OYO Hotel & Casino News - Page 3

Hedge fund operator Phil Falcone, who owns a 40 percent stake in the Minnesota Wild, may have an increased role at the troubled Hooters Hotel.

The owners of the Las Vegas casino and hotel said they don't believe they have sufficient cash to meet all financial obligations this year.

The owner of Hooters Casino Hotel says the off-Strip property may go bust because of recurring operating losses and an accumulated deficit.

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.

The investment group working to buy the financially struggling Hooters Hotel paid a second $1.5 million nonrefundable deposit late Monday to guarantee its right to close the deal through June.

Hooters Casino Hotel and Universal Studios Home Entertainment are inviting comedy fans to celebrate "National Knocked Up Night" on September 25th, the official DVD release date of the comedy hit Knocked Up.

The proposed sale of Hooters Hotel is being slowed by the turbulent debt market, according to the developer who has an agreement to purchase the property.

155 East Tropicana reports net revenues were $17.3 million during the second quarter of 2007 compared to net revenues of $18.0 million in the second quarter of 2006.

New advertising and reduced room rates helped Hooters Hotel increase second-quarter occupancy. H

News Brief: Hooters has followed Hard Rock Cafe into the Las Vegas casino business, but is off to a mighty shaky start.

The glow from those notorious orange shorts at the year-old Hooters Casino Hotel is struggling to be seen against the bright lights of the Las Vegas Strip.