by Lucky Gaming Writer on December 20, 2011
Do you want in on the Hooters Hotel and Casino in Las Vegas that has been a leader in what some may call the “breastaurant” industry for decades now? After filing Chapter 11 bankruptcy, the hotel has struck a deal in bankruptcy court with their debtors to have the hotel auctioned off to the highest bidder. Any takers?
Hooters took their unique burgers and wings concept and turned it into an empire with several franchise restaurants appearing from New York City to San Jose, Costa Rica. The Hooters Hotel and Casino in Las Vegas was opened in 2006 and took over the former San Remo Hotel located on East Tropicana Avenue.
After incurring $180 million in debt, the property was forced to file for bankruptcy back in August and a recent solution to auction the property was devised by both Hooters and Canpartners Realty Holding Company in order to help relieve some of the debt.
Canparters claims that they can expect to receive at least $70 million for the property that currently is in need of some serious upgrades. The plan now is for them to work toward finding what they call a “stalking horse bidder” or an initial bidder who will help them gauge the market so they can get an idea of what to expect once they proceed with the Hooters auction, claims the Las Vegas Review Journal.
Debtors claim that there have been several attempts to salvage the property but unfortunately there wasn’t much success. No date has been set as of yet for the auction.
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