Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Hooters Casino in Vegas warns it may go bust
TBO.COM ^ | 18 AUGUST 2009 | TBO.COM

Posted on 08/18/2009 5:28:41 PM PDT by Extremely Extreme Extremist

Hooters celebrated its 25th anniversary last year, but it's not clear if its Las Vegas casino will make it to 4.

Hooters Casino Hotel opened just off the Las Vegas Strip 3 1/2 years ago, hoping to add some spice to what had been the frumpy Hotel San Remo. Its ownership group includes some of the founders of Hooters restaurant chain, which was launched in Clearwater in 1983.

However, the casino hasn't been nearly the success Hooters restaurants have been. On Friday, the business entity that controls Hooters Casino Hotel, named 155 East Tropicana LLC, announced it lost $5.1 million in the three months ended June 30. That compares with a profit of $2.4 million in the same three months in 2008.

Its revenues also fell dramatically. Revenues from casino, hotel and restaurants fell to $11.7 million in the quarter ended June 30, down from $16.4 million a year earlier.

What's more, its owners issued $130 million of bonds in 2005 to open the casino hotel, and it has since defaulted on those bonds. It missed its April payment to bondholders and expects to miss its upcoming October payment, Friday's filing says.

This week, Deborah Pierce, the chief financial officer of 155 East Tropicana LLC, said the company is negotiating with its bondholders. She directed further questions to the company president, Mike Hessling, who could not be reached for comment.

According to its Friday financial report, Hooters Casino Hotel has been hit with a host of problems in the past couple years. Among other things, it blames its financial troubles on the housing bust, rising unemployment, fewer air travelers to Las Vegas and less spending by business and leisure customers.

Clark County, where Las Vegas is located, also has been doing road work along Tropicana Avenue, which has hurt the casino's foot traffic, the filing says.

For now, the fate of Hooters Casino Hotel seems to be in question.

Bankruptcy remains an option if the company can't restructure its debts or get new financing, according to the financial filing, and the company warned that its ability to continue as a "going concern" remains in doubt.


TOPICS: Business/Economy
KEYWORDS: casino; lasvegas

1 posted on 08/18/2009 5:28:42 PM PDT by Extremely Extreme Extremist
[ Post Reply | Private Reply | View Replies]

To: Extremely Extreme Extremist
Hooters goes "Bust?" Shouldn't that be "Hooters go Bust?" :)

Love the headline....
2 posted on 08/18/2009 5:31:03 PM PDT by Sudetenland (Without God there is no freedom, for what rights man can give, he can take away.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist
"it lost $5.1 million in the three months ended June 30"

Looks like there's a bunch of boobs running the place.... ;)

3 posted on 08/18/2009 5:31:30 PM PDT by BossLady ("Obama: Who needs Astroturf When You Have Plants!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

Too big to fail. Get them some stimulus money!


4 posted on 08/18/2009 5:32:36 PM PDT by dynachrome (I am Jim Thompson!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sudetenland
Hooters goes "Bust?" Shouldn't that be "Hooters go Bust?"

Or "Hooters go Bust on Strip"

5 posted on 08/18/2009 5:35:31 PM PDT by Boss_Jim_Gettys (Tagline killed by Death Panel)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Extremely Extreme Extremist
Rules are rules...

6 posted on 08/18/2009 5:41:51 PM PDT by TSgt (I long for Norman Rockwell's America.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

Pictures! Pictures!


7 posted on 08/18/2009 5:42:55 PM PDT by YHAOS
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

8 posted on 08/18/2009 5:43:55 PM PDT by Abbeville Conservative (Sarah Palin, the only cure for the RINO virus.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

So?

Businesses shut down all the time for lack of customers, financial reasons and taxes being too high. What do they want a bailout?


9 posted on 08/18/2009 5:45:50 PM PDT by GeronL (Pro-Freedom Fiction Writers Unite! - http://libertyfic.proboards.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Abbeville Conservative

You made me bust out laughing with that picture.


10 posted on 08/18/2009 5:46:33 PM PDT by Rocky (OBAMA: Succeeding where bin Laden failed.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Extremely Extreme Extremist
I've been to 2 Hooters restaurants in San Diego, the seats were uncomfortable, the food sucked, and the girls weren't very pretty.
11 posted on 08/18/2009 5:47:07 PM PDT by MilspecRob (Most people don't act stupid, they really are.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

Hope they make it! The Original HOOTERS Founders and Creators are Fantastic Everyday Men who enjoyed sitting around having a Brew, some Clams, said they named their First dream Bar for the THE FAVORITE THINGS TEY REALLY ENJOYED IN LIFE! H O O T E R S ! !


12 posted on 08/18/2009 5:53:42 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Great President George W. Bush!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

I’ve been to hooters in Vegas. It’s not very impressive at all when you put it up against many other casino-hotels on the strip.


13 posted on 08/18/2009 6:16:55 PM PDT by Bullish ( Reality is the best cure for delusion.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Abbeville Conservative

That woman is not decoration. But Anne Hathaway is.


14 posted on 08/18/2009 6:18:40 PM PDT by Yorlik803 ( If this be treason, then lets make the best of it.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: dynachrome

Hooters could offer a complementary one hour (two?) one-on-one hospitality visit from one of the Hooter ladies, in the guest’s room.

Might not help Hooter’s family-image, but should help ease high vacancy rates. Be a hit for conventions as well.


15 posted on 08/18/2009 6:29:26 PM PDT by OldArmy52 (Mainstream Media cheered: Ascension of Castro, Chavez and now Obama.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Extremely Extreme Extremist

Business is sagging?


16 posted on 08/18/2009 7:11:00 PM PDT by JRios1968 (The real first rule of Fight Club: don't invite Chuck Norris...EVER)
[ Post Reply | Private Reply | To 1 | View Replies]

To: OldArmy52
I stayed at a US Army sanctioned R&R hotel in Yokohama in February 1970 during a snow blizzard.

They thought of everything this weary Vietnam river rat might want.

I still would take Saigon over Tokyo any day as far as women are concerned. Such exquisite beauty has never been equaled in my life long studies on the subject.

17 posted on 08/18/2009 7:54:12 PM PDT by battlegearboat
[ Post Reply | Private Reply | To 15 | View Replies]

To: Extremely Extreme Extremist

Isn’t the whole Hooters bit a little tame for Vegas?


18 posted on 08/18/2009 8:35:07 PM PDT by Cheapskate (Play loud and carry BIG sticks!)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson