The Sommer Family Trust signed over the bulk of its 57 percent interest in the financially troubled Aladdin on Tuesday in London.
The deal, which involved no cash, gives Aladdin co-owner London Clubs International control of 85 percent of the Aladdin.
Nevada gaming regulators and bankers for the two companies must approve the transaction.
London Clubs received the bulk of the family trust's share in return for the $199 million the British company had already sunk into the 11-month-old hotel-casino.
London Clubs has been seeking more investors -- or a buyer -- for the struggling Strip resort. The hotel has a $8 million debt payment due Thursday.