Desperate For Cash Caesars Offering Naming Rights For Ferris Wheel

High Roller at Linq Las Vegas Sponsored By "Word"
High Roller Sponsored By “Word”

Caesars Entertainment is under mounds of debt and keeps losing money. They’re hotel rooms in Las Vegas are in disrepair and have bugs crawling all over and they’re possibly on the verge of filing of filing for Chapter 11 bankruptcy protection.

In order to stave off the inevitable Caesars has decided to put naming rights up for sale to any the highest bidder for their precious Linq Ferris Observation Wheel.

“We have already received interest from big brands for the naming rights of this landmark, but given its significance on the Las Vegas landscape, we continue to search for the right brand to feature as the name of the wheel,” said Dan Burgner, executive vice president of Caruso Affiliated (The company in charge of The Linq).

I don’t believe anything the Caesars PR machine churns out so I’m assuming that they’ve received as much “interest from big brands for naming rights” as I have for my car.

Okay, I’ll settle down. In today’s commercialized market there’s no reason Caesars shouldn’t be shopping naming rights for The Linq Wheel. Nobody riding, or making pee pee, in this wheel will care what the name is. All that they’ll be concerned with is how long it takes for the ride to reach the top so they can enjoy views of beautiful Las Vegas.

If anyone wants to start a kickstarter to buy naming rights for the Linq Wheel let me know!

Photo: Caesars 

Rumor: Which Vegas Casino Filed Chapter 11?

Dave McKee from who writes the awesome Stiffs & Georges blog threw out an interesting question on twitter this morning about a Las Vegas strip casino going belly up (or restructuring debt) by filing Chapter 11.

He didn’t say “Company” so you rule out MGM Resorts, Venetian/Palazzo, Wynn or Caesars properties immediately. Duetche Bank has been looking to sell the Cosmopolitan before the end of the year for a while now so you can understand why that’s not in the running. That doesn’t leave many properties to left on the strip for possible Chapter 11.

Who ya got from the remaining strip properties?

  • Tropicana
  • Casino Royale
  • Riviera
  • Treasure Island

Unless Phil Ruffin is looking for a tax write off, I don’t see him divesting of Treasure Island so soon and I haven’t heard a peep about Casino Royale ever.

That leaves Tropicana and Riviera as possible casinos to file for Chapter 11. Both have had financial trouble, but after a relaunch of the Tropicana went nowhere and President Tom McCartney left there hasn’t been much positive good talk about the property. In fact, the only real news from Tropicana has been about it’s club not opening.

Meanwhile on the other end of the strip Riviera has been trying to create a niche for itself with constant marketing and promotion. I’m not sure this is working, but it’s difficult to imagine that it’s not helping. Of course, it may not be working which would give cause for Chapter 11.

I don’t think silence is can’t be a good thing here and I’d have to imagine that Tropicana is the strip property about to announce Chapter 11.

Hooters Files For Chapter 11

Hooters Casino filing for Chapter 11 bankruptcy protection comes as no surprise since the bondholders have been threatening foreclosure since earlier this year, but it finally went down yesterday.

The bankruptcy filing will likely halt the foreclosure on that date, although Canpartners can ask the Bankruptcy Court later for permission to foreclose.

Records indicate the property is encumbered by mortgage and bond debt totaling $162 million plus hundreds of thousands of dollars in trade claims. The initial filing didn’t fully disclose exactly how much is owed or exactly how much 155 East Tropicana feels the property is worth.

The Hooters bankruptcy aimed at blocking a foreclosure is in contrast to another recent Las Vegas gaming bankruptcy — Riviera Holdings Corp. — that was far friendlier.

Chapter 11 doesn’t mean out of business and the casino will remain open during the proceedings.  Last week I had a column at Vegas Chatter about best casinos by tier – cheap, mid-range, high end and Hooters came up a few times as a surprising cheap place to stay. I may have to expedite a trip there in case things get worse.

I don’t know much about this place other than a friend got pink eye after a 15 minute visit. I’ve had no desire to visit since. I don’t want pink eye.