An Indian-based startup OYO has purchased Hooters Casino Hotel in Las Vegas, the company officials confirmed in a press release on Monday.
The move to purchase the Hooters Casino Hotel is a part of the company’s plans to expand in the US hospitality market. The Vegas property is also OYO’s first purchase in the US. The deal is reported to have been finalized at $135 million.
The Hooters Casino Hotel started welcoming guests in 1973 when it went by the name of Howard Johnson Hotel. Located on the highly expensive Vegas Strip, the property was renamed the Hooters Casino Hotel in 2006 – following which it also made significant additions to its arsenal of gambling options.
OYO finalized the deal with the help of its American partner, Highgate. The company had for long been planning a US expansion.
Commenting on the deal, CEO Ritesh Agarwal said: “With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO’s journey in Las Vegas.”
Renovation and rebranding of the property are to begin soon and is expected to be completed by the year-end. The casino property would be renamed as OYO Hotel and Casino. Unconfirmed reports from Las Vegas Review-Journal suggest that the rebranding process would begin from September.
According to the terms, OYO will keep the Hooters restaurant in the rebranded hotel. While OYO’s American partner Highgate will manage the property, Las Vegas-based Paragon Gaming will oversee the casino operations.
The casino hotel continues to welcome patrons for action at its 35,000 square-foot casino floor as usual.