Visual Impact of Casino Bankruptcy in Sin City
Bankruptcies even impact casinos in Sin City. When casinos file bankruptcy, it impacts the unemployment rate, hotel occupancy and average room rate.
Businesses are eligible to file Chapter 7 or Chapter 11 or bankruptcy.
Check the impact of bankruptcies to casinos in this informative infographic.
Add this infographic above with the HTML below
Please use this code unaltered or include a citation of www.chapter7.com as the content creator.
Timeline of Failure: Bankruptcies in Sin City
Casinos that Failed
The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again.
Aladdin – September, 2001: The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet Hollywood.
Tropicana – May, 2008: The Tropicana first opened in 1957 with the South Beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged.
Trump Hotel – February, 2009: Not a true casino, the Trump Hotel sites just off the strip. Developed by real estate mogul Donald Trump, the hotel has seen its share of hard times. Trump’s projects have seen Chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered.
Terrible’s – March, 2009: Terrible’s, localted just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. Southwest. The parent company filed for bankruptcy in 2009 with little effect on the casino’s operation.
Fontainebleu – June, 2009: The Fontainebleu is a long-stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn, who has sold off some of the casino’s assets but has not made plans to finish the building.
Palace Station – June, 2009: The Palace Station’s parent company Station Casinos owns many smaller casinos in the Las Vegas area, catering heavily to the local crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as.
Riviera – July, 2010: The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings, the face of the casino is likely to change.
Hooters – August, 2010: Hooters Casino Hotel has been dead in the water since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges.
The Cost to Workers
The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble, the workers are as well.
Number of Casinos on the Strip & Total Casino Employees
- 2005: 42 / 109,689
- 2006: 40 / 112,909
- 2007: 28 / 109,117
- 2008: 40 / 114,465
- 2009: 38 / 98,711
- 2010: 38 / 102,627
Presented by Chapter7.com