Bankruptcy for Las Vegas' BB King Blues Club owner

NEW YORK Fri Feb 18, 2011 8:06pm EST

NEW YORK Feb 18 (Reuters) - The owner of the B.B. King's Blues Club in the Mirage hotel and casino on the Las Vegas Strip has filed for bankruptcy protection, court records show.

The filing comes as Las Vegas tries to recover after being hit hard in the recent economic downturn, hurt by declines in tourism and a glut of hotel rooms and casinos. Nevada also has one of the nation's highest residential foreclosure rates.

Beale Street Blues Company Las Vegas LLC, the owner of the B.B. King restaurant and live music club, filed its Chapter 11 petition on Wednesday, showing $2.53 million of assets and $3.76 million of debts.

The club is part of a group of companies based in Memphis, Tennessee, where the bankruptcy petition was filed. Other B.B. King locations in Memphis; Nashville; Orlando, Florida; and West Palm Beach, Florida are not involved in the filing.

A lawyer for the debtor did not immediately return a call on Friday seeking a comment.

B.B. King, the blues guitarist and music legend, is not involved in management of the Las Vegas club, according to the club's website.

The case is In re: Beale Street Blues Company Las Vegas LLC, U.S. Bankruptcy Court, Western District of Tennessee, No. 11-21619. (Reporting by Jonathan Stempel in New York; Editing by Bernard Orr)

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