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Owner of Hooters Casino Hotel files for bankruptcy
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LAS VEGAS REVIEW-JOURNAL
The owner of the Hooters Hotel on Monday filed for Chapter 11 bankruptcy, as the company seeks to reorganize millions of dollars of debt.
The company, 155 East Tropicana LLC, said in a statement it filed bankruptcy after negotiations over a pre-negotiated restructuring with its largest bondholder collapsed.
In its initial filing in U.S. Bankruptcy Court for Nevada listed assets of $10 million to $50 million, with liabilities of more than $100 million.
The company said the bankruptcy filing in "no way affects the operation" of Hooters restaurants, which are owned or franchised by Hooters of America LLC in Atlanta.
"We regret that we have been unable to reach an acceptable settlement with our new bondholder," the company said. "We are confident that an orderly and transparent Chapter 11 process will provide the company with the opportunity to properly restructure its balance sheet and emerge as a stronger company."
The resort on Tropicana Avenue listed U.S. Bank as its largest creditor at $162.2 million.
Other unsecured creditors include Sysco Food Services at $139,154 and International Game Technology, with claims of $125,896.
A sister company, 155 East Tropicana Finance Corp., also filed Chapter 11 reorganization.
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I spoke with & emailed an executive last year regarding their insurance programs. I received "we've been with the same wonderful broker for over 10 years and have no plans to replace the broker or the insurance company". I asked if, as a standard course of good business practice, if they periodically go out to get competitive bids and that we'd be happy to bring our best markets to the table and see if we could bring a competitive advantage to the table w/ pricing, coverage, etc. No response. Sometimes you have to stretch and get out of comfortable and turn over every stone. Complacency stinks....
I went there on opening night- terrible service- rude bartenders- NEVER went back- San Remo was better at least you could get a drink
@liberal: How do you find time to post on a computer with your 12 hour a day taxi driving job?
The help is great. The prices are ridiculous! Room prices atrocious! Not impressed
We visited the Hooters Casino shortly after it opened. It was the same as the place it replaced. Skeevy and unimpressive the week it opened,. Renovations seemed to be just a coat of paint. Never went back.
City Center bankruptcy in, 3..2.....1
vegasdude is constantly acting like he knows what he is saying. Such an id i ot
"Absent the significant debt payments we're currently obligated to pay, Hooters is a profitable, successful business," the company said in a statement. Very well said, if you don't pay your bills, you'd have plenty of money and could say your a success. I wonder what took so long for this bk to come?
Back in the summer of '07, I had a blonde coctail waitress talk to me. She was the nicest girl i've met at any casino/hotel establishment. I hope great things are happening to her now. I should of asked for her phone #. :(
It's interesting that the Journal censors all negative comments about Station Casinos, even tho their antics were far worse than any other gaming company. Most bankruptcys don't end with the owners coming out in better ownership position than before the banktruptcy. Stations, and their advertisement dollars, have apparently put a tremendous restriction on the printed word.