Las Vegas Sun

October 25, 2014

Currently: 71° — Complete forecast | Log in | Create an account

Hooters hotel-casino narrows loss, says bankruptcy possible

Map of Hooters

Hooters

115 E. Tropicana Ave., Las Vegas

The small Hooters hotel-casino in Las Vegas narrowed its loss in the fourth quarter, its owner reported today.

The owner, 155 East Tropicana, said in its annual report it lost $3.758 million on net revenue of $11 million during the quarter ended Dec. 31. That compares to a loss of $8.238 million on net revenue of $13.3 million in 2008’s fourth quarter.

Hooters’ owner said the company, which is struggling to service $160 million in debt, remains in default with lenders after failing to make payments due last April and October.

155 East Tropicana reiterated what it said in its third quarter report: It remains in discussions with lenders about restructuring its debt.

"We cannot be assured that we would be successful in completing a refinancing or restructuring. If we are unable to do so, we may determine to seek protection under Chapter 11 of the U.S. Bankruptcy Code," the company said today, adding it doesn’t have enough cash to make interest payments due Thursday and in October.

Hooters, formerly the Hotel San Remo Casino and Resort, said hotel revenue in 2009 fell 27.3 percent to $15 million as the recession limited travel to Las Vegas. This number, which includes room revenue, retail revenue and other hotel revenue, was affected by a decline in the average daily room rate from $66 to $49.

Hotel occupancy at the 696-room property fell from 91.6 percent to 87 percent.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy

Previous Discussion: comments so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy. Additionally, we now display comments from trusted commenters by default. Those wishing to become a trusted commenter need to verify their identity or sign in with Facebook Connect to tie their Facebook account to their Las Vegas Sun account. For more on this change, read our story about how it works and why we did it.

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

No trusted comments have been posted.