Guess what the new hotel will be called? Planet Hollywood Hotel and Casino. What will be next for Vegas?

This was actually announced several weeks ago. The fact that the Aladdin was sold isn't a surprise. It's been in financial trouble from day 1, The Desert Passage is almost always empty, and the hotel, which was built with the intention of competing on the high end, is underwhelming versus most of the other new places.

Planet Hollywood probably paid very little, justifying the gamble. (Pun completely intended.)

In terms of what's next, Steve Wynn's new hotel, Le Reve, is slated for a 2005 opening. I think it'll take business away from Bellagio as that hotel clearly saw a decline in service after it was sold to MGM. I got the sense from several dealers and bartender's that many of the employees who'd been with Wynn before, we're looking forward to going back as they've think Bellagio has slipped.

The Trop is scheduled for demolition something new will be slated for that corner.

Planet Hollywood! Since when do they have cash to throw around? I thought they were all but dead and gone. Is the image of this cheesy franchise different in other parts besides Chicago?

Lord no. I wouldn't step foot in a Planet Hollywood restaurant OR casino. I'd imagine they are counting on visitors from rural areas who still buy Hard Rock t-shirts.

and while we're at it, what is the appeal of Hard Rock? I have never "gotten it". First and last time there all I could think was, "is this all there is"? "Where's the beef?"

Quote: Planet Hollywood! Since when do they have cash to throw around? I thought they were all but dead and gone.

They don't. I think Starwood (parent company of Sheraton and Westin) is the true money and Planet Hollywood is just a license.

Aladdin has been under Chapter 11 protection since barely a year after it opened.
Several bidders put offers to the court early this year including Marriott Corp and Starwood.
The current plan appears to be for a joint venture as dweebe pointed out.

My prediction?
The second iteration of this property will also go 'bust'.
Great location but poor execution in this era of intense competiton in LV.

Considering they (meaning Starwood, et al) are only putting in about $90 million of equity, with the bulk of the purchase price being $500 million of assumed debt, which likely has a very low cash pay, given the bankruptcy, I don't think they need to hit a home run to make this deal work.

The hotel should do better, given its location. I would imagine Starwood will offer teaser rates to its members to get some traffic going.

One quick note about Ryan's comment above about Steve Wynn's Le Reve: it was announced this week that the property is now slated to be named "Wynn Las Vegas" in order to take advantage of the "Wynn" reputation as well as the pun on the word "win".

If they are going to rename it Planet Hollywood, do they also plan to renovate and give it a new theme? I was looking forward to staying there in Feb, but not if they totally regroup and make it a cheesy themed PH.

Aladdin will be re-themed.
$90 million is to be put into refurb/changeover by the new owners.
The current 'theme' didn't really have much impact on public perception compared to places like Bellagio, Paris, NYNY and Venetian which have high impact themes.