Vol. 5, No. 7, July 2008
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Hooters purchase shelved
Hedwigs Las Vegas Top Tier will not be purchasing the Hooters Casino Hotel in Las Vegas after 155 East Tropicana terminated the purchase agreement with the company. Hedwigs failed to make a $500,000 payment by the June 6 deadline, prompting the owner of the Hooters Casino Hotel to look for another buyer. Hedwigs had paid $5.5 million in deposit and extension fees to date, but it was never able to come up with the necessary financing to purchase the property. Hooters President Richard Hessling said the company has three options: look for a new buyer, expand or stay the course. “We're certainly going to evaluate every possibility,” Hessling said. “We've always believed this is a very good piece of real estate. Current credit markets aside, we didn’t need to do anything at this point in time.”
