Hooters – History

History

The hotel was built in 1973 opening as a Howard Johnson Hotel. After several ownership changes, it became the Hôtel San Rémo in 1989 and featured an Italian Riviera ambience. In 2002, the hotel, casino, and restaurants were refurbished. The hotel had 711 rooms while the casino had 30,000 square feet (3,000 m²) of space.

On August 17, 2004 Hooters, Inc. announced that they were purchasing the hotel for approximately $74.6 million from the Eastern and Western Hotel Corporation. EW Common, LLC owned by Sukeaki Izumi and Toyoroku Izumi acquired a 1/3 interest in the hotel as a part of this process. The new ownership announced plans to develop and operate a Hooters brand casino and hotel on the site of the Hôtel San Rémo. On April 18, 2005 Hooters announced a $190 million upgrade of the property. The upgrade included increasing the casino to 35,000 square feet (3,300 m2) and rebranding the property as a Hooters . All of the hotel rooms would be remodeled, the pool would be tripled in size, and the number of restaurants would be increased from 4 to 8 and include the second largest Hooters restaurant in the world. The renovations would reduce the number of rooms to 696 by converting rooms into larger suites.

On February 2, 2006, the weekend of Super Bowl XL, Hooters Casino Hotel officially opened its doors with a large orange carpet welcoming not only the public but many stars including KISS bass player Gene Simmons. Former Miami Dolphins quarterback Dan Marino opened Dan Marino’s Fine Food and Spirits restaurant on the same day the casino/hotel opened.

On January 22, 2007 it was announced that an offer had been made to purchase the Hooters Casino Hotel and its parent company for $95 million. On April 23, 2007, comedian Bobby Slayton began an open ended engagement in the newly created Nite Owl Showroom.

Under the Hooters Hotel brand, cash flow has been falling at the property. On March 4, 2008, Hedwigs Las Vegas Top Tier, an investment group purchasing the Hooters Casino Hotel for $225 million, announced that it would spend an additional $130 million to redevelop the property and remove and replace the Hooters theme with a “lifestyle, entertainment-driven boutique hotel”. The deal fell through in June 2008 when Hedwigs failed to make a required payment.

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Hooter’s has one of the lowest gaming revenue for a strip casino, but has one of the highest ratio of non-gaming to gaming income. The casino has never made money.

Operating revenue : Calendar Year 2008:
Source Dollars
Casino $24,950,887
Food, beverage and entertainment $22,136,579
Hotel and other $20,685,695
Sum $67,773,161
Less promotional allowances ($7,678,360)
Net operating revenues $60,094,801

 

Net operating revenues for 2009 is down 23.58% for the first 9 months. The casino had an operating loss of $5.55 million in 2006, $0.96m in 2007, $6.19m in 2008, and $4.26m for the first 9 months of 2009.
This article uses material from the Wikipedia article “Hooters Casino Hotel”, which is released under the Creative Commons Attribution-Share-Alike License 3.0.

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