Hooters Casino Hotel News

Black Gaming, Planet Hollywood Resort, and the Hooters Hotel are talking with creditors as revenue continues to fall.

The off-Strip property posted a net loss of $4 million in the first quarter ended March 31.

Smaller casinos, including the Greek Isles and Hooters, have also become the pawns of lenders.

The off-Strip property estimated that it would post an operating loss of $1.5 million in the fourth quarter.

The owners of Hooters Hotel terminated a sales option agreement Monday after the investment group that had planned to change the property into a boutique hotel failed to make a scheduled payment.

Three off-Strip properties are addressing the economic pinch by increasing promotional spending, although they are taking separate approaches to cost-cutting efforts.

Hooters Hotel's management said the economic downturn late last year drove fourth-quarter revenue down as the property saw departmentwide declines.

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.

On the heels of his recent appearance on NBC's reality series 'Phenomenon,' mentalist Gerry McCambridge ends his Las Vegas show each night by successfully predicting the lottery numbers.

The investment group working to buy Hooters Hotel made a $500,000 nonrefundable, nonapplicable fee payment Monday to retain exclusive purchase rights for the property.