LAS VEGAS — The newest hotel-casino on the Las Vegas Strip, the Aladdin, is blaming a huge quarterly loss on unusually lucky gamblers.
Analysts said the $1.3-billion mega-resort needs $8.7 million within two weeks to pay its bills, or it could be forced into restructuring or bankruptcy.
"I think it's really the banks' call at this point," said Jason Kroll, gaming analyst with Bear Stearns. "When you get the numbers, it's definitely a cold slap."
The Aladdin's growing financial predicament was outlined in the property's first-quarter financial report issued Wednesday.
The property reported $8.3 million in cash flow for the three months ended March 31--a 42% decline from the fourth quarter of 2000, and well below the $20-million cash flow the Aladdin needs each quarter to meet its fixed debt and lease payments.