Press Release
November 7, 2000
LAS VEGAS, NV -- Aladdin Gaming LLC has signed a letter of understanding with The Athena Group regarding the sale
of a five-acre parcel of land which neighbors the new Aladdin Resort & Casino in Las Vegas.
The parcel sits on the corner of Harmon Ave. and Audrie Lane, immediately to the southeast of Aladdin, which opened
in mid-August 2000.
Athena Group plans to develop a 350-room five-star non-gaming hotel as well as an 800,000-square-foot luxury condominium
development on the site. The complex would link directly to Desert Passage, a 500,000-square-foot shopping, dining
and entertainment complex which surrounds Aladdin Resort & Casino. Desert Passage is operated by TrizecHahn
Development Corporation (TZH).
Executives at both Aladdin and Athena expect to finalize the transaction within 120 days. Construction on the hotel/timeshare
project will take two years.
The Athena Group LLC is a private equity investment company that invests primarily in real estate through special
purpose partnerships. Founded in 1993, the company has built a continually expanding portfolio of properties, holdings
and developments. The Athena Group has overseen the investment of more than $500 million in over 20 transactions.
Its recently completed 838 Fifth Avenue condominium project in New York City has achieved one of the highest per-square-foot
prices of any residential condominium in the United States at nearly $2,400 per square foot.
Las Vegas-based Aladdin Gaming LLC is the parent company of Aladdin Resort & Casino. The 2,567-room resort
is the newest hotel/casino on Las Vegas Boulevard. It features a prestigious address next to Paris Las Vegas and
Bellagio as well as a 100,000-square foot main casino, six restaurants and the 7,000-seat Aladdin Theatre for the
Performing Arts. Aladdin is also home to North America's first European-style gaming salon, the London Club at
Aladdin.
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Contact:
Aladdin Resort & Casino
Tom Lettero, 702/785-5222
or
The Athena Group
Louis Dubin, 212/459-0200