"What happens in Vegas, happens Fall 2005."
That's the motto. Showing that there may be life beyond the megamergers on the Las Vegas Strip, Hotel San Remo last week announced a deal with the founders of the Hooters restaurant chain to re-brand the casino the Hooters Casino Hotel. And in a city where such things are not only acceptable but also expected and demanded, the property will be complete with Hooters girls, a Hooters restaurant, and a Hooters Beach Club as it undergoes a major makeover culminating in a "grand opening" planned for late 2005.
That's brilliant.
The San Remo, located just off the Strip, had been virtually left for dead. While the rest of the Strip has transformed around it, the property -- under ownership by a group of Japanese investors -- has remained relatively stagnant, tucked away behind Aztar's (NYSE:AZR) Tropicana and across the street from MGM Mirage's (NYSE:MGG) MGM Grand.
If the concept is successful, the door may open to expand the Hooters Casino brand in a way similar to what the Hard Rock has done. And there's reason to think it will be: The Hooters brand hits a sweet spot among gamblers, as 70% of Hooters customers are male, mostly between the ages of 25 to 54. This won't be much of a shock to San Remo, either, which features only 532 slots.
The Las Vegas Strip isn't all about megaresorts or the megamergers involving MGM Mirage and Mandalay Resort Group (NYSE:MBG), and Harrah's Entertainment (NYSE:HET) and Caesars Entertainment (NYSE:CZR). As I believe Hooters will show, there is also room for a niche player to come in and be successful.
For Fool coverage of the Strip casinos, check out:
- Casinos' Merger Madness (July 21)
- No Quick Win in Casino Merger (July 15)
- The Logic of MGM-Mandalay (June 21)
- Mandalay Says "I Do" (June 17)
Fool contributor Jeff Hwang owns none of the companies mentioned above.
