Hooters Casino filing for Chapter 11 bankruptcy protection comes as no surprise since the bondholders have been threatening foreclosure since earlier this year, but it finally went down yesterday.
The bankruptcy filing will likely halt the foreclosure on that date, although Canpartners can ask the Bankruptcy Court later for permission to foreclose.
Records indicate the property is encumbered by mortgage and bond debt totaling $162 million plus hundreds of thousands of dollars in trade claims. The initial filing didn’t fully disclose exactly how much is owed or exactly how much 155 East Tropicana feels the property is worth.
The Hooters bankruptcy aimed at blocking a foreclosure is in contrast to another recent Las Vegas gaming bankruptcy — Riviera Holdings Corp. — that was far friendlier.
Chapter 11 doesn’t mean out of business and the casino will remain open during the proceedings. Last week I had a column at Vegas Chatter about best casinos by tier – cheap, mid-range, high end and Hooters came up a few times as a surprising cheap place to stay. I may have to expedite a trip there in case things get worse.
I don’t know much about this place other than a friend got pink eye after a 15 minute visit. I’ve had no desire to visit since. I don’t want pink eye.
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Its always been a chicken wings and beer place.
It gets a bit tiring.
As for the casino, they have tired overworked dealers who have terrible supervisors and are very unhappy employees. Their long running 100/200 in free play offer is on two particular machines and is a deceptive offer. Such deception sets the tone for the entire casino.
Its a cheap but not particularly worthwhile hotel. I would not ever advise anyone to walk there or to even board free transportation to get there. Bankruptcy? They need a big stick so their creditor will listen to them. They should start listening to their customers though.
Funny, an article I wrote for VC before this announcement said that the rooms were always a pleasant surprise and a good price. Many seemed into the place.
>Many seemed into the place
That’s odd. There are ‘chicken wings and beer’ all over the country. Lots of chicken and beer all over Vegas as a matter of fact, but no one ever takes a vacation to “chicken wings and beer”. They take a vacation to Vegas and that means a much better casino atmosphere and often a better hotel experience too.
I don’t think it’s about chicken wings and beer. I think it’s about a cheap, not dirty place to sleep. Most people I know only spend time in their room to sleep. Many don’t even stay inside any specific casino to gamble they explore as part of their vacation.