:ORLANDO — Planet Hollywood Intl. Inc. and Aladdin Gaming LLC have agreed to develop, own and operate a 1,000-room hotel and 50,000-square-foot casino in Las Vegas.
Planet Hollywood said the project’s cost is expected to be about $250 million. Planet Hollywood initially will contribute about $41 million in cash for its 50% stake, and will receive ongoing licensing and marketing fees.
For its 50% stake, Aladdin Gaming will contribute existing land and infrastructure, valued at $20 million, a management team for the property, an existing theater with capacity of about 7,000 seats, and about $21 million in cash.
The balance of the project’s cost is expected to be funded by bank borrowings made through a new separate entity created by the partnership.