Published Friday, Aug. 6, 2010 | 2:05 a.m.
Updated Friday, Aug. 6, 2010 | 12:55 p.m.
Sun coverage
A company that owns four restaurants at the Venetian hotel-casino and the attached Grand Canal Shoppes mall has filed for Chapter 11 bankruptcy reorganization and says one of the four restaurants has closed.
E-Brands Restaurants LLC of Orlando, Fla., filed for bankruptcy on July 30 in Tampa, Fla. The company has restaurants in Florida, Maryland, Colorado and Las Vegas.
At the Venetian, the company has the AquaKnox Global Water Cuisine and Taqueria Canonita restaurants, as well as a Canonita Express outlet in the Venetian food court.
At the Grand Canal Shoppes, E-Brands owned the Timpano Tavern restaurant, formerly the David Burke restaurant.
In a court filing Thursday, E-Brands sought to cancel its lease with the Grand Canal Shoppes for the Timpano Tavern, saying: “The restaurant has been operating at a loss” and that it closed the restaurant after it was unsuccessful prior to the bankruptcy in negotiating rental concessions with the Grand Canal Shoppes.
The Grand Canal Shoppes is owned by General Growth Properties Inc., which is itself operating in bankruptcy.
E-Brands in its filing listed assets of $500,000 to $1 million against liabilities of $10 million to $50 million. Its key creditors are General Electric Capital, owed $12.5 million, and Bank of America, owed $1.5 million.
“The debtors have been severely affected by the U.S. macro economy, which has resulted in a transient decline in its earnings and cash flow,” E-Brands attorney Richard Prosser said in a court filing.
He said net sales of $56.7 million in 2008 fell to $43.8 million in 2009, with EBITDA (earnings before interest, taxes, depreciation and amortization) falling from $3.4 million to about $933,000.
Prosser said Friday that the company's remaining Venetian restaurants would remain open. The company generally signaled in court papers that it intends to maintain its restaurant operations around the country and it has gained court approval to pay wages and use its cash on hand (General Electric's collateral) while it reorganizes its finances.
“Simply put, the debtors seek to restructure GE’s and B of A’s debt and to deleverage their consolidated balance sheet,” Prosser wrote in the filing.
In the spirit of Venice, The Venetian is a little piece of romantic Italy right here in Las Vegas. The Venetian is an "all-suite" hotel, with rooms accented with plush linens and Italian marble. The 4,027 suites are divided into two towers: The 36-story Venetian Tower that offers guests a taste of luxurious Las Vegas and the Venezia suites, which guarantee 12 floors of high-end elegance. The top five floors are the hotel's highest level of luxury with its private access, concierge lounge, upgraded features and even a dedicated staff.
Entertainment at the Venetian includes shows such as Tim and Faith - Soul2Soul, featuring Tim McGraw and Faith Hill, and Rock of Ages.
The flagship of Venetian nightlife is TAO, an ultra-hip nightclub located inside of TAO Asian Bistro. V Bar is The Venetian's super smooth ultra lounge, made by the owners of New York City's club Lotus and Los Angeles' super swank Sunset Room.
The Venetian features 19 restaurants including Thomas Keller's award-winning French restaurant Bouchon, Mario Batali's B&B Ristorante, Aquaknox for fresh seafood and the 42,000 square foot TAO Asian Bistro. There's also the food court inside the Canal Shoppes for those looking for a quick bite.
Guests can float along The Grand Canal Shops in an authentic Italian gondola ride and pass stores like Burberry and Kenneth Cole along the way. And if you haven't caught a real celeb, on the street in Vegas, you can head over to Madame Tussauds to check out a wax version.
Join the Discussion:
Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.
Full comments policy