, by and among the Issuers and the initial purchasers referred to therein.
 
    We are requesting that you contact your clients for whom you hold Old Notes
regarding the Exchange Offer. For your information and for forwarding to your
clients for whom you hold Old Notes registered in your name or in the name of
your nominee, or who hold Old Notes registered in their own names, we are
enclosing the following documents:
 
    1. Prospectus dated       , 1998;
 
    2. The Letter of Transmittal for your use and for the information of your
clients;
 
    3. A Notice of Guaranteed Delivery to be used to accept the Exchange Offer
if certificates for Old Notes are not immediately available or time will not
permit all required documents to reach the Exchange Agent prior to the
Expiration Date (as defined below) or if the procedure for book-entry transfer
cannot be completed on a timely basis;
 
    4. A form of letter which may be sent to your clients for whose account you
hold Old Notes registered in your name or the name of your nominee, with space
provided for obtaining such clients' instructions with regard to the Exchange
Offer;
 
    5. Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9; and
 
    6. Return envelopes addressed to State Street Bank and Trust Company, the
Exchange Agent for the Exchange Offer.
 
    YOUR PROMPT ACTION IS REQUESTED. THE EXCHANGE OFFER WILL EXPIRE AT 5:00
P.M., NEW YORK CITY TIME, ON         , 1998, UNLESS EXTENDED BY THE ISSUERS (THE
"EXPIRATION DATE"). OLD NOTES TENDERED PURSUANT TO THE EXCHANGE OFFER MAY BE
WITHDRAWN AT ANY TIME BEFORE THE SECOND TO LAST BUSINESS DAY PRIOR TO THE
EXPIRATION DATE.
 
    To participate in the Exchange Offer, a duly executed and properly completed
Letter of Transmittal (or facsimile thereof), with any required signature
guarantees and any other required documents, should be sent to the Exchange
Agent and certificates representing the Old Notes should be delivered to the
Exchange Agent, all in accordance with the instructions set forth in the Letter
of Transmittal and the Prospectus.
 
    If a registered holder of Old Notes desires to tender, but such Old Notes
are not immediately available, or time will not permit such holder's Old Notes
or other required documents to reach the

Exchange Agent before the Expiration Date, or the procedure for book-entry
transfer cannot be completed on a timely basis, a tender may be effected by
following the guaranteed delivery procedures described in the Prospectus under
"The Exchange Offer--Procedures for Tendering Old Notes."
 
    The Issuers will, upon request, reimburse brokers, dealers, commercial banks
and trust companies for reasonable and necessary costs and expenses incurred by
them in forwarding the Prospectus and the related documents to the beneficial
owners of Old Notes held by them as nominee or in a fiduciary capacity. The
Issuers will pay or cause to be paid all stock transfer taxes applicable to the
exchange of Old Notes pursuant to the Exchange Offer, except as set forth in
Instruction 6 of the Letter of Transmittal.
 
    Any inquiries you may have with respect to the Exchange Offer, or requests
for additional copies of the enclosed materials, should be directed State Street
Bank and Trust Company, the Exchange Agent for the Exchange Offer, at its
address and telephone number set forth on the front of the Letter of
Transmittal.
 
                                          Very truly yours,
                                          ALADDIN GAMING HOLDINGS, LLC
                                          ALADDIN CAPITAL CORP.
 
    NOTHING HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY
PERSON AS AN AGENT OF THE ISSUERS OR THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY
OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENTS ON BEHALF OF ANY OF THEM
WITH RESPECT TO THE EXCHANGE OFFER, EXCEPT FOR STATEMENTS EXPRESSLY MADE IN THE
PROSPECTUS OR THE LETTER OF TRANSMITTAL.
 
Enclosures
 
                                       2