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StumbleVenetian restaurant operator files for Chapter 11 bankruptcy reorganization
Published Friday, Aug. 6, 2010 | 2:05 a.m.
Updated Friday, Aug. 6, 2010 | 12:55 p.m.
Sun coverage
A company that owns four restaurants at the Venetian hotel-casino and the attached Grand Canal Shoppes mall has filed for Chapter 11 bankruptcy reorganization and says one of the four restaurants has closed.
E-Brands Restaurants LLC of Orlando, Fla., filed for bankruptcy on July 30 in Tampa, Fla. The company has restaurants in Florida, Maryland, Colorado and Las Vegas.
At the Venetian, the company has the AquaKnox Global Water Cuisine and Taqueria Canonita restaurants, as well as a Canonita Express outlet in the Venetian food court.
At the Grand Canal Shoppes, E-Brands owned the Timpano Tavern restaurant, formerly the David Burke restaurant.
In a court filing Thursday, E-Brands sought to cancel its lease with the Grand Canal Shoppes for the Timpano Tavern, saying: “The restaurant has been operating at a loss” and that it closed the restaurant after it was unsuccessful prior to the bankruptcy in negotiating rental concessions with the Grand Canal Shoppes.
The Grand Canal Shoppes is owned by General Growth Properties Inc., which is itself operating in bankruptcy.
E-Brands in its filing listed assets of $500,000 to $1 million against liabilities of $10 million to $50 million. Its key creditors are General Electric Capital, owed $12.5 million, and Bank of America, owed $1.5 million.
“The debtors have been severely affected by the U.S. macro economy, which has resulted in a transient decline in its earnings and cash flow,” E-Brands attorney Richard Prosser said in a court filing.
He said net sales of $56.7 million in 2008 fell to $43.8 million in 2009, with EBITDA (earnings before interest, taxes, depreciation and amortization) falling from $3.4 million to about $933,000.
Prosser said Friday that the company's remaining Venetian restaurants would remain open. The company generally signaled in court papers that it intends to maintain its restaurant operations around the country and it has gained court approval to pay wages and use its cash on hand (General Electric's collateral) while it reorganizes its finances.
“Simply put, the debtors seek to restructure GE’s and B of A’s debt and to deleverage their consolidated balance sheet,” Prosser wrote in the filing.
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Losers!
Nice job Harry!!! All these jobs you are creating.
"AquaKnox Global Water Cuisine"? WTF?
Halibutstance:
"AquaKnox Global Water Cuisine"? WTF?
Answer: It's a Trendy Water Restaurant (like an air bar) that sells only
water!!!! You sit down and it costs $12.99 per glass. That's all they sell!!!!!
Crazy, Huh! Selling only water. Rent was probably like $40k per month.
No wonder they went caput
Did you at least get one of those drink umbrellas?
Braedo You seem to forget the eight years of the bush Administration that put America where it is. Are you so naive as to think this incident is Reids fault while your hero Angle says it is not a senators responsibility to create jobs? Before you make a fool of yourself again go ask the MGM Mirage and the jobs that Reid saved there. It just never stops with you right wing nit wits.All of the Republican talking heads who are still in office voted lock step with thier idiot leader to spend America into debt and turn thier heads on an irresponsible Wall Street now they have gone 180 degrees and want to be conservative. Get a clue.
Chunky says:
It's kind of funny how people no longer want to pay $14-18 for a martini and $35-45 for an entree these days!
It will be a while before the economy builds it's way back up. Meanwhile, Las Vegas resort / casino operators need to get back to our roots as a great value and a great time!
That's what Chunky thinks!
AquaKnox blew in many, many ways and good riddance.
Borris from Bosnia
AquaKnox is a terrible restaurant in my opinion anyway! Maybe that's one of the reasons?
"Nice job Harry!!! All these jobs you are creating."
I asked Obtuse Angle about it but she had no comment. She's going to wait for either God or Faux News to tell her what to say.
A vote for Reid is a vote for Obama.
I'm not sure which is worse for America: Party politics, or its inane sheep who use every opportunity to try to further their particular brand of it.
For you comprehension-challenged readers, AquaKnox (a seafood restaurant, not a water bar) isn't closing (yet, anyway).
I went to London and I went to Vegas this year. The food in London was way better and cheaper. Unless you are a Hollywood millionaire, Vegas is no fun at all. I can't wait to go back to London.
Thanks Harry!!!!
o/~ Another one bites the dust....o/~
Almost no assets and huge debt.
Add to that a market niche that relies on those most impacted by the real estate bubble bursting and the collapse of the stocks in the retirement portfolio.
Add to that a supplier network that's going to want to be paid in cash.
You have a recipe for oblivion.
So, samjung23 trolls the website of a city he dislikes? Lame.
They need to put in a burger joint like the Mirage. They're losing a lot of walk-by traffic $$$!
@RPJ-
"I'm not sure which is worse for America: Party politics, or its inane sheep who use every opportunity to try to further their particular brand of it.
For you comprehension-challenged readers, AquaKnox (a seafood restaurant, not a water bar) isn't closing (yet, anyway)."
Well stated! A nation of unthinking, uncomprehensive lambs to the slaughter. At least they're easy to part from their money.
The article is erroneous in stating the location of the closed Timpano Tavern- it is located in the Venetian adjacent to Aquaknox in a space where NOTHING has succeeded (Timpano Tavern was the 4th or 5th concept to fail there). A good F&B expert could tell you the Palazzo-Venetian-Grand Canal Shoppes complex is overrun with F&B ops that duplicate pricepoint. Adelson's position on rent price is uncompromising and will only change when enough operators close shop and his property begins to look like a smiling showgirl who's missing teeth.
Whoever suggested a full service burger concept there is onto something. A hybrid of that and Lagasse Stadium's sports bar concept might be a good fit in such a large space.
AquaKnox should be closed, it sucks in many ways.
Samjung23....
I totally disagree with you about the food in Vegas and the fact that you must be a millionaire to enjoy this city. Yes, Vegas has gone 'bonkers' with everything upscale... but there are places on AND off the Strip that are quite reasonable for drinking and dining; like the Asian eateries at Gold Coast, Mirage's burger bar, Ellis Island, Nora's and Ricardo's (and many, many more).
I am not in favor of Vegas' high-echelon mode (at least not on everything) but there is yet cost-effective fun to be had if you look around and ask the employees of places you visit.
The more we 'regular' folk stay away from the over-priced services of Vegas, the sooner we'll have regular-folk venues in which to stay and play.
The typical guest staying at The Venetian now gripes about the prices at The Grand Lux Cafe which outside of the food courts is the least expensive dining option. Instead they go outside the hotel to the McDonald's next door or inquire about how to get a pizza delivered to the hotel.
These restaurants don't stand a chance given the shift in demographic.
The upper management at The Venetian/Palazzo continues to make bad decision by not making decisions. For at least two years now there has been empty space across from the Race and Sports book and next to the poker room. It was formerly Lutece and then an Asian restaurant. It currently sits EMPTY with nice views of the strip. It would have made a great spot for some casual dining (burgers/sandwiches).
I can't imagine how messed up the economics are that a restaurant that sits directly across from the blue man group theater and at the beginning of he corridor for the meeting rooms and sands expo center can't survive. This is probably one of the top 5 foot traffic corridors in Las Vegas.
Maybe they should just stick an ABC store in there and call it good....oh wait...can't do that cause Adelson owns a ton of stock in Walgreens (located at Palazzo) and ABC would want to sell liquor, which Adelson won't allow.
Opening a retail or F&B location in a casino, particularly the Venetian, is like making a deal with the devil. The only exception to the rule is Tao.
The over-saturation of high end, low value designer restaurants on the strip will see many more closures. Too many high end and fast food operations with little middle priced places to choose from. That's why I bring my car with me. Lindo Michgoan on DI, Siena Italian at Trop and Eastern, Memphis BBQ, and others are very nice, local, fairly priced (not "cheap" but great value and service). I'll stay on the strip, but other than Toby Keih's, Hard Rock or BB Kings, not many good dining options. With all of the high priced places serving a plate with a couple of small pieces of food and a little sauce dripped on the side with a piece of parsley fot $60 and rip off bottle service, etc. these "trendy" places will not be missed when they fail. A water bar, really? It just proves that there are fools willing to pay for anything because "it's trendy". You can buy a case of bottled water at Vons for $3-$4.
"E-Brands in its filing listed assets of $500,000 to $1 million against liabilities of $10 million to $50 million."
ouch!
So where will rich people be able to get water now?
Tom Shermspun
Great Ruins of Las Vegas Tour
'So where will rich people be able to get water now?'
The Billagio fountain! :)
We are definately in a deflated economy, IMO. By that I mean people have seriously reconsidered just how much they should be getting from each dollar.
Vegas commercial-space operators should be seriously slashing rents so restaurateurs and entrepreneurs can offer better value options.
These job loses are caused by ANgle's anti-alcohol stance as well as kxnt's Dave Ramsey Show that tells people not to eat out till they pay their home mortgages off.
I have not been to Vegas for a couple of years. My son just turned 21 and were planning a trip to show him around. The comment above about the plate of food for 60.00 dollars is pretty much the way I think about Vegas now. I got tried of drinks that cost 8.00 to 14.00 dollars. When we go back we'll look to keep the costs more reasonable.
Answer: It's a Trendy Water Restaurant (like an air bar) that sells only
water!!!! You sit down and it costs $12.99 per glass. That's all they sell!!!!!
WTF???? Where the hell do you people come up with this pooh... And what does anyone in politics have to do with this,,,, If you crapped your pants I would say most of you would blame it on politics... Then again maybe thats all some of you know,,, not politics but crapping your pants....
Ensign has been our other Senator. He started 10 years ago ... along with Bush. What part of the blame for job loss does he share?
What about the Governor? Shouldn't we ask him about jobs in his state?
or does Harry take all the blame in your teeny weenie minds?
"Maybe that's all some of you know,,, not politics but crapping your pants...."
That, and then throwing it up on this forum to watch it stick to the walls. And they're proud about it. Conservatism has been hijacked by knuckle-draggers who don't understand the world around them. So they need to find a "club" they can belong to. They need to create "villains" they can blame. They march in lock-step with Faux News, Michael Savage, etc., thinking they've found their explanations, thinking they've found their tribe. They belong to the ash heap of history, but they're doing their damnedest to take us all down with them.
As a Union dues paying member, I will not even enter his casinos. Have never been to either. I also hate the faux news outfit.
atsap
There really is a 'water ' restaurant?? Whose brilliant idea was that? People really paid $13 for a glass of water??
Well we were stupid enough to by bottle water! In my day you got a bottle and put it under the tap and filled it. Some one in the world figured it out us Americans were stupid enough to buy bottle water lol. We are our own worst enimies we let the marketing people dupe us and we shell out our money to make them rich. Wal-Mart is a master at this. As the frenchman said who would be stupid enought to buy bottled water AMERICANS.
I can write anything and people will believe it. LOL big time
Las Vegas will never be like in was in 05 through 08 so it's down sizing. The poor and middle class should rise up again'st the rich and powerful. Hang them on the Las Vegas sign.
"A nation of unthinking, uncomprehensive lambs to the slaughter. At least they're easy to part from their money."
Quote re-posted for the benefit of everyone who actually believes Aquaknox is a "water bar/ restaurant".
@Bakersfield-
Toby Keih's (sic), and Hard Rock are "good dining" choices? Wow, the bar in Bakersfield's set pretty low.
They should make it a marijuana bar, but first you have to elect the right people. Come on baby boomers vote.
vegas is over. and it's been over for a few years now, but it's just now starting to shake out on the balance sheet.
riviera = bankrupt
station casinos = bankrupt
echelon is an ugly, unfinised mess
fountainbleu is an uglier, unfinished mess
etc., etc., etc., etc.
The Lux Cafe is packed 24 hours a day at the Venetian. Maybe they should have a similar menu and price point at Aquanutz. Hmmm?
I only went to the Venetian once, years ago after it opened, walked into a empty bar we ordered to well drinks and were charged $19. Never been back, don't miss it, but it is nice to look at driving by.
Green Dragon,
I was referring to the fact that the "trendy" places on the strip are way overpriced and offer little value. I'm past the "all you can eat" stage of my life and the buffets are very pricey of late. Fast food can be bought anywhere, nothing special there. So what's left?
Toby's and HRC do offer good meals in the $10-20 range that are a great value for the money and are a decent choice for us mid-price customers.
Personally, local places such as Lindo Michgoan, Memphis BBQ and Siena Italian are better than any of the "high end" strip offerings and worth the drive away from the strip.
We don't go to vegas to eat at chain places we can get at home (I know HRC is a chain, but none located within 100 miles of my house and some of their offerings are unique).
I'm curious, what are Green Dragon's dining recommendations?
irishspy, bottled water was marketed mostly to joggers, hikers & bicyclist. It was much easier for these types of people to buy bottled water from a vendor than to lug their kitchen sink around with them. Ahhhhh marketing, do you have a microwave oven, iPhone, TV, DVD player, baby diapers, shoes, clothes, car, headache pills, lamp, stove, grill, bicycle??????......all brought to you through "marketing". God Bless America
The best pizza I've had here in Vegas is at Kerry's Sport Lounge on N. Rancho and also Joe's New York Pizza on L.V. Blvd by Warm Springs.
@Bakersfield-
A solid reply worthy of a fulfilled request-
All of the following are good casual dining choices on the Strip, all full service, and all delivering food, sevice, and ambiance at or above the prices charged: Serendipity (3), Burger Bar, Mon Ami Gabi, Wolfgang Puck Bar & Grill, California Pizza Kitchen, Maggiano's, El Segundo Sol, Border Grill, First Food, Taqueria Canonita, BLT Burger, Todd English's PUB. Additionally, there are several places offering great specials (such as lunch at the Palm) over the course of the week, many of which might be considered far more upscale than those previously mentioned.
For the best dining value, dollar for dollar, in the area, one must venture out to Boulder City and try Le Bistro Cafe. Laid back, unpretentious, warm, eager, efficient service, and cooked-to-order, made-from-scratch dishes made with fresh ingredients. The only serious, anonymous food critic in LV (writes for the "other newspaper") has called it possibly the best restaurant in the Las Vegas area.
Happy hunting...
@Burritobandit2-
A place that uses frozen crusts and a by-the-slice chain? Seriously?
Try Grimaldi's (2 locations), Settebello, or Anthony's coal-fired to get an idea of what the real deal is in pizza.