Highlights of the top news stories of the week...
This week, Hooters Hotel filed for Chapter 11 bankruptcy under a pile of debt. The filing wasn't unexpected and in fact, surprising that it took this long. This place is the poster child for the bad investments that companies made in the glory days a few years back. The debt load is over $175 million but even in its best years, it wasn't making more than $10-12M a year profit. What competent lender would lend almost 20 years of profit to someone? The people behind these loans deserve to lose their shorts for violating the most basic rules of lending and common sense for that matter.
In a follow-up to last week's story about "disorder" on and around the pedestrian bridges, Clark County commisioners are to set up a panel to look at ways of curbing the proliferation of street performers and vendors that have sprung up on the Strip. While that's nice that they are discussing the problem, how about simply putting more cops and hotel security out there now? Seems pretty easy and can be done without some panel of bureaucrats taking months to do anything.
Caesars Entertainment, formerly Harrah's, has received the green light to start construction on "Project Linq." The $500 million project will create a shopping, dining and entertainment plaza between the Flamingo and O'Shea's. The highlight will be a 550 foot tall "Observation Wheel" with 28 cabins each holding 40 people. Also as part of the project, a desperately needed facelift to the facades of the Imperial Palace and O'Shea's. Kudos to Caesars for taking the plunge on the first major construction project in years on the Strip.
Lastly, there were a few interesting articles about Vegas weather and its water supply. Early in the week, the LV Sun ran a piece about the Southern Nevada Water Authority's never-ending quest for more water. This was ironically followed later in the week with a story about the near-record amount of run-off coming down the Colorado from the Rockies causing a 20 foot rise in Lake Mead from the record lows last year. Finally, while much of the nation has been baking under a massive heatwave, Las Vegas has actually been experiencing a "cool" summer.
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