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Wednesday, March 31, 2010 | 3:59 p.m.
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.
My belief is this company's leaders need to look themselves in the mirror and think about taking a pay cut. Rumor on the street is over half of their payroll is in their admin building and concentrated in a less than 20 "leaders" whereas the other 500-1000 employees make up the other less than half of payroll. If true any payroll skewed like this is a parasite and inevitably will cause extinction.
Wynn, Harrah's, Sands and MGM management all took pay cuts and benefit cuts.
Looks like it's a race to zero. I feel bad for the employees cuz their going to be out of work when that place folds.
The entire concept was ill-conceived; Hooters is a brand for buttoned-down suburban and exurban communities. Las Vegas offers so much more sexual "sinfulness" than that.
If there's any truth at all to the post above regarding their payroll, then they deserve to fail!
Notice they can talk to there lenders being millions in debt and behind in payments, but you try to talk to your lenders when your behind in payments.
With a name like HOOTERS the sooner or later its gonna be history. To bad people are going to lose work but ya had to see it coming. The novelty wears off and the tourists go back to the strip hotels, Next?
Average room to $66 to $49?
There is your problem people!!!!
Drop the rates to $10 bucks a night where it should be and offer
MOUNDS of clams for free, then, POW!!! great news, your debt will
plummet to ONLY <150,000,000.>
Only in America, Hans!!!
This casino was doomed from the day they concieved the idea of this place. Once they opened, a domino effect happened. They took the business away from the Hooters on Sahara, which depended on tourists from the strip getting into a cab and making the trek to have their fill of chicken wings and t shirts thats said Hooters Las Vegas. Once that placed closed down, us locals were either forced to go to Sunset station in Henderson or down to the strip to Hooters Casino.
The customer service, or lack there of, is their ultimate downfall. They have way too much management, and way too many stupid employees trying to find themselves a sugar daddy. Dont believe me? Try going down there any night and getting good service. It never happens. They try to get you in and out as quickly as possible.
Also they havent done any major improvements to the hotel except slap up new drapes and a few new beds and tv's. That's it. If you're gonna spend 66 bucks a night for a room in Las vegas, you might as well stay at the Luxor or Flamingo or Caesars Palace for $69 bucks a night, and get a better...CLEANER room fo that price. Hooters is better off just being a restaurant in a few of the Casinos and in the community. The casino idea was a bad choice!
when they possible it means it will happen. but when
One of their problems is that the casino is limiting its clientele to just men. Your average female tourist is simply not interested in seeing 20 year old females in tight clothing. I realize men make up the majority of the gambling, but when a husband says, "Hey, let's go to the Hooters casino!", the wife simply replies, "Ah, no, let's go someplace else." Additionally, many of my friends don't want to go over there because there are no real chicks to hit on due to the fact that most woman seem threatened by some of these well-endowed ladies. So, it's not a very good party scene.
I actually don't mind the place and usually play there when I'm in Vegas. The best thing about their casino is the circular bank of electronic roulette machines where the 'dealer' has a keg of beer within the circle of machines. Getting a drink is really easy here. Of course, this perk may have already been done away with.
One of the WORST properties I ever visited...
Location, Location, Location.
Ask Debbie Reynolds.
I have a pair of large thoughts on this matter and my opinion is twofold.
No surprise there, top three running the property are idiots. If you have a VP title there, your either sleeping with a owner or have dirt on them. Makes for a profitable company!
I was there about 4 months ago and wasn't impressed. The drink was more expensive than at any of the casino's on the strip and the women had gone downhill from the visit a year ago.
The office thieves that MGM dumped about 2 years ago walked across the street.
I thought a Hooters branded resort would work well as a budget minded hotel for "suburban and exurban" customers. Two problems, as the economy tanked, major strip resorts all of the sudden became luxurious but very affordable and (2) Hooters is a dump!. So take a guess where are customers going to go? There is the problem.
This place is a bigger dump than the crackhead central Motel 6 that's just down the road from it.
at $5.25 for a simple 12 oz bottle of domestic beer.....this place deserves to go under.....classic rip job on tourists trying to find value and reasons to come back and enjoy Vegas on a budget.
Corona -- EXACTLY !!!!
fake girls, fake busts, who wants to go there?
The Debbie Reynolds property was over on Convention Center Drive, not this location.
I never had a thought to go even see this place.
I could never think of a reason to.
As opposed to most of the posters here (you guys could find a way to complain about Christmas!), I am Hooters can weather out the economic storm. I travel almost monthly from Chicago to Las Vegas, and Hooters is always my number one choice. Room rates are ridiculously low, the employees are friendly, and the location can't be beat.
I trust the Sun will continue to keep us abreast of any new Hooters developments.
ba-dum-dum
Right, "Hey honey, let's go to Hooters" makes no sense.
I love Hooters! The atmosphere is perfect and the food is good. It's Hooters, not some swanky hotel. That's the point. You can have a good time and no one is up your bum about making too much noise or accidentally dropping the f-bomb. I'd take it over anything in Vegas....unless Treasure Island is handing out free rooms.
Interesting, another casino about to fail. Maybe if they had decent blackjack instead of the usual 6/5 nonsense and cont. shufflers things would be better.
The graffiti in the parking garage/elevators is not nice either.
Last time I was in there it looked like some sort of gang convention. Scary.
always had fun visiting there (the past 2yrs) put wont stay there. the rooms are dumpy & they have the slowest elevators in the world. the dealers are friendly & always make mistaken payouts. no brain surgery going on here but it is fun to kill an hour or two.
i will add 2 of the worst meals ive ever had in vegas were here. the all you can eat wings & all you can eat rib special were priced right but the food was horendous! i didnt get 'hooter wings' for the all-u-can-eat special.