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Bye bye Hooters Casino

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Posted: #1
The Hooters shtick is so passe and has been for at least a decade. I never went there because I had no interest, but I'm not surprised it was a flop.
 
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Hooters brand will get the boot

New owner will rename, remodel off-Strip property

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

Say goodbye to those orange short-shorts.

Hooters Hotel will be rebranded into a yet-to-be named boutique hotel following a $130 million redevelopment of the property that could begin later this year, the investment group purchasing the hotel said Monday.

Santa Monica, Calif.-based Hedwigs Las Vegas Top Tier is completing its financing for the $225 million transaction and hopes to close the sale by late spring, Hedwigs principal Richard Bosworth said.

"This will be a complete redevelopment of the asset that includes a lifestyle, entertainment-driven boutique hotel and casino complex," Bosworth said.

Los Angeles-based designer Dodd Mitchell is heading the redesign team and will use the current structure in the new plans.

Hedwigs made its third $500,000 nonrefundable, nonapplicable fee payment Friday to retain exclusive purchase rights for the property.

Bosworth said the group wanted to close the deal late last year, but decided to activate a one-month extension clause because of the downturn in the capital markets.

The investment group plans to announce a partnership with a boutique hotel operator to manage the rebranded property.

Hedwigs also is negotiating with high-end restaurant developers and nightclub owners to open at the property, Bosworth said.

The redesign will also include expanding the casino area and changing some of the hotel's 727 rooms into suites.

However, Bosworth declined to say if the property would remain open during the changeover, which could take as long as 18 months.

Mitchell has worked on the redesign of the Roosevelt Hotel in Hollywood, Calif., Hotel Valencias in San Jose, Calif., and San Antonio, and Thompson boutique hotels in Beverly Hills, Calif., and Manhattan.

Mitchell, which has been working on design plans since April, was in Mexico on Monday and was unavailable for comment.

This would be the property's second makeover in as many years. A $130 million redevelopment of the of the former Hotel San Remo turned the off-Strip property into Hooters in February 2006.

Bosworth said he wants to rebrand the property because he believes it could be more profitable with a brand targeting higher-end customers than those that visit Hooters.

"I just believe this location has a higher and better use that can attract higher and more profitable revenues at a major discount to construction costs," Bosworth said.

Bosworth said remodeling the resort makes more sense than building a new property on the site. The $355 million price, the purchase cost plus redevelopment costs, is approximately 40 percent below what it would cost to build new on the site, he estimated.

Bond analysts during the past few months have questioned the feasibility of the deal if the property kept its Hooters brand.

Under the Hooters Hotel brand, cash flow has been falling at the property.

Cash flow, defined as earnings before interest, taxes, depreciation and amortization, dropped 32 percent to $1.1 million for the third quarter ended Sept. 30. It was $1.7 million in the same period a year earlier.

The property has yet to report its fourth-quarter earnings.

"I know the gaming analysts have criticized the acquisition at the $225 million level based on the performance level as a Hooters," said Bosworth, adding the shift to a luxury market will raise revenues in room rates, casino play and food and beverage with limited additional investment.

Bosworth, a real estate and financial adviser, helped Florida-based Hooters, which has a two-thirds ownership stake in the hotel, purchase the San Remo in August 2004.

Bosworth, through his firm Nth Advisory Group, is developing a Hooters casino in West Wendover 400 miles northeast of Las Vegas along Interstate 80 with a third-party developer.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or (702) 477-3893.

 
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Posted: #2
It is still going to have that Hooters stench to it. Hopefully they don't try and jack up the prices to some high ass number, or this will be a real bad investment. I really think it is a bad investment to start with, but I guess we will have to wait and see. I mean the location isn't the greatest, just adding onto the casinos square footage, and making a few suites, isn't going to make people jump for joy. Seems like a failed project from the start, but almost all investments usually do, this one a little more so though than others.


 
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IMO, that location sucks. It's just off the south end of the strip, so there's little foot traffic in that area. But it's still too close to the strip for those who want to avoid the area, unlike say, the Orleans which is far away enough for those who want $5 BJ tables without the hassle (and while not pristine, it's not a pit like the Gold Spike or other holes-in-the-wall).
 
The places off Flamingo are also too close to the strip, but there is the Hard Rock and enough places to where there is some relevant foot traffic.
 
Unless they build a minimum 4-star resort that has something to offer, I don't see how that location can be a success. I think Hooters was the fifth incarnation of that site.
 
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Posted: #4
hooters sucked it was basically the san remo
 
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Quote Originally Posted by lemonsky:

IMO, that location sucks. It's just off the south end of the strip, so there's little foot traffic in that area. But it's still too close to the strip for those who want to avoid the area, unlike say, the Orleans which is far away enough for those who want $5 BJ tables without the hassle (and while not pristine, it's not a pit like the Gold Spike or other holes-in-the-wall).
 
The places off Flamingo are also too close to the strip, but there is the Hard Rock and enough places to where there is some relevant foot traffic.
 
Unless they build a minimum 4-star resort that has something to offer, I don't see how that location can be a success. I think Hooters was the fifth incarnation of that site.




You can't raise the prices of the casino and say it is high end, just by changing the name and making the place a little bit bigger. Like you said it doesn't get much foot traffic and to be high end in Vegas, you have to compete with the Bellagio,Wynn, and Venetian.

Just can't see this place being somewhere where the high end quote on quote people will flock too. I think this will be the final test for this building, before it is demolished. Hopefully, they putt something behind this project that is worth wild, if not, it looks like a failure already.

Already put the 500k non-returnable down payment down.
 
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Quote Originally Posted by asloper6001:

It is still going to have that Hooters stench to it. Hopefully they don't try and jack up the prices to some high ass number, or this will be a real bad investment. I really think it is a bad investment to start with, but I guess we will have to wait and see. I mean the location isn't the greatest, just adding onto the casinos square footage, and making a few suites, isn't going to make people jump for joy. Seems like a failed project from the start, but almost all investments usually do, this one a little more so though than others.


Personally, I think it's a great location. Across the street from MGM and next to the Trop....a smart guy could turn it into a gold mine...just my 2 cents
 
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Posted: #7
I remember last time I was in Vegas, me and my friend started walking towards Hooters. When Hooters was even in eye sight, I felt like me and my friend were the only ones alive in Vegas. It is like ghost town down there bro.

How can you make something high end when you have to compete with the real high end places in the great location of the strip. Like I said before it all does depend on the investor and his plans. Hopefully it is something worth wild and not a bust. Now if they were going to bulldoze down then yea, but just adding sq footage and doesn't seem very lucrative to me. You never know though, hopefully it is something cool and out of this world. If it is just another bigger casino with higher prices, it is bound for doom.
 
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Here's my take on Hooters (again):
 
I stayed there once before I moved here.  I stayed for a week.  The room itself wasn't that bad and the bed was very, very comfortable.  But that's it for the good stuff.
 
It's the old San Remo hotel, they just remodeled it, but forgot to replace the carpets - not kidding. 
 
-The sportsbook sucks. It's a Leroy's, which I don't mind, as they are kind of sharp and will take fairly large bets.  Here's the kicker: One night I was sitting at the bar in the tiny little sportsbook watching a college basketball game that I had wagered on (in that sportsbook).  It was during National Finals Rodeo, and there were tons of dumb, knuckle-dragging, ten gallon hats and belt-buckled cowboys in there.  In short, I was out voted and they changed all of the TV's to the rodeo - something that you can't even bet on!!!!!!!!!!!  Man, I was fucking pissed and let the bartenders and the cowboys know it. Note to covers members - do not go to Vegas during the NFR. 
 
-Later on during my trip I was playing blackjack there, at one of the Hooters girl dealer tables and the dumb box doubled payed me.  Of course, I did what everyone else would do and just let it go and acted like I didn't notice.  Within minutes, the floor came over and pulled her off to the side and said something to her.  She came back to the table all red faced and was immediately a bitch to me.  The floor personnel were eye-balling me the entire time I remained at the table - like it was MY fucking fault.  First of all, if they had a problem with it, they could have just told me and I would have continued with my ignorance act, and returned the money saying a I didn't notice, sorry.  They never said anything to me, but it was obvious as to what was going on.  I sat there and eventually lost it anyway, so fuck them.
 
-They've moved the "poker room" out of the poker room so people can smoke at the table. No fucking shit.  It's unreal. As in, they've moved two table out into the casino floor area.  The poker room sits empty now.  It's probably the worst place to play poker in Las Vegas.
 
-They're in the process of being bought out, although, I hear the deal is on hold for now.  In any case, in a couple of years or sooner, it will no longer be "Hooters", it'll be something else.  So, of course with this inevitably pending, the staff is pissed off  90% of the time and have terrible attitudes towards everything.  Yeah, that's makes for a pleasant experience for the customer - not.   
 
-The Hooters girls are generally box.  Newsflash to Hooters girls in Vegas:  The idea of skimpy outfits and hot girls serving you food and drink was FUCKING INVENTED in Las Vegas 50 years ago, long before a couple of morons from Florida came up with the Hooters theme.  So, back the fuck down off your high horse - YOU'RE NOT ALL OF THAT.  In fact, when it comes to hot looking staff, Hooters is in the bottom half of the list compared to other properties in town.
 
I had other problems during my stay there that week.  When I got home, I wrote a huge letter (as in, paper letter in the US mail, not email) to the hotel manager and the casino manager.  To this day, I haven't heard anything from them.  I gave them my email address, phone number, everything. Now there's some quality customer service for ya.  Unreal.
 
The faster they level that place the better.  But, Vegas doesn't have room for another high end casino.  It's already flooded with them now and several more are being built right now or in the works.
 
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Posted: #9
hooters casino
 
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Posted: #10
MWC lol . The new huge casino that George Clooney is throwing down on should be open in a couple years I think right. That place looks insane with the sky blue building. Can't wait for that.
 
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Actually, I think the Clooney casino idea was scuttled.
 
From what I hear and read, we might not see another major project go up for awhile after City Center, Echelon, and the Plaza Hotel copy are completed. Oh and FWIW, the Luxor is going to be gutted and upgraded. Of course those places are going to be minimum 4-star resorts, most likely 4.5 stars, so there will already be a glut of 4 to 5-star resorts with Bellagio, Mandalay, Wynn, Venetian, Palazzo et al.
 
In addition, with the implosion of the real estate market, there will be more hesitant investors, in fact, Kerkorian and the MGM people went crawling to Dubai for money to complete City Center (of course, it's announced as a "partnership"). 
 
In fact, I'm willing to bet that after the aforementioned projects are complete, we won't see a major project for about another decade.
 
Some people say that the Tropicana will be razed, but its new owners, Columbia Sussex, were going to make renovations, but due to legal issues (where they may lose their gaming license), those have been put on hold.
 
Even Harrah's is planning to upgrade the Imperial Palace after many thought they were gonna tear it down.
 
Believe it or not, even the dumps on the Strip like IP and Trop make enough money to where their parent companies don't necessarily feel the need to tear them down (there'll always be yokels looking for a $100 Saturday night room on the Strip).
 
I think the new owners of the Hooters Hotel have on blinders. If this were a public company (I don't know), I'd sell.
 
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Thanks for the info lemonsky. I am mortgage broker, so I understand why there might not be a new project for awhile. Our economy is really tanking and for someone to throw up a casino right now, could be a big mistake, investment wise. It really sucks that our economy is so awful. Hopefully a new president will change things around for us.



 
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Las Vegas Mega Hotel and Casino Projects: 3 Years, $30 Billion, 30,000 Rooms
 
 
 
 
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Actually, MWC would know more since he actually lives there.

I forgot about Fountainbleu and Cosmopolitan. Actually, I read that the developer of the Cosmopolitan defaulted on its loans so I don't know the extent to which construction is being held up.

I also read that the Crown is a victim of the credit market going risk averse, so it might not even break ground.

There was also talk about the W Hotel building near the Strip, but that fell through.

 
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Still, I wonder how this will ultimately play out in the long run--all those luxury hotel suites. Even five-star places like Mandalay have to aggressively advertise $79 rooms during the slow periods in order to lure people in.
 
And at what point will tourism to Vegas peak? With Indian casinos sprouting up everywhere, the enticement to travel to Vegas will lessen.
 
I had a dealer at the Pai Gow table at Hard Rock tell me the Indian casinos in New York (where she's from) are wielding so much power these days, that they're inevitably going to spread like a metastasized cancer. I know that's only one person's opinion, but she just went on a protracted rant about how it's going to affect Vegas (and apparently AC is really getting screwed).
 
Anyway, I digress. So will there come a day in which we can get a $39.00 room at Mandalay during the slow season because there will be more supply than demand for four-to-five star resort rooms?
 
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Quote Originally Posted by MWC:

Las Vegas Mega Hotel and Casino Projects: 3 Years, $30 Billion, 30,000 Rooms
 
 
 


Sweeetttt. The Las Vegas Plaza looks sick. Good stuff MWC.
 
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Quote Originally Posted by lemonsky:

Still, I wonder how this will ultimately play out in the long run--all those luxury hotel suites. Even five-star places like Mandalay have to aggressively advertise $79 rooms during the slow periods in order to lure people in.
 
And at what point will tourism to Vegas peak? With Indian casinos sprouting up everywhere, the enticement to travel to Vegas will lessen.
 
I had a dealer at the Pai Gow table at Hard Rock tell me the Indian casinos in New York (where she's from) are wielding so much power these days, that they're inevitably going to spread like a metastasized cancer. I know that's only one person's opinion, but she just went on a protracted rant about how it's going to affect Vegas (and apparently AC is really getting screwed).
 
Anyway, I digress. So will there come a day in which we can get a $39.00 room at Mandalay during the slow season because there will be more supply than demand for four-to-five star resort rooms?


I agree. Not only Indian casinos but other states expanding their gambling laws. Many are now offering slots at local horsetracks and I know West Virginia just expanded to table games at their tracks also. I will still love to visit Vegas but it might cut down the number of visits per year with similar gambling much closer.
 
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Quote Originally Posted by lemonsky:

Still, I wonder how this will ultimately play out in the long run--all those luxury hotel suites. Even five-star places like Mandalay have to aggressively advertise $79 rooms during the slow periods in order to lure people in.....
 
....Anyway, I digress. So will there come a day in which we can get a $39.00 room at Mandalay during the slow season because there will be more supply than demand for four-to-five star resort rooms?

The believe the market for the high end hotels is already saturated.  These new projects are going to set it over the edge. The Plaza project and the City Center are definate, as City Center is going up fast.  The addition to the Wynn will be complete soon.

Yes, I think you will be getting $39 at Man Bay soon.  I've been saying it for years...Las Vegas is getting out of reach for normal Americans.  People can't continue to go into debt to take a vacation.  That kind of defeats the purpose, doesn't it?  Just walk by O'Sheas or Casino Royale, these places are packed day and night.  Why?  Because a normal hard working dude can get a beer and play some blackjack without having to take out a second mortage. 

Obviously, these developers have done the market research before investing billions, but I just don't see it.

 
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Posted: #20
San Remo - Hooter.. That place is too small and is a dump.  Nothing good about having one of those dumb hooter girls as your table dealer.
 
 
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MWC, I'm local as well and hang-out at South Point. And you hit the nail saying during NFR, even at SP they flooded the screens w/rodeo crap. WTF? Quit hogging our screens!
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