Oyo Hotel & Casino

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Oyo Hotel & Casino
Oyo Hotel & Casino logo.png
Hooters Casino HotelLV.jpg
Location Paradise, Nevada, U.S.
Address 115 East Tropicana Avenue
Opening date1973; 48 years ago (1973)
No. of rooms696
Total gaming space35,000 sq ft (3,300 m2)
Permanent shows
  • Cons of Comedy
  • Gordie Brown
  • The Hilarious 7
Notable restaurants
Casino typeLand-based
OwnerHighgate & Oyo Hotels & Homes
Operating license holderParagon Gaming
Previous namesHoward Johnson Hotel (1973–1975)
Paradise (1975-1976)
20th Century (1977-1978)
Treasury (1978–1985)
Pacifica (1985)
Polynesian (1985–1989)
Hôtel San Rémo (1989–2006)
Hooters Casino Hotel (2006–2019)
Renovated in1975-1976, 1977, 1989, 2002, 2004, 2006, 2019
Websiteoyolasvegas.com

Oyo Hotel & Casino (stylized as OYO Hotel & Casino) is a casino hotel near the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Highgate and Oyo Hotels & Homes, and its casino is operated by Paragon Gaming. It is located next to the Tropicana and across the street from the MGM Grand Las Vegas. The hotel has 696 rooms with a 35,000-square-foot (3,300 m2) casino. Since opening in 1973, the property has been renamed several times, most recently as the Hôtel San Rémo (1989–2006) and the Hooters Casino Hotel (2006–2019).

History[edit]

Howard Johnson Hotel (1973–1975)[edit]

The hotel was originally a Howard Johnson's Motor Lodge. Construction of the hotel began in September 1972.[1] The hotel was developed by a group of local businesspersons led by Paul Oesterle.[1] It opened in June 1973 with 332 rooms, at a cost of $8 million.[2] A gaming license was issued for the property later that year, allowing the operation of 150 slot machines.[3] Oesterle had plans to expand the hotel by adding three 10-story towers with 544 new rooms.[4]

In September 1974, Oesterle Nevada declared bankruptcy as it was unable to pay its debts.[5] Eureka Federal Savings and Loan, holder of the hotel's mortgage, foreclosed on the property and bought it at auction for $7.7 million in March 1975.[6]

Paradise Hotel (1975–1976)[edit]

In September 1975, Eureka sold the Howard Johnson's to Bernard Nemerov, a former part owner of the Riviera casino, for $10 million.[7] Nemerov renamed it as the Paradise Hotel.[7][8] He reopened the property's casino on New Year's Day 1976.[7][8]

In June 1976, the Paradise was targeted in a credit scam by 54 mobsters associated with the Philadelphia crime family.[9] The scheme left the casino with insufficient cash to operate, and it was forced to close and went bankrupt.[9]

Ownership changes and renamings (1976–1989)[edit]

The property was purchased in 1977 by a group led by New York businessman Andrew DeLillo, who then renamed it as the 20th Century.[10][11] It was later sold to Herb Pastor, owner of the Coin Castle and Golden Goose casinos in Downtown Las Vegas, who renamed the 20th Century as the Treasury Hotel.[12][13]

Former football player Gerry Philbin purchased the Treasury in 1982 for $20 million; the casino closed at that time because Philbin had not obtained a gaming license, though the hotel continued to operate.[14] By the end of the year, Philbin was forced to put the hotel into Chapter 11 bankruptcy protection.[15]

In 1985, the DeLillo family regained ownership of the Treasury through foreclosure and renamed it as the Pacifica Hotel.[16] It was announced that the Pacifica would be marketed to gay travelers, but this plan proved controversial and was soon abandoned.[17] Later that year, the Pacifica was renamed as the Polynesian Hotel.[16]

Hôtel San Rémo (1989–2006)[edit]

Old San Remo marquee (1994)

In 1989, it was purchased by Sukeaki Izumi, a Japanese industrialist and hotelier, who renovated it with an Italian Riviera ambience and renamed it the Hôtel San Rémo.[18] He paid a reported $30 million for the purchase and renovation.[18] 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.

In 2004, Izumi's company, Eastern and Western Hotel Corp., began looking for opportunities to grow the hotel, to take advantage of the heavy development at the intersection of Tropicana and Las Vegas Blvd. since 1989.[19][20] Hooters approached with a redevelopment proposal.[19] Ultimately, a group of nine partners in Hooters of America acquired a two-thirds interest in the property, which was put under control of a joint venture, 155 East Tropicana, LLC.[19] Plans were announced to redevelop the San Remo as a Hooters brand casino and hotel. Hooters of America, owner of the Hooters trademark, would receive 2% of revenue as royalties.[21]

On April 18, 2005, Hooters announced a $190 million upgrade of the property, including increasing the casino to 35,000 square feet (3,300 m2). 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.

Hooters Casino Hotel (2006–2019)[edit]

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.[22] Former Miami Dolphins quarterback Dan Marino opened Dan Marino's Fine Food and Spirits restaurant on the same day the casino/hotel opened.

In January 2007, 155 East Tropicana accepted an unsolicited offer from Hedwigs Las Vegas Top Tier, a joint venture of NTH Advisory Group and Silverleaf Real Estate, to buy the property for $225 million (including assumption of $130 million in debt).[23] Hedwigs planned to redesign and rebrand the casino once again, as a "lifestyle, entertainment-driven boutique hotel".[24] Analysts called the agreement "curious" given Hooters's poor earnings performance.[23] The deal fell through in June 2008 when Hedwigs failed to make a required payment.[25]

With revenue declining, the casino began defaulting on loan payments in April 2009.[26] Canpartners Realty Holding Co., a subsidiary of Canyon Capital, bought up much of the company's debt at a heavy discount and planned to foreclose on the hotel.[27] The owners, seeking to block foreclosure, filed for Chapter 11 bankruptcy in August 2011, listing only $63 million in assets against liabilities of $163 million.[28][29] After a planned February 2012 auction attracted no outside bidders, the bankruptcy court approved Canpartner's $60 million credit offer for the property, with the sale expected to close around March 30.[30] The Navegante Group was approved to manage casino operations, while Canyon Capital said it was seeking a major hotel chain to take over and rebrand the property.[31]

In May 2015, Canyon Capital sold the casino to Trinity Hotel Investors, based in New York, for $70 million.[32][33] At first, Trinity was expected to rename the property and place it under the management of Holiday Inn,[34] but they later decided to retain the Hooters branding.[35] Trinity hired Paragon Gaming to replace Navegante as the property's operator in 2016.[35][36] The world's largest Steak 'n Shake restaurant, with seating for 200 people, opened inside the Hooters casino in March 2018.[37][38]

Oyo Hotel & Casino (2019–present)[edit]

In August 2019, Oyo Hotels & Homes partnered with New York-based investment and management company Highgate to purchase the property for $135 million. They announced plans to rename it as Oyo Hotel & Casino Las Vegas later in the year. A renovation was scheduled to begin in mid-September 2019, and finished by the end of the year. The Hooters restaurant has been retained.[39][40] The Oyo rebranding process began on September 16, 2019.[41] The renovation will cost approximately $20 million, and includes upgrades to the restaurants.[42]

Facilities and entertainment[edit]

A Hooters Casino girl

Current shows include Motown Extreme, Cherry Boom Boom, Alain Nu - The Man Who Knows, and Hilarious 7.[43][44]

Previous shows have included Prince tribute show Purple Reign, male revue Men of X, topless revue Raack N Roll, and The Dirty Joke Show. Comedian Bobby Slayton performed in the Night Owl Showroom from April 2007 to March 2009.

Hotel revenue[edit]

As of 2008, OYO (then Hooters) had one of the lowest gaming revenue for a Strip casino, but one of the highest ratios of non-gaming to gaming income.

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

The casino had an operating loss of $5.55 million in 2006, $0.96 million in 2007, $6.19 million in 2008, and $4.26 million for the first 9 months of 2009.[45] The first quarter of 2010 the casino had an operating income of $11.23 million.[46]

References[edit]

  1. ^ a b "Ground breaking for new Howard Johnson's held". Las Vegas Review-Journal. September 10, 1972. p. 3A.
  2. ^ "Bankruptcy filed by Howard Johnson". Las Vegas Review-Journal. September 24, 1974. p. 2. The Las Vegas hotel, completed in June of last year at a cost of about $8 million, contains 332 rooms, a cocktail lounge and restaurant with 150 slot machines.
  3. ^ "Flat licensing for jai alai". Las Vegas Review-Journal. December 29, 1973. p. 3. Others granted licenses were: ... Howard Johnson's Motor Lodge at 115 E. Tropicana Ave. to operate 150 slot machines in the 332-room hotel.
  4. ^ "Vegas hotel room building slows". Las Vegas Review-Journal. January 13, 1974. p. 1.
  5. ^ "Nevada hotels in bankruptcy". Pittsburgh Post-Gazette. AP. September 25, 1974.
  6. ^ "Loan firm buys hotel". Las Vegas Review-Journal. March 17, 1975. p. 8.
  7. ^ a b c "Financially ailing Vegas hotel bought". Nevada State Journal. Reno, NV. AP. September 10, 1975 – via Newspapers.com.
  8. ^ a b "Paradise Casino opens". Las Vegas Sun. January 1, 1976. p. 10.
  9. ^ a b George Anastasia (November 23, 2005). "Former Phila. mobster banned from A.C. casinos". Philadelphia Inquirer – via NewsBank.
  10. ^ "Casino take-over recommended". Reno Gazette-Journal. AP. May 12, 1977 – via Newspapers.com.
  11. ^ "California motel chain seeks takeover of Vegas casino". Reno Gazette-Journal. AP. December 7, 1978 – via Newspapers.com.
  12. ^ "California firm buys Vegas hotel". Reno Gazette-Journal. AP. December 16, 1978 – via Newspapers.com.
  13. ^ "Nevada gaming agents closed the casino at the financially-troubled..." UPI. July 1, 1982. Archived from the original on 2018-01-14. Retrieved 2018-01-13.
  14. ^ Clyde Weiss (July 3, 1982). "Treasury Hotel owner to submit gaming application". Las Vegas Review-Journal. p. 1C.
  15. ^ Clyde Weiss (December 22, 1982). "Treasury will reorganize to avoid foreclosure". Las Vegas Review-Journal. p. 1B.
  16. ^ a b Jon Ralston (November 14, 1985). "Polynesian Hotel high-rise retrofit OK'd". Las Vegas Review-Journal. p. 2B.
  17. ^ Tom Hawley (May 10, 2017). "Pacifica Hotel targeted gay community, drawing attention and derision". KSNV-TV. Retrieved 2019-08-27.
  18. ^ a b "Japanese investors say Las Vegas worth the gamble". Toledo Blade. 28 June 1989. Retrieved 14 September 2011.
  19. ^ a b c Smith, Rod (18 August 2004). "Hooters brands casino off Strip". Las Vegas Review-Journal. Archived from the original on 2004-10-11. Retrieved 14 September 2011.
  20. ^ Mihailovich, Steven (18 April 2005). "The hotel a restaurant built". Las Vegas Business Press. Archived from the original on 9 September 2012. Retrieved 14 September 2011.
  21. ^ Vogel, Ed (21 October 2005). "Hooters gets OK from panel". Las Vegas Review-Journal. Archived from the original on 2005-12-26. Retrieved 14 September 2011.
  22. ^ Richard Abowitz, Hooters Opening Archived 2008-03-12 at the Wayback Machine, The Movable Buffet, Los Angeles Times, January 31, 2006.
  23. ^ a b Ward, Matt (29 January 2007). "Hooters sale called 'curious'". Las Vegas Business Press. Archived from the original on 28 January 2013. Retrieved 14 September 2011.
  24. ^ Arnold M. Knightly (March 4, 2008). "Hooters brand will get the boot". Las Vegas Review Journal. Archived from the original on 2008-05-15.
  25. ^ Melinda Peer, [1], Hooters Hotel Deal A Bust, Forbes.com, June 9, 2008.
  26. ^ Main, Carla (12 August 2011). "Lehman, Barzel, Harry & David, Hooters Casino: Bankruptcy". Bloomberg Businessweek. Archived from the original on 13 September 2011. Retrieved 14 September 2011.
  27. ^ Green, Steve (12 September 2011). "Hooters casino presses for right to reorganize". Vegas Inc. Retrieved 14 September 2011.
  28. ^ "Hooters resort files Chapter 11 to block threat of foreclosure". Las Vegas Sun. August 1, 2011. Retrieved 2020-06-24.
  29. ^ Green, Steve (18 August 2011). "Hooters casino looking at capital or sale options". Vegas Inc. Retrieved 14 September 2011.
  30. ^ Green, Steve (17 February 2012). "Company to buy Hooters casino with $60 million credit bid". Vegas Inc. Retrieved 1 March 2011.
  31. ^ Velotta, Richard N. (March 7, 2012). "Regulators question Jimmy Buffett about drug scrapes, endorse licensing request". Vegas Inc. Retrieved 2012-09-07.
  32. ^ Kimberly Pierceall (May 11, 2015). "Hooters Casino Hotel sold for $70 million". apnews.com. Retrieved 2020-06-27.
  33. ^ "Hooters Casino Hotel sold for $70 million". KLAS-TV. Las Vegas, NV. AP. May 11, 2015. Archived from the original on May 13, 2015. Retrieved 2015-05-11.
  34. ^ John Katsilometes (May 8, 2015). "Hooters Casino Hotel is snapped up for $53.8 million". Las Vegas Sun. Retrieved 2015-05-09.
  35. ^ a b Moore, Thomas (October 13, 2016). "Hooters keeping the name amid management changes". Las Vegas Sun. Retrieved 2018-04-25.
  36. ^ Velotta, Richard N. (November 2, 2016). "Paragon Gaming recommended to acquire Hard Rock Hotel at Lake Tahoe". Las Vegas Review-Journal. Retrieved 2018-04-25.
  37. ^ Jones, Jay (April 11, 2018). "Steak 'n Shake fans can gamble and drink at newest Las Vegas location". Los Angeles Times. Retrieved September 17, 2019.
  38. ^ Seeman, Matthew (March 16, 2018). "World's largest Steak 'n Shake opens in Hooters Casino Hotel". KSNV. Archived from the original on 2018-04-30. Retrieved September 17, 2019.
  39. ^ Morris, Keiko (August 23, 2019). "India's Oyo Rolls Dice With Purchase of Las Vegas Hooters Hotel". The Wall Street Journal. Retrieved August 24, 2019.
  40. ^ Schulz, Bailey (August 23, 2019). "Hooters sold, will become OYO hotel-casino by 2020". Las Vegas Review-Journal. Retrieved August 24, 2019.
  41. ^ Webster, Katherine (September 16, 2019). "Hooters rebrand to OYO Hotel & Casino begins today". KVVU. Archived from the original on 2019-10-05. Retrieved September 17, 2019.
  42. ^ Schulz, Bailey (September 12, 2019). "OYO CEO talks about company plans after buying Las Vegas hotel". Las Vegas Review-Journal. Retrieved September 17, 2019.
  43. ^ "Entertainment + Shows in Vegas | OYO Hotel and Casino Las Vegas".
  44. ^ "Live Motown Music Show Tickets in Las Vegas | Mo Town Extreme".
  45. ^ "03/31/09 Form 10K Annual report".[permanent dead link]
  46. ^ http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7258062-8119-42750&type=sect&TabIndex=2&companyid=673966&ppu=%252fdefault.aspx%253fcompanyid%253d673966

External links[edit]

Coordinates: 36°5′59″N 115°10′3″W / 36.09972°N 115.16750°W / 36.09972; -115.16750