Another Vegas casino has called it quits. Hooter Casino Hotel, purchased by Hooters in 2004, filed for bankruptcy yesterday, citing a failure to keep its assets in check.

"We regret that we have been unable to reach an acceptable settlement with our new bondholder," the company said in a statement. "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 business, while also continuing to operate with no disruption to our customers, employees, and vendors."

The hotel, which features 696 rooms and a 30,000 square-foot casino, has never been particularly profitable or popular with customers. The Daily Mail reports that of the 1,001 Hooters Casino Hotel ratings on tripadvisor.co.uk, 159 are “terrible,” 156 are “poor,” and 231 are “average.” Even a recent $190 million overhaul failed to generate much business.

The company has $162 million dollars in liabilities, but only $10 to $50 million in assets. Despite its problems, some gaming industry analysts believe all is not lost for the Hooters Casino Hotel.

"While the operating environment in Las Vegas remains challenging for single-asset operators, filing for Chapter 11 could provide the company with an opportunity to restructure (its) debt," Union Gaming Group principal Bill Lerner said in a research report.

Anyone ever been to the Hooters Casino Hotel?

Las Vegas Review-Journal, Photo Credit: lasvegasvegas.com

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Categories: Casino News