Exotic Cars at Caesar's Palace File Bankruptcy!

[AlohaGT]

Now, haven't many of us visited this joint (more than once)?


Updated: New York, Mar 22 16:08London, Mar 22 20:08Tokyo, Mar 23 05:08





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New Filings

Exotic Cars at Caesar's Palace Las Vegas Files Chapter 11

Exotic Cars at Caesar's Place LLC, whose Web site says the showroom has 7,000 visitors a day, filed a Chapter 11 petition on March 12 in Las Vegas.

Located at the Forum Shops at Caesars Palace in Las Vegas, the company listed assets of $1.8 million and debt totaling $9.6 million.

The company says it sells cars from makers including Ferrari, Lamborghini, Rolls-Royce and Lotus. A court filing said $1.28 million is past due on the lease for the showroom.

The case is Exotic Cars at Caesar's Place LLC, 08-12226, U.S. Bankruptcy Court, District of Nevada (Las Vegas).

 

[dbk]

Walked in it many times, never paid to see what was behind the wall.

 

[B O N Y]

Went in with a group of FGT owners after SEMA dinner #1. I have been told on a square foot basis that the Forum Shops are the most productive retail space in the USA. Therefore, I have to assume, the most expensive. You have to move a lot of goods to pay that kind of rent. How do you get $1.28 arrears in rent?

Seemed they where trying to make money by selling a chance to peak at the cars from a catwalk, and selling t shirts and caps.

Always sad to see a business bite the dust.

 

[Jason's Auto Spa]

I've been there a couple of times and paid to see the cars behind the gate once. They were nice cars, but most of them dirty and scratched. It was alright, but I never felt interested in paying to see them again...

 

[Not 4N]

A court filing said $1.28 million is past due on the lease for the showroom.

What' that - a couple of months rent :lol

Was there earlier this month and they were selling rides in a Lambo for $175.00. Didn't pay to go behind the wall and the place only had a few visitors.

I agree with Bony - a tough nut to cover selling schwag and the odd 10.00 peep show.

 

[Empty Pockets]

I've been there a couple of times and paid to see the cars behind the gate once. They were nice cars, but most of them dirty and scratched. It was alright, but I never felt interested in paying to see them again...

+1

But, just to show you how much attention I was paying to the whole program - I didn't realize they actually SOLD cars...exotics or otherwise. I thought the place was just a 'collection on display', if you will.

('Sure didn't care for the Lambo with the mural on it out in the lobby area...:ack)

 

[AlohaGT]

+1

But, just to show you how much attention I was paying to the whole program - I didn't realize they actually SOLD cars...exotics or otherwise. I thought the place was just a 'collection on display', if you will.

('Sure didn't care for the Lambo with the mural on it out in the lobby area...:ack)

I (and I'm sure many others here) receive an email from them once or twice a week showcasing one of their cars for sale.

 

[Empty Pockets]

I (and I'm sure many others here) receive an email from them once or twice a week showcasing one of their cars for sale.

Well then, obviously I must be considered wunna the "unclean"!:lol

(But, I take consolation in the fact I get emails from Calvis Wyatt - and The Wynn! :rofl)

 

[FB GT40]

Vegas...

It's VEGAS baby..."Roll'em, Like you stole'em..."

 

[Jim H]

I would think that IF an exotic car dealer is having trouble in Las Vegas, and they have a good location, and decent management and are filing bankruptcy, then the high end hobby is in trouble...

How can you not make money in Las Vegas?

 

[Jason's Auto Spa]

I would think that IF an exotic car dealer is having trouble in Las Vegas, and they have a good location, and decent management and are filing bankruptcy, then the high end hobby is in trouble...

How can you not make money in Las Vegas?

I think the location, although with lots of traffic and attention, gave the vibe of a tourist attraction rather than a car dealership. That is just the feeling I got from all of the accessories like Ferrari towels, beverage holders, etc.. Does anyone know how the Ferrari dealership at The Wynn is doing? That is kind of the same thing, but they may be doing better since I believe Wynn had much nicer vehicles and some rare F cars whereas the place at Caesars had a little bit of everything. I remember taking a tour at the dealership at Wynn and they would only let a certain number of people through at a time which yes it was kind of a pain, but I think it added to the exclusivity of it all. Not just anyone was going to wait 30 minutes to see some F cars :lol Kind of filters out the slightly interested waiting in line and keeps you wondering about the whole thing...IMHO comparing the two, Wynn had a much better showroom layout and it was a little more dressed up than the lobby area of the Exotic Cars place. Little things like that can make a big difference to potential buyers.

 

[Kingman]

.........Does anyone know how the Ferrari dealership at The Wynn is doing?

Penske management at The Wynn would be a significant differentiator between the two to start with.

 

[shelbyelite]

I would think that IF an exotic car dealer is having trouble in Las Vegas, and they have a good location, and decent management and are filing bankruptcy, then the high end hobby is in trouble...

How can you not make money in Las Vegas?

That has nothing to do with it. Most of your HIGH-END car shoppers dont wanna be on public display while they are buying a car such as the kind sold a ECASP. Most peoples minds are elsewhere when they are at the casino.

 

[Jason's Auto Spa]

Penske management at The Wynn would be a significant differentiator between the two to start with.

Settles that then :thumbsup I was merely comparing between the ideology of their business, with both offering tours of the exotic car showroom.

 

[snaproll]

Penske management at The Wynn would be a significant differentiator between the two to start with.

Agreed. I was just there last Thurs and did the tour with a car dealer friend of mine. Being car guys, we couldn't stand to miss it and, of course, had to bs our way through without paying the cover charge

They had a spider in there for an engine change at 14k miles. My buddy asked why/how and was told by the salesman that it was a rental car. That 'splained it.

Anyway, I was actually impressed by the dealership. Our salesman was a straight shooting, knowledgeable, young ex-ferrari mechanic. The cars were clean and his market knowledge was great. Maybe it helped that I was with a dealer, but I enjoyed the entire experience. Made me consider a nice, low mileage Ferrari as a possibility.

 

[fjpikul]

Hey Trent, what did you rent while you were there?

 

[Not 4N]

Hey Trent, what did you rent while you were there?

Couldn't find a GT to get my winter fix and after staring at a Gallardo roadster and doing the math of 1850/day + 2.00 per mile over 100 I popped back to reality and rented a Mustang convertible.

Just a small departure from my intended target but on the up side I put the money I saved toward a couple of nice watches. It would have been cheaper to rent the roadster for a few days but I don't have to give the watches back after 72hrs. :biggrin

Worked out in the long run - 55 degrees here tomorrow and the GT will see sunshine. Been parked since Oct and I can't wait arty

Hey guess what time it is.......:biggrin

:cheers
Trent

 

[fjpikul]

I could never understand shopping in Vegas. They have a great selection of everything, but the prices! Surprised you didn't rent a Hertz Shelby.

 

[Jim H]

But Shelby,

The report says they have 7000 people visiting per day...how can they not be selling some thing (anything) to a portion of these folks day in and day out?...I realize not everyone is a qualified prospect, but 7000 a day is alot of dollars walking in and around a showroom...

(I did hear one though that Las Vegas is a place where you can come in with a $100,000 Ferrari and leave on a $400,000 bus...)

Might be...as you suggested that they have the wrong products in the right location...a serious flaw in a business plan...but 7000 people a day???

I just can't imagine any business that attracts that number of people per day (you have to be doing something right in the first place to get them in there) can be having financial trouble...That is alot of people...and a few, maybe many, have to have money to spend...amazing...

 

[AlohaGT]

Couldn't find a GT to get my winter fix and after staring at a Gallardo roadster and doing the math of 1850/day + 2.00 per mile over 100 I popped back to reality and rented a Mustang convertible.

Just a small departure from my intended target but on the up side I put the money I saved toward a couple of nice watches. It would have been cheaper to rent the roadster for a few days but I don't have to give the watches back after 72hrs. :biggrin

Worked out in the long run - 55 degrees here tomorrow and the GT will see sunshine. Been parked since Oct and I can't wait arty

Hey guess what time it is.......:biggrin

:cheers
Trent

Trent, I hope you had a great time there. Many thanks for your calls on the watch! :thumbsup

FGT parked since October. What a bummer. :frown I can't even imagine. Hope you took her out today. It's so beautiful here, I'm going to take mine out for the second time today - ocean front drive. :driving: