Hooters Hotel in Vegas bought for $53.8 million
http://lasvegassun.com/blogs/kats-re...d-538-million/
It was purchased by Trinity Hotel Investments of New York. It has struggled for the past several years.
The property sold for less than what it was bought in 2004. At the time, it was called San Remo, and was purchased for $74.6 million.
The Tropicana, which is next door, is also struggling, but M Resorts is going to buy it for $360 million.
Hooters was a shithole. They had a long-running scam promotion where you were supposedly getting $200 in free slot play with a new card signup. I went down there to do it, only to realize that the whole thing was complete BS. You were led over to a bank of "promotional slots", where employees feed in $200 for you. You cannot cash out of these slots. If you run up the $200 to $1700, you get a whopping $100. If you never get up to $1700 and eventually bust, you get nothing. These promo slots also paid poorly, so you probably had something like a 1% chance of getting the $100. Total joke. This should be illegal, but since you're not paying anything to enter (except your time), it's not.
That aside, the hotel/casino failed because Hooters itself is just not exciting enough in Vegas. While going to a restaurant where you're served with big-breasted young women in tight shirts seems fun in any other city, it's quite ordinary in Vegas, which is full of strip clubs, nude shows, top nightclubs, and hookers galore. Few people found the concept of Hooters in Vegas exciting, and the hotel itself was old and rundown, so basically the whole thing was a failure, aside from the Hooters restaurant inside.
