Hooters Casino Hotel

Hooters Casino Hotel
Location Paradise, Nevada
Address 115 East Tropicana Avenue
Opening date February 2, 1973 (February 2, 1973)
Number of rooms 696
Total gaming space 35,000 sq ft (3,300 m2)
Permanent shows Purple Reign, Men of X, Dirty Joke Show
Notable restaurants Dan Marino's
Casino type Land-based
Owner Trinity Hotel Investors
Operating license holder Navegante Group
Previous names Howard Johnson Hotel
Paradise
Treasury
Pacifica
Polynesian
Hôtel San Rémo (1989-2006)
Renovated in 2002
2004
2006
Website hooterscasinohotel.com

Hooters Casino Hotel is a hotel and casino located off the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Trinity Hotel Investors and operated by the Navegante Group. It is located off the Strip next to the Tropicana and across the street from the MGM Grand Las Vegas. The hotel has 696 rooms with a 35,000-square-foot (3,300 m2) casino.

History

Howard Johnson Hotel (1973-1975)

The hotel was built by the Oesterle Nevada Corp. for $8 million, and opened in 1973 as a Howard Johnson Hotel.[1]

Paradise Hotel (1975-1976)

It was purchased in 1975 for $7.6 million by Eureka Savings and Loan, after Oesterle Nevada declared bankruptcy.[1][2] Later that year, it was sold for $10 million to Bernard Nemerov, a former part owner of the Riviera casino, who planned to add a small casino and rename the property as the Paradise Hotel.[1]

In 1976, the Paradise was targeted in a credit scam by 54 mobsters associated with the Philadelphia crime family.[3] The scheme left the casino with insufficient cash to operate, and it was forced to close and went bankrupt.[3]

Ownership changes and renamings (1976-1989)

It went through further ownership changes and renamings, to the 20th Century, the Treasury, the Pacifica, and the Polynesian.[4]

Hôtel San Rémo (1989-2006)

Old San Remo marquee

In 1989, it was purchased by Sukeaki Izumi, a Japanese industrialist and hotelier, who renovated it with an Italian Riviera ambience and renamed it the Hôtel San Rémo.[5] He paid a reported $30 million for the purchase and renovation.[5] In 2002, the hotel, casino, and restaurants were refurbished. The hotel had 711 rooms while the casino had 30,000 square feet (3,000 m²) of space.

In 2004, Izumi's company, Eastern and Western Hotel Corp., began looking for opportunities to grow the hotel, to take advantage of the heavy development at the intersection of Tropicana and Las Vegas Blvd. since 1989.[6][7] Hooters approached with a redevelopment proposal.[6] Ultimately, a group of nine partners in Hooters of America acquired a two-thirds interest in the property, which was put under control of a joint venture, 155 East Tropicana, LLC.[6] Plans were announced to redevelop the San Remo as a Hooters brand casino and hotel. Hooters of America, owner of the Hooters trademark, would receive 2% of revenue as royalties.[8]

On April 18, 2005, Hooters announced a $190 million upgrade of the property, including increasing the casino to 35,000 square feet (3,300 m2). All of the hotel rooms would be remodeled, the pool would be tripled in size, and the number of restaurants would be increased from 4 to 8 and include the second largest Hooters restaurant in the world. The renovations would reduce the number of rooms to 696 by converting rooms into larger suites.

Hooters Casino Hotel (2006-present)

On February 2, 2006, the weekend of Super Bowl XL, Hooters Casino Hotel officially opened its doors with a large orange carpet welcoming not only the public but many stars including KISS bass player Gene Simmons.[9] Former Miami Dolphins quarterback Dan Marino opened Dan Marino's Fine Food and Spirits restaurant on the same day the casino/hotel opened.

In January 2007, 155 East Tropicana accepted an unsolicited offer from Hedwigs Las Vegas Top Tier, a joint venture of NTH Advisory Group and Silverleaf Real Estate, to buy the property for $225 million (including assumption of $130 million in debt).[10] Hedwigs planned to redesign and rebrand the casino once again, as a "lifestyle, entertainment-driven boutique hotel".[11] Analysts called the agreement "curious" given Hooters's poor earnings performance.[10] The deal fell through in June 2008 when Hedwigs failed to make a required payment.[12]

With revenue declining, the casino began defaulting on loan payments in April 2009.[13] Canpartners Realty Holding Co., a subsidiary of Canyon Capital, bought up much of the company's debt at a heavy discount and planned to foreclose on the hotel.[14] The owners, seeking to block foreclosure, filed for Chapter 11 bankruptcy in August 2011, listing only $63 million in assets against liabilities of $163 million.[15] After a planned February 2012 auction attracted no outside bidders, the bankruptcy court approved Canpartner's $60 million credit offer for the property, with the sale expected to close around March 30.[16] The Navegante Group was approved to manage casino operations, while Canyon Capital said it was seeking a major hotel chain to take over and rebrand the property.[17]

In May 2015, Canyon Capital sold the casino to Trinity Hotel Investors, based in New York, for $70 million.[18] Trinity was expected to rename the property and place it under the management of Holiday Inn.[19]

Facilities and entertainment

A Hooters Casino girl

Shows at Hooters have included Prince tribute show Purple Reign, male revue Men of X, topless revue Raack N Roll, and the Dirty Joke Show.

Comedian Bobby Slayton performed in the Nite Owl Showroom from April 2007 to March 2009.

Hotel revenue

Hooter's has one of the lowest gaming revenue for a strip casino, but has one of the highest ratio of non-gaming to gaming income.

Operating revenue : Calendar Year 2008:
Source Dollars
Casino$24,950,887
Food, beverage and entertainment$22,136,579
Hotel and other$20,685,695
Gross Operating Revenues$67,773,161
Less promotional allowances($7,678,360)
Net Operating Revenues$60,094,801

Net operating revenues for 2009 is down 23.58% for the first 9 months. The casino had an operating loss of $5.55 million in 2006, $0.96m in 2007, $6.19m in 2008, and $4.26m for the first 9 months of 2009.[20] The first quarter of 2010 the casino had an operating income of $11.23m.[21]

Other use of name

There is another Hooters branded casino, which is unrelated to the Las Vegas property, called Hooters Owl Club Casino, located in Spokane Valley, Washington. It is owned and operated by HootWinc, Inc. a Hooters restaurant licensee based in Oceanside, California. While the Hooters restaurant there closed in early January 2014, the Owl Club Casino remains.[22]

References

  1. 1 2 3 "Financially ailing Vegas hotel bought". Nevada State Journal. Reno, NV. AP. September 10, 1975.  – via Newspapers.com (subscription required)
  2. ↑ "Nevada hotels in bankruptcy". Pittsburgh Post-Gazette. AP. September 25, 1974.
  3. 1 2 George Anastasia (November 23, 2005). "Former Phila. mobster banned from A.C. casinos". Philadelphia Inquirer. Retrieved 2015-05-12.
  4. ↑ Jane Ann Morrison (September 4, 2004). "Often-renamed San Remo resort seeks renaissance with Hooters label". Las Vegas Review-Journal – via NewsBank.
  5. 1 2 "Japanese investors say Las Vegas worth the gamble". Toledo Blade. 28 June 1989. Retrieved 14 September 2011.
  6. 1 2 3 Smith, Rod (18 August 2004). "Hooters brands casino off Strip". Las Vegas Review-Journal. Retrieved 14 September 2011.
  7. ↑ Mihailovich, Steven (18 April 2005). "The hotel a restaurant built". Las Vegas Business Press. Retrieved 14 September 2011.
  8. ↑ Vogel, Ed (21 October 2005). "Hooters gets OK from panel". Las Vegas Review-Journal. Retrieved 14 September 2011.
  9. ↑ Richard Abowitz, Hooters Opening, The Movable Buffet, Los Angeles Times, January 31, 2006.
  10. 1 2 Ward, Matt (29 January 2007). "Hooters sale called 'curious'". Las Vegas Business Press. Retrieved 14 September 2011.
  11. ↑ Arnold M. Knightly, Hooters brand will get the boot, Las Vegas Review Journal, March 4, 2008.
  12. ↑ Melinda Peer, , Hooters Hotel Deal A Bust, Forbes.com, June 9, 2008.
  13. ↑ Main, Carla (12 August 2011). "Lehman, Barzel, Harry & David, Hooters Casino: Bankruptcy". Bloomberg Businessweek. Retrieved 14 September 2011.
  14. ↑ Green, Steve (12 September 2011). "Hooters casino presses for right to reorganize". Vegas Inc. Retrieved 14 September 2011.
  15. ↑ Green, Steve (18 August 2011). "Hooters casino looking at capital or sale options". Vegas Inc. Retrieved 14 September 2011.
  16. ↑ Green, Steve (17 February 2012). "Company to buy Hooters casino with $60 million credit bid". Vegas Inc. Retrieved 1 March 2011.
  17. ↑ Velotta, Richard N. (March 7, 2012). "Regulators question Jimmy Buffett about drug scrapes, endorse licensing request". Vegas Inc. Retrieved 2012-09-07.
  18. ↑ "Hooters Casino Hotel sold for $70 million". KLAS-TV. Las Vegas, NV. AP. May 11, 2015. Retrieved 2015-05-11.
  19. ↑ John Katsilometes (May 8, 2015). "Hooters Casino Hotel is snapped up for $53.8 million". Las Vegas Sun. Retrieved 2015-05-09.
  20. ↑ "03/31/09 Form 10K Annual report".
  21. ↑ http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7258062-8119-42750&type=sect&TabIndex=2&companyid=673966&ppu=%252fdefault.aspx%253fcompanyid%253d673966
  22. ↑ "Hooters closes in Spokane Valley, 2 new restaurants opening". KREM. 7 January 2014. Retrieved 6 February 2014.
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