Bellagio Wraps $70 Million Renovation; Hooters Heads for Auction Block
- Jan 09, 2012
.Following the lead of other Las Vegas Strip titans, the Bellagio recently wrapped up a $70 million renovation of its main tower. The renovation comes after a number of makeovers announced or completed by landmark Strip properties as the Tropicana, Wynn Las Vegas, Stratosphere, the Plaza and the MGM Grand, the Las Vegas Sun reported. The six-month project, which involved 2,568 rooms, was the first for the main tower since 2004. The hotel’s spa tower and suites underwent a similar makeover five years ago.
Orchestrated by the MGM Resorts International Design Group, the renovation features fresh color schemes that include indigo and silver, plum and tea green, and butterscotch and amber. The Bellagio opened in Oct. 1998 at a cost of $1.6 billion.
In other real estate news, Vegas INC magazine reported that the Hooters Casino Hotel is headed for the auction block next month. The 696-key hotel has failed to cover its debt and has agreed to file for bankruptcy after negotiations with its main creditor. Canpartners Realty Holding Company IV has agreed to accept the highest bid, while valuing the property at no more than $80 million.
Canpartners holds $178 million of the $181 million in debt and it is unclear whether it will choose to make a credit bid for the property, Vegas INC magazine noted. A Jan. 18 hearing on the proposed sale is scheduled in U.S. Bankruptcy Court.
Despite its current financial woes, the hotel apparently had a better year in 2011 than it did in 2010. Through November, Hooters lost $6.3 million on revenues of $40.9 million. That compares favorably to a $15.8 million loss on $40.5 million in revenues through November 2010.