Planet Hollywood investors on Wednesday said they officially had taken over the Aladdin casino, the megaresort on the Las Vegas Strip that they won a year ago in a bankruptcy sale for $635 million.

Planet Hollywood group takes over Aladdin casino

Planet Hollywood investors on Wednesday said they officially had taken over the Aladdin casino, the megaresort on the Las Vegas Strip that they won a year ago in a bankruptcy sale for $635 million, according to Reuters.

Investors including Planet Hollywood International Chief Executive Robert Earl, Bay Harbour Management and Starwood Hotels & Resorts Worldwide, which will rebrand the hotel operations as a Sheraton, aim to keep the property open during renovations that will last until early 2006.

At that point the Middle Eastern fairy tale-themed casino, which originally cost $1 billion to build, will reopen as a movie-themed Planet Hollywood Resort and Casino, including a Sheraton hotel.