I have a fledgling collection of Nevada arcade tokens and have seen the Bally's Aladdin's Castle token for sale.
I could never connect it to Aladdin Casino, Las Vegas so I've never purchased one.

I believe it was from a chain of arcades throughout the US:
The font on your token matches the sign above the entrance in the picture in this link.
http://readretro.com/features/look-back-aladdins-castle-arcades/