Hedwigs planned to redesign and rebrand the casino once again, as a "lifestyle, entertainment-driven boutique hotel". Analysts called the agreement "curious" given Hooters's poor earnings performance. The deal fell through in June 2008 when Hedwigs failed to make a required payment. With revenue declining, the casino began defaulting on loan payments in April 2009. Canpartners Realty Holding Co., a subsidiary of Canyon Capital, bought up much of the company's debt at a heavy discount and planned to foreclose on the hotel. The owners, seeking to block foreclosure, filed for Chapter 11 bankruptcy in August 2011, listing only $63 million in assets against liabilities of $163 million. After a planned February 2012 auction attracted no outside bidders, the bankruptcy court approved Canpartner's $60 million credit offer for the property, with the sale expected to close around March 30. The Navegante Group was approved to manage casino operations, while Canyon Capital said it was seeking a major hotel chain to take over and rebrand the property. In May 2015, Canyon Capital sold the casino to Trinity Hotel Investors, based in New York, for $70 million. At first, Trinity was expected to rename the property and place it under the management of Holiday Inn, but they later decided to retain the Hooters branding. Trinity hired Paragon Gaming to replace Navegante as the property's operator in 2016. The world's largest Steak 'n Shake restaurant, with seating for 200 people, opened inside the Hooters casino in March 2018. Oyo Hotel & Casino (2019–present) In August 2019, Oyo Hotels & Homes partnered with New York-based investment and management company Highgate to purchase the property for $135 million. They announced plans to rename it as Oyo Hotel & Casino Las Vegas later in the year. A renovation was scheduled to begin in mid-September 2019, and finished by the end of the year. The Hooters restaurant has been retained. The Oyo rebranding process began on September 16, 2019. The renovation will cost approximately $20 million, and includes upgrades to the restaurants. Facilities and entertainment Current shows include Motown Extreme, Cherry Boom Boom, Alain Nu - The Man Who Knows, and Hilarious 7. Previous shows have included Prince tribute show Purple Reign, male revue Men of X, topless revue Raack N Roll, and The Dirty Joke Show. Comedian Bobby Slayton performed in the Night Owl Showroom from April 2007 to March 2009. Hotel revenue As of 2008, OYO (then