What Casino Did Wayne Newton Buy? The Story of the Aladdin Hotel & Casino

Wayne Newton purchased the Aladdin hotel and casino in Las Vegas in 1980, but sold it just two years later amid financial struggles. Though his time as the Aladdin‘s owner was brief, it represents an interesting chapter in Newton‘s decades-long career in Vegas entertainment.

Wayne Newton‘s Early Life and Rise to Fame

Before becoming "Mr. Las Vegas," Wayne Newton was born Carson Wayne Newton in Norfolk, Virginia in 1942. His family later moved to near Roanoke and Wayne began performing with his older brother Jerry as a child. The brothers made their Grand Ole Opry debut in 1958, which kicked off Wayne‘s singing career.

Newton started regularly performing in Las Vegas in 1959 at just 17 years old. His energetic stage presence and smooth vocals made him a Vegas favorite. By the late 1960s, Newton was headlining major Vegas venues like the Flamingo and the International (later the Las Vegas Hilton).

Some key stats on Newton‘s rise to fame:

• By 1972, Wayne was earning $400k a week for his Vegas shows

• By 1976, he had performed over 15,000 Vegas shows in his career

• By the 1980s, Newton‘s performance fee was up to $250k per show

With his chart-topping hits and sold-out Vegas performances, Newton earned the nickname "Mr. Las Vegas" during his peak fame era. His mixture of singing talent and business savvy enabled his rise to legendary status in the entertainment capital.

Newton‘s Other Business Ventures

In addition to performing, Newton was involved in various business investments:

• Newton bought a 36-acre ranch property named Casa de Shenandoah in 1966. He spent millions filling it with extravagant amenities.

• He bought one of the first private jets in 1970 to shuttle between Vegas and performances in other cities.

• Newton invested in radio stations, TV stations, and race horses over the course of his career.

• He opened the Wayne Newton Museum in Vegas in 2015, containing mementos and artifacts from his decades of performing.

With a net worth estimated at $100 million in 1980, Newton had the means to pursue ambitious business ventures beyond music. This set the stage for his most high-profile investment in the struggling Aladdin resort.

Newton‘s Purchase of the Aladdin

Newton purchased the Aladdin hotel and casino in partnership with former Tropicana executive Ed Torres in 1980. They paid $85 million for the property.

The Aladdin first opened in 1966. It was named after the legendary Arabian Nights tale Aladdin and his magic lamp. The resort had a distinctive jewel-like design with an Arabian theme.

However, by the late 1970s, the Aladdin was struggling after several executives were convicted of having mob ties. Entertainer Johnny Carson even tried to buy it, but Newton outbid him with the $85 million offer.

Newton hoped to leverage his entertainment expertise to restore the Aladdin‘s reputation and profitability. But running a major Vegas casino would prove more difficult than expected.

Challenges Faced by Newton at the Aladdin

Though a world-class entertainer, Newton lacked experience in casino management. Some of his key struggles:

• Removing slot machines: Newton removed slots to create a more upscale atmosphere. However, slots accounted for a significant portion of casino revenue. Their removal hurt profits.

• Lavish spending: Newton reportedly lived lavishly on the property‘s dime, hurting its bottom line.

• Profitability: Newton‘s bookings of top talent like Elvis failed to attract sufficient patrons to turn a profit. The property remained unprofitable.

• Debt: Newton did not have enough capital on hand to purchase the Aladdin outright. Debt costs put additional strain on struggling profits.

Industry veteran Marvin Roffman said Newton “didn’t have the experience or expertise” to properly run a major resort. These challenges caused ongoing losses that Newton was unable to reverse.

Newton Sells His Interest After Just 2 Years

With the property foundering, Newton sold his interest in the Aladdin to partner Ed Torres just two years into their ownership venture. Details on the sale:

• Sale price was estimated at around $40 million for Newton‘s share

• The sale took place in July 1982, two years after the purchase

• Newton had been unable to make full loan payments due to losses

• Torres brought in additional investors to try to turn around the struggling property

While Newton would continue performing in Las Vegas for decades to come, this marked the end of his stint as a casino owner. The Aladdin investment unfortunately proved to be a rare failure in Newton‘s otherwise highly successful entertainment career.

What Happened to the Aladdin After Newton Sold It?

The Aladdin continued changing hands frequently throughout the 1980s and 90s:

• After Newton sold, it was sold to Las Vegas resort developer Allen Glick in 1983

• It was then sold to American Gaming in 1986

• Official ownership eventually passed to bondholders after financial struggles

• In 1998, London Clubs International purchased the Aladdin for $275 million and invested $800 million in renovations

Despite the many changes in ownership and periodic renovations, the property failed to regain long-term profitability after Newton‘s departure. Even his lavish Arabian theme gave way to a more modern look over time.

Newton‘s Continued Success Performing in Vegas

While his time as the Aladdin‘s owner was brief, Wayne Newton remained a staple performer in Las Vegas long after:

• He starred in EFX at the MGM Grand for much of the 1990s

• Signed record 10-year performing contract with the Stardust in 1999

• Had regular shows at the Flamingo Vegas through the 2000s

• Still performs limited engagements in Vegas into his late 70s

Though the Aladdin investment was a rare failure, Newton has achieved one of the longest and most successful performing careers in Las Vegas history. His charisma and singing talent made him a fan favorite for over 60 years.

Newton‘s Current Net Worth

At his peak, estimates placed Newton‘s career earnings as high as $400 million. However, his current net worth is lower after career declines, lavish spending, and investments like the Aladdin:

• Peak wealth: Up to $400 million career earnings in the 1970s & 80s

• Estimated current net worth: $50-60 million

• Newton declared bankruptcy in 1992, owing over $20 million to a jet leasing company

• He sold his cherished Casa de Shenandoah ranch in 2010 amid financial difficulties

So while Newton was once among America‘s highest-paid entertainers, his wealth has declined significantly from those lofty heights over the decades. But he still maintains an active performing schedule and substantial assets.

Wayne Newton‘s Lasting Legacy

In the end, Wayne Newton‘s legacy in Las Vegas comes from his incredible performing career, not his brief stint as a casino owner. Hits like “Danke Schoen” and “Red Roses for a Blue Lady” made him a music icon. His decades of sold-out Vegas shows earned him the enduring nickname “Mr. Las Vegas.”

Newton succeeded in Vegas entertainment for generations through his singing talent, showmanship, and business acumen. His time running the Aladdin was an aberration in an otherwise legendary career spanning over 60 years and counting. Though the casino venture floundered, Wayne Newton remains a beloved figure in the history of Sin City entertainment.