Clipped From Reno Gazette-Journal
Aladdin goes to market LAS VEGAS A California real estate marketing company has been retained to sell the bankrupt Aladdin Hotel and Casino after months of behind-the-scenes efforts failed to find a buyer. Representatives of Santa Monica-based Kennedy-Wilson Inc. said they would advertise the property in the United States and abroad, and would accept sealed bids until Nov. 15. Officials hope the responses will produce someone who can qualify financially and be able to obtain a gaming license. The responses will be evaluated by the bankruptcy trustee in hopes of locating a buyer, although bids could be rejected, officials said. U.S. Bankruptcy Judge Linda Riegle will have the final say on who buys the Strip property. The troubled resort has been under Chapter 11 bankruptcy protection since last October. It was placed in bankruptcy by the late Ginji Yasuda, who bought the property out of bankruptcy in 1986 for $54 million, then spent another $35 million refurbishing it. Yasuda died of cancer in December.