RSS 2.0 FeedVol. 4, No. 1, January 2008, Tumbling Dice
Double Down on Hooters
An investment group looking to buy the Hooters Hotel and Casino recently paid a second $1.5 million deposit on the property, guaranteeing its right to close the $235 million deal by June.
The deposit came two weeks later than scheduled, which originally prompted some to think the investment group, Hedwigs Las Vegas Top Tier, was in financial trouble. Richard Bosworth of Hedwigs said the delay was because the group was analyzing the market before applying a non-refundable deposit.
“We have made the decision that we’re very committed to this acquisition,” Bosworth said. “Now we have the unilateral control to extend our closing as late as June 30 which gives us time with the capital markets. It is our expectation level that time becomes our friend.”
The deposit came two weeks later than scheduled, which originally prompted some to think the investment group, Hedwigs Las Vegas Top Tier, was in financial trouble. Richard Bosworth of Hedwigs said the delay was because the group was analyzing the market before applying a non-refundable deposit.
“We have made the decision that we’re very committed to this acquisition,” Bosworth said. “Now we have the unilateral control to extend our closing as late as June 30 which gives us time with the capital markets. It is our expectation level that time becomes our friend.”
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