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Hooters Hotel-Casino Sale Set for October

LAS VEGAS-The seller and the buyer sign a definitive agreement for the $95-million sale of the former San Remo property and the temporary leaseback of its casino operations.

By Brian K. Miller | Updated on May 10, 2007

LAS VEGAS-155 East Tropicana LLC, the owners of the 696-room Hooters Hotel and Casino here have signed a definitive agreement for the sale of the property and for the temporary leaseback of its casino operations. In so doing, the late-June close date announced along with the LOI in January has been pushed back to the end of October.

The buyer, Hedwigs Las Vegas Top Tier LLC, an affiliate of the investment group led by NTH Advisory Group LLC, will purchase essentially all of the assets of the seller for a purchase price of $95 million in cash, the payment of certain accrued royalties, and the assumption of certain outstanding liabilities. The buyer will also be responsible for the seller’s $130 million of 8 ¾% Senior Secured Notes due 2012. In addition, the seller has agreed to lease back the casino operations for $540,000 per month until the buyer is properly licensed.

Formerly Hotel San Remo Casino and Resort, Hooters Casino Hotel is located one-half block from the intersection of Tropicana Avenue and Las Vegas Boulevard. NTH Advisory Group LLC is a Santa Monica, CA-based casino and hotel development and advisory firm led by Richard Bosworth. 155 East Tropicana is a partnership of Florida Hooters LLC and EW Common LLC. EW Common is owned 90% by Eastern & Western and 10% by Michael J. Hessling, formerly the executive vice president and chief executive officer of Hotel San Remo, and currently the president of 155 East Tropicana.

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