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"You've got to make a perfect impression from the beginning and can't make a lot of missteps," Pedreira said. "If MGM opens up a new property, they're going to hit the ground running. They already have an existing player base and marketing infrastructure."
Hooters capitalized on its existing customer base by advertising its casino hotel at more than 100 Hooters restaurants nationwide. But "who goes to a restaurant to book a room?" said Hooter s Casino President Mike Hessling.
The financial challenge facing startups is to simply make enough money to cover debt payments without infusions of cash, creative debt restructuring or selling out.
The Hooters casino lost $16 million in the first three quarters of last year. But more upsetting to Wall Street was its dismal operating cash flow of $5.2 million over that period - not enough to cover the company's annual debt payments of $13 million and resulting in new agreements with lenders. Also troubling was the property's average occupancy rate of about 74 percent from opening through September, which pales next to the 90-plus percent occupancy rates across most of Las Vegas.
Hessling isn't hitting the panic button. In fact, he says he's "impressed" with the property, which has more than doubled revenue from its pre-Hooters days.
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