The Indian-based startup company Oyo has confirmed that it’s purchased the Hooters Casino Hotel. It’s the first property in Las Vegas that this company has bought. Officials at Oyo claim that expansion into the US is the ultimate goal.
It’s exciting news for this hotel and the city of Las Vegas. Now is the perfect time to look at how the sale will affect Hooters’ casino in Las Vegas. We’ll also talk about a few major projects coming to Las Vegas soon. Let’s get started!
Hooters Casino Hotel Sells for $135 Million
The Hooters Casino & Hotel in Las Vegas opened in 1973. At that time, the hotel was named the Howard Johnson Hotel. Until this week, it was owned by Trinity Hotel Investors and operated by Paragon Gaming. It’s located across the street from the MGM Grand at one of the most valuable areas of the Las Vegas Strip.
This hotel had undergone a series of major renovations over the years. It was renamed the Hooters Casino Hotel in 2006 and expanded the casino’s number of gambling options. Despite the casino’s fantastic location, it’s struggled to generate as much revenue as other major Las Vegas gaming venues.
Owners of this hotel-casino have discussed plans to sell the establishment for years. This week, these plans came to fruition. Oyo Hotels & Homes confirmed that they have officially purchased Hooters Hotel in Las Vegas. This company has been planning to invest in Las Vegas for years.
Oyo purchased the casino-hotel for $135 million. It’s the first establishment in Vegas that the company has bought. What does this mean for the future of this popular hotel?
Hooters Hotel Renamed Oyo Hotel & Casino Las Vegas
Officials at Oyo confirmed the news to the media this week. The company’s American partner, Highgate, helped to finalize the deal. The purchase comes just months after Oyo announced its plan to move into the US market.
Back in June, Oyo told the media that it plans to invest $300 million into the United States. Some analysts remained skeptical about whether or not this company could thrive in the US market. The company’s CEO feels that now is the perfect time to break into the Las Vegas property market.
“With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO’s journey in Las Vegas,” CEO Ritesh Agarwal said.
The company will soon begin the renovation and rebranding process of the Hooters Casino Hotel. It’s expected to be completed by the end of this year. Not very much will actually change here. The casino-hotel will continue to offer casino gambling options at its 35,000 square-foot casino floor.
Several Major Projects Coming to Las Vegas
There are a huge number of amazing projects coming to Las Vegas over the next few months. One of the biggest is the MSG Sphere, opening up some time in the next few years. It’s expected to be one of the largest and most impressive entertainment venues in Las Vegas.
The opening of Resorts World is also highly anticipated. This massive casino-resort is expected to open to the public in 2020. The 59-story hotel will offer 110,000 square feet of gaming space, one of the largest casinos in Las Vegas.
Las Vegas revenue increased for the first time in June. It’s great news to see this major gambling venue finally see its gambling earnings grow. Hopefully, this trend continues over the next few months.
The Hooters Casino Hotel has officially been sold. Make sure to stay tuned for more news on this hotel and others in Las Vegas over the next few months!