Monday, August 16, 2010
PI Update: Paradiso Files For Bankruptcy But The Island Is Hopping
CLICK ON PHOTOS TO ENLARGE
The new Pleasure Island ultra-lounge is actually getting people to stay and linger awhile, something Celebrate Tonight had difficulty accomplishing. The chairs and sofas were full and people were buying drinks at Laffers Cantina and popcorn from the Adventurers Club Cart, enjoying the music and even dancing!
PI Live Bar had a line too as John (Mannequins) took their drink orders. A different magician this time was working at The Hub.
Motion was dark but that next dance party can't be far away! E-Brands, the parent company of Paradiso 37, has filed for Chapter 11 bankruptcy. This means they plan to continue to operate while they reorganize their debts. I've eaten there 3 times and give it a thumbs-up. There is always the danger when you outsource, that your venues are going to go belly-up. Keep in mind that while Paradiso 37 opened after the clubs had closed, the two were not related. Paradiso was coming anyway and not one single thing has replaced any of the closed clubs. I can speculate that when E-Brands signed their contract to operate a restaurant on Pleasure Island, the island was a far livelier place with people coming out to spend the night on the island, not just pass through.
If Paradiso went out of business it would not look good. In fact just the bankruptcy should make potential new start ups scared to invest tons of money in starting a new business in PI.
ReplyDeletethats good for the Island. NOT!!!
ReplyDeleteCould this be part of the reason the are finally trying to get some decent action going on there. Or maybe a few clubs reopened....hehehe
ReplyDeleteWe really don't know what they're up to in the big scheme of things. As far as I know, the ultra-lounge is just an attempt to give people something to do on the Island until the permanent changes occur. That's what Celebrate Tonight was supposed to do too but it just did not work well. I don't think the ultra-lounge itself is designed to make a profit. But as far as I'm concerned, if it does, it supports the idea that adult entertainment on the Island is wanted by Guests and can be profitable.
ReplyDeletelike i commented a few days back...there will be more businesses filing or closing, we are headed into the tourist season down turn and traffic will only diminish more.. not good
ReplyDeletea third party company is in negotiations to occupy one of the existing structures.. i would guess either rrbc or ac only because of the reported movement in those venues.. the others are in a "holding position" i can tell you pi will not return substantialy as in the past..the budget for the rest of the year has been modified but does not allow for much more than we currently see, and some permits have been pulled or WILL BE pulled but only for modifications and not major modifications
ReplyDeleteThis is a step in the right direction, and hope they do reopen the A.C. and the other three clubs.
ReplyDeleteThe only thing I'm concerned about are the elements of the Ultra Lounge should the weather become bad.
It would'nt be good for people getting wet in the rain, or cold.
About those photos of the Star Wars convention I like the one on the lowere right.
ReplyDelete"the woman dressed as a bounty Hunter" nice outfit.
the land is paid for , labor cost is covered by overpriced hotdogs and drinks, cart came from studios, the investment was nothing and the result will be..? nothing just cosmetics to take the eye off of the abandonment of an awesome concept that no one is realizing...except for the construction workers that will be demolishing pi and getting lunch
ReplyDeletethere will be more announcements of businesses closing on the island and surrounding areas very soon. despite what appears to be alot of people or "crowds" the spending is just not happening. landrys is not turning tables like they need too and business at raglin is sluggish at best
ReplyDeleteMore closings is not good, but its to be expected. They killed the engine/heart of DTD when they removed PI. No real reason to go there if your a tourist or local. Its almost the same as most of the half empty overpriced malls. Cemetary of dead business's and broken dreams.
ReplyDeleteCW continues to thrive.
Mr, Staggs wake up and please smell the coffee burning.
ReplyDeleteYou've got three good Night Clubs
fix them up, and let the party people Rock!!!
The restaurant business has been hit hard everywhere. The decision-makers at Disney responsible for this mess on Pleasure Island get to hide behind the recession and apparently that excuse sells in Burbank. Fact is that they threw away lots of revenue when they closed everything and they're throwing away even more every day that the buildings remain idle. It would be so easy to reopen a few things, even if temporary, until the economy improved.
ReplyDeleteWhat would shock me is if some other restaurant operator really signed a deal now to open something on the Island.
were all chasing the dream of pi reopening..lets just face it ..its over board that whole mess up and finish it off for good
ReplyDeleteKingBob 8/18 9:39 p.m. - I totally agree with you - they have thrown away a tremndous amount of $$ - in my Long Island Teas alone;~) However, I'm starting to see that bringing the buildings back at this point might not be the smartest business strategy IF, and I emphasize IF they plan to turn them over to third parties at some point in the next year or two. It will take some time to turn a profit at this point and my guess is that they are thinking - what's the point, let's just let people suffer until we get a good enough offer to open a third party interest. Don't get me wrong, I'd like nothing better than to walk back onto that rotating dance floor one more time. But you are right, they have the $$ to at least do something with the space. I'm sure this will go down in the Guinness Book as one of the greatest mysteries of all time!
ReplyDeleteit is a mystery i just dont get all those assets just sitting there rotting away... yhere was so many laughs memories and assumed profit to just pull the plug so quick...my head shakes just trying to accept it all
ReplyDeleteJeff, Mannequins indeed would be too expensive to reopen on a temporary basis. Motion could be reopened tomorrow with next to no expense; 8TRAX could be reopened with some expense but not that much. Reopening a few things, even if just until leases were actually signed, would cost little yet earn a lot of money in the interim. Seems like a no-brainer. I just don't understand why not.
ReplyDeleteAnon at 7:36pm, can't really agree that the assets are "rotting away". Electricity remains on as does the A/C and they continue to maintain the buildings. But the revenue lost each day they sit idle; like an empty airline seat or empty motel room, cannot be recovered!
i believe ac is off, roofs are not being maintained, thus causing interior damage(manequins and 8 tracks)
ReplyDeleteThe Island needs to have someone take it back to the way it was in the late 90's where you had to wait in line to get into any of the clubs. Focus on entertainment and not merchandise and the Island would be the place to go like it once was. Fix the buildings and reopen. The locals will support the place when the tourist season is in the low times.
ReplyDeleteA number of sources have said PI was profitable, even in the end. It was wildly profitable in earlier years and no doubt it waned. Reasons have been discussed many times on here.
ReplyDelete"A number of sources have said PI was profitable, even in the end"
ReplyDeletethis is not a good sign because if PI was profitable in the end than that says to me that it will not reopen it would have never closed then!
come on why would A Company close something that is money machine? keep it closed for 2 years then reopen it?