Search
 

Hooters Resort Still at Risk of Ch. 11 Filing

LAS VEGAS-The owner of the 696-room hotel-casino, which is looking to sell, posts another third quarter loss as bankruptcy protection remains a real possibility.

By Brian K. Miller | Updated on November 16, 2009

LAS VEGAS-The owner of the 696-room Hooters hotel-casino, 155 East Tropicana LLC, here said Friday it produced another third quarter loss and remains at risk of having to file for bankruptcy protection. The company, which has defaulted on its $147-million of indebtedness, is currently seeking forbearance from its creditors while also considering its financial and strategic alternatives. Potential options include a recapitalization, refinancing, restructuring or reorganization of its obligations or a sale of some or all of its sole business, the hotel-casino. The property has been listed for sale through CB Richard Ellis.

“The company cannot be assured that it will be successful in completing a refinancing or restructuring. If the company is unable to do so, it may determine to seek protection under Chapter 11 of the US Bankruptcy Code,” the company said, as it has in each of its recent reports.

Located one-half block from the intersection of Tropicana Avenue and the Las Vegas Strip, Hooters Hotel-Casino was previously the Hotel San Remo. 155 East Tropicana LLC agreed to acquire Hotel San Remo in 2004 for approximately $72.5 million. It then spent approximately $63 million renovating, outfitting and re-opening the property in February 2006 as Hooters. It has had a tough time competing in the market ever since.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.