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The owner of Dylan’s, at one time the main country music saloon in Las Vegas, filed for Chapter 11 bankruptcy reorganization on Thursday.
The filing was made by Dylan’s Dance Hall & Saloon, 4660 Boulder Highway, which listed no assets against liabilities of about $210,000.
Under Chapter 11, businesses typically stay open while reorganizing their finances.
Dylan’s has been closed about 45 days for remodeling but will reopen soon with new management, owner Bob Lannon said Thursday.
He said the bankruptcy was caused by declining business and the need to install a new management team and that he’s confident business will improve once the club is up and running again.
"That’s the plan, to get the business back on its feet," he said, adding Dylan’s has key attributes needed for success as a nightclub.
He said those attributes include no neighbors to bother, ample parking and a good location near the Interstate 515 Boulder Highway exit and three big casinos: Boulder Station, Arizona Charlie’s and Sam’s Town.
"There’s a lot of people on the Internet asking `When will Dylan’s reopen?,'" Lannon said.
Dylan’s has been operating since 1997, the bankruptcy filing says.
In the late 1990s and early 2000s the saloon boomed with business on weekends and withstood competition from the nearby Rockabilly’s, which ended up closing.
But over the years Dylan’s suffered from intense competition first from Gilley’s at the New Frontier (now at Treasure Island) and then from the likes of Stoney’s Rockin’ Country, its sister bar Stoney’s North Forty and Revolver at Santa Fe Station.
In its bankruptcy filing, signed by Lannon, Dylan’s listed losses of $75,000 so far this year, more than $67,000 in 2010 and more than $88,000 in 2009.
Currently occupying the old Rockabilly’s building, at 3785 Boulder Highway, is The Library Gentlemen’s Club, a topless dancing club also owned by Lannon.
"It’s pulling its weight," Lannon said of The Library.