The restaurant was the brainchild of British entrepreneur Robert Earl, one of the partners of a company that acquired the Aladdin out of bankruptcy in 2003.

Ironically, Planet Hollywood itself was in and out of bankruptcy twice since the company first opened. Most of the company's restaurants are closed, but the brand continues to have life with Earl working to transform the Aladdin into the first-ever Planet Hollywood hotel-casino.

Earl is the first to admit that it has taken more time and money than he expected. But by the end of the year, he expects his dream will become reality.

Earl talked to In Business Las Vegas about the transformation of the Aladdin.

Question: First things first. Am I sitting in the Aladdin or the Planet Hollywood?

Answer: That's a very good question. Only for a few more months are you sitting in the Aladdin. No one's asked me that. As we've been so long coming, we've chosen to start using the name as we've had so many hundreds of thousands of guests coming through touching us that we didn't want to miss the marketing opportunity of making them aware of the future.

When Miss America was here, you called it Planet.

Yes, we broadcast as Planet, you're very observant.

You and your partners acquired the Aladdin in 2003 and you said at the time that you hoped to make the transition to Planet Hollywood a year after you were licensed, by the end of 2005 or maybe as late as early 2006. What caused all the delays?

We always knew that the licensing process would take a year and we couldn't start anything until we got licensed. I think, truthfully, probably a year after we thought when we were completed. A lot of factors, all for the long-term benefit, which you would expect me to say. We have truly learned about this project, we've truly learned about Vegas. We understand this building inside and out, all the nuances of it. To be truthful, Planet Hollywood has progressed and developed during this time and the finished product, which you can see a lot of if you go downstairs now on the three public floors. The finished product is completely different than what we envisaged when we bought it. It's a lot more sophisticated, a lot more contemporary. Memorabilia has been contained only to the bedrooms and the public areas we're very, very proud of.

The company that acquired the Aladdin, OpBiz LLC, is run primarily by you and Douglas Teitelbaum and the partnership includes Starwood Hotels and Resorts. Is that still the case? How are decisions reached? Who makes the day-to-day decisions?

Nothing has changed. The players are still identical, although Mr. Teitelbaum is 150 pounds lighter than when the project commenced and that is not linked to the stress of the project. The project is driven by Teitelbaum and myself. Starwood has a back seat on the development side and a front seat in helping with out hotel occupancy and management operational controls.

Are you a hands-on executive or do you defer to Mike Mecca or your partners?

Mike and his team, yes. I would say that Dougy and I are both very hands-on, very involved, both very hyper and certainly put in six 18-hour days a week. This project, for me, is the critical part of my family's portfolio and for Dougy, it's one of several investments but it's a very visible investment. So we are hands-on. My role in the property is increasing as Planet Hollywood emerges. As Aladdin, it was a holding action by Mike and his team and they did a very capable job for us. You had a brand that was a middle-eastern brand that never was completed that was in bankruptcy and certainly it wasn't what we'd call flavor-of-the-month. Yet we managed to enjoy very high occupancies and good operational contributions. But now as Planet is coming to the fore - and we're talking about film production, TV production, celebrity visitations - I'm getting very active.

How much time do you spend in Las Vegas?

It's growing. Initially, it was probably two days a month. Now, it's probably almost two working weeks a month. I try to go home on the weekends, to Florida.

How much money has been invested in renovating and improving the property and please differentiate between routine maintenance and major physical plant changes.

To answer that question, I'll subdivide some categories. First, the biggest number, the Planet Hollywood Towers by Westgate, which is our joint venture with the timeshare company from Florida Westgate. We're very excited about that project. It ended up at 1,302 bedroom apartments running at about $850 million. Construction started. If you look outside, there's quite a lot of work taken place and that is an '09 completion. So you have that one number on the side, which I like to give you because it adds weight to the total. When Dougy and I and Starwood acquired the property, in the beauty parade that took place, we committed to the lenders to invest $90 million. Everyone said that would not be enough and guess what? They were right. We ended up spending double already and more to come. And we're very happy to have done that. I think truthfully, looking back now, we could have done a tart-up job - do you know that expression ¦ it's very British - a patch-up, a detheming, for the $90 million. But we got excited, the drawings and designs by Terry Dougal we fell in love with and so we followed them to a tee. In fact, I'll tell you a very funny story. In all the businesses I've been in for the last 35 years, never have the videos and the plans ever looked so much like the finished product.

That's a good thing.

Yes, but it's very rare. So, we've spent over double. So you can add to that $800 (million) $180 (million) to $200 (million) there. Additionally, you have all of the tenant works and we haven't unveiled the tenants. That will be unveiled in the next two to three months. The tenant mix are spending collectively nearly another $100 (million). So where you would have a company like MGM (Mirage) who would just give you that one number as if it came from them, here I'm giving you this breakdown.

The tenants are contributing aren't they?

Yes, they're building their own spaces. For example, for the two theaters, there's $30 million cash that already has gone in. The restaurants and the nightclubs are $10 (million) to $15 million budgets.

Tell us about the financial results of your modifications.

The only real change that I can tell you now that is quantifiable and measurable is where the Aladdin in the past was perceived - probably rightly - as a dormitory, as a bed bank. I can stay inexpensively in the middle of the Strip and go to dinner at Bellagio or go to dinner at Caesars, gamble in other places, come back and sleep. Because of the environment, people are hanging out. They're spending a lot more of their time on property. Now unfortunately for the next few months, we have closed all of the restaurants and we're rebuilding each of them, some ourselves and some of them with tenants. So, we don't have the benefits of that and the first show starts March 24 and that's going to be in a magnificent new showroom. That is going to be called "Stomp Out Loud." With those elements together, then I'll really start to see the results once you've got the new restaurants and the shows and this gaming environment. Of course people will still leave to visit the great things in town, but we'll get a decent share.

You acquired the Aladdin as Las Vegas and the nation was rebounding from 9/11. How much improvement can be attributed to what you and your team have done and how much to the so-called rising tide that raises all boats?

I would say 50-50 and our 50 I'd subdivide between all the benefits from Starwood, their network, their SPG Preferred Guests and good team - not to say that the team before was not good, but the team before was working under bankruptcy without knowing their future. And, in fact, as we told you from the beginning when I first met you, of the 2,600 employees, we probably switched out 30 at the top. People change every year, but roughly about 2,500 all stayed. So there were a lot of factors. The benefits will be really fully enjoyed next year. That will be the first full year of the rebranded property.

There haven't been too many resorts that have been rethemed as well as renamed. How daunting is such a project and what's been most frustrating about it to you?

The analysis of that is that this building was built badly and the authorities had a lot to look at. and permitting was far more difficult a process for the authorities and for us than building something new. When you design from fresh, you have your systems, you have the blueprints and you can just keep going. Here, you have to deal with everything, like I wanted to move some of these pillars, but they go all the way through the building in the structure, but they're very small inside their casing. It goes on and on. If you bought an old house and you decided to open up the walls, guess what you're going to find? That was one of the big factors on the timing. To get it right, to put in the permitted plans.

The county has been extremely responsive and very supportive. They were delighted that one property on the Strip was taken out of bankruptcy. So we've got no complaints with anyone. But it's a long process. And then de-middle easternizing on the Strip is a nightmare because we've had to close the plaza in case something topples, and then we're out on the road. And then you still have to have the right escape routes because you're open inside. It's a very difficult initiative and it adds tremendous amount of time and complexity to the project.

The physical-plant problems of the Aladdin have been well documented. How many of those design problems have been overcome and how many are you just going to have to live with?

I don't think you'll see one. I'm very excited. You've seen the gaming floor with the new center bar and lobby. That's just one example.

What's your worst fear about the property and the largest financial risk?

It would sound a little bit arrogant, but I would say we're more concerned about the degree of success because there are so many factors. The market: Will it stay as frothy and buoyant? I believe it will because Vegas has created this destination unlike anywhere else. I don't believe anyone will ever catch up. It's so easy to get here. I think we're not fearful about success. I think that we believe that the overlaying of the branding will carry us. All 2,600 rooms are being rebranded. When you see them, you tell us. Feel the beds, see the TV, see the basic surroundings right in the center here.

What do you consider to be the property's niche market?

I don't think there is a niche market. I think that we are mainstream. I think that because of the size of the property and I have the advantage of knowing the tenant base, I am trying to be all things to everyone. I have enough edgy concepts coming in renowned brands to put myself up against wherever you think is edgy.

So is that what's going to set Planet Hollywood apart from your competitors?

No. I don't want to set myself apart. I said this to a guy this morning. I actually want to elevate myself into a new competitive set. I have my targets that I'm after and I want that when the guest is considering Las Vegas, there are three particular properties that I think we want to be in their competitive set.

And those would be?

Well, the guy this morning asked me that and I said, "They all begin with M." And he said, "Mirage, Mandalay and MGM," and I said, "Very good." I like that market sector. I think they're great properties, they're all high-energy, they're all places I like to stay.

I think we wish to aspire to be there. It's going to take a lot of work because it certainly is a big step up from where Aladdin was, but I think we have the team to do it and the quality of what we're doing downstairs will support that.

How have the average daily room rate and the occupancy rate performed over the time you've had the property? How has Starwood helped with that?

Substantially. That's been one of our shining elements. We have not gone for serious high-roller action. We do not yet have the infrastructure in place, the appropriate restaurants, shows and our rooms all renovated. So the ADR side and the occupancy side has what has been the contributing the most significant elements of our cash flow.

Can you tell us about what's ahead for the property's food and beverage operation?

Only to tell you that I have a great new steakhouse, a great new Asian restaurant, a great new Italian, a great new Mexican. I'm excited by all of them. and I will unveil the names soon. And they're all household brands. I guess "household" is a funny word isn't it? I guess I shouldn't use that word because that infers that they're large chains. I meant that in their own market sectors, they're very world-renowned and very popular and heavily frequented.

So people have heard of them, in other words?

Particularly the Vegas market, or perhaps if you've come from Beverly Hills.

Describe how the clientele, entertainment, food and beverage product and the casino are evolving with the "Planetization" of the Aladdin.

I think you've got to start by saying, "What do we believe Planet stands for for the future?" And we believe it stands for celebrity. We believe it stands for everyone who's coming to stay with us being treated like a celebrity and feeling like a celebrity as well as celebrities being here. So, we move from there and we say we want that to be in a high-energy, frenetic, contemporary environment. So forget the old Planet.

So it sounds to me like the Planet Hollywood brand itself is evolving.

Completely. Even a new logo, which you'll see on the building. Yes, you're absolutely right. We are going to be the new Planet and it represents different aspirations from our side. Before, we were a restaurant chain, international celebrity-owned, where we were giving you this experience. Now, we're creating this environment that Planet is the backdrop. If you were saying to someone, "Where do you want to go tonight?" and you gave the list of options, we want you to say, "Oh, well there's so many great places inside Planet. There are so many unusual lounges, there are so many nightclubs, there are good shows. Let's go over there, I'm sure I'm going to have a good time." That's our philosophy.

There was a shaky relationship between the Aladdin before you acquired it and the operators of the Desert Passage mall. What's the status today?

The status is that the gentlemen that acquired Desert Passage are four great entrepreneurs from New York City. We know them very well, both socially and from other business enterprises and we were delighted when they bought it. They, too, have taken their time, perhaps because of us because they didn't want to peak too early when we were still the Aladdin. So just like us, they have their own plan and a new name. It's going to be the Miracle Mile Shops at Planet Hollywood. So that in itself tells you the type of relationship we have. We're developing some new communal entryways . We're widening the interface corridors and they are changing the profile of their tenant base. For example, Commander's Palace is gone and Hawaiian Tropic is going there. Club Monoco has gone on the front door and two magnificent operations have gone in there, Trader Vic's, do you remember that Polynesian-Hawaiian concept, but a very contemporary one with an outside terrace just like the Mon Ami Gabi next door.

And Urban Outfitters is already open, which is three stories. Hawaiian Tropic is a restaurant brand now and they opened a lavish place with great food and hot servers.

What's the timetable for the Miracle Mile project?

You'd have to ask them, but they're aiming to work alongside our timing. And as far as my timing, you're asking another question. Unless anything goes wrong in the final stages of the outside demolition and plaza works, we will be completed with the entire project with all the tenants, everything, by the final quarter of this year. I intend to fly the Planet flag earlier than that and then progressively in those last few months up to the last quarter to be opening the additional restaurants and clubs on a sort of biweekly basis.

So by the last quarter, it will all be open?

Everything rehearsed, everything running smoothly. And the largest opening you've ever seen on the Strip.

Do you know when that's going to be?

I do, but I'm not telling you. But I commit to the largest opening. If you go back on records and look at our restaurant opening in the Forum (Shops at Caesars), I think that was the largest to date, irrespective of it being one restaurant compared to these $2 billion hotels. We had everyone here. We closed the whole Strip. We even had Bush 41 in. (Steven) Segal was on an elephant because it was at Caesars. Whoopi (Goldberg) and Demi (Moore) were being carried by the centurions. It was crazy. Bruce Willis played on Caesars' tennis courts, a 16,000-person concert. So, expect something big from us. That's what we do. And we see PR as more important than advertising.

What's the status of the Westgate timeshare project?

It's fully designed. It's going through different various permits. It's all systems go and it looks absolutely beautiful. The final name is Planet Hollywood Towers by Westgate.

Is it all timeshare?

It's a timeshare hotel and 32 fabulous condominiums at the top with their own complete life, from their own parking, to their own express elevators, to their own swimming pool up top, to their own room service and kitchen.

Are any of them sold?

No. We haven't started marketing them yet. I want to show you something else, come over here. (Earl walks to a window with a view overlooking MGM Mirage's Project CityCenter construction.) You talk about getting lucky, you have to have a little luck in life. We bought this (Aladdin) and we had no idea what was going to happen facing us. Not in the slightest. Look. Isn't this amazing? We've been told there will be a bridge system (connecting CityCenter to Planet Hollywood).

What brand-building and revenue-driving entertainment component is Planet Hollywood going to have?

I don't think we're ready to unveil those. We've got two production shows coming in, one in March and one closely after that. But then, everything will be geared up for that final quarter. But the Planet Hollywood entertainment experience is very much a combination of performers and people who are involved in the building, and involved in the building falls under many categories. There are going to be a bunch of people who have given us memorabilia, parts of their life, that will be in their suite. There are people who will be here that are quite active. There are going to be movie premieres on a regular basis, so it takes many varied forms.

Put the rumors to rest: Is Planet Hollywood courting Michael Jackson as the property's entertainment icon?

It isn't. But we are huge fans of his.

Who is Planet Hollywood trying to sign?

I can't say.

There are a number of high-end properties coming on line in Las Vegas. Does that knock Planet Hollywood down a notch or do you think those resorts driving more visitors to Las Vegas will benefit your property?

My personal view is that where CityCenter intersects with Cosmopolitan and us and whatever goes on the Harley Davidson side will remain the center of the universe for quite a few years. If it comes on line in 2010 or 2011, I think it propels us for quite a few years to come. I think that the market will proportionally continue to grow. At the beginning of the interview, I said there are very few entrepreneurial small companies left - independents - and I think that they will always do well. It's a different culture. Maybe we're hungrier.

Assuming that Planet Hollywood is your favorite, what is your second-favorite resort property in Las Vegas and why?

My second-favorite? I love what they're doing with Mirage. I love the way they're renovating that. I'm a big fan of Bellagio. I think it's a complete experience. I measure it by not needing to leave the property and not wanting to leave the property. That's not a realistic approach for an owner because of the number of days and things you must do.

But my objective, selfishly with the tenant mix that we have signed is to fulfill that criteria. Everything I want I will be able to do in our own property. I look at that as a guest that travels and eats out everyday and enjoys the whole experience. While our restaurants are under construction, last night, I took my guests to Prime and tonight I'm taking them to Fix. Once our steak place is opened, I might not go there.

What are your favorite shows in Las Vegas and why?

I would say that my No. 1 choice by far is "Love," just from my background, I had the fortune to be a part of the first night and the whole experience was wonderful. I think the "Phantom" production is top of the line. It's a show I could go see a few times. Those two are my top. And of course, David Hasselhoff. I'm a huge Hoff groupie. He's coming here tomorrow night.

Is there a resort developer in town that you really admire and why?

Do you mean a casino company? I think they've all done a great job in different places. I'm a big fan of everyone. You can't ignore the contribution of Steve Wynn to your community. If it were not for him, you wouldn't have these standards. So you'd have to put him very high. I think the MGM management has continued with that vision. They've made great acquisitions. I love the work that's gone on in Caesars. They're really getting it together in there, there's so much you can do. I'm also partners with Harrah's now. It's quite a funny story. I created a casino in the United Kingdom, a fabulous one called Fifty. I'm a 50 percent partner. I created the brand, made it very edgy and it's very successful. I'm a partner with London Clubs and Harrah's acquired London Clubs.

There's been speculation that Harrah's and others have been interested in your property? Which operators have talked to you about an acquisition and could that happen someday?

No. I think they know how we want to make this an enormous success as Planet Hollywood. So I don't think anyone will come talking to us.

Is there any movement planned on the Planet Hollywood restaurant at the Forum Shops at Caesars?

No. They'll keep it there. In fact, there isn't the old Planet Hollywood restaurant concept in here. We've created an entire new brand called Planet Dailies.

What's that?

You'll see it. It'll be one of the first restaurants open.